April 2, 2025 11:15 PM GMT Asia Economics | Asia Pacific M Update Higher tariffs, larger drag on growth coming Key Takeaways This is our preliminary take on the implications for Asia given overnight tariff announcements. The US has unveiled reciprocal tariffs of 10% at minimum for almost all economies, with much higher rates of up to 46% also being announced. This reaffirms our view that Asia is the most exposed to tariffs, given most of the region runs a trade surplus with the US. We think the initial focu ...

更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 Weekly Asia Hedge Fund Update Morgan Stanley Asia PB Content April 1, 2025 Eric Chiang, Vice President Morgan Stanley | Prime Brokerage International Commerce Centre | 1 Austin Road West Hong Kong Phone: +852 2239-7589 Eric.A.Chiang@morganstanley.com Jonathan Fung Morgan Stanley | Prime Brokerage International Commerce Centre | 1 Austin ...

October 16, 2024 04:01 AM GMT US Multi-Industry | North America US Reshoring Flame Has Been Lit For $10tn Opportunity With structural tech diffusion reducing the benefit of low-cost labor, we think the scales are tilting back towards domestic production following ~40 years of outsourcing. We believe the US is entering the early innings of re-Industrialization, a multi-decade opportunity that we size at $10tn and believe will restore growth to the US Industrial economy following 20+ years of stagnation. The ...

January 21, 2025 12:00 PM GMT Tesla Inc | North America Sagan's Prophecy As AI moves from the digital world to the atomic world, great fissures and imbalances in US manufacturing capability and supply chain security are becoming clearly visible. Monumental capital flows must fund a new era of intelligent machines made in America. The great re-architecting has begun. In one of the last books published before his death, Carl Sagan prophesied a vision of the future of the United States: "I have a foreboding of ...

January 16, 2025 01:00 PM GMT Tesla Inc | North America Tesla and the Embodied AI Bottleneck As AI agents move into the physical world, investors contemplate TAM expansion into a wide range of robot modalities from bipedal humanoids to aerial drones and weapons systems. Now try creating a portfolio expression on the theme… you will quickly find there are some problems. The 'Embodied AI' trade has already begun. Little more than 2 weeks into the year and we are fielding a very high volume of investor questio ...

摩根大通闭门黄金 20250331 摘要 黄金与美国 10 年期实际收益率之间关系如何演变？ Q&A 黄金价格在 1971 年美国放弃金本位制后为何达到 4,000 美元？其价格变化的主 要驱动因素是什么？ 1971 年，美国总统尼克松关闭了美国的黄金窗口，结束了布雷顿森林体系，使 美元与黄金脱钩。这一举措使得以美元计价的黄金价格开始自由波动。自此之 后，黄金作为一种避险资产，其价值主要源于对地缘政治风险和通胀的保护能 力，而非实用性或现金流产生能力。2008 年全球金融危机期间，黄金价格首次 突破 1,000 美元大关；2020 年 8 月，在新冠疫情引发经济不确定性的背景下， 黄金价格达到 2000 美元大关。此后不到五年的时间里，黄金价格突破 3,000 美 • 2008 年金融危机和 2020 年疫情期间，黄金价格分别突破 1,000 美元和 2000 美元，此后迅速突破 3,000 美元和 4,000 美元，表明黄金作为避险资 产的价值日益凸显，尤其在地缘政治风险和通胀压力下。 • 2000 年至 2021 年，实际收益率是黄金定价的主要驱动因素，但自 2022 年 以来，尽管美国 10 年期国债收 ...

March 28, 2025 10:48 AM GMT 亚洲经济研究 | Asia Pacific M Foundation 观点：更多关税即将到来，政 策宽松能在多大程度上抵消关 税的影响？ 贸易紧张局势将给本已放缓的经济增长带来进一步的下行风 险。我们预计货币和财政政策将有进一步放松。但由于财政 空间有限，货币宽松政策将发挥重要作用。总体而言，政策 宽松不足以抵消增长受到的损害。 要点 在本报告中，我们评估了该地区各经济体在应对贸易紧张局势拖累增长时，所拥 有的财政空间，并强调了为什么我们预计本轮周期中货币宽松政策将在支持增长 方面发挥重要作用。 This translated report is made available for convenience only and is excerpted from the original research report published in English. In the event of any discrepancy between the translation and the original research report, the cont ...

March 28, 2025 06:01 AM GMT China Economics | Asia Pacific Can 1Q Strength Last? 1Q growth looks solid at 5.4%, fueled by tech investment and policy-front loading. But it remains uneven, as industrial profit margins, wage growth and housing prices slipped. Momentum could soften from 2Q amid tariff risks and global trade conditions. We see limited new policy action until 2H. Bear argument – Growth is set to soften from 2Q amid tariffs… While China's economy has likely turned more resilient to US tariff shock ...

Global Markets Strategy 26 March 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Strategy 2Q25 outlook: one step back, two steps forward Equity Macro Research Wendy Liu AC (852) 2800-1087 wendy.m.liu@jpmorgan.com J.P. Morgan Securities (Asi ...

J P M O R G A N Asia Pacific Equity Research 27 March 2025 Asian Tech Key takeaways from call on Tech Restrictions and Tariffs We hosted a callwith expertsto discuss key tech regulations and tariffswhich could impactindustries and countriesinAsia.We summarize our key takeawaysfromthe call here: Technology and Telecoms Gokul Hariharan AC (852) 2800-8564 gokul.hariharan@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Ranjan Sharma, CFA AC (65) 6882-1303 ranj ...