Good afternoon. My name is Sarah and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase first quarter 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the prepared remarks, there will be a question and answer session. And if you would like to ask a question during this time, please press star one on your telephone keypad. If you wish to withdraw your question, simply press star one again. Anil Gupta, Vice Pres ...

M Update May 3, 2024 03:29 PM GMT China Quantitative Strategy | Asia Pacific Morgan Stanley Asia Limited+ Gilbert Wong, CFA Quantitative Strategist Positions of Active Long-only Gilbert.Wong@morganstanley.com +852 2848-7102 Laura Wang Equity Strategist Managers in China/HK Laura.Wang@morganstanley.com +852 2848-6853 Jason Ng, CFA Quantitative Strategist Jason.Dl.Ng@morganstanley.com +852 2848-8845 MSCI China gained 6.6% in April, but EPFR data shows that active long-only managers were net sellers in the mar ...

以下内容来自SK Innovation 业绩交流会，不代表 东吴证券研究所观点 主题：SK Innovation Q1 Earnings call 日期：2024年4月29日 嘉宾：Chung Soyoung, 投资者关系 Kim Jin-Won, 首席财务官 Kyung-hoon Kim, 企业规划办公室主任 Jin-Ho Lee, 资产证券分析师 摘要 公司经营 营业利润：Q1营业利润2204亿韩元，增长34亿韩元，随旺季，预计Q2盈利能力保持。24年税前利润将超5000亿韩 元 收入：销售额环比下降6742亿韩元，系平均售价和电池业务销量下降 资产：Q1末金融资产总额863841亿韩元，有形资产增3万亿韩元 其他：中国17/03区块产量于Q3登顶，化工业务将于Q2 PE和PP利差持平。电池业务Q2出货量增加，SKIET业务销 量和盈利能力逐步增加，Q2和Q3价差将改善 公司业务 扩产：在建海外电池生产基地 消费者需求预计：汽油、煤油市场消费者需求增加，Q2,Q3混合汽油恢复，苯需求持续，PX需求改善 定价：电池业务ASP下降，公司预计维持较低OSP水平，电池业务季度销售额1.395万亿韩元，预计车辆层面 ...

每天十分钟拆解新闻背后的逻辑大家好今天是2024年的5月5号星期天我是董小姐一起来花十几分钟时间回溯一下这个五一国内国外发生了哪些重要的信息我们放假的这几天国外的中国类资产大涨那么会不会直接串联到国内市场明天迎来一个开门红两个赛道尤其值得看一下一个是科技赛道一个是房地产赛道那么会不会成为这一轮当中非常亮眼的表现呢 好了我们回到事件本身先来看一下外围市场在五一放假期间的精彩表现大家看到我们放假的5月2号和3号香港市场是没放假的香港市场的中国概念资产大涨恒生科技指数这两天加在一起涨幅是超过了7%我们再来看一下美国这边纳斯达克中国金融指数整体两天的时间涨幅也是超过了7% 这个背后它跟什么有关呢其实最主要的还是外资对于中国资产的态度发生了一些微妙的转变再加上说5月1号的时候美联储这边是新一次的议息会是决定没有加息而且呢对外吹了暖风啊意思就是美国这边呢对于加息这件事情还是非常的谨慎啊那么降息在今年也是有可能会看到的所以整体全球的市场都是稍微松了一口气不用那么的担心说整个的资金在美联储 这么高的利率水平之下进一步的回流美国对其他的市场造成抽血所以有美联储这一阵暖风的加持我们看到在整体这几天全球市场都迎来了不小的涨幅这个不 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Global Markets Strategy** with a focus on **equities**, **credit**, **commodities**, and **bitcoin**. Core Insights and Arguments Market Conditions - The **2-year UST yield** has risen from **4.2% in January** to **4.9% currently**, similar to levels seen last August, which may trigger a repeat of the "high for long" narrative that negatively impacted risk assets previously [6][24]. - Investors entered April with **elevated exposures** to risk assets compared to last August, indicating a potential risk of market correction [7][24]. Equity Market Dynamics - The implied equity allocation by non-bank investors reached its highest level since **2007**, suggesting a peak in equity allocations [8]. - Tactical investors, such as hedge funds, began April with higher equity exposures than seen at the beginning of last August, resembling conditions at the end of **2021** [10]. - The **short interest** in SPY and QQQ ETFs is at a record low, indicating minimal protection in US equities, particularly in tech stocks [10]. Credit Market Insights - There is a notable risk in the **high-grade (HG) corporate bond** market, as investors have been piling into these bonds to avoid negative carry from government bonds [21]. - The bond betas for US HG credit are significantly above historical averages, suggesting vulnerability compared to Euro HG credit [21]. Commodity Market Analysis - Oil prices have increased nearly **25%** since December 2023, raising questions about positioning and liquidity conditions in the oil market [25]. - Momentum signals for oil futures are currently long but not at extreme levels, indicating a balanced market [34]. - Speculative positions in commodities are modestly above long-run averages, with gold positions appearing elevated [31]. Bitcoin Market Outlook - The upcoming **bitcoin halving** event is expected to reduce issuance rewards for miners, potentially leading to a drop in hashrate and consolidation among miners [41]. - There is skepticism regarding price increases post-halving, with expectations of downside due to overbought conditions and subdued crypto VC funding [44]. Additional Important Insights - **Liquidity conditions** in bond markets have shown improvement but have deteriorated since early April, particularly affecting government bonds [36]. - The **Hui-Heubel liquidity ratio** indicates that liquidity conditions for Brent futures have normalized to pre-pandemic levels, although some deterioration has been noted recently [34]. - The **retail investor sentiment** has shown strong impulse into equities, raising the risk of a retrenchment [18]. This summary encapsulates the key points discussed in the conference call, highlighting the current market dynamics across various sectors and potential risks and opportunities for investors.

