$MEITUAN-W (03690.HK)$ Last night, the pre-market trading in the U.S. fell due to the suggestion of the hawkish king to continue raising terminal interest rates. Technology stocks generally opened lower, with Alibaba's performance also down 3% at the opening. After the opening, Alibaba traded sideways at V, pulling up by 10%+ and closing with an 8% increase. Chinese concept stocks surged, dragging the Nasdaq along. Towards the closing, Bank of America lowered building loan rates by 60 basis points, causing the Nasdaq to continue to rebound. However, it still lacked the strength of Chinese concept stocks. The upward movement of the Nasdaq was mainly driven by Chinese concept stocks, while local technology stocks there still opened lower. If the Nasdaq falls below yesterday's low point today, the future outlook remains weak. Moving to the Hong Kong stock market, even though half of the short positions were closed/reduced yesterday, some individual short positions remain. Today opened 350 points higher, getting ready to form the appearance of the 4th wave heading towards 19,000. Personally, I believe this wave will diverge, with limited upside potential. Short-term investors still need to actively close the remaining short positions. It's expected to experience a slight pullback after the opening, which can be closed during the pullback. Short-term investors can turn around and continue to go long until crossing below 17,700 again to form a top/sideways movement. Note that starting from yesterday it's already a small position strategy, for the medium term, continue to maintain locked positions. The future is definitely a sideways shake, slowly forming a wave top for short-term trades with small positions, supporting level for the day is 18,200, resistance level is 18,500. $TRIP.COM-S (09961.HK)$ $TENCENT (00700.HK)$

$Tesla (TSLA.US)$ What's been happening recently? The high costs have led to a significant decline in net income, with Nvidia's net income in the third quarter amounting to only 0.68 billion, a year-on-year decrease of 72%.
Some investors have calculated the valuation based on Nvidia's net income in the past four quarters and have determined that the dynamic PE ratio is 66 times, believing that there is a serious bubble.
This valuation method is completely wrong. For cyclical stocks, calculating the PE ratio during the industry downturn can appear unusually high, and this downturn is only temporary. Therefore, investors should not be overly concerned about Nvidia's declining net income.
Returning to the guidance for the fourth quarter, management expects revenue to be 6 billion US dollars, with a fluctuation range of 2%, and the predicted median is slightly lower than the market's expected 6.09 billion.
The good news is that the gross margin guidance for the fourth quarter is 63.2%, significantly higher than the past two quarters.
And at the earnings call, management believes that after the fourth quarter, the channel inventory of gaming products is expected to return to normal levels, and revenue is expected to increase sequentially.
This verifies the analysts' speculation about the peak of inventory in the third quarter. Based on Nvidia's performance in the semiconductor downturn cycle in 2018, once inventory starts to decline, the stock price is expected to bottom out: considering the possibility of a global economic recession after the Fed raises interest rates, the PC market in 2023 is currently predicted to decline by 5-10%. Therefore, after passing the darkest moment, it will still take time for the semiconductor industry to recover and Nvidia may have a difficult performance during this period.
Perhaps Berkshire Hathaway's large-scale holdings of Taiwan Semiconductor in the third quarter also indicate a belief that the third quarter is the bottom of the semiconductor...

$Meta Platforms (META.US)$ The high expenses resulted in a significant decline in net income, with Nvidia's net income in the third quarter only reaching 0.68 billion, a year-on-year decrease of 72%.
Based on Nvidia's net income in the past four quarters, some investors calculated the dynamic PE ratio to be 66 times, and based on this, they believe that there is a serious bubble.
This valuation method is completely wrong. For cyclical stocks, calculating the PE ratio during a downturn in the industry will appear abnormally high. However, this downturn is only a temporary phenomenon, so investors do not need to worry about Nvidia's declining net income.
Turning to the guidance for the fourth quarter, management expects revenue to be $6 billion, with a fluctuation of 2% above or below. The forecasted midpoint is slightly lower than the market's expected $6.09 billion.
The good news is that the gross margin guidance for the fourth quarter is 63.2%, significantly higher than the past two quarters.
And at the earnings call, management believes that after the end of the fourth quarter, the channel inventory of gaming products is expected to return to normal levels, and revenue is expected to increase sequentially.
This confirms analysts' speculation that inventory peaked in the third quarter. Based on Nvidia's performance during the semiconductor downturn in 2018, once inventory starts to decline, the stock price is expected to bottom out. Considering the possibility of a global economic downturn after the Fed's interest rate hikes, the PC market in 2023 is forecasted to decline by 5%-10%. Therefore, semiconductors will take time to recover and Nvidia may have a difficult time performing during this period.
Perhaps Berkshire Hathaway's heavy buying of Taiwan Semiconductor in the third quarter means that they also believe that the third quarter was the semiconductor's lowest point...

$TENCENT (00700.HK)$ 260-265 region next.

