Global Research Healthcare Facilities & Managed Care Hospitals 2025 Outlook; Fundamentals Remain Strong, Despite Noisy Policy Backdrop Hospital Fundamentals Remain Strong... 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 The fundamental outlook for hospitals looks favorable heading into 2025. The labor market has stabilized, with contract labor spending down substantially over the past few years while full-time wage growth has slowed to more normal levels. Professional fees may continue to create ...

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 | 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 | | January 8, 2025 08:50 AM GMT | | | | Asia EM Equity Strategy | Asia Pacific Kristal Ji | Morgan Stanley Asia (Singapore) Pte.+ | | | Equity Strategist | | | | Flows & Positioning Guide | Kristal.Ji@morganstanley.com Daniel K Blake | +65 6834-6949 | | Equity Strategist | | | | Daniel.Blake@morganstanley.com | | +65 6834-6597 | EM weekly flows – Outflows continued, led by China an ...

January 7, 2025 09:01 PM GMT China Industrials | Asia Pacific 2025 Outlook: Cycle Bottom; Focus on Operations Industrial cycle could remain L-shaped amid deflation and tariff pressure, with intense competition. Macro policy and company operations are key factors for stock selection. Shuanghuan is our new Top Pick, we also like the leading companies in sub-sectors. Key Takeaways Manufacturing capex cycle to stay L-shaped in 2025: We anticipate mild growth (0-2% y-y) in automation market in 2025, with continu ...

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 Americas Sustainability January 2025 Marketing Deck Equities Shneur Z. Gershuni, CFA Analyst shneur.gershuni@ubs.com +1-212-713 3974 Patrick J Hussey Associate Analyst patrick.hussey@ubs.com +1-212-713 3974 ESG Environmental Social M Governance Global This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on ...

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 Global Semiconductor SIA November Data: Non-Memory Flattish, DRAM Sets A Record November well above normal seasonal Total semiconductor sales increased 10.8% M/M in November, beating 10-yr and 5-yr seasonal averages by almost 10 and 8 percentage points, respectively. Ex-Memory revenue stayed fairly stable and modestly above seasonal average growth rate. MPU, Analog and Logic all posted flattish monthly revenue, with MPU and Logic larg ...

Industry Overview * **Internet Sector Performance**: The internet sector experienced a flat performance last week, with the S&P 500 and NASDAQ indices remaining unchanged, while the Dow Jones Industrial Average fell by 1%. Notable outperformers included SNAP (+9%), CHWY (+6%), UBER (+6%), and LYFT (+7%). * **Valuation Multiples**: The valuation multiples for AMZN, GOOGL, and META were 34x, 21x, and 23x, respectively, for 2025 EPS, compared to TTM averages of -7%, -1%, and flat, respectively. * **Sector Outlook**: Morgan Stanley maintains an attractive outlook for the internet sector in North America. Company Analysis * **Digital Media**: The digital media sector saw significant growth in EV/EBITDA multiples, with an average increase of 40% when treating SBC as cash. Notable companies in this sector include BMBL, CRTO, META, GOOGL, IAS, KIND, MTCH, PINS, SSTK, TTD, DV, RDDT, and YELP. * **eCommerce/Marketplace**: The eCommerce sector also experienced a notable increase in EV/EBITDA multiples, with an average increase of 22% when treating SBC as cash. Notable companies in this sector include AMZN, CHWY, EBAY, ETSY, FIGS, PTON, RVLV, WW, CART, DASH, and LYFT. * **Shared Economy/Rideshare**: The shared economy/rideshare sector saw a moderate increase in EV/EBITDA multiples, with an average increase of 5% when treating SBC as cash. Notable companies in this sector include CART, DASH, LYFT, and UBER. * **Gaming/Mobile App**: The gaming/mobile app sector experienced a significant increase in EV/EBITDA multiples, with an average increase of 26% when treating SBC as cash. Notable companies in this sector include APP, EA, PLTK, RBLX, TTWO, and U. * **Travel**: The travel sector saw a moderate increase in EV/EBITDA multiples, with an average increase of 42% when treating SBC as cash. Notable companies in this sector include ABNB, BKNG, DASH, EXPE, LYFT, UBER, and Z. * **Real Estate Tech**: The real estate tech sector saw a significant increase in EV/EBITDA multiples, with an average increase of 42% when treating SBC as cash. Notable companies in this sector include COMP, Z, OPEN, and RE Tech. Valuation Methodology * **EV/EBITDA Multiples**: The report utilizes EV/EBITDA multiples to value companies in the internet sector, comparing them to historical averages and industry benchmarks. * **EV/Sales Multiples**: The report also considers EV/Sales multiples as a valuation metric, comparing them to historical averages and industry benchmarks. Conclusion The report provides a comprehensive analysis of the internet sector in North America, highlighting key trends, company performance, and valuation metrics. The attractive outlook for the sector is supported by strong growth in EV/EBITDA multiples across various sub-sectors.

