GMT EIGHT - OPPORTUNITIES IN CHINA

Fed's hawkish camp heats up rapidly! Daly: Further rate hikes needed to curb inflation, companies are brewing price increases to pass on costs.

San Francisco Fed President Daly said the Fed will likely need to raise rates further to push inflation down even moreshe also revealed that a growing number of businesses are considering raising prices.

Jensen Huang is gonewhat happens to the US$500 billion financing platform? The "pillar of trust" underpinning NVIDIA Corporation (NVDA.US)'s AI credit platform is collapsing.

NVIDIA Corporation's US$500 billion AI financing platform has seen no transactions completed for months, with clients demanding a 25% increase in the backstop ratio.

The AI feast is not over yet! Anthropic (ANT.US) IPO is six times oversubscribed and is expected to surpass SpaceX to become the "largest IPO in history."

According to people familiar with the matter, the initial public offering (IPO) of Anthropic PBC has attracted orders for roughly six times the number of shares available for subscription, with market interest continuing to heat up for what is poised to become the largest IPO in history.

HK Stock Concept Tracker | AI Power Crunch Hits! North American Computing Demand May Spill Over to Asia; Domestic Gas Turbines Face Overseas Opportunities (with Concept Stocks)

Morgan Stanley expects U.S. data center electricity demand to reach 97 GW by 2028, with a potential power supply gap of about 70 GW.

EVEREST MED (01952): Additional 100mg specification of Iygia approved by China's National Medical Products Administration

Everest Medicines (01952) announced that China's National Medical Products Administration (NMPA) has approved an additional 100mg specification of Iygia (eravacycline hydrochloride for injection).

In early Asia-Pacific trading on Friday, Nasdaq futures rose over 0.3%, with SanDisk, Micron Technology, Lumentum, Nebius, and SpaceX currently up at least about 1%, Nvidia up over 0.8%, while AMD and Microsoft fell over 0.2%.

MSCI China Index adjustment at the end of November, adding three stocks including Zhongji Innolight's H shares.

On November 12 Beijing time, international index compiler MSCI announced the results of its November semi-annual index review. Among them, the MSCI China Index newly added three stocksHuadian New Energy, Yunnan Germanium, and Zhongji Innolightwhile 38 other stocks were removed. The results of this adjustment will take effect after the close on November 30, 2026. Globally, the MSCI Global Standard Index series added 13 stocks and removed 100 stocks in this review. Measured by total company market capitalization, the two largest new additions to the MSCI World Index were biopharmaceutical company Moderna and fashion retail group Aritzia. Among the new constituents of the MSCI Emerging Markets Index, the three largest by total market capitalization were Zhongji Innolight, Life Insurance Corporation of India, and Nan Ya Printed Circuit Board Corporation.

SpaceX plans to invest $74 billion to expand computing capacity in Arizona and Texas.

SpaceX plans to build two supercomputing facilities to strengthen its rapidly growing artificial intelligence business, including a new $50 billion project in Arizona. The company led by Elon Musk announced the investment plans on its website on Thursday and confirmed a proposed $24 billion investment to build a computing facility near its Starbase headquarters in Texas. The infrastructure projects, totaling $74 billion, also include building, owning and operating a gas-fired power plant at the Texas project site. SpaceX said construction of the Texas data center has already created more than 3,000 construction jobs and is expected to permanently employ 500 people once the data center is operational. In Cochise County, Arizona, the company expects to create about 5,500 construction jobs and 1,000 permanent positions.

Cisco Systems, Inc. (CSCO.US) Q1 revenue rose 24%, the strongest in 15 years; AI infrastructure revenue forecast doubled to US$9 billion; shares rose more than 8% at one point after hours.

Cisco, the networking equipment giant, released its fiscal 2027 first-quarter earnings after the U.S. market close on November 12 (Eastern Time), with both revenue and profit beating expectations, and raised its full-year guidance.

