Core Viewpoint - The Ministry of Industry and Information Technology has launched a special initiative to develop a millisecond-level computing network across urban areas in China, aiming for comprehensive coverage and efficient connectivity by 2027 [1] Group 1: Initiative Overview - The initiative focuses on the development of computing networks, aiming to establish a high-speed, large-capacity, low-latency, and widely accessible urban network [1] - It aims to provide millisecond-level computing resource network accessibility within urban areas, connecting computing centers, key locations, and application terminals [1] Group 2: Specific Actions - The initiative outlines the need to improve the interconnection architecture between computing centers and accelerate the deployment of high-performance networks [1] - It emphasizes the enhancement of computing access networks in key locations, promoting the deployment of optical network equipment to integrated access points and industrial parks [1] - The initiative also aims to optimize network latency from application terminals to servers, improving communication efficiency for artificial intelligence training and inference [1] Group 3: Organizational Support - Provincial communication management bureaus are required to strengthen organizational support, conduct research, and coordinate solutions to various challenges [1] - Telecommunications companies are expected to provide specialized guidance, policy support, and technical assistance to their subsidiaries in the regions where the initiative is implemented [1]

Core Viewpoint - Hong Kong Broadband Network (01310.HK) announced that its board meeting will be held on October 31, 2025, to approve the release of the annual performance announcement for the year ending August 31, 2025, and to consider the distribution of a final dividend, if any [1] Group 1 - The board meeting is scheduled for October 31, 2025 [1] - The meeting will address the approval of the annual performance announcement for the fiscal year ending August 31, 2025 [1] - The board will also consider the distribution of a final dividend [1]

Core Viewpoint - Morgan Stanley reports that the FCC plans to revoke HKT International's operating qualifications in the U.S. due to its ties with China Unicom Americas, but the impact on HKT's fundamentals is expected to be manageable [1] Company Summary - HKT International's international business revenue (excluding Greater China) is projected to account for less than 7% of total revenue in 2024, with the U.S. market representing approximately 1% [1] - The profit margin of HKT's international business is generally lower than that of its local operations [1] - Morgan Stanley maintains a target price of HKD 13 for HKT and an "Overweight" rating despite the uncertainty surrounding the situation [1] Industry Summary - The potential revocation of operating qualifications by the FCC may lead to sustained negative market sentiment due to the uncertainty of the developments [1]

Core Viewpoint - Morgan Stanley reports that the FCC plans to revoke HKT International's operating qualifications in the U.S. due to its connection with China Unicom Americas, but the impact on HKT's fundamentals is expected to be manageable [1] Company Summary - HKT International's international business revenue (excluding Greater China) is projected to account for less than 7% of total revenue in 2024, with the U.S. market representing approximately 1% [1] - The profit margin of international business is generally lower than that of local operations [1] - Morgan Stanley has set a target price of HKD 13 for HKT and maintains an "Overweight" rating [1] Market Sentiment - There is potential for continued negative market sentiment due to the uncertainty surrounding the situation [1]

Group 1 - The KOSPI index in South Korea has reached a historical high of 3700 points, with a year-to-date increase of 55% [1] - Key sectors driving the KOSPI index include automotive, electronics, and industrial equipment, with notable stock price increases for Samsung Electronics, SK Hynix, Hyundai Motor, and Kia Motors [1] - The surge in the South Korean stock market is largely attributed to positive developments in the AI sector, particularly a strategic partnership between AMD and OpenAI involving significant GPU deployment [1] Group 2 - The International Monetary Fund (IMF) has raised South Korea's growth forecast for 2025 from 0.8% to 0.9%, citing the flexibility of the private sector as a contributing factor [2] - The U.S. Treasury Secretary indicated that trade negotiations with South Korea are nearing completion, which may further support market confidence [2] Group 3 - Foreign investors have shown strong interest in the South Korean stock market, with total trading volume reaching approximately 8890.1 billion USD in the first eight months of the year [3] - The South Korean stock market is diversified across various sectors, with telecommunications, technology, and industrials each accounting for about 20% of the market [3] - The market is expected to benefit from a favorable environment characterized by low interest rates, low oil prices, and rising semiconductor prices, with predictions of the KOSPI index potentially surpassing 4000 points in the medium to long term [3] Group 4 - The Australian ASX/S&P 200 index has also reached a historical high, driven by similar AI trends, with a notable project involving renewable energy-powered AI data centers [4] - Firmus Technologies is collaborating with CDC Data Centers and NVIDIA on a significant project in Australia, which involves an investment of 45 billion AUD (approximately 29 billion USD) [4]

