[Anatomy Dashboard]
I have to say that the recovery ability of US stocks is very strong. Overnight, the three major indices all rebounded more than 2%. The rebound was so strong, and Nvidia's decline did not have much impact on technology stocks. The performance of Hong Kong stocks was stable today, rising slightly by 0.44%.
After the midterm elections, Trump was in a very unfavorable situation. It is estimated that his relationship with him is sad. Hwang In-hoon was the first to be attacked. Musk may be better, but Hegseth is in trouble. He will face an impeachment vote in the House of Representatives this week. Strictly speaking, Hegseth won't go on, because even if the House of Representatives passes it, it's almost impossible to get a two-thirds approval rating in the Senate. The difficulty is that during the hearing, a large amount of material about the actions against Iran will be disclosed, or some issues that are unfavorable to Trump will be involved. As a result, Trump may reach some agreements with the Democratic Party, or try to minimize negative things. This is also a key factor for US stocks to rebound. By shorting ahead and going long backwards, Wall Street has made another big profit.
For example, on the issue of high oil prices, the approach adopted is to release some goodwill such as continuing negotiations. Furthermore, Saudi Arabia is cooperating with the US at the government level to support the transit of ships. Recently, four ships have passed through the strait. What is significant is that according to Russian sources, a new round of Russian-American-Ukrainian tripartite talks began on the 10th in Abu Dhabi, the capital of the United Arab Emirates. Without European participation, it's actually all just a routine; however, they are all willing to cooperate. The results are already showing. The latest data shows that the average price of regular gasoline in the US has dropped to $3.9788 per gallon, falling below the $4 mark for the first time since July.
The drop in oil prices is good for the global economy. Oil and gas stocks have declined, but aviation stocks have clearly benefited and costs have dropped dramatically. China Southern Airlines (01055), China Eastern Airlines (00670), and Air China (00753) all increased by more than 8%. Among them, Cathay Pacific (00293), the leader of Zhitong's November gold stock, has continued to soar recently and has broken through a record high.
Today, technology stocks generally followed a peripheral rebound, but the best increase was still the domestic replacement line, such as Tianshu Zhixin (09903): According to the November 2 announcement, in the ten months ending October 31, 2026, the company shipped more than 80,000 chips, and the business continued to advance steadily, surging more than 15%; Bijiao Technology (06082) rose more than 9%. The chip category Huahong (01347) and SMIC (00981) both increased by more than 2%; we still need to be cautious about other technology hardware categories.
The direction of AI is still on the application side. According to reports, Anthropic is expected to officially launch the roadshow on Tuesday as soon as possible, and is expected to officially land on US stocks next Thursday or Friday. Anthropic's listing may establish a valuation anchor. The Lyon Research Report predicts: Assuming Anthropic's market capitalization is between 1.2 trillion and 1.75 trillion US dollars, corresponding to ARR800 billion to 100 billion US dollars at the end of the year, equivalent to 15 to 18 times the ARR multiple, which means that smart spectrum (02513) has room to rise by 31% to 53%. However, according to general expectations, it is likely to be around 1.2 trillion dollars. Smart Spectrum (02513) rose more than 11%, and MINIMAX-W (00100) rose more than 10%.
The direction of AI intelligence for B-side enterprises is also popular. The focus is on varieties that can make money, such as Baige Online (02672), a vertical AI leader in insurance risk control. Early speculation was the income of the insurance industry. Recently, the company switched to robot insurance. The company recently signed strategic cooperation agreements with Beijing Robide Technology Co., Ltd., Xiamen Zhixing Mozuo Artificial Intelligence Technology Co., Ltd., and Moore Planet (Chengdu) Software Co., Ltd. The cooperation covers risk control and guarantee services in key areas such as service robots themselves, scenario-based implementation operations, and full-life cycle services. This expectation was raised again, surging by more than 17%; other varieties such as Kingdee International (00268) and Maifushi (02556) all increased by more than 6%.
The Apple HALO humanoid robot theme continues to ferment; yesterday's Top Choice (09880) and Hotel Robot Cloud Trail (02670) have once again risen by more than 7%.
