Market Overview - Netflix and Texas Instruments reported weak earnings, exacerbated by escalating global trade tensions, negatively impacting risk appetite. The Nasdaq Composite led declines among major U.S. stock indices, with the S&P 500 down 0.53%, the Dow Jones down 0.71%, and the Nasdaq down 0.93% [1] - Apple ended its consecutive gains, falling by 1.64%. Quantum computing stocks plummeted following Google's announcement of a significant breakthrough with its quantum chip "Willow," leading to QBTS dropping 15% and RGTI nearly 10% [1] Economic Indicators - The 10-year U.S. Treasury yield fell for the third consecutive day, decreasing by 0.58 basis points. The U.S. dollar ended its three-day rise, experiencing a drop of 0.36% from its daily high [2] - Gold prices fluctuated, dipping close to $4000 before stabilizing, with a daily volatility of 3.7%. Silver prices also declined but found support at $48 [2] Industry Developments - Google announced a major breakthrough with its quantum chip "Willow," claiming the algorithm can be verified repeatedly and may become practical within five years [2] - The U.S. Federal Reserve held a "historic" Fintech conference, where Waller emphasized the importance of embracing payment innovations, suggesting that stablecoin issuers and crypto payment companies could directly access the Federal Reserve's payment system [2] Corporate Actions - Apple has reduced its production plan for the iPhone Air while increasing orders for other iPhone 17 models [4] - Indian media reported that India and the U.S. are nearing a trade agreement, reducing tariffs from 50% to 15% [5] Domestic Events - The Ministry of Industry and Information Technology initiated the 2025 annual smart manufacturing system solution project application [6] - The Shenzhen Municipal Financial Management Bureau released an action plan for promoting high-quality development of mergers and acquisitions from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits, AI, new energy, and biomedicine [6][8] Stock Market Insights - According to a report from Fangzheng Securities, the Shanghai Composite Index is at a phase high, with increased capital divergence, suggesting a short-term high-level fluctuation. The market style may undergo a rebalancing process in the fourth quarter [7] - The AI glasses market has seen explosive growth, with nearly 30 new AI glasses products launched in the first half of 2025, and the global market expected to reach $300-500 million by 2026 [10] Company Announcements - China Unicom reported a third-quarter net profit of 2.423 billion yuan, a year-on-year increase of 5.4%, with cloud revenue reaching 52.9 billion yuan [12] - Dazhu Laser reported a third-quarter net profit of 375 million yuan, a year-on-year increase of 86.51% [14]

Group 1 - The company was established in August 2022 and operates in internet domain registration services, wholesale of computer software and hardware, and information system integration services [1] - Recently, the registered capital of Kingsoft Cloud (Hainan Yangpu) Information Technology Co., Ltd. increased from 500 million USD to 600 million USD [2]

Core Viewpoint - The cloud computing ETF (517390) has shown significant growth in recent months, outperforming its benchmark and attracting substantial capital inflow, indicating strong investor interest in the cloud computing sector [4][5]. Fund Performance - As of October 21, 2025, the cloud computing ETF (517390) has increased by 3.81%, with a trading volume of 16.53 million yuan and a turnover rate of 3.37% [4]. - Over the past three months, the cloud computing ETF has grown by 17.4 million yuan, and in the last month, it has added 15 million shares, ranking first among comparable funds in both new scale and shares [4][5]. - In the last 15 trading days, the fund has attracted a total of 30.49 million yuan in net inflow [4]. Sector Highlights - The cloud computing ETF closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index, covering major players in the cloud computing market, including Alibaba and Tencent, which enhances its representativeness [5]. - The electronic ETF (159997) has also performed well, with a 2.96% increase and a trading volume of 20.64 million yuan, driven by strong performances from component stocks like Lixun Precision and A-share companies [4][5]. Recent Developments - Alibaba Cloud's Aegaeon solution has been recognized at the SOSP conference for significantly reducing GPU usage by 82%, marking a breakthrough in cost-effective AI and big data processing [6]. - The Ministry of Industry and Information Technology and the National Standardization Administration have announced plans to establish over 30 new cloud computing standards by 2027, aiming to enhance infrastructure and service quality in the sector [7]. - The recent Double 11 shopping event saw significant sales, with 80 brands achieving over 100 million yuan in sales within the first hour, highlighting the robust demand for cloud services in e-commerce [8].

Core Viewpoint - US stock indices rose over 1%, approaching historical highs, with the Nasdaq China Golden Dragon Index increasing by 2.39% [1] Group 1: Market Performance - Major US stock indices all closed up over 1%, indicating strong market performance [1] - The Nasdaq China Golden Dragon Index saw a rise of 2.39%, with most popular Chinese concept stocks also experiencing gains [1] Group 2: Notable Stock Movements - iQIYI surged over 8%, NIO increased nearly 5%, Kingsoft Cloud rose over 4%, and Alibaba gained nearly 4% [1] - Apple stock rose approximately 4%, reaching a historic high, with a market capitalization increase of $147.6 billion (approximately 1,051.7 billion RMB) [1] - Apple's latest market value stands at $3.89 trillion, making it the second-largest company in the US by market capitalization, surpassing Microsoft and only trailing Nvidia [1]

