February 10, 2025 10:44 AM GMT China Coal | Asia Pacific Weekly Coal Update: Weak Prices Post Chinese New Year Thermal coal prices weakened further post Chinese New Year (CNY), while coking price remains stable, FY24 coal production strengthened in Inner Mongolia and Xinjiang. Slight decrease in spot thermal coal prices: QHD 5500 was down 0.3% WoW, to Rmb704/t as of February 7. CCI 5500 was flat WoW at Rmb761/t. BSPI was down 0.3% WoW at Rmb698/t. Mine-mouth prices for Shanxi Datong 5800 decreased 0.3% WoW, ...

J P M O R G A N Asia Pacific Credit Research 10 February 2025 China TMT Transfer of coverage As we reallocate our coverage resources, we transfer coverage of Alibaba Group Holding Limited, Baidu.com, JD.com, Meituan, Lenovo, Weibo, and Xiaomi and all their bonds to Alvin Au. Asia Corporate Research Alvin Au AC (852) 2800-8533 alvin.au@jpmorgan.com Soo Chong Lim (852) 2800-7387 soochong.lim@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited See page 2 for analyst certification and important disclosur ...

Equity Research China Technology 10 February 2025 China Technology Highlights from Recent China Trip 4Q ecommerce sales solid driven by govt subsidies; Rapid progress seen in autonomous driving but debates around robotaxi; Encouraging outlook for 2025 with consumption subsidies extended. We are hosting a call to go thru highlights today (2/10). Please reach out to your sales to register BABA (OW) and JD (OW) had solid 4Q ecommerce growth: We highlight that NBS data showed that in 4Q ecommerce product sales ...

Haibin Zhu (852) 2800-7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Grace Ng (852) 2800-7002 grace.h.ng@jpmorgan.com Tingting Ge (852) 2800-0143 tingting.ge@jpmorgan.com Greater China The baseline assumption in our 2025 outlook released last November was that the U.S. would increase tariffs on China from 20% to 60% in 1H (announced in 1Q and effective in 2Q); tariffs would increase for China's transshipments via Vietnam and Malaysia; but there would be no tariff increases elsewher ...

7 February 2025 Price Target Change China SMID Internet, Global Hotel & Leisure China Travel/OTA: Resilient with no surprises....what the data tells us about Chinese New Year travel trends Boris Van +852 2918 5753 boris.van@bernsteinsg.com Richard J. Clarke, FCA +44 207 170 0536 richard.clarke@bernsteinsg.com Ting Ming Neo +852 2123 2554 tingming.neo@bernsteinsg.com Kate Xiao, CFA +44 207 170 5121 kate.xiao@bernsteinsg.com The much anticipated Chinese New Year travel figures are mostly out - headline number ...

Summary of Key Points from the Conference Call Industry and Company Involved - **Industry**: US-China Trade Relations - **Company**: Barclays Bank, Hong Kong Core Points and Arguments 1. **US-China Trade Deal Dynamics**: President Trump is perceived to desire a trade deal with China, but recent events, including the DeepSeek 'shock' and a "maximum pressure" strategy, have complicated negotiations [1][8][10] 2. **Tariff Impositions**: On February 4, 2025, the US imposed an additional 10% tariff on all imports from China, which was a significant escalation in trade tensions [3][10] 3. **Retaliatory Measures by China**: China responded with targeted retaliatory tariffs, including a 15% tariff on coal and LNG, and a 10% tariff on crude oil and agricultural machinery, reflecting a more measured approach compared to previous trade conflicts [12][15] 4. **Economic Impact Estimates**: The 10% tariff increase is expected to lead to a 0.4 percentage point decline in China's GDP growth over a 12-month period, with direct and indirect effects on consumption and investment [24][25] 5. **Potential Compromises from China**: China may offer compromises to ease trade tensions, such as increasing imports of US goods, allowing the sale of TikTok to a US company, and encouraging Chinese companies to establish manufacturing in the US [20][22] 6. **Future Trade Events**: Key upcoming dates include the implementation of China's tariffs on US goods on February 10, and the US tariffs on Mexico and Canada scheduled for March 4 [11] Other Important but Possibly Overlooked Content 1. **Market Reactions**: The initial market shock from Trump's tariff announcements indicates the sensitivity of financial markets to trade policy changes [2][10] 2. **Strategic Focus on Energy**: China's targeting of US energy imports suggests a strategic approach to minimize economic impact while maintaining leverage in negotiations [14][15] 3. **Long-term Trade Relations**: The ongoing trade tensions highlight the complexities of US-China relations, with both sides needing to navigate economic interdependencies while addressing national interests [3][12][20]

