Major update from my partner Talus Labs, launching their Talus Vision demo 📢What makes Talus Vision different is that the agents you build don’t run on a Web2 server.They run fully on-chain.The Nexus protocol turns each workflow into a transparent Sui Move object, so you can inspect exactly how an agent thinks and acts.Less blackbox, more transparency...Talus Labs (@Talus_Labs):1/3 Automation platforms like Zapier and n8n are worth billions, but they were built for the old internetWe are launching the agent ...

股市开盘时的狂欢与收盘后的恐慌形成鲜明对比，华尔街交易员们面面相觑，都在问同一个 问题："发生了什么？" 美东时间11月20日，美国股市经历了自4月以来最剧烈的盘中反转行情，三大指数全线收跌。尽管英伟 达和沃尔玛发布了强劲财报，市场早盘一度高涨，但突如其来的抛售潮令所有涨幅化为乌有。 科技七巨头全线下跌。亚马逊跌2.49%，特斯拉跌2.21%，微软跌1.60%，谷歌跌1.15%，苹果跌0.86%， Meta跌0.19%。芯片股表现尤为疲软，费城半导体指数暴跌4.77%。 美股市场周四的暴跌并非由单一因素引起，而是多重利空共同作用的结果。 美联储降息预期降温是重要因素之一。周四盘前公布的9月非农就业报告显示，美国新增就业11.9万 人，远超市场预估的5.2万人。这份强劲的就业数据导致市场对美联储12月降息的概率预期降至不足 40%。 对AI泡沫的担忧重新主导市场情绪。西北互惠财富管理公司首席投资官Brent Schutte指出："英伟达需 要放在许多悬而未决的问题背景下看待，包括AI的可持续性、股票估值等因素。" 尽管英伟达CEO黄仁勋强调Blackwell芯片需求"爆棚"，并否认AI泡沫的存在，但担忧情绪仍占 ...

Group 1 - The Asia-Pacific market opened sharply lower, following the overnight decline in US stocks, with the South Korean Composite Index dropping over 4% [1] - The Hang Seng Technology Index fell over 3%, with major stocks like JD Health, Baidu, Tencent Music, and NIO experiencing significant declines, while Xiaomi Group saw a slight increase [1] - Recent comments from Federal Reserve officials indicate a cautious stance on interest rate cuts, with the probability of a 25 basis point cut in December now at 35.6% [1] Group 2 - The Hang Seng Technology Index has returned to a historically undervalued range, with the latest valuation (PETTM) at 21.57 times, lower than other major global technology indices [2] - The current valuation is at the 19.86th percentile since the index's inception, indicating it is lower than 80% of historical valuations, highlighting its attractiveness [2] - The high elasticity and growth characteristics of the Hang Seng Technology Index suggest significant upward potential, making it an appealing option for investors without a Hong Kong Stock Connect account [2]

Group 1 - Xiaomi Auto will increase investment in the field of assisted driving, with over 7 billion yuan allocated to AI research and development by 2025 [1] - The Xiaomi intelligent driving team consists of over 1,800 members, including 108 PhD holders [1] - Key members of the team include Dr. Ye Hangjun, Dr. Chen Guang, Dr. Chen Long, and Dr. Wang Naiyan, each responsible for different aspects of the project [1]

Group 1 - The Hong Kong stock market opened lower today, with the Hang Seng Technology Index dropping by 2.21% and the Hang Seng Internet ETF and Hang Seng Technology Index ETF falling by 2% and 1.6% respectively, influenced by unexpected strong U.S. non-farm payroll data and a decline in U.S. stocks [1] - Despite the market downturn, there has been a significant net inflow into the Hang Seng Technology Index ETF, totaling 4.472 billion yuan over 16 trading days from October 30 to November 20, even as the index fell by 10.11% during this period [1] - The Hang Seng Internet ETF also saw a net inflow of 2.518 billion yuan over the same 16 days, with a decline of 10.24% [1] Group 2 - The recent adjustment in the Hong Kong stock market is attributed to factors such as the "AI bubble theory," tightening liquidity in the U.S. market, and profit-taking by institutions after a more than 20% increase in the Hang Seng Technology Index this year [1][2] - The Hang Seng Technology Index has experienced a cumulative decline of over 18% since October 3, indicating a potential buying opportunity [2] - Positive developments include strong Q3 financial results and Q4 guidance from Nvidia, which may help alleviate concerns regarding the "AI bubble," alongside Alibaba's upcoming earnings report on November 25 [2] Group 3 - The Federal Reserve's decision to pause balance sheet reduction on December 1, coupled with rising unemployment rates over the past three months, suggests a cautious approach to monetary policy [3] - The Hang Seng Technology Index ETF has a current scale of 46.49 billion yuan, including major Chinese tech companies such as SMIC, Alibaba, Tencent, Baidu, Xiaomi, and Lenovo [4] - The Hang Seng Internet ETF, with a scale of 34.284 billion yuan, has over 80% weight in leading internet stocks, with an AI content exceeding 90% [4]

