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 Sector vs. Stock Impacts on Manager Performance 2024: Sector decisions added +1.7% to performance in 2024, primarily driven by an overweight stance in Industrials which added 1.1%. Stock selection neither helped nor hurt as a -0.8% headwind within Industrials was primarily offset by a 0.6% gain within Financials. Among the largest contributors, underweighting APP alone cost -75 bps of performance. 4Q24: Sector decisions added +1.2% to ...

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 03:42 PM GMT China – Clean Energy | Asia Pacific Solar Products Price Tracker – Week 2, 2025 Polysilicon prices were stable; N-type Wafer prices rebounded WoW. Cell prices recovered while module prices dropped. Prices of most solar films were stable WoW. EVA and POE resin prices remained flat WoW. Key Takeaways Exhibit 1: Solar products – Price summary 1/8/2025 Polysilicon (Rmb/kg) Wafer-182mm (Rmb/pc) Wafer-210mm (Rmb/pc) Cell-182mm (Rmb/W) Cell-210mm ...

January 8, 2025 11:36 AM GMT 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 SICC Co Ltd | Asia Pacific M Update China BEST Conference Takeaways SICC attended our conference, during which management shared that: Morgan Stanley Taiwan Limited+ Ray Wu, CFA Equity Analyst Ray.Wu@morganstanley.com +886 2 2730-2871 SICC Co Ltd (688234.SS, 688234 CH) Greater China Technology Semiconductors | China | Stock Rating | | | Overweight | | | --- | --- | --- | --- | --- | | Industry View | | | In-Line | | | Price target | | | Rm ...

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 V i e w p o i n t | 08 Jan 2025 08:54:04 ET │ 13 pages US Semiconductors November Sales Above Our Forecast and Seasonality. Raise C24 Semi Sales to Up 18% YoY. Expect 2025 Semi Sales of Up 9% YoY. CITI'S TAKE On Monday, the SIA announced November monthly sales of $59.0 billion (up 10.5% MoM), above seasonality of up 1.3% MoM and our estimate of $54.1 billion (up 1.2% MoM) due to stronger DRAM and Flash sales. We raise our 2024 semi sales forecast from up 17% YoY to up ...

Industry Overview * **2025 Outlook**: The document highlights that 2025 will be characterized by external uncertainties (tariffs, sanctions) and internal uncertainties (policy, competition). However, internet companies are expected to navigate these challenges through AI strategies, overseas expansion, and capital returns. * **Key Themes**: The document emphasizes the importance of AI, overseas expansion, and capital return as key strategies for internet companies to thrive in 2025. * **Market Outlook**: The document provides a bullish outlook for the internet and other services sector, with sector revenue expected to grow by 9% YoY and operating profit by 16% YoY in the base case scenario. Company Analysis * **Tencent (0700.HK)**: Tencent is identified as the top pick for the internet and other services sector. The document highlights Tencent's strong position in social and gaming, as well as its potential for growth through AI applications and capital management. * **Trip.com (TCOM.O)**: Trip.com is considered a preferred consumption recovery play with overseas opportunities. The document notes Trip.com's strong position in the online travel agency (OTA) market and its potential for growth through overseas expansion. * **Meituan (3690.HK)**: Meituan is also identified as a preferred consumption recovery play with overseas opportunities. The document highlights Meituan's strong position in the local services market and its potential for growth through overseas expansion. * **Alibaba Group Holding (BABA.N)**: Alibaba is rated equal-weight due to intense e-commerce and search competition. The document notes Alibaba's strong position in the e-commerce market and its potential for growth through AI and cloud computing. * **JD.com (JD.O)**: JD.com is rated equal-weight due to intense e-commerce and search competition. The document highlights JD.com's strong position in the e-commerce market and its potential for growth through AI and logistics. * **Kuaishou (1024.HK)**: Kuaishou is rated equal-weight due to intense e-commerce and search competition. The document notes Kuaishou's strong position in the short video market and its potential for growth through overseas expansion. * **Baidu (BIDU.O)**: Baidu is rated equal-weight due to intense e-commerce and search competition. The document highlights Baidu's strong position in the search engine market and its potential for growth through AI applications. Valuation and Shareholder Returns * **Valuation**: The document provides valuation metrics for various companies in the internet and other services sector, including market capitalization, price-to-earnings ratio, and price-to-book ratio. * **Shareholder Returns**: The document provides information on shareholder returns for various companies, including total capital return, dividend yield, and share buyback programs. Risks and Considerations * **External Uncertainties**: The document highlights external uncertainties such as tariffs, sanctions, and policy changes as potential risks for the internet and other services sector. * **Internal Uncertainties**: The document also notes internal uncertainties such as competition and regulatory changes as potential risks for the sector. * **Market Volatility**: The document acknowledges that market volatility can impact the performance of internet and other services companies. Conclusion The document provides a comprehensive analysis of the internet and other services sector, highlighting key themes, company analysis, valuation, and risks. The document offers valuable insights for investors looking to understand the potential opportunities and challenges in the sector.

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 07 Jan 2025 05:49:04 ET │ 38 pages China Property Long Way Home; New Constraints in the Path to Stabilize in '25E CITI'S TAKE Protracted policy; prolonged recovery — We expect structural decline in REI, starts & completions to widen in '25E and sales & price decline to narrow. We believe policies are in right direction of cutting supply & destocking but a few constraints in '25E. New home supply at 20-year low; risk-reward not justified for new builds — 1) '24E land s ...

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 8 January 2025 | 4:24PM HKT China Education 2025 Kickoff: More reasonable valuations, still-robust growth outlook; Buy EDU/TAL We are constructive about the Big Two in the China Education sector, EDU and TAL, into 2025, after a relatively disappointing share price performance in 2024 (EDU -12%/TAL -22%, lagging KWEB +6% and most small-cap education names, Exhibit 1). Despite our largely unchanged profit forecasts for FY25E/26E vs. 1 year ago, share prices have been dr ...

Jay Huang, Ph.D. +852 2918 5746 jay.huang@bernsteinsg.com Weibin Liang, Ph.D. +852 2918 5242 weibin.liang@bernsteinsg.com Dien Wang, Ph.D. +852 2918 5743 dien.wang@bernsteinsg.com We launch a new monthly series to timely report Chinese automation companies' orders in the most recent month. Complementing the Monthly Barometer, where broad industry indicators are presented for a comprehensive view, the Pulse Check exclusively uses the high-frequency data and comments from industry players to show trends most ...

8 January 2025 | 2:38PM IST India Consumer: Outlook 2025: A year of recovery from multiple headwinds, but competitive pressures to remain high 2024 marred by urban mass slowdown, input cost inflation, competitive disruptions: The Indian consumer sector has seen a sharp deterioration in earnings over the past two quarters, driven by a combination of 1) urban mass consumption slowdown, 2) sharp inflation in some key input costs like palm oil and 3) disruptive competition in categories like paints and grocery ...