GMT EIGHT - OPPORTUNITIES IN CHINA

TIANLI INT HLDG (01773): As of the beginning of the fall 2026 semester, the number of new students enrolled at self-operated schools was 28,188, representing a year-on-year increase of 4.6%.

TIANLI INT HLDG (01773) announced that as of the beginning of the fall 2026 semester, the number of new students enrolled at the Group's self-operated schools was 28,188, an increase of 1,227 students, or 4.6%, compared with the beginning of the fall 2025 semester. The positive growth in new student enrollment, a leading indicator of the scale of enrolled students, lays the foundation for the recovery of the scale of enrolled students at self-operated schools in the next academic year.

TIANLI INT HLDG (01773) expects annual revenue of approximately RMB 3.8 billion, representing a year-on-year increase of approximately 5.9%.

TIANLI INT HLDG (01773) announces that the Group expects to record for the year ending August 31, 2026: revenue of approximately RMB 3.8 billion, representing an increase of approximately 5.9% from revenue of approximately RMB 3.589 billion for the year ended August 31, 2025; profit of approximately RMB 580 million to RMB 600 million, representing a decrease of approximately 7.4% to 10.5% from profit of approximately RMB 648 million for the year ended August 31, 2025; and adjusted profit of approximately RMB 520 million to RMB 540 million, representing a decrease of approximately 12.3% to 15.6% from adjusted profit of approximately RMB 616 million for the year ended August 31, 2025.

Two Years Late AI: Apple Inc. (AAPL.US) Apple Intelligence Rumored to Enter the Chinese Market in December, First Batch of Features "Shrunk," Prospects Uncertain

Apple (AAPL.US) plans to officially launch its artificial intelligence platform, Apple Intelligence, in mainland China in December of this year alongside the iOS 27.3 system update, marking the service's long-awaited entry into one of Apple's most important markets after a lengthy regulatory approval delay.

LEADER EDU (01449) responds to highly concentrated shareholding, stating that the company has complied with the public float requirement.

Leader Edu (01449) has issued an announcement stating that the Company has noted an announcement published by the Securities and Futures Commission (SFC) on 14 October 2026 (the SFC Announcement).

Federal Reserve Beige Book: U.S. economy expands moderately but inflationary pressures intensify; AI boosts productivity while dampening hiring demand at some firms.

The latest Beige Book on economic conditions released by the Federal Reserve on Wednesday shows that U.S. economic activity generally continued to grow, but performance varied across regions, consumer spending was broadly weak, and the job market changed little.

Overnight US stocks | September inflation remains stubbornly high, the three major indices fall, Coreweave (CRWV.US) drops over 15%.

At the close, the Dow Jones Industrial Average fell 47.96 points, or 0.09%, to 51,622.14; the S&P 500 dropped 85.95 points, or 1.10%, to 7,719.50; and the Nasdaq Composite declined 511.51 points, or 1.88%, to 26,692.87.

U.S. Inflation Pressures Are Rising Across the Board; Chicago Fed President Warns: AI Investment Boom May Cause the Economy to Overheat

Chicago Fed President Goolsbee said on Wednesday that the U.S. September Consumer Price Index report shows inflationary pressures are spreading broadly, a trend that is concerning.

The period of calm in US stocks has come to an end! The S&P 500 ends its record streak of 53 consecutive trading days without a drop of more than 1%, as the AI stock selloff intensifies market concerns.

The S&P 500 fell 1.1%, ending a record streak of 53 consecutive trading days without a drop of 1% or more, the longest period of calm since January 2020.

Barclays: News of a Tesla-SpaceX merger could be announced before the annual shareholder meeting.

Barclays analysts said market participants now widely expect Tesla to merge with SpaceX, and the news could be announced before Tesla's annual shareholder meeting. Analysts including Dan Levy expect the 2026 annual shareholder meeting to be held no later than December 6. Levy added that the rationale for the merger would be to achieve vertical integration and to accelerate AI development opportunities across Elon Musk's two companies. "While the announcement of a Tesla/SpaceX merger could be delayed until late October, or even possibly early November, we believe it may become increasingly difficult to get the merger approved at the annual shareholder meeting by then."

Fed's Daly: Further rate hikes are likely still needed, but the timing is still being weighed.

