Group 1: Hong Kong Stocks - Nocera Biotech (09969) fell over 8% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [1] - Pop Mart (09992) rose over 2% as new products sold out immediately, with Morgan Stanley optimistic about the company's sales momentum [1] - Bluec (00325) increased over 8% after launching new "building block cars" and "building block figures" at the WF2025 exhibition [1] - Huaxin Cement (06655) rose over 7% after announcing a name change to "Huaxin Building Materials" and a restricted stock incentive plan [1] - Mixue Group (02097) gained over 5% after announcing an investment of nearly 300 million in the fresh beer industry, potentially opening up long-term growth opportunities [1] - CATL (03750) dropped nearly 6% as the cornerstone lock-up period is set to expire on the 19th of next month, with both Morgan Stanley and others downgrading the company's H-share rating [1] - Dazhong Public Utilities (01635) rose over 9%, stating that its operations are normal and previously mentioned its stake in Shenzhen Capital Group [1] - Jinli Permanent Magnet (06680) increased nearly 1%, forecasting a year-on-year increase of 157%-179% in net profit attributable to shareholders for the first three quarters [1] Group 2: Gold Stocks - Gold stocks opened lower collectively, with China Gold International (02099) down over 7%, Zijin Mining International (02259) down over 1%, Shandong Gold (01787) down over 6%, and Chifeng Jilong Gold Mining (06693) down over 6% due to easing geopolitical tensions leading to a pullback in precious metals [2] Group 3: US Stocks - AMBO Education (AMBO.US) surged 61.06% after announcing the launch of a real-time translation platform, WeSpeak, for enterprises [3] - CenturyLink (VNET.US) fell 3.13% as Goldman Sachs included it in a "strong buy" list for the Asia-Pacific region [3] - UiPath (PATH.US) rose 18.81% after announcing multiple collaborations with major tech companies like NVIDIA, OpenAI, Google, Microsoft, and Snowflake [3] - Tuniu (TOUR.US) decreased by 0.51%, despite a double-digit increase in user travel during this year's "Double Festival" holiday compared to last year [3] - Tesla (TSLA.US) fell 0.72% after reports that production of its humanoid robot, Optimus, has been paused [3] - Toyota (TM.US) dropped 2.97% after a recall of over 390,000 vehicles in the US due to software errors [3] - Lloyds Bank (LYG.US) decreased by 3.67% as it may need to increase provisions following a compensation plan for mis-sold auto loans [3] - Ferrari (RACE.US) fell 14.99%, reaching a six-month low as long-term profit guidance fell below expectations [4] - TSMC (TSM.US) decreased by 1.52%, projecting a consolidated revenue of approximately NT$330.98 billion for September 2025, a 1.4% decrease quarter-on-quarter but a 31.4% increase year-on-year [4] - PepsiCo (PEP.US) rose 4.23% with Q3 net revenue increasing by 2.7% to $23.94 billion, and core EPS of $2.29, both exceeding expectations [4]

Core Insights - VNET Group (NASDAQ: VNET) is considered a "Buy" due to increasing orders and a key client's intent to invest more in the Data Center space [1] Company Overview - VNET Group is part of the Asia Value & Moat Stocks research service, which targets value investors looking for significant discrepancies between stock prices and intrinsic values, focusing on deep value balance sheet bargains and wide moat stocks [1][2] Market Trends - There is a growing interest in the Data Center sector, indicated by the key client's plans to increase spending, which may positively impact VNET's business performance [1]

I am positive on VNET Group (NASDAQ: VNET ). My view is that VNET is entering a strong growth phase, driven by accelerating AI-related demand, improving order momentum, and disciplined execution. Nearly all new wholesale orders are now AI-driven, whichI'm a passionate investor with a strong foundation in fundamental analysis and a keen eye for identifying undervalued companies with long-term growth potential. My investment approach is a blend of value investing principles and a focus on long-term growth. I ...

