A-share evening hot topics | Alibaba's conference call sends a strong signal! AI has no bubble, will increase investment beyond 380 billion

1. Alibaba Q2 Revenue Surpasses Expectations at 247.7 Billion, Performance Call Signals Good News Importance: Alibaba's Q3 revenue was 247.8 billion yuan, an increase of 4.8% year-on-year, slightly higher than market expectations. In terms of business segments, cloud intelligence revenue surged by 34%, AI products continued to grow rapidly, ranking first in the domestic AI cloud market share; instant retail business revenue was 22.906 billion yuan, a year-on-year increase of 60%. Adjusted net profit plummeted by 72%, attributed to investments in instant retail, user experience, and technology. In the view of Self-selecting Brother, the more significant good news is Alibaba's conference call, which provided quite optimistic expectations: 1. Not ruling out additional investment beyond the promised 380 billion yuan investment over three years. 2. Expect significant reduction in investment in "flash purchase" in the next quarter. 3. Unlikely to see an artificial intelligence bubble in the next three years. With these three statements, wouldn't A-share light modules, computing power, and Hong Kong stocks in technology be "playing music and dancing" next? 2. One Article Understands Huawei's Press Conference: Mate 80 Series First to Carry Harmony OS 6 System, Mate X7 Featuring A2A Smart Body Collaboration Importance: At the new product launch event on November 25th, Huawei released the Mate 80 series starting at a price of 4699 yuan, featuring several new technologies such as the industry's first 700M networkless emergency communication, super-cold phase-change cooling system, all-metal frame enhanced antennas, and support for 3D facial recognition across the series. In terms of operating system, the Huawei Mate 80 series models will be the first to feature Harmony OS 6. Yu Chengdong revealed that the number of terminal devices with Harmony OS 5 and Harmony OS 6 exceeded 27 million. The Harmony ecosystem now has over 300,000 applications and meta-services, with an average of 100,000 new Harmony devices added daily. Additionally, Huawei also launched the latest foldable phone, Huawei Mate X7, featuring A2A smart body collaboration, with a starting price of 12,999 yuan. Review: Huawei's Mate 80 series with cutting-edge technology is making waves, with Harmony OS 6 premiere and networkless communication directly disrupting the market! Q2 sales rebound, overtaking Apple to regain the throne, although net profit fell due to research and development by thirty percent, clearly indicating significant investment in the future to "lead from afar"! Will the fans be first to jump on this wave? 3. How Does China Evaluate the Results of the China-US Presidents' Call? Ministry of Foreign Affairs: The US Initiated the Call, with a Positive Atmosphere Importance: On November 25th, Foreign Ministry spokesperson Hua Chunying presided over the regular press conference. A journalist from the Japan Broadcasting Association asked whether the call between the Chinese and US presidents the night before was initiated by China or upon the invitation of the US? How long did the call last? How does China evaluate the outcome of the call? Hua Chunying stated that since the second term of President Trump, the Chinese and US presidents have maintained regular interactions. "As far as I know, this call was initiated by the US. The atmosphere of the call was positive, friendly, and constructive. Communication on issues of common concern is vital for the stable development of China-US relations." 4. Moore Threads Releases Initial Results of Offline Preliminary Placement and Online Draws Importance: Moore Threads released an announcement on the initial results of the offline preliminary placement and online draws of its first public offering of shares and listing on the Sci-Tech Innovation Board, with the online draw results as follows: a total of 33,600 draw numbers, with each draw number being able to subscribe to 500 shares of Moore Threads' A shares. 5. Nvidia Counters "Big Short" Comments: Main Cooperation with Companies Is Mainly Derived from Third-Party Clients Importance: Michael Burry, the "big short" who had previously shorted real estate before the 2008 subprime crisis, recently made a series of comments about Nvidia on social media, criticizing the technology company's circular transactions around Nvidia and decreased investor profits, attracting a counter-response from Nvidia. In its response, Nvidia stated in a memorandum that its strategic investments account for a small proportion of its revenue, and the proportion within the approximately $1 trillion raised annually in global capital markets is minimal. The companies in Nvidia's strategic investment portfolio mainly derive income from third-party clients, not from Nvidia. 6. Singapore National AI Program Abandons Meta Model and Shifts to Alibaba's Thousand Questions Importance: According to reports from Singapore media, the Singapore National Artificial Intelligence Program is undergoing a significant strategic adjustment. In its latest Southeast Asian language large model project, it has abandoned the Meta model and shifted to Alibaba's Tongyi Qianwen open-source architecture, marking a crucial expansion of China's open-source AI models' global influence. Review: China's open-source AI model wins a critical victory overseas! Singapore switches from Meta to Alibaba's Tongyi Qianwen, making this a brilliant "technology diplomacy" move. Self-selecting Brother believes this is not only a business choice but also a recognition of China's AI technology path. While Europe and America are still debating AI security, our models have quietly secured a foothold in Southeast Asia. Is it time for the "Belt and Road" AI ecosystem next? 7. Xiaomi Group Invests Another 100 Million Hong Kong Dollars to Buy Back 2.5 Million Shares, Xiaomi's Stock Price Surpasses 40 Hong Kong Dollars Today Importance: Xiaomi Buys Back Again! On November 25th, Xiaomi Group announced another buyback on the Hong Kong Stock Exchange, repurchasing 2.5 million shares at an average price of 40.29 Hong Kong dollars, totaling over 100 million Hong Kong dollars. This month, Xiaomi has already repurchased 24 million shares of the company, totaling over 900 million. Yesterday, Xiaomi Group's founder, chairman, and CEO Lei Jun personally invested more than 100 million Hong Kong dollars to increase his holdings by 2.6 million Xiaomi Group shares, significantly boosting market confidence. 