We recently published 10 Stocks Jim Cramer Talked About. Costco Wholesale Corporation (NASDAQ:COST) is one of the stocks Jim Cramer discussed. For Jim Cramer's morning appearances, where there's Walmart, there's also Costco Wholesale Corporation (NASDAQ:COST). He has discussed both firms regularly throughout 2025 and kept an upbeat tone about them. Cramer believes that Costco Wholesale Corporation (NASDAQ:COST) plays an important role in the economy to ensure that Americans can buy affordable groceries. H ...

We recently published 10 Stocks Jim Cramer Talked About. Abbott Laboratories (NYSE:ABT) is one of the stocks Jim Cramer discussed. This show marked more than a month after Cramer discussed pharmaceuticals and diagnostics devices firm Abbott Laboratories (NYSE:ABT). However, the delay doesn't mean he's changed his sentiment about the firm. Cramer often calls Abbott Laboratories (NYSE:ABT) one of the most "reliable" healthcare companies in the business. In fact, in January, he went as far ahead as to call t ...

Core Viewpoint - The recent trading week saw a significant decline in the A-share market, with only 520 stocks rising, indicating a rare occurrence and potential market instability ahead [1][3]. Market Performance - During the week of November 17 to 21, the A-share market experienced continuous adjustments, culminating in a notable drop on Friday [3]. - Major indices, including the Shanghai Composite Index and the CSI 300, fell below the 60-day moving average, with the Wind All A Index touching the 20-week moving average for the first time since late June [4]. Market Sentiment and Expectations - Despite the recent downturn, there remains a prevailing expectation for market recovery in the upcoming week, as historical patterns suggest quick rebounds following significant declines [5]. - The average stock price in the All A market closed at 24.72 yuan, closely mirroring the closing price of 24.74 yuan on September 4, indicating a potential support level [5]. Sector Analysis - Huazhang Securities reports that the current adjustment phase is nearing historical comparability, with limited further downside expected. Growth technology is anticipated to be the strongest sector in the next upward trend [7]. - Historical data suggests that growth styles typically adjust for 1-2 months with a decline of 15%-20%, while the current maximum adjustment for growth styles is 10.7% over one month [7]. External Influences - The recent market decline is attributed to weakness in global markets, particularly concerns over interest rate cuts and the AI bubble. Despite strong earnings reports, Nvidia's stock fell, reflecting broader market fears [8]. - Following comments from New York Fed President Williams, expectations for a December interest rate cut surged to approximately 70%, nearly doubling from the previous day [8]. Upcoming Events - On November 24, the IPO of domestic GPU company Moore Threads will take place, with an issue price set at 114.28 yuan per share [12]. - The MSCI index adjustments will take effect on November 24, with 17 new A-shares added and 16 removed, impacting market dynamics [13].

Core Insights - The absence of key figures like Lei Jun at the 2025 Guangzhou Auto Show highlights a shift in focus towards new players like Huawei's Qian Kun, which is gaining prominence in the automotive sector [3][4][9] - The proportion of new energy vehicles (NEVs) at the show increased significantly, reaching 57.97% compared to 43.72% in the previous year, indicating a growing trend towards electrification in the automotive market [3][13] Group 1: Industry Trends - The 2025 Guangzhou Auto Show showcased a notable increase in the number of NEVs, with 629 out of 1,085 vehicles displayed being electric [13][16] - A trend towards larger, personalized vehicle models is emerging, with several companies launching flagship MPVs and SUVs, driven by policy incentives and profit motives [16] - The competition between pure electric and range-extended technologies remains a hot topic, with various companies showcasing both types of vehicles at the event [17][18] Group 2: Company Collaborations - Huawei's Qian Kun is establishing itself as a key player, collaborating with multiple automakers like GAC Group and Dongfeng to launch new brands [9][10] - The partnership between Avita and Huawei has expanded significantly, focusing on user insights, product development, and integrated marketing strategies [9][10] - GAC Group's new brand, Qijing, aims to position itself in the high-end smart NEV market, with plans to launch an SUV and a coupe by 2026 [10][11] Group 3: Technological Innovations - AI technology is becoming a central theme, with companies like Seres showcasing advancements in smart electric vehicle platforms [19][22] - Xiaopeng Motors is emphasizing its commitment to AI-driven innovations, with plans to launch several AI applications by 2026 [21][22] - The competition in autonomous driving technology is intensifying, with various companies announcing new features and capabilities at the show [21][22]

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]

