Market Overview - The stock market closed mixed, with the Dow up 0.5% (259 points), while the NASDAQ fell 1.5% [1][2] - The S&P 500 was down about 0.5%, but the equal-weighted S&P 500 index closed up nearly 1% at a record high [2][3] - Small-cap indices showed varied performance, with the Russell 2000 down 0.7% and the S&P 600 up 0.9% [3] Sector Performance - The Dow Jones transports surged over 2% for three consecutive days, totaling an 8% increase, a trend not seen since May 2025 [4] - The materials sector led gains, with gold and silver trades up over 2%, followed by energy, which also rose by 2% [5] - The technology sector was the biggest loser, down 2.82%, with significant declines in major tech stocks like AMD (down 17%) and Palantir (down 11%) [5][6] Alphabet's Q4 Earnings - Alphabet reported Q4 operating income of $35.93 billion, slightly below the expected $36.95 billion, with total revenue of $113.83 billion, exceeding the estimate of $111.4 billion [9][10] - Google Cloud revenue was reported at $17.66 billion, surpassing the estimate of $16.2 billion, indicating strong performance in that segment [10][24] - The company projected 2026 capital expenditures between $175 billion and $185 billion, significantly higher than the consensus estimate of $120 billion, leading to a drop in stock price by about 6% in after-hours trading [11][12] Qualcomm's Q1 Results - Qualcomm reported Q1 EPS of $3.50, exceeding estimates of $3.41, with revenue of $12.3 billion, also better than the expected $12.2 billion [34][35] - The outlook for Q2 revenue is projected between $10.2 billion and $11 billion, below the previous estimate of $11.18 billion, due to headwinds from memory shortages in the smartphone market [36][40] - Qualcomm is diversifying its business beyond smartphones, focusing on markets like PC chips and robotics [37][38] Investment Strategies - A neutral stance on equities is maintained, with an underweight position in U.S. stocks compared to international markets, driven by attractive valuations overseas [43][45] - The current market environment shows targeted selling primarily in technology, with a focus on quality investments outside the tech sector [47][48] - Concerns about future earnings growth and valuation in the tech sector, particularly among the Magnificent Seven, are leading to a cautious investment approach [53][56]

Core Viewpoint - Sigma has announced a collaboration with Snowflake to support the launch of Snowflake's new Energy Solutions, aimed at helping energy organizations utilize data and AI more effectively across their operations [1] Group 1: Collaboration Details - The partnership between Sigma and Snowflake is focused on empowering oil and gas, power, and utilities providers [1] - The collaboration aims to modernize infrastructure and improve efficiency within the energy sector [1] - The initiative is expected to accelerate progress in the energy industry through enhanced data and AI applications [1]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The Fed's latest interest rate meeting minutes show that most officials tend not to cut rates, meaning a December rate cut is highly unlikely, and the market risk appetite remains volatile while the US dollar rebounds [1][12][19]. - Against the backdrop of the Ministry of Finance's early allocation of part of the 2026 budget for urban affordable housing projects, the Shanghai Composite Index closed slightly higher with reduced trading volume, but the market style is chaotic and risk - averse trading persists. It is recommended to reduce long positions [2][22]. - The bond market failed to break through the upper limit of the trading range and had adjustment pressure. With the stock market strengthening slightly, Treasury bond futures declined. It is advisable to view the market from a volatile perspective [3][25]. - The EPA's re - emphasis on increasing RVO has boosted the rebound of edible oils, but the short - term supply pressure remains unrelieved. For industrial silicon, it is advisable to take profit on previous long positions and look for short - selling opportunities on price rallies [4]. - EIA commercial crude oil inventories decreased, and oil prices declined with a reduction in risk premium [5]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (US Stock Index Futures) - NVIDIA's Q3 revenue accelerated by 62% year - on - year, and its Q4 revenue guidance also exceeded expectations. However, the Fed's internal officials have significant differences on a December rate cut, and the market's rate - cut expectation remains low. It is recommended to wait for the release of non - farm payroll data to see the market's new direction [11][12][13]. 3.1.2 Macro Strategy (Gold) - The Fed's meeting minutes show serious internal differences. Gold prices fluctuated and closed higher, but in the short term, there is a lack of direct positive factors for a new wave of upward movement. It is expected that gold prices will fluctuate widely around $4000, with increased long - short competition [14][15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Trump administration is trying to promote a cease - fire between Russia and Ukraine. The Fed's meeting minutes show that most officials tend not to cut rates, so a December rate cut is unlikely. The US dollar index is expected to rebound [16][17][19]. 