Today, the direction of physical AI is also being stimulated, because currently the proportion of the physical world being digitized is still minimal, and this market space is huge. On November 9, Qun Nuclear Technology (00068) and Hesai Technology (02525) officially released a joint 3D space camera “Aholo x Kosmo One”. Relying on lidar and an 8K imaging system, the device collects scene data and is directly connected to the Aholo Reality space reconstruction platform. It realizes efficient 3D Gaussian reconstruction and intelligent editing in one stop, and generates computable, editable, and interactive 3D digital space assets. The simple explanation is that “Aholo x Kosmo One” is responsible for collecting data. Aholo Reality can identify and structure the geometric scale and physical properties of space objects, so that 3D scenes can be further transformed into spatial data that machines can understand. The main scenarios of this system are suitable for industrial robots, home improvement, cultural tourism units, movies and TV skits, games, e-commerce, etc. Currently, it is being piloted in small batches, and there is hope that it will be expanded in the future. Group Nuclear Technology has surged by nearly 24%, and Hesai Technology has risen by more than 4%.
Recently, the “Guangdong Province Implementation Plan for Expanding Consumption” was issued. Among them, it is proposed to strengthen support for the development of intelligent connected vehicles, push automakers to seek entry into L3 autonomous driving models and road traffic pilot projects in accordance with regulations, and carry out intelligent driving tests and commercial operations in the Greater Bay Area in an orderly manner. Horizon Robot-W (09660) rose more than 7%, Zhejiang Shibao (01057) and Nexteer (01316) rose more than 4%; another lidar listing leader, Sagiteng Juchuang (02498), surged more than 9% due to participation in the latest discussions on financing from Apesheng Xianda Technology (Shenzhen) Co., Ltd.
Fruit Chain also performed well, but not in the direction of speculating on Apple phones, because demand for mobile phones is still weak. The main focus is the direction of end-side AI products. Apple, Meta, Byte, and OpenAI continue to promote AI glasses, MR headsets, and AI native devices, and subsequent new product launches and intensive supply chain order catalysts; AI glasses are the focus, and Conet Optics (02276) has an XR industry card advantage. The company is the exclusive lens supplier for Alibaba Qianwen AI glasses, supporting leading domestic and foreign brands such as Rokid and Meta; Goertek shares held 19.3% of the shares and became the second shareholder to jointly establish XR industry collaboration, up more than 7% today; the “first stock of edge AI chips”, Aixin Yuanzhi (00600), rose more than 5%; and Byte Xinqi was scheduled for December 2 to bet on the next generation of AI terminals. Many of them are GM, and several giants will benefit. Shunyu Optics (02382) and Ruisheng Technology (02018) both increased by more than 4%; Fuzhikang Group (02038)'s net profit for the third quarter increased by nearly 53% year-on-year, and net profit is expected to improve significantly throughout the year, rising nearly 5%.
Junda Co., Ltd. (02865), which was mentioned in the focus section yesterday, performed well. The company has formed a complete business layout for satellite energy, whole star manufacturing, and space computing power constellations to promote CPL+HJT/perovskite product research and development. In response to investors, the company said that the Turkish high-efficiency battery base, which it is participating in the construction of, has entered a stable mass production stage, and the Oman project is being evaluated in the light of market changes. There were a lot of concepts, and it surged more than 13%.
[Section Focus]
AI video has accelerated penetration, driving the continuous growth of the skit market. According to DataEye, the domestic short drama market is expected to exceed 121 billion yuan in 2026, an increase of 21% over the previous year; according to Dianzhong Technology's forecast, the market size is expected to reach 400 billion yuan in 2034, with a CAGR of about 16.1% in 2027-2034. Among them, the AI drama and comic market is expected to reach 40 billion yuan, accounting for about 33.1% of the overall market. As video models continue to be upgraded, production costs decline, and the supply of high-quality content increases, the AI drama and comic market is expected to reach 260 billion yuan in 2034, with a CAGR of about 24.2% in 2027-2034. AI video is expanding from skits to long-form dramas and movies, and the supply of content is expected to continue to expand.
