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Xiaomi SU7 Ultra "breaks out" to unlock a new racing track for Autos braking | Industry Observation
① In January of this year, manufacturers related to carbon-ceramic brake discs have started shipping in bulk. Under the 'demonstration' effect of Xiaomi Autos, other domestic car companies have begun to follow suit and initiate cooperation talks. ② With the decrease in costs, carbon-ceramic brake discs are expected to penetrate into the price range of 0.3-0.4 million for future models, and domestic manufacturers will receive more Orders.
The trillion leverage game may come to an end! Major reforms in Hong Kong's IPOs allow for financing of up to 90%.
① When the leverage ratio of the IPO Subscription funds exceeds 90%, does it imply that the issuance pricing has deviated from the fundamentals and has evolved into a capital-driven speculation? ② Under the current system with no leverage ceiling, how do Brokerages form a systemic risk loop through "financing concentration - collateral valuation - liquidation chain reaction"?
Goldman Sachs comments on Tencent's Earnings Reports: Surpassing expectations! The market will focus on AI applications.
Goldman Sachs stated that Tencent achieved better-than-expected performance, mainly due to strong growth in its Gaming and Advertising Business, along with a significant increase in investments in AI-related fields. It is expected that Tencent will continue to benefit from the WeChat ecosystem, Global gaming Assets, and the application of AI technology in the future, with the market focusing on the progress of AI applications and the growth prospects of Gaming.
After a continuous reduction in market trading volume, a short-term directional choice may be faced, waiting for new hotspots to break through.
Yesterday, the market continued a low-volume consolidation structure. From the Index perspective, although it is still in a relatively strong consolidation structure, the narrow fluctuations over the past three days may indicate that the market is facing a new round of directional choices. If it cannot attack with increased volume again, the probability of subsequent corrective consolidation may further increase.
Tencent conference call: Chinese Technology companies prioritize efficiency, with capital expenditures lower than their Western counterparts, as proven by DeepSeek.
Tencent executives stated that capital expenditures are mainly used for purchasing GPUs, which have brought high ROI. With breakthroughs in DeepSeek technology, the efficiency of GPU resource utilization has improved, eliminating the need for large-scale GPU purchases as originally planned. AI-enhanced technology has improved returns on investment for advertisers, contributing to Tencent's growth rate, which exceeds the Industry average. At the same time, AI has also supported the Business sector, with deferred revenue (primarily from games) experiencing a year-on-year growth in the high double digits at the end of last year, and it is expected to gradually convert into reported revenue this year and next. AI has become a key investment area while also taking into account Shareholder returns.
Tencent Holdings Limited (TCEHY) Q4 2024 Earnings Call Transcript Summary
MrsRobinson : when was it at 10.9?