GMT EIGHT - OPPORTUNITIES IN CHINA

Will interest rates continue to be cut in December? Collins and Logan remain cautious, the top three of the Federal Reserve are dovish.

The Fed's internal divisions resurfaced before the December rate decision meeting.

US Stock Market Move | Announced that the next generation BlueBird 6 satellite will be launched in December, AST SpaceMobile (ASTS.US) increased by 4.77%.

As of press time, the stock has risen by 4.77% to $53.12.

Bears in the US stock market are "coming out in force"! Wedbush supports AI winners: now is the time to buy.

Despite Nvidia's earnings report exceeding expectations, stocks related to artificial intelligence collectively fell on Thursday, as investors raised doubts about the sustainability of the AI spending boom.

AI burning money causes concern, Alphabet Inc. Class C (GOOGL.US) executives offer reassurance: computing power needs to double every six months to meet demand.

Google executives said that computing power needs to double every six months in order to meet demand.

The BDC financial report reveals the hidden trend of private credit in the United States: overall stable, but cracks are spreading.

Although the financial reports of these BDCs reflect the stability of the overall private credit market, warnings from market participants indicate that caution should not be easily relaxed.

US stocks are squatting deeply before jumping? Castle Securities: S&P 500 is expected to hit 7000 points by the end of the year.

Castle Securities believes that after the recent pullback, the S&P 500 index is expected to reach 7000 points.

Intel Corporation CEO crushes rumors of taking Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR secrets in advanced fabrication "life or death battle", emphasizes respect for IP.

Intel CEO refuted the reports from the outside world about the new employees introducing key technologies from TSMC.

MNSO (09896) released its third-quarter performance, with adjusted net profit of 767 million yuan, a year-on-year increase of 11.7%.

Miniso (stock code: 09896) released its third quarter performance report for the three-month period ending September 30, 2025. The group achieved...

Internet entrance steps into the AI era! Perplexity launches the mobile Comet AI browser, directly confronting Google.

Perplexity strives to completely innovate the way people browse the internet using AI browsers, promoting the entry of the internet into the era of artificial intelligence.

Nvidia's "stellar" financial report unexpectedly becomes a "bull trap" in the US stock market. Goldman Sachs warns: the market is already scarred.

Although Nvidia released a strong financial report, its stock price continues to plummet sharply, due to skepticism about the Federal Reserve's ability to cut interest rates and concerns about overvaluation.

The collapse of the Bitcoin "hodl" model! The "big holder" strategy (MSTR.US) has changed from a "belief flywheel" to a liquidity black hole.

Michael's Seier's Strategy company faces the risk of billions of dollars in index fund outflows. JPMorgan warned that being excluded from major indexes could lead to liquidity losses, rising financing costs, and declining investor attractiveness.

NVIDIA Corporation (NVDA.US) financial report completely refutes the bearish argument, Wall Street unanimously sees a positive outlook for AI investment opportunities.

NVIDIA's latest quarterly performance and outlook guidance have once again given a shot of "adrenaline" to Wall Street.

The 500,000th complete vehicle has rolled off the production line, Lei Jun: Xiaomi car reaches an important milestone.

Xiaomi Motors announced on Weibo that the 500,000th complete vehicle has officially rolled off the production line. This marks a new starting point, and we will continue to work hard in the future.

A-shares closing review | Shanghai index fell by 0.40%, banks supported the market! Bank of China surged by 4% to a new high.

Today, the market opened high and went low, with the sectors of Hainan, lithium batteries, and banks performing well.

A share midday review | The ChiNext Index fell by 0.52%. Bank stocks continued to be strong, with CCB and ICBC hitting new highs.

On November 20, the morning session index collectively rose, but then opened high and went low, with the ChiNext Index turning green first.

From Abenomics dividend to "Sell Japan": "Naotrade" exit, Japan falls into triple kill of stocks, bonds, and currency.

Japanese Prime Minister Sanae Takaichi is facing the first major market test since taking office, and concerns about the government's upcoming stimulus plan could seriously undermine the stock market rally ignited by her election. The yen has further slipped into a danger zone of potential intervention, government bond prices have plummeted, and the Nikkei 225 index has also recorded its largest drop since April.

Hong Kong Commerce and Economic Development Bureau: Continues to encourage mainland entrepreneurs to establish headquarters in Hong Kong and enhance investment promotion efforts.

Looking ahead, the Hong Kong Special Administrative Region Government will continue to strengthen its efforts in attracting investment and talent, enhance its ability to engage internationally, and expand its network of economic and trade partners. Hong Kong will also increase contacts and communication with its sister cities in the Greater Bay Area, cooperate with each other, and promote the high-quality development of the Greater Bay Area.

Lenovo (00992) continues to hold the top position in the global Windows AI PC market with a market share of 31.1%.

On November 20, Lenovo Group (00992) released its financial report for the second quarter of the 2025/26 fiscal year.

