Core Viewpoint - China's leading telecommunication firms, Huawei and ZTE, have secured multiple contracts this year to supply 5G equipment in Vietnam, indicating a strengthening relationship between Hanoi and Beijing, which raises concerns among Western officials [1] Group 1 - Huawei and ZTE are the primary companies involved in the 5G equipment supply contracts in Vietnam [1] - The contracts signify a deepening of ties between Vietnam and China, reflecting geopolitical shifts in the region [1] - The involvement of these Chinese firms has raised alarms among Western officials regarding security and influence in Southeast Asia [1]

Core Insights - Huawei will host the launch of its flagship product "Unfold the Moment" on December 11, 2025, in Dubai, UAE, featuring innovative products including the HUAWEI Mate X7 foldable smartphone, HUAWEI FreeClip 2 open-ear TWS earbuds, HUAWEI WATCH ULTIMATE DESIGN, and HUAWEI MatePad 11.5 S [1][2][3][4] Product Highlights - The HUAWEI Mate X7 will showcase advanced dual-fold technology, enhanced reliability, and mobile photography quality comparable to top non-foldable smartphones. Huawei holds a 70% market share in the Chinese foldable phone market, with over 10 million devices shipped in the first half of 2025 [2] - HUAWEI FreeClip 2 earbuds will continue the tradition of breathable listening with significant improvements in audio quality, comfort, and versatility, ensuring clearer and more comfortable listening throughout the day [3] - HUAWEI WATCH ULTIMATE DESIGN will feature a cutting-edge design using premium materials and support a wide range of advanced functionalities [3] - HUAWEI MatePad 11.5 S will represent Huawei's peak experience in the tablet sector since 2014, featuring a new and improved PaperMatte display, ideal for working and studying on the go [4] Innovation Commitment - Huawei's commitment to user experience and innovation has positioned the company at the forefront of research and development, leading to a continuous stream of groundbreaking innovations. The company looks forward to collaborating with users worldwide to "Unfold the Moment," embracing the extraordinary possibilities of tomorrow's technology [5]

Summary of Conference Call on AI Infrastructure and Related Industries Industry Overview AI Data Center (AIDC) - China's AIDC market experienced a significant surge in the second half of 2025, driven by rapid AI adoption and advancements in domestic chip technology [1][7] - ByteDance's token usage increased dramatically from 4 trillion in February to 30 trillion in September 2025 [1][7] - AIDC investments are primarily led by cloud vendors, telecom operators, and third-party firms, with construction costs ranging from RMB 17,000 to 23,000 per kW [1][8][9] - Major players like ByteDance, Tencent, and Huawei are actively pursuing new data center projects, including a notable 800MW park for ByteDance [1][10] Liquid Cooling - Liquid cooling technology in China has low adoption rates, remaining below 10% in 2025, compared to over 3,000 units deployed overseas [2][14] - The market for liquid cooling is projected to grow at a 64% CAGR from 2025 to 2030, with penetration expected to rise from 10% in 2025 to 45% by 2030 [2] - Cold plate systems dominate the liquid cooling market with a 90% share, while immersion cooling faces high costs and lacks standardization [2][15] - Domestic competition is intense, leading to significant price gaps; CDU pricing ranges from US$10 to 230 per kW [2][16] Optical Fiber - China accounts for approximately 50% of global fiber demand, with projections of 260 million fiber-km domestically and 568 million globally by 2025 [3][19] - The optical cable market is expected to grow at a 5% CAGR, with a shift towards high-end products like G654E fiber and hollow-core fiber [3][20] - Profitability in the optical fiber market is concentrated upstream, with preforms contributing 70% of profits, fiber 20%, and cables only 10% [3][22] - Intense domestic competition has led to price reductions, making it challenging for smaller players to survive [3][21] Key Insights AIDC Developments - The AIDC market is rebounding due to broader AI applications across various sectors, including manufacturing and healthcare [7] - Domestic chips are being commercially deployed, although they still lag behind NVIDIA's technology [7] - The construction of training clusters in western China is part of the "Eastern Data, Western Computing" strategy [8] Liquid Cooling Market Dynamics - The domestic AI market is in an early stage of rapid growth, with server memory prices tripling [13] - Liquid cooling systems are becoming critical components of the data center value chain, with export opportunities emerging [11][18] - Future growth in liquid cooling will depend on cost reductions and advancements in microchannel technology [2][18] Optical Fiber Market Trends - The demand for fiber optic communication is projected to reach nearly 170 million fiber-kilometers in 2025 [19] - Export opportunities are concentrated in Southeast Asia, while Europe and North America present challenges due to trade barriers [20] - Emerging technologies like hollow-core fiber and multi-core fiber are expected to enhance competitiveness in the market [21] Conclusion - The AIDC, liquid cooling, and optical fiber industries are poised for significant growth driven by technological advancements and increasing demand for AI applications. However, challenges such as intense competition and reliance on imported components may impact profitability and market dynamics in the near future.

Before you go, Dearra, Alibaba shares are on the move today following a Bloomberg report that says the Pentagon is suggesting putting the company on a list for helping the Chinese military. What do we know about that story. >> So, this really follows the pattern that I have just been talking about.Chinese, the industry, Beijing, it's concerned about being restricted to US tech and it knows that it has to rely and build up its own AI champions like an Alibaba. So the US is increasingly viewing China's entire ...

