China (PRC) | Industrials Humanoid Robot – Expert Call Takeaways on DeepSeek Impact on Embodied AI We invited Victor Deng, former head of robot value chain investment at Kinzon Capital, on 18 Feb to share his knowledge about how DeepSeek is accelerating embodied AI development in the humanoid robot and potential value chain segment upon the breakthrough he sees in DeepSeek. See key takeaways below. Embodied AI critical to commercial value of humanoid robot: Embodied AI empowers humanoid robots with intellig ...

24 February 2025 | 7:18AM HKT The 720: China Autos, A vs. H shares, Miniso, Hengli downgrade, China Insurance, NetEase, Global growth vs. inflation/tariffs In Focus | China Autos China Autos - 4Q24E Preview: volume & margin improvement in 4Q24, with autopilot to be the focus in 2025. We preview 4Q24E results for our China auto OEMs coverage and roll forward our valuation by one year across the space. For this set of results, we expect investor focus to be on (1) Gross margin: the strong sales volume in 4Q s ...

V i e w p o i n t | 25 Feb 2025 05:26:19 ET │ 17 pages For DASH — while TKWY would help launch and accelerate new geographies, we believe DASH is more focused on organic international expansion (we note DASH has held talks with Deliveroo, per press reports (see here. Reuters, 25 June 2024) and we note the difficulty in competing in competitive markets with scaled logistics players (across the board). Not to mention a greater focus and attention on new vertical adoption (like grocery), in our view. Many prev ...

Flash | 23 Feb 2025 16:27:43 ET │ 13 pages 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 that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author's published research) are ...

February 25, 2025 Global | Sustainability & Transition Strategy What's the Market Paying For? February 2025 1) EU ETS has had the strongest performance over 12M (+41%), while Bloomberg Commodity Index (+9%) has been strongest YTD (i.e. 2025). 2) Improvers in our universe over the last 1M include Solar (TAN), Global Alternative Energy (MS700750), and Global Clean Energy (ICLN), up 6.8%, 3.5%, and 4%, respectively, vs the S&P 500. 3) For 4/4/24-2/21/25, the 100 Best Companies to Work For 2024 list has underpe ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Autos & Shared Mobility** sector, particularly regarding **China-US cooperation on electric vehicles (EVs)** [1][8]. Core Insights and Arguments - **Sino-US Relations**: Current relations between the US and China in the auto industry are at a low point, but there is potential for cooperation in EV technology despite ongoing national security concerns [1][2]. - **Market Transformation**: The transition from traditional vehicles to AI-enabled EVs is reshaping the global auto market, supply chains, and regulatory frameworks. Cooperation between US and Chinese automakers is deemed necessary for mutual benefit [2][3]. - **EV Adoption Forecast**: Short-term EV sales are influenced by policies and tariffs, but a significant increase in adoption is expected from 2027 to 2030. EVs are seen as essential for integrating AI technologies into vehicles [3][4]. - **China's Competitive Edge**: China is perceived to have a lead in producing affordable EVs, which may need to be manufactured in the US to meet local market demands. Tariffs may be used to incentivize localization of production [4][5]. - **Capital Efficiency**: Traditional US automakers like GM and Ford are expected to seek more capital-efficient strategies in the EV market, potentially collaborating with Chinese firms to optimize their investments [5][6]. - **IRA Restructuring**: The Inflation Reduction Act (IRA) may require significant changes, particularly regarding the definition of Foreign Entity of Concern (FEOC), to facilitate joint ventures that utilize US-based resources while relying on Chinese technology [6][9]. Additional Important Insights - **Strategic Partnerships**: Increased frequency of strategic announcements, joint ventures, and consolidations between legacy Western and Chinese EV companies is anticipated [11]. - **Stock Ratings**: Companies such as Tesla (TSLA), Rivian (RIVN), and Lucid (LCID) may see continued support, while traditional internal combustion engine (ICE) companies may face stagnation [11][62]. - **Investment Opportunities**: Analysts suggest reconsidering investments in Chinese EV-exposed companies and highlight potential benefits for EV-exposed suppliers [11][62]. This summary encapsulates the critical insights and implications for the auto industry, particularly regarding the evolving dynamics between US and Chinese automakers in the context of electric vehicle technology and market strategies.

