Key Points Company and Industry Information 1. **Company Presentation**: Vertex Pharmaceuticals Incorporated (VRTX) is presenting at the 43rd Annual J.P. Morgan Healthcare Conference on January 13, 2025 [3]. 2. **Company Overview**: Vertex is a biotechnology company focused on the development and commercialization of innovative therapies for serious diseases [3]. 3. **Management Team**: The presentation includes key members of Vertex's senior management team, including Dr. Reshma Kewalramani (President and CEO), Charlie Wagner (Chief Financial Officer), Stuart Arbuckle (Chief Operating Officer), and David Altshuler (Chief Scientific Officer) [3]. Core Views and Arguments 1. **Unique Business Model**: Vertex has a unique business model, although the specific details of this model are not elaborated upon [4]. 2. **Focus on Innovation**: Vertex emphasizes its commitment to innovation and the development of new therapies for serious diseases [3]. Other Important Content 1. **Safe Harbor Statement**: The presentation includes a Safe Harbor Statement, reminding participants that forward-looking comments will be made and encouraging them to review the company's SEC disclosures for more detail [1]. 2. **Voice Apology**: The presenter, Dr. Reshma Kewalramani, apologizes for her voice quality due to a cold [1]. 3. **Conference Details**: The conference is the 43rd Annual J.P. Morgan Healthcare Conference, and the presentation takes place on January 13, 2025, at 10:30 AM ET [3].

Key Takeaways **1. Global Infrastructure Outlook**: * The FT Wilshire GLIO Developed Listed Infrastructure Index declined -4.8% in 4Q 2024, but still gained +10.4% for the year. * The MSCI World Index rose +0.4% in 4Q 2024, while the S&P 500 rose +3.0%. * Morgan Stanley Research's Global Listed Infrastructure Preferred OW List decreased a median -5.9% in 4Q 2024, but still gained +3.3% for the year. **2. Sector Views and Preferred OWs**: * The report provides detailed sector views and preferred Overweight (OW) picks across various regions and industries, including energy infrastructure, real estate, telecoms, transportation, and utilities. * The preferred OW list includes companies from Asia Pacific, Latin America, North America, and Europe. **3. Company-Specific Analysis**: * The report includes comprehensive financial data, valuation metrics, and performance analysis for each company on the preferred OW list. * Key metrics such as EV/EBITDA, P/E, EPS, dividend yield, and ROE are provided for each company. **4. Regional Analysis**: * The report provides a regional breakdown of the infrastructure sector, highlighting key trends and opportunities in each region. * Asia Pacific, Latin America, and North America are identified as key regions for infrastructure investment. **5. Upcoming Events**: * Morgan Stanley & the Global Listed Infrastructure Organisation will host the annual Global Listed Infrastructure Conference in Sydney, Australia on March 18, 2025. Key Points **1. Energy Infrastructure**: * GAIL (India), Larsen & Toubro Ltd, Petrobras, Vista Energy SAB de CV, Energy Transfer LP, Oneok Inc., Targa Resources Corp., Williams Companies Inc., EQT, and Cheniere Energy Inc. are among the preferred OW picks in the energy infrastructure sector. **2. Real Estate**: * China Resources Land Ltd., Mitsubishi Estate, Mitsui Fudosan, Sumitomo Realty & Dev., Tokyu Fudosan Holdings, GLP J-REIT, Phoenix Mills Limited, Sun Hung Kai Properties, Goodman Group, and British Land are among the preferred OW picks in the real estate sector. **3. Telecoms**: * Far Eastone, GDS Holdings Ltd, KDDI, Singapore Telecom, Helios Towers Plc, America Movil SAB de CV, Telefonica Brasil SA, SBA, AT&T, and T-Mobile US, Inc. are among the preferred OW picks in the telecoms sector. **4. Transportation**: * Aena SA, Eiffage SA, Getlink, OMA, Knight-Swift Transportation, and Transurban are among the preferred OW picks in the transportation sector. **5. Utilities**: * China Longyuan Power Group, ENN Energy Holdings Ltd, Tata Power Co, Tenaga Nasional, Hokkaido EP, Cleanaway Waste Management, Severn Trent, Eletrobras, Sabesp, and AES Corp are among the preferred OW picks in the utilities sector. **6. Valuation Metrics**: * The report provides valuation metrics such as EV/EBITDA, P/E, and dividend yield for each company on the preferred OW list. * The median EV/EBITDA multiple for the preferred OW list is 9.8x, while the median P/E multiple is 15.2x. **7. Performance Data**: * The report includes performance data for each company on the preferred OW list, including 10-day, 1-month, 3-month, 6-month, 1-year, and 3-year returns. * The median 1-year return for the preferred OW list is 13.8%, while the median 3-year return is 37.8%. **8. Regional Breakdown**: * Asia Pacific: 9.8x EV/EBITDA, 15.2x P/E, 13.8% 1-year return * Latin America: 4.3x EV/EBITDA, 5.3x P/E, 13.1% 1-year return * North America: 16.8x EV/EBITDA, 16.9x P/E, 14.2% 1-year return * Europe: 7.2x EV/EBITDA, 7.6x P/E, 7.4% 1-year return