China's first ever domestic GPU maker, More Threads, is readying a public debut in Shanghai. Now, it was founded by former Nvidia employees now trying to take on the chip giant itself. Dear Drabosa has more in today's tech check.Uh, Deardra, this is all about GPUs and just what it can do in the domestic Chinese market. >> Yeah, and it's about a story I know we're going to talk to as well is securing China securing its own supply for Nvidia in particular. This could also be a two-front challenge.Google's TPU ...

Before you go, Dearra, Alibaba shares are on the move today following a Bloomberg report that says the Pentagon is suggesting putting the company on a list for helping the Chinese military. What do we know about that story. >> So, this really follows the pattern that I have just been talking about.Chinese, the industry, Beijing, it's concerned about being restricted to US tech and it knows that it has to rely and build up its own AI champions like an Alibaba. So the US is increasingly viewing China's entire ...

This chart triggers two emotions in meGold keeps carving our new all-time highs and was recorded at over $4,100 per ounce yesterday.On the one hand:I’m happy because I’ve always been over-invested in goldBut I am also worried because I don’t want to live in a world where gold moons like some crypto sh*tcoinWhy is gold reaching new highs?Some potential reasons:Trust is broken. In a world where the US and the EU seize assets of sovereign nations (Russian assets, and more recently even Chinese companies in the ...

Summary of Key Points from the Conference Call Industry Overview - The discussion centers around the **Global Semiconductors** industry, particularly focusing on the **AI compute race** between the **US** and **China** [1][2][14]. Core Insights and Arguments - The US is projected to add **over 25 ZFLOPs** in AI accelerated compute capacity by **2025**, while China is expected to add **less than 1 ZFLOP** [3][15]. - China is estimated to ship **1.5 million** local AI chips in **2025**, contributing approximately **0.6 ZFLOPS** to its compute capacity, while US competitors like Nvidia are expected to add **18 ZFLOPS** from **4 million** chips [3][21]. - Despite China having a higher total power capacity addition of **over 500 GW** in **2025**, the US has added more data center capacity, with **5.3 GW** in **2024** compared to China's **3.9 GW** [4][19]. - Chinese Cloud Service Providers (CSPs) are reportedly more conservative in AI investments, with an estimated **AI capex of $90 billion** in **2025**, which is about **20%** of the US/Europe hyperscaler and neocloud capex of **$400 billion** [4][19]. Additional Important Insights - China's semiconductor wafer capacity is approximately **30%** of the global total, but it lacks leading-edge logic capacity, holding only **20%** of the global logic capacity and **7%** for **7nm or smaller** nodes [5][19][35]. - The US's ability to leverage its allies, particularly South Korea and Taiwan, for chip production is highlighted, indicating that the US itself does not have sufficient chip capacity [7][20]. - The potential for China to close the gap in AI capabilities exists, but it is contingent on the duration of the AI race and the development of advanced chip technology [6][18]. - The report suggests that the gap in AI chip output is likely wider than total logic foundry capacity indicates, as China's current production capabilities are hampered by export controls and technology limitations [19][40]. Investment Implications - **Nvidia (NVDA)** is rated as outperform with a price target of **$275**, indicating significant upside potential in the datacenter opportunity [10]. - **Broadcom (AVGO)** is also rated outperform with a price target of **$400**, supported by a strong trajectory in AI for **2025** [10]. - **AMD** is rated market perform with a price target of **$200**, with expectations of growth driven by a new deal with OpenAI [10]. - **Hygon (688041 CH)** is rated outperform with a price target of **CNY 220**, while **Cambricon (688256 CH)** is rated market perform with a price target of **CNY 1100** [11][12]. This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and future outlook of the semiconductor industry, particularly in the context of AI development between the US and China.

Core Insights - Tesla's sales in China fell to a three-year low in October, raising concerns about a potential full-year sales decline in the country [1] - The company's market share in the Chinese EV sector decreased significantly from 8.7% in September to 3.2% in October [1] Competitive Landscape - Tesla faces intense competition from local rivals such as NIO and Li Auto, which are also reporting strong sales [1] - Xiaomi has emerged as a new competitor in the upper segment of the Chinese EV market, achieving record sales for its YU7 SUV and SU7 sedan despite safety concerns [2] - Leapmotor, a newer player founded in 2015, has begun to outperform local competitors in sales and stock price, with its C10 SUV priced significantly lower than Tesla's Model Y [4] - Geely's Geome Xingyuan leads EV sales in China this year, targeting budget-conscious consumers with a price tag under $10,000, indicating a shift in consumer preferences [5][6] Tesla's Position and Future Outlook - Despite the competition, Tesla's Model Y remains competitive, ranking 6th in the overall market [7] - Analysts suggest that Tesla needs to refresh its vehicle models to keep pace with local competitors like Xiaomi, BYD, and XPeng [8] - Tesla's third-quarter revenue increased by 12% year-over-year to $28.10 billion, but the company continues to experience a sales slump in Europe due to competition from brands like Volkswagen and BYD [8][9]

Tesla's China sales dropping to a three-year low last month. Ununice Yun joins us this morning from Beijing with a look at the competition. Ununice.>> Thanks, Andrew. Well, Tesla's share of the Chinese EV market shrank from 8.7% in September to 3.2% last month. So, I took a look at some of the latest competition.Tesla's newest direct competitor in the upper echelon of the Chinese EV market is China's Xiaomi. The smartphone makers U7 SUV and Sue7 sedan posted record sales in October despite accidents that ra ...