Core Insights - Amplify's growth income ETF, QDVO, is identified as a Strong Buy due to its active underlying portfolio with a growth bias, which aligns closely with the S&P 500 while seeking additional growth opportunities [1] Group 1: Company Analysis - QDVO has a growth-oriented investment strategy, focusing on equity valuation and market trends to uncover high-growth investment opportunities [1] - The analysis is backed by over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing a blend of fundamental and technical analysis [1] Group 2: Research Methodology - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly focusing on macroeconomic trends, corporate earnings, and financial statement analysis [1] - The analysis aims to provide actionable ideas for investors looking to outperform the market [1]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst in leading teams for model validation, stress testing, and regulatory finance, showcasing a deep expertise in both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to deliver high-quality, data-driven insights, focusing on macroeconomic trends, corporate earnings, and financial statement analysis [1] Group 1 - The analyst has over 20 years of experience in the field, specializing in uncovering high-growth investment opportunities [1] - The approach combines rigorous risk management with a long-term perspective on value creation [1] - The focus is on providing actionable ideas for investors seeking to outperform the market [1]

（文章来源：证券日报） 证券日报网讯本川智能11月17日在互动平台回答投资者提问时表示，公司密切关注行业的技术发展和市 场趋势，积极开发新领域、新应用及潜在优质客户。 ...

最近的市场，简直像场打破常规的魔幻剧：A 股在涨，美股在涨，连向来和股市 "对着干" 的中债（尤 其是高股息股、银行债）也在涨。 不少人看得一头雾水：这仨不是天生的 "冤家" 吗？A 股涨时美股常跌，股市热时债市冷，怎么突然凑 成了 "同欢场"？ 其实啊，这热闹背后藏着一层窗户纸 ——有的涨是 "破晓"，带着新生的劲；有的涨是 "最后的盛宴"， 透着落幕的慌。此刻的同框，不过是新旧交替时的短暂重叠。 A 股的涨：是破晓的光，藏着蓄势已久的劲 现在的 A 股，像凌晨五点的天空 —— 东边刚泛起鱼肚白，看着柔和，却憋着一股往上冲的力道。从底 部慢慢抬升的指数，悄悄放大的成交量，连散户都能感觉到：市场里的 "活钱" 多起来了，不再是死气 沉沉的躺平。 这不是瞎炒的反弹。你去扒数据：估值还在历史低位，政策端 "激活市场" 的信号一次比一次明确，资 金正从角落里慢慢挪出来，往有业绩、有成长的赛道里钻。就像初春的嫩芽，看着不起眼，可根系已经 在土里扎稳了 —— 这种涨，是积蓄的能量在释放，是 "新故事" 的开头。 美股的涨：是强撑的繁华，赴一场最后的盛宴 美股这波涨，像深夜霓虹下的派对 —— 灯光越亮，越藏不住散场的疲惫 ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst in leading teams for model validation, stress testing, and regulatory finance, showcasing a strong background in both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to deliver high-quality, data-driven insights with a focus on macroeconomic trends and corporate earnings [1] Group 1 - The analyst has over 20 years of experience in the field, specializing in uncovering high-growth investment opportunities [1] - The approach combines rigorous risk management with a long-term perspective on value creation [1] - There is a particular interest in financial statement analysis to provide actionable ideas for investors [1]

Core Viewpoint - Joby Aviation (JOBY) has experienced a stock correction of approximately 14%, indicating selling pressure and the need for a reassessment of its investment thesis [1]. Group 1: Company Overview - Joby Aviation is currently facing selling pressure, leading to a notable stock price decline [1]. - The company has undergone several developments that necessitate a reevaluation of its investment thesis [1]. Group 2: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation and market trends [1]. - Previous experience includes a role as Vice President at Barclays, leading teams in model validation and regulatory finance [1]. - The analyst collaborates with a research partner to provide data-driven insights, emphasizing macroeconomic trends and corporate earnings [1].

