Group 1 - Apollo Global Management, Inc. (NYSE:APO) is receiving increased attention from Wall Street analysts, with Morgan Stanley raising its price target to $180.00 from $151.00 and upgrading the stock from Equalweight to Overweight, citing confidence in over 20% fee-related earnings growth [1] - Goldman Sachs also raised its price target for Apollo Global Management to $155.00 from $151.00, maintaining a 'Buy' rating, indicating a potential upside of nearly 23% due to the company's strong origination capabilities [2] - Apollo Global Management is projected to achieve over 20% growth in fee-related earnings (FRE) for 2026, with better-than-expected guidance for spread-related earnings (SRE), leading to an average EPS forecast increase of around 4% for 2026/2027 [3] Group 2 - Apollo Global Management is a New York-based private equity firm that specializes in private equity, infrastructure, credit, secondaries, and real estate investments, founded in 1990 [4]

中信证券：需要AI给答案 全球风险资产的波动表面是流动性问题，本质是风险资产对于AI单一叙事过于依赖，当产业发展速度（尤其 是商业化）跟不上二级市场的节奏时，适当的估值修正也是一种纾解风险的方式。美国非农就业数据的公布以 及年内美联储降息预期的下修触发了高位资产估值的修正，市场对于北美AI基础设施可持续性的焦虑也因降 息推后的预期而放大。AI拓宽商业化场景、成本端硬件让利、金融稳定风险上升迫使美联储提前降息都可能 会打破当前僵局。 在此之前，稳健回报导向的绝对收益资金持续入市在增强市场的内在稳定性，在增量资金越来越多地以左侧稳 健型资金为主的资金生态下，A股/港股未来可能更多地像美股一样出现"急跌慢涨"。对需要增配权益的投资者 而言，当下风险的提前释放给了年末重新增配A股/港股、布局2026年的契机。从配置上看，资源/传统制造业 定价权的重估、企业出海仍是核心增配方向，而高切低的策略因为预期过于一致，未来轮动择时的难度反而会 明显加大。 国泰海通：进入击球区，布出先手棋 近期中国股市走弱，原因在于临近年末部分投资人保收益和降仓位动机较高，FED降息预期的降温、美股波动 加剧与内部政策缺位交织助推了交易波动和信 ...

Core Viewpoint - Meta Platforms has received a bullish outlook from Wall Street despite recent stock volatility, with a consensus indicating strong buy recommendations for the next 12 months [5][6]. Financial Performance - Meta reported strong Q3 2024 earnings, with adjusted EPS of $7.25, exceeding expectations of $6.69, and revenue of $51.24 billion, surpassing the forecast of $49.41 billion. Sales increased by 26% year-over-year, marking the fastest growth since early 2024 [3][4]. - For Q4, Meta anticipates revenue between $56 billion and $59 billion, which is above analyst expectations at the midpoint [4]. Stock Outlook - A consensus from 41 Wall Street analysts shows a 'Strong Buy' rating, with 34 recommending a purchase, six advising to hold, and only one suggesting a sell [5]. - The average 12-month price target is $839.23, indicating a potential upside of 41.23% from the last closing price of $594.25. Projections vary widely, with a high target of $1,117.00 and a low of $655.15 [6]. Analyst Insights - Cantor Fitzgerald's analyst cut the price target to $720 from $830 but maintained an 'Overweight' rating, citing expected cost increases starting in 2026, with operating expenses projected to rise 30% year-over-year to $152 billion [8]. - Wedbush added Meta to its "Best Ideas List," maintaining an Outperform rating with a price target of $920, highlighting strong core ad demand and AI advancements [9]. - Needham maintained a 'Hold' rating without a price target, while Mizuho raised its target to $920 from $812, reflecting increased confidence after strong fiscal Q3 results [10].

Core Viewpoint - The recent global financial market is dominated by risk aversion, leading to widespread sell-offs in risk assets, including major stock markets and commodities, with A-shares also experiencing adjustments [1] Group 1: Market Adjustments - The A-share market has seen significant adjustments, with the Shanghai Composite Index falling below 3900 points, particularly in sectors like new energy, photovoltaic, and power equipment [1] - The current market adjustment is viewed as a short-term disturbance rather than a fundamental change in the upward trend of the Chinese stock market, driven by macroeconomic recovery and improved corporate fundamentals [7][11] Group 2: Investment Opportunities - The early release of risks in the market presents an opportunity for investors to reallocate assets towards A-shares and Hong Kong stocks, particularly for those looking to position for 2026 [3] - After the current adjustments, the spring market is expected to be more promising, with technology growth likely to be a key theme [4][19] Group 3: Sector Performance - Defensive sectors such as banking and insurance are expected to show resilience during the current market turbulence, while high-dividend stocks and consumer goods may present rotation opportunities [10] - The AI sector's current phase is seen as just beginning, with significant growth potential remaining, as the market transitions from hardware to application layers [15] Group 4: Future Outlook - The market is anticipated to stabilize post-adjustment, with a potential recovery in Chinese assets driven by internal factors such as new economic momentum and clear policy direction [9][18] - The historical pattern suggests that the current adjustments align with typical seasonal fluctuations, with expectations for a spring rally to commence soon [16]

