Core Viewpoint - First Pacific (00142) announced that its main operating associate PLDT Inc. (PLDT) achieved customer contract revenue of 163.283 billion pesos for the nine months ending September 30, 2025, representing a year-on-year growth of 1.5% [1] - PLDT's net income attributable to equity holders was 25.071 billion pesos, a decline of 10.7% year-on-year [1] - Basic earnings per share stood at 115.83 pesos [1] Group 1 - PLDT's customer contract revenue for the nine months was 163.283 billion pesos, reflecting a 1.5% increase compared to the previous year [1] - The net income attributable to equity holders decreased to 25.071 billion pesos, marking a 10.7% decline year-on-year [1] - Basic earnings per share for PLDT were reported at 115.83 pesos [1]

Core Insights - The discussion emphasizes the importance of adding infrastructure companies to investment portfolios, highlighting the global perspective on infrastructure exposure as a beneficial addition [1][7]. Group 1: BKGI Fund Strategy - The BNY Mellon Global Infrastructure Income ETF (BKGI) aims to deliver a 6% gross dividend yield while also providing capital appreciation, reflecting a defensive investment strategy [3][11]. - BKGI distinguishes itself by including both traditional and non-traditional infrastructure companies, expanding its investment universe to over 500 securities [4][5]. - The fund employs an active management approach, contrasting with many passive infrastructure ETFs, allowing for flexibility and active stock selection [5][6]. Group 2: Global Exposure and Market Position - BKGI's global strategy offers a broader opportunity set compared to funds focused solely on U.S. infrastructure, capitalizing on the trend of investors seeking international exposure [6]. - The fund has a longer track record than many competitors, with a history dating back to 2011, despite its official launch in November 2022 [7]. Group 3: Economic Context and Investment Rationale - Current macroeconomic conditions and fiscal policy trends are prompting investors to reconsider their portfolio allocations, making infrastructure exposure appealing [8]. - The defensive nature of infrastructure investments can provide downside protection during economic volatility, making it attractive for income-seeking investors [8][9].

Core Points - The London Stock Exchange's FTSE 100 index closed at 9787.15 points on November 10, marking an increase of 104.58 points, or 1.08% from the previous trading day [1] - All major European stock indices experienced gains on the same day [1] Top Gainers - Fresnillo, a precious metals producer, saw its stock price rise by 5.38% [1] - Diageo, a beverage company, increased by 5.21% [1] - Endeavour Mining's stock rose by 4.45% [1] - Polar Capital Technology Trust's shares went up by 4.42% [1] - Scottish and Southern Energy's stock increased by 3.99% [1] Top Losers - London Stock Exchange Group's stock fell by 2.14% [1] - Rightmove, a UK real estate company, decreased by 1.78% [1] - Hikma Pharmaceuticals' shares dropped by 1.71% [1] - BT Group's stock declined by 1.25% [1] - Compass Group, a catering services company, saw a decrease of 1.04% [1] Other European Indices - The CAC 40 index in Paris closed at 8055.51 points, up by 105.33 points, or 1.32% [1] - The DAX index in Frankfurt closed at 23959.99 points, increasing by 390.03 points, or 1.65% [1]

Core Points - The London Stock Exchange's FTSE 100 index closed at 9787.15 points on November 10, marking an increase of 104.58 points, or 1.08% from the previous trading day [1] - All major European stock indices experienced gains on the same day [1] Top Gainers - Fresnillo, a precious metals producer, saw its stock price rise by 5.38% [1] - Diageo, a beverage company, increased by 5.21% [1] - Endeavour Mining's stock rose by 4.45% [1] - Polar Capital Technology Trust's shares went up by 4.42% [1] - SSE, an energy supplier, experienced a 3.39% increase [1] Top Losers - London Stock Exchange Group's stock fell by 2.14% [1] - Rightmove, a UK real estate network, decreased by 1.78% [1] - Hikma Pharmaceuticals saw a decline of 1.71% [1] - BT Group's shares dropped by 1.25% [1] - Compass Group, a food service company, fell by 1.04% [1] Other European Indices - The CAC 40 index in Paris closed at 8055.51 points, up by 105.33 points, or 1.32% [1] - The DAX index in Frankfurt closed at 23959.99 points, increasing by 390.03 points, or 1.65% [1]

