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]

人民财讯11月24日电，企查查APP显示，近日，上海兀隼科技有限公司成立，注册资本2000万元，经营 范围包含人工智能基础软件开发；人工智能应用软件开发；互联网数据服务；大数据服务等。企查查股 权穿透显示，该公司由君逸数码（301172）等共同持股。 ...

Core Insights - David Tepper, a highly successful investor, has transitioned his hedge fund Appaloosa Management into a family office, managing his own wealth while maintaining a remarkable track record of generating annual returns of at least 25% since its inception in 1993 [1][2] Company Analysis: Oracle - Oracle reported strong earnings for Q1 of fiscal 2026, with remaining performance obligations increasing 359% year-over-year to $455 billion, driven by agreements with major hyperscalers like OpenAI [4] - The company anticipates generating $18 billion in cloud infrastructure revenue in fiscal 2026, with projections of $32 billion, $73 billion, $114 billion, and $144 billion in subsequent years [5] - Despite initial gains, Oracle's stock has retraced due to concerns over AI valuations, higher costs for AI infrastructure, and thinner margins, leading Tepper to sell all 150,000 shares in Q3 [6] Sector Analysis: Financials - In Q3, Appaloosa increased its investments in the financial sector, acquiring shares in several regional banks, including 925,000 shares of Fiserv, 1.4 million shares in Truist Financial, over 2 million shares in KeyCorp, and 600,000 shares in Citizens Financial Group [7] - The financial sector has faced challenges this year, but many analysts remain bullish, with Morgan Stanley's chief U.S. equity strategist and SoFi's head of investment strategy expressing positive outlooks [8] - Regional banks may face acquisitions to achieve scale, as evidenced by Comerica's acquisition in October, potentially benefiting Tepper's investments [9] - Anticipated deregulation from the Federal Reserve could lower capital requirements for banks, allowing for increased lending and shareholder distributions, which may enhance returns [10] - Despite normalization of historically strong credit, there is no significant evidence of deterioration in credit quality within the banking system, supporting a bullish stance on the sector [11]

Core Viewpoint - The article emphasizes the resilience of tech stocks, suggesting that despite concerns of a market bubble, long-term investment in stable tech companies like Alphabet, Amazon, and Taiwan Semiconductor Manufacturing Co. is advisable due to their strong fundamentals and growth potential [1][2][3]. Group 1: Alphabet - Alphabet has recovered significantly, with stock gains exceeding 50% this year and currently only 3% below its all-time high [4][7]. - Legal challenges earlier in the year regarding unfair practices have been resolved, allowing Alphabet to continue operations without major disruptions [5][8]. - In Q3, Alphabet generated $102.34 billion in revenue, with advertising revenue up 12.6% and Google Cloud revenue increasing by 33.5% to $15.15 billion [8]. Group 2: Amazon - Amazon operates in both retail and cloud computing, with Q3 revenue reaching $180.16 billion, a 13.4% increase year-over-year [9][10]. - The e-commerce division generated $147.16 billion in sales, up 12%, while Amazon Web Services (AWS) revenue was $33 billion, reflecting a 20% increase and a profit margin of 34.6% [11][12]. - The low profit margin of 4.1% in e-commerce highlights the importance of AWS as a significant profit center for Amazon [11]. Group 3: Taiwan Semiconductor Manufacturing Co. - Taiwan Semiconductor Manufacturing Co. (TSMC) is the largest semiconductor chip fabricator, crucial for producing high-performance chips for AI and large language models [13][14]. - TSMC generates 60% of its revenue from 3nm and 5nm chips, which are essential for advanced chip manufacturing [14]. - The company is investing $165 billion in U.S. production facilities, with new foundries in Arizona already producing Nvidia's Blackwell chips [16]. Group 4: Investment Outlook - The article suggests that AI will continue to grow, and even in the event of market corrections, historical trends indicate a quick recovery [17]. - Alphabet, Amazon, and Taiwan Semiconductor are positioned well to support the infrastructure needed for future AI developments, making them strong candidates for long-term investment [18].

