Source: Brokerage China Author: Qu Hongyan Recently, China Yangtze Power hit a historical high and once again showed the slow bull stock trend of "tripling in ten years". The slow bull market has left behind many passers-by and brought good returns to the steadfast investors. It is "rare for those who triple in one year to be like carp jumping over the dragon gate, while those who double in three years are few and far between." On the other end of the investment world, however, violent collapses are also deafening, with many financial products suspected of "Ponzi schemes" ceasing payments, leaving investors with no hope of recovering their investments. Both positive and negative cases illustrate the importance of forming a suitable mentality towards money in one's lifetime; otherwise, sooner or later, you will divorce yourself from your money. "I call this the money mind, a person's IQ can reach 120, 140, or even higher levels, and perhaps some people's minds are good at doing one thing, while others are good at doing another. They can do things that most ordinary people can't do. But I know some very smart people who make very foolish decisions because they lack the money mind." Buffett once said so. The so-called money mind refers to believing in common sense, believing in compound interest, being cautious and rational, thinking independently, prioritizing security over return, not dealing with people with questionable character, not easily guaranteeing for others, not believing in windfall profits, and not trying to cross legal norms for extra benefits. In today's world of ubiquitous information, everyone's wealth may become the "prey" of those with ulterior motives. Only with the money mind, can one form good behavior habits and shield oneself from separating from one's wealth. Do not entrust your wealth easily. Wealth is easy to lose but hard to accumulate, and trust is a vital reason leading to the rapid loss of wealth. "Do not allow anyone else to manage your business unless you can watch their every move closely and understand their behavior; or you have strong reasons to believe in their character and ability. For investors, this criterion determines when you can let someone else make investment decisions for you." Graham's criterion written eighty years ago is so clear. Almost all the investors who lost their wealth in the financial products have violated the above two criteria. They did not have the ability to closely supervise the whereabouts of their funds, nor did they have sufficient reasons to believe in the character of the product issuers. They easily invested their own wealth solely based on others' glib tongue and a piece of commitment paper. They did not act as gatekeepers of their own wealth and ended up with nothing left even if the government punished the wrongdoers. "An ounce of prevention is worth a pound of cure." This is a phrase Munger often says. Destiny must be in one's own hands, and investors with a suitable money mind will try their best to find suspicious points in their investments to protect the safety of their principal. For example, whether the manager is trustworthy, whether the underlying assets are profitable, whether oneself can timely monitor the risks in the investment process, and whether the sales staff is obtaining large commissions. As long as any unreliable signs are found, these investors firmly will not invest their money. Do not desire to get rich quick. As in the capital market and anywhere else, making money is not easy, and desiring to get rich quick will lead to quick loss of wealth. In the capital market, the desire to get rich quickly often leads to investors over-allocating specific stocks, industries, or assets at the worst time. For example, buying high-risk stocks that can gain huge returns once an adventure succeeds, but the chance of success is very small, also known as "whispering stocks" by legendary fund manager Peter Lynch. "They often tell investors a story with explosive effects. These 'whispering stocks' have a hypnotic effect on people, and it is easy for you to believe that the story the company tells has an emotional appeal that can easily confuse you." This is like hearing a very tempting "sizzling" sound, making you salivate, but you did not notice that there is no steak on the grill. In the eyes of investors who lack the money mind, stable yield provided by blue chips such as China Yangtze Power cannot meet their demands. However, historical experience clearly shows that buying stocks lacking in safety solely based on imagined high yields is unwise. The long-term average investment return of general stocks is 9%-10%, which is also the average investment return of stock indexes in history, a benchmark to measure one's investment performance and the benchmark to measure fund investment performance.

Author: Zhou Le.

After Trump won the US presidential election, US technology stocks surged across the board, among which $NVIDIA (NVDA.US)$the stock price skyrocketed. As of the latest close, its total market cap has exceeded 3.6 trillion US dollars, reaching 3.62 trillion US dollars (about 26 trillion RMB), once again refreshing the historical record of the US stock market, becoming the first company in history with a total market value exceeding 3.6 trillion US dollars.

The current focus of Wall Street is on Nvidia's earnings report to be released on November 20. According to the latest data from LSEG, analysts on average expect Nvidia to deliver an impressive report: quarterly revenue may increase by over 80% to reach 32.9 billion US dollars.

In addition, Wall Street analysts believe that Trump's victory in the US presidential election may signify a victory for the entire Silicon Valley tech circle. The US technology industry is expected to see a more relaxed policy environment and more government support. The Trump administration's regulation of large tech companies may also become more lenient. Due to this expectation, the Nasdaq index has accumulated a weekly increase of 5.74%, continuously breaking historical records.

