Zhao Yin Guo Ji·2025-11-03 05:22Market Overview - Global markets showed mixed performance, with the Hang Seng Index down 1.43% and the Shanghai Composite Index down 0.81%, while the US markets saw slight gains, particularly the Nasdaq which rose by 0.61% [1][3] - Southbound capital saw a net inflow of HKD 8.719 billion, with Xiaomi, Meituan, and 3SBio leading in net purchases, while Tencent and SMIC experienced significant net sales [3] Economic Insights - China's manufacturing PMI fell to its lowest level since 2008, indicating a further slowdown in economic activity for Q4, with expectations of policy easing from the central bank [4] - The real estate sector continues to face challenges, with a 16.3% year-on-year decline in sales for the top 100 property companies from January to October, and a further drop in second-hand housing prices [4] Industry Analysis - The CIS market is expected to grow by 6.4% in 2024, reaching USD 23 billion, driven by the adoption of automotive ADAS and emerging applications like smart glasses [4][5] - The competitive landscape in the CIS industry is becoming more concentrated, with leaders like Sony pushing technological boundaries while competitors like Samsung focus on high-resolution solutions [5] Company Performance - Amazon reported Q3 2025 revenue of USD 180.2 billion, a 13.4% year-on-year increase, with AWS revenue exceeding expectations [6] - Coinbase's Q3 2025 revenue grew by 59% year-on-year to USD 1.79 billion, driven by strong trading performance [6] - Zhongji Xuchuang achieved record quarterly revenue of RMB 10.2 billion, a 57% year-on-year increase, supported by strong demand for 800G optical modules [7]