3.1.4 Macro Strategy (Stock Index Futures) - The Ministry of Finance has advanced the allocation of part of the 2026 budget for urban affordable housing projects. The Shanghai Composite Index closed slightly higher with reduced trading volume, and technology stocks underperformed. It is recommended to reduce long positions instead of chasing the market [21][22][23]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 310.5 billion yuan of 7 - day reverse repurchase operations. The bond market failed to break through the upper limit of the trading range and had adjustment pressure. With the stock market strengthening slightly, Treasury bond futures declined. It is recommended to view the market from a volatile perspective [24][25][26]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - USDA reported that private exporters sold 330,000 tons of soybeans to China, and a 30,000 - ton shipment of Argentine soybean meal cleared customs in China. It is expected that futures prices will likely remain range - bound, and attention should be paid to China's soybean purchases from the US and weather conditions in South American production areas [27][28][29]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The import cost of 24 - degree palm oil in South China has risen significantly. The EPA's re - emphasis on RVO has boosted the rebound of edible oils, but the short - term supply pressure remains. It is recommended to pay attention to the resistance level of 9000 yuan/ton [30][31]. 3.2.3 Black Metals (Rebar/Hot - Rolled Coil) - The workload of construction machinery increased in October, and the retail and wholesale of passenger cars from November 1 - 16 showed different trends. Steel prices are in a volatile pattern, and it is recommended to view them from a volatile perspective [32][33][34]. 3.2.4 Agricultural Products (Jujubes) - The price of jujubes in Xinjiang has slightly declined. The futures market is volatile. It is recommended to operate with caution and pay attention to upstream procurement [35][36]. 3.2.5 Agricultural Products (Corn Starch) - The operating rate of corn starch has slightly decreased, and inventory has been reduced. It is expected that the price difference between 01 futures and rice flour will fluctuate, and it is advisable to conduct band trading [37][38]. 3.2.6 Agricultural Products (Corn) - The spot corn market shows a pattern of strength in the south and weakness in the north. In the short term, the near - month contracts may not experience a significant decline. It is recommended to wait and see, and look for short - selling opportunities on rallies for 03 and 05 contracts when the situation becomes clear [39][40][41]. 3.2.7 Black Metals (Steam Coal) - The 2026 medium - and long - term coal contracts have been signed, with the supply guarantee ratio and long - term contract price basically the same as in 2025. It is expected that coal prices will continue to fluctuate around 800 yuan [42]. 3.2.8 Black Metals (Iron Ore) - The production and sales of air conditioners in December are expected to decline. The fundamentals of iron ore remain stable with a volatile trend. Although the supply pressure is high and port inventories are increasing, the risk of a sharp decline is reduced [43]. 3.2.9 Agricultural Products (Hogs) - Tangrenshen terminated a fixed - increase project. In the short term, it is advisable to short - sell LH2601 and LH2603 on price rallies, and in the long term, pay attention to the opportunity to build long positions for LH2607 and distant - month contracts at low prices [44][45]. 3.2.10 Non - Ferrous Metals (Polysilicon) - From January to October 2025, solar power generation increased. The polysilicon spot price depends on the game between policy and fundamentals. It is expected to return to a volatile market, and attention should be paid to range - trading opportunities [46][48]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - Organic silicon manufacturers plan to jointly reduce production and adjust prices. Although the price of industrial silicon has risen, the reduction in organic silicon production is negative for industrial silicon. It is recommended to take profit on previous long positions and look for short - selling opportunities on price rallies [49][52][53]. 3.2.12 Non - Ferrous Metals (Lead) - The LME lead market shows a downward trend, and the trading volume of domestic lead contracts has decreased. It is recommended to look for short - selling opportunities on price rallies and remain on the sidelines for arbitrage and cross - border trading [54]. 3.2.13 Non - Ferrous Metals (Zinc) - The LME zinc market is volatile, and domestic social inventories have decreased. It is recommended to manage positions well for long positions, continue to hold positive - spread arbitrage positions, and manage positions for cross - border arbitrage [55][56]. 3.2.14 Non - Ferrous Metals (Nickel) - A nickel - related transaction has occurred. The nickel market is fundamentally weak and technically bearish. In the short term, the price may continue to decline or rebound depending on production cuts. In the medium term, attention should be paid to Indonesia's supply - contraction actions [57][58][59]. 