5 February 2025 | 11:17AM HKT China: Caixin services PMI fell in January Bottom line: The Caixin China General Services Business Activity Index (headline services PMI) decreased to 51.0 in January from 52.2 in December, suggesting service sector activity continued to expand but at a slower pace in January. Key numbers: Caixin services PMI: 51.0 in January (Bloomberg consensus: 52.4), vs. 52.2 in December. Main points: 1. The Caixin China General Services Business Activity Index (headline services PMI) decre ...

Mild rise of polysilicon prices amid supply cut – The average market price of rod-type polysilicon rose 2-3% from Rmb36.5-40.6/kg to Rmb37.2-41.7/kg in January, while that of granular silicon also edged up 3% from Rmb38/kg to Rmb39/kg in the month, per price data from the China Silicon Industry Association. According to the Association, PRC monthly polysilicon output dropped 43.4% yoy and 6.6% mom to 970k MT in January. Most polysilicon suppliers are actively fulfilling the commitments of industry self-regu ...

5 February 2025 Global Energy Storage Global Energy Storage: Gigafactory expansion still strong but investment slowing Neil Beveridge, Ph.D. +852 2918 5741 neil.beveridge@bernsteinsg.com Brian Ho, CFA +852 2918 5772 brian.ho@bernsteinsg.com Hengliang Zhang +852 2918 7871 hengliang.zhang@bernsteinsg.com Global battery manufacturing capacity is estimated to grow by 43% y-o-y in 2025 which will exceed demand growth of 25-30%. Global battery capacity grew by 34% y-o-y to 2.8TWh in YE24 (vs. demand of 1.2TWh). C ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **US Economics** sector, specifically analyzing trade data and its implications for the economy. Core Insights and Arguments - The **trade balance** in December widened significantly from **-$78.9 billion** to **-$98.4 billion**, attributed to increased imports and a decline in exports [1][4][6] - **Goods imports** rose by **4.1%**, while **goods exports** fell by **4.2%** [4][6] - A notable increase in imports was driven by **industrial supplies**, particularly **finished metal shapes** [7][8] - Approximately **$11.3 billion** of the total increase in goods imports came from **Switzerland**, which saw a rise from **-$3.9 billion** to **-$13.0 billion** in trade deficit [5][7] - The **goods trade deficit** with **Canada** increased from **-$5.0 billion** to **-$7.9 billion**, while the deficit with **Mexico** remained stable at **-$15.2 billion** [5] Potential Risks and Considerations - There is uncertainty regarding whether the strong imports are due to **front-loading** ahead of potential tariffs, although recent data does not clearly indicate this [6][8] - The **threat of tariffs** could lead to further widening of the trade deficit, particularly with Canada and Mexico, following a **30-day delay** in tariffs [10][11] - The report suggests that trade data may remain **volatile** in the coming months due to these tariff implications [10] Additional Important Information - The report highlights that **exports** also fell across various sectors, with the most significant declines in **autos** and **industrial supplies** [9] - The overall increase in imports from countries like **Australia** (+77% MoM) and **Hong Kong** (+284% MoM) suggests potential one-off disruptions, possibly related to seasonal adjustments [8] - The widening trade deficit is expected to exert downward pressure on **GDP growth** in Q1, although this may be offset by stronger investment or inventory levels [10]

February 5, 2025 12:26 PM GMT Boston Scientific | North America Reminder why it's the BOS Reaction to earnings Unchanged Meaningful upside Modest revision higher Impact to our investment thesis Financial results versus consensus Impact to next 12-month consensus EPS Exceptional Q4 finish at 19.5% organic vs. buyside expectations of c. 18% we believe. Broad based strength across divisions with notable improvement in Neuromod. 2025 guide (+10-12%) nicely ahead of expectations organically and leaves pathway to ...

4 February 2025 | 11:42PM EST +1(917)343-3110 | brian.k.lee@gs.com Goldman Sachs & Co. LLC Nick Cash +1(212)357-6372 | nick.cash@gs.com Goldman Sachs & Co. LLC | PNR 12m Price Target: $104.00 | | --- | | Price: $98.26 | | Upside: 5.8% | PNR reported solid 4Q24 results, with margins and EPS exceeding expectations. While sales guidance was a slight disappointment, mostly due to the resi recovery taking longer than expected to materialize among other headwinds (e.g., FX and progressing 80/20), the company is c ...

5 February 2025 Asia Software Technologies and China SMID Internet China Software + AI: China AI after DeepSeek...where China AI heads now, winners/losers and global learnings In this note, we look at the rise of DeepSeek from a China angle. DeepSeek is an outcome of the developments of China's AI ecosystem rather than a sudden exception or miracle. This context is important for predicting what's next for China AI and provides further color on the global readacross around how the DeepSeek approach might far ...

Cloud revs decelerated back to prior trend (Q4 30% y/y vs. Q1-Q2 28-29%) after a strong 35% in Q3. But we see potential for future upside given current capacity constraints and plans for FY25 capex up 43%. Ad revs were healthy, esp. YouTube +14% y/y. But Q1 is to start slow given FX headwinds and tougher comps. Continued efficiency gains as op mgn (net) 37.9% +520bp y/y. Stock trades ~12.6x NTM EV/EBITDA vs. 12x 10-yr avg; expect to grind higher. Buy, $235 PT. Things we liked: Things we're watching: | FY (D ...

KEY THOUGHTS AFTER CALLS WITH MANAGEMENT • Another Year of Heavy Infra Investment. Rather uncharacteristically Google guided to capex spending — $75B in 2025, a 43% increase on top of a 63% increase in 2024. Capex components remain the same — servers, data centers, networking equipment — and reflect the strong demand GOOGL is seeing from both external clients & internal constituents. The outlook is well above our $62B going in & consensus of $57B. We model capex step-ups through the year, but we recognize q ...

Technology - Semiconductors Jay Kwon AC J P M O R G A N Asia Pacific Equity Research 06 February 2025 Memory Market Update Quantifying DeepSeek's impact to the Memory Market; Focus on AI ecosystem and edge-AI upside DeepSeek's R1 model release has spurred investor concerns on a faster decline in the training cost curve leading to datacenter AI hardware demand. The memory sector's18-month growth cycle was largely pinned by rising compute demand (HBM) for high-end training GPU - the sector's average share pri ...