RT Devconnect ARG - the first Ethereum World’s Fair (@EFDevcon)“Open network is the next step to make AI better and this is something the AI space really cares about.”- @marco_derossi from @MetaMask on the 'ERC-8004' panel at @AgenticZero in the Yellow Pavilion. https://t.co/AyrFWDhcvq ...

"不分散精力去做一些把握不大的新项目。"网易高层表示。 11月20日，网易（09999.HK）发布2025年第三季度财报。财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%；非公认 会计准则下归股净利润为95亿元，同比增长26.7%。 | | 三個月截至 | | | | | 九個月7 | | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2025年 | 2024年 | 2025 | | | 9月30日 | 6月30日 | 9月30日 | 9月30日 | 9月30日 | 9月3 | | | 人民幣 | 人民幣 | 人民幣 | 美元(注1) | 人民幣 | 人民 | | 浮收入 | 26,209,879 | 27,891,664 | 28.358.625 | 3,983,512 | 78.547.425 | 85,0 | | 營業成本 | (9,733,274) | (9,839,182) | (10,181,020) | (1,430,119) | (29,012,682) | ...

Core Viewpoint - The company, Moer Technology, has set its IPO price at 114.28 yuan per share, based on preliminary inquiries and market evaluations, with a total expected fundraising of approximately 80 billion yuan [1][3]. Group 1: IPO Pricing and Valuation - The IPO price corresponds to a price-to-sales (P/S) ratio of 104.26 times based on projected 2024 revenue before the issuance and 122.51 times after the issuance [2]. - The company's market capitalization at the time of listing is estimated to be around 53.715 billion yuan, with projected revenue for 2024 set at 4.38 billion yuan [2]. - The average P/S ratio of comparable companies in the same industry is 111.23, indicating that Moer Technology's IPO price is above the industry average [3]. Group 2: Fundraising and Use of Proceeds - The company aims to raise approximately 79.996 billion yuan through the IPO, with a net amount expected to be around 75.76 billion yuan after deducting issuance costs [3]. - The raised funds will be allocated to the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4]. Group 3: Research and Development Investment - From 2022 to 2024, the company plans to invest a total of 38.10 billion yuan in research and development, which represents about 626.03% of its cumulative revenue over the last three years [2]. - The company has successfully launched four generations of GPU architectures and aims to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [3].

Tourlite Capital Management, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Tourlite Fund, LP returned -2.0% in the third quarter of 2025 compared to 8.1% and 12.4% returns for the S&P 500 and the Russell 2000 Indexes. Since its inception, the fund has achieved annualized returns of 8.6%, compared to 13.4% and 6.3% for the Indexes, respectively. The firm observed that the rise in speculative, lower-quality stocks is similar to th ...

Core Insights - The FUTR Corporation has entered a national channel partnership with Tax Max, significantly expanding its automotive retail network by approximately 400% [1][2][3] - The partnership aims to introduce FUTR's bi-weekly auto loan payment solution to Tax Max's extensive network of dealerships across the U.S., enhancing customer satisfaction and reducing delinquencies [2][3] Company Overview - FUTR is an AI-powered consumer finance platform that allows users to manage and spend the value of their data [1][6] - The company recently launched Payments 2.0, a modern auto payments platform designed to facilitate quick onboarding for dealers [3] Partnership Details - Under the multi-year agreement, Tax Max will be the exclusive channel partner for FUTR's vehicle payment plan products within its tax and dealer service network [2][4] - The partnership is expected to run for an initial period of 36 months, with plans for future expansion as FUTR integrates more dealers and lenders [4] Tax Max Overview - Tax Max is a leading provider of tax and financial services for the automotive industry, supporting thousands of dealerships across the U.S. [7][9] - The company offers innovative programs to help dealerships optimize their operations during tax season, enhancing sales and customer experience [8][9]

