Global Securities Research Feb 2025 Japan Electronic Components Sector February 2025 AI benefits vs potential macro slowdown? Shingo Hirata Analyst Shingo Hirata, Analyst Equity Research, UBS Securities Japan Co., Ltd. Tel: +81-3-5208-6224 email: shingo.hirata@ubs.com This report has been prepared by UBS Securities Japan Co., Ltd. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON SLIDE 91. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should b ...

ab 14 February 2025 Global Research Global Strategy Russia/Ukraine ceasefire? 10 FAQs on spillovers to Eastern Europe Questions fielded in this report In this note we discuss spillovers from a potential Russia-Ukraine ceasefire on Eastern European macro and markets ( though much of the analysis inside encompasses the rest of EM, too). We consider: 1. How much have energy prices contributed to regional inflation, and how does this compare to the rest of the world? 2. How would UBS' downside oil/gas price sce ...

14 February 2025 U.S. Semiconductors Intel, TSMC: Put your hands in the air, this is a stick-up! Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Mark Li +852 2918 5752 mark.li@bernsteinsg.com Alrick Shaw +1 212 969 1458 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 212 969 1518 arpad.vonnemes@bernsteinsg.com Edward Hou, CFA +852 2918 5796 edward.hou@bernsteinsg.com Yipin Cai, CFA +852 2918 7896 yipin.cai@bernsteinsg.com Could there be larger-caliber threats brought to bear? Trump is not ...

China Healthcare Expert call takeaways: China's surgical robots' Overseas orders beat expectations; developing countries could be a driver Global Research ab 14 February 2025 On 13 February, we invited a senior overseas market expert in surgical robots to talk about the potential for Chinese surgical robot exports. He said that Chinese companies' recent overseas orders beat market expectations, reflecting that domestic surgical robots have gained some recognition in overseas markets. In product terms, the e ...

February 14, 2025 03:36 PM GMT Biopharma | North America A picture is worth a thousand words Comprehensive US drug market analysis (IQVIA Rx). The latest weekly Total Prescription YoY growth (wk ending 2/7) was +4.6% vs. +1.8% last wk and +1.1% over the past 12 wks. For week ended Feb 07, US total market weekly TRx YoY change was +4.6% vs. +1.5% year ago ( Exhibit7 ). Rolling 4-week TRx YoY was +3.7% and rolling 12-week TRx YoY was +1.1%. Extended unit (EUTRx) weekly YoY growth was 2.3%, below TRx YoY ( Exh ...

V i e w p o i n t | 14 Feb 2025 12:48:44 ET │ 9 pages Global Metals & Mining Strong start to TSF for the year in China (Jan'25: +9%y/y), a record new TSF in a holiday-impacted month CITI'S TAKE Inflection points in metals demand in China has correlated with inflection points in trailing 6-month TSFs in the past. Jan'25 new TSF at 7.06trn RMB was up 9%y/y, and the strongest new TSF number on Record. Note January is usually the strongest month for new TSF with only 16% of annual number happening that month. T ...

Global Research ab 14 February 2025 First Read Hua Hong Semiconductor GMs/earnings to be capped by rising depreciation from 12" expansions How did the results compare with expectations? Q424 sales of US$539mn was up 2.4% QoQ, as a result of 1.1% growth for shipment and 1.3% increase for ASP during the quarter. GM was in-line with guidance, declined to 11.4% from 12.2% in Q324, with full year GM down 11.1% YoY due to decreased ASP and increased depreciation costs. In Q4, the company also suffered from an exc ...

V i e w p o i n t | 13 Feb 2025 21:58:49 ET │ 30 pages Fund Flow Insights Second week of net outflow from equity funds CITI'S TAKE Figure 1. Latest flows in DM and EM equity funds by geo focus Weekly Flow (USD bn) Fund 13W Wkly 12- Feb- 2025 ETF (blue) vs non- ETF (grey) Perf Flow Global 5.7 4.4 1.3 0.5% North America -0.3 3.1 -3.4 -0.5% Western Europe 2.5 3.2 -0.7 1.6% JP -0.9 -0.6 -0.3 -0.2% DM AxJ -0.3 -0.3 0.0 2.2% GEM -0.7 0.1 -0.8 1.4% EM Asia -6.6 -5.8 -0.7 2.6% LatAm -0.1 -0.1 0.0 1.3% EMEA 0.1 0.1 ...

13 February 2025 | 2:29PM EST The Tariff-Man Cometh February 2025 | David J. Kostin | | | | | --- | --- | --- | --- | | Chief US Equity Strategist | Goldman, Sachs & Co. | 1-212-902-6781 | david.kostin@gs.com | | Ben Snider | | | | | Senior US Equity Strategist | Goldman, Sachs & Co. | 1-212-357-1744 | ben.snider@gs.com | Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or ...

ab 14 February 2025 Global Research Global Equity Strategy The Theme-ometer: EU Consumer Cyclicals vs. US Low Income Consumer A market of themes We leverage our REVS framework on a suite of thematic equity stock lists to objectively assess which themes should be more or less favored. REVS is our quantamental stock selection framework. Our philosophy is that stock prices are impacted by the macroeconomic regime (R), the operating environment for earnings (E), the market assessment of valuations (V), and sent ...