南财智讯11月24日电，顺络电子在投资者关系活动中表示，AI服务器（数据中心）是公司战略布局的 新兴市场之一，公司凭借小型化、高精度、高功率密度技术优势，为客户提供从一次电源到三次电源的 一整套产品解决方案。国产算力客户业务逐季稳步发展，海外重量级客户对ASIC芯片、CPU、GPU周 边的模块化电感需求快速增长。公司已覆盖国内头部服务器厂商及海外头部功率半导体模块厂商，AI 服务器相关订单饱满，业务实现快速增长，其中海外业务增长显著。 ...

Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 21, 2025 in New York City.Last week on Wall Street, two forces dragged stocks lower: a set of high-stakes numbers from Nvidia and the U.S. jobs report that landed with more heat than expected. But the leaves that remained after hot tea scalded investors seemed to augur good tidings.Even though Nvidia's third-quarter results easily breezed past Wall Street's estimates, they couldn't quell worries about lofty valuations and an unsustainab ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 （三）避雷针 安达智能：公司发布公告，持股10.9603%的股东东莞市易指通实业投资合伙企业（有限合伙）计划十 五个交易日后的三个月内，通过集中竞价、大宗交易方式减持公司股份不超过225.03万股，即不超过公 司目前股份总数的2.7401%。 广立微：公司发布公告，合计持有公司股份1420.35万股的股东北京武岳峰亦合高科技产业投资合伙企 业（有限合伙）及其一致行动人上海建合工业软件合伙企业（有限合伙）、常州武岳峰桥矽实业投资合 伙企业（有限合伙）计划通过集中竞价、大宗交易的方式减持公司股份数量不超过440.62万股，即不超 过公司总股本的2.2359%。减持计划将于15个交易日后的3个月内进行。 点评：华为突破性技术的落地，将有助于国内AI算力产业链的自主可控与生态融合，推动国产算力全 链路的升级。该方案对标并突破了国际龙头企业在AI软硬件协同和算力调度领域的领先优势，有望成 为中国AI基础设施的重要支撑。此次技术突破有助于强化市场对AI算力替代进程与潜力的信心。该技 术的发布标志着AI基础设施竞争正从"拼硬件"转向"拼系统"。当软件能真正驾驭硬件，当开 ...

Market Overview - Futures on the S&P 500 and Nasdaq 100 gained about 0.5% as the new week began, following a turbulent stretch marked by a selloff in riskier market segments [1][12] - Bitcoin edged lower on Monday, giving up some gains from a weekend rally [1][12] - Shares in Australia and South Korea opened higher, while Japan was closed for a holiday [1][12] Oil Market - Oil prices extended their slump after the biggest weekly loss since early October, as traders considered the potential for a Ukraine-Russia peace deal that could increase crude flows into an already well-supplied market [2][12] Risk Sentiment - Risk sentiment improved on Wall Street amid reports of early talks by US officials regarding Nvidia's potential sale of H200 AI chips to China [3][12] - The market received a boost from comments by Fed Bank of New York President John Williams, suggesting a near-term rate cut remains a possibility [3][12] Volatility and Market Dynamics - Markets experienced a resurgence in volatility last week, driven by doubts over the Fed's ability to cut rates, unsettling investors [6][12] - Retail momentum traders favored assets such as cryptocurrencies and AI-related stocks, which experienced sharp swings [6][12] - The MSCI Asia Pacific Index saw its steepest weekly drop since April due to a selloff in Asian tech shares [6][12] US Debt and Interest Rates - US debt climbed on Friday after Williams indicated room for easing policy in the near term, citing increased downside risks to employment and eased upside risks to inflation [8][12] - Traders increased bets on a December rate cut, although officials remained divided on the decision [8][12] European Fiscal Pressures - The euro and pound remained steady as fiscal pressures in Europe gained attention, particularly after France's National Assembly rejected part of the 2026 budget [8][12] - The UK government announced a freeze on rail fares in the upcoming budget, part of measures to offset the political impact of raising up to £25 billion ($33 billion) in taxes and spending restraint [9][12] - Analysts noted that the credibility of spending cuts and revenue-raising measures would be crucial for market perception [10][12] Geopolitical Developments - Tensions between China and Japan continued, with China writing a letter to the UN and Japan's defense minister discussing missile deployment plans near Taiwan [10][12] - US Secretary of State Marco Rubio indicated that the proposed November 27 deadline for securing Ukraine's support for a US-backed peace plan could be flexible [11][12]