In addition to support for the economy, the government is also focusing on capital markets. This week, a CNY 500bn swap facility was announced, giving brokers, funds, and insurance companies liquidity to buy stocks. With two more rounds of CNY 500bn mentioned as possible. A CNY 300bn special refinancing facility, with a 2.25% lending rate, will be introduced for share buybacks, and a stock market stabilization fund is also under consideration. $Alibaba(09988)$   $PDD Holdings Inc(PDD)$   $XPeng Inc.(XPEV)$   $BIDU-SW(09888)$   $TENCENT(00700

Adobe announced on Wednesday the launch of a new AI assistant designed to help users perform various tasks within its suite of photo, video, and digital content editing software. This assistant will also integrate with Anthropic's Claude AI model. Core functionality centers on automating workflows across applications. Named the Firefly AI Assistant, it is built on an "agentic AI

With forward p/e : 12 And a remarkable ROE > 40% Accumulate  !

Our fair value estimate for Adobe is $560 per share, which implies a fiscal 2025 enterprise value/sales multiple of 10 times and an adjusted price/earnings multiple of 24 times. Our outlook for fiscal 2025 and 2026 is largely in line with consensus, which suggests our estimates are not outliers. the current FCF stands at $9.50 Billion. Analysts project that Adobe's annual Free Cash Flow will grow steadily, reaching around $13.3 Billion by 2029 Using these cash flow projections and discounting them to their present value, the DCF model calculates Adobe's intrinsic value at $578.84 per share $Adobe(ADBE)$   $Oracle(ORCL)$