更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 January 1, 2025 09:00 PM GMT China Financials | Asia Pacific Banks' shares hitting new highs; what to do from here? Risk control and high dividend yields have sent banks shares to new highs. We believe first natural economic cycles bottom in China, a modest LPR cut of only 15-20 bps and resumption of interest rate reform could support banks' NIM and drive further bank outperformance in 2025. Attractive dividend yields and rational policy combo have driven major banks' shares to ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 January 2, 2025 11:14 AM GMT China Steel | Asia Pacific China Steel and Iron Ore Weekly Update Apparent consumption of rebar continued to fall, while that of flat products remained at a relatively high level. Steel inventory up at traders but down at mills: Inventory at traders increased 75kt, or 1.0% WoW, with that for long products up 2.9% WoW and that for flat products down 0.4% WoW as of January 2. Steel inventory at mills was 3,491kt as of January 2, down 0.3% WoW. We estim ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 ab 2 January 2025 Global Research China Oil, Gas and Chemical Thematic Research Offshore oilfield services likely to remain buoyant; we prefer COSL Offshore OFS utilisation fluctuated at high level, day rates increased in 2024 With oil prices starting to pick up in 2021, global oil companies have kept expanding capex, sending the oilfield services (OFS) industry as a beneficiary into an upcycle. Global offshore rig utilisation has risen over 2021-24 (annual average utilisation a ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 January 2, 2025 06:02 AM GMT China Property | Asia Pacific Secondary Home Prices Weakened In December December secondary home prices in major cities witnessed m-m decline after a two-month up-trend amid diminishing policy impact. In combination with slightly increased listings and seasonality, there could be downside pressure on home sales in 1Q25. December transaction home prices weakened as expected, with -1.1% m-m (-9.8% y-y) in the ~50 sample cities we track (vs. +0.5% in No ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 India | Banks Themes for 2025: Year of Easing 2025 may be a Year of Easing for Indian Banks as RBI's effort to manage risks have narrowed gap in loan/deposit growth, slowed unsecured loans & even GDP growth. Loan growth to slow to 11-13% that drives some EPS cuts. Rates may fall by 50bps & see easier/ stable norms. Asset quality cycle may be shallower & ease for big banks in FY26. Vals are attractive as EPSg gap vs mkt is narrower. We like ICICI, Axis, HDFCB, SBI; Upg KMB to Buy ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 USA | Digital Infrastructure 2025 Digital Infrastructure Outlook — Data Center Mania; Moving to Hold on CCI We are in the very early innings of data center demand driven by AI. We expect power limitations, supply chain bottlenecks on new construction, and continued increases in market rents. For Towers, domestic carrier capex investment in 5G has disappointed. Our top picks into '25 are DLR for Data Centers and AMT for Towers. We are downgrading CCI to a Hold, as a sale of the F ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Consumer Staples Snack: Revisit industry channel reshuffle; Initiate Three Squirrels at Neutral on valuation and Buy Yanker We revisit the themes we identified in our industry in-depth report from early 2024: opportunities for fast topline growth arising from channel reshuffle/expansion and threats to brands' margin and intensified competition from private labels. Looking ahead, we continue to see disruption given still fast growth of discounters thanks to category expansi ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 January 2, 2025 02:28 AM GMT China Autos & Shared Mobility | Asia Pacific M Update All's well that ends well; all eyes are on air pocket in demand post subsidies China's major EV brands posted record Dec sales. BYD and XPeng beat market expectations on faster ramp-up of new models; while Li Auto and ZEEKR sales were slightly shy of their previous guidance. NIO reclaimed sales momentum, stretching to meet 4Q sales guidance. December hit a good balance between order intake and sel ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2025 U.S. Economic Calendar | 手调研纪要和研报数据加V：shuinu9870 | 手调研纪要和研报数据加V：shuinu9870 | 手调研纪要和研报数据加V：shuinu9870 | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 更多一 | 更多一 | 更多一 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 | 2025 U.S. Economic Calendar | | | | | | | ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2 January 2025 China Semiconductors China Semiconductors: 2024 review and 2025 outlook Qingyuan Lin, Ph.D. +852 2918 5759 qingyuan.lin@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Farewell 2024, hello 2025. We initiated at the beginning of the year with the thesis on domestic substitution, in this call we provide 2024 review and 2025 outlook for the sector. We expect China semis will continue to ride on the trend of domestic substitution in 2025 as geopolit ...