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 CG Oncology Conference Call - May 03, 2024 Company Overview - **Company**: CG Oncology - **Product**: Credo Simogene (an investigational oncolytic immunotherapy) - **Indication**: Treatment of high-risk BCG unresponsive non-muscle invasive bladder cancer (NMIBC) Key Points and Arguments Clinical Trial Results - **BOND-three Trial**: Phase III registrational study evaluating Credo Simogene - **Complete Response (CR) Rate**: - 75.2% CR at any time for 105 evaluable patients, maintaining from 75.7% in December 2023 [6][23] - 79 complete responders reported, the highest number in this indication [23] - **Durability of Response**: - 83% of patients maintained CR for over 12 months [24] - 54% of initial non-responders converted to CR after a second induction [13][43] - **Safety Profile**: - No Grade 3 or higher adverse events reported [14][25] - 94.5% of patients completed all protocol-mandated treatments [25] Mechanism of Action - **Dual Mechanism**: Designed to replicate in and kill cancer cells while inducing antitumor immunity [8] - **Oncolytic Immunotherapy**: Mechanism supports the observed efficacy and safety [26] Comparisons with Other Therapies - **Efficacy Comparison**: - Credo Simogene's 75.2% CR rate compares favorably to: - 62% for combination therapy with MEO3 and BCG - 51% for Nadopiragine - 41% for Pembrolizumab [16] - **Safety Comparison**: - No Grade 3 or higher treatment-related adverse events, positioning Credo Simogene as a potentially safer option [14][16] Regulatory Designations - **FDA Designations**: Fast Track and Breakthrough Therapy designations granted for Credo Simogene [18] Trial Amendments and Future Studies - **New Cohorts**: Introduction of a treatment extension phase for complete responders and a new high-grade papillary cohort (Cohort P) [19] - **Expanded Access Program**: Designed to enhance geographic and ethnic diversity in patient data collection [20] Market Insights - **Target Patient Population**: - The prevalence of high-risk patients is estimated to be at least twice the incidence population [77] - **Therapeutic Landscape**: - Patients typically receive 2 to 4 lines of therapy after BCG treatment [79] Manufacturing and Logistics - **Manufacturing Process**: No changes to the robust process used in the Phase III trial, ensuring a lower risk profile for commercial launch [51] - **Cold Storage and Shipping**: Credo Simogene will be shipped in a just-in-time manner at -50 degrees Celsius, with a preparation time of 10 minutes [53][54] Additional Important Points - **Patient Demographics**: Most patients were white, male, and of Medicare age, with a median age of 73 [12] - **Physician Feedback**: High enthusiasm from urologists regarding the results, particularly appreciating the simplified installation process [29][32] - **Reinduction Acceptance**: Reinduction is a common practice in BCG therapy, and the results from Credo Simogene support this approach [42][45] This summary encapsulates the critical insights and data presented during the CG Oncology conference call, highlighting the efficacy, safety, and future potential of Credo Simogene in treating high-risk NMIBC.

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.

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.

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 ...

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 ...

ab Global Research and Evidence Lab 19 April 2024 Global Rates Strategy Interest Rates Rates Map: Pricing risk of US "no landing" Europe including UK Emmanouil Karimalis Strategist ˜ Market's increasing confidence about a "no landing" scenario for the US emmanouil.karimalis@ubs.com +44-20-7567 8000 economy, coupled with the ECB's readiness to cut rates in June, suggests that the divergence between US and EUR rates is likely to persist for longer. Reinout De Bock Strategist ˜ While the current market pricing ...