Core Insights - As of October 2025, domestic investors' net purchases through the Hong Kong Stock Connect exceeded HKD 1.26 trillion, setting a historical record and indicating strong confidence in Hong Kong's tech assets [1] - The global capital is reallocating towards Chinese assets driven by the AI cycle, presenting both opportunities and challenges in the Hong Kong stock market for Q4 [1] - Despite short-term adjustments, the Hong Kong stock market is on a volatile upward trend, with a solid bottom [1] Market Dynamics - Following the Federal Reserve's interest rate cuts, global funds are expected to flow more into stock markets, potentially benefiting Hong Kong stocks, particularly in the tech growth sector [1] - The Hong Kong tech sector encompasses cutting-edge fields such as AI, new consumption, and innovative pharmaceuticals, representing a concentration of "new productive forces" [1] - The valuation of the CSI Hong Kong Stock Connect Technology Index is over 40% discounted compared to the A-share ChiNext Index, indicating a safety margin [1] Investment Focus - The current upward momentum in Hong Kong stocks is primarily driven by positive industrial news, with a continued focus on prosperous sectors and global industrial chain resonance [1] - Dongwu Securities maintains a positive outlook on AI technology, noting that while US tech giants may influence the trading rhythm of Hong Kong's AI tech, the acceleration of China's AI progress offers recovery potential for Hong Kong tech leaders [1] ETFs in Focus - Hong Kong Stock Connect Technology ETF (159101) covers the entire tech industry chain [2] - Hang Seng Internet ETF (513330) focuses on leading internet companies [2]

Group 1 - Iren (IREN) announced a multiyear cloud-services contract with Microsoft (MSFT) worth $9.7 billion, involving advanced Nvidia (NVDA) chips [1] - The contract includes a 20% prepayment and provides Microsoft access to Nvidia Blackwell GB 300 GPUs over five years [1] - Following the announcement, Iren's stock surged, along with other bitcoin miners transitioning to AI [1] Group 2 - Quantum computing stocks are experiencing volatility as they approach Q3 earnings reports, with IonQ set to report late Wednesday [2]

Microsoft has entered into a $9.7 billion cloud services contract with artificial intelligence cloud service provider IREN that will give it access to some of Nvidia's chips. The five-year deal, which includes a 20% prepayment, will help Microsoft as it looks to keep up with AI demand. Last week the software maker reported its quarterly sales grew 18% to $77.7 billion, beating Wall Street expectations while also surprising some investors with the huge amounts of money it is spending to expand its cloud com ...

Core Insights - The A-share and Hong Kong stock markets exhibited a mixed but generally strong performance, with A-shares seeing all major indices slightly rise and over 3,500 stocks gaining, indicating active market participation [1][3] - Key sectors driving the market include media, coal, and oil & petrochemicals, with AI applications and short drama games contributing to market sentiment recovery, while non-ferrous metals, home appliances, and lithium battery chains faced notable adjustments [1][4] - The Hong Kong market showed stronger performance, with major indices rising, driven by energy, finance, and consumer sectors, alongside continued inflow of southbound funds and increased foreign investment interest [1][5] Market Overview - A-shares saw a collective rebound with the Shanghai Composite Index rising 0.55% to 3976.52 points, while the Shenzhen Component and ChiNext Index saw minor increases of 0.19% and 0.29% respectively, with a trading volume of 2.11 trillion yuan [3] - The Hong Kong market's Hang Seng Index increased by 0.97% to 26158.36 points, with the Hang Seng China Enterprises Index also showing nearly a 1% rise, reflecting strong performance in energy and finance sectors [3][5] - The market is characterized by a rotation from high-priced themes to undervalued value stocks, while structural opportunities within the tech growth sector remain attractive [3][4] Sector Analysis - A-share sectors displayed significant divergence, with energy and AI applications as dual main lines; the coal sector saw a 10.29% increase in coking coal prices over 60 days, indicating the beginning of a new upward cycle [4] - The oil and petrochemical sectors strengthened due to OPEC+ announcing a production halt in Q1 2026, leading to tighter global energy supply expectations [4] - The media sector benefited from active AI applications, with multiple stocks hitting the daily limit up, enhancing market sentiment [4] Investment Recommendations - The current market phase is critical for "policy implementation" and "fund rebalancing," with a focus on industry trends and policy benefits to capture structural opportunities [6][7] - In the tech growth sector, emphasis should be placed on "hard tech breakthroughs + soft ecosystem implementation," particularly in AI applications and innovative pharmaceuticals [6] - The cyclical and resource sectors should leverage "global easing expectations + policy-driven recovery," with specific attention to gold and copper in the non-ferrous metals sector, and coal and oil sectors benefiting from energy security strategies [6][7]

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and b ...

Core Viewpoint - The core viewpoint emphasizes the importance of stock selection alpha as a key support for navigating market cycles and achieving long-term returns through a low-valuation value investment strategy [1][2]. Group 1: Investment Strategy - The investment strategy is centered around low-valuation value investing, focusing on "valuation + fundamentals" to identify high cost-performance targets [2][3]. - The company maintains a balanced approach in asset and industry allocation, avoiding excessive deviation while leveraging stock selection alpha to convert previous negative excess returns into positive ones [2][3]. - The investment team evaluates valuation levels, implied returns, and risk-reward characteristics of targets, adjusting positions when risk-reward ratios become unbalanced [3]. Group 2: Market Outlook - The company views both A-shares and Hong Kong stocks as part of Chinese equity assets, highlighting the value of scarce assets in Hong Kong and the significant discounts (up to 50%) of certain stocks compared to A-shares [4]. - The focus areas for investment include sectors with strong growth potential such as new energy, AI, and pharmaceuticals, as well as attractive pricing in domestic demand sectors like steel structures and real estate [5]. - The company acknowledges potential short-term market adjustments but maintains a long-term perspective, emphasizing high implied returns and a cautious approach to emerging industries and market opportunities [5].

