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Companies from technology, industrials, consumer and auto sectors dominated. The estimated base pay is $105,715 per year. Our Global Wealth Report analyzes the household wealth of 5 billion people across the globe. Execution. "The cloud is all pervasive", this comment from the CEO of one of the leading Indian IT services companies highlights the ongoing transition that many companies have undertaken in the wake of the pandemic. After the record outflow in July, August sees SB selling pressure easing. Weakening onshore sentiment likely led to a significant reversal of mutual fund inflows following Lunar New Year. After the CS US auto team recently provided an update on Tesla, in this Connection Series report, the CS China auto team, together with the CS China Industrial team, CS China Tech team and CS China Material team, provide a deep-dive analysis of business upsides for Chinese suppliers of Tesla expected to benefit from Tesla's 116% 2020-22 sales CAGR in China. Aluminum smelters' margins at Rmb5,000-6,000/t given strong demand, capped supply (45mtpa) and weak alumina prices. China brands offered optimistic 2H guidance; however, the eventual performance still highly depends on the Covid situation in China. CS US ESG research team has analysed various pieces of the puzzle, which need to fall in place for the US to reach its ~50% GHG reduction target. China is the second-largest source of unicorns. Asia Technology Strategy: 2023 Outlook - A deeper 1H bottom to set-up a mild recovery. *The country of origin is defined in your browser settings and may not be identical with your citizenship and/or your domicile. Our South Korea and Europe sector analysts share same concerns. The recent regulatory tightening targeting the education sector has triggered an acceleration of re-positioning within the Southbound universe, a trend which we first noticed since early June. This is probably the largest scale of WFH in recorded history, with ~200 mn office workers in China stuck in their homes.The central and local governments had to take rigorous quarantine measures and encourage people to stay at home due to COVID-19 outbreak. China Healthcare Sector: 2H21 Outlook: Sector fundamentals remain strong, quantifying company catalysts. The change in management tone reflects challenges arising from COVID-19 resurgence, commodity price hike, and remarkable changes in the regulatory landscape. As economic normalisation nears an end, we see early signs of less aggressive tightening or even moderate easing but no U turn in policy. LiDAR, or light detection and ranging, is an active remote sensing method that uses light emission and return data for measuring objects' exact distance, thus, forming high-resolution 3D 'point cloud' without substantial backend processing. The topics included macro outlook, the 'Dual circulation' role in the 14th FYP, supply chain security, technological initiatives, regulation, and globalisation. Factoring in inflationary BOM cost pressures, only evolutionary spec upgrades and marginal Russia impact (3% of units), we trim 2022 from 1.45bn to 1.42bn (+4.4% YoY) and 2023 from 1.51bn to 1.49bn (+4.7% YoY). View the details, financial statements, and more. Weakness in Jan across brands due to an early Chinese New Year (CNY) and spending shift. This estimate is based upon 16 Credit Suisse Equity Research Associate salary report (s) provided by employees or estimated based upon statistical methods. On the demand side, we expect the accelerating special bond issuance, supportive policies on property and construction acceleration of infrastructure projects to bode well for cement consumption. Our fully integrated coverage and research service model strives to deliver a holistic client and product offering. China Chemical Sector: EVA vs POEWhich is the best proxy to solar demand? These stocks reported faster revenue growth and higher gross margin than the broad market and ChiNext companies from 2018 to 2020, and are committed to innovation with more R&D expenditure. Asia Technology Strategy: 2H22 Outlook positioning through the industry slowdown. China Cement Sector - Recovery in sight, but slow. Structural shortage may persist under the current long-term contract mechanism and likely not ease soon in the peak season. After a 7% decline in 2020, we estimate smartphone growth of 9% YoY for 2021 with higher 5G penetration (38%), and with Apple and OVX unit growth offsetting Huawei declines. Contrary to popular opinion, the region usually outperforms on the upside when the Fed hikes, bond yields rise and inflation surpasses expectations. Jan saw weakness across brands, likely due to an early CNY: (1) traffic shifting to offline from online, (2) spending shifting to holiday-related categories (dining, apparel, F&B, among others), and (3) a lack of pent-up demand (front-loaded during 11.11). A troubled global outlook likely to limit absolute performance, but we believe Asia can be fairly resilient within challenging global context. In our China Healthcare Outlook this year, we analyse the sector's outlook from two perspectives, including an analysis of key themes that may impact the sector in 2022, as well as an analysis of subsector growth in 2022. With relative tight supply of copper scrap, we forecast copper price to remain above US$3/lb in 2021 as a result of resilient demand and very low inventory. Authorities are also likely to include VIE structure into a unified regulatory framework for overseas listings. Investors appreciate its technology leadership in electrification and autonomous driving. Gross turnover impact remains significant at around 