To The Moon

$摩尔线程(688795)$  Retail investors piled into the deal with 4,000× subscription, signalling massive appetite for domestic AI chip plays as China pushes to replace Nvidia hardware. The Beijing-based GPU start-up — founded in 2020 by former Nvidia China head James Zhang and staffed with ex-Nvidia/AMD veterans — has launched four generations of GPUs (Sudi, Chunxiao, Quyuan, Pinghu) despite being on the U.S. Entity List. Key numbers investors overlooked: 2024 revenue: RMB 438.5m (+200% 3-yr CAGR) 2024 net loss: RMB –1.5bn (heavy R&D + inventory) 1H25 revenue: RMB 701.8m 1H25 net loss: narrowed to RMB –271m IPO proceeds: RMB 8bn Valuation: RMB 53.7bn Backers include Tencent, ByteDance, Sequoia China, GGV and Shenzhen Capital Group — almost 90 sha

$赛富时(CRM)$   Salesforce just posted one of its strongest AI-driven quarters yet. 🔥 AI ARR jumped 114% YoY (Agentforce + Data 360) 🔥 Agentforce ARR surged 330% YoY, with over 3.2 trillion tokens processed 🔥 The company closed 9,500 Agentforce deals — up 50% QoQ Meanwhile, operating margin improved and cRPO growth outpaced expectations. Management now believes AI will be a multi-year growth engine, with FY30 revenue still tracking toward US$60B. But here’s the key question: Is Salesforce becoming the leading enterprise AI agent platform, or is the market already pricing in perfection? What’s your take on CRM right now?

$京东工业(07618)$  JD Industrials (7618.HK) — often called “China’s No.1 industrial supply chain platform” — is finally coming to market. Here are the key takeaways from the latest IPO review: 🔹 Huge Market Opportunity China’s industrial supply chain market is heading toward RMB 1.1 trillion by 2029, with low digital penetration. 🔹 Strong Platform Fundamentals Over 81 million SKUs, 11,000+ enterprise clients, and the largest share in China’s MRO/B2B industrial segment. 🔹 Solid Growth Trend 1H25 revenue +19%, improving gross margin (18.6%), and rising adjusted profit. 🔹 JD Ecosystem Advantage Integrated logistics + supply chain + fulfillment give JD Industrials a real moat. But there are risks: ⚠ Gross margin still lower vs global peers ⚠ Heavy reli

$阿里巴巴(BABA)$   $阿里巴巴-W(09988)$   Alibaba just posted one of its most contradictory quarters in years. ☁ Cloud revenue jumped 34.5% YoY — the strongest growth since the restructuring. 🔥 But adj. EBITA collapsed 78%, dragged down by heavy investment in quick commerce (QC). Here’s the twist: Management says cloud demand is so strong that supply can’t keep up, and QC losses have been cut by 50% per order since August. And Keeta Hong Kong? ➡ Turned profitable in just 29 months, beating its own 36-month target. So the big question: Is Alibaba entering a new “cloud + quick commerce” synergy cycle? Or will QC continue burning profits?

$美团-W(03690)$   $美团ADR(MPNGY)$   Meituan’s 3Q25 numbers were messy: revenue missed, and the adjusted loss ballooned to –RMB 16bn — one of the worst quarters since listing. But here’s the twist: Analysts believe food-delivery spending may have already peaked in 3Q25, with competition easing in Oct–Nov. If true, 4Q25 could be the start of margin stabilization. Meanwhile, Keeta Hong Kong turned profitable in just 29 months, much faster than expected — and Meituan is preparing to replicate this model in GCC markets. So the real question now: Is Meituan finally shifting from “burning cash” to “creating value”? Or is the competition (Douyin + Ele.me) still too strong for a real recovery?

$蔚来(NIO)$   $蔚来-SW(09866)$   $蔚来(NIO.SI)$   NIO’s 3Q25 results came in stronger on margins, but the bigger picture remains challenging. Gross margin beat expectations, yet net loss was still RMB 3.66bn. Management also cut 4Q guidance and is less confident about breakeven this year. Competition in China’s EV SUV market is intensifying, and NIO may need price cuts when its new L-series arrives. Key question now: Can NIO protect margins and recover volume in early 2026?

🇸🇬 【Market Question 】 Rents in Singapore seem to be firming up again over the past few weeks — especially around the CBD fringe, Buona Vista, and the East side. Even co-living and serviced apartments I’ve been tracking are back to above 90% occupancy, which is pretty telling. It got me thinking: If residential rents continue rising into next year, which segment do you think benefits the most? 1️⃣ Co-living operators (Coliwoo, Hmlet, Weave) 2️⃣ Student accommodation (Centurion, Far East Orchard) 3️⃣ Worker dorms (Centurion REIT) 4️⃣ Hospitality / Serviced apartment REITs I have a view, but I’m curious to hear what the community thinks first. — SG Visual Research

One Chart to Understand the New Listing: $Coliwoo Hldgs(W8W.SI)$ 

One Chart to Understand:  ASL Marine Holdings Ltd $洪新刘海运控股有限公司(A04.SI)$ 

$胜捷企业有限公司(OU8.SI)$