2025-06-13-Jefferies-以防你错过..._11页_224kb

报告摘要

Provides a selection of most read European research, including:
- In-depth analysis of Glencore's portfolio and valuation.
- Refresh of Global Best Ideas list.
- Revisit of implications for Europe from a structurally weaker USD.
Highlights important research from the US and Asia.
Details upcoming Access events.

Glencore: Focuses on the path to significant re-rating, asset-level deep-dive, and portfolio restructuring optionality. Pricing is NPV-based, with key risks including macro, operational, and geopolitical issues.
Global Best Ideas: Organized into three themes: Secular Innovation, Structural Change, and Product Cycles. Includes high-conviction, Buy-rated stocks.
EMEA Picks: Shortlist of large-cap names; Accor is highlighted as a Buy.
USD Devaluation: Discusses impacts on Consumer and Travel sectors, noting positive effects of capacity improvements in travel.
Beauty & Wellness: Covers trends from Paris meetings, highlighting key topics like US consumer behavior, destocking, and AI.
Specialized Reports: Covers LiDAR in AI/driving, US Healthcare (MFN regulation impact), and US Lodging-Cruise model fusion.

Energy Expert Call: June 26th, explores OPEC+ policy, geopolitical risks, and refining margins with Dr. Amrita Sen.
Autonomous Trucks Discussion: June 30th, focuses on Aurora's technology, business case, and regulatory challenges.
Virtual C-Suite Series: Ongoing from May-Sept 2025, featuring leaders in 'Structural Winners' companies.

Accor (BUY: €43.26): Based on DCF; risks include declining RevPAR and asset sales challenges.
Glencore (BUY: £291.70): NPV-based price target; risks macro, operational and geopolitical.
Hesai (BUY: $20.07): LiDAR market outlook from 2030; risks lower adoption in China and humanoid robot design.
RoboSense (BUY: HK$32.00): Similar market outlook; risks tied to LiDAR adoption and robotic designs.
UBS (BUY: CHF26.10): SOTP valuation; risks include macro weakness and integration challenges.

Prioritizes recommendations based on conviction, differentiated analysis, and investment themes.
Jefferies analysts' compensation may relate to firm performance, including investment banking.

Jefferies may have conflicts of interest due to business relationships.
Analysts may not hold FINRA registration in some regions (e.g., Jefferies International Limited).
Distribution is restricted for certain markets to institutional/institutional investors only.
Regulatory disclosures per jurisdiction (e.g., U.S., UK, EMEA, Asia).

展开完整摘要