It is expected that AI skits will become a phenomenal consumer product and have disrupted other categories. The main varieties are: Yuewen Group (00772), Duiba (01753), China's Confucius (00136); the advertising direction Huiliang Technology (01860); and Fubo Group (03738).
[Individual Stock Mining]
McFTSE (02556): AI smart orders were executed in batches, revenue doubled, and overseas business expansion contributed more
Recently, the DeepSeek Harness team officially unveiled its new Super-Agent architecture for autonomous agent exploration.
The company achieved total revenue of 1.96 billion yuan in the first half of the year, up 111.2% year on year; AI application business revenue of 1.13 billion yuan, up 123.7% year on year; net profit of 20 billion yuan, up 466.1% year on year; adjusted net profit of 213 million yuan, up 150.9% year on year.
Comment: The company's product matrix expanded horizontally, continued to improve diversified AI products, launched the Visdero original GEO full-dimensional monitoring and algorithm insight platform, MontoForce AI native CRM, and upgraded the foreign trade AI native CRM Max; in addition, the company expanded the product to R&D, smart training and other scenarios based on the original marketing/sales scenario, and launched the DevForce enterprise-level AI R&D management platform, EduAgent intelligent training platform, and the “one core and three domains” industry Economical AIOS; upgraded ClawForce enterprise-grade lobster. Maifushi's fund-raising continues to increase computing power infrastructure, and token voucher subsidies in some cities are expected to further shorten the payback period. Token-related revenue continues to increase as a share of AI application revenue. In the second half of the year, AI R&D agents began to be sold abroad and overseas business expansion are expected to contribute to the increase. Maifushi accelerated the implementation of foreign trade AI agents, and the explosive growth in profits showed impressive performance. The company's overseas trade revenue for the year 2025 was 759.34 million yuan, +134.4% year-on-year, far exceeding the domestic business growth rate. In the first half of 2026, overseas revenue was +89% year-on-year, and there were 982 overseas paying customers. The company's AI business exploded in 2026, with AI accounting for more than half. 2026Q1AI revenue was +110.5%, traditional marketing +0.9%, and revenue from precision marketing services was about 1,331 billion yuan, an increase of nearly 86% over the previous year, providing enterprises with more flexible online promotion solutions in advertising and marketing data analysis.
The company's core AI-AgentForce 3.0 platform + self-developed GEO large model - self-developed multi-model fusion framework, which can schedule large models such as Tforce+ Baidu/Ali, with optimal cost and controllable results. Thousands of reusable knowledge maps have been accumulated, and a total of 210,000 enterprises have been served. The company's core partners include Baidu and Alibaba Cloud General Large Model+Cloud Computing Power Platform. Mu Xi Co., Ltd. (domestic GPU) has jointly built a “domestic chip+smart device” all-in-one computer, suitable for Xinchuang, cost reduction+safety. Beijing Union Guoxin, OceanBase (Ant): Xinchuang server, database, autonomous and controllable. Globalization is accelerating, the company will focus on Southeast Asia, the Middle East and Europe in 2026, directly serving local enterprises, and increasing the share of overseas revenue. AI all-in-one machines, GEO intelligent assistants, and industry-vertical agents continuously iterate to build a “term factory” (priced based on output value). The self-sufficiency rate of computing power reached 60% +, making it one of the few leading AI applications in China that are self-sufficient in computing power. The Token factory model is mature, and payment is based on call volume/performance, and revenue certainty and gross profit are significantly improved. The number of the company's KA customers doubled, AI agent penetration increased, overseas travel accelerated, and pay-for-performance ratio increased (higher gross profit). Localized deployment of overseas (Southeast Asia/Middle East) computing power opens up a second growth curve. The company's AI smart orders have been placed in batches. The long-term framework orders for the consumer, automotive and financial industries are sufficient, the renewal rate is extremely high, and the share of AI orders has increased rapidly. The company's AI product matrix continues to expand, and downstream application scenarios continue to be rich. The company evolves from providing single-point marketing/sales tools to a full-scenario AI platform, which is expected to continue to drive the company's customer unit price and renewal rate growth. The company's AI application revenue doubled, and long-term growth opportunities brought about by the implementation of the Token economy model and overseas business expansion.