HK Stock Concept Tracker | Hon Hai says memory chip and component shortages will persist into next year; HBM, enterprise SSDs, and server DRAM become the main themes (with concept stocks attached)

Sealand Securities noted that the memory market has gradually shifted from being driven purely by earlier price-increase expectations to a stage of earnings realization and verification, with clear divergence in momentum across product categories. HBM, enterprise SSDs, and server DRAM are the main themes of this cycle.

New derivatives regulations are about to take effect, and securities firms are accelerating compliance restructuring in cross-border business.

On November 16, the "Measures for the Supervision and Administration of Derivatives Trading" will officially take effect. This is the first departmental regulation for the derivatives industry under CSRC supervision, and the six-month transition period is about to end. Industry insiders believe that with the suspension of new additions to cross-border equity return swaps and the implementation of the third batch of swap facility operations worth 100 billion yuan, securities firms' derivatives and cross-border businesses are shifting from scale expansion to a stage of competition in compliance and professional capabilities. Short-term rectification pressure and long-term concentration trends coexist for securities firms, and the industry's Matthew effect may further intensify.

AI chip expansion wave shows no sign of slowing, Applied Materials (AMAT.US) Q1 revenue guidance beats expectations

Applied Materials Q4 revenue of $10.41 billion beats expectations, a record for the full year; Q1 guidance above expectations, driven by AI chip demand, shares up about 3% after hours.

A record 27 trillion in intervention, yet the yen once again nears 160: the "bull-bear tug-of-war" predicament of the world's hardest currency to trade

In recent months, the exchange rate has been tightly anchored within a narrow range around 158 yen per dollar. But on Wednesday, it broke through again: catching traders off guard, the yen unexpectedly weakened and approached the 160 mark.

Guotai Haitong: Energy Cools, US Core Inflation Pressures Spread

The bank believes that a 25-basis-point rate hike in December remains the base case, while the probability of a 50-basis-point hike is rising; the October PCE and November nonfarm payrolls data released before the meeting will be key.

Jensen Huang's Departure Comes at a High Cost: $108 Million in Equity Forfeited

Jensen Huang will lose approximately $108 million in unvested equity compensation following his removal from NVIDIA Corporation, but this represents only a small fraction of his total wealth. According to the Bloomberg Billionaires Index, these forfeited equity awards account for about 0.08% of his net worth. The index estimates Huang's wealth at $138.4 billion. NVIDIA's equity compensation policy stipulates that upon termination of an executive's continuous service, their unvested RSUs, or restricted stock units, will be cancelled. Huang holds approximately 346,000 such units, and assuming the company achieves specific performance targets, he would receive about 310,000 shares through the company's equity incentive plan. Unlike many other tech company CEOs, Huang's wealth comes almost entirely from his holdings of NVIDIA common stock, rather than stock options or other forms of equity compensation.

Late Thursday in New York, the offshore yuan was at 6.6733 per dollar, up 6 pips from late Wednesday in New York. Intraday trading ranged between 6.6749 and 6.6653, with an overall rally followed by a pullback: it rose significantly around the release of the central parity rate and then retreated markedly in early U.S. stock trading.

Overnight US stocks | All three major indices closed lower; NVIDIA Corporation (NVDA.US) fell 4.3%.

At the close, the Dow Jones Industrial Average fell 189.40 points, or 0.36%, to 52,297.09; the S&P 500 dropped 26.98 points, or 0.35%, to 7,592.40; and the Nasdaq Composite declined 100.10 points, or 0.39%, to 25,366.09.

U.S. October fiscal deficit widens 42% year-over-year to $404 billion; full-year shortfall projected at $2.2 trillion

U.S. Treasury data released on Thursday showed that the U.S. October fiscal deficit reached $404 billion, widening 42% from a year earlier, driven by increased government spending and declining tax revenue.

Higher-than-expected inflation ignites expectations of Fed rate hikes! Hedge funds restart short-selling trades, and interest-rate-sensitive stocks become targets again.

