GMT EIGHT - OPPORTUNITIES IN CHINA

GF SEC: How should we view Nasdaq's 23-hour trading?

U.S. stocks already have trading instruments covering Asian hours, and it is expected that extended U.S. trading hours will not have a substantial impact on A/H share trading.

AI capex peaking = the dollar peaking? Goldman Sachs 2027 outlook: the dollar is about to see its "last rally"

Goldman Sachs believes the dollar still has room to rise in the short term, but a substantial reversal will come in 2027.

Shenwan Hongyuan Group: How much longer can the chip "shortage" last?

The chip shortage index leads consumer electronics CPI in South Korea and Taiwan, China by more than half a year. This means that even if the chip shortage begins to ease, upward pressure on consumer electronics prices may persist until 2027.

From "selling subscriptions" to "selling outcomes": Adobe (ADBE.US) tests weekly billing for Acrobat, BTIG says growth sustainability remains to be verified

At last week's MAX conference, Adobe unveiled new Agentic AI tools and previewed native MCP (Model Context Protocol) integration, allowing creators to directly invoke third-party agents within Photoshop, Illustrator, Premiere, and After Effects.

EB SECURITIES: Market-based New Energy Power Generation Sets Sail; Industry Incremental Structure Will Shift to Overseas Wind Power and Energy Storage

Over the next three years, global demand for new energy will continue to grow, but the incremental structure will shift from high-base expansion in the domestic market to overseas wind power and energy storage.

This Week's Market "Surprise": US Treasury Yields and Tech Stocks and Bonds Rise Together

Nomura strategist Matsuzawa believes the rise in US tech stocks is more of a technical rebound, and the market has not rebuilt confidence in AI investment.

EB SECURITIES: Siasun Robot&Automation Resonates with Materials, Lightweight Materials Have a Promising Future in the Physical AI Era

As physical AI is deployed and humanoid robots enter mass production, lightweight materials are set to gain a deterministic incremental market space.

CMSC: AI investment expectations keep adjustingwhat is the market worried about?

Capital expenditure expectations continue to be revised upward, but uncertainty remains around the actual delivery pace.

From $617 to $350: CVS sets a "break-even price" for weight-loss drugs, says drugmakers can still make money

An analysis of insurance claims data found that if GLP-1 drugs for weight loss and diabetes were priced below $350 per month, payerssuch as employers and plan sponsorswould achieve net savings due to reduced use of related medical services.

Bitcoin breaks above $65,000, up 1.54% intraday.

Successful recovery of the Starship upper stage: SpaceX (SPCX.US) debuts "chopsticks catching the spacecraft," analyst says it is the most critical step underpinning a trillion-dollar valuation.

SpaceX used the mechanical arms on its launch tower to catch the Starship spacecraft in mid-air for the first time, setting a precedent in aerospace history for tower-based recovery of an orbital-return spacecraft.

From Musk's signed petition to pressure from PE shareholders: The leadership turmoil at NVIDIA Corporation (NVDA.US) is escalating into a supply chain trust crisis.

SpaceX CEO Musk stated that after former CEO Jensen Huang was ousted, NVIDIA Corporation (NVDA.US) will face supply chain issues.

The gaming industry's "super money printer" gets a new release next week.

A game that has sold steadily for 13 consecutive years, with cumulative sales approaching 235 million copies, is about to get a sequel next week.

Bitcoin falls below $63,000, down 1.95% intraday.

Leveraged long positions liquidated in a cascade, Bitcoin falls below $64,000 to a three-month low; market maker says technical bottom is "approaching"?

The cryptocurrency market suffered another heavy blow over the weekend. As leveraged long positions were liquidated on a large scale, Bitcoin briefly fell to a three-month low of just above $63,000.

China Securities Co., Ltd. PCB Equipment 2027 Outlook: AI PCB Demand to Surge, High-End Upgrade Trend Clear; Equipment and Consumables Poised to Benefit Fully

PCB equipment: AI PCB demand is surging and the high-end upgrade trend is clear, opening new space for equipment and consumables.

Boston Fed President Collins: Gradual rate hike path appropriate; labor market holding steady without pushing up prices

Boston Fed President Collins said that with the labor market holding steady and not putting additional pressure on prices, a gradual pace of rate hikes will be the appropriate path to bring inflation down.

