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 ...

6 January 2025 Asian Industrial Technology Global Automation: 2025 Outlook -- Acceleration and inflection Jay Huang, Ph.D. +852 2918 5746 jay.huang@bernsteinsg.com Dien Wang, Ph.D. +852 2918 5743 dien.wang@bernsteinsg.com Weibin Liang, Ph.D. +852 2918 5242 weibin.liang@bernsteinsg.com FA demand has turned the corner, albeit only barely (Exhibit 4 to Exhibit 6). FA stocks have not priced in an upcycle (Exhibit 1). In 2025, we expect growth to accelerate from 1H, margin to expand in 2H, and strong stock perfo ...

January 6, 2025 05:02 AM GMT Multi-Industry | North America 2025 Outlook: More Similar Than Different See a return to positive revisions in 2025 behind sustained capex strength & tariff tailwinds. We maintain an Attractive view on US Industrials into 2025. The core pillars of the "Back to GDP +3" thesis from our early September launch have only strengthened — namely stronger & more durable growth behind Improved ROI on Efficiency + US Reshoring. Evolving geopolitics + a Trump presidency signals rising prote ...

V i e w p o i n t | 06 Jan 2025 05:53:27 ET │ 48 pages China Healthcare 2025 Outlook: New Wallet Opening Up – Transformation into Multi- Payer System CITI'S TAKE 2025 marks the beginning of the most positive structural change in China healthcare – the first time the system is ready (in terms of technical requirements & regulations) to involve commercial insurance as significant payers - we expect potential launch of significant national policies in 1Q25. We recommend buying direct beneficiaries of reform: p ...

V i e w p o i n t | 06 Jan 2025 10:43:18 ET │ 74 pages Pan-Asia Internet 2025 Outlook: Quality Profit, Moderated Competition & AI Impact CITI'S TAKE Global internet sector performance varied in 2024: India outperformed with +73.7%, SEA +35.3%, Japan +35.0% and the US +33.8%, while China and Korea underperformed at +15.6% and -11.4% (vs. S&P 500 +23.3%, Nikkei +19.2%, HSI +17.7%, Nifty 50 +8.8% and KOSPI -9.6%). Geopolitical tension and changes to tariff and regulatory policy could continue affecting investo ...

Dae Lee Daniel Pfeiffer (1-415) 315-8500 (1-212) 622-0161 dae.k.lee@jpmorgan.com daniel.pfeiffer@jpmchase.com China Alex Yao Daniel Chen 852 2800 8535 (86-21) 6106 6205 Andre Chang (86-21) 6106 6362 andre.ch.chang@jpmorgan.com Korea Stanley Yang (82-2) 758-5712 stanley.yang@jpmorgan.com Europe Daniel Kerven David Peat (44-20) 7134-3057 (44-20) 7134-3596 daniel.kerven@jpmorgan.com david.peat@jpmorgan.com Marcus Diebel Lara Simpson (44-20) 7742-4447 (44-20) 7134-3637 marcus.diebel@jpmorgan.com lara.simpson@jp ...

06 Jan 2025 05:00:00 ET │ 49 pages V i e w p o i n t | US Biotechnology and Pharmaceuticals The 2025 US Biopharma Outlook CITI'S TAKE Headwinds and tailwinds — Historically, Biopharma performance has been choppy in periods where HC policy takes a front seat (2010, 2016, 2019); we wouldn't be surprised to see this also play out in early 2025. We remain bullish over the longer- term given high innovation (GLP-1 line extensions, expansion of cell / gene therapy technologies, breakthroughs in neuro including pa ...

Equity Research 6 January 2025 Security/Design/Vertical SaaS 4 Ideas, 5 Themes, 20 Predictions for 2025 We present our 2025 outlook for the security, design, and vertical-specific software spaces and highlight ADBE, ADSK, NCNO, and VRNS as 4 names we like for the year ahead. We also present 5 industry/investor themes and 20 predictions for our individual names into the year in the slides. We present our 2025 outlook for the security, design, and vertical specific software spaces in the slides attached. Slid ...

January 6, 2025 10:00 PM GMT Thematics Uncovering Alpha in AI's Rate of Change More than two years since ChatGPT's launch, we remain in the early innings of AI's diffusion. This is the third iteration of the most comprehensive AI stock mapping exercise in the market. Rate of change continues to drive outperformance, and we believe 2025 will be the year of Agentic AI. AI's Rate of Change Continues to Surprise: Our first AI Adopter survey was published in January 2024, our second in June 2024. This is our thi ...

Global Research ab 6 January 2025 US Equity Strategy - Large Cap Core Large Cap Core Manager Performance - January 2025 Manager Performance vs. S&P 500 Large Cap Core managers trailed the S&P 500 by -2.8% in 2024 (22.2% vs. 25.0%), net of fees. During 4Q, managers lagged by -0.7%, with the underperformance taking place primarily in December. Sector vs. Stock Impacts on Manager Performance 2024: Sector decisions added +1.0% to performance in 2024. An overweight position in Financials and Industrials added 1. ...