As U.S. inflation data exceeded market expectations, investor concerns about interest rates remaining elevated for an extended period have reignited.

Musk Is Reportedly Preparing the Largest M&A Deal in History! SpaceX (SPCX.US) and Tesla, Inc. (TSLA.US) Said to Make Progress in Merger Talks, Deal Could Be Announced as Early as December

According to people familiar with the matter, merger talks between Musk's two core companies, SpaceX and Tesla, Inc., are making progress, and the two sides could announce a deal as early as December this year.

NVIDIA Corporation rival Cerebras (CBRS.US) Q3 revenue hits record high, cloud business revenue surges 265% year-over-year.

Driven by strong growth in demand for high-speed AI inference, the company's quarterly revenue hit a record high, and it raised its full-year guidance.

US stocks close: All three major stock indices closed lower.

The Dow fell 0.36%, the S&P 500 fell 0.35%, and the Nasdaq fell 0.40%. NBIS fell 16.84%, Global Payments Inc fell 12.03%, Super Micro Computer fell 11.30%, Keurig Dr Pepper Inc fell 7.40%, and Moderna fell 6.97%. Among the "Magnificent Seven": Tesla rose 1.69%, Google rose 1.62%, Amazon rose 0.48%, Microsoft rose 0.37%, Apple fell 0.12%, Meta Platforms fell 0.83%, and Nvidia fell 4.34%.

Management changes at NVIDIA Corporation (NVDA.US) may affect Anthropic's IPO plans; market watches whether the tens-of-billions-of-dollars investment will change.

With the sudden departure of NVIDIA CEO Jensen Huang, the record-breaking initial public offering plans of AI giant Anthropic are coming under renewed market scrutiny.

US Stock Market Move | AI neocloud duo CoreWeave (CRWV.US) falls over 8%, NEBIUS (NBIS.US) plunges over 18% as the latter delays its ARR target

On Thursday, AI neocloud duo CoreWeave (CRWV.US) fell over 8%, while NEBIUS (NBIS.US) plunged over 18%.

A-share Evening Highlights | Jensen Huang Resigns as NVIDIA CEO; Spot Gold Plunges 3%

On November 12, NVIDIA announced that Jensen Huang has resigned from his positions as President, Chief Executive Officer, and Director. NVIDIA's U.S. stock opened down 13%, with its market capitalization briefly evaporating nearly US$600 billion;

US Stock Market Move | SpaceX (SPCX.US) rose more than 5% in early trading; Musk said it would be an honor to hire Jensen Huang.

On Thursday, SpaceX (SPCX.US) rose more than 5% in early trading and is now at $144.31.

COASTAL GL (01124) receives a general offer at a discount of approximately 29.45%; trading resumes on November 13.

COASTAL GL (01124) and the offeror DEEP WATER STRATEGY LIMITED jointly announced that the board was informed by the offeror on August 21, 2026 (after trading hours) that the offeror (as buyer), the receiver (as receiver), the security trustee and the lender entered into a sale and purchase agreement, pursuant to which the receiver conditionally agreed to sell, and the offeror conditionally agreed to purchase, approximately 153 million shares (representing approximately 36.93% of the entire issued share capital of the company as at the date of this joint announcement). All conditions precedent under the sale and purchase agreement have been fulfilled, and the acquisition was completed on August 24, 2026.

AI investment boom intensifies inflationary pressure; Cleveland Fed President Hammack reiterates need for further rate hikes.

Cleveland Fed President Hammack reiterated on Thursday that the Federal Reserve needs to raise interest rates further to address demand pressures from the AI investment boom and persistently high inflation.

GT GOLD (08299) Announces Interim Results: Profit Attributable to Shareholders HK$205 million, Up 379.3% Year-on-Year

GT GOLD (08299) announced its results for the six months ended September 30, 2026, with revenue of HK$593 million; profit attributable to equity holders of the company of HK$205 million, up 379.3% year-on-year; and basic earnings per share of 2.26 HK cents.