Core Viewpoint - Huayi Brothers has launched the "H.AI Fire Seed Plan," which includes 9 AI short dramas and 1 AI movie, indicating a strategic move towards integrating AI technology in content creation [1] Group 1: AI Production Plan - The "H.AI Fire Seed Plan" features 9 AI short dramas and 1 AI movie, showcasing the company's commitment to innovation in media production [1] - The titles of the short dramas include "Family Rules Seven," "No. 0 File," "Crimson Night Approaches," "The Last Live Broadcast," "Chang'e's Fairy, Please Calm Down," "Hou Yi's Archer, Don't Take It Seriously," "Liu Bowen," "Return to Earth 2146," and the AI movie "Euler's Identity" [1] Group 2: Cultural and Technological Integration - The company aims to explore the deep integration of "culture + technology," highlighting its focus on new technologies and tools in the market [1] - Huayi Brothers is committed to diversifying its intellectual property (IP) development by incorporating more technological elements, which could lead to greater innovation in the industry [1]

Core Insights - Nvidia's quarterly earnings significantly exceeded expectations, countering the belief that the AI trade was losing momentum [1] Company Summary - Nvidia, led by Jensen Huang, continues to demonstrate strong performance in the GPU market, indicating resilience in the AI sector despite previous concerns [1]

Group 1 - The A-share index opened higher collectively on November 20, with sectors such as CPO, semiconductors, fintech, AI applications, and lithium batteries showing active performance [1] - As of 10:22, the CSI A500 index rose by 0.12%, and the A500 ETF (512050) saw its trading volume exceed 1.7 billion yuan [1] - Several foreign institutions have released outlook reports for 2026, collectively optimistic about the long-term allocation value of the Chinese stock market, with UBS and Morgan Stanley raising their target index levels for the Chinese market [1] Group 2 - The A500 ETF (512050) enables investors to easily allocate to core A-share assets, capitalizing on the valuation uplift in A-shares [2] - This ETF features low fees (total fee rate of only 0.2%), good liquidity (average daily trading volume exceeding 5 billion yuan in the past month), and a large scale (over 19 billion yuan) [2] - The A500 ETF tracks the CSI A500 index, employing a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-industries and integrating value and growth attributes [2]

Core Viewpoint - The company is actively implementing a platform strategy to become a leading visual equipment platform enterprise, focusing on AI-based AOI inspection, PCB, semiconductors, and embodied intelligence among other new businesses [1] Group 1: Business Strategy - The company is committed to building a robust visual equipment platform and has diversified its business into several new areas [1] - The company is promoting a positive lean management system to enhance operational efficiency [1] Group 2: Financial Performance - In the first three quarters, the company signed new orders amounting to 1.917 billion yuan (including tax), representing a year-on-year growth of 41.97% [1] - The gross profit margin in the first three quarters has decreased compared to the previous year due to changes in revenue structure and a decline in the gross profit margin of photovoltaic silicon wafer inspection and sorting equipment [1]

Core Insights - NetEase continues to generate significant profits quietly, with Q3 net revenue reaching 28.4 billion RMB, a year-on-year increase of 8.2%, and a non-GAAP net profit attributable to shareholders of 9.5 billion RMB, up 26.7% year-on-year [2][3] Financial Performance - The profit growth rate significantly outpaces revenue growth, a trend observed since 2025, with Q1 revenue at 28.8 billion RMB (up 7.4%), Q2 at 27.9 billion RMB (up 21.9%), and Q3 at 28.4 billion RMB [2][3] - Compared to other major companies like Tencent and Alibaba, NetEase's adjusted net profit growth rates are superior, with Tencent achieving 22%, 10%, and 18% growth in Q1, Q2, and Q3 respectively [3][4] Revenue Composition - In Q3, NetEase's gaming and related services generated 23.3 billion RMB, accounting for 82% of total revenue, with online games contributing 22.7 billion RMB, or 80% of total revenue [5][7] - The gaming sector remains the sole growth driver for NetEase, as other segments like NetEase Cloud Music and Youdao showed no growth, and other innovative business lines experienced declines [5][8] Strategic Direction - Despite the overall positive performance in gaming, NetEase has adopted a more conservative strategic approach, particularly in AI and technology sectors, unlike other major players aggressively pursuing AI investments [9][10] - R&D investment reached a record high of 16.5 billion RMB in 2023, up 44.8% year-on-year, but growth in R&D spending has slowed in 2024, indicating a shift in focus [11][13] AI Positioning - While other tech giants are heavily investing in AI, NetEase's efforts appear limited, with no significant presence in the top AI native applications as of September [13][15] - NetEase's AI applications are primarily focused on vertical scenarios rather than broad-based models, indicating a more cautious approach to AI integration [15]