Core Insights - Masayoshi Son, founder and CEO of SoftBank Group, has seen his wealth surge to $67.1 billion, marking a 128% increase in just six months, primarily due to strategic investments in technology and AI [2][5][9]. Investment Strategy - Son is recognized as a significant beneficiary of the information technology revolution, having made bold investments in various sectors, including e-commerce and telecommunications [5][7]. - A notable investment was made in Alibaba, where Son invested $20 million in 2000, which later yielded over $64 billion in returns [5][10]. - SoftBank's recent $30 billion investment in OpenAI positions it as a major stakeholder, potentially surpassing Microsoft [7][9]. Market Performance - Following the announcement of the OpenAI investment, SoftBank's stock price increased significantly, with its market capitalization reaching approximately 33 trillion yen ($1.57 trillion), making it the second-largest company on the Tokyo Stock Exchange [9][10]. - The stock price surged from around 5,700 yen per share to over 23,000 yen, reflecting a fourfold increase since early April [9][10]. Future Outlook - SoftBank's acquisition of ABB's industrial robotics business for $5.375 billion is part of a broader strategy to integrate AI with physical operations, aiming to revolutionize various industries [13][14]. - Son's vision includes creating a future where AI and robotics work together to transform labor and production processes, indicating a long-term commitment to AI development [14][16].

百度年度重要科技和产品发布会——百度世界2025定档11月13日在北京举办，将聚焦三大主 题：大模型的技术深度、AI原生应用的生态广度，出海战略的全球视野，其被视为百度下一个 十年的关键节点前瞻。 【富士康与英伟达合作，推动800伏直流电源架构落地人工智能数据中心】 整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【百度世界2025定档11月13日 将聚焦大模型、AI应用及出海】 富士康在官网上宣布，公司正在与英伟达合作，推动800伏直流电源架构落地人工智能(AI)数 据中心。这一新架构将首先在高雄K-1人工智能数据中心项目中实施，该项目作为展示平台， 展现公司在AI服务器、数据中心及可再生能源整合方面的能力。 【英伟达：Meta与甲骨文将使用Spectrum-X以太网交换机】 10月13日，英伟达表示，Meta和甲骨文将采用英伟达Spectrum-X以太网交换机构建AI数据 中心网络。这两家公司将Spectrum-X以太 ...

Group 1: Hong Kong Stocks - MicroPort Scientific Corporation-B (02252) rose over 3% as it announced that its commercialization process has accelerated, with overseas orders exceeding 60 units [1] - COSCO Shipping Energy Transportation Co., Ltd. (01138) increased over 3% following new sanctions announced by the U.S. OFAC against companies related to Iranian oil exports [1] - InnoCare Pharma-B (09606) gained over 3% as the company is expected to submit its first ADC for listing within the year [1] - Zijin Mining Group International (02259) rose over 4% after completing the acquisition of the Raygorodok gold mine project in Kazakhstan [1] - Hong Kong Travel International (00308) surged over 8% after announcing a proposal for the physical distribution of its tourism real estate business, which is expected to reduce the drag from non-core assets [1] - Kingsoft Corporation (03888) increased over 10% following the Chinese Ministry of Commerce's announcement of export controls on certain overseas rare earth-related items containing Chinese components [1] Group 2: Solar and Insurance Stocks - Solar stocks collectively declined, with Flat Glass Group Co., Ltd. (06865) down over 8%, Xinyi Solar Holdings Limited (00968) down over 7%, and Xinyi Glass Holdings Limited (00868) down over 6%, as the market focuses on capacity clearing and future installation demand [2] - Domestic insurance stocks fell across the board, with New China Life Insurance Co., Ltd. (01336) down over 5%, China Pacific Insurance (Group) Co., Ltd. (02328) down over 3%, and China Life Insurance Company Limited (02628) down nearly 4%, following Tianan Insurance's announcement of a 5.3 billion yuan debt default [2] Group 3: U.S. Stocks - Beike (BEKE.US) fell 3.87% as a report indicated that the sales of the top 100 real estate companies in September increased month-on-month, driven by seasonal factors and policy relaxations [3] - Stellantis (STLA.US) dropped 7.37% after preliminary third-quarter sales data showed a 13% year-on-year increase in global deliveries to 1.3 million units [3] - Intel (INTC.US) decreased 3.78% after revealing details about its new Core Ultra series processors [3] - Venture Global (VG.US) plummeted 24.88% after losing a legal dispute related to LNG cargo sales with BP [4] - Nokia (NOK.US) rose 2.70% after announcing a technology asset licensing agreement with HPE to enhance its AI wireless access network capabilities [4]

