To The Moon

Last Week's Recap

1. US Market -Best Thanksgiving week since 2008

• Great Thanksgiving week:US stocks rallied across the board last week, with all three major indices up over 3%. The $NASDAQ(.IXIC)$ surged 4.91% for the week, while the $S&P 500(.SPX)$ gained nearly 4%, marking its best Thanksgiving week since 2008. The S& 500 has risen for seven straight months, its best streak in over seven years. JPMorgan is bullish, forecasting a 20% rise by 2027.

• December rate cut odds rose: CME FedWatch Tool shows an 87.4% probability. Trump said Sunday he has chosen the next Fed chair and will announce soon.

• Easing policy tailwind: Data supports a soft landing, but with fewer official releases recently, the economy may not be as strong as expected—potentially benefiting broader market sectors.

• December may bring seasonal tailwinds: US stocks could challenge new highs. According to the Stock Trader's Almanac, December has been the third-best month for the Dow and S&P 500 since 1950, and for the Nasdaq since 1971.

2. The US Sectors & Stocks - Tech Stocks Surge Amid AI Advancements

• Sector：The technology sector saw significant gains, driven by advancements in AI and strong earnings reports.

• $NVIDIA(NVDA)$ faced a 1% decline amid competitive pressures from Google's AI chip developments, impacting its market position.

• $Alphabet(GOOGL)$ surged 6.83%, driven by AI advancements and strategic partnerships, including potential deals with Meta Platforms for AI chips.

• $Symbotic Inc.(SYM)$ skyrocketed 56%, driven by better-than-expected earnings and increased confidence in its automation capabilities.

• $CleanSpark, Inc.(CLSK)$ surged 55%, fueled by Bitcoin's price rebound and strong fiscal results.

• $Fluence Energy, Inc.(FLNC)$ rose 28%, supported by strong revenue growth and positive future guidance.

• $Dell Technologies Inc.(DELL)$ rose 9%, driven by strong AI server demand and positive earnings guidance.

• $XPeng Inc.(XPEV)$ saw a 7% rise, driven by robust quarterly earnings and optimistic projections for the 2026 EV market.

• $Novo-Nordisk A/S(NVO)$ gained 4%, despite setbacks in Alzheimer's drug trials, as other clinical results showed promise.

• $Netflix(NFLX)$ reported a modest increase of 3% for the week, despite a service outage affecting thousands of users. The company's strong IP portfolio continues to drive growth.

• $Alibaba(BABA)$ experienced a 3% increase, buoyed by strong cloud and AI product growth, despite a significant drop in net profit.

3. Hong Kong Market - HSI gains amid mixed sector performance

$HSI(HSI)$ rose by 2.5% over the past week, closing at 25,858.89. The market experienced mixed performance across various sectors, with notable gains in technology and new consumption stocks, while some traditional sectors faced downward pressure.

• $WERIDE-W(00800)$ saw a significant increase of 10.5%, driven by its Q3 2025 financial performance, which showed a 144.3% yoy revenue growth.

• $PONY-W(02026)$ experienced a remarkable 22.8% surge, fueled by its Q3 2025 earnings report that exceeded market expectations. The company's revenue grew by 72% yoy, with significant contributions from its Robotaxi business saw an 89.5% increase in income.

• $XIAOMI-W(01810)$ gained 7.7% weekly, bolstered by founder Lei Jun's personal investment of over HKD 100 million to increase his stake in the company. This move, combined with the company's strong Q3 performance and positive market sentiment.

• $BABA-W(09988)$ rose by 2.6%, supported by the launch of its new Quark AI glasses and the positive reception of its AI assistant Qwen app, which saw over 10 million downloads in its first week.

• $NIO-SW(09866)$ saw a modest increase of 1.3%, as the company reported a 40.8% yoy increase in vehicle deliveries and a 16.7% rise in total revenues for Q3 2025. However, the stock faced some pressure due to ongoing challenges in the EV market.

• $MEITUAN-W(03690)$ experienced a 7.3% rise, driven by its Q3 2025 financial results, which showed a 2% yoy revenue growth. Meituan's international expansion and increased investment in AI and drone delivery services contributed to the market response.

4. Singapore Market - STI rises amid positive market sentiment

$Straits Times Index(STI.SI)$ increased by 1.22% last week, closing at 4523.96. The market was buoyed by investor optimism regarding a potential US FED interest rate cut and positive Singapore Export Price Index data.