Core Insights - Baidu Group reported a revenue of approximately 31.17 billion yuan for Q3 2025, representing a year-on-year decline of 7% and a quarter-on-quarter decline of 5% [1] - The company's non-GAAP net profit for Q3 2025 was 3.77 billion yuan, down 36% year-on-year and 21% quarter-on-quarter, with a gross margin of approximately 41.25% [1] Revenue Breakdown - Baidu's core business generated revenue of 24.66 billion yuan in Q3 2025, a year-on-year decrease of 7% and a quarter-on-quarter decrease of 6% [1] - iQIYI's revenue was 6.7 billion yuan, down 8% year-on-year [1] - Online marketing revenue decreased by 18% year-on-year, while non-online marketing revenue grew by 21% [1] Online Marketing Performance - The online marketing revenue for Q3 2025 was approximately 15.3 billion yuan, a year-on-year decrease of 18% [2] - Baidu is advancing AI transformation in its search services, with about 70% of mobile search result pages containing AI-generated content as of October 2025 [2] - AI-native marketing services generated revenue of 2.8 billion yuan, showing a significant year-on-year growth of 262% [2] Cloud Services Growth - Baidu is accelerating the development of enterprise AI-native applications, with related revenue growing rapidly [2] - The AI application revenue reached 2.6 billion yuan in Q3 2025, a year-on-year increase of 6% [2] - Intelligent cloud infrastructure revenue was 4.2 billion yuan, reflecting a year-on-year growth of 33% [2] - Subscription revenue from AI high-performance computing facilities increased by 128% year-on-year [2] Autonomous Driving Expansion - Baidu's autonomous driving service, "Luobo Kuaipao," has expanded globally, covering 22 cities as of October 2025 [3] - The service achieved an average of over 250,000 fully autonomous driving orders per week [3] - In mainland China, the service has achieved 100% fully autonomous operation in all operational cities [3] - Strategic partnerships have been established in Switzerland and Abu Dhabi to enhance service offerings [3] Profit Forecast and Investment Rating - The company is one of the few globally providing a full-stack AI solution, with unique breadth and depth in AI capabilities [4] - Revenue projections for 2025 to 2027 are estimated at 130.2 billion, 136.8 billion, and 145.4 billion yuan, respectively [4] - Non-GAAP net profit forecasts for the same period are 19.2 billion, 20.1 billion, and 22.7 billion yuan, with corresponding non-GAAP EPS of 6.99, 7.29, and 8.26 yuan [4] - The company maintains a "buy" rating with non-GAAP P/E ratios of 14.9, 14.3, and 12.6x for the respective years [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the stability of the Double Eleven sales event, with a focus on extreme low prices and user experience as key competitive factors. AI cloud demand continues to be validated, with major cloud service providers (CSPs) increasing capital expenditure (CapEx) guidance, indicating stronger predictability in computing power demand [5][26][67] - The emergence of Mid-training is expected to enhance the predictability of computing power demand, serving as a foundational technology support for this trend. This phase is crucial for refining data and improving model capabilities, which in turn stimulates demand for professional data annotation services [6][30][38] Summary by Sections 1. Internet Sector - The Double Eleven event showed stable performance, with total online retail sales reaching nearly 2.4 trillion yuan, a year-on-year growth of over 10%. Major platforms like Tmall and JD.com maintained significant market shares [16][19] - The competition among platforms has intensified, with a return to low prices and enhanced user experience driving growth. JD.com continues to perform well in high-value categories like 3C electronics and home appliances [23][14] - Major overseas internet companies are experiencing strong growth in advertising and cloud services, with increased CapEx further supporting the AI industry's positive outlook [5][8][67] 2. AI Sector - Mid-training is gaining importance, potentially extending the Scaling Law and enhancing the predictability of this round of computing power demand. This phase focuses on providing more structured supervision signals to improve downstream capabilities [30][33] - The rise of Mid-training has led to the emergence of several unicorn companies in the data annotation space, indicating a growing market for AI-related services [38][36] 3. Automotive & Autonomous Driving - The automotive sector is facing challenges due to tightened policies affecting passenger vehicle sales, with a notable decline in weekly sales figures. However, new vehicle launches are expected to ramp up towards the end of the year [41][43] - The Robotaxi industry is witnessing significant developments, with companies like Xiaoma Zhixing and Wenyuan Zhixing successfully listing on the Hong Kong Stock Exchange. Xiaopeng Motors is also set to launch Robotaxi models by 2026, showcasing advancements in autonomous driving technology [45][53][67] 4. Investment Recommendations - The report recommends focusing on companies benefiting from the ongoing trends in the internet and AI sectors, such as Alibaba, Pinduoduo, and Tencent in the internet space, and companies like Kingdee International and Beisen Holdings in the IT spending wave [8][67]

