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Bocom Intl lowered Baidu (09888.HK) target price to 108 Hong Kong dollars. Short-term search advertising revenue may be under pressure, valuation at historical lows.
Bocom Intl released a report stating that it expects Baidu-SW (09888.HK) (BIDU.US) core revenue to decline by 0.8% year-on-year in the third quarter, a smaller decrease compared to the previously revised 2.6%, mainly due to pressure on advertising business growth. It is expected that Baidu (including iQiyi) revenue will decline by 3% year-on-year, with an adjusted net profit margin of 19%. The report indicates that Baidu's core business revenue was further under pressure in the last quarter. In terms of advertising, the bank expects revenue to decrease by 4.4% year-on-year, lower than the previous adjustment of 3.6%, mainly due to continued soft demand from some industry advertisers, and AI search monetization has not yet begun at a large scale. In the cloud sector, it is still maintaining its double-digit growth.
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US stocks closed: All 'Seven Giants' suffered heavy losses, with the S&P and Nasdaq posting their largest declines in nearly two months.
1. PHLX Semiconductor Index fell more than 4%; 2. The China concept stock Jinlong Index fell by 1.3%; 3. Apple's Greater China revenue fell short of expectations; 4. Guo Mingchi: the possibility of Super Micro Computer being suspended or delisted is increasing.
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[Brokerage Focus] Bocom Intl cuts Baidu (09888) target price, expecting third quarter core business revenue to be under pressure.
Golden Horse Financial News | Bocom Intl releases Baidu (09888) Q3 performance preview, expecting Baidu's core revenue to decrease by 0.8% year-on-year, compared to the previous cut of 2.6%, mainly due to pressure on advertising business growth. Baidu's (including iqiyi) revenue is expected to decline by 3% year-on-year, with a net margin adjusted to 19%. The bank points out that Baidu's core business revenue in Q3 is further under pressure. 1) Advertising: The bank expects revenue to decrease by 4.4% year-on-year, compared to the previous cut of 3.6%, mainly due to some industry advertisers still having relatively weak demand, and AI search transformation on the user side has not yet begun to monetize on a large scale. 2) Cloud: Maintaining double-digit growth forecast.
Express News | beyondsoft corporation: Continuously strengthen the ecological and technical cooperation with Microsoft, HW, Zhipu Qingyan and other domestic and foreign large model manufacturers.
Futu Morning Post | Citigroup strategist talks about the 'Trump winning trade', a good opportunity to profit from the surge in US stocks; AI capital spending continues to expand! Microsoft, Meta both fell after hours.
USA Treasury Department's heavyweight quarterly refinancing announcement: Maintain long-term bond auction scale and guidance unchanged; the U.S. presidential election is undecided, the dollar hedging cost has risen to the highest since 2022; it will impact 3000 dollars next year! Goldman Sachs raises gold price expectations, stating that central bank demand expectations have quadrupled.
U.S. stocks closed | The three major indexes all fell, technology stocks weakened, super micro computers plummeted over 32%, AMD dropped over 10% after earnings; overall decline in Donald Trump concept stocks, DJT fell over 22%.
The economic data in the USA is mixed, with the market adjusting down significantly to expectations of a large interest rate cut by the European Central Bank and rate cuts by the United Kingdom in December. US stocks fell across the board, with the chip index dropping by over 3%, nvidia falling by over 3% at one point, Chinese concept stocks dropping by over 2% before halving the decline, and li auto inc turning upwards by nearly 2%.
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Daily Bulls and Bears | HSBC's Q3 performance exceeds expectations! Multiple call warrants double in increase; Hang Seng Index futures closed at 20,746 points, with a net inflow of 6 million Hong Kong dollars in light positions.
As of the close, the market turnover was 136.3 billion Hong Kong dollars, with a total turnover of 13 billion Hong Kong dollars for all bull and bear warrants, accounting for 8.5% of the market turnover, with a proportion of 5.6% for bull warrants and 3.9% for bear warrants.
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U.S. stocks close | The three major indexes are mixed, with the Nasdaq hitting a new high for the fourth consecutive rise; chip stocks are strong, AMD closed up 4% but fell over 7% after hours due to poor guidance; cryptos concept stocks are rising.
The USA economy is mixed, with consumer confidence increasing but job vacancies hitting a three-and-a-half-year low. The Dow Jones and small cap stocks fell, while the S&P and Nasdaq turned higher. The chip index rose by more than 2%, while the Chinese concept index turned down by over 1%. Trump's media fluctuations have repeatedly caused trading to be suspended.
US stocks closed: Nasdaq rose for the fourth consecutive time to a new high. The seven giants and chip stocks strengthened overall.
①Nasdaq China Golden Dragon Index fell by 1.44%; ②Google's quarterly revenue and EPS both exceeded expectations; ③Musk: It is expected that the number of robots will exceed humans by 2040; ④OpenAI reportedly plans to collaborate with Broadcom and Taiwan Semiconductor to jointly develop self-designed chips.
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US finalizes investment restrictions on China, Chinese Ministry of Foreign Affairs: China expresses strong dissatisfaction, firmly opposes.
Regarding the United States imposing restrictions on American individuals and companies investing in mainland China's advanced technologies, including semiconductors, quantum computing, and ai, Chinese Foreign Ministry spokesperson Lin Jian responded that China strongly opposes and firmly opposes the US issuing investment restriction rules against China. China has lodged representations with the US, will take all necessary measures, and resolutely safeguard its legitimate rights and interests.
Omdia: It is projected that the Asia-Pacific generative AI market will reach 24.2 billion by 2025 and nearly double by 2028.
The large-scale model market in China has emerged from the initial chaos after twenty months of baptism. The layout of major manufacturers is becoming clearer, preparing for a new round of growth.
Internet plus-related sector is showing strong performance JD.com (09618) up 3.86%. UBS Group indicates that industry competition has trended towards easing.
Golden Finance News | The internet sector is showing strong performance, jd.com (09618) up 3.86%, Meituan (03690) up 3.73%, baidu (09888) up 3.56%, netease (09999) up 3.15%, alibaba (09988) up 2.17%.
Daily Bulls and Bears | Hang Seng Index futures surged to 20,733 points overnight! The proportion of bull certificates trading decreased slightly, with Tencent and Alibaba receiving inflows of good warehouse funds.
On Monday, the Hang Seng Index rose slightly, closing at 20,599 points, reaching a high of 20,669 and a low of 20,428 during the day. Overnight, the Hang Seng Index futures (October) closed at 20,733 points, up 134 points or 0.651%, with a high of 134 points.