8. Google Soars 4.2% in Pre-market Trading, Market Value Could Break 4 Trillion US Dollars for the First Time Importance: On November 25th, Google's stock price surged by 4.2% in pre-market trading. If it maintains this increase at the opening bell, its total market value could surpass 4 trillion US dollars for the first time, becoming the fourth publicly traded company to achieve this milestone after Nvidia, Apple, and Microsoft. Recently, the catalysts for Google's stock price surge have been prominent. Firstly, the appearance of Gemini 3 Pro, followed closely by Nano Banana Pro, within a few days, these two new Google products have shaken the global AI community. Secondly, Google is intensifying its efforts in the artificial intelligence (AI) chip competition to challenge Nvidia's dominant position in the field. Moreover, Meta is a potential major customer for Google's self-developed AI chip, the Tensor Processing Unit (TPU). Review: Google's market value surge towards the 4 trillion US dollar club, with Gemini and the "Nano Banana" double play igniting the AI community! Self-developed TPU chips aimed directly at Nvidia's territory, even Meta could become a customer, this move reminds Self-selecting Brother of Warren Buffet's saying, "You only find out who is swimming naked when the tide goes out." The "four-trillion-dollar consortium" of tech giants is now assembled, and the second AI chip battleground is officially open! Do you think buying Google now is a "buy-in to supplement the ticket"? 9. Major Turnaround in Russia-Ukraine Situation! Crude Oil and Gold Dive Importance: In the evening, international crude oil fell sharply in the short term, and spot gold also took a short-term dive. On the news side, reports indicated that US officials stated that Ukraine agreed to the terms of a peace agreement. Another report mentioned that US Vice President Pence and Ukrainian President Zelensky had a phone call on the 21st. Self-selecting Brother reviewed the investment opportunities that the market is focused on and found that benefits include the appreciation of the Renminbi, among others. 1. Renminbi exchange rate hits a high point in over a year, with onshore and offshore Renminbi both surpassing 7.09 against the US dollar. Regarding the strengthening Renminbi, industry analysis suggests it benefits from the strong performance of the Renminbi compared to non-US currencies in terms of fundamentals and capital flows, as well as the continuous signaling of appreciation through the central parity rate. CICC pointed out that global capital flows affect exchange rate trends, with experiences showing a correlation between exchange rate fluctuations and A-share foreign investment inflows. Regarding opportunities, CICC believes that Renminbi exchange rate fluctuations mainly affect the earnings of three types of companies: finished product exports, raw material imports, and high foreign currency debt. In addition, the following sectors are also worth watching: 2. Rare Earths | A significant breakthrough for rare earths! Future transformation into high-end devices may be possible. 3. AI Glasses | Alibaba's Quark AI glasses will hold a new product launch, accelerating the development of the AI glasses industry. 4. AI Applications | Singapore's National AI Program abandons Meta model and shifts to Alibaba's Thousand Questions. 5. Aerospace | National Space Administration: By 2027, high-quality commercial space development will be basically achieved. Regarding the slightly positive announcements, Self-selecting Brother highlights Zhejiang Huayou Cobalt signing a ten-year long-term contract with Eve Energy Co., Ltd.; in the slightly negative announcements, caution is advised for Swancor Advanced Materials Co., Ltd.'s warning on transaction risks, among others. Slightly Positive Announcements 1. Zhejiang Huayou Cobalt: Signs a super nickel ternary cathode material supply agreement with Eve Energy Co., Ltd., increasing the company's market share in new energy lithium batteries. 2. Jiangsu Hengrui Pharmaceuticals: Innovative drug HRS-8364 tablets for the treatment of advanced solid tumors have approved clinical trials and no similar drugs are currently approved for marketing domestically or internationally. 3. Zhejiang Century Huatong Group: Obtains a commitment letter for a special loan of up to 900 million yuan from China Merchants Bank for stock buybacks. 4. Zhongshan Broad-ocean Motor: Plans to invest 10 million yuan to participate in an industrial fund. Investment targets primarily include high-precision new-type lithium battery structural components and Siasun Robot & Automation's full range of mechanical arm products and data services. 5. 8 consecutive boards in 12 days Beijing Qianjing Landscape: Plans to acquire 100% equity of Fuyue Technology for 240.6 million yuan. The target company mainly engages in the research, production, and sales of high-precision new lithium battery structural components. Slightly Negative Announcements 1. Swancor Advanced Materials Co., Ltd.: The company and related parties independently engage in an intelligent Siasun Robot & Automation business, ensuring it does not constitute significant adverse effects in substantial competition with related parties. 2. Shannon Semiconductor Technology: Directors and executives plan to collectively reduce holdings by up to 270,000 shares. 3. Chengdu Fusen Noble-House Industrial: Deputy General Manager and Secretary of the Board of Directors Zhang Fengshu is under investigation and has been put under investigation measures. 4. Easy Click Worldwide Network Technology: Ningbo ZhongDianYi reduced the company's shares by 13.9712 million shares from October 28 to November 25. 5. Roshow Technology: Controlling shareholders and actual controllers plan to reduce the company's shares by no more than 3%. This article was reposted from "Tencent Self-selection Stocks", GMTEight Editor: Li Fo.