What I really want to get your perspective on is China's domestic supply right now and how much you've long been concerned about our exposure in the US to Taiwan and the like. How much is China making strides. Yeah, well, I think when we talk about China's ability to have an advanced semiconductor sector, the question is, can China make fabs.Can they make equipment. The question has always been, will they have access to EUV lithography tools or be able to make their own. And the reporting that came out yest ...

17 December 2025 | 12:40PM HKT Portfolio Strategy Research ASIA STRATEGY BASKETS Focusing on Value Cyclicals, AI, and Policy-Driven Themes Our strategy baskets provide investors with a unique investment platform to generate ideas and track Asian equities through macro slices, geographic exposure, styles/factors, positioning, and thematic lenses. In this update, we rebalance 50 strategy baskets, which can be tracked in real time on Bloomberg and GS Marquee. Top Basket and Thematic Ideas Alvin So, CFA +852-29 ...

Tencent has appointed Yao Shunyu as its chief AI scientist, entrusting the former OpenAI researcher with heading up its artificial intelligence efforts https://t.co/cuvEDS3hdA ...

Accessible version Last month, long-only funds' largest share purchases globally were TSMC, Rocket Companies, Apple, Tencent, and Robinhood Markets. In contrast, funds selling was for Meta, Naspers, NVIDIA, SanDisk, and JPMorgan Chase. The most well held stocks globally by long-only funds are TSMC (91%), SRM (88%), Microsoft (84%), NVIDIA (73%), Amazon (73%), and Tencent (72%). Crowded Positives and Crowded Negatives Analysis shows "Crowded Positives" (high ownership + positive Triple Momentum) tend to outp ...

HONG KONG, Dec. 10, 2025 (GLOBE NEWSWIRE) -- KraneShares, a global asset manager known for its research-driven, high-conviction investment strategies, today announced that the ICBC UBS KraneShares KWEB CSI China Internet ETF will be listed on the Hong Kong Stock Exchange (HKEX) through a partnership with ICBC UBS International (ICBCUBSI), the ETF’s Hong Kong issuer. The ETF will be available in HKD (03102 HK), USD (09102 HK), and RMB (83102 HK) trading counters. ICBC UBS KraneShares KWEB CSI China Internet ...

This year, Tencent’s gaming business scored record sales, defying an industry slowdown with international hits like zombie horror Dying Light: The Beast.The sales bonanza, at a time when many rivals are struggling to sustain profitability, reflects a multiyear push by Tencent veteran Michelle Liu to use a hands-on approach to craft blockbuster games. https://t.co/SEvOt48ScL📷: Tencent Holdings Ltd. ...

This year, Tencent’s gaming business scored record sales, defying an industry slowdown with international hits like zombie horror Dying Light: The Beast https://t.co/m2mimFKACv ...

Core Investment Thesis - Baidu (BIDU) presents an attractive investment opportunity in China's technology sector, trading at a forward price-to-earnings ratio of 20.37x, significantly lower than the Zacks Internet-Services industry's 29.57x and the Zacks Computer and Technology sector's 29.03x [1][2] Apollo Go Expansion - Baidu's Apollo Go has achieved early commercial viability, providing 3.1 million fully driverless rides in Q3 2025, a 212% increase year-over-year, with cumulative rides exceeding 17 million by November 2025 [5] - The platform's expansion into Switzerland and Abu Dhabi, along with broader testing in Hong Kong, indicates growing regulatory confidence in its technology [5] - Apollo Go operates in 22 cities with 100% fully driverless service in major Chinese markets, maintaining a competitive edge despite rising competition from Tesla and Alibaba-backed AutoX [5] AI Infrastructure and Long-Term Growth - Baidu's AI infrastructure strategy, centered around the ERNIE 5.0 model, is a key driver for long-term growth as enterprises transition to AI-native workflows [6] - The AI Cloud Infrastructure generated RMB 4.2 billion in Q3 2025, reflecting a 33% year-over-year increase, despite competition from Alibaba Cloud and Tencent [6] Advertising Business Challenges - Baidu's online marketing revenues fell 18% year-over-year in Q3 2025 to RMB 15.3 billion, impacted by a weak advertising market and competition from e-commerce and social media platforms [8] - The core advertising segment, historically a major revenue source, faces pressure from macroeconomic uncertainties and shifts in advertiser preferences [8] Share Price and Earnings Trends - Baidu shares increased by 45.8% over the past year, underperforming the Zacks industry's 67.7% growth and trailing Alibaba and Tencent's gains [9] - The Zacks Consensus Estimate for Q4 earnings per share is $1.50, indicating a 42.97% year-over-year decline, while the 2025 earnings estimate is $7.16 per share, reflecting a 32% annual decline [12] Conclusion - Baidu's investments in AI, cloud services, and autonomous driving position it well within China's technology transformation, but ongoing advertising weakness and uncertain AI monetization timelines limit near-term profitability [13] - The stock's valuation discount compared to industry peers suggests a cautious investor sentiment, with existing shareholders advised to hold and new investors potentially waiting for a clearer entry point [13]

（来源：PaperWeekly） NeurIPS 2025 刚刚在圣地亚哥落下帷幕。 作为全球 AI 领域的风向标，今年的 OpenReview 数据比往年更具冲击力。5825 篇接收论文刷新了历史记录，但如果只看数字，你可能会错过今年最本质 的变化。 结合 AI World 的两份深度报告以及我们挖掘的全量数据，一个清晰的新秩序浮出水面。 中美双极格局固化，LLM 的单纯架构红利正在边际递减，强化学习与具身智能全面接管赛场。 而最残酷的真相是：学术界与工业界的界限已被打破，算力与人才的深度绑定，成为了通往 SOTA 的唯一门票。 榜首易主：全量反超与头部博弈 今年数据的最大看点，在于全量和头部两个维度的反差。大多数人只盯着 Top 50 榜单看，觉得 Google 还是稳坐榜首。但如果把范围拉大到所有机构，清 华其实已经在总量上拿到了第一。 这两张图，说明了两个完全不同的问题。 1. 全量总榜 首先看包含所有长尾机构的全量统计（All）。中国高校靠着庞大的科研规模，在数量上压过了工业界巨头。 | Tsinghua | | University of Chinese ... | | Beijing .. | ...

The review gained momentum after Donald Trump posted on Truth Social on Monday that he had informed Chinese President Xi Jinping that the US would allow Nvidia to ship H200 chips to approved customers in China. Trump added that 25% would be paid to the United States, though he did not provide further details on how this arrangement would work. China is preparing to tighten access to Nvidia's H200 chips even as the technology edges closer to returning to the local market. As per a Financial Times reports, of ...