We're back on Morning Trade Live. FedEx will be in focus this afternoon when the company reports earnings after the close. Analysts are expecting adjusted EPS of $4.7% on revenue of 22.88% billion.Shares are flat this year and up 2% this month. We are trading around 1.5% or so higher this morning at 286 and change for FedEx. All right, let's go inside out on this name ahead of earnings.Joining us now is Don Nesbet who's the senior portfolio manager at FM Investments. Nice to see you there, Don. What are you ...

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Core Viewpoint - The company, Zhenhua Co., Ltd., has made significant progress in participating in the bankruptcy reorganization of Xinjiang Shenhong Group and six other companies, with its reorganization plan approved by the Turpan Intermediate People's Court [1][2]. Group 1: Bankruptcy Reorganization Progress - The Turpan Intermediate People's Court has accepted the bankruptcy liquidation case of Xinjiang Shenhong Group and appointed a management firm for the reorganization process [1]. - The company submitted a reorganization investment plan and signed a framework agreement to invest 200 million yuan, acquiring 100% equity of the target companies through this reorganization [1][2]. Group 2: Strategic Business Expansion - As the largest producer of chromium chemicals and vitamin K3 globally, the company aims to expand its business channels and promote the integration and upgrading of the chromium salt industry through this investment [2]. - The company is the sole investor in this reorganization case, leveraging its successful experience in industry mergers and acquisitions to enhance the operational potential of the target companies [2]. Group 3: Market Performance and Financials - In the third quarter, the company reported a net profit attributable to shareholders of 112 million yuan, a year-on-year decrease of 9.15% due to various market disruptions [4]. - The company has observed a recovery in metal market demand since September, leading to adjustments in product pricing, and is currently operating at full production capacity in the fourth quarter [4]. Group 4: Industry Trends - The chromium chemicals industry is expected to face ongoing consolidation opportunities, with leading manufacturers benefiting from economies of scale [4]. - The market fundamentals will be influenced by both traditional demand and the expansion of new material applications, while vertical integration among major manufacturers will drive global operations of domestic capacities [4].

Group 1 - The core viewpoint is that the revaluation of Chinese assets is just beginning, with past challenges being addressed through innovation, restructuring, and international expansion [1] - The recent policy measures in China, including interest rate cuts and consumption subsidies, have mitigated economic tail risks, prompting investors to reassess the capital market [2] - The emergence of DeepSeek has shifted investor perceptions regarding China's innovation capabilities, highlighting an increase in the educated workforce contributing to economic growth [2] Group 2 - Chinese companies are adapting to global uncertainties by seeking new modes of international expansion, focusing on localized production rather than simple supply chain restructuring [2] - There is a growing skepticism towards the "American exceptionalism," leading investors to explore non-dollar assets, with Asian countries accounting for two-thirds of investments outside the U.S. [3] - The competitive advantages of Chinese manufacturing are becoming evident in GDP defined by the renminbi, with improvements in corporate profitability and balance sheets being observed [3]

Group 1: Conference Overview - The Shanghai Stock Exchange International Investor Conference commenced on November 12, aiming to create a communication bridge for foreign institutions to engage with domestic regulatory bodies, exchanges, listed companies, and various financial institutions [1] - The theme of this year's conference is "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] Group 2: Regulatory Insights - The Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Ming, emphasized the stability and potential of the Chinese economy, stating that the capital market operates smoothly and has a solid foundation [3] - The CSRC plans to deepen comprehensive reforms in investment and financing, enhance the inclusiveness and adaptability of capital market systems, and promote the development of various equity financing methods [3][4] Group 3: Future Outlook - Li Ming projected that the door for foreign investment in China's capital market will continue to open wider, with efforts to improve the Qualified Foreign Institutional Investor (QFII) system and expand cross-border investment products [4] - The Shanghai Municipal Government aims to attract more domestic and foreign institutions to operate in Shanghai, enhancing the quality of financial services to the real economy [6] Group 4: Exchange Development - The Chairman of the Shanghai Stock Exchange, Qiu Yong, highlighted the focus on fostering new productive forces and optimizing key systems such as issuance, refinancing, and mergers to guide capital towards advanced technologies and future industries [9] - Qiu also mentioned the importance of expanding institutional openness and enhancing the international product system to improve global competitiveness [9] Group 5: Investment Trends - Huatai Securities' Liang Hong identified three main lines for China's consumption upgrade: innovation, restructuring, and going global, with a positive outlook on capital investment in high-tech sectors [10][12] - Temasek's China Region Chairman, Wu Yibing, noted the dual drivers of innovation and mergers in China's economic transformation, emphasizing the importance of long-term investment in the evolving market [13]

Group 1 - The Shanghai Stock Exchange International Investor Conference was held on November 12, highlighting three main themes in the current transformation of China: innovation, restructuring, and going global, with consumption upgrade being a result of these themes [1] - Liang Hong, Chairman of Huatai Securities Institutional Business Committee, predicts that the macroeconomic trend in China for 2026 will show nominal growth recovery, particularly in dollar-denominated nominal growth, with productivity improvement becoming a more significant narrative than the downturn in real estate [3] - It is expected that the net profit growth rate for non-financial companies in 2026 will be approximately 13%, with profit growth across various industries anticipated to rebound [3]