Equity Research 24 February 2025 Data Center View Still cautious, but context matters We remain more conservative than most on DC growth – but there are nuances to our perspective. MSFT's own commentary, more so than purported lease cancellations, is reason to be cautious on the AI ecosystem, in our view. Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of ...

ab 24 February 2025 Global Research First Read Apple Inc. $500B in investments in the US over 4 years? Call us a skeptic We think Apple's supply chain and financial model raises doubts around the $500B Apple announced it plans to spend and invest more than $500 billion in the US over the next four years including the hiring of around 20,000 people, of which the vast majority would be focused on R&D, silicon engineering, software development and AI/ML. While the headline figure on the surface is a large numb ...

Summary of Key Points from the Conference Call Industry and Company Overview - The document primarily discusses the implications of macroeconomic factors on equity markets, Treasury yields, and European defense spending strategies, with a focus on the U.S. financial system and European geopolitical dynamics. Core Insights and Arguments Treasury Yields and Equity Performance - The correlation between equity prices and nominal Treasury yields has recently trended negative, indicating a regime shift in market behavior. The critical level for U.S. Treasury 10-year yields (UST 10Y) remains at 5%, but recent trends suggest negative equity reactivity at lower yield levels (~3% UST 10Y) due to a transition from a low yield/low inflation environment to a moderate yield/high inflation context post-COVID [5][16][18]. - Core CPI moderation over the last two years suggests that 5% UST 10Y remains a headwind for equities, but if core CPI were to reflate, negative yield/equity correlation could occur at sub-5% UST 10Y yields [5][16][18]. - The current negative yield/equity correlation presents an opportunity for hedging against recession scenarios, with specific strategies recommended for equity and bond positioning [5][16]. Supplementary Leverage Ratio (SLR) Relief - Anticipated SLR reforms under the Trump administration could reduce the minimum requirement for U.S. Global Systemically Important Banks (GSIBs), potentially creating about $6 trillion in incremental leverage capacity. This could support bank demand for Treasuries and widen swap spreads [5][19][21]. - SLR relief may also enhance dealer repo intermediation capacity but could reduce the value of central clearing, shifting focus towards margin cost reduction [5][20]. European Defense Spending Strategy - Europe's defense spending is currently low and inefficiently allocated, with national competencies leading to fragmented decision-making. A proposed increase in euro area defense spending from approximately 2% to 3.5% of GDP by 2035 could boost GDP by 1.6 percentage points compared to a no-increase scenario [6][24]. - The anticipated increase in defense spending would require careful consideration of public finances and government securities issuance, with expectations for flexible EU fiscal rules and potential redirection of unused EU funds towards defense [6][24]. - A well-designed pan-European solution for defense spending that promotes R&D and resource reallocation is deemed more effective than merely reforming fiscal frameworks for national increases [6][24]. Additional Important Insights - The document highlights the potential for a significant shift in European defense policy due to geopolitical pressures, including Russian aggression and competition from China, necessitating a reevaluation of security and defense strategies [6][24]. - The upcoming German elections are viewed as a critical moment for Europe, with potential implications for fiscal policy and defense spending, which could affect market sentiment and investment flows [6][34][35]. This summary encapsulates the key points discussed in the conference call, focusing on the implications of macroeconomic trends on equity markets, the anticipated regulatory changes affecting banks, and the evolving landscape of European defense spending.

Asia Economics Comment Economics Tariff cascade in action Asia Facts On 20 February 2025, Korea announced provisional anti-dumping tariffs (27.91% to 38.02%) on Chinese steel plates used in shipbuilding and construction, set to take effect after the finance ministry approves. 1 On 21 February 2025, Vietnam announced temporary anti-dumping tariffs (up to 27.83%) on hot-rolled steel products from China for 120 days, from 7 March 2025. 2 According to media reports from 23 February 2025, US trade officials urge ...