When the "AI bubble theory" is lingering, NVIDIA Corporation (NVDA.US) breaks through its performance! The demand for AI computing power continues to skyrocket with data center revenue increasing by a whopping 66%.

As doubts about the AI bubble continue to rise, Nvidia responds positively with a strong response using the "650 billion US dollars" as a guideline: the demand for AI computing power is still soaring. Nvidia's revenue has nearly increased tenfold in three years, crushing Intel and AMD in profits, and continues to write the myth of the "money printing machine" in the AI era with unparalleled financial reports.

LENOVO GROUP (00992) releases its interim results, with a net profit attributable to shareholders of USD 846 million, a year-on-year increase of 40%.

Lenovo Group (00992) released the mid-year financial results for the 2025/26 fiscal year, with the group achieving revenue of 392...

Nokia Oyj Sponsored ADR (NOK.US) focuses on simplified businesses and bets on the hot trend of AI infrastructure.

Nokia Corporation (NOK.US) is betting on the artificial intelligence wave, focusing on streamlining its business and concentrating on network infrastructure in AI-enabled data centers.

Spokesperson of the Ministry of Commerce responds to questions from reporters regarding Anshi Semiconductor.

The spokesperson of the Ministry of Commerce responded to questions from journalists regarding the issues related to ANSYS Semiconductor.

Benefiting from the trend of downgrading consumption, American discount retailer TJX (TJX.US) exceeded expectations in revenue and profits in Q3, and raised its full-year performance outlook.

American discount retailer TJX announced better-than-expected performance for the third quarter of fiscal year 2026, and raised its full-year performance guidance.

Bullish (BLSH.US) Q3 revenue increased by 71.5% year-on-year. GAAP earnings per share fell short of expectations.

The cryptocurrency trading platform Bullish has announced its third-quarter performance in 2025.

Urban Research Institute: Short-term focus on second-hand housing prices in key cities may continue to adjust.

The Institute of Middle Finger Studies stated that it is expected that the volume of second-hand residential transactions in November will increase slightly compared to the previous month, but will still face certain pressure compared to the high base of last year. In the short term, prices may continue to adjust.

Northbound funds | Northbound trading net bought 6.591 billion. Xiaomi (01810) third-quarter performance exceeds expectations. Mainland investors increased their positions by nearly 2.4 billion Hong Kong dollars throughout the day.

On November 19, the Hong Kong stock market saw a net purchase of 6.591 billion Hong Kong dollars by northbound investors, with 2.489 billion Hong Kong dollars through the Shanghai-Hong Kong Stock Connect and 4.101 billion Hong Kong dollars through the Shenzhen-Hong Kong Stock Connect.

KINGSOFT (03888) announces third quarter earnings, with a net profit attributable to shareholders of approximately 2.13 billion yuan, a decrease of 48% year-on-year.

Kingsoft Corporation (03888) announces its performance for the third quarter of 2025, with the group's revenue reaching approximately 2.419 billion Chinese Yuan.

NVIDIA Corporation (NVDA.US) financial report will be released tonight: Is it a "boost" for AI or the "final blow"?

The highly anticipated earnings report of Nvidia (NVDA.US) will be released after the US stock market closes on Wednesday, giving Wall Street a glimpse into the flow of billions of dollars in AI spending. However, how the sluggish stock market will react remains unknown.

iQIYI, Inc. Sponsored ADR Class A(IQ.US) released its 2025Q3 financial report: after-hours stock price surged over 6%, multiple institutions predict that Q4 revenue will increase compared to the previous quarter.

On November 18, iQiyi released its third quarter report for 2025, with a total revenue of 6.68 billion RMB in Q3. After the performance report was released, the stock price rose by 5% at the opening of the US stock market that day, and rose by over 8% at one point during the trading session.

AI computing power demand continues to skyrocket, Citigroup hails AMD as the "king of the hill" outperforming NVIDIA Corporation and Broadcom Inc.

The direction of capital is quietly changing? In the race for AI computing power infrastructure, AMD has become the new darling of Wall Street, with Nvidia's halo slightly fading.

The AI wave is still surging! From Buffett's "last dance" to the stunning debut of Gemini 3, Google lifts up the "AI bull market narrative"

In several popular industry rankings measuring the performance of artificial intelligence models, Gemini 3 is in a leading position, and the model has also set new records in various dimensions such as mathematics, multimodal understanding, and factual accuracy within the large model industry.

Bank of America survey: Global investors betting on Japanese yen to stage a comeback next year, with gold and the US dollar coming in second.

According to a survey by Bank of America, global investors believe that the Japanese yen is expected to outperform major currencies next year. After a turbulent year for the Japanese currency and its worst performance against the US dollar, they expect it to hit bottom and rebound.

Federal Reserve official Bajin: "Smearing sailing" awaits data guidance, the real labor market is weaker than appearances

Thomas Barkin, President of the Federal Reserve Bank of Richmond, holds a positive view on the inflation outlook, but at the same time suggests that the labor market may be weaker than what is currently reflected in the data.