Market Overview - On November 4, A-shares experienced a collective decline, with the Shanghai Composite Index down 0.41% to 3960.19 points, the Shenzhen Component Index down 1.71% to 13175.22 points, and the ChiNext Index down 1.96% to 3134.09 points [1] - The trading volume in the Shanghai and Shenzhen markets was 191.58 billion yuan, a decrease of 19.14 billion yuan compared to November 3 [1] - The market saw more stocks decline than rise, with 1630 stocks increasing and 3650 stocks decreasing [1] Sector Performance - The banking, tourism and hotel, and railway and highway sectors showed the most significant gains, while precious metals, energy metals, batteries, electric motors, wind power equipment, and medical services sectors faced the largest declines [1] - The electric grid equipment sector performed well, driven by the increasing demand for electricity due to rapid advancements in AI technology [2] Fund Flow and Market Dynamics - The decline in the market was attributed to a significant reduction in trading volume and a net outflow of nearly 90 billion yuan in main funds [2] - The pressure on funds to perform well by year-end has led to strategies such as selling off heavy-weight stocks for profit and suppressing competitors' stocks [2] Technical Analysis - The market left two upward gaps in the previous weeks, with one at approximately 3950 points and another at 3926 points. The gap at 3950 has been filled, while the 3926 gap remains unfilled [2] - The 20-day moving average for the Shanghai Composite Index is around 3929 points, which coincides with the unfilled gap, indicating strong support at this level [2] Company Specifics - In Hunan stocks, only 44 out of 147 stocks rose, with ST Kaiyuan showing the largest increase of 4.30% [3] - ST Kaiyuan's main business involves the development, production, sales, and service of coal quality testing instruments and vocational education training. The company reported a net profit of -63.49 million yuan for the third quarter of 2025, with a year-on-year decline of 75.83% [3] - The rise in ST Kaiyuan's stock price is likely related to ongoing restructuring efforts, including a recent announcement regarding the judicial auction of shares held by its controlling shareholder [3]

Group 1: Market Activity - On September 29, 25 stocks had sealed orders exceeding 1 billion yuan, with the highest being Shanzi Gaoke at 4.57 billion yuan [2] - The top three stocks by sealed order funds were Shanzi Gaoke, Boqian New Materials, and Tianji Shares, with sealed order amounts of 4.57 billion yuan, 4.27 billion yuan, and 4.27 billion yuan respectively [2] - Seven stocks on the Dragon and Tiger List had net purchases exceeding 1 billion yuan, with Lingyi Zhi Zao leading at 8.21 billion yuan [7] Group 2: Company Developments - Shanzi Gaoke reported a revenue of 1.732 billion yuan for the first half of the year, a year-on-year decrease of 17.3%, but achieved a net profit of 219 million yuan, turning from loss to profit [2] - Shanzi Gaoke is in discussions regarding a potential restructuring with the parent company of Nezha Automobile, Hongqi New Energy, and has expressed interest as an investor [3] Group 3: Industry Trends - The solid-state battery sector saw a surge in stock prices, with companies like Wanrun New Energy and Tianji Shares participating in this trend [4] - Wanrun New Energy is focusing on high-energy density cathode materials and has applied for multiple patents related to solid-state battery materials [4] - The copper sector is also active, with companies like Xingye Yinxin and Shengda Resources expanding their mining operations [5] Group 4: Emerging Technologies - In the brain-computer interface sector, Yingqu Technology is collaborating with various institutions to develop products related to brainwave monitoring and rehabilitation [6] - Qisheng Technology is focusing on sleep health and has established partnerships for research on Alzheimer's disease and sleep analysis [6]

Core Viewpoint - The stock price of Haili Co., Ltd. (600619.SH) experienced a significant surge, reaching a record closing price of 27.58 yuan per share, with a total market capitalization of 29.603 billion yuan, attributed to speculation and subsequent clarifications regarding potential restructuring and shell acquisition rumors [1][2][3] Stock Performance - Haili's stock price increased by 141.72% since July 1, 2025, and by 547.42% from its low of 4.26 yuan per share on February 6, 2024, to its recent high [1][2] - The stock experienced a notable rise, with a peak closing price of 28.5 yuan per share, marking a gain of over 9% in a single trading session [1] Rumors and Clarifications - The company has repeatedly denied rumors regarding shell acquisition and restructuring, particularly in relation to Shanghai Microelectronics Equipment (Group) Co., Ltd., which has been a focal point of speculation since late 2024 [2] - Haili's announcements confirmed that there are no undisclosed significant matters affecting stock trading, and the company has not engaged in any major asset restructuring or injection [2][3] Shareholder Actions - The controlling shareholder, Shanghai Electric Holding Group Co., Ltd., announced a plan to reduce its stake by up to 10.7334 million shares, representing no more than 1% of the total share capital, due to internal business arrangements [3][4] - The controlling shareholder holds 26.41% of Haili's total share capital, with an additional 2.55% held through a subsidiary, totaling 28.96% [4] Financial Performance - For the first half of 2025, Haili reported revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 33 million yuan, reflecting a substantial increase of 693.76% [4] - Despite revenue growth over the past three years, net profit has remained around 30 million yuan, with previous years showing losses in net profit excluding non-recurring items [4] Company Overview - Haili Co., Ltd. is a manufacturer of core components for white goods and new energy vehicles, with operations in 12 countries and regions, employing 14,000 staff and maintaining over 20 R&D and technical service centers [5]

Core Viewpoint - The company announced that its A-share stock price has deviated by more than 20% over three consecutive trading days, indicating unusual trading volatility [1] Company Operations - The company's production and operations are normal, with no significant adjustments in industry policies [1] - The internal operating order of the company remains stable, and there have been no changes in its main business [1] Disclosure of Information - Both the company and its controlling shareholders do not have any major events that could affect the unusual stock trading volatility [1] - There are no undisclosed significant information that should have been disclosed [1] - Online rumors regarding shell mergers, restructuring, and asset injections are stated to be false [1]