External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Chinese AI startup DeepSeek has surged to the top of AI-related downloads on both domestic and overseas iOS App Stores over the weekend, showcasing its super-efficient open-source model (~10k A100) running on a cost-effective compute infrastructure. </li><li>This milestone has immediately ignited intense debate around the trade-offs between big and small models, open vs. closed-source approaches, and cost-efficient vs. premium infrastructure.</li><li>The impact of DeepSeek’s emergence has also sent shockwaves across global markets. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chinese AI startup DeepSeek has surged to the top of AI-related downloads on both domestic and overseas iOS App Stores over the weekend, showcasing its super-efficient open-source model (~10k A100) running on a cost-effective compute infrastructure. This milestone has immediately ignited intense debate around the trade-offs between big and small models, open vs. closed-source approaches, and cost-efficient vs. premium infrastructure.The impact of DeepSeek’s emergence has also sent shockwaves across global markets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends: Views on DeepSeek

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Almost one and half years ago, I wrote about “The Curious Case of Big Tech”, in which I highlighted that much of the big tech was actually “deep value” investments back in 2013.</li><li>In fact, I also mentioned “Meta, and Amazon are currently trading at lower OCF multiple than they were trading back in 2013”.</li><li>Both Meta and Amazon have comfortably outperformed both S&amp;P 500 and Nasdaq 100 since then (not claiming any causal relationship, of course).</li></ul>

Almost one and half years ago, I wrote about “The Curious Case of Big Tech”, in which I highlighted that much of the big tech was actually “deep value” investments back in 2013.In fact, I also mentioned “Meta, and Amazon are currently trading at lower OCF multiple than they were trading back in 2013”.Both Meta and Amazon have comfortably outperformed both S&amp;P 500 and Nasdaq 100 since then (not claiming any causal relationship, of course).

Big Tech's Deteriorating Earnings Quality

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.</li>
<li>
<a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a>'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  </li>
<li>Among pure-plays <a href="https://www.smartkarma.com/entities/ionq-inc" target="_blank" data-smartkarma-citation="entities:36838:1" rel="noopener">IonQ (IONQ US)</a> , <a href="https://www.smartkarma.com/entities/d-wave-quantum-inc" target="_blank" data-smartkarma-citation="entities:37745:1" rel="noopener">D-Wave Quantum (QBTS US)</a> , <a href="https://www.smartkarma.com/entities/rigetti-computing-inc" target="_blank" data-smartkarma-citation="entities:37755:1" rel="noopener">Rigetti Computing (RGTI US)</a> stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.</li>
</ul>


Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.

Alphabet (GOOG US)'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  
Among pure-plays IonQ (IONQ US) , D-Wave Quantum (QBTS US) , Rigetti Computing (RGTI US) stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.


Quantum Computing – The Future That’s Loading… and Not Loading

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>The Chinese social media app Xiaohongshu has surged to the top of U.S. app store charts as American TikTok creators, dubbed “TikTok refugees,” migrate to the platform amid a potential U.S. ban, driving new global user engagement and sparking cross-cultural trends.</li><li>Ryan Martin, a TikTok user, said restricted access to Douyin — TikTok’s Chinese counterpart — and dissatisfaction with Meta Platform’s role in the TikTok ban had prompted his switch to Xiaohongshu.</li><li>He described the platform as the most similar to TikTok in terms of interface and functionality. Unlike TikTok and Douyin, Xiaohongshu does not isolate domestic and international users, allowing seamless access for overseas users.</li></ul>

The Chinese social media app Xiaohongshu has surged to the top of U.S. app store charts as American TikTok creators, dubbed “TikTok refugees,” migrate to the platform amid a potential U.S. ban, driving new global user engagement and sparking cross-cultural trends.Ryan Martin, a TikTok user, said restricted access to Douyin — TikTok’s Chinese counterpart — and dissatisfaction with Meta Platform’s role in the TikTok ban had prompted his switch to Xiaohongshu.He described the platform as the most similar to TikTok in terms of interface and functionality. Unlike TikTok and Douyin, Xiaohongshu does not isolate domestic and international users, allowing seamless access for overseas users.

TikTok Refugees Send Xiaohongshu to Top of U.S. App Store Charts 

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it. </li>
<li>
Most overbought: Meta, Softbank Group, SK Hynix, USO. Most oversold: NetEase Cloud Music, BYD Company, HKEX and Clearing, ASX 200, CATL, Hitachi, Advantest Corp, SPDR Gold Shares, BHP Group Ltd</li>
</ul>


WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it. 

Most overbought: Meta, Softbank Group, SK Hynix, USO. Most oversold: NetEase Cloud Music, BYD Company, HKEX and Clearing, ASX 200, CATL, Hitachi, Advantest Corp, SPDR Gold Shares, BHP Group Ltd


WEEKLY Tactical Recap | Asymmetric Setups : SoftBank Group, SK Hynix, CATL, META, Gold, Oil, NetEase

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Semiconductors - Thematic Investing and Megatrends: Views on DeepSeek

Chinese AI startup DeepSeek has surged to the top of AI-related downloads on both domestic and overseas iOS App Stores over the weekend, showcasing...

CMB International

Big Tech's Deteriorating Earnings Quality

Almost one and half years ago, I wrote about “The Curious Case of Big Tech”, in which I highlighted that much of the big tech was actually “deep...

MBI Deep Dives

Quantum Computing – The Future That’s Loading… and Not Loading

Quantum computing is like Schrödinger’s cat: a varying mix of potential and challenges. Each breakthrough or setback takes possibilities and...

Pyari Menon

TikTok Refugees Send Xiaohongshu to Top of U.S. App Store Charts

The Chinese social media app Xiaohongshu has surged to the top of U. S. app store charts as American TikTok creators, dubbed “TikTok refugees,”...

Caixin Global

WEEKLY Tactical Recap | Asymmetric Setups : SoftBank Group, SK Hynix, CATL, META, Gold, Oil, NetEase

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

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