Summary of Global Metals & Mining 2025 Outlook Industry Overview - The report focuses on the **Global Metals & Mining** industry, providing insights into various commodities and their market dynamics for 2025 [1][6]. Key Insights and Arguments 1. **Base Metals Pricing**: Base metals and bulks are reasonably priced compared to historical levels, leading to a cautious outlook without strong sector calls. The focus is on stability and quality, with specific outperformers identified: RIO, ABX/GOLD, ANTO, and AAL [1][6]. 2. **Precious Metals Performance**: Gold is highlighted for its strong price level, while silver shows mixed signals. The performance of these metals is seen as a warning sign compared to base metals and currencies [2][6]. 3. **US Economic Policy**: The inauguration of Donald Trump is expected to influence inflation, migration, and tariffs, with a predicted increase in the US debt-to-GDP ratio. This environment is anticipated to support metal prices due to a trend towards a weaker dollar [3][31]. 4. **China's Economic Outlook**: The upcoming 15th five-year plan is expected to address worsening demographic trends and a challenging relationship with the US. The lack of regular stimulus announcements raises concerns about future economic growth [4][32]. 5. **European Economic Challenges**: The euro is struggling against the dollar, and Germany's elections are set to impact economic growth and social issues in Europe [5][33]. 6. **India's Position**: India is noted as being well-positioned for growth due to strong GDP performance and favorable demographics [5][34]. Commodity-Specific Outlook 1. **Copper**: Prices are expected to remain above $8,500 per ton, supported by rising project capex and potential supply deficits by 2030. Key risks include production cuts and supply disruptions [9][30]. 2. **Nickel**: Currently valued below $15,000 per ton, nickel is considered a "value" buy due to low margins and potential production cuts from Indonesia [10][30]. 3. **Aluminium**: Prices surged due to bauxite export suspensions in Guinea, but long-term support is questioned due to low barriers to entry in smelting [11][30]. 4. **Zinc**: While zinc outperformed in 2024, an influx of supply in 2025 may temper enthusiasm. Demand is mixed, influenced by steel demand from China and India [12][30]. 5. **Gold**: Driven by real interest rates and central bank purchases, gold remains a favored investment, especially as a hedge against geopolitical risks [13][30]. 6. **Iron Ore**: The outlook is cautious, with expectations of increased supply and softening demand from China. Price levels of $80-90 per ton are seen as attractive for increasing exposure [14][30]. 7. **Met Coal**: Tied to steel demand, met coal's price upside is capped by additional supply expected from 2024 to 2027 [15][30]. Investment Ratings and Price Targets - **Outperform Ratings**: AAL, ABX, ANTO, BHP, GLEN, and RIO are rated as outperformers with specific price targets reflecting the latest commodity price forecasts [18][24]. - **Market-Perform Ratings**: BOL, FCX, NEM, and VALE are rated as market performers, with adjusted price targets based on commodity price changes [25][28]. Market Dynamics and Sentiment - The report emphasizes that government policies will significantly influence metal prices in 2025, with a focus on the impact of US tariffs and China's stimulus measures [30][31]. - Despite negative sentiment around China's economy, the mining sector is positioned to benefit from potential government stimulus in housing and infrastructure [47][30]. Conclusion - The Global Metals & Mining industry faces a complex landscape in 2025, influenced by macroeconomic policies, demographic trends, and commodity-specific dynamics. The cautious yet strategic investment approach is recommended, focusing on select outperformers while monitoring broader economic indicators.

