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. ...

January 6, 2025 11:41 AM GMT China Coal | Asia Pacific China's thermal coal prices stabilized after months of decline, while inventory declined across its domestic ports. November coal production broke historical records heading into heating season. Domestic coking coal prices fell amid sluggish downstream steel demand. Modest spot thermal coal price rebound after the pullback: QHD 5500 dipped 0.3% WoW to Rmb707/t as of January 3. CCI 5500 rose 0.7% WoW to Rmb770/t. BSPI was flat at Rmb703/t. Mine-mouth pri ...

ab 6 January 2025 Global Research US Equity Strategy Roadmap - January 2025 Stocks Deliver Another Strong Year The S&P 500 returned 25.0% in 2024, 70.1% since October 2022 lows. Big 6 TECH+ stocks once again provided an outsized contribution to this success, delivering 47.5% and 145.4%. Excluding these 6 outperformers, the market returned 16.0% and 48.3%. Small Caps lagged (11.5% and 36.5%) relative to Large, the result of weaker earnings. EAFE did particularly poorly (4.3% and 47.0%) when measured in US$. ...

ab 6 January 2025 Factor Impacts on Manager Performance 2024: Funds with a greater focus on Price Momentum and ROE outperformed by 5.7% and 3.8% during 2024 when compared with less exposed funds. 4Q24: Managers with an emphasis on stocks with high Beta to the Market outperformed their less exposed peers by 1.7% during 4Q. Global Research US Equity Strategy - Large Cap Value Large Cap Value Manager Performance - January 2025 Manager Performance vs. Russell 1000 Value Large Cap Value managers trailed the Russ ...

5 January 2025 | 9:33PM EST US Economics Analyst A Look Back at Economic Data Surprises, Our Forecast Performance, and Market Reactions in 2024 (Walker) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.co ...

2025 Airline Outlook: Year of the Underdogs 2024 margin differentials between Airline leaders & laggards culminates in capacity discipline & thus better profitability in 2025, w/ risk of cycling back into oversupply well contained barring the macro. Multiples reflect this + improved SH returns w/ 1X re-rating to 6X EBITDAR since Aug (60% disct to S&P vs 54% in '19). UAL remains our favorite multi-yr story w/ visibility to LDD pre-tax margins, but underdog AAL seems most mismodeled, hence U/G to Buy. New Yea ...