Group 1 - The company's shares will resume trading at 9:00 AM on November 4, 2025 [1]

Core Insights - Microsoft has made a significant investment by signing a five-year contract worth $9.7 billion with Iris Energy (IREN) for GPU computing power, leading to a substantial increase in IREN's stock price [1][11] - The deal highlights Microsoft's strategy to address its infrastructure bottlenecks in AI, particularly in power supply and data center capabilities, rather than just focusing on GPU acquisition [2][4] - IREN is transitioning from a Bitcoin mining company to an AI cloud service provider, leveraging its existing infrastructure and clean energy resources [10][15] Investment Rationale - The partnership allows Microsoft to bypass lengthy approval processes and directly utilize IREN's existing facilities and clean energy, which is crucial for scaling AI operations [2][12] - Microsoft’s investment is seen as a response to real demand for computing power, contrasting with other tech companies that are criticized for their unclear spending strategies [6][9] - The collaboration is expected to enhance Microsoft's valuation stability as it focuses on tangible growth rather than speculative investments [9][15] Industry Trends - The energy supply is becoming a critical factor in the tech industry, with major companies like Microsoft, Google, and Amazon racing to secure renewable energy sources [11][14] - The shift towards nuclear energy is emerging as a potential solution to meet the growing power demands of data centers, with Microsoft exploring partnerships to develop nuclear power capabilities [12][14] - The trend indicates a transition from traditional cloud computing models to a more decentralized approach, where tech giants rely on independent operators for energy and computing resources [15][16] Company Positioning - Microsoft is positioning itself as a leader in the AI infrastructure space, moving from a software-centric model to one that integrates energy resources, thereby enhancing its competitive edge [15][16] - The investment in IREN signifies a strategic pivot towards building a self-sufficient energy and computing ecosystem, which could redefine the operational landscape for tech companies [15][16]

星巴克预计其中国零售业务的总价值将超过130亿美元，总价值由三部分构成：向博裕出让合资企业控 股权益所得、星巴克在合资企业中保留的权益价值，以及未来十年或更长时间内持续支付给星巴克的授 权经营收益。新成立的合资企业将继续以上海为总部，管理并运营目前遍布中国市场的8000家星巴克门 店，双方将致力于未来将星巴克在中国的门店规模逐步拓展至20000家。 资料显示，博裕投资创立于2011年，是一家深耕中国市场、布局全球的另类资产管理公司。目前，博裕 投资在香港、北京、上海和新加坡设有办公室，投资组合超过200家企业，构建了涵盖私募股权、公开 市场、基础设施及创业投资的多元化投资管理平台。 对此，星巴克咖啡公司董事长兼首席执行官倪睿安（Brian Niccol）表示："博裕在本地市场的经验与专 长，将有力加速星巴克在中国市场、特别是中小城市及新兴区域的拓展。我们将和志同道合的合作伙伴 一起努力，打造卓越的伙伴（员工）体验与世界一流的顾客服务，携手谱写星巴克在中国发展的全新篇 章。" 博裕投资合伙人黄宇铮表示："26年来，星巴克在中国成功塑造了标杆性的高端品牌形象，与中国顾客 建立了深厚的情感联结。我们既认同这一品牌的 ...

Core Viewpoint - Jefferies has raised the target price for China Hongqiao following the robust third-quarter performance of its main subsidiary [1] Group 1 - Jefferies increased the target price from HKD 26.90 to HKD 34.10 [1] - The company maintains a "Buy" rating on China Hongqiao [1]

RAFFLESINTERIOR(01376)发布公告，该公司股份将于2025年11月4日上午九时正起短暂停止买卖。 ...

Group 1 - The company Hengfa Optical (01134.HK) announced a temporary suspension of trading starting from 9 AM on November 4, 2025 [1]

智通财经APP讯，RAFFLESINTERIOR(01376)发布公告，该公司股份将于2025年11月4日上午九时正起 短暂停止买卖。 ...

格隆汇11月4日丨天成控股(02110.HK)发布公告，该公司的股份将于今天(4/11/2025)上午九时正起恢复买 卖。 ...

格隆汇11月4日丨RAFFLESINTERIOR(01376.HK)发布公告，该公司的股份将于今天(4/11/2025)上午九时 正起短暂停止买卖。 ...

Core Viewpoint - Starbucks has finalized a strategic partnership with Chinese alternative asset management firm Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][3][4]. Group 1: Joint Venture Details - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores across China, with plans to expand to 20,000 stores in the future [3]. - The deal values Starbucks' retail business in China at over $13 billion, which includes the equity transferred to Boyu, the retained equity value, and future royalty income [1][4]. - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [3]. Group 2: Financial Performance - For the fiscal year ending September 28, 2025, Starbucks China reported a revenue increase of 6% to $831.6 million, with a total annual revenue growth of 5% to $3.105 billion [6]. - The operating profit margin for Starbucks China has remained in double digits, with profits and margins improving for four consecutive quarters [6]. - Same-store sales in China grew by 2%, with transaction volume increasing by 9%, although the average ticket price declined by 7% [9]. Group 3: Market Position and Competition - Starbucks faces increasing competition from local brands like Luckin Coffee, which reported a 47.1% revenue growth in Q2, significantly outpacing Starbucks [11]. - Luckin Coffee has expanded its store count to 26,206, creating a substantial gap in market presence compared to Starbucks [12]. - The competitive landscape indicates that Starbucks is losing its previous dominant position in the Chinese market, necessitating a shift towards localization and partnership with local firms [11][13]. Group 4: Strategic Changes - Starbucks is implementing price adjustments and promotional activities to drive sales, including a price reduction on key products [7][8]. - The company is also enhancing its delivery services, which have seen record sales, contributing to overall revenue growth [8]. - The shift towards a more localized operational approach is seen as essential for Starbucks to maintain its brand identity while adapting to the Chinese market [10][13].