12.8% 17.7% 17.1% 10.6% 6.4% 10.5% 9.9% 5.0% 4.0% 8.1% 20.9% 16.2% 19.4% 16.1% 4.1% -8% -4% 0% 4% 8% 12% 16% 20% Consensus EPS Growth (FY25/FY24) EPS y/y Prepandemic 7y Median BigTech = Meta, Apple, Nvidia, Microsoft, Amazon, Alphabet. CONDx = Discretionary w/o Amazon. Data as of 1/6/2025. Source: LSEG Data & Analytics, Bloomberg, Barclays Research Equity Research Equity Strategy 10 January 2025 U.S. Equity Strategy Food for Thought: Which Sectors Are Expected to Drive EPS Growth in '25? With 4Q24 earnings ...

Our daily product rounds up key stories from the Chinese language media overnight, focusing on developments in the technology space. See our latest research on Barclays Live. January 10, 2025 Equity Research China Technology 10 January 2025 China Technology CBO - China Brief Overnight - 1/10/2025 The size of China's fiscal deficit is expected to increase significantly in 2025; Guangzhou existing home transactions in 2024 reached their highest level in the past three years; Tesla officially launches revamped ...

FICC Research Economics 10 January 2025 China Outlook PBoC's dilemma Geopolitics and tariff threats dominate investor concerns, while tumbling equity, currency, and bond yields add to the PBoC's challenges as it balances multiple objectives. As deflationary forces persist and fiscal underdelivers, we expect CPI to stay low for longer, and PPI to remain negative. We think recent market developments highlight the dilemma and challenges facing the PBoC: the central bank has pivoted to more significant monetary ...

FICC Research Credit & Macro Research 10 January 2025 EM Flows New year, same pattern The first week of 2025 brought little 'new' news for EM bond fund flows. EM credit funds saw more outflows, similar in size to the elevated levels of December. Again, outflows were concentrated in ETF products. In contrast, inflows into local-currency EM bond funds accelerated with one of the largest weekly volumes recorded over the past 12 months. For equity fund flows, the year started more upbeat, however. After three w ...

J P M O R G A N Asia Pacific Equity Research 10 January 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 Solar (852) 2800-8573 alan.hon@jpmorgan.com Daqi Jiao (852) 2800-8595 daqi.jiao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P ...

ab 10 January 2025 Global Research Life Sciences & Diagnostic Tools 2025 Emerging Growth Outlook: Favor Applications vs Technologies Bottom Line Within our emerging growth coverage, we're more constructive on genomics application companies vs genomics technology companies in 2025. We've moved Guardant Health (GH) to our top pick within the group, with a view that the company has an underappreciated catalyst path, highlighted by ramp of its Shield test in CRC screening (see recent survey). Natera (NTRA) shou ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: US Consumer Electronics - **Event**: CES 2025 Highlights Core Themes and Insights 1. **Autonomous Vehicles**: - A significant presence of autonomous vehicle companies, particularly from China, with Waymo leading the exhibit. - Notable mention of Xpeng showcasing a flying car, indicating a positive mood in the sector [2][2]. 2. **Robotics**: - Increased focus on both industrial and humanoid robots designed for home tasks, such as cleaning and companionship. - The Unitree humanoid robot, likened to Boston Dynamics, received particular praise for its capabilities [2][2]. 3. **Augmented Reality (AR) Glasses**: - High interest at booths, with long lines for demonstrations. - Some products, like Xreal, were well-received, while others faced criticism for technical limitations, such as requiring additional masks to block backgrounds [2][2]. 4. **Digital Twins**: - Enhanced discussions around digital twin technology, aligning with Nvidia's strategic vision, indicating a growing trend in this area [2][2]. 5. **AI-Embedded TVs**: - Strong consumer interest in televisions featuring AI technology, with Samsung and LG showcasing models integrated with Microsoft and Google Gemini. - LG's transparent OLED display was highlighted as a standout innovation [2][2]. Additional Important Insights - The overall atmosphere at CES 2025 was described as uplifting, reflecting optimism in the consumer electronics sector. - The presence of various startups and established companies indicates a competitive landscape with rapid technological advancements [2][2]. This summary encapsulates the key themes and insights from the CES 2025 conference call, focusing on the advancements and trends within the US consumer electronics industry.