Group 1 - The core viewpoint of the article highlights the excitement surrounding the listing of new stocks, particularly Daming Electronics, and the challenges faced by retail investors in securing allocations [1][3] - Daming Electronics was issued at a price of 12.55 yuan, with a subscription amount of 6,275 yuan for each winning bid of 500 shares, making it accessible for many small investors [3] - The total number of shares subscribed by online investors was 22.3191 million, while 81,300 shares were abandoned, amounting to 1.0207 million yuan in unclaimed funds, which was unexpected for many investors [3][5] Group 2 - The current market is hovering around the 4,000-point mark, indicating a potential upward trend after a period of consolidation, which is typical before breaking through key resistance levels [5][8] - Historical patterns suggest that after a strong breakout, the market often undergoes a period of consolidation lasting 1 to 2 weeks, which helps digest excess supply and solidify the foundation for further gains [5][8] - Investors are cautioned against hesitation during market fluctuations, as opportunities often arise during uncertain times, emphasizing the importance of patience and confidence in capital markets [8]

Financial Data and Key Metrics Changes - Q3 revenue exceeded $1 billion, marking a 10.7% increase compared to 2024, with organic revenue growth of 5.9% driven by favorable price and volume [8][9] - Adjusted EPS for Q3 was $2.30, an increase of $0.14 or 6.5% year-over-year [8][9] - Year-to-date available cash flow reached $485.2 million, up 25.1% from the previous year [12] Business Line Data and Key Metrics Changes - Americas segment revenue was $844 million, up 7.9% reported and 6.4% organically, with mid-single-digit growth in non-residential business [9][10] - International segment revenue was $226 million, up 22.5% reported and 3.6% organically, with acquisitions contributing 13.6% to segment revenue [11] Market Data and Key Metrics Changes - Demand in the Americas non-residential market remains healthy, while residential market demand is considered soft [13][14] - International markets are expected to show roughly flat organic performance, with some segments at historical troughs [14] Company Strategy and Development Direction - The company is focused on capital allocation for long-term shareholder benefits, with approximately $600 million allocated to acquisitions year-to-date [4][6] - Recent acquisitions, including UAP and Bressant, are expected to enhance the product portfolio and cost position [6][11] Management's Comments on Operating Environment and Future Outlook - Management raised the 2025 adjusted EPS outlook to $8.10 to $8.20, reflecting strong execution and recent acquisitions [5][14] - The company anticipates continued organic growth in non-residential business, while residential markets remain soft [13][14] Other Important Information - The company continues to pay dividends, amounting to $0.51 per share in Q3, totaling approximately $44 million [6] - The balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 1.8 times [12] Q&A Session Summary Question: Update on spec writing and key verticals - Spec activity has accelerated in 2025, supporting organic growth in non-residential markets [18][19] Question: M&A pipeline and earnings accretion - The M&A pipeline remains strong across both reporting segments, with disciplined acquisition strategies in place [20][21] Question: Conversations with building owners and architects - Non-res project activity is healthy, with private finance returning to the market [27][28] Question: International volume growth and outlook - International segment showed volume growth after previous declines, with electronics businesses performing well [29][30] Question: Adjusted operating margins and corporate costs - Expectation of margin expansion in Q4, with corporate costs remaining consistent [32][34] Question: Residential outlook for Q4 - Residential market demand is soft, with expectations for Q4 aligning with market demand rather than mid-single-digit growth [49][53] Question: Pricing power and customer reactions - The company has not seen signs of pricing fatigue, with strong pricing power in response to inflationary pressures [54][55] Question: Spec content evolution - Increased adoption of electronics in specifications, with new product launches contributing positively [58][59]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst in leading teams for model validation, stress testing, and regulatory finance, showcasing a deep expertise in both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to deliver high-quality, data-driven insights, focusing on macroeconomic trends, corporate earnings, and financial statement analysis [1] Group 1 - The analyst has over 20 years of experience in the field, specializing in uncovering high-growth investment opportunities [1] - The approach combines rigorous risk management with a long-term perspective on value creation [1] - The focus is on providing actionable ideas for investors seeking to outperform the market [1]

Group 1 - The US dollar index showed a modest gain while December gold futures initially traded lower but later rallied, breaching the $4,000 mark, reaching a high of $4,000.10 and extending to $4,061.20 [1] - The Cash Gold Index remains in a major long-term uptrend, indicating strong bullish momentum, akin to a runaway train with no signs of stopping [2] - As of the latest update, the Cash Gold Index reached a high of $4,038.81, reflecting an increase of $180 for the month, and has consistently climbed the $1,000 ladder [3]