Economic Data and Events - China will release October CPI and PPI data on November 9, with expectations of a mild recovery in CPI to 0.6% year-on-year due to last year's low base [6]. - PPI is expected to narrow its decline from -2.8% in September to -2.2% in October, supported by rising price indicators in the PMI [7]. - China's October import growth is projected at 1.2%, while export growth is expected to rebound to 4.9% due to delayed orders being released [8][9]. - The US will release the ADP employment report on November 5, with non-farm payroll data potentially delayed due to government shutdown [11]. - The ISM manufacturing index for October is anticipated to rise slightly to 49.5, indicating improvements in new orders and employment [12]. Central Bank and Policy Decisions - The Bank of England is expected to maintain its policy rate at 4% during its announcement on November 6, amid inflation and growth challenges [13][14]. - The Federal Reserve will have multiple officials speaking next week following a recent rate cut, with discussions on future monetary policy directions [22]. Corporate Events and Earnings Reports - Tesla's annual shareholder meeting is scheduled for November 6, where key proposals including CEO Elon Musk's compensation plan will be voted on [15][16]. - The upcoming earnings season will see 129 S&P 500 companies, including AMD, Qualcomm, and McDonald's, report their results, with AMD's growth driven by strong data center performance [27]. Market and Investment Opportunities - The International Financial Leaders Investment Summit will take place in Hong Kong from November 3 to 5, focusing on macroeconomic trends and investment opportunities [24]. - Pony.ai and WeRide plan to list simultaneously on the Hong Kong Stock Exchange on November 6, marking a competitive entry into the autonomous driving sector [23].

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Current Stock Price**: US$36.37 (as of August 8, 2025) - **Market Capitalization**: Rmb51,663 million - **Price Target**: US$52.00, indicating a 43% upside potential Key Points Positive Developments 1. **C-REIT Performance**: GDS's C-REIT gained 30% on its first trading day, establishing a new valuation benchmark with an EV/EBITDA multiple of approximately 22x, leading to a dividend yield of around 4% [2][1] 2. **MSCI China Index Inclusion**: GDS was re-added to the MSCI China Standard Index after 18 months, which is expected to attract passive and long-only investors, potentially reducing share price volatility [3][1] 3. **NV H20 Licensing**: The US Government granted a license for NV H20, with indications that new orders are being placed with TSMC, suggesting ongoing production and inventory management [4][1] Future Expectations 4. **Strong Order Growth**: Anticipation of strong new orders for DayOne's international business in the upcoming 2Q25 earnings report, supported by solid 2Q earnings from US hyperscalers and upward capex revisions [5][1] 5. **Revenue and EBITDA Growth**: Expected revenue growth of 9-10% YoY, with EBITDA growth tracking similarly, despite the deconsolidation of private REIT assets [5][1] Financial Projections 6. **2Q25 Earnings Preview**: Forecasted revenue growth of 8.7% YoY to Rmb2.8 billion and EBITDA growth of 9.5% YoY to Rmb1.4 billion [9][1] 7. **Long-term Projections**: For 2026, GDS's China business is projected to have an EV/EBITDA multiple of 15x, while the international segment is expected to have a multiple of 17.5x [12][1] Risks and Considerations 8. **Market Risks**: Potential risks include reduced capex from hyperscalers, increased competition, and a reversal of the downward trend in interest rates [12][1] Additional Insights 9. **Management's Strategy**: Management indicated readiness to inject a second batch of assets into the REIT, with a project size of Rmb2 billion and Rmb4 billion, contingent on market conditions [2][1] 10. **Analyst Ratings**: GDS is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on the company's performance relative to its peers [7][1] This summary encapsulates the critical insights and projections regarding GDS Holdings Ltd, highlighting both the positive developments and potential risks in the current market landscape.