The United States economy shows warning signs! Home Depot, Inc. (HD.US) warns of weak consumer spending: lowers full-year profit guidance.

Due to lower-than-expected demand for home renovations, Home Depot has lowered its full-year profit and same-store sales guidance.

WB-SW (09898) announces its performance for the first three quarters with a net profit attributable to shareholders of $454 million, representing a year-on-year increase of 55.43%.

Weibo-SW (09898) released its financial performance for the third quarter of 2025, with a net income of approximately 4...

Market sentiment is deteriorating rapidly! Bitcoin has fallen below the $90,000 mark for the first time in 7 months, with panic spreading as global stock markets decline.

On Tuesday, Bitcoin fell below $90,000, wiping out all the gains the cryptocurrency had made in 2025 during a month-long downward trend. The sharp drop in Bitcoin has triggered a pessimistic sentiment spreading to various asset classes, with Asian stock markets and US and European stock index futures all trending lower.

Diagnostic imaging service provider Lumexa Imaging Holdings (LMRI.US) applies for IPO in the United States, aiming to raise approximately 200 million dollars.

Outpatient imaging diagnostic services provider Lumexa Imaging Holdings submitted its initial public offering application to the U.S. Securities and Exchange Commission (SEC) on Monday.

Omdia: Cost pressure intensifies, smartphone shipments in Southeast Asia fell by 1% year-on-year in the third quarter.

In the third quarter of 2025, the shipment volume of the smartphone market in Southeast Asia reached 25.6 million units, marking the third consecutive quarter of year-on-year decline. Overall, the smartphone market in Southeast Asia is still facing pressure, with the total shipment volume slightly decreasing year-on-year.

Zhongjin: "The Bull Market That Was Ignored"

After July this year, the market accelerated upwards with the support of narratives such as "market liquidity injection," "bank deposit transfers," and "de-dollarization." The Shanghai Composite Index and the Hang Seng Index rose by 47% and 50% respectively from their lows, breaking out in a "bull market" trend.

Cui Dongshu: In October, the penetration rate of new energy commercial vehicles rose to 33%, with buses leading the way. The potential of the truck market is huge.

In October 2025, the penetration rate of new energy commercial vehicles in China reached 33%, with a penetration rate of 24% for new energy trucks and 72% for new energy buses, showing a significant increase compared to the same period.

Hong Kong stock concept tracking | Energy storage market eruption Lithium battery material demand rises rapidly (with concept stocks)

CITIC Securities: Surge in energy storage orders, continue to be bullish on lithium batteries and energy storage.

Strategic depth behind the third-quarter report of H World Group Limited Sponsored ADR (01179, HTHT.US): Why dare to "redo" the hotel industry?

In the context of overall industry pressure, Huazhu still delivered an impressive third quarter report.

Hong Kong Tourism Board: Approximately 4.6 million visitors arrived in Hong Kong in October, a 12% increase compared to the same period last year.

The Hong Kong Tourism Board announced that the number of visitors to Hong Kong in October was about 4.6 million, an increase of 12% compared to the same period last year.

YUM CHINA (09987,YUMC.US) aims to have over 30,000 stores by the year 2030.

Yum China aims to surpass 30,000 total stores by 2030.

The other side of the AI boom: from SaaS light assets to AI heavy assets. Financial challenges for American giants are just beginning.

While AI investments drive technological innovation, how do tech giants balance long-term massive investments with business line returns?

From Mag 7's stock price soaring to Buffett's "last dance" building up positions in Google, Wall Street giants are firmly betting on the AI wave.

Wall Street giants are all-in on AI: it's not a bubble, it's a wave! Why global big funds still trust AI and tech stocks.

Guotai Haitong's review of Double Eleven Beauty Sales: The overall market is stable, domestic beauty products are leading, and high-end products are improving.

Double Eleven has achieved steady double-digit growth, with instant retail shining and full-chain integration as the trend. The beauty category has seen steady growth, with Tmall's high-end international brands ranking rebounding and TikTok's leading domestic brands maintaining their position. If brands like Yucheng and Shangmei perform well.

Open Source Securities: Domestic AI Continues to Breakthrough, Maintaining a "Positive" Rating for the Computer Industry.

At present, domestically produced AI has made significant progress in computing power, large models, and applications, reshaping the global competitive landscape, and the bank continues to be optimistic about investment opportunities in domestic AI.

Cinda: The current market style diffusion is still in the valuation, expectation, and capital-driven stage.

The style diffusion in the current market is still in the stage driven by valuation, expectations, and funds, and it is expected to last for at least 1-2 quarters. However, for the style diffusion to transition to a market trend at the annual level, the realization of the profit logic of value stocks needs to be seen.

New stock outlook | HiSilicon: High revenue compound growth, still facing growth challenges behind the "AI fever"

Hiklight Semiconductor has submitted an application for listing on the Hong Kong Stock Exchange.

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