Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>The HSI added 2 pts at the opening bell before trending downward.</li><li>SSEC/SZSE/GEI moved by +0.07%/+1.91%/+3.41%, led by gains in technology shares.</li><li>The technology rally mirrored strong gains in US tech stocks on Friday, with enthusiasm over the newest artificial intelligence model lifting global sentiment toward chipmakers and AI-related companies.</li></ul>

The HSI added 2 pts at the opening bell before trending downward.SSEC/SZSE/GEI moved by +0.07%/+1.91%/+3.41%, led by gains in technology shares.The technology rally mirrored strong gains in US tech stocks on Friday, with enthusiasm over the newest artificial intelligence model lifting global sentiment toward chipmakers and AI-related companies.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Apple is not the first name investors mention when the AI conversation turns serious, but that may be exactly why this story matters.</li><li>Much of the market remains focused on GPUs, model sizes, and data center spending, while a less visible constraint is becoming more important across the industry: memory.</li><li>That shift matters because Apple appears to be treating the memory squeeze not simply as a cost problem, but as a strategic opening.</li></ul>

Apple is not the first name investors mention when the AI conversation turns serious, but that may be exactly why this story matters.Much of the market remains focused on GPUs, model sizes, and data center spending, while a less visible constraint is becoming more important across the industry: memory.That shift matters because Apple appears to be treating the memory squeeze not simply as a cost problem, but as a strategic opening.

Apple’s Hidden AI Edge Is Not Chips—It’s Memory!

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.</li>
<li>MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.</li>
<li>Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.
MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.
Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.


This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

<ul><li>Apple has been busy giving investors plenty to chew on.</li><li>The company just posted a record quarter, with revenue up 16% year over year to $143.8 billion, iPhone revenue up 23%, and Services hitting a fresh high at $30 billion.</li><li>On top of that, Apple is leaning harder into Apple Intelligence, a more personalized Siri, and a deeper creator toolkit across Mac, iPad, and iPhone.</li></ul>

Apple has been busy giving investors plenty to chew on.The company just posted a record quarter, with revenue up 16% year over year to $143.8 billion, iPhone revenue up 23%, and Services hitting a fresh high at $30 billion.On top of that, Apple is leaning harder into Apple Intelligence, a more personalized Siri, and a deeper creator toolkit across Mac, iPad, and iPhone.

Apple Is Buying MotionVFX And Creators Should Pay Attention!

<ul><li>When people think of Apple Inc., the word “cheap” rarely comes to mind.</li><li>The company built its reputation on premium design, high margins, and a loyal customer base willing to pay top dollar.</li><li>Yet something interesting is happening in Cupertino.</li></ul>

When people think of Apple Inc., the word “cheap” rarely comes to mind.The company built its reputation on premium design, high margins, and a loyal customer base willing to pay top dollar.Yet something interesting is happening in Cupertino.

Apple Is Reinventing "Cheap"—And It Could Reshape The Entire Tech Industry!

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Quam Morning Note (8 Sep)

The HSI added 2 pts at the opening bell before trending downward. SSEC/SZSE/GEI moved by +0.07%/+1.91%/+3.41%, led by gains in technology...

Quam Securities

Apple’s Hidden AI Edge Is Not Chips—It’s Memory!

Apple is not the first name investors mention when the AI conversation turns serious, but that may be exactly why this story matters. Much of the...

Baptista Research

This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

This week in AI: GPT-6 Astra and Claude Fable 5.1 arrive together; Nvidia buys Hugging Face for USD 12.93bn; Moonshot files for a Hong Kong IPO.

Ke Yan, CFA, FRM

Apple Is Buying MotionVFX And Creators Should Pay Attention!

Apple has been busy giving investors plenty to chew on. The company just posted a record quarter, with revenue up 16% year over year to $143.8...

Baptista Research

Apple Is Reinventing "Cheap"—And It Could Reshape The Entire Tech Industry!

When people think of Apple Inc., the word “cheap” rarely comes to mind. The company built its reputation on premium design, high margins, and a...

Baptista Research

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