Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on the **US Dollar (USD)** and its expected performance in **2025**, drawing parallels with **2017** and **2018**. The analysis is provided by **Morgan Stanley Research**. Core Insights and Arguments 1. **USD Decline in 2017**: The USD declined in 2017 due to trade policy, global growth, and European politics, with fiscal and Fed policy being less supportive than anticipated. Similar factors are expected to contribute to a decline in 2025 [1][4][68]. 2. **Trade Policy**: In 2025, the USD is expected to be negatively impacted by trade policy, similar to 2017. The administration is likely to use tariffs as a negotiation tactic, particularly with China, Canada, and Mexico [77][78][80]. 3. **Fiscal Policy**: The fiscal policy is not expected to be fully incorporated into growth expectations until a budget reconciliation bill is passed. This mirrors the situation in 2017, where deficit forecasts remained unchanged until late in the year [4][68][106]. 4. **Global Growth Expectations**: Global growth in 2025 is anticipated to align with expectations, contrasting with the faster-than-expected growth in 2017. This is expected to have a neutral or slightly negative impact on the USD [4][113]. 5. **European Politics**: Political stability in Europe is expected to improve, reducing EUR-negative risk premiums, similar to the underperformance of EU-skeptical parties in 2017 [4][69][117]. 6. **Central Bank Policies**: The Fed is expected to cut rates, while the ECB's policies may lead to a stronger EUR against the USD. This reflects the changes in central bank policies observed in 2017 [4][119][125]. Additional Important Insights 1. **Tariff Expectations**: The expectation of gradual increases in tariffs on imports from China and the Euro Area is highlighted, with a focus on the potential impact on the USD [78][99][103]. 2. **Investor Sentiment**: There is a significant divergence in investor expectations regarding trade policy, with many believing that tariffs will not escalate as much as previously anticipated [91][92]. 3. **Deficit Forecasts**: The analysis indicates that deficit expectations have widened significantly since the 2024 election, similar to the dynamics observed in 2016-2017 [108][109]. 4. **Market Positioning**: The USD has recently declined due to positioning by investors who expected more aggressive tariff measures than those announced [87][88]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the expected trends in the USD and the influencing factors.

ab 25 February 2025 Global Research Sector Keys: Global Real Estate Optimism despite uncertain environment Equities Global Real Estate Charles Boissier, CFA Analyst charles.boissier@ubs.com +44-20-7568 4415 This report has been prepared by UBS AG London Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 90. UBS does and seeks to do business with companies covered in its research reports. As a result, investors sho ...

Summary of Humanoid Industry Developments Industry Overview - The report focuses on the humanoid robotics industry, highlighting significant developments and trends in the sector as of February 2025. The "Humanoid 100" index has increased by 20% year-to-date (YTD), outperforming the S&P 500 by over 1,800 basis points [8][14]. Key Observations - **Growing Interest**: There is a notable increase in corporate, venture, and public investor interest in humanoid robotics, with January and February 2025 being particularly eventful months for developments in this field [2][8]. - **Performance of Humanoid 100**: 72 out of 100 members of the Humanoid 100 index are positive YTD, with 32 members showing gains of over 20%. The top performers are predominantly China-based industrial firms [8][14]. - **Blurring Lines Between Tech and Robotics**: Major tech firms in the US and China are increasingly involved in humanoid and robotics sectors, driven by the pursuit of new growth opportunities and access to high-quality robotics training data [8][9]. Investment Trends - **Funding Surge**: January 2025 saw a record high of 18 funding activities in China, with significant investments in both body and brain categories of humanoid robotics. Notable transactions included Fourier's Rmb800 million (approximately US$109 million) series E financing [30][57]. - **Valuation Increases**: Companies like Figure AI have seen valuations soar, with a reported valuation of $39.5 billion, representing a more than 15x increase from the previous year [10][57]. Major Players and Collaborations - **Tech Giants' Involvement**: Companies like Meta, Google, and Apple are forming teams and partnerships to develop humanoid robots, indicating a shift towards integrating robotics into their business models [11][37][41]. - **Collaborative Efforts**: There is a trend of partnerships between hardware and AI firms, as many robotics startups lack the capital to develop foundational models, while tech firms have the resources but need physical applications [10][11]. Upcoming Catalysts - **Key Events**: Several upcoming conferences and corporate announcements are expected to drive further interest and investment in humanoid robotics, including the Nvidia GTC AI conference and Tesla's AI Day [13][64]. - **Government Support**: Local government initiatives in China are also expected to bolster the humanoid robotics sector, with plans to produce 20,000 robots annually by 2027 [56]. Performance Metrics - **Top Performers**: The top performers in the Humanoid 100 index include Rainbow Robotics (+140%), Horizon Robotics (+136%), and Zhongda Leader (+129%), with most top performers being based in China [15][14]. - **Bottom Performers**: Notably, Tesla has seen a decline of 18% YTD, indicating challenges in its humanoid robotics segment compared to its competitors [15][14]. Conclusion - The humanoid robotics industry is experiencing rapid growth and investment, with significant interest from major tech firms and venture capitalists. The performance of the Humanoid 100 index reflects a strong market sentiment, particularly among China-based companies. Continued advancements and collaborations are expected to drive the sector forward in the coming months.