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - Recent adjustments in consumer spending on gaming, trendy toys, and music, along with significant fluctuations in Hong Kong's cloud computing and AI applications, are attributed to crowded trading, domestic demand concerns, and product cycle volatility. However, the report suggests that overly high expectations have been digested, and the upward trend in fundamentals remains intact [2]. - The report highlights advancements in AI, particularly with the release of Google's Gemini 3, which showcases significant performance improvements. In China, applications like Alibaba's Qianwen and Ant Group's Lingguang are evolving from chatbots to consumer-facing application ecosystems [2]. - The gaming sector has seen a substantial drop in valuations, now around a PE of 15x for 2026. Despite this, there are positive developments, including a stronger willingness to pay among younger users and potential growth from overseas markets. The report emphasizes the importance of differentiated competition based on user demographics and game categories [2]. - The music industry is experiencing a shift, with a notable adjustment in the past two months. The report discusses the stratification of music consumption and the challenges faced by platforms like Tencent Music and NetEase Cloud Music in monetizing their offerings effectively [2]. Summary by Sections AI Applications - The report notes the impressive capabilities of overseas AI models like Google's Gemini 3 and highlights the competitive landscape in China, where companies are vying for market share in AI applications [2]. - Key recommendations include Tencent Holdings, Alibaba, and Baidu, with a focus on their respective AI advancements and market strategies [2]. Gaming Sector - The gaming industry is projected to recover, with new product launches expected to drive revenue growth. The report identifies several companies with strong potential, including Giant Network and Tencent Holdings, emphasizing their innovative game offerings and market positioning [2][4]. - The report also mentions the increasing number of game licenses being issued, which could benefit companies that adapt to differentiated competition strategies [2]. Music Industry - The report discusses the recent adjustments in the music sector, particularly the impact of platforms like Soda Music, and the need for increased investment in copyright to enhance advertising ROI [2]. - Companies like Tencent Music and NetEase Cloud Music are highlighted for their core user communities and membership models, which are essential for their revenue generation [2]. Other Notable Companies - The report also mentions other companies of interest, including Pop Mart, Damai Entertainment, and Alibaba Health, indicating a broader focus on the entertainment and health sectors [2].