Core Insights - The report highlights Nvidia's strong quarterly performance with revenue reaching $57 billion, a year-on-year increase of 62% and a quarter-on-quarter increase of 22%, surpassing Bloomberg consensus estimates by 3% and guidance by 6% [2] - Nvidia's management provided a robust guidance for Q4, expecting revenue to reach $65 billion, which indicates a year-on-year growth of 65% and a quarter-on-quarter growth of 14%, significantly above market expectations [6] - The semiconductor industry is experiencing a shift towards AI applications, with companies like SK Hynix planning to increase DRAM production to meet the growing demand [5] Industry Commentary - The semiconductor industry, particularly Nvidia, is alleviating market concerns regarding an AI bubble through strong execution and guidance [6] - The report notes that Nvidia's gross margin for the quarter was 73.6%, slightly below consensus but higher than guidance, reflecting improvements in product mix and cost structure [2] - The report anticipates that the AI supply chain will continue to outperform the market until 2026, driven by strong demand for AI-related products [6] Company Analysis - NetEase reported a total revenue of RMB 28.4 billion for Q3 2025, an 8% year-on-year increase, although slightly below consensus expectations [6] - Palo Alto Networks achieved a revenue of $2.5 billion for Q1 FY26, a 15.7% year-on-year growth, exceeding consensus estimates [6] - Stone Pharmaceutical's revenue for the first three quarters of 2025 was RMB 19.9 billion, with a notable contribution from licensing income, indicating a sustainable growth trajectory [7][9]

Core Viewpoint - The overnight decline in US stocks has significantly impacted global markets, particularly affecting technology stocks, with the Hang Seng Tech Index dropping over 3% during trading. Group 1: Market Impact - The Hang Seng Tech Index fell more than 3% amid the broader market decline [1] - Notable declines in individual stocks include Huahong Semiconductor down 4.49% to HKD 74.5, SMIC down 3.95% to HKD 70.6, Alibaba down 3.49% to HKD 149.4, and Tencent down 1.98% to HKD 96.55 [1] Group 2: Economic Indicators - The US added 119,000 non-farm jobs in September, significantly exceeding expectations [1] - There is increasing division within the Federal Reserve regarding inflation concerns, with three senior officials expressing worries on the same day, complicating the outlook for potential interest rate cuts in December [1] Group 3: Company Performance - Nvidia reported a 62% year-over-year increase in Q3 revenue to USD 57.01 billion and provided a strong guidance for Q4 [1] - Despite Nvidia's strong performance, investor concerns regarding an AI valuation bubble persist, with Ray Dalio suggesting that while the market may be forming a bubble, investors do not need to exit immediately but should adopt defensive measures [1]

