As 2026 begins, a clear — though internally differentiated — consensus is emerging among major global investment banks. The dominant themes are becoming increasingly explicit: a broad repricing of China equities, AI compute power diffusing from mega-cap platforms to the supply chain, a structurally bullish outlook for gold and industrial metals, and growing dispersion within U.S. equities.Below is a bank-by-bank breakdown of the latest core views, followed by a concise daily monitoring checklist.1. Goldman Sachs: Overweight China, Persistent AI Capex, and a Structural Bull Case for GoldChina Equities: Overweight Backed by Earnings and Valuation MathGoldman Sachs maintains a clear overweight stance on Chinese equities.Corporate earnings growth is projected at 14% in 2026 and 12% in 2027Comb
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Factset Outlook 2026: US Market Outlook & Asian Investor Strategy
2026 S&P 500 Earnings Preview: A 15% Growth Story—Should Singapore Investors Double Down or Take Profits?The S&P 500 $S&P 500(.SPX)$ is poised to deliver its third consecutive year of double-digit earnings growth in 2026, with analysts forecasting a robust 15% year-over-year increase—well above the 10-year annual average of 8.6%. For Singapore-based investors heavily allocated to US equities, this begs a critical question: is this the time to accumulate or rebalance toward Asian opportunities?The "Magnificent 7" Narrative Frays at the EdgesHere’s the surprise: only two of the top five earnings growth contributors for 2026 belong to the fabled "Magnificent 7"—NVIDIA $NVIDIA(NVDA)$ and Meta
Factset Outlook 2026: US Market Outlook & Asian Investor Strategy
AI Compute Spreads, China Reprices, Gold Breaks Out: Key Views from Major Investment Banks
AI Compute Spreads, China Reprices, Gold Breaks Out: Key Views from Major Investment Banks
JD 4Q25 Preview: Home Appliance Headwinds Weigh on Near-Term Growth
Tiger Research team maintains a BUY rating on $JD.com(JD)$ but lowers the price target to US$35 (from US$40), as macro data point to near-term pressure on consumption—particularly in the home appliance category.Recent NBS data indicate a clear slowdown in retail momentum. Total retail sales growth decelerated to 2.9% YoY in October and 1.3% in November, down meaningfully from 3.0% and 3.4% in September and August. The pressure was most pronounced in household appliances, a key revenue and profit contributor for JD, with sales declining 14.6% YoY in October and 19.4% in November, versus +3.3% YoY in September. The weakness largely reflects a high base effect following the rollout of China’s national subsidy program in 4Q24.Against this backdrop, Tige
JD 4Q25 Preview: Home Appliance Headwinds Weigh on Near-Term Growth
💡Edward Egilinsky: 2025 Market Review and a Volatile but Opportunity-Rich 2026
Edward Egilinsky is the Head of Global Sales & Distribution at Direxion, where he leads global client strategy across ETFs and alternative investment solutions.In his latest market review and outlook, Edward Egilinsky outlines how trading behaviour in 2025 has been shaped by a narrow set of dominant themes—and why 2026 is likely to be more volatile, but also richer in tactical opportunities for active investors.1. 2025 Review: Trading Activity Concentrated in AI and Mega CapsEdward notes that Semiconductors, AI, and the Magnificent 7 dominated trading activity throughout 2025, particularly within the leveraged and inverse ETF universe. Data from US-listed products shows trading volumes and fund flows heavily concentrated in Nasdaq-related exposures, semiconductor plays, and selective s
💡Edward Egilinsky: 2025 Market Review and a Volatile but Opportunity-Rich 2026
✨Kenny_Loh's SReits Insights: Why 2026 Could Be a Turning Point?
In his latest market outlook, @Kenny_Loh points out that 2025 is shaping up to be the strongest year for Singapore REITs (S-REITs) since 2019, with the sector benefiting from stabilising interest rates and the early phase of a rate-cut cycle. Looking ahead, he views 2026 as a potential inflection year, where S-REITs transition from recovery to renewed growth.Read more >>2025: S-REITs' Best Year Since 2019 | 2026 Market OutlookKenny Loh is a distinguished MAS Private Wealth Advisor with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for
✨Kenny_Loh's SReits Insights: Why 2026 Could Be a Turning Point?
