"Space-based solar could be a game changer opportunity... Space-based solar could emerge as a long-term game changer as related supply chains may see a sharp re-rating from weak levels. We highlight Suzhou Maxwell (HJT and perovskite cell equipment), Jinko Solar... Ming Yang... are exposed to this theme."

"In the fullness of time, it would surprise us if AI inference didn't become another industry where the Chinese ability to productionise new tech and reduce costs drove share gains - especially behind the leading edge... China's AI model performance gap vs the US further shrank to 6% (from 8%)."

"By 2035, the UK, Spain and Finland could see up to 44%, 24% and 34% of their power demand coming from DCs, respectively... The US data centre industry is one of the most powerful structural demand drivers in commercial real estate."

"Materials are increasingly defined by their quantum behavior... Advances in computation are changing this dynamic... allowing scientists to design materials based not only on simplified assumptions, but on how they behave in complex, real-world environments... This opens the door to new classes of materials... from advanced batteries to superconductors."

"The 800 V DC system is an architectural shift for data centers... Full-scale production of 800 V DC data centers will coincide with NVIDIA Kyber rack-scale systems in 2027... aimed at improving efficiency, reducing copper usage, and increasing power density in server racks to over 1 MW."

"The first two relate to gold's price breaking with its long held negative historical correlation with real yields... Populism can be viewed as a frustration and mistrust over the effectiveness of orthodox economic policies... What is clear is that the share of countries with populist measures is at a historical high, coinciding with the significant rally in gold prices."

"63% anticipate that most new molecular entities (NMEs) will originate from AI-driven platforms within the next decade... AI is emerging as a powerful catalyst for breakthroughs in R&D... streamlining discovery, optimizing trial design, and enabling predictive insights."

"Value's short exposure to Industrials has been a key drag, as defence-led Industrials have outperformed amid heightened geopolitical uncertainty... Defence stocks, which have historically featured more prominently within Value portfolios, are increasingly represented toward the more expensive end... contributing to the short exposure embedded in Value strategies."

"The most disruptive trend is the rise of neo-cloud providers such as Coreweave... offering vertically integrated, GPU-centric solutions... However, these providers introduce new tenant counterparty risks... limited credit history compared to hyperscalers like AWS... facilities with lower redundancy or limited flexibility risk becoming stranded assets."

"SAFE data suggest the largest-ever FX inflows since 2015 in Dec... Sectorally, regional funds are most OW China Industrials... NT (National Team) buying signal: Net subscription of top 5 NT holdings ETFs (as % of total) > 2 s.d."