Core Viewpoint - Goldman Sachs expresses confidence in Meituan-W (03690) maintaining its leadership position in the expanded Total Addressable Market (TAM) for local services, anticipating a gradual normalization of food delivery subsidies by 2026. The target price is set at HKD 144 with a "Buy" rating [1]. Group 1 - The main focus of investors is on the latest competitive landscape in food delivery and Meituan's unique positioning [1]. - There is significant interest in the competition and profit margin trends in the in-store business [1]. - Growth and profitability prospects for instant retail are also key areas of investor attention [1]. Group 2 - The expansion and investment scale of Keeta is a point of interest for investors [1]. - The company's AI strategy is under scrutiny as part of its future growth potential [1]. - Investors are monitoring the situation regarding the narrowing losses of new business ventures [1].

Core Insights - Intel's CFO, Sinha, revealed that a decision regarding the future of the 1.4nm (14A) advanced process may be made next year, emphasizing TSMC as a key partner and stating that Intel will "always" collaborate with TSMC [1] - Sinha clarified that the previous statement by Intel's CEO about halting the 14A process without external customers was not a lack of confidence but a matter of financial discipline, indicating that capacity will only be created with external demand [1] - A decision on whether to continue the 14A development is expected by 2026, with potential product availability projected for 2028-2029, aiming to secure external customers during this timeframe [1] - Sinha confirmed that Intel will continue to place orders with TSMC, despite potential fluctuations in their relationship due to Intel's Integrated Device Manufacturing (IDM) strategy [1] Production Strategy - Intel considers TSMC a great partner and intends to continue utilizing TSMC's technology, with many chips, including Lunar Lake and most Arrow Lake, being outsourced [2] - The current ratio of internally produced chips to outsourced chips is 70% to 30%, with the outsourcing ratio potentially decreasing but still remaining higher than levels from a decade ago [2]

Core Viewpoint - The article discusses the evolution and advancements in quantitative investment strategies at Manulife Fund, highlighting the integration of AI and machine learning in their investment processes over the past decade [4][10][20]. Group 1: Company Overview - Manulife Fund is the first joint venture fund company in China, established 23 years ago, leveraging international perspectives and deep understanding of the Chinese capital market [4]. - The company has accumulated rich experience in investing in the Chinese capital market over the past 20 years [4]. Group 2: Investment Strategy Evolution - The initial focus was on developing risk models, with significant attention on stock selection factors and return prediction models from 2014 to 2015 [7]. - By 2018-2019, the team had developed hundreds of mature factors and began refining them, focusing on non-linear relationships between factors and returns [8]. - From 2020-2021, the company introduced Smart Beta strategies, which showed significant performance advantages over mainstream indices since their inception [9]. Group 3: AI Integration - Since 2022, the focus has shifted towards non-linear strategies, particularly those utilizing AI, which have contributed significantly to excess returns [10]. - The AI-driven approach includes the development of a multi-factor stock selection system, integrating various data sources for factor development [10][11]. - AI models have been applied to both factor development and risk modeling, enhancing the effectiveness and stability of the investment strategies [17][18]. Group 4: Market Trends and Product Development - The article notes a growing trend towards strategy indices in the A-share market, which are expected to have significant development potential [20][22]. - Strategy indices are designed to formalize effective stock selection logic into clear index products, combining the transparency of market indices with the performance potential of actively managed funds [22]. - The company aims to provide stable alpha through a diversified product lineup, focusing on index enhancement and strategy indices [23][24].