Core Viewpoint - Century Internet (VNET.US) is experiencing a positive market response, with a pre-market increase of nearly 2% to $10.08, following a report from Goldman Sachs that includes the company in its "Strong Buy" list for the Asia-Pacific region [1] Group 1: Company Transformation - Century Internet is transitioning from a traditional retail IDC operator to a rapidly growing wholesale IDC operator, benefiting from increasing investments in AI [1] - The company is expected to enter a phase of accelerated revenue and EBITDA growth over the next few years [1] Group 2: Financial Projections - Goldman Sachs projects a compound annual growth rate (CAGR) of 52%-55% for wholesale IDC business revenue and EBITDA from 2024 to 2027 [1] - The overall EBITDA margin for the company is anticipated to increase from 29.4% to 33.3% [1] - A target price of $13 for the next 12 months has been set for Century Internet [1]

Core Viewpoint - Goldman Sachs has included CenturyLink (VNET.US) in its "Strong Buy" list for the Asia-Pacific region, making it the only IDC company on this list, highlighting its transition from traditional retail IDC operations to high-growth wholesale IDC operations, benefiting from increasing AI investments [1][2] Group 1: Company Transformation and Growth Potential - CenturyLink is expected to derive approximately 75% of its revenue from IDC business and 25% from cloud computing and value-added services by 2025 [1] - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 52%-55% for CenturyLink's wholesale IDC business revenue and EBITDA from 2024 to 2027 [1] - The overall EBITDA margin for the company is projected to increase from 29.4% in 2024 to 33.3% in 2027 [1] Group 2: Market Dynamics and Order Growth - Due to the rapid growth in AI demand and reduced reliance on foreign chips, CenturyLink's new order volume is expected to significantly increase by the end of 2025 or early 2026, supported by its quick delivery capabilities for AI hyperscale clients [2] - If NVIDIA's Blackwell architecture-based chips for China receive approval, CenturyLink's new order volume in 2026 could be even stronger [1] Group 3: Valuation and Price Target - CenturyLink's current stock price corresponds to a forward EV/EBITDA of about 10 times for the next 12 months, with a projected EBITDA CAGR of 23% from 2024 to 2027 [2] - As new orders materialize and the contribution of wholesale IDC business to revenue and EBITDA increases, there is potential for further valuation recovery, with a target price of $13 based on a 12 times forward EV/EBITDA for 2026 [2]

Core Viewpoint - Chinese concept stocks are regaining popularity on Wall Street, with the KWEB index showing a 50% return this year after a significant decline from 104 USD in early 2021 to 21 USD by the end of 2024, reflecting a nearly 80% drop during a severe bear market [2][3][4] Group 1: Performance of Chinese Stocks - The recent surge in Hong Kong stocks, particularly the Hang Seng Index surpassing 27,000 points, indicates a strong interest from overseas investors, even in the absence of domestic capital due to holidays [3][4] - Major Chinese tech stocks like Alibaba and Baidu have seen significant gains, with Alibaba rising 3.59% and Baidu 2.03%, driven by themes such as cloud services and data centers [3][4] - The performance of Chinese stocks is now closely linked to the AI boom, with companies like Cambricon Technologies reporting a 43-fold increase in revenue and achieving profitability for the first time [7][8] Group 2: Investment Trends and Market Sentiment - International investors are showing unprecedented interest in Chinese stocks, with many investment banks reporting high levels of engagement during recent roadshows [4][21] - The capital expenditure by major Chinese cloud service providers (BAT) has significantly increased, with Alibaba and Baidu's capital expenditures growing by 57% and 30% respectively in Q2 2025 [16][17] - The market is witnessing a shift where foreign investors are beginning to view Chinese tech stocks as undervalued compared to their U.S. counterparts, leading to potential inflows of capital [19][22] Group 3: AI and Data Center Developments - The advancements in self-developed AI chips and the expansion of cloud services among Chinese tech giants are enhancing their valuations and attracting investor interest [4][8] - Companies like GDS and CenturyLink are identified as major beneficiaries of the growing demand for data centers, with their stock prices reflecting this trend [8][9] - The Chinese AI industry is expected to accelerate, with significant investments in infrastructure and technology, positioning it to catch up with global standards [14][15][17]