Goldman Sachs Outlook: 3 Major Sectors & 5 "Strong Buy" Stocks in 2026
As global stock markets repeatedly reach new highs, investors are actively seeking the next phase of investment opportunities. $Goldman Sachs(GS)$ , a top Wall Street investment bank, recently released a research report pointing out that against the backdrop of anticipated market corrections, sectors with sustainable dividend growth potential may become safe havens for funds, and specifically favors the dividend growth potential of the healthcare, utilities, and industrial sectors in 2026.Goldman Sachs forecasts positive outlook for U.S. stocks through 2026Goldman Sachs Predicts 6% Dividend Growth in 2026Goldman Sachs has lifted its 12-month $S&P 500(.SPX)$ target to 6,900, up from 6,500 — its second up
Goldman Sachs Outlook: 3 Major Sectors & 5 "Strong Buy" Stocks in 2026
🌐KevinChen:Top 10 Global Financial Market Predictions for 2026
@KevinChenNYC Kevin Chen holds a PhD from the University of Lausanne, Switzerland, and launched his Wall Street career at Morgan Stanley, where he absorbed the analytical rigor of macroeconomic legends Byron Wien and Steven Roach. He maintains strong academic ties as a graduate-level instructor at New York University and marks 2026 as his tenth annual installment of top-10 global economic predictions. His 2025 forecast track record stands at 85% accuracy.2025 Forecast Track Record: 8 of 10 predictions correct (85% hit rate).Chen‘s standout call was forecasting a Q2 US stock correction—markets entered a bear market in April-May, with the $NASDAQ(.IXIC)$ plunging over 30%. Other accurate foreca
🌐KevinChen:Top 10 Global Financial Market Predictions for 2026
🚀Barron's Top 10 Stock Picks for 2026: A Value-Oriented Bet on Laggards Leading the Way
Barron's has once again demonstrated its prowess in stock selection. Their 2025 top 10 picks—which included names like $Alibaba(BABA)$ , $Alphabet(GOOGL)$ , $ASML Holding NV(ASML)$ , $Berkshire Hathaway(BRK.B)$ , $Citigroup(C)$ , $Everest Group(EG)$ , $LVMH-Moet Hennessy Louis Vuitton(LVMUY)$ , $Moderna, Inc.(MRNA)$ , $SLB Ltd(SLB)$ , and $Uber(UBER)$ —delivered an impre
🚀Barron's Top 10 Stock Picks for 2026: A Value-Oriented Bet on Laggards Leading the Way
🔥SGX Geoff Howie 2025 wraps up & 2026 Outlook:Unlock Value, Scale Growth
2025 proved Singapore's market resilience and evolving breadth, delivering remarkably balanced returns across all capitalizations—from the $Straits Times Index(STI.SI)$ 's 21% gain to the Fledgling index's 31% surge—while buybacks hit a decade-high at S$2.15 billion and dividends are poised for another record. What distinguishes this rally is the structural shift: daily turnover in non-STI stocks jumped from 14% to 25%, indicating institutional money is finally flowing beyond the usual blue-chip narratives. This isn't just momentum; it's a fundamental repricing as companies like $DBS(D05.SI)$ , $Singtel 10(Z77.SI)$ , and
🔥SGX Geoff Howie 2025 wraps up & 2026 Outlook:Unlock Value, Scale Growth
Li Auto 3Q25: Soft Quarter but Strategic Reset Sharpens 2026 Trajectory
$Li Auto(LI)$ ’s 3Q25 results came in under pressure as deliveries dropped 39% YoY to 93,211 units due to supply-chain issues, product transition, and the MEGA recall. Revenue fell 36% YoY to RMB27.4bn, and gross margin slipped to 16.3%—or a more resilient 20.4% excluding recall impact. While near-term metrics were weak, the quarter also marked a strategic reset, with clearer signals around BEV momentum, product pipeline visibility, and the company’s long-term AI-driven roadmap. The team maintains a BUY rating but lowers the price target to $24 (from $28).3Q results showed several underlying positives despite headline softness. Vehicle margin, adjusted for recall provisions, held up at 19.8%, reflecting stable cost structure even amid lower scale. R
Li Auto 3Q25: Soft Quarter but Strategic Reset Sharpens 2026 Trajectory
NIO: Solid Margin Recovery, Softer 4Q Guide — BUY and $8 PT Maintained
