We expect regulatory overhang for the sector to remain. Asia Technology Strategy 2022 smartphone update: Slow unit growth continues but 5G ramps stay on track. China Auto Parts Sector: Bullish on intelligent cockpit structural growth. While Hong Kong market volumes have been volatile, Southbound investor share of gross turnover remains strong at 32% (accelerating from 30% last month). Offsets include FX appreciation and higher component costs, though most companies are reporting a sellers' market to start the year. At present, despite the coal supply being relatively sufficient for the early stage of the heating season in northeastern China, further stock is not guaranteed. China Sportswear Sector: From a jog to a sprint. Macau Gaming Sector: The odds are improving. In a follow-on to our China semiconductor reports, including China's ascent and supply chain localisation, this report updates on the US-China policy implications, China's manufacturing, design and tech supply chain, and the fabless industry map. We find that demographic transition in Asia is much faster than its economic expansion. Credit Suisse | PLUS Contact & FAQ Login to Credit Suisse PLUS Verify Email address for direct access OR SecureSign login with 2-factor authentication Don't have an account yet? For subsectors, we include an analysis on the eight major subsectors in China healthcare. The current downturn appears to be deeper and also has a duration (8 months) which is shorter than the previous downturns (avg. China Container Shipping Sector: Another year of rising freight rates. Asia Semiconductor Sector - 2H22 preview: Stocks lead into the correction, should also lead into the next recovery. Fuel cell electric vehicles (FCEV) likely to enjoy structural growth globally50% CAGR in 2022-30. China Healthcare Sector: China's vaccination roadmap: Deep-dive into clinical data and market potential. Leading domestic players should benefit from continuous replacement of smuggled products and international brands. By YE21, we estimate the total capacity of China COVID-19 vaccines could exceed 2.5 bn doses, and China has ~500 mn doses of overseas orders. 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. Group/life EV growth slowed to +3~7%/+4~7% HoH, partly due to deteriorated experience variance. We expect China passenger vehicle demand to increase 15% YoY in 2021, well above auto makers and industry associations' relatively conservative forecast of 7.5-9% YoY growth. Mr. Khan joined the NEXT team in 2014, he was previously with Credit Suisse Equity Research where he covered IT hardware, networking and telecom equipment since 2011. Free interview details posted anonymously by Credit Suisse interview candidates. Further, we believe regulatory tightening is approaching an end. 3Q22 saw a deceleration triggered by ongoing dampeners (rising rates/inflation, a goods to services shift, regional conflicts, China's Zero-Covid, high inventory and a pause in hyperscale orders ahead of CPU platforms), with weak sales from fabless,memory and tier-2 foundry. The estimated total pay for a Equity Research Associate at Credit Suisse is $155,928 per year. Global Industrial Automation: 2023 outlook for China, Japan, Europe and the US. Whilst we have a positive view on the sector, post the strong outperformance of the sector (rallied ~55/70% in A-/H-share in 2020), our sector and stock selections are based on clear growth profile and identified catalysts. China TMT Sector: How to invest in China's cloud: Migration within cloud. Everest Medicines has some uncertainties in terms of its Ph2 vaccine data as well as competitive pressure from domestic mRNA vaccine players. Looking at the Wuhan pneumonia outbreak, we would draw on some experiences from SARS in 2003 in terms of the possible impact on the China/HK economy and markets in coming months. China and Hong Kong equity markets experienced remarkable corrections in 2021, with dramatic sector rotation. We believe the demand recovery trajectory is unlikely to resemble the one back in 2020 due to a change in circumstances, including a more contagious virus, a less supportive property market, as well as less resilient manufacturing SMEs in China. We would be buyers on weakness with a leaner channel, China reopening, easing inflationary and comps toward 2H23 into 2024. With solar currently at grid parity, we raise China solar demand to 103GW per year on average in 14th FYP (previous forecast: 67GW), meaningfully higher than 42GW per year in the 13th FYP. China xEV Battery Value Chain: Separator Addressing market concerns on LiBS industry. China Laser Sector: 3Q22 previewFurther lower full-year expectation; recovery lacks visibility. China Heavy-duty Truck Sector: Demand to bottom out on accelerating infrastructure stimulus. Despite not many specific numeric targets, it sets out a pathway for 2025/2030/2035 across the hydrogen value chain, a significant milestone for China's move towards carbon neutrality. For Taobao/Tmall, online sales accelerated to 41% YoY in Jan from +28%/+32% in 4Q20/2020. Equity research analysts closely analyze small groups of stocks in order to provide insightful investment ideas and recommendations to the firm's salesforce and traders, directly to institutional investors and (increasingly) to the general investing public. Key terms: (1) US$39bn for semis manufacturing incentives, including US$2bn on mature nodes and up to US$3bn per project; (2) US$11bn for R&D funding, including a