FICC Research Economics 24 February 2025 China Rising animal spirits China's H shares outperformed amid the AI breakthrough. CNY stabilised with "Mar-a-Lago Accord" talk gaining momentum. President Xi's symposium with entrepreneurs sent supportive signals. We think key things to watch for the NPC, including the growth and inflation targets, and fiscal package. Previously published in Global Economics Weekly: Deal and Peace, 21 February 2025. Equity re-rating; CNY stabilises The DeepSeek breakthrough has led ...

QUICK TAKE 24 February 2025 China SMID Internet China Robotaxi: And then there were three...Takeaways from our test ride of Didi's Robotaxi with Jan2025 software upgrade Boris Van +852 2918 5753 boris.van@bernsteinsg.com Ting Ming Neo +852 2123 2554 tingming.neo@bernsteinsg.com China's Robotaxi scene is commonly viewed as a two horse race between Baidu and Pony.AI (not covered), with Didi (not covered) a distant third. Understanding Didi's likelihood of catching up is therefore critical to formulating one's ...

Summary of Key Points from the Pulp & Paper Conference Call Industry Overview - The conference call focuses on the **Global Pulp & Paper Industry** and discusses key themes for **2025** [1][2]. Core Themes and Insights 1. **Pulp Price Volatility**: Pulp prices experienced a **30% change** from peak to trough in **2024**, with a short **6-month cycle** expected to continue into **2025** [1]. 2. **Demand Normalization**: Following a strong **2023**, demand patterns are expected to normalize in **2025**, with **China** leading growth and an incremental demand growth of **1.2 million tons** primarily driven by hardwood demand [2][3]. 3. **Oversupply Forecast**: The market is projected to be oversupplied by **800,000 tons** in **2025** [2]. 4. **Utilization Rates**: The utilization rate for hardwood is expected to decline from **93% to 92%** in **2025** [3]. 5. **Chenming's Impact**: The temporary shutdown of **Chenming** in **China** is a significant factor affecting pulp prices, with a potential restart of production being closely monitored [18][19]. 6. **Growing Capacity in China**: An additional **5 million tons per annum (mtpa)** of hardwood pulp is expected to enter the market in **2025-26**, contributing to increased domestic production [23][24]. 7. **LatAm Expansion**: Latin America is seeing a resurgence in pulp capacity expansion, with **15 mtpa** growth over the last decade and another **13 mtpa** planned by the end of the decade [10][12]. 8. **European and Canadian Costs**: Pulp production costs in **Europe** and **Canada** are expected to remain elevated due to inflationary pressures, with North America experiencing a **40%** increase since the pandemic [36][37]. 9. **China's Virgin-Paper Oversupply**: China's paper utilization has been declining, averaging **66% in 2023** and **60% in 2024**, indicating ongoing oversupply issues [43][44]. 10. **Softwood vs. Hardwood Price Spreads**: The price spread between softwood and hardwood is expected to remain elevated, ranging from **$50 to $250 per ton** due to supply dynamics [66][67]. Additional Important Insights - **FX Impact**: Foreign exchange volatility is highlighted as a critical factor for pulp producers, affecting cash costs and pricing power [75][76]. - **Integration Trends**: There is a continuing trend of pulp-paper integration in **China**, reducing dependency on imported market pulp [49][50]. - **European Demand Decline**: European pulp demand has been in structural decline since **2018**, with a **CAGR of -5%** expected to persist [58][59]. - **Investment Considerations**: Investors are advised to monitor woodchip availability and pricing as proxies for domestic pulp production and profitability [25][54]. This summary encapsulates the key themes and insights discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the pulp and paper industry.