GUOEN HOLDINGS (08121) announces interim results: loss attributable to shareholders of HK$8.373 million, turning from profit to loss year-on-year.

GUOEN HOLDINGS (08121) announced its interim results for the six months ended September 30, 2026: revenue of HK$88.743 million, up approximately 11.33% year-on-year; loss attributable to owners of the company of HK$8.373 million for the period, compared with a profit of HK$747,000 in the same period last year; basic loss per share of 0.25 HK cents.

AMUSE GROUP (08545) announces interim results, with loss attributable to shareholders of HK$1.659 million.

AMUSE GROUP (08545) announced its results for the six months ended September 30, 2026, with revenue of HK$75.763 million, down 17.3% year-on-year; loss attributable to owners of the company of HK$1.659 million, compared with a profit of HK$1.16 million in the same period last year; basic loss per share of 0.14 HK cents.

US Stock Market Move | NVIDIA Corporation is experiencing leadership turmoil; competitor Advanced Micro Devices (AMD.US) rises over 2% in pre-market trading.

On Thursday, NVIDIA's competitor Advanced Micro Devices (AMD.US) rose over 2% in pre-market trading, while Broadcom (AVGO.US) gained over 1%.

Jensen Huang's Resignation Sparks Leadership Shakeup at NVIDIA Corporation (NVDA.US): Product Roadmap Is Clear, the Real Test Lies in Execution

NVIDIA Corporation (NVDA.US) announced on Thursday that co-founder and Chief Executive Officer Jensen Huang will step down as CEO and leave the board of directors.

DIAGENS-B(02526) iMed-6.0 Series Medical Imaging Large Models Achieve Significant Technical Progress, Attaining World-Leading Results on MMMU (Test)

DIAGENS-B (02526) announced that the Group has continued to deepen its work in medical imaging artificial intelligence and independently developed the iMedImage foundation model. In the first half of 2026, it completed a full-modality architecture upgrade, and in July of the same year launched the iMedLoop medical imaging AI research and production acceleration platform.

GW TIANDI (01232) plans to implement a capital reduction, share subdivision, and change in board lot size, followed by a rights issue on a "3-for-1" basis.

GW TIANDI (01232) announced that the company proposes to implement a capital reduction, involving the cancellation of US$0.09 of paid-up capital per issued share to reduce the par value of each issued share from US$0.10 to US$0.01, such that after the reduction, every issued share of US$0.10 par value in the company's share capital will become one new issued share of US$0.01 par value. The credit of approximately US$18.94 million arising from the capital reduction will be applied to offset the company's accumulated losses as at the effective date of the capital reduction, thereby reducing the company's accumulated losses, and any balance will be transferred to the company's distributable reserve account, which may be utilized by the directors as a distributable reserve.

ENVISION GREEN (01783) Issues Positive Profit Alert, Expects Interim Net Profit to Surge to Over HK$55 Million

ENVISION GREEN (01783) announced that the Group expects to record a net profit of more than HK$55 million for the six months ended September 30, 2026, compared with a net profit of approximately HK$14.4 million for the corresponding period in 2025.

US Stock Market Move | NVIDIA Corporation (NVDA.US) extended its premarket decline to 10%; CEO Jensen Huang resigns, CFO Colette Kress appointed interim CEO.

On Thursday, NVIDIA Corporation (NVDA.US) extended its premarket decline to 10%, now trading at $155.30.

US Stock Market Move | Nasdaq futures plunge 1.3%; most star tech stocks fall in premarket trading.

On Thursday, futures for the three major U.S. stock indices all fell, with Nasdaq futures plunging 1.3%, and most star tech stocks declining in premarket trading.

NVIDIA: Jensen Huang resigns as President, Chief Executive Officer, and Board member, effective immediately.

U.S. initial jobless claims rose slightly last week but remained low; labor market resilience leaves Fed rate hike expectations unchanged.