In overnight US trading, US Treasuries rebounded sharply, reversing the selloff triggered by the latest higher-than-expected inflation data, with yields on most maturities turning lower. This highlights the market's tug-of-war between two scenarios: on one hand, accelerating consumer price data, and on the other, Fed officials signaling they are in no rush to raise rates further. Official US data showed that the US September CPI rose 3.7% year-on-year, exceeding market expectations of 3.6%. After the data release, the 2-year Treasury yield climbed to its highest level in more than two weeks, before falling back from intraday highs along with longer-dated yields. Traders' bets on a Fed rate hike in October rose from 22% before the data to about 40%, and as of press time, the probability had fallen back to 33%. TD Securities US rates strategist Brooks said the changes in rate-hike odds and bond yields are likely closely related to recent dovish comments from several officials, including New York Fed President Williams and Fed Vice Chair Jefferson. Brooks said that for now, a 50/50 probability of an October hike seems quite reasonable, because the data may be signaling one thing while the Fed is signaling another.

Apple joins Nvidia to become the second publicly listed company to surpass a $5 trillion market capitalization.

Apple closed with a market capitalization of $5 trillion for the first time, a latest milestone that reflects market optimism about its new product lineup, especially the foldable iPhone. Apple shares rose 0.5% that day to close at $342.96, with its closing market value just crossing the $5 trillion mark. This is the first time Apple has ended the day with a market capitalization firmly above $5 trillion; in July, it briefly broke through that threshold during intraday trading before falling back. Since its August low, Apple shares have gained more than 13% cumulatively. Apple is the second company globally, after Nvidia, to reach this market capitalization milestone.

Summary of key points from the Federal Reserve Beige Book: U.S. economy shows slight recovery, tariffs push up price pressures.

1. Economy: Eight districts experienced slight to moderate economic growth, with consumption polarizedhigh-income groups spending strongly while low- and middle-income groups cut back on non-essential spending; manufacturing diverged, and real estate weakened. 2. Employment: Total employment remained largely unchanged, with hiring mostly to fill vacancies, skilled labor shortages, and wage growth returning to normal; AI has not yet had a notable impact on employment. 3. Prices: Prices rose moderately in most regions, tariffs brought widespread cost pressures, some businesses began passing costs on to customers, and prices are expected to remain elevated. 4. Expectations: Market outlook is mildly optimistic, but businesses are concerned about insufficient demand and the inflationary impact of tariffs.

US mortgage rates may remain elevated until 2027! Fannie Mae sharply raises forecast, projecting the 30-year mortgage rate to reach 7.5% next year.

The pressure of high interest rates on the US real estate market may persist for a longer period.

US Stock Market Move | Downgraded by Barclays, Dell Technologies, Inc. Class C Technology (DELL.US) plunged more than 10%.

On Wednesday, Dell Technologies (DELL.US) plunged more than 10% intraday, after having risen as much as 360% year-to-date. It is now trading at $512.27.

US Stock Market Move | Reaches settlement agreement with UnitedHealthcare; Liquidia (LQDA.US) surges over 25% in early trading.

On Wednesday, Liquidia (LQDA.US) surged over 25% in early trading, now at $33.72.

A-share Evening Hotspots | US CPI Exceeds Expectations! Rate Hike Bets Increase, US Stocks and Treasuries Both Fall, Gold and Silver Plunge

The U.S. Bureau of Labor Statistics reported on Wednesday that the September Consumer Price Index (CPI) rose 3.7% year-over-year, higher than the market expectation of 3.6% and further widening from the previous reading of 3.4%.

DEEPZERO (02723) has been positioned in the "Leaders" category in the IDC MarketScape report on global agentic marketing platforms.

DEEPZERO (02723) has announced that International Data Corporation (IDC), an authoritative international research institution, has released the report "IDC MarketScape: Worldwide B2C Enterprise Agentic Marketing 2026 Vendor Assessment" (the Report). The Company has been positioned in the "Leaders" category, and is the only Chinese vendor to be included in this category.

US Stock Market Move | Berkshire Adds $330 Million Investment; Bending Spoons (BSP.US) Surges Over 37% in Early Trading

On Wednesday, Bending Spoons (BSP.US) surged over 37% in early trading, approaching its post-IPO high, now at $52.14.

US Stock Market Move | AI infrastructure company stocks decline, CoreWeave (CRWV.US) drops over 14%.