China Securities Co., Ltd. 2027 Gold Outlook: Limited Suppression from Interest Rates, Central Bank Gold Purchases Provide Support, Gold Price Center Expected to Trend Higher with Fluctuations

Gold: When the Worst Is Over, Good Times ReturnAwaiting Revaluation

Guotai Haitong 2027 Early-Year Sales Campaign Product Review: Participating Insurance Dominates the Early-Year Campaign; Focus on Customer Interests and Services

Recently listed insurers have successively disclosed their 2027 early-year sales campaign product offerings, with pension and inheritance mechanisms continuing to be enriched and medical and elderly care services enhancing comprehensive value. Maintain the "Overweight" rating.

SpaceX (SPCX.O) Starship returned to its launch tower in Texas, USA, for the first time after completing a 22-hour orbital flight. This is a significant milestone in rocket reusability technology.

Bitcoin falls below $64,000, down 6.31% intraday.

In the grey market, silver fell below $43/oz, down 3% intraday.

In the grey market, gold prices fell below $3,800 per ounce, down 2% intraday.

OpenAI disbands its independent Siasun Robot&Automation team: Does embodied intelligence no longer need a "dedicated brain"?

OpenAI stated that this move does not mean the company is exiting the robotics field, and robotics technology remains a core component of OpenAI's long-term vision. As giants' general-purpose models continue to make breakthroughs, a new consensus is beginning to form in the AI industry: general-purpose models developed for language, code, and vision tasks can likewise be applied to the field of embodied intelligence.

HK$214 million, 163% gain: What scale of capital story is KPA-BM HLDGS (02663) trying to tell?

The endgame of capital entry is never about changing a name, but about switching to a new track.

Guosen: Semiconductor Manufacturing International Corporation (00981) 3Q26 revenue and gross margin both exceeded the upper end of guidance; maintain "Outperform" rating.

Guosen Securities raised Semiconductor Manufacturing International Corporation's net profit attributable to parent for 2026-2028 to US$1.488 billion / US$1.726 billion / US$2.021 billion.

Wall Street and Silicon Valley Push Hard for Anthropic's IPO: A "Too Big to Fail" AI Defense Battle

Twenty-two top investment banks are jointly underwriting the offering, and seven major tech giants including Nvidia and Microsoft have committed to injecting US$26 billion immediately after the listing. Under the dual shadow of AI bubble concerns and Jensen Huang's resignation, this capital mega-event"too critical to be allowed to fail"is testing the entire tech ecosystem's bottom line of faith in the future of AI.

NVIDIA Corporation (NVDA.US) earnings and Anthropic's trillion-dollar IPO arrive in succession! A bigger test for AI trades comes next week.

The aftershocks of Jensen Huang's resignation have not yet subsided, and next week the AI sector faces a "double major test": NVIDIA's first earnings report of the "post-Huang era," where "if results fall short of expectations, the market's punishment will be amplified"; and Anthropic's blockbuster IPO at a trillion-dollar valuation. Two major uncertainties will hit in succession, directly determining whether global capital's faith in AI can endure.

Record high! What signals are released by the inclusion of 51 Class 1 innovative drugs in the new edition of the medical insurance catalog?

51 Class 1 innovative drugs included in medical insurance, with multiple products approved and included in the same year; Two commercial insurance catalog drugs transferred to basic medical insurance, marking a historic breakthrough for CAR-T in gaining access to basic medical insurance; Medical insurance support policies further extend to hospital admission, clinical use, and payment.

CITIC SEC: Structural turning points in the market are increasing in 2027; K-shaped convergence and broader market breadth may be the most important features.

The market adjustment has already occurred ahead of time, and structural turning points are increasing in 2027.

The end of the Jensen Huang era: NVIDIA Corporation (NVDA.US) faces three major tests

After Jensen Huang's departure, NVIDIA Corporation may face a decline in decision-making efficiency and may find it difficult to make another "all-in bet" like CUDA. There are external concerns that NVIDIA may slow its investment pace; CFO Kress previously did not endorse some of the massive deals pushed by Jensen Huang. NVIDIA's supply chain advantage is built not only on procurement scale but also on Jensen Huang's personal technical judgment and industry influence.

Goldman Sachs Global Equity Outlook: AI Capital Expenditure to Peak Next Year, Earnings Growth to "Decelerate Sharply," Cloud Giants to Become "Defensive Assets"

Goldman Sachs' 2027 global equity strategy notes that the AI capital expenditure boom is nearing its peak, and global earnings growth will slow sharply. S&P 500 earnings growth is expected to drop from 36% to 11%, with depreciation pressure gradually emerging. However, cloud giants' valuations have pulled back to 19.7x forward P/E, below the consumer staples sector, and are characterized as "relatively defensive" assets. Goldman Sachs forecasts an S&P 500 target of 8,700 points and recommends overweighting the US and Japan while underweighting Europe.

