I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, U.S. equities staged a strong Thanksgiving rebound, with the Nasdaq rising nearly 5%. The market is currently trading along two main threads. First, investors are focused on whether the Fed will actually deliver a rate cut in December. With aggressive market pricing already in place combined with expectations of a BOJ rate hike-any disappointment this month could pressure high-valuation sectors. Second, the Al narrative is diverging: the "Google ecosystem" strengthened while the "OpenAl ecosystem" came under pressure. That said, we believe Al's long-term growth potential far outweighs any zero-sum competitive framing. Each frontier model developer has distinct advantages, and

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ U.S. equities saw widening volatility and continued declines last week, as active funds cooled and market sentiment turned cautious. Ahead of the December FOMC meeting, both macro data and Fed communication will enter a relative quiet period, likely keeping indices in a phase of high-volatility consolidation. Even so, buybacks and allocation flows are providing notable downside support. Within the Fed, views on a possible December rate cut are clearly divided. We believe the probability of no cut in December is higher, but the Fed may compensate with a more dovish forward path for next year. In AI, NVIDIA delivered strong earnings but was suppressed by macro headwinds. Meanwhile, Google

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, U.S. equities saw heightened volatility, with both the S&P 500 and Nasdaq ending roughly flat. On the earnings front, the U.S. market remained resilient: among companies that have reported Q3 results, 82% beat EPS expectations, and the S&P 500’s net profit margin is expected to reach 13.1%, a 15-year high. Meanwhile, macro indicators softened, and the probability of a December rate cut has fallen to below 50%. However, due to high fiscal deficits and heavy Treasury supply, the medium-term easing trend remains unchanged. ◼From a structural perspective, high-beta sectors have become crowded and appear expensive, increasing the risk of pullbacks. We recommend trimming hi

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, U.S. equities weakened amid prolonged government shutdown risks and renewed debates over AI capital spending. The Nasdaq fell nearly 3%, marking its largest weekly drop since April. Although the government shutdown set a new record for duration, the crisis has since eased, and related macro risks have largely subsided. Meanwhile, tech giants such as Meta and Oracle issued over USD 75 billion in new debt within two months to expand AI infrastructure, triggering volatility in credit markets. Nevertheless, we believe these short-term concerns will not derail the broader AI trend — the key drivers for U.S. equities in the medium term remain earnings delivery and the pace of capit

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, US equities edged higher amid the US-China ceasefire and strong tech earnings. The two sides reached a one-year trade truce, easing macro uncertainty and providing more stable expectations for corporate profits and investment. In addition, the Fed delivered the widely-expected 25bp rate cut and announced the end of QT. Although Powell's tone was slightly hawkish, the overall stance remained accommodative - he believes inflation is approaching target and the labour market is cooling gradually. Meanwhile, the four major tech giants generally beat expectations, driving upward revisions to S&P 500 earnings forecasts. While elevated Al capex raised concerns about short-term re

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, U.S. equities moved higher amid easing U.S.–China tensions and cooling inflation. Following the Kuala Lumpur meeting, both sides released positive signals, and September CPI data came in better than expected across the board. Markets now broadly anticipate that the Federal Reserve will cut rates by 25 basis points this week, temporarily alleviating macro risks. However, concerns over long-term inflation and technological rivalry remain. Tight liquidity and public fund rebalancing could amplify volatility, while corporate buybacks in November are expected to provide support. This week’s tech giants’ earnings will set the market tone — AI leaders may continue to outperform, wit

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, U.S. equities experienced heightened volatility as market sentiment swung between U.S.–China negotiations, credit events, policy signals, and AI-related earnings. Trump’s softened stance toward China eased expectations of extreme trade friction, yet competition between the two nations in semiconductors and strategic resources is set to persist. A credit fraud scandal at a regional bank triggered brief panic, but solid results from major banks suggested limited systemic risk. Fed Chair Powell’s dovish remarks indicated the balance sheet reduction may be nearing its end, reinforcing rate-cut expectations. The tech sector remained resilient — with stellar earnings from ASML and

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, U.S. equities came under short-term pressure due to multiple disruptions, with the S&P 500 and Nasdaq posting notable pullbacks. However, the VIX only rose to around 20, while both U.S. Treasuries and gold strengthened, suggesting the absence of systemic risk. The latest tariff escalation appears to be more of a pre-APEC negotiation maneuver, with limited extreme risk. AI and rare earths have emerged as key battlegrounds, and semiconductor volatility may intensify. Despite weak macro sentiment, the U.S. AI value chain continues to demonstrate strong earnings visibility, with upstream hardware and cloud infrastructure reinforcing the long-term investment case. Overall, the