Industry and Company Overview * **Industry**: Utilities, specifically focusing on electricity generation and transmission. * **Key Companies**: Enel, RWE, SSE, EDPR, EON, National Grid, Iberdrola, Vestas, Siemens Energy. Key Points and Arguments 1. **Wind Power Record High in UK**: Wind energy accounted for 30% of UK electricity generation in 2024, the largest share among all sources. This highlights the growing importance of renewable energy in the UK's energy mix [4]. 2. **Biden Administration Extends IRA Tax Credits**: The extension of IRA tax credits to clean energy technologies, including geothermal, hydropower, and nuclear, is expected to boost investment in clean energy [4]. 3. **European Energy Transition**: The European energy transition is entering a new stage where affordability becomes a key constraint. Electrification is likely to continue only where economically viable [5]. 4. **Draghi Plan**: The Draghi Plan, presented by former ECB President Mario Draghi, includes recommendations to promote private investment and boost Europe's competitiveness. Electrification is at the core of the plan, with significant investments in clean energy and electric mobility [7]. 5. **AI Datacenters and Electrification**: The rapid expansion of datacenters and the gradual pick-up of the electrification process could boost Europe's power demand by 40%-50% over the next ten years [8]. 6. **Power Grids as Central to Electrification**: Power grids are pivotal to Europe's electrification process, and the investment needs in transmission and distribution (T&D) are significant, estimated at €650 billion over 2021-30 [9]. 7. **Power Networks Activities**: Power networks activities are seen as an incremental leg in the re-rating thesis for Green Energy Majors, with EON, SSE, and Enel as the best-positioned integrated stocks [11]. Other Important Content * **Research Reports**: The document highlights several research reports related to the European energy transition, including "Powering Up Europe: Who pays for the Energy Transition?" and "Powering Up Europe: The Draghi Plan: Electrification to kick-start Europe" [5, 7]. * **Events to Watch**: The GS Utilities Virtual IR Day is scheduled for 9 January 2025 [5]. * **Analyst Certifications**: The analysts certify that their views accurately reflect their personal views about the subject company or companies and its or their securities [13]. * **Regulatory Disclosures**: The document includes various regulatory disclosures related to investment banking relationships, ratings, and other important information [19-23].

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 04:02 PM GMT Hansoh Pharmaceutical Group Co Ltd | Asia Pacific China BEST Conference Takeaways Hansoh has seen sales promotional activity recover substantially from the lows of late 2023, and maintains its double-digit sales growth target for F24. Management also indicated a >35% dividend payout for 2024, and said such a payout might be sustained in 2025. NRDL updates: The contract for Ameile has been extended with a ~8% price cut, while loxenatide wen ...

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 Powered by YES UBS Evidence Lab Global Research U.S. Software Latest Enterprise AI Survey Summary In this third iteration of our enterprise AI survey, we again leveraged the UBS Evidence Lab data team to survey IT execs at 125 organizations about their AI plans at the chip, cloud infrastructure, model, application software, data and security layers, with a focus on incremental changes in feedback from our previous May 2024 survey (see report here). T ...