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Key Points Summary ① Gross margin exceeding expectations is the biggest surprise this period: Q4 gross margin was 16.4%, beating the market consensus of 14.8% by 1.6 percentage points and Goldman Sachs’ forecast by 1.5 points—this is the largest gross margin expectation gap in Lenovo’s

``` In November 2022, ChatGPT launched and its servers were overwhelmed on the first day. Before this, no technology company had ever acquired 100 million users at such an astonishing speed. From that moment, the “AI revolution” went from being an industry term to a reality that ordinary people could feel.

Chile’s state-owned copper company Codelco has admitted to errors in production data, causing its actual copper output for 2025 to drop to the lowest level since 1998, further undermining the recovery narrative of one of the world’s largest copper miners. According to a Bloomberg report on Friday, an

Bond yields are soaring—can U.S. stocks still hold up? According to ChaseWind Trading Desk, on May 20th, JPMorgan's global market strategy team released a report pointing out that rising bond yields are becoming an issue for the stock market. The upper limit of interest rates that

``` Indonesian President Prabowo announced national control over commodity exports, causing dramatic market turmoil. The spot price of Indonesian palm oil has dropped by more than 30% in two trading days. On May 20, Prabowo announced in parliament that the government would establish a state-owned enterprise as the sole exporter of

``` The triple pressures of debt, inflation, and populism are reshaping the interest rate landscape of the U.S. and global bond markets, and this storm may have been long overdue. The yield on the U.S. 30-year Treasury hit a 19-year high of 5.18% this week, while the 10-year

The South Korean stock market has been a global leader in performance this year, yet foreign investors are withdrawing at a record pace. On May 21, data disclosed by The Kobeissi Letter showed that foreign investors have net sold about $22 billion worth of South Korean stocks in May so