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 Equity Research China Technology 8 January 2025 China Technology CBO - China Brief Overnight - 1/8/2025 China to expand consumer goods trade-in scheme to boost economic growth; Indonesian e-commerce firm Bukalapak to stop selling physical items on its marketplace amid competition from other platforms; South Korean e-commerce platform Gmarket launches new delivery service to guarantee next-day delivery Our daily product rounds up key stories from the Chinese language m ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 Asia Pacific Equity Research 08 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. Weichai Power - H/A Breaking news on China IV trade-in policy and breakthroughs in battery and AI-powered robotics innovation ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 7 January 2025 Global Research Japan Equity Strategy & Thematic Research Event Watch: Preparing for uncertainty in 2025 In 2024, Japan share prices advanced in H1 and reached new highs in July TOPIX advanced +4% mom in December 2024 and +18% yoy in 2024. In H1 2024, there were increased domestic and overseas investor expectations for the normalisation of Japan's economy and financial policy, which pushed up TOPIX to a new high in July. In August, concerns about the ...

Summary of GCL Technology Holdings (3800.HK) Conference Call Company Overview - **Company**: GCL Technology Holdings (3800.HK) - **Industry**: Clean Energy & Technology, specifically in polysilicon production Key Points Share Issuance and Financial Impact - GCL Tech completed the issuance of 1.56 billion new shares at HK$1.0 per share, a 10% discount to the latest closing price, representing 5.48% of the enlarged share capital [1] - Total net proceeds from this issuance amount to HK$1.53 billion, with 60% (~HK$0.92 billion) allocated for overseas capacity expansion and 40% (~HK$0.61 billion) reserved for general working capital [1] Earnings Revision - Following the share enlargement and net proceeds, the 12-month target price has been adjusted from HK$1.2 to HK$1.1, based on a price-to-book (P/B) ratio of 0.7X for 2024E, reflecting a 30% discount to equity value due to a weaker balance sheet compared to peers [2] Investment Thesis - GCL Tech is positioned as a leading polysilicon producer with a unique FBR granular polysilicon technology, allowing it to operate at the lowest end of the industry cost curve [3] - The company aims to increase its market share to 40% by 2030E, up from 16% in 2023, while maintaining more resilient margins compared to its rod silicon peers [3] - However, there are concerns regarding tighter liquidity pressures compared to main solar component peers, which is a critical metric for investors during market downturns [3] Target Price Methodology and Risks - The 12-month target price of HK$1.1 is based on a P/B ratio of 0.7X for 2024E, with key risks including: 1. Fluctuations in polysilicon prices due to unexpected changes in capacity or demand [4] 2. Variability in advancements in FBR technology affecting cost reduction and purity enhancement [4] Financial Projections - Market capitalization is reported at HK$28.7 billion (approximately $3.7 billion) with an enterprise value of HK$42.5 billion (approximately $5.5 billion) [6] - Revenue projections for the upcoming years are as follows: - 2023: Rmb 33,700.5 million - 2024E: Rmb 17,364.4 million - 2025E: Rmb 24,764.8 million - 2026E: Rmb 26,061.9 million [6] Earnings Per Share (EPS) Estimates - New EPS estimates are as follows: - 2023: Rmb 0.09 - 2024E: Rmb (0.13) - 2025E: Rmb (0.07) - 2026E: Rmb (0.05) [6] Additional Insights - The company is rated as Neutral by Goldman Sachs, indicating a cautious outlook despite its potential for growth in market share and margins [3] - The report highlights the importance of liquidity management in the current market environment, which could impact investor sentiment and stock performance [3] This summary encapsulates the critical aspects of GCL Technology Holdings as discussed in the conference call, providing insights into its financial strategies, market positioning, and potential risks.

