点击蓝字，关注我们 在阿里巴巴股价因市场对其在人工智能领域的乐观情绪而飙升至多年新高之际，"木头姐"凯西· 伍德旗下基金在时隔四年后重新建仓这家中国科技公司。 在阿里巴巴(BABA.US)股价因市场对其在人工智能领域的乐观情绪而飙升至多年新高之际，"木头姐"凯 西·伍德旗下基金在时隔四年后重新建仓这家中国科技公司。 方舟投资管理公司(Ark Investment Management)的每日交易报告显示，该公司的两只交易所交易基金周一 买入了阿里巴巴的美国存托凭证(ADR)。根据这些基金的持股报告，这些股份总价值约为1,630万美元。 数据显示， 阿里巴巴ADR在周二触及自2021年11月以来的最高水平，今年迄今股价几乎翻倍。 在其核 心电商业务正受到竞争对手的冲击之际，投资者正加大押注这家互联网巨头的人工智能业务推动有望重 振其增长势头。 据悉，方舟投资管理公司对阿里巴巴的首次投资可以追溯到2014年，即阿里巴巴当年首次公开募股(IPO) 后不久，但自2021年9月后未再发现任何投资或代理投票记录。 这笔最新投资可能标志着方舟投资管理公司的回归。美国证券交易委员会(SEC)的记录显示，今年早些 时候，方舟投 ...

Core Viewpoint - The article emphasizes the importance of asset hedging, particularly through the use of deep out-of-the-money put options, to protect against market downturns and "black swan" events, which are often underestimated by investors [1][2][4]. Group 1: Importance of Hedging - Historical examples illustrate that during significant market downturns, such as the 2008 financial crisis, hedging strategies can yield substantial returns, as demonstrated by Universa Investments achieving approximately 115% returns while the S&P 500 fell by about 37% [1][2]. - Many investors maintain a purely long position without any hedging, often due to a fear of underperforming compared to peers, leading to a lack of protection against potential market crashes [1][2]. Group 2: Mathematical Illustration of Hedging - A hypothetical scenario shows that an investor with a long-only position (Old Wang) could see their investment drop from 1.52 million to 0.988 million after a 35% market decline, while a hedged investor (Old Li) would still retain a value of 1.336 million due to the gains from put options [3][4]. - The article highlights that deep out-of-the-money put options can potentially multiply returns significantly during market crashes, reinforcing the necessity of hedging [4]. Group 3: Strategies for Hedging - The article discusses the use of long put options as a dual-purpose tool for both speculation and hedging, with protective puts being a strategy to mitigate losses in a bear market [5][9]. - It provides a step-by-step guide for investors on how to implement these strategies effectively, including determining risk tolerance and selecting appropriate strike prices and expiration dates for options [11][12]. Group 4: Practical Applications - Two practical applications are presented: one for speculative purposes and another for hedging against potential market downturns. For speculation, the article suggests selecting a strike price close to the current stock price, while for hedging, it recommends choosing a deeper out-of-the-money strike price to minimize costs [13][16]. - The article also outlines the potential outcomes of these strategies, including scenarios where the stock price falls below the strike price, demonstrating how hedging can limit losses [17][18].