On Wednesday, shares of artificial intelligence infrastructure companies declined.

China's semiconductor equipment component localization process accelerates. Bernstein: Supply bottlenecks are expected to ease within one to two quarters, bullish on leading players such as NAURA Technology Group (002371) and Advanced Micro-Fabrication Equipment Inc. China (688012).

Bernstein pointed out in its latest research report that with the rapid expansion of China's semiconductor equipment industry, the supply of key components from Japanese and European suppliers is becoming increasingly tight, and domestic wafer fabrication equipment manufacturers are accelerating the adoption of domestic substitute products.

US Stock Market Move | Betting on a New Smart Home Entry Point, Apple Inc. (AAPL.US) Rises Nearly 2%, Year-to-Date Gain Expands to 27%

On Wednesday, Apple (AAPL.US) rose nearly 2% against the trend in early trading, extending its year-to-date gain to 27%, now at $345.36.

BLACK SESAME (02533) subsidiary signs approximately RMB 300 million AI computing server sales contract with an A-share listed company

Black Sesame Technologies (02533) announced that recently, its wholly-owned subsidiary Black Sesame Intelligent Technology Co., Ltd. signed a sales and technology development contract with an A-share listed company (an industry partner). The total amount of the sales contract is approximately RMB 300 million. Of this, within one year from the signing of the contract, the expected procurement of complete AI computing server products centered on the group's high-performance AI chips is approximately RMB 250 million.

E. BON HOLDINGS (00599) plans to spend HK$26 million to acquire an office property in Hong Kong.

E. BON HOLDINGS (00599) announced that on October 14, 2026, its wholly-owned subsidiary New Ling Limited intends to acquire from Zone One (CS) Limited Rooms A and B on the 20th floor of First Commercial Building, 3335 Leighton Road, Hong Kong, for a consideration of HK$26 million.

US Stock Market Move | Q3 revenue misses expectations and faces regulatory penalties; Bank of America Corp (BAC.US) opens down nearly 8%.

On Wednesday, Bank of America Corp (BAC.US) opened down nearly 8%, hitting its lowest point since May;

US Stock Market Move | CPI Exceeds Expectations, Intensifying Rate Hike Bets; Nasdaq Falls 0.6%, Most Star Tech Stocks Weaken

On Wednesday, the three major U.S. stock indices opened lower collectively, with the Nasdaq falling 0.6% as most star tech stocks weakened.

U.S. September CPI heating up raises rate hike expectations; high interest rates continue to test the U.S. stock market rally.

U.S. CPI rose more than expected, marking the largest increase since April, intensifying expectations of a Federal Reserve rate hike.

FDA Weighs Major Reform of Rare Disease Drug Approval! Greater Patient Voice, Clearer Regulatory Path for Drugmakers

The U.S. Food and Drug Administration (FDA) is launching a top-down comprehensive review to reassess how it operates in rare disease drug development and approval.

Fibocom Wireless Inc. (00638) contributed RMB 50 million to participate in the Shenzhen Qianhai Kunpeng Artificial Intelligence Terminal and Application Industry Private Equity Investment Fund Partnership (Limited Partnership).

Fibocom Wireless Inc. (00638) announced that, to meet the needs of its overall strategic development, its wholly-owned subsidiary Shenzhen Fibocom Investment Development Co., Ltd., together with Kunpeng Zhanyi, Qianhai Shuke, Kunpeng Equity Investment, Qianhai Industrial Development Group, and Qianhai Technology Innovation Group, jointly invested to establish the Shenzhen Qianhai Kunpeng Artificial Intelligence Terminal and Application Industry Private Equity Investment Fund Partnership (Limited Partnership), and recently signed the "Shenzhen Qianhai Kunpeng Artificial Intelligence Terminal and Application Industry Private Equity Investment Fund Partnership (Limited Partnership) Partnership Agreement." The fund size is RMB 900 million. Fibocom Investment, as a limited partner, has subscribed to contribute RMB 50 million, accounting for 5.56%.

SUNFONDA GP (01771) intends to sell its entire equity interest in Wuxi Xinfengtai Automobile Co., Ltd. for RMB 20.30 million.

