US Enterprise Hardware and Networking_2025 Outlook_ To AI or not to AI, that is the key question. Prefer Dell and TD SYNNEX in '25
AIRPO· 2025-01-10 10:26
ab 6 January 2025 Global Research US Enterprise Hardware and Networking 2025 Outlook: To AI or not to AI, that is the key question. Prefer Dell and TD SYNNEX in '25 Our top picks for 2025 are Dell and TD SYNNEX Strong AI related investments should continue in CY25 and H1:CY26 but... In 2025, we expect investors to remain focused on companies with significant exposure to AI infrastructure investments like Arista and Celestica. Our industry checks suggest data center capex should be up ~33% and 23% in CY25 an ...
China Agriculture and Dairy Sector_2025 outlook_ Resilient growth from pet food companies; more balanced raw milk prices
China Securities· 2025-01-10 10:26
In 2024, the pet food market grew 8.5% YoY in terms of retail sales, according to the Pet Industry White Paper, showing its strong resilience amid the sluggish economy. Domestic brands have outgrown foreign brands on sales growth with local brand obtaining increasing recognition. Looking ahead, we expect the demographic changes (ageing population and declining new birth rate) to boost the penetration of pet ownership and local brands to outperform imported brands due to consumers' rising confidence in local ...
European Equity Strategy_ Road Ahead 2025_ Seeing Through The Storm
European IP Helpdesk· 2025-01-10 10:26
Nikhil N Jadhav, CFA AC nikhil.nitin.jadhavi@citi.com +44 20 7508 0895 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware thatthe Firm may have a conflict ofinterestthat could affectthe objectivity ofthis report. Investors should considerthis report as only a single fa ...
TSMC_ Catalyst Driven Idea
Car Care & Cleaning· 2025-01-10 10:26
TSMC is the key supplier to the global cloud AI semi including NVIDIA's AI GPU. We view its comments on AI demand sustainability, 2025 outlook and its own margin trend to result in stock volatility. What and when is the catalyst? TSMC will host its 4Q24 analyst meeting on January 16 with the disclose of its 4Q24 earnings print and 1Q25 guidance. The market views its 1Q25 revenue and gross margin guidance, 2025 outlook and its confidence on AI demand sustainability as key indicators for AI demand strength. T ...
Everything You Need to Know About the Oil Market in ~100 Charts
China Securities· 2025-01-10 10:26
January 6, 2025 03:30 PM GMT RESEARCH Commodities The Oil Manual - Chartbook Source: Shutterstock Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, r ...
Global Economic Briefing_ The Weekly Worldview_ Our Global View After the Holiday Break
Bridgewater· 2025-01-10 10:26
January 6, 2025 05:00 AM GMT Global Economic Briefing | North America The Weekly Worldview: Our Global View After the Holiday Break M As we come back from a well deserved holiday break, we lay out our global views. Normally, our Year-Ahead Outlook is a roadmap for markets, but for 2025, it feels a bit more like a choose-your-own-adventure book (for the less familiar, these are American children's books that allow the reader to pick different narratives, and therefore different outcomes). Policy uncertainty ...
Aluminium Sector_A rough start to 2025
AlphaSense· 2025-01-10 10:26
6 January 2025 Aluminium Sector Equities A rough start to 2025 China Alumina future price slumps, indicating that supply is no longer in deficit As we expected, the alumina future price has declined by over 10% since the beginning of 2025 to cRMB4,250 (vs. an average price of RMB3,800 in 2024 and RMB3,100 in 2023), indicating that the supply shortage has started to ease as 1) demand declines in the traditional off season before Chinese New Year (CNY); and 2) a resumption of Rio Tinto's capacity and ramping ...
China Rates 2025_Just how low can bond yields go_
China Securities· 2025-01-10 10:26
6 January 2025 THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA China Rates 2025 Fixed Income Just how low can bond yields go? China China government bonds (CGBs) performed very well in December, delivering almost 2% in fixed income returns. The strong performance of CGBs may have caught some investors off guard as based on our tracking of EM local currency bond funds, portfolio managers were, on average, 3ppt underweight CGBs at the end of November. Continued economic uncertainty alongside the PBoC's ...
U.S. Automotive_ Auto Sales_ Strong End to ‘24, Smooth Drive in ‘25_. Mon Jan 06 2025
Audi· 2025-01-10 10:26
Auto Sales: Strong End to '24, Smooth Drive in '25? Domestic light vehicle sales for the month of December came in at a better than expected 16.8mm per the Bureau of Economic Analysis (BEA), a healthy outperformance versus the 16.5mm Bloomberg compiled median consensus estimate. December's SAAR showed mid-single digit y/y growth (+6%) and a sequential increase from the strong November print (see Table 1Decmbr 204Auto Salesumry Dashbord). The December auto sales print caps off 2024 at an average 15.8mm domes ...