$Longeveron (LGVN.US)$ How are you

$PERFECT MEDICAL (01830.HK)$ share have been dropping. should we sell or hold or buy in more?

$Hang Seng Index (800000.HK)$ The Hang Seng Index is rising more and more promising, indicating a bull market coming. Is unlimited growth possible? Will 100,000 points be the end point? [Laughing and crying emoji]. Market cheerleaders have always been abundant. The Hang Seng Index rebounded by nearly 4,000 points this month, such a large monthly rebound has rarely been seen before. In 2007, there was a two-month rebound of ten thousand points. Although it has been one of the worst-performing major financial markets globally, a deep fall followed by a dead cat bounce is normal as it has fallen behind too much. As for the reversal to a bull market, there hasn't been any improvement in the fundamentals yet. Some facelift through news may occur at year-end. Tencent's performance may not be outstanding, and stock replenishment will not stop. I am skeptical about further gains in the Hang Seng Index, and the response of derivatives differs from the spot market. The bull-bear ratio of Hang Seng Index warrants is 0.4% (24) for bulls and 99.6% (6,791) for bears, an overwhelmingly bearish scenario is rare. Yesterday, there was significant trading in Hang Seng Index period call warrants, most likely for same-day closing and not overnight holding as it would be unlikely based on yesterday's market to be major sell orders. Bearish warrants have reached a selling peak, while Hang Seng Index options are mainly for intraday institutional operations. The option premium price was higher in the middle of the month than at the beginning, no longer attractive, while period warrants are more liquid, with outstanding unclosed contracts visible. Today is Wednesday, with option premiums still at Monday's price, and settlement will be in two days. The rising Hang Seng Index corresponds to an increase in the fear index, rising with uneasy feelings, creating a stark contrast between derivatives and the spot market. It's not easy to play both Long and Short positions in the Hang Seng Index this week, as Monday and Tuesday only the latter resulted in profits. The slow transaction volume of options must have reasons behind it, making it difficult for even experienced traders to win, while beginners and conservative traders may not lose by observing from the sidelines, making less profit also means not losing. Placing Long and Short positions now may not be very rewarding. The index has high volatility, the market activity is low, which investors agree on, indicating a mature derivative market with many experienced players. The Hang Seng Index has seen a fluctuation of 1200 points this week alone, how much more room is there for an upward move? Playing both Long and Short positions is not the same as just following one direction, one needs to watch both sides.

$MEITUAN-W (03690.HK)$ Alphabet's stock has reached a once-in-a-decade buying opportunity.
The trading price of technology stocks is below the market price.
The stock market may fluctuate, but the opportunities it brings to investors can generate lifelong returns. Take Alphabet (GOOG 2.80%) (GOOGL 2.86%) as an example. The stock has fallen more than 35% from its historical high, but its business is going through a cyclical experience.
Investors need to be willing to seize these huge opportunities, as the impact of stock recovery on investment portfolios is impressive. The market is full of opportunities, and Alphabet is one of the top stocks.
Normal business cycles.
Companies that make money from advertising naturally are affected by a broader business cycle. When the economy slows down and businesses tighten spending, advertising budgets are one of the first areas to be cut, mainly because reducing expenses is easy compared to canceling projects or layoffs. Alphabet generates nearly 80% of its revenue from advertising, and is therefore significantly affected by this cycle.
This trend was reflected in Alphabet's third-quarter earnings report: its advertising revenue only grew by 2.5%. YouTube took a step back in the advertising field, with a YoY decrease of 1.9% in revenue. However, Google search's advertising sales increased by 4.3%.
Although these advertising growth levels are not as strong as investors would like to see, they are still better than many of Alphabet's advertising peers...

$Hang Seng Index (800000.HK)$ Entering November, the Hang Seng Index has rebounded by 24%, and the Hang Seng Tech Index has risen by 32%. According to China's brokerage reports, it is generally believed that when the market's key index rises by more than 20% from its recent low point, it is considered to have entered a "technical bull market".
In light of this, it seems that the Hong Kong stock market, which has experienced continuous and fierce sell-offs, has entered a "technical bull market." In addition, according to data from Wind, as of the close on November 14th, the total market value of the 30 constituent stocks of the Hang Seng Tech Index has rebounded to 8.433 trillion Hong Kong dollars, with a cumulative increase of over 1600 billion Hong Kong dollars since November.
For most investors, the most intuitive proof of the bullish Hong Kong stock market is the continuous inflow of southbound funds since this year, especially the uninterrupted net inflow for more than 20 consecutive trading days recently, which has strengthened the bullish expectations. Recently, there has been a continuous large influx of southbound funds, obviously with the intention of bottom fishing for leading companies in industries such as internet, pharmaceuticals, and new energy autos. $KUAISHOU-W (01024.HK)$ $BABA-W (09988.HK)$