Investment Rating - The report maintains a "Buy" rating for selected stocks within the industry, indicating a positive outlook for potential price appreciation over the next 12 months [39]. Core Insights - The report emphasizes that higher volatility in the market is likely to persist, primarily driven by tariff news and external shocks, with MSCI China experiencing an increase in daily share price volatility from 1.8% to 2.4% [2][4]. - Historical data suggests that during periods of rising volatility, the MSCI China index typically sees negative returns, averaging a decline of 6%, but often rebounds with an average return of 5% as volatility decreases [4]. - The report identifies that sectors such as banks and utilities perform well during rising volatility, while growth stocks like internet and tech tend to underperform [5]. - A "Low volatility" investment strategy has consistently yielded positive results during both rising and declining volatility environments [5]. Sector Performance Analysis - During rising volatility, defensive sectors such as utilities and banks have shown resilience, while property stocks have also outperformed as investors seek domestic policy support [5]. - Growth sectors, including internet and technology, generally underperform in high volatility scenarios due to increased discounting of future earnings [5]. - The report highlights that value factors like Price-to-Book (P/B) and Free Cash Flow Yield (FCFY) perform well in rising volatility, whereas Return on Equity (ROE) and Earnings Per Share (EPS) growth are more favorable in declining volatility [5]. Volatility Indicators - The HSI Volatility index has recently decreased from a peak of over 45 to around 25, indicating mixed return profiles for investors entering the market at this level [6]. - The report suggests that a spike in volatility could present a more favorable entry point for investors, while current levels warrant a cautious approach due to fundamental concerns such as potential tariff impacts and EPS forecast revisions [6]. Quantitative Factor Analysis - The report includes a quantitative analysis showing that stocks with low volatility have consistently outperformed during periods of rising volatility [12][14]. - It also identifies large-cap stocks that score highly on various factors, including low volatility and high quality, which are recommended for investment [18][21]. Top Stock Picks - The report lists several "Buy" rated stocks that have historically performed well during periods of rising volatility, including Qinghai Salt Lake Industry Co., Bank of Chengdu, and China Railway Group [15]. - Additionally, it highlights stocks that are expected to perform well after volatility peaks, suggesting a strategic focus on these selections for potential gains [16].

Group 1: Apple - Apple announced a dividend increase of $0.01 per share, or 4%, raising the quarterly disbursement to $0.26 [2] - The company authorized a new share repurchase program of up to $100 billion, which is less than the previous quarter's $110 billion [3] - Total revenue for Apple reached nearly $95.4 billion, surpassing the average analyst projection of $94.2 billion, with net income at $24.8 billion, almost 5% higher than the previous year [6] - Product revenue increased less than 3% year over year to $68.7 billion, while the services segment rose 11% to $26.6 billion [5] - The newly raised dividend will be distributed on May 15 to investors of record as of May 12, resulting in a yield of 0.5% at the most recent closing stock price [7] Group 2: IBM - IBM declared a quarterly dividend of $1.68 per share, marking the 30th consecutive year of dividend increases, with a $0.01 hike [9] - The company reported first-quarter revenues of $14.5 billion and non-GAAP net income of almost $1.6 billion, beating average analyst projections [10] - IBM's consulting business experienced a 2% year-over-year revenue decline to $5.1 billion, while infrastructure revenue fell 6% to $2.9 billion [11] - The software segment, which is the largest revenue generator, rose 7% to $6.3 billion, indicating a strong performance in a high-margin area [12] - The new dividend will be paid on June 10 to stockholders of record as of May 9, offering a dividend yield of 2.7% based on the current share price [14]

Core Viewpoint - The Consumer Financial Protection Bureau (CFPB) has reversed its decision to supervise Google Payment, alleviating compliance burdens for Alphabet and indicating a shift in regulatory focus under the new acting director Russell Vought [1][4]. Group 1: CFPB's Decision and Implications - Acting CFPB Director Russell Vought stated that monitoring Google's payments arm would be an "unwarranted use of the Bureau's powers and resources," rescinding a previous order that subjected Google Payment to bank-like examinations [2][4]. - The CFPB's initial stance was to ensure compliance with federal consumer financial protection laws across a range of financial firms, including nonbank entities like Google Payment [2][3]. - The reversal of the CFPB's decision may encourage other technology firms to contest oversight efforts initiated during the previous administration, although the CFPB still retains authority over unfair or deceptive practices [5]. Group 2: Google's Response and Industry Context - Google had previously filed a lawsuit against the CFPB, arguing that the agency lacked the authority to regulate it as a bank, but will withdraw the lawsuit following the CFPB's recent memo [3][4]. - The CFPB's shift in priorities is evident, as the agency under previous leadership aggressively targeted nonbank payment platforms, while the current focus appears to be on traditional banks [4]. - The decision to drop oversight of Google Payment aligns with the company's assertion that the product never posed risks and is no longer available in the U.S. market [4].