U.S. initial jobless claims rose slightly but remained at a low level, continuing to highlight the resilience of the U.S. labor market.

KE Holdings (02423) unveils vision and new brand identity on its 25th anniversary; Beike Zhaofang app renamed Beike app

On November 12, at the conference marking the 25th anniversary of the organization's founding, Peng Yongdong, co-founder, chairman and CEO of KE Holdings (02423), announced the company's mission, vision, values, and ethos for its new phase.

Morgan Stanley previews next week's Microsoft Corporation (MSFT.US) Ignite conference: whether the "enterprise AI flywheel" can take off will be put to the test, with five key focal points.

Microsoft's Ignite conference opens next week, and Morgan Stanley is treating it as an acceptance test, not a launch event.

Apple Inc. (AAPL.US) Becomes a "Safe Haven" Amid AI Selloff; Bernstein: A 37x P/E Ratio Is Still "Not Expensive"

Bernstein maintains an "Outperform" rating on Apple with a price target of $380.

NVIDIA Corporation (NVDA.US) Governance Crisis Triggers Credit Risk Alarm! Five-Year Default Protection Cost Nears Previous High

According to ICE Data Services, the five-year default protection cost on NVIDIA's debt rose by as much as 3.25 basis points to 1.445 percentage points, slightly below the intraday high set on November 3.

CHINA RES LAND (01109) reported cumulative contracted sales of approximately RMB180.3 billion for the first 10 months, up 6.3% year on year.

China Resources Land (01109) announced that for the month ended October 31, 2026, the company and its subsidiaries (the Group) achieved total contracted sales of approximately RMB15.70 billion, with total contracted sales floor area of approximately 582,000 square meters, representing a year-on-year increase of 3.3% and a decrease of 14.5%, respectively. For the first 10 months of 2026, cumulative contracted sales amounted to approximately RMB180.30 billion, with total contracted sales floor area of approximately 5.054 million square meters, representing a year-on-year increase of 6.3% and a decrease of 21.2%, respectively.

NVIDIA Corporation (NVDA.US) fundamentals remain intact, but more problems may emerge! Bernstein joins the downgrade wave, cutting its target price by half to US$200.

In its latest research report, investment bank Bernstein downgraded its stock rating on NVIDIA (NVDA.US) from "Outperform" to "Market Perform," and cut its target price by half, from US$400 directly to US$200.

US inflation pressures extend beyond energy! AI boom and service costs raise the risk of Fed rate hikes.

Price pressures facing consumers remain broad and persistent, leaving some Federal Reserve officials concerned that more aggressive action may be needed to curb inflation.

Democrats promise to lower the cost of living, but the US's high deficit and interest rate hike risks limit the policy space.

Democrats' campaign promises to lower costs face a reality check in the new Congress.

CHI ECO LAND MT (08507) Issues Profit Warning, Expects Interim Loss Attributable to Shareholders of Not More Than HK$8 Million

CHI ECO LAND MT (08507) announced that the Group expects to record a loss attributable to owners of the Company of not more than HK$8 million for the six months ended September 30, 2026, compared with a profit attributable to owners of the Company of approximately HK$4.4 million for the six months ended September 30, 2025. The expected turnaround from profit to loss for the period is mainly due to revenue being under pressure amid macroeconomic headwinds, with persistently high inflation and persistently elevated interest rates severely weakening consumer purchasing power, coupled with the Group's strategic shift toward customers with higher gross profit margins, resulting in an overall decline in gross profit despite an improvement in gross profit margin; as well as an increase in operating expenses, reflecting the Group's strengthened investment in talent and leased office premises to support its strategy and long-term competitiveness in a challenging operating environment.

Domestic futures night session opens.

Apple rose 4.41% consecutively, eggs rose 3.39% consecutively, lithium carbonate rose 2.76% consecutively, silver fell 2.04% consecutively, and styrene rose 1.74% consecutively.

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