Market Overview - The U.S. stock market opened mixed with the Dow Jones up 0.01%, Nasdaq down 0.53%, and S&P 500 down 0.3% [1] - Notable declines were observed in pharmaceutical stocks, with Novo Nordisk down over 4% and Eli Lilly down over 3% following Trump's announcement of price reductions for weight loss drugs [1] - Bank stocks also fell, with Deutsche Bank down over 3% and Barclays down over 2% [1] - Other notable declines included Kingsoft Cloud and NIO, both down over 3% [1] Company News - Oracle reported that its AI cloud gross margin could reach 35%, citing a six-year AI infrastructure project with total revenue of $60 billion [2] - In the last 30 days, Oracle signed new cloud infrastructure supply contracts worth $65 billion, consisting of seven contracts from four different clients, including Meta but not OpenAI [2] - Alibaba and Ant Group announced a joint investment of $925 million (approximately 6.6 billion RMB) to acquire a 13-story commercial building in Hong Kong, establishing their headquarters there to expand international business [3] - Schlumberger reported a 2.5% year-over-year decrease in Q3 revenue, totaling $8.93 billion, while adjusted earnings per share were $0.69, exceeding market expectations of $0.66 [4] - Morgan Stanley predicts that the flying car industry will create a market size of $300 billion by 2030, with potential growth to $9 trillion by 2050, highlighting China's potential as the largest urban low-altitude transportation market [5]

Core Viewpoint - Kingsoft Cloud (03896) announced the grant of a total of 16.2055 million restricted stock units to several employee participants under the 2021 equity incentive plan, which is equivalent to approximately 1.0804 million American Depositary Shares, representing about 0.36% of the total shares issued by the company as of the announcement date [1] Summary by Relevant Sections - **Equity Incentive Plan** - The company is granting 16.2055 million restricted stock units to employees [1] - This grant is part of the 2021 equity incentive plan [1] - **Impact on Shares** - The granted units correspond to approximately 1.0804 million American Depositary Shares [1] - The total shares represented by the grant account for about 0.36% of the company's total issued shares as of the announcement date [1]

Core Viewpoint - Kingsoft Cloud (03896) announced the grant of a total of 16.2055 million restricted stock units to several employee participants under the 2021 equity incentive plan, which represents approximately 0.36% of the company's total issued shares as of the announcement date [1] Summary by Relevant Sections - **Equity Incentive Plan** - The company will grant 16.2055 million restricted stock units to employees [1] - **Share Impact** - The granted units correspond to approximately 16.2055 million shares or about 1.0804 million American Depositary Shares, adjusted to the nearest whole number [1] - **Current Issued Shares** - The total number of shares issued by the company as of the announcement date is approximately 0.36% [1]

Core Viewpoint - Kingsoft Cloud (03896.HK) announced the grant of a total of 16,205,500 restricted stock units to several employee participants under the 2021 equity incentive plan, which represents approximately 0.36% of the company's total issued shares as of the announcement date [1] Summary by Categories - **Equity Incentive Plan** - The company granted 16,205,500 restricted stock units to employees [1] - This grant is part of the 2021 equity incentive plan [1] - **Impact on Shares** - The granted units correspond to approximately 16.21 million shares or about 1.08 million American Depositary Shares [1] - The total represents around 0.36% of the company's total issued shares as of the announcement date [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Kingsoft Cloud Holdings Limited 金山云控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3896） （納斯達克股票代碼：KC） 根據2021年股權激勵計劃授出受限制股份單位 根據香港上市規則第17.06A條、17.06B條及17.06C條，董事會宣佈，本公司於 2025年10月16日（美國東部時間）根據2021年股權激勵計劃的條款向若干僱員參 與者授出合共16,205,511個受限制股份單位，待予接納，相當於16,205,511股相關 股份或約1,080,367股美國存託股（向下調整至最接近之美國存託股整數）及本公告 日期本公司已發行股份總數約0.36%。 歸屬期： 授予僱員的16,205,511 個受限制股份單位將於相關授 出函中指明的歸屬開始日期的第一週年至第三週年期 間分批歸屬，包括歸屬期短於12個月的5,401,837 個受 限制股份單位。 根據本公司的公 ...

Group 1 - Major stock index futures are up, with Dow futures rising by 0.98%, S&P 500 futures up by 1.41%, and Nasdaq futures increasing by 1.96% [1] - Chinese concept stocks mostly rose, with Alibaba up by 5.18%, Pinduoduo up by 1.98%, JD.com up by 2.76%, and Ctrip up by 2.34%, while Baidu fell by 4.10% [1] - Star tech stocks also saw gains, with Nvidia up by 3.68%, AMD up by 4.24%, and Amazon up by 2.17% [1] Group 2 - Warner Bros. Discovery rejected Paramount's initial acquisition offer, citing it as too low, with the offer being around $20 per share [1] - Rare earth concept stocks experienced significant increases, with USA Rare Earth up by 23.58%, Critical Metals up by 21.23%, and MP Materials up by 11.55% [1] Group 3 - Marathon Digital Holdings (MARA) purchased 400 Bitcoins for approximately $46.29 million, increasing its total Bitcoin holdings to over 53,000 [2] - Tesla's domestic deliveries exceeded 240,000 units in Q3, contributing nearly half of the total deliveries for the quarter [2] Group 4 - Bank of America raised its gold price target to $5,000 per ounce for next year, with an average price forecast of $4,400 [3] - Toyota plans to launch its first mass-produced solid-state battery vehicle by 2027, aiming for advancements in range, charging speed, and performance [3]