11% of A-share turnover, while the Northbound free float stake is currently around 8%. Our Global Telecoms team unveils aggressive forecasts for fixed broadband growth. China Software and IT Service Sector: Key takeaways from China Cloud Day. First, port closures and Covid-related regulations have raised turnaround times, cutting the number of trips a ship can make in a year. We revise our China HDT sales estimates to 0.97mn/1.08mn/1.10mn units (from 0.95mn/1.05mn/1.00mn) in 2022/23/24 with higher construction truck demand assumption on the central government's significant stimulus on infrastructure fixed asset investments (FAI). We expect the government to accelerate issuance of local special bonds in the remaining months of the year, making infrastructure FAI the major driver to stabilise the economy. In the current environment, this is likely to take time. January in 2022 would be the earliest window with the next one in late March or early April after the "two sessions" meetings conclude. China Healthcare Sector: China read-through of selected global pharma/biotech catalysts in 2023. China Market Strategy: China Back to Spend 3: On the road again! While we think there is a significant likelihood that these measures could be rolled back or watered down by a Biden administration, there is concern that anti-China measures are increasingly bi-partisan in nature. There are 10 existing players in China. EV demand growth would also boost demand for middle stream and upstream sectors including battery cathode (42% CAGR) and lithium (36% CAGR) producers. We turn bullish on the sportswear sector, on secular trends such as increasing health consciousness among consumers and accelerated DTC channel shifts by brands post COVID. In tandem, life operating RoEV moderated to 5.8~7.4%. We invited Dr. Zhu Min and Professor Huang Qifan as our keynote speakers, to attend our CIC this year and discuss China's post-pandemic macro policies, China's 14th Five-year plan, and the economic implications of the 'Dual Circulation' development model. We expect the BTX market size to reach Rmb29 bn in 2030 (+22% CAGR), driven by surging anti-aging demand. Indeed ESG is at the forefront of investors' concern for the energy sector, but we think the market might have discounted oil equities too much and ignored any fundamental improvement and earnings recovery, similar to what CS Global Equity Strategy Team highlighted last month. We expect manufacturing upgrades and technology progress to drive advanced machinery to further proliferate among various industries. Copyright 1997 - 2023 CREDIT SUISSE GROUP AG and/or its affiliates. We expect the fundamental backdrop for premium brands to remain strong in 2021, underpinned by continued demand recovery and tight demand-supply dynamics. We expect 7 Covid small molecule antivirals in the China market by the end of 1H23, which is making competition tough in terms of market share. We estimate that by 2025, we could see ~45,000 TAVR annual operations in China. The global market took a hit with oil prices spiking, while volatilities are high in most markets. Learn more Annual and interim reports How we've worked and what we've achieved. We find that cost pressures are less serious than in Europe but bigger than in the US. All rights reserved. Global xEV Battery Sector: Reaching the next inflection point. One of the most discussed topics during our virtual marketing, following our Connections Series and Chinese electrolyte initiation, is whether / when LiFSI could replace LiPF6 as mainstream electrolyte solute. We believe 'functional' (bioactive ingredient-based) cosmetics and dermocosmetics (sensitive skincare) will outperform other beauty products. Market share of locals increased to 28.4% in 2021 from 26% in 2020. Credit Suisse Research Institute The Research Institute leverages resources across the Investment Bank and Private Wealth Management, as well as key external thought leaders, to provide unique reports on global themes with long-term implications. Movie box office was the second-best in history and hotel RevPAR also posted a strong recovery. China Laser Sector - How to position for a soft 2H22. Knowledge professionals can now leverage Credit Suisse research to inform critical decision making in a rapidly evolving market. This analysis highlights attractive opportunities for both companies. The estimated total pay for a Equity Research Associate at Credit Suisse is $155,928 per year. As China's economy has embraced greater-than-expected downward pressure over past months amid unexpected flare-up of Omicron and stringent lockdowns, we revisit our previous wish list published in late Feb. China's policymakers have stepped up efforts to stabilise the market, while the pace and magnitude may still fall short of market expectations and our wish list. China Communication Infrastructure Sector: Accelerating capex ramp in 2H21-1H22. Asia Oil & Gas Sector: Just when you thought you've seen it all Cutting oil price forecasts. Post our prior note on the M&A landscape in China pharma/biotech, we analyze China pharma/biotech's cross-border licensing deals from Jan-2008 to Jun-2022. $110K-$180K Per Year (Employer est.) Credit Suisse is committed to prioritizing clients' needs. In our second Hydrogen series in APAC, we deep dive into China's hydrogen market and focus on the demand side of the value chain. We expect China WFE to expand domestic market share from 14% in 2022 to 25% in 2024, resulting in 31% revenue CAGR. China Market Strategy: How to trade on reflation? We see 5G as key to driving the replacement cycle for China's smartphone market. 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