Core Viewpoint - Morgan Stanley has revised its 2026 Wafer Fab Equipment (WFE) market forecast and adjusted ratings for three key semiconductor equipment stocks, upgrading Applied Materials to "Overweight," Lam Research to "Equal-weight," and downgrading KLA to "Equal-weight" [1][2]. WFE Market Forecast - The global WFE market size forecast for 2026 has been raised from $122 billion (5% YoY growth) to $128 billion (10% YoY growth), primarily driven by the storage equipment sector [2]. - The forecast for DRAM-related WFE has been increased to $34.9 billion, nearing the optimistic expectation of $35 billion, while NAND flash-related WFE is raised to $13.8 billion, slightly below the optimistic forecast of $15 billion [2]. Applied Materials - Applied Materials' rating has been upgraded from "Neutral" to "Overweight," with the target price increased from $172 to $209 [2]. - The stock is currently valued 25% lower than Lam Research, with a historical average valuation gap of only 10% since 2023; the new target price suggests a narrowing of this discount to 15% [2]. - The expected earnings per share (EPS) for 2026 has been raised from $9.58 to $10.45, reflecting strong growth potential [2]. Lam Research - Lam Research's rating has been upgraded from "Underweight" to "Equal-weight," with the target price increased from $92 to $125 [3]. - The EPS forecast for 2026 has been adjusted from $5.12 to $5.43, acknowledging a recovery in the storage market [3]. - Despite a predicted 3% decline in WFE demand in the Chinese market, NAND-related WFE demand is expected to grow by 34%, and non-China logic chip WFE demand by 16% [3]. KLA - KLA's rating remains at "Equal-weight," with the EPS forecast for 2026 raised from $37.11 to $39.03, indicating recognition of its strong fundamentals [4]. - However, KLA's valuation is currently 30% higher than that of Applied Materials and Lam Research, raising concerns about the sustainability of its relative performance advantage [4].

Core Viewpoint - Micron Technology (MU.US) is gaining market attention as it prepares to release its Q4 FY2025 earnings report, with investment firm Stifel raising its target price for the company [1][2]. Group 1: Analyst Ratings and Price Target - Stifel analyst Brian Chin maintains a "Buy" rating on Micron and raises the target price from $145 to $173, citing strong demand growth for enterprise solid-state drives (eSSD) from hyperscaler customers as a key catalyst for improving fundamentals [2]. - The analyst expects a significant acceleration in NAND flash bit shipment growth in CY26, which is anticipated to exceed market expectations [2]. Group 2: Financial Performance Expectations - Micron's Q4 FY2025 earnings per share (EPS) is projected to be $2.86, with revenue expected to reach $11.15 billion [2]. - The company is expected to see continued gross margin expansion in the short term, supported by a significant reduction in chip inventory and product structure optimization [2]. Group 3: Capital Expenditure and Revenue Growth - Micron is likely to guide for an increase in capital expenditures (capex) for FY26, although the growth rate will be lower than revenue growth, indicating a decrease in the capex/revenue ratio [2]. - This capital expenditure planning is primarily based on investments in new fabs rather than accelerating new capacity supply [2].

Market Overview - Jin Jing New Energy (02945) surged over 17% after being included in the Hong Kong Stock Connect effective from September 23, 2025 [1] - Airline stocks collectively declined, with China Southern Airlines (01055) down over 5%, Air China (00753) down over 4%, and China Eastern Airlines (00670) down over 2%, attributed to weaker demand in the summer transportation market [1] - Hong Kong Broadband (01310) rose over 15% following China Mobile's completion of its offer to acquire the company [1] - Dazhong Public Utilities (01635) increased over 8% after announcing its stake in Deep Venture Capital [1] - Sunac China (01918) and other domestic property stocks fell over 4%, indicating ongoing challenges in the real estate sector despite some signs of stabilization [1] Company Specifics - Red Star Macalline (01528) dropped over 4% after the founder was released from detention and multiple executives left the company [2] - Huya Technology (01860) rose over 5% due to rapid growth from its smart bidding products, indicating strong growth potential [2] - New Energy stocks, including Xinte Energy (01799) and Flat Glass Group (06865), fell due to high polysilicon prices and unresolved supply-demand issues in the industry [2] US Market Highlights - Amer Sports (AS.US), the parent company of Arc'teryx, fell over 5% amid controversy surrounding a recent event [3] - Baidu (BIDU.US) increased by 0.95% after a report changed its valuation method, setting a target price of $188 [3] - Apple (AAPL.US) rose 4.31% following the launch of the iPhone 17 series, with significant demand observed in retail stores [4] - Nvidia (NVDA.US) reached a record high, up 3.93%, with a market cap nearing $4.5 trillion and plans to invest $100 billion in OpenAI [3]