V i e w p o i n t | 10 Jan 2025 17:47:00 ET │ 21 pages Thematic Equity Strategy US Growth: Navigate Volatility with the Reverse DCF CITI'S TAKE Our reverse DCF approach frames what growth rate markets may be pricing into stocks which, compared to consensus estimates, defines our take on GARP. For US Growth, specifically the NASDAQ-100, finding stocks where consensus at least aligns with market expectations has become increasingly difficult. Given that backdrop, and a top decile valuation, we believe investo ...

January 10, 2025 09:12 AM GMT Sustainability Around the Globe | Investors' Key Focus Areas in 4Q24 M Inside this report we share recaps of our most read notes in 4Q24 as well as investors' feedback. Next we list focus areas by readership and upcoming relevant events hosted/co-hosted by our team. Powering Digital Infrastructure : We recap trends in de-bottlenecking solutions for power demand, growing demand for new natural gas-fired power generation and related infrastructure, power "additionality" considera ...

Industry and Company Overview * **Industry**: China Software and IT Services * **Focus**: GenAI, AI adoption, and its impact on various sectors * **Key Companies**: Kingsoft Cloud, iFlytek, Kingsoft Office, VNET, Envicool, Huawei, Xiaomi, ByteDance, and others Key Points 1. GenAI Progress and Adoption * **GenAI Models**: Chinese GenAI models, such as ByteDance Doubao and DeepSeek v3, have shown significant improvements in reasoning and multimodality capabilities, closing the gap with global leaders like OpenAI's GPT-4. * **Training Efficiency**: Innovations in software and hardware have significantly reduced the training and inferencing costs of GenAI models, making them more accessible and cost-effective. * **AI Adoption**: AI adoption is expected to accelerate in 2025, driven by improved model performance, lower costs, and increased user comfort with AI-enabled interfaces and applications. 2. AI Cost Efficiency and Industry Participation * **Cost Efficiency**: Lower AI costs are expected to attract more industry participants and users, leading to a flourishing AI ecosystem. * **Vertical and Light-Edge Models**: These models provide cost-effective and customizable solutions for various industry customers and consumer electronics, further driving AI adoption. 3. Well-Positioned Companies * **Kingsoft Cloud**: Benefits from robust AI compute demand, especially from Xiaomi's investments in edge AI and autonomous driving. * **Kingsoft Office and iFlytek**: Beneficiaries of faster AI penetration in cloud and edge applications. * **VNET**: Market share winner in the data center market, riding the AIDC demand from hyperscalers. 4. AI CapEx and Data Centers * **AI CapEx**: Expected to increase in 2025 due to competition among tech giants and usage spikes. * **Data Centers**: Third-party IDC demand is expected to recover driven by hyperscalers' GenAI investments and stable in-house IDC construction. * **Envicool**: Well-positioned to gain market share in liquid cooling due to increasing demand for high-power-density IDCs. 5. AI Adoption in Consumer and Enterprise Markets * **Consumer Market**: AI adoption is rapidly ramping up, with consumer electronics becoming a new battleground. Examples include AI-enabled wearables, toys, notepads, and smart car cockpits. * **Enterprise Market**: More AI projects are moving from proof of concept to production, with SOEs taking the lead. Finance, energy, telcos, manufacturing, and healthcare industries are leading the AI adoption. 6. Agentic Workflow and AI Commercialization * **Agentic Workflow**: LLMs are being optimized for agentic workflows, enabling more reliable and efficient AI applications. * **AI Commercialization**: AI commercialization among enterprise software companies is at an early stage, with many companies offering free AI features to encourage user engagement and pilot projects. 7. Valuation and Risk * **Valuation**: The China software sector is currently trading at a discount compared to its historical average PE, reflecting investor concerns over limited access to advanced GPUs and lower willingness to pay for software and AI applications amid macro pressures. * **Risk**: Investing in the technology and AI sector involves a high degree of risk, including rapid technological changes, increasing competition, and exposure to macroeconomic cycles.