BOCOM International·2025-10-20 02:47Group 1: TSMC (Taiwan Semiconductor Manufacturing Company) - TSMC's 3Q25 revenue reached $33.1 billion, with a gross margin of 59.5%, exceeding previous expectations and guidance [3][4] - The company raised its full-year revenue guidance from a year-on-year increase of over 30% to approximately 35% [3][4] - Capital expenditure for 2025 is adjusted to $40-42 billion, with a mid-term AI revenue growth forecast of around 45% from 2024 to 2029 [4] Group 2: iQIYI - iQIYI's content supply in 3Q25 exceeded previous expectations, with a focus on the positive impact of new broadcasting regulations [5][6] - The target price for iQIYI is adjusted to $2.80, reflecting a potential upside of 35.9% based on a 15x 2026 P/E ratio [5] - The expected revenue for 3Q25 is $6.63 billion, with adjusted operating losses projected at $27 million and net losses at $150 million [6] Group 3: Market Indices - The Hang Seng Index closed at 25,247, down 2.21% for the day but up 17.80% year-to-date [7] - The S&P 500 index closed at 6,664, reflecting a year-to-date increase of 13.30% [7] - The Nasdaq index closed at 22,680, with a year-to-date increase of 17.45% [7]