Group 1 - A-shares experienced a significant decline this week, particularly on Friday, due to global market panic triggered by a sharp drop in US stocks, especially the Nasdaq index, leading to a sell-off in risk assets worldwide [1][3] - The release of better-than-expected US non-farm payroll data for September has cooled expectations for a Federal Reserve rate cut in December, with the probability dropping below 40%, creating uncertainty in the global liquidity environment and putting pressure on growth sector valuations [1][3] - Concerns over the sustainability of AI profitability persist despite Nvidia's strong earnings report, leading to profit-taking in high-valuation tech stocks and impacting A-shares in related technology growth sectors [3] - Since July, A-shares have shown a low-volatility upward trend, with some sectors experiencing significant gains and noticeable valuation divergence, leading to natural technical adjustment demands [3] - The cumulative turnover rate in the market has reached 120% since the upward trend began, with margin financing balances climbing to 2.5 trillion yuan, a ten-year high, indicating that high-leverage funds can exacerbate market volatility during downturns [3] - The market is currently in a "policy and performance vacuum," lacking new catalysts after the third-quarter reports, leading to cautious risk preferences among investors and some funds opting for phased reallocation or profit-taking, which affects market liquidity [3] - As the year-end approaches, institutional investors are adjusting positions and planning for next year, with funds previously in the leading technology sector shifting towards lower-valued dividend assets, further impacting market liquidity and volatility [3] Group 2 - Despite the significant drop on Friday, there are many positive signals over the weekend indicating a stabilizing market, suggesting that the recent decline may not mark the end of the current market cycle but rather a phase of difficulty and profit-taking [4] - Short-term indicators show that the index has moved away from the 4000-point range, with weekly MACD indicators entering a bearish phase, suggesting further fluctuations ahead, although continuous positive news may help stabilize the market [4] - Long-term outlook remains bullish, with a firm belief in continued upward trends in the market [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the short - term, the technology mainline in the fourth quarter may face pressure, and overseas pressure will be transmitted to the domestic market. In 2026, since the Fed is likely to maintain relative looseness and the diffusion direction of AI themes has not converged, the structural opportunities in 2026 will still revolve around the technology mainline [2][35]. - For convertible bonds, it is recommended to defend in the short - term. The low - price style ended eight consecutive weeks of positive gains last week. The medium - and low - price style may experience a phase of waiting for performance at the meso - level and the Fed's interest - rate cut rhythm may slow down at the macro - level in the fourth quarter, which will trigger a phased correction of US technology stocks and suppress the domestic technology mainline. Therefore, consider diversification and diffusion in industry styles [2][36]. Summary by Relevant Catalogs 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From November 17th to November 21st, the equity market declined overall, with all indices closing down. The average daily trading volume of the two markets decreased by about 1759.86 billion yuan to 18487.98 billion yuan compared with last week, a week - on - week decline of 8.69%. Among them, the Shanghai Composite Index fell 3.90% to 3834.89 points, the Shenzhen Component Index fell 5.13% to 12538.07 points, the ChiNext Index fell 6.15% to 2920.08 points, and the CSI 300 fell 3.77% to 4453.61 points. All 31 Shenwan primary industries closed down, with power equipment, basic chemicals, commercial retail, steel, and pharmaceutical biology leading the decline, with declines of 10.54%, 7.47%, 7.24%, 6.98%, and 6.88% respectively [7][9][11]. 1.2 Convertible Bond Market Declined Overall - From November 17th to November 21st, the CSI Convertible Bond Index fell 1.78% to 482.94 points. Among the 29 Shenwan primary industries, 1 industry closed up, and no industry had a gain of more than 2%. The social services industry led the gains with a 0.31% increase, while non - ferrous metals, coal, basic chemicals, commercial retail, and steel led the declines, with declines of 1.93%, 1.72%, 1.63%, 1.57%, and 1.35% respectively. The average daily trading volume of the convertible bond market was 656.75 billion yuan, a significant decrease of 56.65 billion yuan, a week - on - week change of - 7.94%. About 6.70% of individual convertible bonds rose, about 4.47% had a gain in the range of 0 - 1%, and 0.74% had a gain of more than 2% [7][14]. - In terms of conversion premium rate, the overall market conversion premium rate rebounded this week, with an average daily conversion premium rate of 39.86%, an increase of 2.05 pcts compared with last week. In terms of price intervals, except for the price interval above 120 yuan which widened by 2.27 pcts, the average daily conversion premium rates of convertible bonds in other price intervals narrowed, with the 100 - 110 yuan price interval narrowing the most, by 25.23 pcts. In terms of parity intervals, except for the parity intervals below 90 yuan and 110 - 120 yuan where the average daily conversion premium rates of convertible bonds narrowed, the average daily conversion premium rates of convertible bonds in other parity intervals widened, with the 90 - 100 yuan parity interval widening the most, by 2.70 pcts [19]. - In terms of conversion parity, the parity of 7 industries increased this week, with 2 industries having a widening amplitude of more than 2%. The social services, steel, environmental protection, petroleum and petrochemical, and beauty care industries led the gains, with increases of 32.81%, 5.17%, 1.28%, 0.42%, and 0.40% respectively; the electronics, power equipment, food and beverage, non - bank finance, and building materials industries led the declines, with decreases of 4.93%, 4.14%, 4.00%, 3.80%, and 3.71% respectively [29]. 1.3 Comparison of Stock and Bond Market Sentiments - From November 17th to November 21st, the week - on - week weighted average and median of the convertible bond and underlying stock markets were negative, and the convertible bond market had a smaller weekly decline than the underlying stock market. In terms of trading volume, the trading volume of the convertible bond market decreased by 7.94% week - on - week and was at the 57.20% quantile level since 2022; the trading volume of the underlying stock market decreased by 17.87% week - on - week and was at the 84.00% quantile level since 2022. The trading volume of both the underlying stock and convertible bond markets decreased significantly, and the underlying stock market had a larger decline in trading volume and a higher quantile level. In terms of the proportion of rising and falling stocks and bonds, about 11.33% of convertible bonds closed up, and about 5.80% of underlying stocks closed up; about 91.99% of convertible bonds had a larger increase or decrease than underlying stocks. In general, the trading sentiment in the convertible bond market was better this week [30]. 2. Future Outlook and Investment Strategy - In the short - term, it is still recommended to defend rather than attack in the convertible bond market. Consider diversification and diffusion in industry styles. Diversify by choosing some chemical targets such as Xingfa Convertible Bond, Hebang Convertible Bond, etc.; focus on the diffusion direction of the technology mainline, such as AI edge - side consumer electronics, and recommend targets like Weil Convertible Bond, Luxshare Convertible Bond, etc. Also, small - cap stocks may perform well during the diffusion period, and recommend targets such as Huachen Convertible Bond, Guoli Convertible Bond, etc [2][36]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Hengbang Convertible Bond, Chutian Convertible Bond, etc [2][37].

