Overview of Key Events This Week
NVIDIA, the global AI leader, is set to release its highly anticipated earnings report.
On November 19 (Wednesday) after the US stock market closes, or around 05:10 Beijing time on November 20, NVIDIA will release its Q3 fiscal year 2025 earnings report, which is considered a pivotal moment for determining the future direction of AI stocks. Daniel O'Regan, Managing Director of Equity Trading at Mizuho Securities, stated bluntly: 'The largest and most important company in the world is releasing its earnings next week, and the success or failure of the entire AI trade hinges on this (though not 100%, the impact will be significant).'
Market attention will focus on two key areas: first, the supply and demand situation for AI chips, with reports indicating that CEO Jensen Huang is actively pushing Taiwan Semiconductor to increase production capacity; second, investors need to see clear signals that orders for AI chips remain strong to dispel market concerns.
Morgan Stanley analysts expect NVIDIA's upcoming Q3 earnings report to mark a breakthrough quarter, potentially shattering the market perception that its growth has peaked. According to a FactSet survey, analysts generally anticipate NVIDIA’s adjusted earnings per share for the quarter to be $1.25, with revenue reaching $54.8 billion, implying year-over-year profit and sales growth of 54% and 56%, respectively.
NVIDIA's stock price has retreated from its all-time high set on October 29, alongside other AI chip stocks, further underscoring the decisive significance of this earnings report for restoring market confidence.
Earnings releases from Chinese tech companies such as Xiaomi, PDD Holdings, and Kuaishou are set to follow one after another.
Following Tencent and JD.com, another wave of popular Chinese tech companies’ earnings reports is on the horizon. Xiaomi Group, PDD Holdings, Kuaishou, Baidu, NetEase, XPeng Motors, and Trip.Com are among the companies set to release their latest financial results.
$XIAOMI-W (01810.HK)$ The company is scheduled to release its earnings report at 11:00 PM Beijing Time on November 18. Analysts project that the company will achieve revenue of RMB 115.651 billion in Q3 2025, representing a year-on-year increase of 25.02%. The expected earnings per share (EPS) are RMB 0.345, marking a year-on-year surge of 64.48%. The primary driver behind this growth is the breakthrough performance of the smart electric vehicle business, complemented by the solid foundation of Internet of Things (IoT) and internet services. Even though the smartphone segment faces short-term fluctuations, the group's overall profitability remains resilient.
$PDD Holdings (PDD.US)$ PDD Holdings is set to release its earnings report before the market opens on November 18, Eastern Time. Analysts forecast that PDD Holdings will achieve revenue of RMB 108.734 billion in Q3 2025, reflecting a year-on-year increase of 9.44%. The expected earnings per share (EPS) are RMB 14.89, showing a year-on-year decrease of 11.95%. Investors may focus on the growth momentum of PDD's domestic Gross Merchandise Volume (GMV) and the outlook for monetization rates.
First Key Data Released After U.S. Government Reopens: September Non-Farm Payrolls Report to Be Published on November 20
Following the end of the 43-day government shutdown, the interruption in the release of key U.S. economic data may soon come to an end. The Bureau of Labor Statistics (BLS) of the U.S. Department of Labor announced that the September non-farm payrolls report will be released on November 20, as the data was deemed to have been finalized prior to the federal government shutdown.
Due to uncertainties regarding the timing and reliability of critical data, particularly employment figures, investor sentiment has turned cautious. This has led to lingering doubts about whether the Federal Reserve will cut interest rates in December. Several Fed officials have hinted that rates may remain unchanged next month, although some voices continue to support maintaining the current rate level.
The Federal Reserve Releases Minutes from Its Monetary Policy Meeting; Multiple Fed Officials to Make Public Statements
On November 20, the Federal Reserve will release the minutes of the October FOMC meeting, which are expected to reveal a more "hawkish" outlook on interest rate cuts. Currently, Boston Fed President Collins has stated outright that the threshold for further rate cuts is "high," while San Francisco Fed President Daly expressed an "open attitude" towards the December decision.
This wave of hawkish statements has caused market expectations for a December rate cut to fall below 50%. According to Timiraos of the "New Fed Wire," the December meeting may face two options: staying put or cutting rates while signaling the end of the cycle.
In addition, multiple Fed officials will speak: On Monday, permanent FOMC voter and New York Fed President Williams will deliver welcoming remarks at the 2025 Governance and Culture Reform Conference; on Tuesday, 2026 FOMC voter and Minneapolis Fed President Kashkari will host a fireside chat; on Thursday, permanent FOMC voter and New York Fed President Williams will give a speech; 2026 FOMC voter and Cleveland Fed President Hamak will deliver opening remarks at the 2025 Financial Stability Conference; on Friday, 2025 FOMC voter and Chicago Fed President Goolsbee will give a speech; 2026 FOMC voter and Philadelphia Fed President Paulson will speak on the economic outlook; permanent FOMC voter and New York Fed President Williams will give a speech.
The November LPR data will be released soon.
On November 20, the latest values for the 1-year and over 5-year LPR will be announced.
The LPR published on October 20 showed that the 1-year LPR was 3%, and the over 5-year LPR was 3.5%. Both figures remained consistent with previous levels.
Microsoft Ignite 2025 Technology Conference will take place from November 18 to 21.
Microsoft announced that the Ignite 2025 conference will be held from November 18 to 21 at the Chase Center in San Francisco, attracting over 17,000 IT professionals and corporate clients both online and offline. This year's event marks the first time the conference is being held without CEO Nadella's presence.