I. Performance of Global Equity Indices (in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, Chair Powell openly noted that U.S. equity valuations appear stretched, triggering a short-term pullback. Nonetheless, macro fundamentals and earnings continue to provide a floor. Q2 GDP was revised up to 3.8%, while August core PCE came in at 2.9% YoY—evidence of economic resilience and contained inflation. Labor market cooling has had limited impact in the context of a rate-cutting cycle, allowing the “Goldilocks” narrative to persist. Consumption remains broadly stable but increasingly reliant on high-income households, with weak sentiment among low-income families posing medium-term risks. On the earnings side, demand from AI continues to drive recovery, with S&P 500

I. Performance of Global Equity Indices(in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, the Federal Reserve delivered a widely expected 25bps rate cut. Internal divergence was limited, and the dot plot shifted lower, suggesting the possibility of 1–2 additional cuts within the year. The SEP revised up growth forecasts while lowering the medium- to long-term inflation outlook. Chair Powell emphasized this move as a “risk-management cut,” reiterating that policy remains data-dependent and future pacing may adjust with economic surprises. We believe markets may be underestimating the downside potential for interest rates, and the benchmark rate could decline to 2.5% next year. In U.S. equities, the main narrative remains intact: AI hardware and growth sectors contin

I. Performance of Global Equity Indices(in US Dollar) Source: Bloomberg, Tiger Brokers Key Highlights ◼ Last week, U.S. equities extended their strength under the dual boost of macro data and the AI narrative. While inflation showed resilience, it was broadly in line with expectations; employment data came in weak but not recessionary. This reinforced market confidence in a modest 25bp rate cut at this week’s FOMC meeting. A surprise 50bp cut, however, would imply a sharper-than-expected deterioration in employment, potentially triggering recession fears. At the sector level, Oracle’s earnings report reignited enthusiasm for the AI space. We believe general-purpose AI is now moving from its early stage to a critical growth phase, with hardware and infrastructure demand continuing to far ex

I. Performance of Global Equity Indices(in US Dollar) Source: Bloomberg, Tiger Key Highlights ◼ Last week, global capital markets experienced heightened volatility, with mixed intraday movements and wider daily fluctuations. After weeks of strong rallies, China’s A-shares faced temporary pressure, with both the CSI 300 and the Shanghai Composite Index retreating by about 1%. Meanwhile, U.S. equities — including the S&P 500, Nasdaq, and Russell indexes — posted modest gains but remained range-bound overall. ◼ In the U.S., August employment data fell well short of expectations, with nonfarm payrolls adding only 22,000 jobs and the unemployment rate rising to 4.3%, the highest in nearly four years. In addition, the manufacturing PMI contracted for the sixth consecutive month, while the em

I. Performance and Valuation of Global Equity Indices Source: Bloomberg, Tiger Key Highlights ◼ Last week, global capital markets experienced mixed performance, with the phenomenon of “East rising, West wavering” becoming increasingly evident. Greater China equity assets surged across the board, with Chinese A-shares standing out as the strongest performers—the CSI 300 and Shanghai Composite Index gained 4.45% and 3.74% for the week, respectively. Meanwhile, U.S. equities saw heightened volatility and an internal rotation between large- and small-cap stocks: the large-cap Nasdaq edged down slightly, while the small-cap Russell Index posted significant gains. ◼ Recently, Fed Chair Jerome Powell struck a dovish tone at the annual Jackson Hole symposium, highlighting the severity of the curre

I. Performance and Valuation of Global Equity Indices Data Source: Bloomberg, Tiger Key Highlights ◼ Last week, growing expectations of a Fed rate cut continued to drive global capital markets higher, with notable gains in non-U.S. equities and U.S. small caps. The Nikkei 225, Russell 2000, as well as the CSI 300 and Hang Seng Index all posted weekly gains of more than 2%. By contrast, previously overheated U.S. large-cap tech stocks entered a consolidation phase, leaving the Nasdaq and S&P 500 slightly lagging. Overall, market sentiment remains strong. ◼ Recently, U.S. July PPI unexpectedly surged to its highest level in nearly three years, far exceeding both forecasts and the previous reading, seemingly challenging the rate-cut narrative suggested by CPI. However, the PPI data is not

