Core Viewpoint - The US stock market showed collective gains on September 29, with the Dow Jones, S&P 500, and Nasdaq indices rising, despite previous week weaknesses attributed to concerns over AI-related investments and potential tariffs on foreign films [1][2]. Market Performance - The Dow Jones index closed at 46,316.07, up 0.15% (+68.78 points) - The S&P 500 index closed at 6,661.21, up 0.26% (+17.51 points) - The Nasdaq composite index closed at 22,591.15, up 0.48% (+107.09 points) - The previous week saw the S&P 500 index experience its worst weekly performance since August 1, while the Nasdaq had its weakest week since early August [1][2]. AI and Market Sentiment - Concerns regarding the sustainability of AI infrastructure collaborations between Nvidia and OpenAI have put pressure on the market - Barclays' US equity strategy head, Venu Krishna, noted that capital expenditures in the AI sector continue to drive market momentum, with no signs of slowing down - Other sectors are expected to benefit from the AI infrastructure spending wave, particularly given the high weighting of the technology sector in the S&P 500 [2]. Tariff Implications - Hargreaves Lansdown's chief investment strategist, Emma Wall, highlighted that the impact of tariffs on inflation has not yet been fully reflected in data, and further tax increases could heighten price pressures - Trump's proposal to impose 100% tariffs on films produced outside the US has raised concerns among investors [3][4]. Federal Government Shutdown Concerns - The potential for a federal government shutdown is causing market anxiety, particularly regarding delays in key economic data releases that could obscure the Federal Reserve's interest rate outlook - Historical data suggests that government shutdowns have minimal direct impact on markets, but uncertainty surrounding economic indicators could dampen market sentiment [4]. Technology Sector Performance - Major tech stocks showed mixed results, with Nvidia up 2.07%, Microsoft up 0.61%, while Apple fell 0.4% and Google down 1.14% - The Philadelphia Semiconductor Index reached a historical high during the day but closed up only 0.16% - Micron Technology rose 4.22% due to reports of shortages in the DRAM and NAND flash memory markets, with expectations of price increases in the upcoming quarters [5][6]. Notable Stock Movements - Seagate Technology rose 5.35% and Western Digital increased by 9.23%, following a significant price target upgrade from Morgan Stanley, citing a recent demand turnaround - The copper and metals sector saw strong performance, with Hudbay Minerals up 7.42% and Ero Copper up 7.14% - Electronic Arts (EA) rose 4.5% after announcing a final acquisition agreement valuing the company at $55 billion [7]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index increased by 2.03%, with notable gains in several Chinese stocks, including Xiaoma Zhixing up 7.32% and Alibaba up 4.65% [8].

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Core Viewpoint - The majority of popular Chinese concept stocks experienced an increase on Monday, with the Nasdaq Golden Dragon China Index rising by 2.03% [1] Group 1: Stock Performance - Xunlei saw a significant increase of over 9% [1] - Bilibili, Alibaba, New Oriental, Sohu, and Youdao each rose by over 4% [1] - Li Auto and JD.com increased by over 3% [1] - Baidu, NetEase, and NIO rose by over 2% [1] - XPeng experienced an increase of over 1% [1]

Market Performance - The three major US stock indices opened higher but showed mixed performance, with the Dow Jones down by 0.19% while the Nasdaq and S&P 500 saw slight increases [1] - Chinese concept stocks collectively rose, with the Nasdaq China Golden Dragon Index increasing by over 2% at one point and closing up by 1.55% [2] Notable Stocks - Among the notable gainers, Pony.ai rose nearly 7%, while New Oriental, Xunlei, and Bilibili all increased by over 4% [2] - Specific stock performances include: - Nasdaq China Golden Dragon Index at 8662.95, up 1.55% [3] - Pony.ai at 22.570, up 6.61% [3] - New Oriental at 53.850, up 4.87% [3] - Bilibili at 27.140, up 4.02% [4] Commodity Prices - Crude oil prices fell approximately 3.65%, reaching a low of $63.30 per barrel [4] - Spot gold prices rose about 1.8%, hitting a new historical high of $3832.75 per ounce [5]

