Rising oil supply amid tepid demand growth has prompted forecasters and analysts to predict a large surplus on the market going into 2026. All experts and investment banks estimate that the market is accumulating inventories and will continue to do so in early 2026, when oil demand is typically at its weakest in any year. The forecasts of oversupply vary considerably, but regardless of how large the surplus would be, 2026 will likely be the last year in which the market will have to work through a glut, ...

Core Insights - Jiayin Group Inc. reported its unaudited financial results for Q3 2025, achieving significant growth in loan facilitation volume and operational income despite macroeconomic uncertainties [1][7]. Financial Performance - Net revenue for Q3 2025 was RMB1,470.2 million (US$206.5 million), a 1.8% increase from Q3 2024 [8]. - Revenue from loan facilitation services reached RMB1,220.7 million (US$171.5 million), marking a 10.4% increase year-over-year [8]. - Loan facilitation volume was RMB32.2 billion (US$4.5 billion), up 20.6% from the same period in 2024 [9]. - Average borrowing amount per transaction increased to RMB9,115 (US$1,280), a rise of 19.5% from Q3 2024 [9]. - The repeat borrower contribution rose to 78.6%, compared to 73.0% in Q3 2024 [9]. - The 90-day+ delinquency ratio stood at 1.33% as of September 30, 2025 [9]. Operational Highlights - Income from operations was RMB456.9 million (US$64.2 million), reflecting a 46.5% increase from Q3 2024 [14]. - Non-GAAP income from operations was RMB490.6 million (US$68.9 million), compared to RMB326.5 million in the same period of 2024 [14]. - Net income for the quarter was RMB376.5 million (US$52.9 million), a 39.7% increase from Q3 2024 [14]. Expense Management - Facilitation and servicing expenses decreased to RMB286.5 million (US$40.2 million) from RMB419.1 million in Q3 2024, primarily due to reduced financial guarantee service costs [11]. - General and administrative expenses increased by 29.0% to RMB72.4 million (US$10.2 million), driven by higher share-based compensation [13]. - Research and development expenses rose by 13.3% to RMB108.7 million (US$15.3 million), reflecting increased employee compensation [13]. Business Outlook - The company anticipates its full-year loan facilitation volume for 2025 to be between RMB127.8 billion and RMB129.8 billion, with Q4 2025 expected to range from RMB23.0 billion to RMB25.0 billion [18][19]. - Non-GAAP income from operations for the full year is projected to be between RMB1.99 billion and RMB2.06 billion [19]. Share Repurchase Plan - In August 2025, the Board approved an adjustment to the share repurchase plan, allowing for up to US$80 million in repurchases through June 12, 2026 [20]. - As of November 25, 2025, approximately 4.6 million ADSs had been repurchased for about US$30.4 million [20].

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against AppLovin Corporation following a class action lawsuit that alleges the company misled investors regarding its advertising practices and financial performance [1][7]. Group 1: Legal Investigation - The law firm is encouraging long-term stockholders of AppLovin who suffered losses between May 10, 2023, and March 26, 2025, to discuss their legal rights [1]. - The investigation focuses on whether AppLovin's board of directors breached their fiduciary duties to the company [1]. Group 2: Class Action Lawsuit Details - The class action lawsuit claims that AppLovin created a false impression of its AXON 2.0 digital ad platform and AI technologies, suggesting they would efficiently match ads to mobile games and expand into web marketing [7]. - Allegations include that AppLovin exploited advertising data from Meta Platforms and used manipulative practices, such as a "backdoor installation scheme," to inflate installation numbers and profit figures [7]. - Following the emergence of analyst reports on February 26, 2025, which accused AppLovin of reverse engineering Meta's advertising data, the company's stock price reportedly fell by over 12% [7].

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against AppLovin Corporation following a class action lawsuit that alleges the company misled investors regarding its advertising practices and financial performance [1][7]. Group 1: Legal Investigation - The law firm is encouraging long-term stockholders of AppLovin who suffered losses between May 10, 2023, and March 26, 2025, to discuss their legal rights [1]. - The investigation focuses on whether AppLovin's board of directors breached their fiduciary duties to the company [1]. Group 2: Class Action Lawsuit Details - The class action lawsuit claims that AppLovin created a false impression of its AXON 2.0 digital ad platform and AI technologies, suggesting they would enhance ad matching efficiency and expand into new markets [7]. - Allegations include that AppLovin exploited advertising data from Meta Platforms and engaged in manipulative practices, such as a "backdoor installation scheme," which inflated installation numbers and profit figures [7]. - Following the emergence of analyst reports on February 26, 2025, which accused AppLovin of reverse engineering Meta's advertising data, the company's stock price reportedly fell by over 12% [7].