Group 1 - The report highlights that the profit growth of Chinese industrial enterprises continued to improve, with a year-on-year increase of 21.6% in September, up 1.2 percentage points from August. The industrial added value also saw a year-on-year growth of 6.5%, an increase of 1.3 percentage points from the previous value [8][12]. - The distribution of profits in the midstream manufacturing and upstream raw material processing sectors has improved, indicating a positive impact from anti-involution policies and overseas investment expansion [8][12]. - The report notes that the macroeconomic environment presents a contradiction between AI-related debt expansion and widespread energy inflation, which may pressure the expansion of AI investments [2][30]. Group 2 - The Hong Kong stock market experienced a decline in October, with the Hang Seng Index dropping by 3.53%, the Hang Seng China Enterprises Index falling by 4.05%, and the Hang Seng Technology Index decreasing by 8.62% [12][30]. - The report indicates a shift in market style, with a significant pullback in technology stocks while cyclical sectors led the gains, reflecting the tension between AI investments and energy demands [30][31]. - Traditional cyclical sectors showed relative strength, with industries such as coke, steel raw materials, and decoration leading in excess returns compared to the Shanghai Composite Index [30][37].

Group 1: Market Overview - The market is expected to continue high-level fluctuations due to a "policy window" period following the Fourth Plenary Session and new US-China negotiations, with a focus on the upcoming Central Economic Work Conference [2][3] - Economic fundamentals are showing marginal slowdown, with October retail sales expected to grow by approximately 2.9% year-on-year, while fixed asset investment is projected to decline by 0.7% [4][25] - The central bank's indication of restoring open market operations for government bonds signals a marginal easing of monetary policy, which may lead to a "stock-bond seesaw" effect if interest rates decline [3][17] Group 2: Industry Configuration - The AI industry remains a core focus, with adjustments providing opportunities for a new round of technology market trends, while sectors with strong performance support, such as energy storage/batteries, military industry, storage, and engineering machinery, are also highlighted [5][39] - The first main line of investment is to continue to focus on the AI industry chain, particularly in computing power (CPO/PCB/liquid cooling/optical fiber) and application sectors (robots/games/software), which are expected to maintain a clear trend of growth [39][41] - The second main line includes sectors with solid performance support, such as electric power equipment (energy storage/batteries), military industry, storage, and engineering machinery, which are anticipated to benefit from high demand and ongoing improvements in performance [39][41]

Group 1 - The equity market experienced a narrow "V-shaped" trend in October, with the Sci-Tech 50 index leading the decline with a drop of 5.33% [3][13] - The convertible bond market showed weakness, with AAA-rated convertible bonds rising by 1.40% in October, while high-priced convertible bonds fell by 2.72% [3][34] - As of October 31, the median price of convertible bonds remained above 132.34 yuan, marking a relatively high level since 2017, with a median premium rate of 30.43% [3][32] Group 2 - The October PMI weakened, indicating that there is still potential for economic stability, with the manufacturing PMI dropping to 49.0% [4][54] - Approximately 51.6% of convertible bond underlying stocks saw a year-on-year decline in net profit for the first three quarters of 2025, with industries like petrochemicals, steel, and environmental protection showing upward performance [4][51] - The report suggests focusing on high-quality convertible bonds that benefit from improving fundamentals and economic conditions, particularly in sectors supported by domestic policies such as transportation, steel, and coal [5][57] Group 3 - In November, it is recommended to maintain a neutral position in convertible bonds and seek quality targets based on fundamental improvements [5][57] - The report highlights the importance of low-priced convertible bonds and equity-type convertible bonds, particularly in sectors like AI, semiconductors, and innovative pharmaceuticals [5][57] - The convertible bond market is expected to see a reopening of incremental funds, which could boost valuations, especially for mid-to-low-priced large-cap convertible bonds [5][57]

Core Viewpoint - Bluesky Digital Assets Corp. announced corrective disclosures regarding its private placement offering, including details on the issuance of units and associated warrants, as well as the intended use of proceeds for AI development and online gaming [1][10]. Offering Details - The Corporation aimed to complete a non-brokered private placement of up to 8,333,333 units at C$0.12 per unit, targeting gross proceeds of up to C$1,000,000 [1]. - Each unit consists of one common share and one warrant, with warrants allowing the purchase of additional shares at C$0.15 for 24 months [1]. - Eligible finders were to receive an 8% cash fee and non-transferable finder's warrants, also allowing the purchase of shares at C$0.15 for two years [2]. Tranche Closures - The initial tranche closed on July 14, 2025, with 1,750,000 units issued for approximately C$210,000, and 100,000 finder's warrants issued [4]. - The second tranche, effective July 14, 2025, issued 833,333 units for gross proceeds of approximately C$100,000, with no finder's fees paid [6]. - The final tranche closed on August 15, 2025, issuing 2,199,999 units for gross proceeds of approximately C$264,000, also with no finder's fees [9]. Financial Summary - The total gross proceeds from the offering amounted to approximately C$574,000 through the issuance of 4,783,333 units, with finders receiving C$12,000 in cash and 100,000 finder's warrants [10]. - The net proceeds from all tranches are intended to advance the Corporation's AI development and online gaming initiatives, as well as for general working capital [5][7][10]. Company Overview - Bluesky Digital Assets Corp. operates at the intersection of AI, Blockchain, and Web3 business solutions, leveraging proprietary technology to support businesses in adopting emerging technologies [13].