Market Overview - U.S. stocks exhibited mixed performance, with the Nasdaq Composite increasing by over 100 points on Monday [1] - Cannabis-linked stocks experienced significant gains following President Trump's video promoting the health benefits of cannabis [1] Company Highlights - Tilray Brands, Inc. (NASDAQ: TLRY) saw a sharp increase in shares, rising 39.2% to $1.5983 [1] - Merus N.V. (NASDAQ: MRUS) gained 36.6% to $94.14 after Genmab agreed to acquire the company for $97 per share [4] - Better Home & Finance Holding Company (NASDAQ: BETR) increased by 20.1% to $63.60, supported by a $75 million at-the-market offering for Class A shares [4] - BTQ Technologies Corp. (NASDAQ: BTQ) jumped 20% to $6.36, as Danal began proof-of-concept for BTQ's quantum-secure Stablecoin settlement network [4] - SNDL Inc. (NASDAQ: SNDL) rose 18.8% to $2.77, benefiting from the positive sentiment around cannabis stocks [4] - Innoviz Technologies Ltd. (NASDAQ: INVZ) increased by 15.6% to $1.9701 after Goldman Sachs upgraded the stock from Neutral to Buy, raising the price target from $1.50 to $2.50 [4] - Sandisk Corporation (NASDAQ: SNDK) shares jumped 14.3% to $111.06 [4] - GDEV Inc. (NASDAQ: GDEV) rose 12.7% to $29.24 [4] - Ondas Holdings Inc. (NASDAQ: ONDS) gained 12.2% to $8.59 [4] - Pony AI Inc. (NASDAQ: PONY) increased by 10.3% to $23.36, with Citigroup initiating coverage with a Buy rating and a price target of $29 [4] - Galaxy Digital (NASDAQ: GLXY) gained 9.5% to $33.85 [4] - Western Digital Corporation (NASDAQ: WDC) rose 9% to $116.48 after Rosenblatt raised its price target from $90 to $125 while maintaining a Buy rating [4] - New Oriental Education & Technology Group Inc. (NYSE: EDU) increased by 5% to $53.85, with B of A Securities maintaining a Buy rating and raising the price target from $56.2 to $58.2 [4] - GLOBALFOUNDRIES Inc. (NASDAQ: GFS) rose 5% to $37.40 following a collaboration announcement with Corning for developing detachable fiber connector solutions [4]

Group 1 - The Nasdaq China Golden Dragon Index increased by 2% on Monday, indicating a positive trend in the market for Chinese stocks listed in the U.S. [1] - Popular Chinese concept stocks saw significant gains, with PONY.US and EDU.US rising nearly 9%, TIGR.US increasing over 5%, and BABA.US climbing nearly 4% [1] - Other notable performers included LI.US, which rose by 3%, and BIDU.US, which increased by over 2% [1]

Group 1 - New Oriental's Hong Kong stock surged nearly 8%, leading to a nearly 6% pre-market increase in its US stock [1] - Daiwa's research report indicates that New Oriental's overall business development is stabilizing, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [1] - Daiwa raised New Oriental's revenue forecasts for the fiscal years 2026 to 2028 by 1% to 2%, and adjusted earnings per share forecasts upward by 0.2% to 5% [1] Group 2 - As of September 26, New Oriental's closing price was $51.350, with a market capitalization of $8.172 billion [1] - The stock's trading volume was 569,900 shares, with a price-to-earnings ratio (TTM) of 22.33 [1] - The stock has a 52-week high of $82.675 and a low of $40.660, indicating significant price volatility [1]

Group 1 - New Oriental-S (09901) shares increased by over 5%, reaching a price of HKD 41.62 with a trading volume of HKD 114 million [1] - Guosheng Securities reported that as of FY25Q4, the company's deferred revenue (customer prepayments) was USD 1.955 billion, reflecting a year-over-year increase of 9.8%, indicating growth in the collection side which supports future revenue [1] - The company projects FY2026Q1 net revenue (including Dongfang Zhenxuan) to grow by 2% to 5% year-over-year, reaching USD 1.464 to 1.507 billion, with conservative guidance due to a high base in FY25Q1 and rescheduling of K12 business due to the early Spring Festival in 2025 [1] Group 2 - Daiwa noted that after reviewing New Oriental-S's operational status for the summer semester of 2025 and the performance of Dongfang Zhenxuan for FY2025, the overall business development of the group appears stable, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [2] - New Oriental announced plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from FY2026 [2] - Daiwa believes that the anticipated shareholder return ratio could significantly exceed the group's commitment of 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the shares [2]

Group 1 - New Oriental Education & Technology Group (09901.HK) saw its stock price increase by over 5% on September 29, reaching a price of 41.62 HKD [1] - The trading volume for New Oriental was reported at 114 million HKD [1]

Group 1 - New Oriental-S (09901) shares increased by over 5%, reaching a price of HKD 41.62 with a trading volume of HKD 114 million [1] - Guosheng Securities reported that as of FY25Q4, the company's deferred revenue (customer prepayments) was USD 1.955 billion, reflecting a year-over-year increase of 9.8%, indicating growth in the collection side which supports future revenue [1] - The company projects FY2026Q1 net revenue (including Dongfang Zhenxuan) to grow by 2% to 5% year-over-year, reaching USD 1.464 to 1.507 billion, with conservative guidance due to a high base in FY25Q1 and rescheduling of K12 business due to the early Spring Festival in 2025 [1] Group 2 - Daiwa noted that after reviewing New Oriental-S's operational status for the summer semester of 2025 and the performance of Dongfang Zhenxuan for FY2025, the overall business development of the group appears stable, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [2] - New Oriental announced plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from FY2026 [2] - Daiwa believes that the anticipated shareholder return ratio could significantly exceed the group's commitment of 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the shares [2]