• $OCBC Bank(O39.SI)$ rose of 2.38% last week. The stock opened higher with the STI and continued to gain momentum, reflecting strong investor confidence.

• $YZJ Fin Hldg(YF8.SI)$ declined 3.09%. The stock faced selling pressure, possibly due to profit-taking activities.

• $Frasers L&C Tr(BUOU.SI)$ rose by 4.81%. The stock's performance was driven by market optimism and positive economic indicators.

• $Keppel(BN4.SI)$ experienced a rise of 4.24%. The stock benefited from the general market uptrend and investor confidence in the company's prospects.

5. Australian Market - ASX 200 gains amid corporate developments

$S&P/ASX 200(XJO.AU)$ : The Australian stock market saw a positive week, with the S&P/ASX 200 Index rising by 2.3%. The index was buoyed by corporate activities and investor optimism.

Sector: The silver concept sector led gains, with $Sun Silver Ltd(SS1.AU)$ rising over 30% for the week; the oil and gas industry followed, with $SRJ TECHNOLOGIES GROUP -CDI(SRJ.AU)$ gaining more than 50%.

December Outlook: Inflation data released on November 26 exceeded expectations, leading markets to bet that the $RB GLOBAL INC(RBA)$ may hold rates unchanged in December. Institutions expect the ASX200 index to consolidate within the 8,400-8,600 range in the near term.

• $Rio Tinto Ltd(RIO.AU)$ gained 2.84% for the week. Iron ore prices recovered, and Goldman Sachs issued a "Buy" rating, expecting copper and aluminum businesses to account for 45-50% of group EBITDA in 2025-2026. Copper equivalent production is forecast to grow approximately 3-6% in 2025 and 2026, driven primarily by increased output from the Oyu Tolgoi underground copper mine and recovery at Escondida.

• $BHP GROUP LTD(BHP.AU)$ rose 3.85% last week. Bank of America research indicates BHP's stock price has a high correlation coefficient of 0.84 with copper prices, with copper hitting record highs being the main driver. There are short-term concerns about capital expenditure for its copper business in Latin America, but its copper strategy is viewed positively in the long term.

• $Macquarie(MQG.AU)$ slightly increased 1.5%, with the company proposing to acquire Qube Holdings Ltd at A$5.20 per share, valuing Qube at approximately A$11.6 billion.

• $REECE LTD(REH.AU)$ saw a significant rise of 15.7%, announcing an on-market share buyback program targeting up to AUD 35 million worth of shares. This strategic move aims to manage its capital structure and return value to shareholders.

The Week Ahead

1. Macro Factors -Key Economic Data and Earnings Reports to Watch This Week

• This week, Wall Street will closely watch a packed schedule of earnings and economic data.

• Friday: PCE price index (exp. +2.8% YoY) and Michigan Consumer Sentiment (exp. 55 vs. 51 prior).

• Wednesday: Export/import prices (exp. -0.15%/+0.15% MoM) and ADP private payrolls (exp. +42,500).

• Monday: ISM Manufacturing PMI (exp. 49.3). Wednesday: ISM Services PMI (exp. 52.8).

• Investors will watch these closely to gauge economic health.

2. Earnings Focusing on cloud software

Earnings season is drawing to a close, but the results from cloud software provider $Salesforce.com(CRM)$ and retail giants $Kroger(KR)$ , $Dollar Tree(DLTR)$ , and $Macy's(M)$ are still worth watching.

• Key earnings reports include $MongoDB Inc.(MDB)$ and $Credo Technology Group Holding Ltd(CRDO)$ on Monday, followed by $CrowdStrike Holdings, Inc.(CRWD)$ , $Bank of Nova Scotia(BNS)$ , $Marvell Technology(MRVL)$ , $Pure Storage(PSTG)$ , $Okta Inc.(OKTA)$ , $GitLab, Inc.(GTLB)$ , $Box(BOX)$ , $Signet Jewelers(SIG)$ , and $American Eagle Outfitters(AEO)$ on Tuesday.

• $Salesforce.com(CRM)$ , $Snowflake(SNOW)$ , $Dollar Tree(DLTR)$ , and $Five Below(FIVE)$ will announce earnings on Wednesday, while $Dollar General(DG)$ , $ulta beauty(ULTA)$ , $SentinelOne, Inc(S)$ , $Kroger(KR)$ , $Brown-Forman(BF.B)$ , $Docusign(DOCU)$ , and $Toronto-Dominion Bank(TD)$ report on Thursday. $Victoria's Secret & Co(VSCO)$ wraps up the week on Friday.

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