Core Viewpoint - Micropolis Holding Co. has renamed its subsidiary to Micropolis Robotics FZ-LLC to better reflect its expanding portfolio in autonomous robotic platforms and AI solutions [1][2]. Company Overview - Micropolis is a UAE-based company specializing in unmanned ground vehicles (UGVs), AI systems, and smart infrastructure for urban, security, and industrial applications [2]. - The company has vertically integrated capabilities that encompass mechatronics, embedded systems, AI software, and high-level autonomy [2]. Recent Developments - The name change is part of the company's strategic growth and is linked to collaborations, including a partnership with SEE Holding Ltd at The Sustainable City 2.0 and a Memorandum of Understanding with Emirates Steel [1]. - The CEO of Micropolis emphasized that the renaming aligns with the company's identity as a robotics firm and highlights its commitment to innovative autonomous solutions [2].

Industry Overview - The insurance industry is poised for growth, driven by personalized offerings and enhanced customer experiences through digital transformation [1] - Rising awareness is increasing demand for insurance products, contributing to premium growth and profitability for insurers [1] Progressive Corporation (PGR) - Progressive is a leading auto insurer in the U.S., also ranking high in commercial auto, motorcycle, and boat coverage, and among the top 15 homeowners insurance providers [3] - The company is expanding its footprint in homeowners and commercial insurance, focusing on bundling auto policies and improving segmentation through tailored offerings [3][4] - Progressive has invested heavily in digital transformation and AI technologies, enhancing competitiveness through its Snapshot program, which supports usage-based pricing [4] - The company maintains a strong underwriting discipline with a decade-long average combined ratio under 93%, outperforming the industry average of above 100% [5] - Progressive's net margin has expanded by 950 basis points over the past two years, driven by increased demand for auto insurance and sound risk management [6] - The return on equity (ROE) for Progressive is 33.5%, significantly higher than the industry average of 7.8%, indicating strong financial performance [7] Chubb Limited (CB) - Chubb is a leading provider of property and casualty insurance and reinsurance, with a market capitalization of $114.5 billion [8] - The company has a well-balanced portfolio across commercial and personal lines, positioning it for sustained premium growth in both developed and emerging markets [8] - Chubb's commercial P&C segment is performing well, benefiting from favorable pricing dynamics and high renewal retention [10] - The company has made significant advancements in technology, integrating AI and digital tools to enhance underwriting accuracy and customer experience [11] - Chubb's net margin has improved by 980 basis points over the past two years, supported by prudent underwriting and sound reserving practices [12] - The return on equity for Chubb is 12.4%, exceeding the industry average, reflecting a strong financial position [12] Financial Estimates - The Zacks Consensus Estimate for PGR's 2025 revenues and EPS implies year-over-year increases of 16.6% and 10.5%, respectively [14] - In contrast, the Zacks Consensus Estimate for CB's 2025 revenues indicates a year-over-year increase of 6.3%, while EPS is expected to decline by 5.8% [15] Stock Valuation - Progressive is trading at a price-to-book multiple of 5.33, above its five-year median of 4.77, while Chubb's price-to-book multiple is 1.62, above its median of 1.55 [16] Conclusion - Progressive is focused on increasing the share of auto and home-bundled households and investing in mobile applications to drive growth [17] - Both insurers have managed cost challenges effectively, as evidenced by their continued net margin improvement [17] - Based on return on equity, Progressive scores higher than Chubb, with PGR shares gaining 30% in a year compared to Chubb's 8.6% [18]

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against AppLovin Corporation due to a class action lawsuit alleging breaches of fiduciary duties by the board of directors [1] Group 1: Allegations of Misconduct - The class action lawsuit claims that AppLovin misrepresented the effectiveness of its AXON 2.0 digital ad platform and AI technologies, suggesting they would enhance ad matching and expand into new markets [2] - It is alleged that AppLovin engaged in manipulative practices, including exploiting advertising data from Meta Platforms and implementing a "backdoor installation scheme" to inflate installation numbers and profit figures [2] - Reports from analysts on February 26, 2025, indicated that AppLovin was reverse engineering Meta's advertising data and using deceptive tactics to artificially boost ad click-through and app download rates, leading to a significant drop in share price by over 12% [3]