National Semi Technology Center, and US$4.2bn for industry development for telecom, defense and workforce training; and (3) 25% investment tax credit for semis fab construction, fab equipment, and semi-cap investment. APAC Quantitative & Systematic Strategy: China regulatory re-alignment: VIEs, POEs and regulatory volatility. We see a lifted growth ceiling for the online games, food delivery, and e-commerce segments post COVID. The infrastructure back in China and Hong Kong is actually ready to welcome them back, after a two-year reform in both stock exchanges and regulators. Our team's checks suggest downstream utilization is recovering though may lag full production into 2Q. We believe energy mix improvement would be the key driver behind all subsector demand-supply changes, with clean energy the key winner. Both banks and insurers would benefit from the policy pivot on pandemic control and property fronts, but banks have a better growth outlook. Central and local governments are stepping up efforts to revive the economy, especially with a 33-item stimulus package. Find out more about what we are doing to advance sustainability in our business, measure progress and report against our targets in our sustainability report, part of our annual reporting suite. The regulation tightening and new guidance on advertising will inevitably lead to disruption in customer acquisition and sell-through. Pivots to and within Asia. Despite pent-up demand, we expect the pace and strength of the demand recovery to be capped by rainy weather in 3Q, the traditionally slow season. Original research on over 1,300 companies, with a total market capitalization of USD 17.16 trillion, including over 400 Chinese-listed stocks. Apr-May marked the darkest time for China sportswear in the past two years, with double-digit store closures and traffic decline. Attendee companies see regulatory environment changes led to different levels of impact, but mostly manageable. Selection effect and factor tilting have contributed to the outperformance. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. We expect earnings growth in the teens for several years or more even after the big 2021 post-COVID-19 bounce back. The relaxed outbound travel requirements have also boosted demand for the destinations favoured by the Chinese people. We expect the premium segment to continue with its fastest volume growth at a CAGR of 7.1% over 2021-25, outgrowing the industry at -0.8%. The companies under our coverage include BeiGene, Hengrui, Everest, Innovent, Junshi, ZaiLab, Harbour Biomed (HBM), Sino Biopharma (SBP), CSPC, and Luye. At the same time, recent announcements such as QFII/RQFII reform should further expand the depth of China's onshore markets. Such rotation has kept Southbound gross impact high at 30% of total HK cash turnover. Fuel Cell Electric Vehicle : Fuelling the future of cargo mobility. The control measures have put both online and offline consumption on a downward spiral, including passenger vehicle sales, box office revenue, catering, condiment, sportswear, aesthetics and home appliances. The average share price of automation names has out-performed the CSI300 index by 40% since late April, on what we believe is the expectation for a quick recovery after May. China Property Management: Growth of top players remains intact, We estimate the scale expansion of the top-100 players will remain intact at a five-year CAGR of 22%. Besides, the high base and slower penetration will expose laser demand to higher cyclicality. We reckon some near-term headwinds such as calendar-shift of the Chinese New Year and diminishing impact of last year's tax cut, but expect consumption to be remarkably resilient this year, supported by secular drivers and a less volatile macro environment. At the same time, the positive mobility trends in the West heading into summer, and better vaccination rates, should mitigate the near-term setback in Asia. We estimate the China auto connector market to reach Rmb76.4bn by 2026, in which high-voltage and high-speed will become the new drivers. We have created tradable baskets on each. China Online Lending Sector: Bargain hunting - Be selective. Among sectors, we prefer automation, laser equipment and PIMM (plastic injection moulding machines). Higher demand and low inventory support copper and aluminium prices. The US clearly aspires to regain its prominent position in efforts towards handling climate change. China Auto LiDAR industry: A promising sensor for vehicle autonomy. Stocks slump as Credit Suisse selloff reignites bank worries. Global xEV Battery Value Chain: Balancing between growth and margin. Compared to Northbound investors, domestic fund managers are overweight small caps, high volatility stocks and underweight value and dividend stocks. Asia Technology Strategy: 2021: Growth outlook remains robust. China Market Strategy: Power shortage tends to be short lived when administrative measures step in. China Market Strategy: China Outlook 2021: Year of normalisations. I've gotten tips on how to prepare for this interview, but would definitely like more information, since most of the people I know are going into banking or S&T, not research. Market capitalization of USD 17.16 trillion, including over 400 Chinese-listed stocks volatility stocks and underweight Value and stocks. Addressing market concerns on LiBS industry: How to invest in china healthcare:. 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