Core Insights - Lenovo Group's 2QFY26 performance exceeded expectations with revenue of $20.452 billion, a year-on-year increase of 14.6% [1] - Non-HKFRS net profit reached $512 million, up 25.2% year-on-year, while net profit attributable to shareholders declined by 5.1% to $340 million [1] - The strong performance was driven by double-digit revenue growth across all three business groups and regions, with AI-related revenue accounting for 30% of total revenue, up 13 percentage points year-on-year [1][2] Business Segment Performance - The IDG segment reported revenue growth of 11.8% to $15.107 billion, with an operating profit margin of 7.3% [2] - Lenovo's PC shipment growth of 17.3% outpaced the global PC market's growth of 9.4%, increasing its market share to 25.5% [2] - The ISG segment saw revenue growth of 23.7% to $4.087 billion, with a reduced operating loss margin of -0.78%, indicating significant improvement [3] Market Position and Outlook - Lenovo holds a 31.1% share of the global Windows AI PC market, maintaining its leading position [2] - The company is confident in achieving double-digit year-on-year growth in PC revenue for the second half of FY2026, supported by strong supply chain management and long-term relationships with key component suppliers [2] - The AI infrastructure business is experiencing robust growth, particularly in cloud infrastructure and AI server revenue, which is seeing high double-digit growth [3] Financial Projections - Lenovo maintains its FY2026/27 profit forecasts, with the current stock price corresponding to a price-to-earnings ratio of 9.3x for FY2026 and 8.0x for FY2027 [3] - The target price is set at HKD 14.8, reflecting a potential upside of 52% based on FY2026/27 earnings multiples [3]

Group 1 - The core viewpoint of the report is that Mingzhi Electric (603728.SH) is rated as "Buy" by Huazhong Securities due to expected performance improvements and growth in the automation sector [1] - The Q3 2025 performance is in line with expectations, showing significant improvement in profitability [1] - The gross margin in Q3 has improved quarter-on-quarter, leading to increased profits, while the expense ratio has decreased year-on-year [1] Group 2 - There is a growing demand in the automation sector, which is driving growth in the control motor and its drive system business [1] - The company is focusing on cutting-edge technologies in the automation industry, with significant investments in AI and robotics [1]

Core Economic Insights - The Federal Reserve's acknowledgment of a K-shaped economy highlights the disparity between low-income consumers, who are downgrading their consumption, and high-income individuals, who continue to spend lavishly [3][5] - The aggressive interest rate hikes initiated in 2022 have led to a significant divide in consumer spending, with low-income groups experiencing stagnation or decline in credit card spending, while high-income groups drive overall credit card consumption growth [5][7] Consumer Behavior - Research indicates that a 1% increase in the federal funds rate results in a 0.9% decrease in credit card spending, disproportionately affecting lower-income consumers who face a twofold reduction in spending compared to higher-income individuals [7] - As of November 2025, the 30-day delinquency rate on credit cards reached 4.8%, the highest since the 2008 financial crisis, while the bad debt rate for buy-now-pay-later services surged to 9.5% [7] Corporate Sector Dynamics - Capital expenditures in the AI sector are primarily concentrated among tech giants like Amazon, Microsoft, and Google, which possess substantial cash reserves, while small businesses struggle under high-interest rates [8][10] - The National Federation of Independent Business reported that small business confidence has remained below the 50-year average for 22 consecutive months, with credit access at its most challenging level since the European debt crisis in 2012 [10] Wealth Distribution and Policy Implications - The wealth concentration in the U.S. is stark, with the top 1% holding over 32% of the nation's wealth, while the bottom 50% possess only 2.5% [10][12] - The Federal Reserve's interest rate policies have inadvertently exacerbated wealth inequality, benefiting wealthy savers while placing a heavier burden on low-income borrowers [12][18] Future Outlook - A potential interest rate cut in the first half of 2026 is anticipated, but it is expected to be cautious and gradual rather than aggressive [14][16] - The impact of any rate cuts will likely be uneven, providing relief to lower-income consumers and small businesses while potentially inflating asset values for the wealthy [16][18] Structural Solutions - Long-term solutions to the K-shaped economy require fiscal policy changes, including a fairer tax system and targeted social transfers, which are currently hindered by political divisions [18][20]