16 Mar 2025 11:51:42 ET │ 14 pages V i e w p o i n t | China Infant Milk Formula Scenario analysis of birth outlook upon fertility subsidy CITI'S TAKE We expect a moderate birth retreat in 2025E after the Year of the Dragon in 2024. With the gradual rollout of fertility subsidy by more local governments following Huhhot's favorable policy (see our note), we expect to see the stimulus impact starting from 2026E. Considering the subsidy level and implementation may vary in different regions, we expect bull/ba ...

Flash | 16 Mar 2025 16:03:30 ET │ 16 pages CATL (300750.SZ) 2024 NP +15% YoY, Maintain as Top Pick CITI'S TAKE CATL reported 2024 net profit at Rmb50.7bn, up 15% YoY, and core net profit at Rmb45.0bn, up 12% YoY, both in line with the results pre- announcement. 4Q24 bottom line came in at Rmb14.7bn, up 13.6% YoY and up 12.2% QoQ, and core net profit at Rmb12.8bn, -2.2% YoY and +5.7% QoQ. Adjusted 4Q GP margin at 26.1%, down 4.5ppt QoQ while still 0.9ppt higher YoY. The company proposed Rmb4.553/sh cash divi ...

Flash | 16 Mar 2025 16:01:14 ET │ 11 pages China K12 Educational Services K-12 Spring & Autumn Breaks: Policy Enforcement Strengthens Market Potential CITI'S TAKE China's latest consumption stimulus plan, released March 16, 2025 by the CPC Central Committee and State Council, encourages eligible regions to explore implementing spring and autumn breaks for K-12 students. This policy aims to coordinate with parents' paid leave periods to boost family travel and educational consumption. Notably, the plan also ...

16 March 2025 | 2:20PM IST Asia Economics Analyst Beyond the centre: Can India's states sustain the capex cycle? Santanu Sengupta +91(22)6616-9042 | santanu.sengupta@gs.com Goldman Sachs India SPL Arjun Varma +91(22)6616-9043 | arjun.varma@gs.com Goldman Sachs India SPL Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see ...

March 16, 2025 09:00 PM GMT Investor Presentation | Asia Pacific M Foundation China Equity Strategy: Getting Out of the Woods Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and ot ...

Flash | 16 Mar 2025 15:07:06 ET │ 11 pages China Equity Strategy US Investors Showing Significant Interest in China Stocks, Though Many of them Do Not Own Much Yet CITI'S TAKE Citi's China Economist and China Equity Strategist accomplished a joint US marketing last week which was well received with a full schedule in New York starting from 7:30am and ending at 8:30pm. The interest from US investors for due diligence this time was the most in the last three years. Among investors, long-funds are more positiv ...

March 16, 2025 07:00 PM GMT Future of Energy | Asia Pacific The Future of Moving Energy We provide a data-driven investment framework for the gas pipeline, coal haulage, and refining and convenience retail companies in our coverage (energy movers). We favour ALD (upgrade to OW) and APA (EW), over VEA (EW) and AZJ (downgrade to UW). Key Takeaways Why are we writing this now? The Future of Energy is one of four key themes at Morgan Stanley Research this year. Australian midstream and downstream energy stocks ...

Global Markets Strategy 16 Mar 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/HK Equity Strategy Dashboard Table of Contents | Wendy Liu AC | • | Market & Sector Performance | P2 | | --- | --- | --- | --- | | (852) 2800 1087 | • | Catalyst Calend ...

14 March 2025 | 5:53PM EDT US Weekly Kickstart n The S&P 500 entered -10% correction territory this week as investors digested the implications of policy uncertainty on the economic outlook. We trimmed our S&P 500 earnings estimates and reduced our year-end price target to 6200, representing 10% upside from current levels. n Due to the softer macroeconomic and market backdrop, we reduce our forecast for completed 2025 US M&A volume growth to +7% (from +25%). We model completed M&A activity as a function of ...

USA | US Insights Equity Research March 15, 2025 What You Need to Know We are pleased to present a selection of our most insightful, best-read, and most-watched US content. This week, we share knowledge gained from more than 80 healthcare management teams who joined us in Miami at Biotech on the Bay. We expect new products from NVDA next week and provide a tech primer for investors. We update the strong earnings power we forecast for top picks EQH and IP, and see a more balanced risk/reward for PEP and SHW. ...