Group 1 - The Technology Select Sector SPDR Fund (XLK) has increased by more than 3% in the past month, outperforming the other 11 S&P 500 sector ETFs [1] - The article highlights that technology is leading the market's recovery [1] Group 2 - The performance of the "Mag 7" tech stocks is a significant factor in the overall market recovery [1] - The article emphasizes the importance of thematic investing and market events in understanding current market conditions [1]

I’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is momentum.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within th ...

Core Insights - Xiaomi has launched its first reasoning-oriented large model "Xiaomi MiMo," which enhances reasoning capabilities through a combination of pre-training and post-training [1] - In public evaluation sets for mathematical reasoning (AIME24-25) and coding competitions (LiveCodeBench v5), MiMo outperformed OpenAI's closed-source reasoning model o1-mini and Alibaba's larger open-source model QwQ-32B-Preview, using only 7 billion parameters [1] Company Developments - The introduction of Xiaomi MiMo marks a significant advancement in the company's AI capabilities, focusing on reasoning tasks [1] - The model's performance indicates Xiaomi's competitive position in the AI landscape, particularly against established players like OpenAI and Alibaba [1] Industry Trends - The development of reasoning models is becoming increasingly important in the AI industry, with companies striving to enhance their models' capabilities [1] - The competition among AI firms is intensifying, as demonstrated by Xiaomi's ability to surpass larger models with fewer parameters [1]

Core Insights - The financial indicators in Hunan Province showed strong growth in Q1 2025, outperforming national averages and the economic growth rate, with a deposit balance increase of 7.4% and a loan balance increase of 7.3% [1][3] Financial Performance - As of the end of March 2025, the total deposit balance in Hunan reached 8.7 trillion yuan, with a year-on-year growth of 7.4%, exceeding the national average by 0.5 percentage points [3] - The loan balance in Hunan stood at 7.8 trillion yuan, reflecting a year-on-year growth of 7.3%, with new loans to enterprises totaling 3.234 billion yuan, an increase of 570 million yuan compared to the previous year [3] - The social financing scale in Hunan saw a new increment of 3.904 billion yuan in Q1, with indirect financing contributing 3.812 billion yuan [3] Support for Real Economy - Hunan's financial institutions are increasingly supporting the real economy, with the establishment of the Hunan Financial Big Data Center, which integrates data from over 29 commercial banks [3] - Innovative financial products like "流水贷" are being introduced to facilitate easier financing for businesses [3][4] Sector-Specific Support - Financial institutions in Hunan are focusing on supporting manufacturing and technology innovation sectors, with manufacturing loans growing by 10.6% year-on-year and technology loans increasing by 14.4% [6] - Major projects in Hunan, such as the bio-based solid-state battery project and Mini-LED project, received significant capital support, totaling 43.54 billion yuan [6] Financial Innovation - The "快乐e贷-企业快贷" product launched by Changsha Bank allows for online credit loan approvals, benefiting over 16,000 small and micro enterprises with a total of 82.4 billion yuan disbursed [4][5] - Cross-border integrated funding pool services are being developed for multinational companies, enhancing global operational capabilities [7] Policy Implementation and Service Enhancement - The People's Bank of China Hunan Branch initiated the "行长走市县·金融送解优" campaign to ensure the implementation of financial support policies for key industries and projects [8] - Equipment upgrade project loans reached 12.4 billion yuan by the end of March, with a significant acceleration in loan issuance during Q1 [8] - Personal consumption loans (excluding housing loans) grew faster than overall loans, indicating a positive impact on consumer demand [8] Local Financial Initiatives - Changsha Bank's "千企万户大走访" initiative aims to enhance financial services for small and micro enterprises, addressing their specific needs and promoting local economic development [9]

Core Points - AirNet Technology Inc. will terminate the amended and restated Deposit Agreement effective May 30, 2025 [1][2] - On the effective date, holders of American depositary shares (ADSs) will have their ADSs automatically cancelled and will receive one ordinary share for each ADS cancelled [2] Company Actions - The termination of the Deposit Agreement will be communicated to all holders and beneficial owners of the Company's American depositary receipts (ADRs) around April 30, 2025 [2] - The underlying Deposited Securities will be distributed to ADS holders as part of the Mandatory Exchange [2]

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Apple shares rallied more than 3% Tuesday after the iPhone maker posted its worst four-day losing stretch since 2000.The rise came amid a broader rally in technology stocks and on the heels of a 23% drop in Apple shares over four trading days that resulted in Microsoft unseating it as the most valuable company. Shares of Apple have declined more than 22% since President Donald Trump took office in January.Technology stocks broadly rose Tuesday even after China and the European Union announced retaliatory ta ...