Core Viewpoint - The article highlights the significant decline in South Korea's exports in September due to the impact of U.S. tariffs, raising concerns for the trade-dependent South Korean economy [2][4]. Export Performance - South Korea's exports for the first 20 days of September fell by 10.6% year-on-year, while the adjusted export figure for August showed a growth of 6% [2]. - Unadjusted export figures for September indicated a growth of 13.5%, with total imports increasing by 9.9%, resulting in a trade surplus of $1.89 billion [2]. Sector Analysis - Semiconductor exports, a key driver for this year's exports, grew by 27%, continuing the 30% increase seen in August, while automotive exports rose by approximately 15% [4]. - However, petrochemical products are facing challenges due to tariffs and weak global demand [4]. Tariff Impact - The implementation of a 15% general tariff by the U.S. on South Korean goods has created difficulties for exporters, despite smartphones and laptops remaining unaffected [4]. - There is a looming threat of expanded tariffs on semiconductors, as indicated by warnings from former President Trump [4]. Market Sentiment - The uncertainty surrounding trade relations has dampened market sentiment, exacerbated by recent immigration enforcement actions that led to the detention of over 300 South Korean workers in Georgia [4].

Market Updates - UBTECH (09880) rose over 4% after signing a global strategic cooperation agreement with Cloud Intelligence Technology on September 21, with initial orders expected to be fulfilled [1] - Changfei Fiber Optics (06869) fell over 2% as shareholders reduced their holdings by a total of 10% in H-shares, with no significant impact on financial data from the hollow-core fiber [1] - Gold stocks mostly increased, with Lingbao Gold (03330) up over 4%, Zhaojin Mining (01818) up over 3%, China Silver Group (00815) up over 4%, and Shandong Gold (01787) up over 3%. The Federal Reserve's interest rate cut is expected to support a fluctuating upward trend in gold prices [1] - Yihuatong (02402) surged over 18% after partnering with Toyota to establish a fuel cell company and announcing the termination of the acquisition of Xuyang Hydrogen Energy [1] - WuXi AppTec (02268) increased over 6% after finalizing a subscription agreement that will raise WuXi Biologics' stake to over 50% [1] - Hong Kong Broadband (01310) dropped over 3% after announcing a share placement by its controlling shareholder, China Mobile Hong Kong, to restore public shareholding [1] - Huiju Technology (01729) rose over 10% following a strategic cooperation agreement with OpenAI to develop a revolutionary AI device for consumers [1] Shipping Sector - Shipping stocks experienced significant declines, with China Merchants Energy (01138) down over 6%, Seaspan (01308) down over 5%, Orient Overseas International (00316) down over 4%, and China Merchants Industry Holdings (01919) down over 4%. The Shanghai Shipping Exchange reported weak demand for Chinese export container transport, leading to continued adjustments in ocean freight rates [2] US Market Highlights - Pony.ai (PONY.US) increased by 18.55% as the CFO announced expectations to achieve key profit targets by early 2026 [3] - FedEx (FDX.US) rose 2.32% with projected revenue growth of up to 6% this year, exceeding analyst forecasts [3] - JD.com (JD.US) saw a 0.86% increase, with the iPhone 17 series achieving record sales within the first minute of pre-sale [3] - XPeng Motors (XPEV.US) rose 1.74%, reporting a 137% year-on-year increase in overseas deliveries from January to August [3] - ZTO Express (ZTO.US) fell 0.96%, with analysts noting a significant rebound in express delivery prices in August [3] - WeRide (WRD.US) surged 10.23% after its autonomous bus Robobus received Belgium's first federal-level L4 autonomous driving test license [3] - Tesla (TSLA.US) rose 2.21% as Baird upgraded its rating to "outperform," with expectations for significant stock price increases [4] - Apple (AAPL.US) increased by 3.20% following the successful launch of the iPhone 17 series on September 19 [4] - Quantum Song (QSG.US) rose 13.22%, with the chairman announcing a focus on the trendy toy sector [4]