3.2.15 Non - Ferrous Metals (Lithium Carbonate) - Sigma has adjusted its lithium mine production. The lithium carbonate market has strong short - term support, but the demand is expected to weaken from the end of the year to Q1 2026. It is not recommended to chase long positions, and short - selling opportunities on price rallies can be considered [61][62][63]. 3.2.16 Energy and Chemicals (Crude Oil) - EIA commercial crude oil inventories decreased, and oil prices declined. It is expected to maintain a short - term volatile trend [64][65]. 3.2.17 Energy and Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt has decreased, and the supply has tightened. The market is in a situation of both supply and demand decline, and the price is expected to be volatile in the short term [66][67]. 3.2.18 Energy and Chemicals (Methanol) - China's methanol port and production enterprise inventories have decreased, but the port inventory decline is due to low arrivals. It is recommended to hold short positions and add short positions on price rebounds, with a profit - taking target around 2000 yuan/ton [68][69]. 3.2.19 Energy and Chemicals (Styrene) - South Korea's pure benzene exports from November 1 - 10 showed certain trends. The styrene market is affected by external factors, and it is recommended to view it from a volatile perspective in the short term [70][71]. 3.2.20 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong has been slightly adjusted. The supply is high, and the demand is weak. The short - term market is expected to remain weak, and attention should be paid to whether supply reduction will occur due to profit compression [72][73][74]. 3.2.21 Shipping Index (Container Freight Rates) - Germany will impose a 23% tax on Chinese cross - border small packages. The container freight market is currently weak, but with the approaching long - term contract season, the price may be supported. It is recommended to view the market from a volatile range perspective and look for short - long opportunities for the 02 contract on price dips [75][76].

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Core Insights - Sigma has been recognized as a Business Intelligence leader by Snowflake in their report titled "The Modern Marketing Data Stack 2026: How Marketers Become Agents of Change in an AI-Driven World" [1] Group 1 - Sigma is identified as an industry-leading analytics platform with unique cloud data platform write-back capabilities [1] - The report is the fourth annual edition from Snowflake, focusing on technologies, solutions, and platforms relevant to modern marketing [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium - **Key Players**: CATL, Rio Tinto, Sigma, Sinomine, Huayou Cobalt, Zijin Mining Core Insights and Arguments 1. **Lithium Price Adjustments**: - Lithium prices have been downgraded due to a shorter-than-expected outage at CATL, with spodumene prices reduced by 7-12% and lithium chemical prices by 4-10% for CY25-26E. However, a sequential increase of 17-32% in lithium prices is anticipated in CY26 [1][5][8]. 2. **Chinese Supply Disruption**: - Recent investigations into mining licenses in China indicate that the disruption risk is less severe than previously anticipated. The Jianxiawo mine, which contributes approximately 5% of supply, may reopen sooner than expected, potentially by the end of CY25 or March 2026 [2][5]. 3. **Global Supply Dynamics**: - Rio Tinto's Galaxy project has been delayed to 2030, while Sigma's Groto do Cirilo output estimates have been trimmed from 60/70kt to 40/70kt for 2025/26E. High-cost petalite supply from Zimbabwe could add 1-3% to global lithium supply [3]. 4. **Demand Trends**: - Global EV sales grew by 22% year-over-year in July, with China leading at 23% growth. North America saw a 15% increase, while Europe experienced a 48% rise in EV sales. The total battery energy storage system (BESS) project pipeline is projected to grow by 98% year-over-year [4][67]. 5. **Market Balance and Future Outlook**: - The lithium market is expected to be balanced or in slight deficit by 2028, with less severe supply disruptions in China leading to a more favorable supply-demand outlook [18]. Additional Important Insights 1. **Inventory Trends**: - Lithium carbonate (Li2CO3) inventory in China has remained flat, while LiOH inventory is declining, indicating potential destocking as peak demand approaches [59][63][66]. 2. **BESS Project Pipeline**: - The global BESS project pipeline is substantial, with approximately 1.7TWh capacity expected from 2025 to 2030, highlighting the growing demand for energy storage solutions [67]. 3. **Investment Risks**: - The report emphasizes inherent risks in the resource sector, including commodity price fluctuations and political risks, which could significantly impact industry performance [77]. 4. **Analyst Ratings and Recommendations**: - The report includes various analyst certifications and disclosures, indicating the potential for conflicts of interest and the importance of considering multiple factors in investment decisions [78][79]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the lithium industry, price adjustments, supply dynamics, demand trends, and future outlook.