JPMorgan: 2027 US high-grade bond issuance to surge to $2.1 trillion, with $2 trillion likely to become the "new normal" going forward

JPMorgan said that large technology companies' continued ramping up of artificial intelligence (AI) infrastructure buildout, combined with high corporate refinancing demand, will drive U.S. investment-grade bond issuance to set a new record again in 2027.

Don't be intimidated by the Nvidia turmoil and election noise! Morgan Stanley: AI volatility does not change the bull market's main engine, and the long-term narrative is "extremely bullish."

Morgan Stanley Wealth Management's Chief Investment Officer said that management turmoil at Nvidia and Democratic victories in the midterm elections have further intensified market concerns about the artificial intelligence (AI) rally, but these factors will not shake the core driver of this bull marketcapital expenditure on AI infrastructure.

Bessent Clashes with Senior Fed Officials: Does Inflation Stem from an Energy Shock or Overheated Demand? Debate Over the Fed's Rate-Hike Path Intensifies

US Treasury Secretary Bessent believes that current inflation stems primarily from the energy supply shock triggered by the Iran war, that the current inflation data is essentially "noise," and that the Fed should not raise rates because of it; Chicago Fed President Goolsbee, by contrast, believes inflation has spread to services, healthcare and other sectors, that the risk of overheated demand cannot be ignored, and that the Fed still needs to act.

After Jensen Huang's departure, the "Big Short" increases short bets on tech stocks! Warns the AI boom may fall into a "bull trap."

Michael Burry increased his short bets after Jensen Huang's departure, comparing the Nasdaq's October high to the top of the 2000 internet bubble. On November 12, he doubled his put option position on the Nasdaq 100, with expirations set for early 2027, and rebuilt put options on the VanEck Semiconductor Index, directly warning investors to "get out" and predicting a significant pullback in chip stocks before mid-2027.

Strong earnings growth supports the valuation floor, leaving room for a valuation recovery in undervalued Shenzhen Hans CNC Technology (03200)

Having suffered a double blow across both A-shares and H-shares, with market capitalization shrinking sharply by more than 70% over the past five months, Shenzhen Hans CNC Technology (03200), the global leader in PCB-specific equipment that has maintained high earnings growth, is still continuing to probe lower in this AI valuation selloff.

Is the traditional Santa Claus rally still in store for US stocks this year?

After U.S. equities repaired both technical and positioning conditions in tandem, Goldman Sachs, Morgan Stanley, and JPMorgan successively issued year-end rebound signals. Extremely washed-out positioning, valuations reverting to the mean, and seasonal support together create the conditions for a short squeeze. However, global manufacturing import price inflation is running at an annualized rate of about 24%, already exceeding the pandemic peak, and the inflation bill will come due in a concentrated fashion in the first quarter of next year. Goldman Sachs warns that once the year-end revelry is realized, it will borrow from future upside.

Fed's No. 2 Sets the Tone: Inflation Is the "Most Important Signal," Rate Decisions Hinge on It

Federal Reserve Vice Chair Philip Jefferson said inflation has become the most important metric for policymakers as they weigh whether to raise interest rates further.

Goldman Sachs Group, Inc. (GS.US) 2027 Macro Outlook: Global Economy to Pick Up Slightly but the Road Will Be Bumpy, with Downside Risks Not to Be Ignored

Goldman Sachs expects global GDP growth to rise from 2.7% in 2026 to 2.8% in 2027, with the energy price shock shifting from a headwind to a tailwind and AI investment remaining the main engine; the three major downside risks come from energy-related effects tied to the Iran situation, the bond market, and the AI cycle; inflation is expected to decline over the year, but upside risks remain; the Federal Reserve will raise rates once each in December and March 2027, while the ECB will begin rate cuts in December 2027 and Q4 respectively; in 2027, both stocks and bonds will post positive returns, but volatility risk will increase, and commodity returns will be close to zero.

NVIDIA Corporation (NVDA.US) posts worst weekly performance in 18 months; Jensen Huang's departure triggers market reassessment

NVIDIA's stock fell about 14% this week, erasing more than US$620 billion in market value and marking its worst weekly decline in 18 months. At least 13 analysts downgraded their "Buy" ratings this month, while the number of "Hold" ratings rose to the highest level since 2023. The market will closely watch the quarterly earnings report and management's strategic commentary due on November 17, and short-term valuation pressure will be difficult to dispel.

