23 November 2025 | 5:21PM EST Economics Research Global Views: Looking Beyond December 1. Though badly delayed, the September jobs report may have sealed a 25bp cut at the December 9-10 FOMC meeting. On Friday, New York Fed President (and FOMC Vice Chair) Williams argued for "a further adjustment in the near term" because "the downside risks to employment have increased as the labor market has cooled, while the upside risks to inflation have lessened somewhat." His view is likely consistent with that of Cha ...

November 19, 2025 05:17 PM GMT Kuaishou Technology | Asia Pacific M Update 3Q25 in line but outlook is weaker than expected; stay EW Reaction to earnings Unchanged In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research 4Q revenue outlook and early color on 2026 are both slight shy of market expectations, though cost control can help profit. 3Q25 results came in line with our estimates: See 3Q25 results su ...

Accessible version Technology Hardware - Asia-Pacific ABF substrate S/D & PCB: AI still demand driver; cloth/CCL supply & China comps Price Objective Change Lift POs for Taiwan names; highlight Buy-rated Ibiden Datacenter investment will continue to drive demand growth (see report) in AI/compute, and we note that SAP demand size will grow 25%+ during CY25-27, mainly driven by AI server, according to the data from Ibiden. Yet, within the package substrate universe, we reiterate Underperform ratings on Taiwan ...

ab 18 November 2025 Global Research Global Economic Perspectives The economic impact of AI The economic impact of AI Researchers at the FRB of Kansas City estimate the adoption rate of generative artificial intelligence has been roughly double that of mass market exposure of the internet or personal computer (Bick, Blandin, Deming, 2024)(1) . In Filippucci, F. et al. (2025) from the OECD, the authors collected a range of estimates of the sustained impact of AI on productivity growth over 10 years. The range ...

19 November 2025 Assessing AI bottlenecks Equities Gas power equipment ramping up to meet demand Global AI power bottleneck driving demand for gas turbines Nine stocks in our coverage on the gas power for AI theme The sustained upcycle supports our positive stance on eight (Buy rated) of the nine gas power supply chain players globally under our coverage. We have a Hold rating on GEV, while we view Siemens Energy (Buy) as a more attractively valued diversified supplier of heavy-duty power and grid equipment ...

19 November 2025 China Macro Tracker Economics Not yet at the finishing line Policy support: Slowing activity should prompt further policy support China's economic activity slowed in October, with investment, consumption, and industrial production softening due to subdued external demand and weaker domestic momentum (see China activity, 14 November). This should prompt a strong policy response on both the fiscal and monetary fronts to meet this year's growth targets and ensure a strong start for the 15th Fi ...

Summary of Xiaomi Corp. Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Technology, specifically in smartphones and AIoT (Artificial Intelligence of Things) Key Points and Arguments Product Development and Innovation - Xiaomi launched the **MiMo-Embodied** model on November 21, which integrates autonomous driving and embodied AI capabilities, achieving state-of-the-art performance across 17 embodied AI benchmarks and 12 autonomous driving benchmarks [1][2] - The **HAD (Hyper Autonomous Driving)** edition was also released, featuring reinforcement learning and a new Automatic Emergency Steering (AES) function, with 473,000 active users, representing 90% of Xiaomi car users [2][3] Research and Development - Xiaomi plans to invest over **RMB 7 billion** in AI R&D in 2025, which constitutes 22% of its projected total R&D expenses of over **RMB 32 billion** [3] - The company has established multiple teams focused on AI, including MiMo, MiML Plus, and AI Lab, with a dedicated smart driving team of over 1,800 employees, including 108 PhDs [3] Future Technology Directions - Xiaomi aims to transition its smart driving technology to a cognitive-driven solution, moving away from rule-driven and data-driven approaches [4] - The company is developing the **VLA model**, which will be based on its foundational models, including LLM (Large Language Model) and VLM (Vision Language Model) [4] Financial Outlook and Investment Thesis - Xiaomi is rated as a **Buy** with a 12-month target price of **HK$53.5**, indicating a potential upside of 40.5% from the current price of **HK$38.08** [9][16] - The company is expected to experience revenue and EPS CAGRs of 24% and 28% respectively from 2024 to 2027, driven by its "Human x Car x Home" strategy [14] Risks and Challenges - Key risks include intense competition in the smartphone market, pressure on gross profit margins, execution risks in brand premiumization, geopolitical risks, and fluctuations in foreign exchange rates [15] Share Repurchase Activity - Xiaomi has increased its share repurchase activity, totaling **HK$2.3 billion** year-to-date, compared to **HK$3.7 billion** in 2024, at an average price of **HK$42.2** [9] Performance Metrics - Projected financial metrics include: - **Revenue**: Expected to grow from **RMB 365.9 billion** in 2024 to **RMB 704.4 billion** by 2027 - **EBITDA**: Projected to increase from **RMB 30.8 billion** in 2024 to **RMB 75.9 billion** in 2027 - **EPS**: Expected to rise from **RMB 1.07** in 2024 to **RMB 2.23** in 2027 [16] Additional Insights - Xiaomi's ecosystem strategy is expected to drive differentiation and support premiumization within its "Human x Car x Home" framework [9] - The company is positioned to leverage its interconnected consumer terminals to build a significant consumer physical intelligence ecosystem globally [14] This summary encapsulates the critical insights from the conference call, highlighting Xiaomi's innovative advancements, financial outlook, and strategic direction within the technology sector.

Accessible version Global Memory Tech Weekly theme: mixed investor feedback, strong spot price, Hynix catalysts/risks Industry Overview Mixed investor feedback in Asia We met investors in Singapore and Hong Kong this week. Interestingly, buy-side analysts were broadly bullish on memory, but the majority of experienced portfolio managers raised concerns about cyclical downturn. In fact, we acknowledge five risks: (1) abnormally high DRAM spot prices (3-4x higher vs 2000-24 peaks); (2) bullish consensus (sell ...

Core Insights - The opening of the AI Ecological Street in Nanjing marks a significant step in leveraging artificial intelligence as a key driver for new productive forces [1] - Nanjing aims to create a trillion-level software and information service industry cluster by integrating technological and industrial innovation [1] Group 1 - The AI Ecological Street will focus on three main directions: intelligent leadership, digital-physical integration, and scenario demonstration [1] - The initiative aims to build an integrated AI ecosystem that encompasses R&D innovation, industrial incubation, and application demonstration [1] - Nanjing is positioning itself as a pioneer in the deep integration of AI and software industries, as well as a demonstration area for vertical model application innovation [1] Group 2 - Several innovation centers and collaborative development bases were inaugurated during the event, including the Software Valley AI Application Talent Collaborative Innovation Center and the Nanjing University Software College AI4SE Innovation Center [2] - Major industry players such as Huawei and ZTE have established innovation centers in the area, indicating strong industry interest and investment [2] - The local company Xiyin Group plans to utilize the street as a key layout for its development in cross-border e-commerce and industrial integration [2]

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