Dissecting the Market: It must be said that the U.S. stock market has a remarkable capacity for recovery, with all three major indices rebounding over 2% overnight. Despite such a strong bounce, Nvidia's decline had little impact on tech stocks. Hong Kong stocks performed steadily today, edging up 0.44%. After the midterm elections, Trump's situation has become quite unfavorable, and those close to him are likely facing difficult times. Jensen Huang was the first to be targeted, Musk may fare somewhat better, but Hegseth is in real trouble, facing a House impeachment vote this week. Strictly speaking, Hegseth will not be removed either, because even if the House passes it, getting a two-thirds majority in the Senate is nearly impossible. The difficulty lies in the fact that during the hearings, a large amount of material regarding actions against Iran will be made public, which could drag out some issues unfavorable to Trump. Therefore, Trump may reach some agreements with the Democrats, or at least minimize the negative fallout. This is also a key factor behind the U.S. stock market's rebound — those who shorted earlier flipped to long positions, and Wall Street made another killing. For instance, on the issue of high oil prices, the approach taken was to extend some goodwill such as continuing negotiations, and Saudi Arabia is cooperating with the U.S. at the government level to provide support for ship transit, with four vessels having passed through the strait recently. More importantly, according to Russian sources, a new round of trilateral talks among Russia, the U.S., and Ukraine began on the 10th in Abu Dhabi, the capital of the UAE. Without European participation, it is essentially going through the motions, but all parties are willing to cooperate. The effects are already showing — the latest data indicates that the U.S. national average price for regular gasoline has dropped to $3.9788 per gallon, falling below the $4 mark for the first time since July. Falling oil prices are good for the global economy. Oil and gas stocks declined, but airline stocks clearly benefited from sharply lower costs, with China Southern Airlines (ASX: 01055), China Eastern Airlines (ASX: 00670), and Air China (ASX: 00753) all rising more than 8%. The leader among them is Cathay Pacific Airways (ASX: 00293), a November gold pick, which has continued to surge and has broken through its all-time high.
Today, tech stocks broadly followed the overseas rebound, but the best performers were still along the domestic substitution theme. For example, Iluvatar CoreX (ASX: 09903): according to a November 2 announcement, for the ten months ended October 31, 2026, the company's cumulative chip shipments exceeded 80,000 units, with business steadily advancing, surging over 15%; Biren Tech (ASX: 06082) rose over 9%. Chip-related names Hua Hong Semiconductor (ASX: 01347) and SMIC (ASX: 00981) both gained more than 2%; as for other tech hardware names, caution is still warranted. The AI direction continues to focus on the application side. According to reports, Anthropic is expected to officially launch its roadshow as early as Tuesday and could list on U.S. markets as soon as next Thursday or Friday. Anthropic's IPO could establish a valuation anchor. According to a CLSA research report: assuming Anthropic's market capitalization is between $1.2 trillion and $1.75 trillion, corresponding to year-end ARR of $80 billion to $100 billion, that equates to a 15 to 18 times ARR multiple. At the same multiple, this implies Zhipu (ASX: 02513) has 31% to 53% upside potential, though by general expectations the valuation will most likely be around $1.2 trillion. Zhipu (ASX: 02513) rose over 11%, and MINIMAX-W (ASX: 00100) rose over 10%. The B-end enterprise AI agent direction is also favored, with the focus on proven, profitable products. For example, Baige Online (ASX: 02672), a leader in insurance risk-control MaaS vertical AI, was initially speculated on the insurance industry revenue angle, but has most recently shifted to robot insurance. The company recently signed strategic cooperation agreements with Beijing Luobide Technology Co., Ltd., Xiamen Zhixing Mozuo Artificial Intelligence Technology Co., Ltd., and Moore Planet (Chengdu) Software Co., Ltd. The cooperation covers risk-control assurance services for key areas including service robot hardware, scenario-based deployment operations, and full-lifecycle services. Expectations in this area have picked up again, surging over 17%. Other names include Kingdee International (ASX: 00268) and Marketingforce (ASX: 02556), both up more than 6%.