Witnessing history

史上市值最高的公司诞生。

在特朗普赢得美国大选后，美股连续大涨，其中英伟达股价狂飙，截至最新收盘，其总市值已经突破3.6 trillion美元，达到3.62 trillion美元（约合人民币26 trillion元），再次刷新美股历史，成为史上第一家总市值超过3.6 trillion美元的公司，也坐稳了全球市值最大公司的宝座。

在特朗普赢得大选后，美股投资者普遍预计其将实施减税和放松监管等政策，将给美股科技企业带来利好。在这一背景下，美东时间三和周四，英伟达股价分别上涨4.07%、2.25%，持续刷新纪录新高，年内累计涨幅扩大至198%。

数据显示，英伟达最新市值为3.62 trillion美元，超过了苹果公司在今年10月21日创下的3.57 trillion美元的收盘市值纪录。对比之下，截至最新收盘， $Apple (AAPL.US)$ 总市值为3.43 trillion美元，位列第二位；微软(MSFT.US)总市值为3.14 trillion美元，位列第三位。

与此同时，英伟达的总市值已经超过$Eli Lilly and Co (LLY.US)$、$Walmart (WMT.US)$JPMorgan Chase,$Visa (V.US)$、$UnitedHealth (UNH.US)$Group and$Netflix (NFLX.US)$The total market cap of these six well-known giants.

In the global ai wave, nvidia emerges as the biggest winner in the usa stock market. Nvidia's largest clients include $Microsoft (MSFT.US)$Please use your Futubull account to access the feature.$Alphabet-A (GOOGL.US)$ 、$Amazon (AMZN.US)$and $Meta Platforms (META.US)$ All of them have committed to increasing capital expenditures in the coming year. The data shows that the four companies collectively invested a total of $59 billion in datacenter equipment and other fixed assets in the third quarter, setting a single-quarter record.

For investors in Nvidia, the next key moment is November 20th - when Nvidia will announce its financial results. According to the latest data from LSEG, analysts on average expect Nvidia to deliver an impressive report: estimated quarterly revenue growth will exceed 80%, reaching $32.9 billion.

Wall Street analysts overwhelmingly bullish on Nvidia, with 67 out of 75 analysts rating the stock as 'buy'. The data shows that analysts continue to raise their performance expectations for Nvidia, with profit forecasts for the next year being raised by about 10% in the past three months.

William Blair analysts Sebastien Naji and Jason Ader recently wrote in a report, 'Our confidence in Nvidia maintaining its leadership position in the artificial intelligence infrastructure market continues to grow.' They stated that artificial intelligence seems to be 'moving at full speed.'

The tech stock frenzy.

Current Wall Street analysts believe that Trump winning the US presidential election could signify a victory for the entire Silicon Valley tech circle, with the US technology industry expected to see a more relaxed policy environment and increased government support.

Spurred by this expectation, the US technology sector continued to soar, with the Nasdaq index rising by a cumulative 5.74% this week, continuously setting new all-time highs.

Analyst Dan Ives believes that with Trump coming to power, the field of artificial intelligence will further accelerate. It is expected that the United States will launch major artificial intelligence initiatives, which will benefit Microsoft, Amazon, Google, and other technology companies.

Jefferies' analysts pointed out in the report that the new government may focus on easing testing and evaluation requirements, but some form of artificial intelligence regulations may still exist.

In addition, the market also anticipates that the Trump administration may have a more lenient approach to regulating large technology companies.

New York Times columnist Kevin Roose analyzed that with Trump re-elected as President of the United States, the momentum of AI development in the USA will continue and potentially accelerate, reducing the anti-monopoly pressure on tech giants.

Some tech elites who support Trump, such as a16z co-founder and venture capitalist Marc Andreessen, oppose any AI regulations that could slow down industry growth.

Roose pointed out that Musk's AI company xAI under Musk's umbrella may benefit from more relaxed regulation.

Foley & Lardner partner Louis Lehot expects that the easing of antitrust crackdowns will bring large tech buyers back to the negotiating table. Analysts speculate that Trump may instruct the Justice Department to terminate the antitrust lawsuit brought earlier this year against Apple.

Analysts suggest that considering Trump's active support for the development of artificial intelligence and his lenient regulatory attitude, there may be some support for the U.S. tech stock market; the medium and long-term market situation will depend on the Fed's interest rate cuts and the performance of technology industry leaders, among other factors.

Goldman Sachs believes that the regulatory attitude of the FTC and the antitrust division of the Department of Justice (DoJ) in the United States may be more relaxed under the leadership of the new government, and the confidence of CEOs will be a key variable influencing executives' inclination towards M&A activities. The continued economic expansion, combined with improved CEO confidence, indicates that M&A activities will increase next year.

The cash acquisition model indicates that after a 15% decline this year, M&A activity will rebound by 20% in 2025. Goldman Sachs stated that a stable economy, earnings per share growth, a relatively loose financial environment, and manageable stock market volatility should support M&A activity.

Editor/Rocky