Group 1 - The overall stock market (SPY) has been debated as being overvalued since the significant recovery from COVID-19, with prior concerns about inflated equity valuations before the pandemic [1] - Roberts Berzins has over a decade of experience in financial management, aiding top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] Group 2 - Berzins has been involved in developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1] - He holds a CFA Charter and an ESG investing certificate, and has interned at the Chicago Board of Trade while residing in Latvia [1] - Berzins actively participates in thought-leadership activities to support the development of pan-Baltic capital markets [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - On November 20, 2025, the company launched its first super-range model, the Xiaopeng X9, which features the longest range globally for a seven-seater vehicle, with a pure electric range of 452 km and a comprehensive range of 1602 km [2][4]. - The pricing for the two versions, 1602 Max and 1602 Ultra, is set at 309,800 and 329,800 yuan respectively, with promotional offers for early depositors [2][4]. - The company anticipates a significant increase in sales due to a strong new vehicle cycle, enhanced marketing strategies, and channel transformations, projecting delivery volumes of 125,000 to 132,000 units in Q4 2025, representing a year-on-year growth of 36.6% to 44.3% [2][10]. - Financial improvements are expected from scale enhancements, cost reductions from platform and technology, and the expansion of software profitability models alongside continued growth in international markets [2][10]. Summary by Sections Event Description - The Xiaopeng X9 super-range model was officially launched on November 20, 2025, with two versions available at prices of 309,800 and 329,800 yuan [4][10]. Event Commentary - The Xiaopeng X9 is positioned as a large MPV with advanced features, including a 1.5T range extender engine and an 800V high-voltage architecture, which supports rapid charging and offers extensive smart driving capabilities [10]. - The company is expected to benefit from a strong new vehicle cycle, with multiple new models anticipated to enhance sales momentum [10]. Financial Outlook - Revenue projections for 2025 are estimated between 21.5 billion and 23 billion yuan, reflecting a year-on-year increase of 33.5% to 42.8% [10]. - The company is expected to achieve revenues of 77.3 billion and 130.2 billion yuan in 2025 and 2026, respectively, with corresponding price-to-sales ratios of 1.8X and 1.0X [10].

Core Insights - Over a thousand listed companies have been investigated by institutional investors since November, indicating a high level of interest in the market [3][4] - The top three companies receiving the most institutional attention are Ninebot, Rongbai Technology, and Lens Technology, with Ninebot leading at 179 institutions [5][6] - Despite a recent pullback in tech stocks, sectors such as application software, integrated circuits, and electronic components continue to attract significant institutional research [12][13] Institutional Research Activity - As of the week of November 17 to 23, over 400 listed companies disclosed records of institutional investor investigations, maintaining a high level of research activity [4][5] - The top ten companies by the number of institutional inquiries include: 1. Ninebot: 179 institutions 2. Rongbai Technology: 137 institutions 3. Lens Technology: 121 institutions 4. Yingtang Zhikong: 61 institutions 5. Yinglian Co.: 49 institutions 6. Qiaocheng Ultrasonic: 47 institutions 7. Tainkang: 41 institutions 8. AVIC Heavy Machinery: 40 institutions 9. World: 38 institutions 10. Obsidian: 33 institutions [5][6] Sector Focus - The focus of institutional research has been on hard technology sectors, particularly in areas such as AI, robotics, and consumer electronics [12][13] - Companies like Lens Technology are optimistic about their future in the robotics sector, projecting significant growth in humanoid and quadruped robot shipments [6] - Institutions are particularly interested in AI technology, which is expected to transition into practical applications in the coming year, with opportunities in computing power, cloud infrastructure, and various applications [13]