07 Nov 2024 06:17:11 ET │ 9 pages Global Metals & Mining All-time high steel net exports from China in Oct'24, on track for >100mn tonnes in 2024 CITI'S TAKE Price differentials between China and the rest of the world typically impact import/exports with 2-3 months' lag. FY'23 net exports totaled 83mn tonnes, highest since the 2020 trough, but still 18% below the 100mn tonnes in 2015. However, net exports have picked up in '24 and Oct'24 at 10.6 mn tonnes were up 40%y/y, an all-time high. 10M'24 had 86.3mn ...

05 Nov 2024 12:36:05 ET │ 11 pages Flash | Xinyi Solar (0968.HK) What's New from 2024 Citi China Conference: Loss on Solar Glass to Persist in Next 5 Months CITI'S TAKE We met with the CFO of Xinyi Solar ("XYS") at Citi China Conference today. Key takeaways include: (i) XYS is loss-making from solar glass sales at current prices and its profitability could further deteriorate with winter gas price hike; (ii) solar glass price is unlikely to increase in near term during off-season of solar demand; (iii) sola ...

07 Nov 2024 15:44:22 ET │ 11 pages China Software What's New from 2024 Citi China Conference – How AI Is Reshaping SaaS CITI'S TAKE We hosted a panel discussion on 'How AI is reshaping SaaS' with management from Bairong (6608.HK, non-rated), Beisen (9669.HK, nonrated) and Gaocheng Capital's founding partner. Key takeaways: (1) There are key four areas to monetize AI on applications to (a) boost revenue, (b) deal with compliance, (c) cost down and (d) enhance efficiency for customers; (2) A good AI startup s ...

Action | 07 Nov 2024 02:29:06 ET │ 10 pages CATL (300750.SZ) Expiring Upside 30-Day Catalyst Watch View original report on this Catalyst Watch This Upside Catalyst Watch call, added on 7-Oct-2024, has expired effective immediately and should no longer be relied upon. | --- | |-------------------------| | | | Buy Price (06 Nov 2024 | | 15:00:00) | | Target price | | Expected share price | | return | | Expected dividend yield | | Expected total return | | Market Cap | Rmb256.500 Rmb362.000 41.1% 1.4% 42.5% Rm ...

07 Nov 2024 03:12:32 ET │ 8 pages Flash | China Materials 2024 On-ground Demand Monitor Series #129– Funding Availability Rate Data Tracker | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | CITI'S TAKE In this series of notes, we aim to track and analyze h ...

Addressing key investor questions post 3Q results; down to Neutral as Roborock enters a transition period 5 November 2024 | 6:29PM CST Beijing Roborock Technology (688169.SS) Roborock reported below-expected 3Q24 results which were primarily dragged by revenue decline/margin contraction in Europe due to the ongoing channel shift towards direct sales to consumers/retailers (first take). Key investor questions we have received are centered around three areas: 1) Roborock's competitive positioning within the g ...

5 November 2024 | 7:14PM SGT China Energy: Oil: Updating estimates for PetroChina, Sinopec, CNOOC post results We update our earnings estimates of PetroChina, Sinopec and CNOOC following the release of their 3Q24 results (Exhibit 1). Nikhil Bhandari +65-6889-2867 | nikhil.bhandari@gs.com Goldman Sachs (Singapore) Pte Amber Cai +852-2978-6602 | amber.cai@gs.com Goldman Sachs (Asia) L.L.C. Randy Lau +65-6889-2468 | randy.lau@gs.com Goldman Sachs (Singapore) Pte Goldman Sachs does and seeks to do business with ...

06 Nov 2024 14:48:58 ET │ 11 pages China Internet What's New From 2024 Citi China Conference: Merchant Insights On Cross-border Ecommerce CITI'S TAKE On Nov 5, we hosted a large track at Citi China Conference in Shenzhen with industry expert Mr. Jiale Wang to discuss latest update on crossborder demand and development of Temu across different regions. Key highlights include: 1) operational performance of expert's company, Acquco ; 2) Temu's regional performance; 3) semi-managed model update; and 4) inventor ...

Flash | CITI'S TAKE CTG Duty Free attended Citi's China Conference. The decline in Hainan duty free sales has tended to narrow recently, but has yet to see material improvement. Short-term pressure remains amid weak consumption sentiment. Increased promotion is expected in peak season to drive top line, which is likely to pressure the gross margin in 4Q24E. Inventory remains at healthy level. Buy Price (06 Nov 24 15:00) Rmb72.650 Target price Rmb79.000 Expected share price return 8.7% Expected dividend yiel ...

06 Nov 2024 07:38:57 ET │ 15 pages Global Macro Strategy What to Chase? CITI'S TAKE In line with market sentiment, former president Trump has been re-elected. Republicans are likely controlling the Senate and have the odds for controlling the House in their favor. While residual positioning in markets is likely pro-Trump already, we add some Trump trades, given that there likely has been recent position-squaring. In equities, we remain long SPX, and add a SPX/EuroStoxx trade on tariff threats. In rates, the ...