Group 1 - KWEB (KraneShares CSI China Internet ETF) has achieved a remarkable return of 50% this year, indicating a resurgence of interest in Chinese internet stocks on Wall Street [1] - The KWEB index fell from $104 at the beginning of 2021 to $21 by the end of 2024, reflecting a nearly 80% cumulative decline due to regulatory policies, a weak macro environment, and strained US-China relations [2] - There has been a noticeable increase in foreign investment interest in Hong Kong and A-shares, with discussions about China's investability no longer prevalent [3][4] Group 2 - The recent surge in Hong Kong stocks, particularly the Hang Seng Index surpassing 27,000 points, is primarily driven by overseas capital, even in the absence of southbound funds during the holiday [5] - Major Chinese tech companies like Alibaba and Baidu have seen significant stock price increases, benefiting from themes such as cloud services and data centers [5][7] - Analysts from Wall Street have reported a peak in international investor interest in Chinese stocks, with many roadshows conducted in the US and Asia [6] Group 3 - The AI wave in the US has finally linked to the Chinese stock market, leading to substantial gains in the semiconductor, hardware, and internet sectors, driven by advancements in self-developed chips and increased cloud business contributions [7][12] - The capital expenditure of major Chinese cloud service providers (BAT) has surged, with Alibaba and Baidu showing significant increases in their capital spending [27][28] - The growth prospects for Chinese data center companies like CenturyLink and GDS are optimistic, with increased demand for AI-related services and infrastructure [15][17] Group 4 - The recent developments in AI and domestic chip advancements have created a favorable environment for the Chinese stock market, mirroring the bullish trends seen in the US [20][22] - The capital expenditure of Chinese cloud service providers is rapidly catching up to that of their US counterparts, with a notable increase in spending [32] - The stock prices of Chinese data center companies have nearly doubled, reflecting the exponential growth in demand for AI-driven computing and storage solutions [33] Group 5 - International investors are showing strong interest in Chinese stocks, although long-term investments may take time to materialize [39][40] - Despite concerns over economic performance, particularly in real estate and consumption, the resilience of the Chinese stock market is expected to continue [41][42] - The upcoming events, including US-China negotiations and Federal Reserve decisions, will be crucial in shaping market sentiment and investment flows into Chinese equities [41][42]

Market Performance - The three major US stock indices closed lower, with the Dow Jones down 0.2%, Nasdaq down 0.67%, and S&P 500 down 0.38% [1] - Popular tech stocks mostly declined, with Tesla dropping over 4% and Google down over 1%, while AMD and Intel saw gains of over 3% and 1% respectively [1] - The cryptocurrency sector and semiconductor equipment and materials faced significant declines, with Strategy down over 8% and ASML down nearly 4% [1] Chinese Market - The Nasdaq Golden Dragon China Index fell by 2.24%, with major Chinese concept stocks experiencing widespread declines, including Century Internet down over 6% and Alibaba down over 3% [3] Commodity Market - COMEX gold futures rose by 0.79%, closing at $4007.9 per ounce, while COMEX silver futures fell by 1.64%, closing at $47.655 per ounce [4] - WTI crude oil futures increased by 0.06%, closing at $61.73 per barrel, while Brent crude oil futures decreased by 0.03%, closing at $65.45 per barrel [5] French Bond Market - The French bond market faced severe sell-offs amid political turmoil, with the 10-year bond yield surpassing 3.6%, nearing levels seen during the 2011 Eurozone crisis [6] - The resignation of key political figures, including the newly appointed Defense Minister Le Maire, has raised concerns about France's fiscal stability [6][7] Global Market Trends - During the recent holiday period, overseas markets showed strong performance, particularly in the technology and semiconductor sectors, driven by positive sentiment and expectations for AI demand [9] - Gold prices surged due to geopolitical tensions and macroeconomic uncertainties, reflecting a strong demand for gold as a safe-haven asset [11] - The overall market sentiment is positive, with expectations for domestic markets to improve following strong performances in overseas markets [12][14]

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 1.44%, indicating a positive trend in popular Chinese concept stocks [1] Company Performance - Baidu and Century Internet both rose over 4% [1] - JD.com saw an increase of over 3% [1] - Alibaba experienced a rise of over 2% [1] - Bilibili and Xpeng Motors both increased by over 1% [1]

Core Viewpoint - Century Internet (VNET.US) has shown a positive market response with a 4% increase in stock price, reaching $10.83, driven by strong future growth prospects and strategic investments in data center capacity and green energy initiatives [1] Company Summary - Century Internet plans to increase its total data center capacity to 10GW by 2036, indicating a robust long-term growth strategy [1] - The company is expected to significantly boost its capital expenditure to between 10 billion and 12 billion yuan in 2025, representing a year-on-year growth of 101% to 141% [1] - The delivery volume of new IDC (Internet Data Center) projects is projected to exceed the total delivery volume of the previous three years, reflecting aggressive expansion efforts [1] - The company has experienced a rapid increase in IDC utilization rates, with expectations for accelerated performance growth in the first half of 2025 [1] Industry Summary - The IDC sector in China is witnessing rapid expansion, with Century Internet positioned as a leading player, benefiting from increasing demand for intelligent computing and data center services [1] - The strategic focus on green energy connections is anticipated to enhance profitability, aligning with industry trends towards sustainability [1]