Industry and Company Overview * **Industry**: Technology * **Focus**: IT spending trends, including hardware, software, services, and cloud computing. * **Key Companies**: Microsoft, Salesforce, Amazon Web Services (AWS), Google Cloud Platform (GCP), Cisco Systems, Palo Alto Networks, Dell/EMC, Pure Storage, HPE, IBM, Oracle, Snowflake, Elastic, MongoDB, Couchbase, Nutanix, F5, and many others. Key Points IT Spending Outlook * **Overall IT Spending**: Expected to grow by 3.1% in 2024, up from 2.4% in 2023. * **Software Spending**: Expected to grow by 3.1% in 2024, driven by Application and Analytics spending. * **Hardware Spending**: Expected to grow by 3.1% in 2024, with Communications and Storage seeing the most growth. * **Cloud Spending**: Expected to grow, with Public Cloud spending remaining strong. Software Trends * **Top Spending Priorities**: BI/Analytics, ERP, and CRM. * **Emerging Trends**: Databases, Observability, and RPA. * **Vendor Performance**: Positive for Microsoft, Salesforce, Snowflake, Elastic, and MongoDB; mixed for Snowflake, Elastic, and MongoDB; negative for HCM and legacy solutions. Hardware Trends * **Top Spending Priorities**: Communications and Storage. * **Emerging Trends**: Repatriation of workloads to private cloud/on-premise from public cloud. * **Vendor Performance**: Positive for Pure Storage and Arista Networks; mixed for HPE, CSCO, and DELL; negative for HPQ. Cloud Trends * **Public Cloud**: Expected to grow, with AWS and Azure leading the market. * **Private Cloud**: Expected to remain stable. * **Hybrid Cloud**: Gaining traction. * **Vendor Performance**: Positive for AWS, Azure, and GCP; mixed for Oracle, IBM, and Rackspace; negative for Dell/EMC and HPE. Security Trends * **Top Spending Priorities**: Endpoint Security, Cloud Security, and IAM. * **Emerging Trends**: SASE and Vulnerability Management. * **Vendor Performance**: Positive for CrowdStrike, Palo Alto Networks, Fortinet, Zscaler, and Varonis; mixed for Rapid7 and Tenable; negative for Check Point. IT Services Trends * **Overall Outlook**: More optimistic in 2024, with a shift back towards digital transformation. * **Key Areas**: Security Expertise, Digital Transformation, and ERP/Software Implementation. * **Vendor Performance**: Positive for Accenture, Cognizant, and EPAM; mixed for IBM and RXT; negative for CTSH. Additional Notes * The survey was conducted in Spring 2024 and included 100 CIO responses. * The survey results are based on the opinions of CIOs and may not reflect the views of all IT professionals. * The survey results are subject to change as the IT industry evolves.

J P M O R G A N Asia Pacific Economic Research 16 April 2024 China: Home price recorded sharpest fall in current cycle Vanke in focus, testing (quasi-) SOEs resiliency The year-on-year fall in NBS 70-city home prices widened to the sharpest Emerging Markets Asia, Economic magnitude in the current housing cycle, despite the marginally narrower and Policy Research sequential decline in March. New home price declined 2.7%oya (vs -1.9% in Tingting Ge February), along with a 5.9% drop for secondary home price (v ...

J P M O R G A N Asia Pacific Economic Research 16 April 2024 China Solid 1Q GDP growth at 5.3%oya; yet activity slowed notably in March • Chinas 1Q24 GDP came in above expectations, growing 5.3%oya. Our Emerging Markets Asia, Economic seasonal adjustment process suggests the economy expanded at a solid pace of and Policy Research 7.4% q/q saar in 1Q24, compared to the growth rate at 5.8% q/q saar in 4Q23. Haibin Zhu • Following the stronger-than-expected Jan-Feb activity data, economic (852) 2800-7039 haibi ...

J P M O R G A N Global Commodities Research 17 April 2024 Oil Demand Tracker Global flight activity surpasses pre-pandemic levels for the first time ever • Our high-frequency demand indicators estimate that worldwide oil Global Commodities Research consumption so far in April averaged 101.0 mbd, 200 kbd below our published Prateek Kedia AC estimates (Figure 1). On a year-over-year basis, demand growth in April is (1-646) 326 1124 tracking at 1.46 mbd against our expectations of a 1.7 mbd increase. From the ...

ab Global Research and Evidence Lab 15 April 2024 Global Commodities Equities US/UK limit Russia metal sales Global Basic Materials Dim Ariyasinghe US/UK move to restrict Russian metal sales Analyst On Friday, the US (link) and the UK (link) took further action to limit Russian profit from dim.ariyasinghe@ubs.com the trade of its aluminium, copper & nickel. Specifically, the order restricts Russian metal +61-3-9242 6385 from entering London Metal Exchange (LME) (link) or the Chicago Mercantile Exchange Lach ...