07 Feb 2025 17:16:11 ET │ 29 pages Global Economics Global Indicators January Chartbook: The World in Pictures CITI'S TAKE V i e w p o i n t | The global services PMI cooled some in January, but it still stands at a solid 52.2 reading, while the global manufacturing PMI edged up to 50.1. Global labor markets meanwhile remain fairly tight with unemployment rates in most economies at or even below pre-pandemic levels. Global headline and core inflation have retreated appreciably from cycle highs but are still ...

February 6, 2025 09:19 AM GMT China Coal Energy Co., Ltd. | Asia Pacific Risk Reward Update What's Changed | China Coal Energy Co., Ltd. (1898.HK) | From | To | | --- | --- | --- | | Price Target | HK$8.50 | HK$9.12 | | Bull Case | HK$10.60 | HK$11.37 | | Base Case | HK$8.50 | HK$9.12 | | Bear Case | HK$5.22 | HK$5.60 | | Updated Components | | | | EPS | | | | Bull Base Bear Scenarios | | | Risk Reward for China Coal Energy Co., Ltd. (1898.HK) has been updated Reason for change We raise our 2024-26 net prof ...

February 6, 2025 03:55 AM GMT China Property | Asia Pacific Weekly Database Tracker #5 Weekly primary unit sales were -42% YoY and -91% WoW. Weekly secondary unit sales were -59% YoY and -97% WoW, respectively. All YoY are based on comparison with 2024 Chinese New Year week. No new launch projects or sell-through data were monitored due to the holiday. Weekly primary unit sales in 50 cities were -42% YoY (vs. -8% YoY last week) and -91% WoW for the week ended February 2: Tier 1 city sales were -12% YoY (vs. ...

Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, specifically the **secondary home prices** in major cities across the country [1][8]. Key Points and Arguments 1. **Price Trends**: - January secondary home prices in major cities experienced a month-on-month (m-m) decline of **-0.6%** and a year-on-year (y-y) decline of **-9.8%** [2] - 64% of the tracked cities reported a m-m decrease in home prices, a slight improvement from **80%** in December [2] 2. **Listing Trends**: - New secondary listings fell significantly by **-45% m-m** and **-22% y-y** in January, with all cities reporting a decrease [3] - Total listings also saw a slight decline, with **43%** of cities recording a m-m decrease [3] 3. **Visitations**: - Visits to agent shops dropped by **43% m-m** and **16% y-y** in January, attributed to the earlier Chinese New Year [4] - However, visitations compared to February 2024 showed a **38%** increase, indicating potential support for secondary home sales due to competitive pricing [4] 4. **Market Sentiment**: - The decline in listing and transaction prices may reflect weakening resident sentiment, which could exert further downward pressure on home sales and prices in the upcoming months [5] - The sustainability of any recovery in home sales is contingent upon effective implementation of announced policies, such as inventory buyback and urban redevelopment, supported by adequate funding from the central government [5] 5. **Investment Recommendations**: - The industry view remains **In-Line**, with a focus on persistent sales recovery as crucial for sector performance [6] - Suggested stocks for selective accumulation include **CR Land (1109.HK)** and **CR Mixc (1209.HK)**, as well as defensive SOE developers like **Greentown (3900.HK)** and **Yuexiu (0123.HK)**, which may outperform due to stronger sales potential [6] Additional Important Insights - The data indicates a seasonal impact on the property market, particularly around the Chinese New Year, affecting both listings and visitations [4][3] - The overall sentiment in the property market remains cautious, with analysts urging investors to wait for more favorable entry points before making significant investments [6] - The report highlights the importance of monitoring government policy effectiveness in stabilizing the property market and improving consumer confidence [5] This summary encapsulates the critical insights from the conference call regarding the current state and outlook of the China property market, emphasizing price trends, market sentiment, and investment strategies.