Core Insights - Ericsson showcased its latest advancements in AI-enabled networks, differentiated connectivity, and energy-efficient network products at the 8th China International Import Expo, addressing the telecom industry's revenue growth challenges and proposing differentiated connectivity as a solution [1] Group 1: 5G Commercial Challenges - The current 5G technology has strong capabilities, but operators are still using traditional revenue models from the 4G era, primarily focused on selling data, leading to homogenized services [2] - Global operators are facing stagnant ARPU (Average Revenue Per User) growth, with major Chinese operators' ARPU values also remaining flat despite high network infrastructure maturity [2] - Ericsson's solution to this challenge is differentiated connectivity, which involves packaging 5G capabilities to provide customized services for various application scenarios, shifting from "selling connectivity" to "selling services" [2] Group 2: AI and Network Integration - Despite the monetization challenges, Ericsson sees significant opportunities from AI, emphasizing that AI is essential for the industry [3] - The concept of "Networks for AI" and "AI for Networks" aims to enhance network adaptability for AI applications while leveraging AI to tackle increasing network complexities [3] - AI can predict over 95% of network faults, improve spectrum and capacity efficiency by approximately 15%, and reduce energy consumption by 14% [3] Group 3: Future Outlook on 6G - Ericsson executives indicated that the timeline for 6G is around 2030, with differentiated connectivity being a necessity not only for 5G but also for future 6G [4] - The evolution of 6G will be based on an independent 5G SA core network, and operators are encouraged to transition from NSA to SA to maximize network value and prepare for 6G [4]

Core Points - The article discusses the recent joint statement released by the White House regarding the U.S.-Thailand Trade Framework, highlighting significant trade agreements and commitments made by Thailand to enhance bilateral trade relations [1][2] Group 1: Tariff and Non-Tariff Barriers - Thailand will eliminate 99% of tariff barriers on all U.S. industrial products, food, and agricultural products, while the U.S. will maintain a 19% equivalent tariff on Thai goods, with certain items listed in the White House's executive order subject to zero tariffs [1] - Thailand has agreed to address non-tariff barriers for U.S. industrial products by accepting U.S. standards for vehicles, FDA-approved pharmaceuticals, issuing import licenses for U.S. fuel ethanol, and removing legal incentives for customs penalties [1] - For U.S. food and agricultural products, Thailand will expedite the entry of meat, poultry, and horticultural products that meet U.S. certification standards and accept certifications from U.S. regulatory agencies [1] Group 2: Services and Investment - Thailand commits to not imposing a digital services tax, ensuring non-discriminatory measures for U.S. digital services, and supporting the WTO's suspension of electronic transmission tariffs [1] - The country will not impose screening quotas on films and will relax foreign ownership restrictions in the telecommunications sector, as well as eliminate regulations requiring domestic processing of Thai-issued debit card transactions [1] Group 3: Purchase Commitments - Thailand plans to purchase approximately $2.6 billion worth of U.S. agricultural products annually, including feed corn, soybean meal, and dried distillers grains [2] - The country will also buy about $5.4 billion in U.S. energy products each year, including liquefied natural gas, crude oil, and ethane, along with 80 aircraft from the U.S. totaling $18.8 billion [2] - Additional principles regarding labor, environment, intellectual property, and state-owned enterprises are included in the agreement, with negotiations for the Trade Agreement set to commence in the coming weeks [2]

Core Points - The U.S. and Thailand have reached a joint statement regarding a framework for a bilateral trade agreement, focusing on tariff reductions and non-tariff barriers [1] Tariff Summary - Thailand will eliminate tariffs on 99% of goods, covering all U.S. industrial products, food, and agricultural products [3] - The U.S. will maintain a 19% reciprocal tariff on Thai goods, but certain items listed in the September 5 Executive Order will have zero tariffs [3] Non-Tariff Barriers Summary - Thailand will address non-tariff barriers for U.S. industrial products by accepting U.S. standards for vehicles and FDA-approved pharmaceuticals, issuing import licenses for U.S. ethanol, and removing customs incentives related to penalty targets [3] - For U.S. food and agricultural products, Thailand will expedite the entry of certified meat, poultry, and horticultural products, and accept U.S. certification [3] Service Trade and Investment Summary - Thailand commits to not imposing a digital services tax, ensuring free data transmission, supporting the WTO's suspension of electronic transmission tariffs, and removing film screening quotas [3] - The country will relax foreign ownership limits in the telecommunications sector and eliminate regulations requiring domestic processing of transactions for Thai-issued debit cards [3] Purchase Commitments Summary - Thailand plans to purchase approximately $2.6 billion worth of U.S. agricultural products annually, including feed corn and soybean meal [4] - The country will buy around $5.4 billion in U.S. energy products, including LNG, crude oil, and ethane [4] - Thailand will acquire 80 U.S. aircraft totaling $18.8 billion [4] Future Negotiations Summary - Future negotiations on the bilateral trade agreement will take place in the coming weeks, with preparations for signing and domestic procedures to make the agreement effective [4]