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 January 8, 2025 05:01 AM GMT Year-Ahead Outlook | North America Telecom & Cable Services – Investor Presentation This slide deck accompanies our 2025 Year-Ahead Outlook on Telecom & Cable Services. See here for full details: Year-Ahead Outlook: Telecom & Cable Services – Bringing It All Together (16 Dec 2024). We are also publishing updated FYBR and pro forma VZ/FYBR estimates. | M 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 | | | | --- | --- | --- | | | | Foundation | | ...

Summary of Key Points from the Conference Call Industry and Companies Involved - **Industry**: Chinese Military Companies and US-China Relations - **Companies**: Tencent (0700.HK) and CATL (300750.SZ) Core Points and Arguments 1. **Inclusion in Military Company List**: On January 6, the US Department of Defense added Tencent and CATL to the Chinese Military Companies list, which now includes 134 companies. This led to a stock price decline of 7% for Tencent and 3% for CATL on January 7, compared to the HSCEI's -1% and CSI 300's +1% [2][3][12] 2. **No Immediate Trading Restrictions**: The inclusion in the Section 1260H list does not impose immediate restrictions on trading securities of these companies. However, if they are added to the OFAC's NS-CMIC list, US persons would be prohibited from purchasing their publicly traded securities [2][6] 3. **Potential Selling Estimates**: If Tencent and CATL were added to the OFAC's NS-CMIC list, it is estimated that there would be US$54 billion of active and US$19 billion of passive selling for Tencent, and US$5 billion and US$1 billion for CATL, respectively [2][6] 4. **Historical Context**: Previous instances of Chinese stocks being added to the Communist Chinese Military Company List saw an aggregate correction of 8% in the first two months, followed by recovery due to strong Southbound buying [2][21] 5. **Market Volatility**: The combination of escalating US-China tensions, tariff uncertainties, and muted policy actions from China suggests a volatile period for Chinese equities until clearer policies are established [2][12] Additional Important Content 1. **US Investor Holdings**: US investors currently hold approximately US$68 billion in Tencent (13.9% of market cap) and US$5 billion in CATL (3% of market cap). If divestment occurs, it could take around 200 days for Tencent and 18 days for CATL, assuming daily selling does not exceed one-third of average daily trading volume [7][10] 2. **Impact of Non-US Investors**: Non-US passive investors may also sell restricted stocks, with an estimated US$5 billion and US$0.6 billion market cap of Tencent and CATL held by non-US ETFs [8] 3. **Domestic Investor Support**: Southbound and domestic Chinese investors are expected to provide capital support if foreign investors divest. Historical data shows that strong domestic buying can offset foreign selling [10][12] 4. **Share Buybacks**: Companies may seek to buy back shares to support stock prices. Tencent had a record buyback of US$193 million on January 7 [11] 5. **Long-term Market Implications**: The addition of Tencent and CATL to the US CMC list highlights the complex state of US-China trade relations, indicating potential for increased friction in capital markets and geopolitics [12][29] This summary encapsulates the critical insights and implications regarding Tencent and CATL's recent designation and its potential impact on the market and investor behavior.

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 8 January 2025 Global Research US Equity Strategy - Small Cap Core Small Cap Core Manager Performance - January 2025 Manager Performance vs. Russell 2000 Small Cap Core managers led the Russell 2000 by +0.7% in 2024 (12.2% vs. 11.5%), net of fees. Despite outperforming by +1.0% in December, managers lagged the benchmark by -0.3% in 4Q. Sector vs. Stock Impacts on Manager Performance 2024: Sector decisions added +1.3% to performance in 2024 driven primarily by an ov ...