Group 1 - The report highlights the long-term allocation value of Hong Kong-listed central state-owned enterprises (SOEs) dividend assets, which have shown stable performance amid global economic uncertainties and recent tariff conflicts [1][7][19] - As of October 10, 2025, the returns of major indices over the past two years are as follows: Hang Seng Index at 45.85%, Hang Seng Tech at 54.03%, Hang Seng High Dividend at 51.35%, and the National New Hong Kong Stock Connect SOE Dividend Index at 31.15% [8][9][19] - The report indicates that dividend assets have lower volatility and stronger stability compared to other indices during market fluctuations, particularly during the recent tariff shocks [11][19] Group 2 - The trading congestion of Hong Kong SOE dividend assets has increased, yet they remain relatively undervalued, offering high investment value [19][45] - The dividend yield of the National New Hong Kong Stock Connect SOE Dividend Index is 6.07%, which is significantly higher than the 10-year government bond yield by 4.22 percentage points [25][27] - The report notes that the relative attractiveness of dividend assets has improved due to declining bond yields, with the yield ratio of the National New Hong Kong Stock Connect SOE Dividend Index to the 10-year government bond yield reaching 3.29 as of October 10, 2025 [26][27] Group 3 - As of October 10, 2025, the total market capitalization of Hong Kong-listed SOEs is 13.5 trillion HKD, accounting for 17% of the overall market [35][36] - The report details that the H-share SOE PE (TTM) averages are 4.93, with a market-weighted average of 9.38, indicating a relatively low valuation compared to the overall Hong Kong market [45][51] - The report also highlights that the dividend yield of Hong Kong SOEs is generally higher than that of A-shares, with a significant contribution from state-owned enterprises [8][9][69]

Core Viewpoint - The FCC has mandated the removal of millions of Chinese electronic products from major e-commerce platforms in the U.S. due to alleged national security risks, particularly concerning surveillance capabilities [1][5]. Group 1: FCC Actions - The FCC has announced a new national security notice, warning companies about banned products, including video surveillance equipment that could allow China to monitor Americans [3]. - The FCC plans to tighten restrictions on telecommunications equipment manufactured by Chinese companies deemed to pose national security risks [5]. - A vote scheduled for October 28 aims to ban devices containing components from a "covered list" and may prohibit the sale of previously authorized devices under certain conditions [6]. Group 2: Impact on E-commerce - Major e-commerce platforms have already removed millions of so-called "prohibited" Chinese electronic products, including those from companies like Huawei, Hikvision, ZTE, and Dahua Technology [1][6]. - Searches for Huawei products on Amazon within the U.S. show that these items are no longer available, while they can still be found when searching from outside the U.S. [3]. Group 3: Broader Context - This action is part of a series of measures taken by the U.S. government against Chinese technology firms across various sectors, including telecommunications, semiconductors, and automotive industries, citing national security concerns [6]. - The Chinese government has criticized the U.S. for politicizing economic and technological issues, claiming that such actions disrupt global supply chains and harm the interests of both countries [6].