Core Points - The U.S. and Thailand have reached a joint statement regarding a framework for a bilateral trade agreement, focusing on tariff reductions and non-tariff barriers [1] - Thailand will eliminate tariffs on 99% of goods, covering all U.S. industrial products, food, and agricultural products, while the U.S. will maintain a 19% tariff on Thai goods, with some exceptions [1] - Thailand commits to addressing non-tariff barriers for U.S. industrial products, food, and services, including accepting U.S. standards and certifications [1] Tariff Summary - Thailand will remove tariffs on 99% of goods, impacting all U.S. industrial products, food, and agricultural products [1] - The U.S. will keep a 19% tariff on Thai goods, but certain items listed in a specific executive order will have zero tariffs [1] Non-Tariff Barriers - Thailand will accept U.S. manufactured vehicles that meet U.S. standards and U.S. FDA-approved medical products [1] - Thailand will expedite the entry of U.S. certified meat, poultry, and horticultural products into its market [1] - Thailand will not impose a digital services tax and will ensure the free transmission of data across borders [1] Trade Commitments - Thailand will purchase approximately $2.6 billion worth of U.S. agricultural products annually, including feed corn and soybean meal [1] - Thailand will also buy about $5.4 billion in U.S. energy products each year, including LNG, crude oil, and ethane [1] - An order for 80 U.S. aircraft is included, totaling $18.8 billion [1] Future Negotiations - The U.S. and Thailand will negotiate the "Reciprocal Trade Agreement" in the coming weeks, preparing for signing and domestic procedures to implement the agreement [1]

Core Viewpoint - The eighth China International Import Expo (CIIE) event focused on the high-level opening of the Lingang New Area, emphasizing its role as a pilot zone for reform and opening-up in China [1] Group 1: Key Areas of Focus - Lingang will concentrate on offshore trade, cross-border and offshore finance, cross-border data, high-level shipping, and value-added telecommunications [1] - The initiative aims to enhance central-local collaboration and system integration, conducting more extensive open pressure tests [1] Group 2: Development Goals - The goal is to establish an "international data processing hub," explore "offshore financial functional zones," and deepen the construction of "digital comprehensive protection zones" [1] - This effort is intended to better leverage the role of the national reform and opening-up "test field" [1]

Group 1: Macro Timing Strategy - The macro timing strategy has an annualized return of 7.67% as of October 31, 2025, with a Sharpe ratio of 1.45 and a Calmar ratio of 1.67, indicating a maximum drawdown of -4.60% [2][4][5] - The latest portfolio allocation includes 7.01% in CSI 300 ETF, 7.99% in CSI 500 ETF, 55.94% in government bond ETF, 11.63% in soybean meal ETF, 5.02% in non-ferrous ETF, 7.40% in gold ETF, and 5.00% in currency ETF, with no allocation to S&P 500 ETF and corporate bond ETF [7][8] Group 2: Momentum Strategy - The momentum strategy has an annualized return of 18.25% since January 2020, with a Sharpe ratio of 0.88 and a Calmar ratio of 0.64, experiencing a maximum drawdown of -28.72% [9][10] - The latest portfolio allocation includes 27.01% in Huatai-PB CSI Telecom Theme ETF, 24.92% in Fuguo CSI Tourism Theme ETF, 21.52% in Xinhua CSI Cloud Computing 50 ETF, 16.38% in Huatai-PB CSI Smart Car ETF, and 8.17% in Huaxia CSI Artificial Intelligence ETF [13][14] Group 3: Sector Rotation Strategy - The sector rotation strategy has an annualized return of 10.00% since 2020, with an excess return of 7.27% relative to CSI 300, and a maximum drawdown of -42.98% [15] - The latest portfolio includes home appliance ETF, green power ETF, steel ETF, new energy vehicle ETF, financial ETF, and agricultural ETF, while excluding non-ferrous metals ETF and transportation ETF [18][19] Group 4: Copula-Based Second-Order Stochastic Dominance Strategy - The Copula-based second-order stochastic dominance strategy has an annualized return of 14.41% since January 2020, with a Sharpe ratio of 0.68 and a maximum drawdown of -42.62% [20][24] - The latest portfolio allocation includes 5.00% in Huaxia CSI Petrochemical Industry ETF, 85.00% in Fuguo CSI 800 Bank ETF, 5.00% in Fuguo CSI All-Index Securities Company ETF, and 5.00% in Bosera CSI Oil and Gas Resources ETF [23][25] Group 5: Quantile Random Forest Technology ETF Allocation Strategy - The quantile random forest technology ETF allocation strategy has an annualized return of 13.54% since 2020, with a Sharpe ratio of 0.76 and a maximum drawdown of -29.89% [26] - The latest portfolio allocation consists of 95.63% in technology ETFs, including 4.78% in Jiahua National Communication ETF, 4.78% in Tianhong CSI Photovoltaic Industry ETF, 4.78% in Huabao CSI Military Industry ETF, 76.51% in Ping An CSI Consumer Electronics Theme ETF, and 4.78% in Fuguo CSI Technology 50 Strategy ETF [29][30]