$NIO Inc.(NIO)$ 3Q25 Update: Improving Profitability and a Stronger 2026 SetupThe Tiger Research team maintains a BUY rating and $8 price target after NIO delivered a solid 3Q25 marked by meaningful margin recovery, stronger operating efficiency, and sustained momentum across its three-brand strategy. While 4Q delivery guidance of 120–125k units was slightly below prior market expectations, management highlighted continued strength in high-margin models and reiterated confidence in achieving 4Q breakeven. Looking ahead, the 2026 outlook appears increasingly constructive with a stronger SUV-led product cycle and improving cost structure.3Q25 performance was broadly encouraging.Revenue rose 16.7% YoY (14.7% QoQ) to RMB21.8B, supported by 87,071 deliv
NIO: Solid Margin Recovery, Softer 4Q Guide — BUY and $8 PT Maintained
MS's 2026 Outlook: AI Investment Less Than 20% Complete—S&P Target 7,800
$Morgan Stanley(MS)$ Chief U.S. Equity Strategist Michael Wilson's sweeping global outlook has markets buzzing—not just for its aggressive $S&P 500(.SPX)$ target of 7,800 by end-2026, but for framing a new narrative: No recession ahead, yet policy is deploying in a rare pro-cyclical combination. Tech investment is in its super-early stage, yet already reshaping credit markets, corporate earnings, and asset pricing.The report hammers home one key idea: 2026's focus won't be on "macro noise reduction," but on "micro revaluation." In other words, markets are shifting focus from geopolitics, trade, and policy uncertainty—back to earnings, tech cycles, and asset supply/demand fundamentals.Morgan Stanley's M
MS's 2026 Outlook: AI Investment Less Than 20% Complete—S&P Target 7,800
IQ: Sequential Stabilization Amid Domestic Pressure, Overseas Growth Expands
$iQiyi Inc.(IQ)$ (HOLD) reported 3Q25 results showing modest sequential stabilization but continued YoY pressure. Total revenue reached RMB 6.68bn, down 8% YoY (vs. -11% last quarter), partly due to the end of a cooperation arrangement (~RMB 300m impact), yet up 1% QoQ. Non-GAAP operating loss was RMB 22m, compared with a profit of RMB 59m last quarter. The Tiger Research team notes that early regulatory adjustments have provided some benefit, but structural impacts on domestic industry growth are expected to materialize gradually.Membership RevenueMembership revenue rose 3% QoQ to RMB 4.21bn, supported by strong summer content such as The Thriving Land, Knockout 2, and serialized IP titles. However, YoY membership revenue still declined 4%, reflect
IQ: Sequential Stabilization Amid Domestic Pressure, Overseas Growth Expands
PDD: Mild Revenue Re-acceleration, Ecosystem Spending Caps Visibility
$PDD Holdings Inc(PDD)$ (HOLD) reported 3Q25 results showing a modest re-acceleration in revenue growth alongside stable profitability. The Tiger Research team notes that management reaffirmed its commitment to long-term ecosystem investments and cautioned that quarterly performance will remain volatile. Total revenue grew 9% YoY to RMB 108.3bn, an improvement from 7% YoY in 2Q25, but still below the high-growth levels seen in prior years. Management highlighted that intensified competition, greater merchant support, and external uncertainties are weighing on monetization, and refrained from providing quantitative guidance.Segment PerformanceRevenue from online marketing services and others increased 8% YoY to RMB 53.3bn, while transaction services
PDD: Mild Revenue Re-acceleration, Ecosystem Spending Caps Visibility
BIDU: AI Momentum Drives Revenue Shift, Robotaxi Scaling Reinforces Long-Term Value
$Baidu(BIDU)$ (BUY) reported 3Q25 results broadly in line when excluding a one-time impairment, with strong traction across AI Cloud, AI applications, and AI-native marketing services. Legacy online marketing remained soft, but AI-powered businesses delivered >50% YoY revenue growth (~RMB 10bn), increasingly anchoring the company’s long-term revenue quality. The Tiger Research team notes that management expects margins to improve going forward, as AI infrastructure utilization rises and more AI-native products scale.Revenue and Core OperationsTotal revenue declined 7% YoY to RMB 31.2bn, reflecting Baidu’s deliberate shift of Search and its mobile ecosystem toward AI-native formats. This strategic transformation currently weighs on legacy market
BIDU: AI Momentum Drives Revenue Shift, Robotaxi Scaling Reinforces Long-Term Value
Q3 13F Tech Roundup: Are Hedge Funds Exiting Tech?