I. Performance and Valuation of Global Equity Indices Data Sources: Bloomberg, Tiger Asset Management Key Highlights ◼ Last week, global capital markets did not experience any significant pullback; instead, market sentiment continued to remain high. The U.S. Nasdaq 100, S&P 500, and Russell 2000 indices all saw weekly gains exceeding 2%. In comparison, while the performance of the Greater China region's A-shares and Hong Kong stocks lagged somewhat, they were still relatively strong, with the Shanghai Composite Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index all registering gains of over 1%. ◼ Recently, U.S. July inflation data was released, with core CPI rising 0.32% month-on-month and 3.06% year-on-year, broadly in line with market expectations. More importantly, the main d

I. Performance and Valuation of Global Equity Indices Data Sources: Bloomberg, Tiger Asset Management Key Highlights ◼ Last week saw heightened volatility in global capital markets, with major equity indices worldwide registering varying degrees of decline. The S&P 500 and Nasdaq 100 in the U.S. both fell over 2% weekly - marking their first close below the 20-day moving average in more than three months. Meanwhile, the Russell 2000 small-cap index, European equities, and Hong Kong's Hang Seng TECH Index showed even steeper declines, all dropping more than 4% for the week. ◼ U.S. markets navigated a challenging macro and earnings week. While Q2 GDP appeared to significantly exceed expectations, this was primarily due to a sharp slowdown in imports, with personal consumption remaining r

I. Performance and Valuation of Global Equity Indices Data Sources: Bloomberg, Tiger Asset Management Key Highlights ◼ Last week, global capital markets continued to rise. The Nikkei increased by nearly 5% over the week, while Hong Kong’s Hang Seng Index and the Tech Index both saw gains of over 2%. Additionally, mainland Chinese stocks performed well, with traditional sectors and technology sectors taking turns leading the gains, resulting in nearly 2% returns for the CSI 300 and the Shanghai Composite Index. In contrast, although the three major U.S. indices had smaller gains, both the S&P 500 and the NASDAQ reached new all-time highs again. ◼ Last week, the U.S. stock market continued to experience an AI-led rally. On the macro front, tariffs remained the main issue. The EU-U.S. tra

I. Performance and Valuation of Global Equity Indices Data Sources: Bloomberg, Tiger Asset Management Key Highlights ◼ Last week, driven by the U.S. lifting the export restrictions on NVIDIA's H20 chips, the Hong Kong Hang Seng Tech Index saw a significant increase, rising over 5% in a week. This also led to a general rise in major Chinese equity indices, including the Hang Seng Index, Shanghai Composite Index, and CSI 300. At the same time, the trend of the U.S. stock market remained unchanged, continuing to move upward with slight gains in the S&P 500, NASDAQ, and Russell indices. ◼ Last week, the U.S. June inflation data was released, with both the CPI and PPI figures slightly outperforming market expectations. On the sub-categories, the moderate increase in services somewhat offset

I. Performance and Valuation of Global Equity Indices Data Sources: Bloomberg, Tiger Asset Management Key Highlights ◼ Last week, global capital market volatility began to intensify. The three major U.S. stock indices, including the S&P 500, Nasdaq 100, and Russell 2000, all saw slight declines. In contrast, Chinese A-shares performed relatively steadily, driven by “anti-involution” measures and potential policy stimulus. Multiple sectors, including photovoltaic and brokerage firms, took turns leading, and both the Shanghai Composite Index and the CSI 300 Index gained over 1% in a single week. ◼ Last week, Trump's tariff suspension policy was officially extended. As we had previously predicted, it’s a “carrot and stick” approach: the suspension is delayed until August 1st, while additi

I. Performance and Valuation of Global Equity Indices Data Sources: Bloomberg, Tiger Asset Management Key Highlights ◼ Last week, global capital market sentiment remained strong. Both the S&P 500 and Nasdaq in the U.S. set new all-time highs, rising 1.75% and 1.5%, respectively, in a single week. In addition, driven by policies to curb involution, the steel, photovoltaic, and other sectors in Mainland China surged collectively, directly pushing the CSI 300 and Shanghai Composite Index up by over 1%. In contrast, the Hong Kong Hang Seng Index and the Tech Index performed weakly, both experiencing declines to varying degrees. ◼ Last week, the U.S. employment data for June was very strong, with both non-farm payrolls and the unemployment rate significantly outperforming market expectation