Core Viewpoint - CICC maintains Lenovo Group's FY2026/27 profit forecast largely unchanged, with a target price of HKD 14.8, indicating a potential upside of 52% based on a non-HKFRS net profit metric [1] Group 1: Financial Performance - Lenovo Group reported 2QFY26 revenue of USD 20.452 billion, a year-on-year increase of 14.6%, and a non-HKFRS net profit of USD 512 million, up 25.2% year-on-year [2] - The net profit attributable to shareholders was USD 340 million, which included a non-cash fair value gain of USD 148 million related to warrants and nominal interest of USD 28.47 million from convertible bonds [2] - Overall performance exceeded expectations due to 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 [2] Group 2: AI PC and Market Position - The company's IDG revenue grew by 11.8% year-on-year to USD 15.107 billion, with an operating profit margin of 7.3% [3] - Lenovo's PC shipment growth of 17.3% outpaced the industry average of 9.4%, increasing its market share to 25.5% [3] - Lenovo holds a 31.1% share of the global Windows AI PC market, maintaining its leading position, with AI PC products accounting for 30% of notebook shipments in mainland China [3] Group 3: AI Infrastructure Growth - The ISG revenue for 2QFY26 increased by 23.7% year-on-year to USD 4.087 billion, with improved operating profit margins [4] - The cloud infrastructure business achieved record revenue for the period, with AI server revenue showing high double-digit growth and strong order reserves [4] - The enterprise infrastructure business is undergoing a transformation to cater to different business models for large enterprises and SMEs [4]

Core Viewpoint - Ctrip Group reported a significant increase in net profit for Q3 2025, reaching 19.9 billion RMB, a year-on-year growth of 194%, primarily driven by a strategic exit from its investment in MakeMyTrip, which generated approximately 17 billion RMB in revenue from the sale of shares [1][4]. Investment in MakeMyTrip - Ctrip's investment in MakeMyTrip began in January 2016 with a convertible bond of 180 million USD, marking its entry into the Indian market, which was seen as having high growth potential due to a rapidly rising middle class [4][5]. - The investment was strategically timed, as the IMF projected India's economic growth at 7.5% in 2016, with a significant increase in the middle-class population, providing a strong foundation for tourism consumption [4]. - Over nine years, Ctrip's stake in MakeMyTrip grew, with the book value of the investment reaching 6.2 billion RMB by the end of 2023 and 7.1 billion RMB by the end of 2024, indicating a stable appreciation [5][6]. - In June 2025, Ctrip sold part of its shares in MakeMyTrip for 2.5 to 3 billion USD, reducing its voting rights from 45.3% to 16.9%, transitioning from a strategic to a financial investor [5][6]. Growth Engines - Ctrip's management highlighted three main growth engines: AI technology, inbound tourism, and targeted market segmentation [8][9]. - AI is positioned as a core strategic pillar, with Ctrip's AI travel assistant, TripGenie, expanding its user base significantly, indicating a strong focus on enhancing customer experience through technology [8]. - The inbound tourism sector is identified as a rapidly growing area, with Ctrip noting that China's inbound tourism revenue as a percentage of GDP is significantly lower than that of developed countries, suggesting substantial growth potential [9]. - Ctrip is also focusing on the silver economy, targeting older consumers who have three times the spending power of younger demographics, and has seen significant growth in its "Old Friends Club" membership and transaction volume [9][10]. Market Challenges - Despite strong Q3 performance, the online travel industry faces renewed price competition, with major players like JD and Douyin entering the market [13]. - Ctrip's management emphasized the importance of quality service over price competition, as the market trends indicate a persistent decline in hotel and flight prices [13][14]. - The recovery of international business remains slow, with global airline capacity only at 88% of pre-pandemic levels, which could hinder faster growth for Ctrip's international operations [14]. - Ctrip is adopting a differentiated competitive strategy, including a global SOS service network for customer support and a refined marketing approach based on market maturity [14].

Core Insights - The gaming sector showed strength on November 21, with the gaming ETF (159869) experiencing a near 1% increase, and notable gains from stocks like Fuchun Co. and Giant Network [1] - NetEase reported Q3 2025 earnings, revealing a net income of 28.4 billion yuan and a net profit of 9.5 billion yuan, with gaming revenue reaching 23.3 billion yuan [1] - The collaboration between "Delta Action" and "Counter-Strike: Future" is set to enhance player engagement and collectible value [1] Group 1 - The gaming ETF (159869) reached a product scale of 11.077 billion yuan as of November 20, allowing investors to easily invest in leading A-share gaming companies [1] - NetEase's classic product "Fantasy Westward Journey" achieved a record high in concurrent users, while new games like "Fate: Stars" topped the iOS download charts in 19 regions on launch day [1] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with a focus on top gaming companies exploring AI and gaming integration [2] Group 2 - Major products such as "Honor of Kings" and "Delta Action" are anticipated to strengthen their market position through frequent content updates [2] - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]