To avoid liquidity support being seen as QE, Fed's Logan proposes separately accounting for market-functioning bond purchases and selling them as soon as possible.

Dallas Fed President Lorie Logan said the Federal Reserve should completely separate market-functioning bond purchases from monetary policy operations, account for them separately, and commit to selling them as soon as possible, in order to eliminate market concerns that the Fed is indirectly suppressing long-end yields. She stressed that the market's full understanding of the Fed's decision-making logic is itself a stabilizing function.

Barclays turns tactically bullish on US stocks for the first time since March; recent selloff has created conditions for a short-term rebound.

As investors sharply cut equity positions and market volatility pressure eased somewhat, Barclays' trading desk turned tactically bullish on US stocks for the first time since mid-March this year.

Persistent inflation pressures keep expectations for consecutive Federal Reserve rate hikes rising; AI investment risks heighten concerns over financial stability.

As U.S. inflation accelerated again, Federal Reserve officials? No As U.S. inflation accelerated again, Federal Reserve officials this week? Let's produce clean As U.S. inflation accelerated again, Federal Reserve officials this week issued a? No. Final: As U.S. inflation accelerated again, Federal Reserve officials this week? Stop. Correct As U.S. inflation accelerated again, Federal Reserve officials this week? I'll write: As U.S. inflation accelerated again, Federal Reserve officials this week? No"" = "intensively signaled a hawkish stance." Final: As U.S. inflation accelerated again, Federal Reserve officials this week intensively signaled a hawkish stance, further strengthening market expectations for a December rate hike and opening the door to another rate increase in January next year.

Overnight US stocks | The three major indices rose this week. NVIDIA Corporation (NVDA.US) fell 13% this week, with its market capitalization dropping below the US$40,000 threshold.

At the close, the Dow rose 50.46 points, or 0.10%, to 52,347.55; the S&P 500 fell 30.73 points, or 0.40%, to 7,561.67; and the Nasdaq fell 229.82 points, or 0.91%, to 25,136.27.

US Stock Market Move | NVIDIA Corporation (NVDA.US) opened higher but closed lower, falling more than 4%; a well-known investment bank says there is still considerable uncertainty surrounding management changes.

On Friday, NVIDIA Corporation (NVDA.US) opened higher in early trading but reversed course and is now down more than 4%, at US$159.40.

US Stock Market Move | Fed Officials Turn Hawkish Again; Philadelphia Semiconductor Index Falls Over 5%, Semiconductor Sector Declines Broadly

On Friday, the Philadelphia Semiconductor Index fell over 5%, with the semiconductor sector declining broadly.

A-share Evening Highlights | October social financing and M2 growth both exceed 7%; US October core PPI up 5% year-on-year

On November 13, the central bank released October financial data, with both the outstanding stock of social financing and M2 year-on-year growth exceeding 7%.

GOFINTECH QUANT (00290) plans to sell a 22.50% equity stake in CSOP Asset Management Limited for HK$1.2 billion, focusing on its own proprietary public fund business.

GOFINTECH QUANT (00290) announced that on November 13, 2026, the company intends to sell a 22.50% equity stake in CSOP Asset Management Limited to CPCT Limited for a cash consideration of HK$1.2 billion. In addition, the company has the right to receive a permitted dividend under the share purchase agreement (a contingent right that does not form part of the consideration). The permitted dividend refers to dividends declared by the target company from the undistributed profits attributable to the sale shares, provided that the total amount of the permitted dividend shall not exceed approximately HK$251 million.

WAI CHUN BIOTEC (00660) Announces Annual Results, Profit Attributable to Shareholders HK$7.205 million, Trading Resumes on November 16

WAI CHUN BIOTEC (00660) announced its annual results for the year ended June 30, 2026, with revenue of HK$405 million, up 7.3% year-on-year; profit attributable to owners of the company of HK$7.205 million, compared with a loss of HK$14.623 million in the same period last year; basic earnings per share of 3.40 HK cents.

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UK Maritime Trade Operations: The tanker was heading east before entering the Strait of Hormuz.

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UK Maritime Trade Operations: aware of reports of a tanker being attacked in the Arabian Gulf.

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Main contents of "Xinwen Lianbo" on November 15

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Samsonite (01910.HK) repurchased 8,400 shares on November 13 for approximately HK$125,900.

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Yum China (09987.HK) repurchased 21,900 shares on the Hong Kong Stock Exchange on November 13 for approximately HK$8.4862 million.

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