The event focuses on artificial intelligence, cloud computing, and platform architecture innovation, highlighting deep adjustments in Microsoft’s technological strategy. This move also reflects a shift in the company's management priorities, aiming to allow Nadella to focus more on advancing high-level technical missions.
Key earnings calendar for the new week
[Related Reading]NVIDIA, Xiaomi Group, and PDD Holdings release their "report cards"! A quick recap of the week's performance (Nov. 17 - Nov. 21).
Monday, November 17
Keywords: Federal Reserve Bank of New York; Zhongwei Advanced Materials; XPeng Motors; Geely Auto
On Monday, in terms of economic data, the New York Fed Manufacturing Index for November will be released at 21:30.
In terms of financial events, Williams, the permanent voting member of the FOMC and President of the Federal Reserve Bank of New York, will deliver a welcome speech at the 2025 Governance and Culture Reform Conference at 22:00 Beijing time.
Regarding earnings, $GEELY AUTO (00175.HK)$ will release its earnings at 12:00 PM. $XPENG-W (09868.HK)$ 、 $LEAPMOTOR (09863.HK)$ is set to release its earnings after the Hong Kong stock market closes, $Luckin Coffee (LKNCY.US)$ 、 $ZEEKR (ZK.US)$ is scheduled to release earnings before the US stock market opens.
In terms of new stocks,$CNGR (02579.HK)$will be listed on the Hong Kong Stock Exchange today.
Tuesday, November 18
Keywords: Trump; Kashkari; PDD Holdings; Xiaomi Group; Baidu; Futu
In terms of economic data, the US November NAHB Housing Market Index will be released at 23:00 Beijing time.
Regarding financial events, Saudi Crown Prince Mohammed will visit the White House and meet with US President Trump; Neel Kashkari, a 2026 FOMC voter and President of the Minneapolis Federal Reserve, will host a fireside chat at 02:00 Beijing time; the Reserve Bank of Australia will release the minutes of its November monetary policy meeting at 08:30 Beijing time.
Regarding earnings, $XIAOMI-W (01810.HK)$ Earnings reports will be released after the Hong Kong stock market closes today. $PDD Holdings (PDD.US)$ 、 $Baidu (BIDU.US)$ 、 $Futu Holdings Ltd (FUTU.US)$ Earnings will be released before the US stock market opens today.
Wednesday, November 19
Keywords: crude oil inventory; NVIDIA; Kuaishou; Kingsoft Cloud; Bullish
In terms of economic data, the US API crude oil inventory for the week ending November 14 will be announced at 4:30, and the US EIA crude oil inventory for the week ending November 14 will be released at 23:30.
Regarding earnings, $KUAISHOU-W (01024.HK)$ 、 $KINGSOFT CLOUD (03896.HK)$ will announce earnings after the Hong Kong market closes, $Bullish (BLSH.US)$ will announce earnings before the U.S. market opens, $NVIDIA (NVDA.US)$ will announce earnings after the U.S. market closes today.
In terms of new stock offerings, $CHUANGXIN IND (02788.HK)$ The subscription period has ended.
November 20, Thursday
Keywords: LPR; September Nonfarm Payrolls; Unemployment Benefits; Federal Reserve Meeting Minutes; NetEase; Walmart
In terms of economic data, the LPR will be announced at 9:00 AM Beijing time; U.S. nonfarm payroll data for September and the number of initial jobless claims in the U.S. for the week ending November 15 will be released today.
Regarding financial events, the minutes of the Federal Reserve meeting will be released at 2:00 AM Beijing time; Williams, the permanent voting member of the FOMC and president of the New York Fed, will speak at 3:00 AM Beijing time; Mester, a voting member of the 2026 FOMC and president of the Cleveland Fed, will deliver the opening remarks at the 2025 Financial Stability Conference at 9:45 PM Beijing time.
Regarding earnings, $NTES-S (09999.HK)$ Earnings reports will be released after the Hong Kong stock market closes today. $Walmart (WMT.US)$ Earnings reports will be released before the U.S. stock market opens today.
Friday, November 21
Keywords: U.S. PMI; University of Michigan Consumer Sentiment Index; Hang Seng Index quarterly review; Innovation Industries’ dark pool trading; Miniso
In terms of economic data, the preliminary reading of the S&P Global Manufacturing PMI for November in the U.S. and the preliminary reading of the S&P Global Services PMI for November in the U.S. will be released at 10:45 PM Beijing time. The preliminary reading of the one-year inflation expectation rate for November in the U.S. and the preliminary reading of the University of Michigan Consumer Sentiment Index for November will be announced at 11:00 PM Beijing time.
In terms of financial events, Hang Seng Indexes Company will announce the Q3 review results today; Goolsbee, 2025 FOMC voter and President of the Chicago Fed, will speak at 2:40 AM Beijing time; Harker, 2026 FOMC voter and President of the Philadelphia Fed, will deliver a speech on the economic outlook at 5:30 AM Beijing time; Williams, permanent FOMC voter and President of the New York Fed, will speak at 8:30 PM Beijing time; Logan, 2026 FOMC voter and President of the Dallas Fed, will participate in a panel session at the 'SNB and Its Watchers 2025' event at 10:00 PM Beijing time.
Regarding earnings, $MNSO (09896.HK)$ will release its earnings after the Hong Kong stock market closes.
In terms of new stock offerings, $CHUANGXIN IND (02788.HK)$ The grey market trading will commence today.
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In the new week, I wish fellow investors successful investments!
Editor/Lambor