Core Point - Sigma is collaborating with Snowflake and other industry leaders to launch the Open Semantic Interchange (OSI), an open-source initiative aimed at standardizing fragmented data definitions across companies with a universal specification [1] Group 1 - OSI seeks to enhance interoperability among various tools and platforms [1] - The initiative provides enterprises with a vendor-neutral specification for data management [1]

Market Trends & Investment Opportunities - Bitcoin & Crypto 无法停止增长 [1] - Sigma 在纽交所上市，股价上涨 250% [1] - Carvana 的股票惊人反弹，上涨 11,000% [1] Economic Commentary - 无法信任政府数据 [1] - 机器人现在可以做洗衣 [1]

Financial Data and Key Metrics Changes - The profit for the year decreased to $6.7 million from $7.5 million in 2024, attributed to reduced dividends received and fewer gains on the trading portfolio [6][7][9] - Realized gains after tax amounted to $13.7 million, which are not included in the profit figure [7] - The total dividend for the year increased to 6.5 cents from 4 cents last year, consisting of a normal final dividend of 2.5 cents and a special dividend of 3 cents [9] - The portfolio return was 6.4%, significantly below the market return of 15.1% [9] Business Line Data and Key Metrics Changes - The company experienced a reduction in dividends received due to the sale of high-yielding stocks and a shift towards stocks with different growth profiles [6] - The expense ratio remained stable at 56 basis points, indicating consistent operational costs [9] Market Data and Key Metrics Changes - The company is trading at a discount to its net tangible asset (NTA), a common issue faced by many Listed Investment Companies (LICs) [11][12] - The board is aware of the discount and has initiated a share buyback to help mitigate this issue [12][13] Company Strategy and Development Direction - The company aims to focus on quality stocks with strong profit growth potential and sustainable competitive advantages [18][21] - A disciplined investment approach has been adopted, with a focus on maintaining a low turnover portfolio and avoiding overvalued stocks [17][22] - The management is actively engaging with investors to educate them about the benefits of investing in the company, especially given its low management expense ratio and absence of performance fees [59][60] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautious stance on the market, highlighting high valuations and the need for a defensive position [49][51] - Concerns were raised about external factors such as tariffs and a nervous corporate environment ahead of the reporting season [52][53] - The management remains committed to investing in financially strong companies with growth potential, despite the current market challenges [53] Other Important Information - The company has engaged a business development manager to connect with potential investors and financial planners [59] - The management is focused on maintaining a diversified portfolio to capture growth opportunities while managing risks [45][46] Q&A Session Summary Question: What steps are being implemented to improve portfolio performance? - The management acknowledged the underperformance and emphasized a disciplined approach that has been in place for two and a half years, which has shown some outperformance [56][60] Question: Why is the company still invested in CSL despite its impact on performance? - The management highlighted CSL's strong EPS growth and potential for future growth as reasons for maintaining the investment [63][65] Question: Will the company consider buying back more shares? - The management indicated that buying back shares, especially to neutralize the DRP shares, makes sense but decisions will be made by the board [69] Question: What is the outlook for Woolworths? - The management expressed a cautious optimism about Woolworths' ability to achieve reasonable EPS growth, maintaining a hold on the stock for now [92] Question: How does the company view its investment in Transurban? - The management believes Transurban has a dominant market position and expects distribution growth, making it a solid investment [70][72] Question: What is the company's stance on high growth stocks in the current market? - The management prefers to invest in high-quality growth companies, even if they appear overpriced, as they believe earnings can eventually catch up [108]