23 Feb 2025 17:00:35 ET │ 307 pages China Healthcare Handbook 2025: Come Back and Catch Up CITI'S TAKE We believe that in 2025 investor interest will return to China's healthcare sector, keen to catch up with the latest developments. Although concerns might persist, investors will find it difficult to turn a blind eye to the significant improvements in domestic innovations that have global potential. Even the most risk-averse investors have stopped asking about GPOs; rather, they are looking for policy deta ...

China (PRC) | Alternative Energy Solar: Module Price for Distributed PV Rebounds Slightly with Demand Pick-Up SIA reported P-/N-type poly quotes stayed at RMB34.0/41.7 per kg; M10/ G12 P-type/G10L/G12R/G12 N-type wafer prices were all flat WoW at RMB1.10/1.66/1.18/1.30/1.55 per pc. Per SolarZoom, M10/G12 PERC/ M10 TOPCon cell prices stayed at RMB0.285/0.29/0.295 per W. Mono M10, G12 PERC/Bi-facial M10, G12 PERC/M10 TOPCon modules stayed at RMB0.69/0.70/0.71 per W. Per SCI, 3.2/2.0mm SG prices were flat WoW ...

Asia Pacific Equity Research 26 February 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Battery & Materials Year 2025 investment thesis; initiate on Hunan Yuneng at Overweight China Asia Autos & EV Battery Rebecca Wen AC (852) 2800-8505 rebecca.y ...

Summary of the Conference Call Transcript Company and Industry Involved - **Company**: Microsoft Corp. (MSFT) - **Industry**: Data Centre Equipment Core Points and Arguments 1. **Microsoft's Capex and Capacity Intentions**: Further clarification is needed from Microsoft regarding its capital expenditure (capex) and broader capacity intentions, as the current situation appears to be Microsoft-specific rather than indicative of a broader industry trend [2][3][8] 2. **Impact of Lease Cancellations**: Microsoft has cancelled leases for two data centres totaling a few hundred megawatts and opted not to convert statements of qualification into leases for up to 1 gigawatt of capacity, reallocating some projects from international to domestic [3][8] 3. **Microsoft's Market Share**: Microsoft accounts for approximately 4% of global data centre capacity and about 8% of planned future additions, indicating a significant role in the data centre market [4][9] 4. **Capex/Sales Ratio**: Microsoft has a high capex/sales ratio of around 23%, second only to Meta at 28%, suggesting aggressive investment in infrastructure [4][9] 5. **Current Market Reaction**: The current share price reaction of Schneider Electric, which has seen a 4% decline, is viewed as a potential buying opportunity rather than a sign of a fundamental shift in the market [2][8] 6. **Demand Trends**: Initial assessments indicate that there are no signs of demand slowdown in the data centre sector, with capacity utilization data reaching new all-time highs [8][9] 7. **Future Capacity Plans**: Microsoft is expected to maintain its ambitious data centre buildout plans, with projections indicating it will account for a significant share of future capacity additions [4][9] Other Important but Possibly Overlooked Content 1. **Competitive Landscape**: The competitive pressure from cloud-native leaders like Amazon and Google poses risks to Microsoft's growth, particularly in the context of its legacy businesses transitioning to cloud-centric models [24] 2. **Regulatory Risks**: Microsoft faces legal and regulatory risks due to its dominant position in the PC operating systems and productivity applications market, which could impact its investment strategies [24] 3. **Analyst Ratings**: Microsoft currently holds a "Buy" rating with a price target of $480, reflecting positive sentiment among analysts despite the recent lease cancellations [38][49] This summary encapsulates the key insights from the conference call, focusing on Microsoft's strategic positioning within the data centre equipment industry and the implications of its recent decisions.