Core Viewpoint - Apple is focusing on artificial intelligence by introducing new chips, including the A19 Pro, which enhances computational capabilities and integrates neural accelerators for AI tasks [1][5][6]. Chip Architecture and Control - The new A19 Pro chip features a significant architectural change with neural accelerators in each GPU core, aimed at improving AI processing [1][5]. - Apple has introduced the N1 wireless chip and the C1X modem, allowing the company to control all core chips in its devices, moving away from reliance on suppliers like Broadcom and Qualcomm [1][2]. Modem Developments - Since 2020, Qualcomm was the sole supplier for iPhone modems until Apple launched the C1 modem in February, part of a strategy initiated with the acquisition of Intel's modem business for $1 billion [2][4]. - The C1X modem is reported to be twice as fast as the C1 and 30% more energy-efficient than Qualcomm's modem used in previous iPhone models [4]. AI Integration and Performance - The A19 Pro's neural accelerator is designed to enhance machine learning capabilities, potentially rivaling Nvidia's AI chips [6]. - Apple aims to make the iPhone a leading platform for developers to run AI technologies, despite not having an independent AI model like Google or OpenAI [5][6]. Manufacturing and Supply Chain - Apple plans to produce a significant portion of its custom chips in the U.S., utilizing TSMC's advanced 3nm technology, with a commitment to invest $600 billion in the U.S. over the next four years [8][9]. - The company is focused on diversifying its supply chain and enhancing local manufacturing capabilities, especially in light of tariffs on non-domestic chips [8][9].

点击蓝字，关注我们 备兑看涨Covered Call-一种横盘时也能赚钱的策略 据公开报道，大家耳熟能详的价值投资者 段永平 ，他曾经运用covered call策略在英伟达股票上，在 持股的同时卖出了1000张看涨期权，获得了242万美元的权利金收入。同样在国外有一名叫 Mark Y egge的投资者曾经对MicroStrategy (MSTR)也运用了该策略，在1个月内获得了超过104,000美元的收 入。 图源： YouTube "MicroStrategy (MSTR) has brought in $104K income in the last month" 为何这个策略如此受投资者青 睐？ 因为 这种'持股收租'的策略，非常适合我们普通投资者在震荡市 中使用 。 它又该如何使用呢？要想明白这个策略的特性，首先要了解它的"前身"策略: 卖出看涨期权 (Short Call) 卖出看涨期权 (Short Call) - 警惕裸卖空 在第三期的文章我们介绍了买入看涨期权的策略运用以及投资理念 (错过的朋友可以在底部的"期权交 易介绍"板块找到)。因为期权 本身就是零和博弈，买方赚多少卖方亏多少，反之亦 ...

Core Viewpoint - UBS has released a list of preferred stocks in the consumer sector, selecting seven stocks with differentiated investment value based on unique data sources. Group 1: Recommended Stocks - **PepsiCo (PEP.US)** is expected to show significant improvement potential over the next 12 to 18 months, with a projected high single-digit growth in earnings per share for the full year of 2026, making its risk-reward ratio highly attractive among the recommended stocks [1]. - **J.M. Smucker (SJM.US)** is forecasted to achieve an organic growth rate of 5.6%, slightly above the market expectation of 5.5%, driven by strong pricing power in its coffee segment and cost-saving measures [1]. - **Albertsons (ACI.US)** is viewed as having excessive stock price correction, with its pharmacy business achieving double-digit growth for 15 consecutive quarters, indicating strong customer lifetime value [2]. - **Dutch Bros (BROS.US)** is expected to continue its upward trajectory, supported by leading store expansion and sales growth momentum projected to last until mid-2026 [2][3]. - **Ulta Beauty (ULTA.US)** is showing strong execution under new leadership, with improved operational efficiency and a favorable competitive environment, which is expected to support its growth momentum [3]. - **On Running (ONON.US)** is focusing on product innovation and maintaining a premium brand position, which is anticipated to lead to industry-leading sales growth and profit margin improvements [3]. - **Peloton (PTON.US)** is rated as a "buy" with a target price of $11, supported by revenue growth and cost optimization, alongside a positive trend in core metrics [4].