Daily focus：RoboSense Technology (2498)

RoboSense Technology announced its Q3 2025 results, with total revenue dipping slightly year-on-year to RMB 407 million. While ADAS LiDAR shipments grew 14.2% YoY to approximately 150,100 units and robotics LiDAR shipments surged nearly fourfold, the average selling price (ASP) declined significantly due to a higher contribution from the lower-priced MX series. This price decline effectively offset the positive revenue contribution from the strong volume growth. Looking ahead, management reiterated their target to achieve profitability in Q4 2025. With new products entering mass delivery, monthly shipments exceeded 120,000 units in October and are expected to continue growing through the end of the year.

Expectations of a Federal Reserve interest rate cut fueled a four-day winning streak for US stocks.

U.S. stock market continued their upward trend yesterday, primarily driven by rising expectations of a Federal Reserve interest rate cut. The S&P 500 rose 0.7% to close at 6,812, extending its four-day winning streak, with technology stocks leading the market. Federal Reserve officials, such as New York Fed President Williams, expressed support for a December rate cut, and the market priced in a high probability of such a cut. This move stemmed from a sharp drop in the consumer confidence index to its lowest level since April, reaching 88.7 points, exacerbating employment concerns, and while retail sales remained stable, the economic outlook remained bleak. Although the government shutdown crisis has subsided, investors are worried about the sustainability of high-valuation AI spending, but the expectation of a rate cut boosted risk appetite, driving the Dow and Nasdaq higher. This development has positive implications, expected to stimulate economic recovery and ease inflationary pressures. However, if data remains weak, it could exacerbate the risk of recession. Investors should pay attention to post-Thanksgiving data such as new home sales and the Fed's Beige Book to assess the policy path.

Hong Kong Stock Connect saw a net outflow of HK$3.95bn on Wednesday, with Alibaba (9988) experiencing the largest net inflow at HK$1.53bn, followed by Yangtze Optical Fibre and Cable (6869). On the other hand, the Tracker Fund of Hong Kong (2800) recorded the largest net outflow at HK$2.26bn, followed by Tencent Holdings (0700).