13F filings were reported this week, and they tell exactly where institutional flows are headed. Spoiler alert: smart money flows differently. @LumidaWealthKey Themes1. The "Great Tech Rotation"Berkshire Hathaway made a historic shift, trimming $Apple(AAPL)$ by ~25% while initiating a new $2B+ position in $Alphabet(GOOGL)$ Tiger Global rebalanced its high-conviction tech bets, adding $Netflix(NFLX)$ and $MongoDB Inc.(MDB)$ while cutting $Meta Platforms, Inc.(META)$ Appaloosa rotated from mature tech ( $Intel(INTC)$ ,
Q3 13F Tech Roundup: Are Hedge Funds Exiting Tech?
XPEV: Record Quarter, Margin Traction Continues — BUY and $28 PT Reaffirmed
$XPeng Inc.(XPEV)$ 3Q25 Update: Strong Execution, Clearer Margin Path, and Physical AI Strategy Scaling UpThe Tiger Research team maintains a BUY rating and $28 price target following XPeng’s strong 3Q25 results, which delivered record revenue, record deliveries, and the first consolidated gross margin above 20%. The company reaffirmed its goal of reaching breakeven and positive free cash flow in 4Q, while its broader Physical AI strategy is beginning to take clearer commercial shape across SOCs, VLA world models, Robotaxi, and humanoid robots.XPeng’s operational momentum strengthened further in the quarter. Deliveries reached 116,007 units, up 149% YoY, supported by strong demand for the new P7. Total revenue rose 102% YoY to RMB 20.38B, and cons
XPEV: Record Quarter, Margin Traction Continues — BUY and $28 PT Reaffirmed
Tencent Holdings Ltd :Maintain BUY and Increase PT to HK$700
$TENCENT(00700)$ ( BUY) - 3Q25 Results: Broad-based Growth, AI Momentum Building, WeChat EcosystemStrengthening; Maintain BUY and Increase PT to HK$700Tiger Research maintain our BUY rating and increase our price target to HK$700 (previously HK$645), as Tencent reported another solid quarter with both revenue and profit growth exceeding market expectations, supported by broad-based strength across advertising, gaming, and fintech & business services. Total revenue grew 15% YoY to RMB193bn, while non-IFRS operating profit rose 18% to RMB73bn. The tone of management commentary was notably confident, highlighting accelerating AI adoption across its core ecosystems and early signs of monetization leverage within WeChat and advertising.Advertising
Tencent Holdings Ltd :Maintain BUY and Increase PT to HK$700
🔎CRCL: Strong Results but Margin Signals Weigh on Near-Term Outlook — PT Cut to $100
$Circle Internet Corp.(CRCL)$ 3Q25 Update: Solid Quarter, but Rate Sensitivity Limits UpsideThe Tiger Research team maintains a HOLD rating on Circle and lowers the price target to $100 (from $140) after a strong third quarter that was overshadowed by softer margin guidance and continued sensitivity to interest rates. Circle beat expectations across revenue and profit as USDC adoption accelerated. Total revenue and reserve income rose 66% YoY to $740 million, while net income more than tripled to $214 million. Adjusted EBITDA reached $166 million, up 78% YoY with a margin of 22.5%, reflecting solid scale benefits. USDC in circulation surged 108% YoY to $73.7B, bringing Circle’s share of the dollar stablecoin market to 29%. Network activity remaine
🔎CRCL: Strong Results but Margin Signals Weigh on Near-Term Outlook — PT Cut to $100
BILI: Record Engagement, Strong Ads, and Steady Margin Gains — PT Raised to $30
Bilibili 3Q25 Update: Solid Quarter with Further Profit ImprovementTiger Research maintains a BUY on $Bilibili Inc.(BILI)$ and raises its price target to $30 (from $25) following a quarter that again demonstrated the platform’s strong engagement and improving profitability.Bilibili posted record user stickiness, with DAUs up 9% YoY to 117M, MAUs up 8% to 376M, and paying users up 17% to 35M. Average daily time spent reached a new high of 112 minutes, underscoring growing user retention and long-term monetization potential.Revenue grew 5% YoY to RMB 7.69B, with advertising once again the standout. Ad revenue rose 23% YoY to RMB 2.57B, supported by stronger brand budgets, better targeting from the platform’s multimodal LLM, and wider use of AI-gener
BILI: Record Engagement, Strong Ads, and Steady Margin Gains — PT Raised to $30
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