The Apple HALO humanoid robot theme continues to ferment; UBTech Robotics (ASX: 09880) and hotel robot company Yunji Technology (ASX: 02670), mentioned yesterday, both rose over 7% again. Today, the physical AI direction was also stimulated, because the proportion of the physical world that has been digitized is still negligible, and this market space is enormous. On November 9, Manycore Tech (ASX: 00068) and Hesai Technology (ASX: 02525) officially released a co-branded 3D spatial camera, "Aholo x Kosmo One." The device relies on LiDAR and an 8K imaging system to collect scene data directly connected to Manycore Tech's Aholo Reality spatial reconstruction platform, achieving one-stop efficient 3D Gaussian reconstruction and intelligent editing, generating computable, editable, and interactive three-dimensional digital spatial assets. Simply put, "Aholo x Kosmo One" is responsible for data collection, while Aholo Reality can identify and structurally annotate the geometric scale and physical attributes of spatial objects, further transforming 3D scenes into spatial data that machines can understand. This system is mainly suitable for industrial robots, home decoration, cultural tourism units, film and short dramas, gaming, e-commerce, and more. It is currently in small-batch pilot testing, with hopes of scaling up later. Manycore Tech surged nearly 24%, and Hesai Technology rose over 4%.
Recently, Guangdong Province issued the "Implementation Plan for Expanding Consumption." It proposed strengthening support for intelligent connected vehicle development, promoting vehicle manufacturers to seek L3 autonomous driving model access and road pilot testing in accordance with regulations, and orderly conducting smart driving testing and commercial operations in the Greater Bay Area. Horizon Robotics-W (ASX: 09660) rose over 7%, Zhejiang Shibao (ASX: 01057) and Nexteer (ASX: 01316) rose over 4%. Another LiDAR listed leader, RoboSense (ASX: 02498), surged over 9% on news of participating in the latest financing round of Yuansheng Xianda Technology (Shenzhen) Co., Ltd. The Apple supply chain also performed well, but it is not about speculating on the iPhone direction, as demand in that segment remains weak. The focus is on edge AI products. Apple, Meta, ByteDance, and OpenAI continue to push forward with AI glasses, MR headsets, and AI-native devices, with subsequent product launches and supply chain order catalysts密集. AI glasses are the key focus, and Conant Optical (ASX: 02276) has an XR industry positioning advantage. The company is the exclusive lens supplier for Alibaba's Qwen AI glasses, supporting Rokid, Meta, and other leading domestic and international brands. Goertek holds 19.3% as the second-largest shareholder, jointly building XR industry synergies. Today it rose over 7%. "The first edge AI chip stock," Axera Semiconductor (ASX: 00600), rose over 5%. Additionally, ByteDance's new device is scheduled for December 2, betting on next-generation AI terminals. Many of these are general-purpose, benefiting all major giants. Sunny Optical (ASX: 02382) and AAC Technologies (ASX: 02018) both gained more than 4%. FIH Mobile (ASX: 02038) saw third-quarter net profit increase by nearly 53% year-on-year, with full-year net profit expected to improve significantly, rising nearly 5%.
Junda Shares (ASX: 02865), mentioned in yesterday's sector focus, performed well. The company has formed a complete business layout covering satellite energy, whole-satellite manufacturing, and space computing constellations, advancing R&D on CPl+HJT/perovskite products. The company told investors that its jointly invested high-efficiency cell base in Turkey has entered stable mass production, and the Oman project is being evaluated in light of market changes. With many concepts, it surged over 13%.
Sector Focus
AI video is accelerating penetration, driving sustained growth in the short drama market. According to DataEye, the domestic micro short drama market size is expected to exceed 121 billion yuan in 2026, a year-on-year increase of 21%. According to JuZhong Technology forecasts, the market size is expected to reach 400 billion yuan by 2034, with a CAGR of approximately 16.1% from 2027 to 2034. Among this, the AI drama and anime drama market size is expected to reach 40 billion yuan, accounting for approximately 33.1% of the overall market. As video models continue to upgrade, production costs decline, and high-quality content supply increases, the AI drama and anime drama market size is expected to reach 260 billion yuan by 2034, with a CAGR of approximately 24.2% from 2027 to 2034. AI video is extending from short dramas to premium long-form dramas and films, and content supply is expected to continue expanding. AI short dramas are expected to become a phenomenal consumer product, having already disrupted other categories. Key names include: China Literature (ASX: 00772), Duiba (ASX: 01753), China Ruyi (ASX: 00136); in advertising, Mobvista (ASX: 01860); in copyright confirmation, Fangbo Group (ASX: 03738).
