报告行业投资评级 无相关内容 报告的核心观点 1) 中国7月CPI同比上升至0.5%,主要由于食品价格上涨 [4] 2) 7月食品价格同比持平,主要食品价格上涨,其中猪肉价格同比上涨20.4%,蔬菜价格同比上涨3.3%,水果价格同比下降4.2% [5] 3) 7月非食品CPI同比上涨0.7%,核心CPI同比上涨0.4%,表明国内需求仍然疲弱 [6][12] 4) 7月PPI同比下降0.8%,上游行业PPI小幅上涨,下游行业PPI小幅下降 [12] 行业分类总结 食品价格 - 7月食品价格同比持平,主要食品价格上涨,其中猪肉价格同比上涨20.4%,蔬菜价格同比上涨3.3%,水果价格同比下降4.2% [5] 非食品价格 - 7月非食品CPI同比上涨0.7%,核心CPI同比上涨0.4%,表明国内需求仍然疲弱 [6][12] 生产者价格 - 7月PPI同比下降0.8%,上游行业PPI小幅上涨,下游行业PPI小幅下降 [12]

9 August 2024 | 2:58PM EDT Energy, Utilities & Mining Pulse: Investors Asking: How to Navigate Summer Volatility? The past two weeks have been highly volatile in the markets and across our Natural Resources coverage. As such, we ask our senior analyst team to reflect on where investors are positioned and general sentiment in their respective sector.The team additionally highlights a stock that has underperformed their expectations where they would be more positive from here. We additionally ask the team to ...

11 August 2024 | 7:15PM HKT _ Navigating China Internet: Key investor focuses into Tencent & Alibaba prints & what to watch out for With Tencent and Alibaba kicking off the China Internet results season amongst the mega-caps on Weds and Thurs (after HK market close) respectively, we expect broadly in-line 2Q prints, where we estimate Tencent adj. operating profit to grow 33% yoy on accelerating growth and Alibaba's group EBITA to decline 11% yoy on core businesses investments (mostly in-line with sell-side ...

9 August 2024 | 8:07PM EDT _ Healthcare Pulse: Reflecting On 2Q24 Earnings Amid An Uncertain Macro... Investor sentiment; market color; sector themes; charts to MARKET COLOR : REFLECTING ON 2Q24 EARNINGS AMID AN UNCERTAIN MACRO Correlations and volatility spiked during a dizzying week of sentiment whipping around on recession risks (still low and still-data dependent, as per the latest from GS economists; link) with price action driven by a combination of deleveraging, crowding, and poor liquidity which lik ...

报告行业投资评级 报告未提供具体的行业投资评级。[无] 报告的核心观点 1) 中国钢铁产量下降导致铁矿石消费下降,是导致铁矿石价格下跌的主要因素 [2] 2) 中国钢铁行业利润率低迷,可能导致未来钢铁产量进一步下降 [59][60] 3) 全球铁矿石供给保持强劲,加上需求下降,短期内难以出现铁矿石市场大幅收紧 [38][39][40][41][43][44][47][48][50][52][53] 行业数据分析 铁矿石供给 1) 澳大利亚铁矿石出货量基本持平,巴西出货量继续保持增长 [40][41][43][44] 2) 印度铁矿石出口受价格影响有所下降,但需要价格跌破100美元/吨才能大幅减产 [47][48][50] 3) 中国铁矿石港口库存和钢厂库存均有所下降,但仍处于高位 [30][31][32][34][35][36] 钢铁需求 1) 中国粗钢产量下降2.1%,烧结炉利用率和高炉开工率均有所下降 [55][56][57][58] 2) 中国钢材产量大幅下降,其中长材产量下降12.2%,平材产量下降4.6% [61][62][63][67][68][69][70][73] 3) 中国钢材表观需求下降,长材和平材需求均有所下降 [65][73] 行业风险 报告未提及行业风险。[无]

报告行业投资评级 无相关内容 报告的核心观点 - 中国7月出口增速低于预期,但出口量增长仍然强劲 [2] - 7月CPI通胀上升,但核心CPI通胀下降,表明供给和需求失衡以及疲弱的价格通胀 [6][16] - 中国二季度净外商直接投资(FDI)创新低,主要由于对外FDI上升和对内FDI下降 [17][18][19] - 建议做空人民币相对于CFETS篮子,因为中国经济基本面疲弱,央行维持宽松政策,且人民币可能在贸易战升级时表现较弱 [17] 根据相关目录分别进行总结 中国出口情况 - 7月出口增速低于预期,但出口量增长仍然强劲,Q2出口量在所有主要类别都有大幅增长 [2][4][5] - 出口表现可能在短期内保持强劲,但中期前景较为不确定 [2] 中国通胀情况 - 7月CPI通胀上升,主要是由于食品价格上涨推动 [6][16] - 但核心CPI通胀和服务价格通胀均有所下降,表明供给和需求失衡以及疲弱的价格通胀 [6][16] 中国外商直接投资情况 - 中国二季度净外商直接投资(FDI)创新低,主要由于对外FDI上升和对内FDI下降 [17][18][19] 人民币展望 - 建议做空人民币相对于CFETS篮子,因为中国经济基本面疲弱,央行维持宽松政策,且人民币可能在贸易战升级时表现较弱 [17]

13 August 2024 | 10:31AM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Wistron (3231.TW): Better 3Q24 ahead on AI servers ramp up, PCs and general servers recovery; Product mix and larger scale to support GM We remain positive on Wistron post 2Q24 results and July revenues, which are both in line with our estimates. We expect a better 3Q24 ahead with stronger seasonality, PCs and general servers recovery on new product cycle, and AI servers ramp up on better GPU supply. Although there are still some uncertainties in ...

13 August 2024 | 10:18AM HKT Wiwynn (6669.TW): 2024 Nl +79% YoY, in line; ASIC Servers and General Servers to drive growth in 2H24; Buy Wiwynn delivered in-line 2Q24 results, sustaining strong YoY growth on low base last year (Read more in our results first take). We expect sequential top-line growth in 3Q/4Q24E, up 82%/ 68% YoY, with gross margin at 9.5%, above its historical level of ~8% on continuous NRE (non-recurring engineering) charges on new AI server projects. We expect ASIC (Application Specific I ...

13 August 2024 | 8:06AM BST Valneva SE (VLS.PA): 2024 First Take: Weak Dukoral sales drive topline miss requiring significant step up to meet guidance Valneva reported 2024 earnings with revenue coming in at €38.1m, 13%/11% below GSe/Company-compiled consensus estimates of €43.8mn/€42.7mn driven by product sales which were 13%/8% below (refer to Exhibit 2 for comparison vs Visible Alpha Consensus Data for individual products). Within this, Ixario sales grew 96% YoY (52% QoQ) and were 6%/24% above GSe/Visibl ...

13 August 2024 | 8:45AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 UK: June Labour Market—Private Sector Regular Pay in Line with Our Expectations, but Unemployment Rate Comes in Lower BOTTOM LINE: Private sector regular pay growth came in at 5.2% on a three-month year-on-year basis in June, in line with our expectations but slightly above the BoE's August MPR projection. The seasonally adjusted month-on-month pace came in at 0.35%, in line with our forecast and below the 0.50% average pace seen in the first five ...