5 November 2025 | 12:06PM HKT Economics Research China: Unofficial services PMI edged down in October; October inflation and credit preview Bottom line: The headline RatingDog China Services PMI (formerly the Caixin services PMI) edged down to 52.6 in October from 52.9 in September, suggesting services sector activity continued to expand but at a slightly slower pace. Key numbers: S&P Global services PMI: 52.6 in October (Bloomberg consensus: 52.5), vs. 52.9 in September. Main points: 1. The RatingDog China ...

4 November 2025 | 8:52PM EST Equity Research Advanced Micro Devices Inc. (AMD): Strong Datacenter ramp with OpenAI on the horizon, but near-term operating leverage is limited Key stock takeaways: We expect the stock to be range bound following a beat-and-raise quarter driven by upside in the Datacenter and Client segments, largely offset by lower margins - against a backdrop of elevated expectations. We believe investors were constructively positioned heading into the report given the company's recent partn ...

November 5, 2025 05:35 PM GMT M Idea Suzhou TFC Optical Communication Co Ltd. | Asia Pacific 3Q25 Earnings Miss Reflected; Upgrade to EW | What's Changed | | | | --- | --- | --- | | Suzhou TFC Optical Communication Co Ltd. (300394.SZ) | From | To | | Rating | | Underweight Equal-weight | | Reaction to earnings | | | | Strengthens our thesis | Modest shortfall | Modest revision lower | | Impact to our thesis | Financial results versus consensus | Direction of next 12-month | | | | consensus EPS | Source: Com ...

5 November 2025 | 3:27PM CST Equity Research China Healthcare: Insulin 3Q25 wrap-up: Ample room for domestic substitution in insulin analogs After two rounds of VBP, China's insulin industry has seen a major opportunity for domestic substitution, and the two companies we cover in this segment have continued to deliver strong revenue growth. According to our tracked database Pharmcube, the localization rates of three representative insulin analogs - insulin glargine, insulin aspart, and insulin aspart premix ...

November 5, 2025 05:01 AM GMT Shopify Inc | North America 3Q25 Results – Delivering Against a High Bar | What's Changed | | | | --- | --- | --- | | Shopify Inc (SHOP.O) | From | To | | Price Target | $165.00 | $192.00 | Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Leading market positioning, rapid innovation and strong execution combined to sus ...

Gurpreet Singh Sahi, CFA +852-2978-1287 | gurpreet.s.sahi@gs.com Goldman Sachs (Asia) L.L.C. Wing Huang 6 November 2025 | 3:57AM HKT Equity Research Hong Kong Exchanges (0388.HK) Three factors to drive further re-rating; raise EPS/TP; Buy 0388.HK 12m Price Target: HK$562.00 Price: HK$423.60 Upside: 32.7% HKEX's 3Q25 earnings beat GSe, led by better-than-expected investment income. Core profits (ex. investment income) were in-line with our expectation, and grew by +101% yoy on +141% yoy growth of cash ADT. W ...

5 November 2025 | 6:58PM HKT Equity Research Kelun Biotech (6990.HK): APAC Healthcare Corporate Day 2025 — MSD/Blackstone deal read-across; eyes on broader pipeline in 2026 Presenters: Richard Zhou - Chief Financial Officer, Secretary of the Board Bottom line: Management shared that: 1) they view the MSD/Blackstone deal on sac-TMT R&D as acknowledgment / commitment, 2) FY25 guidance unchanged with more meaningful growth after NRDL coverage, and 3) data readouts in 2026 could provide visibility on the breadt ...

November 5, 2025 03:08 PM GMT Kingdee International Software Group | Asia Pacific M Update 2025 Changemaker Conference Takeaways We attended Kingdee's 2025 Changemaker Conference in Shanghai. Kingdee has upgraded its strategy to be an enterprise AI platform rather than a cloud platform. Kingdee officially changed its product strategy from Kingdee Cloud to Kingdee AI: The company released the Kingdee AI Suite with Xiao K Agent, AI-enhanced SaaS, Kingdee Data Cloud and Kingdee AI Cosmic Platform ( Exhibit 1 ) ...

Summary of Amphenol Corp. (APH) Investor Field Trip Company Overview - **Company**: Amphenol Corp. (APH) - **Industry**: Datacenter and Connectivity Solutions Key Takeaways 1. Strong Demand in Datacenter Market - Amphenol is well positioned in the datacenter market with strong demand continuing from hyperscale companies - There is a significant need for high-speed and low-latency connectivity products to support new compute technologies [1][3] 2. Competitive Positioning - The company highlighted its strong copper portfolio and growing optics business - Amphenol sees a long runway for its high-speed copper offerings and can provide a full set of solutions spanning copper and optics due to its engineering relationships [2][4] 3. Capital Expenditure Growth - Goldman Sachs TMT colleagues estimate that capital expenditures for the largest US hyperscalers will grow by 78% in CY25 and 37% year-over-year in CY26 - The IT Datacom end market, where Amphenol reports AI revenue, grew by 128% year-over-year in Q3 [3] 4. Diverse End Market Exposure - Amphenol maintains diversified end market exposure, with robust growth in its IT Datacom segment - The Communications Networks business experienced 25% organic growth in Q3, with nearly all end markets growing at least double digits organically [4] 5. Investment Strategy - Management emphasized that investments in AI-related projects are not at the expense of other end markets, indicating a balanced investment strategy across various sectors [4] 6. Ability to Respond to Demand Changes - Amphenol can ramp up new facilities and tooling and utilize AI/machine learning to support yields and output, demonstrating agility in responding to demand changes [7] 7. Strong Margins - The company reported record high operating margins of 27.5% in the last quarter, despite facing headwinds such as tariffs and commodity costs - Management indicated that while incremental margins may not remain at the 40%+ level, a long-term target of 30% incrementals is sustainable [8] 8. Investment Rating and Price Target - Goldman Sachs has a Buy rating on APH shares with a 12-month price target of $154, representing an upside of 12.7% from the current price of $136.70 - Key downside risks include revenue growth, margins, tariffs, trade situations with China, and execution on M&A [9][10] Additional Insights - The company is actively expanding its datacenter fiber optics portfolio with complementary products, indicating a strategic focus on enhancing its offerings in the datacenter space [2] - The management's commitment to maintaining a diversified portfolio while capitalizing on growth opportunities in the datacenter market reflects a proactive approach to market dynamics [4] This summary encapsulates the critical insights from the investor field trip to Amphenol Corp., highlighting the company's strategic positioning, market dynamics, and financial performance.

November 6, 2025 12:18 AM GMT China Autos & Shared Mobility | Asia Pacific China EVs - 3Q25 preview – Could 4Q be the profitable season for all? As EV start-ups' 3Q prints kick off from mid-November, investors are likely to scrutinize OEMs' progress in achieving their guided operational turnaround in 4Q and how new model pipeline/ pricing strategies could help them buck cyclical headwinds in 2026. Key Takeaways M Idea Morgan Stanley Asia Limited+ Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 284 ...