Individual Stock Spotlight
Marketingforce (ASX: 02556): AI agent orders landing in batches, revenue doubling, overseas business expansion contributing incremental growth. Recently, the DeepSeek Harness team officially unveiled its new architecture Super-agent for autonomous agent exploration. In the first half of the year, the company achieved total revenue of 1.96 billion yuan, a year-on-year increase of 111.2%; AI application business revenue of 1.13 billion yuan, a year-on-year increase of 123.7%; net profit of 200 million yuan, a year-on-year increase of 466.1%; adjusted net profit of 213 million yuan, a year-on-year increase of 150.9%. Commentary: The company's product matrix is expanding horizontally, continuously improving its diversified AI products. It launched the Visdero Yuanyan GEO full-dimensional monitoring and algorithm insight platform, MontoForce AI-native CRM, and upgraded its foreign trade AI-native CRM Max. In addition, the company has expanded its products from the original marketing/sales scenarios to R&D, intelligent training, and other scenarios, launching the DevForce enterprise-level AI R&D management platform, EduAgent intelligent training platform, and the "One Core, Three Domains" industrial economy AIOS; it also upgraded ClawForce enterprise-level Lobster. Marketingforce continues to increase its fundraising to bolster computing infrastructure, and Token voucher subsidies in some cities are expected to further shorten the investment payback period. Token-related revenue as a proportion of AI application revenue continues to rise, and in the second half of the year, AI R&D agents began external sales, along with overseas business expansion, are expected to contribute incremental growth. Marketingforce is accelerating the deployment of foreign trade AI agents, with profit growth exploding and performance standing out. The company's full-year 2025 overseas foreign trade revenue was 75.934 million yuan, up 134.4% year-on-year, far exceeding domestic business growth. In the first half of 2026, overseas revenue grew 89% year-on-year, with 982 overseas paying customers. The company's AI business is exploding in 2026, with AI accounting for over half. In 2026Q1, AI revenue grew 110.5% year-on-year, traditional marketing grew 0.9%, and precision marketing service revenue was approximately 1.331 billion yuan, up nearly 86% year-on-year, providing enterprises with more flexible online promotion solutions in advertising placement and marketing data analysis. The company's core AI-Agentforce 3.0 middle platform plus self-developed GEO large model — a self-developed multi-model fusion framework that can schedule its own Tforce plus Baidu/Alibaba and other large models, achieving optimal cost and controllable results. It has accumulated over a thousand reusable knowledge graphs and served over 210,000 enterprises cumulatively. The company's core partner manufacturers include Baidu, Alibaba Cloud general large models plus cloud computing infrastructure. It jointly built a "domestic chip plus intelligent agent" all-in-one machine with Muxi Shares (domestic GPU), adapted for Xinchuang, reducing costs and enhancing security. Beilian Guoxin and OceanBase (Ant Group): Xinchuang servers and databases, independently controllable. Globalization is accelerating. In 2026, the company will focus on Southeast Asia, the Middle East, and Europe, directly serving local enterprises, with overseas revenue proportion increasing. AI all-in-one machines, GEO intelligent assistants, and industry-vertical agents continue to iterate, building a "Token Factory" (priced by output value). Computing self-sufficiency rate reaches 60%+, making it one of the few AI application leaders in China with self-sufficient computing power. The Token factory model is mature, charging by call volume/effect, with revenue certainty and gross margin significantly improved. The company's KA customer count has doubled, AI Agent penetration is increasing, overseas expansion is accelerating, and the proportion of performance-based payment is rising (higher gross margin). Overseas (Southeast Asia/Middle East) computing power localized deployment opens a second growth curve. The company's AI agent orders are landing in batches, with sufficient long-term framework orders in consumer, automotive, and financial industries, extremely high renewal rates, and rapidly increasing AI order proportion. The company's AI product matrix continues to expand, downstream application scenarios continue to enrich, and the company is evolving from providing marketing/sales point tools to a full-scenario AI platform, which is expected to continue driving growth in customer unit prices and renewal rates. The company's AI application revenue has achieved double growth, with long-term growth opportunities brought by the landing of the Token economy model and overseas business expansion.
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