SUNFONDA GP (01771) announced that on October 14, 2026, the sellers, Sunfonda Automobile and Sunfonda Technology Development (both indirect wholly-owned subsidiaries of the Company), intend to sell the entire equity interest in Wuxi Xinfengtai Automobile Co., Ltd. to Shen Xuelong and Sun Qian for a total consideration of RMB 20.30 million. In addition, the buyers have agreed to provide a loan to the target company to repay a loan of RMB 14.94 million owed by the target company to Sunfonda Technology Development. As at the date of this announcement, the target company owns the target property located at Xingchuang 4th Road, Wuxi City, Jiangsu Province.

FDB HOLDINGS (01826) subsidiary enters into EPC agreement in Kazakhstan, with a total amount of approximately US$11.8 million.

FDB HOLDINGS (01826) announces that on 13 October 2026, Dalan Stroy Service LLP (Dalan), an indirect wholly-owned subsidiary of the Company incorporated under the laws of Kazakhstan, as the main contractor, entered into an engineering, procurement and construction agreement (EPC Agreement) with HuaLin Energy Ltd. (whose ultimate beneficial owner is an independent third party) as the employer (Employer). The EPC Agreement relates to the construction of a 4.5 MW natural gas power generation facility in Atyrau, Kazakhstan (EPC Project). The Group expects to leverage its existing EPC capabilities and experience to deliver its first EPC project in Kazakhstan.

Fundamental investors retreat, yet quant funds keep chasing the rally! US stocks see widest 'human vs. machine' divergence since 2020, market fears sharp reversal.

Fund managers focused on economic growth and corporate profitability are growing increasingly skeptical about the sustainability of this U.S. stock rally. But at the same time, benefiting from the continued rise in benchmark indices and declining volatility, quant funds continue to buy stocks.

Hong Kong Property: 518 second-hand residential registrations above HK$10 million in Hong Kong in September, up 14% month-on-month, outperforming the broader market.

Among them, 518 registrations were recorded for second-hand residential properties worth over HK$10 million, an increase of about 13.8% from 455 in August, outperforming the broader market month-on-month.

KINGFARPROPERTY (01354) will distribute an interim dividend of RMB0.2 per share on December 18.

KINGFARPROPERTY (01354) has announced that it will distribute an interim dividend of RMB0.2 per share on December 18, 2026.

EXTRAWELL PHAR (00858) proposes to implement a share consolidation, capital reduction, and share subdivision.

Extrawell Pharma (00858) announced that the board of directors proposes to implement the proposed transactions (i.e., share consolidation, capital reduction, and share subdivision).

ECB Governing Council member Simkus: Inflation pressures point to further tightening, a rate hike cannot be ruled out at the October meeting.

ECB Governing Council member and Bank of Lithuania Governor Gediminas Simkus said the European Central Bank may have to raise interest rates again as data indicate persistent accumulation of price pressures.

CCB (Asia) Partners with Ant International to Execute Hundreds of Millions of RMB Cross-Border Transfer, Achieving Second-Level Clearing for Shanghai-Hong Kong Fund Transfers

Recently, CCB (Asia), together with China Construction Bank Shanghai Branch and Ant International, successfully completed a two-way digital RMB fund transfer amounting to hundreds of millions of yuan.

Centaline: In the third quarter, the number of first-hand private residential property transactions in Hong Kong was 3,193, with a total value of HK$49.15 billion.

In the third quarter of 2026, 3,193 first-hand private residential sale and purchase agreements were recorded in Hong Kong, with a total value of HK$49.15 billion, down 54.1% and 42.8% quarter-on-quarter respectively from 6,953 cases and HK$85.948 billion in the second quarter.

CNBM (03323) issues profit warning, expects loss attributable to shareholders of approximately RMB 760 million for the first three quarters, turning from profit to loss year-on-year.

China National Building Material (03323) has issued an announcement stating that the Group is expected to record an unaudited loss attributable to equity holders of approximately RMB 760 million for the nine months ended 30 September 2026, compared with a profit attributable to equity holders of approximately RMB 2.96 billion for the nine months ended 30 September 2025.

U.S. September inflation rebounds! Core CPI year-over-year rise hits a new high since June, expectations of a Fed rate hike heat up.

This latest inflation data marks the first rebound in the U.S. inflation rate since May, prompting the market to increase its bets on a Fed rate hike in October.

Bowman Signals Dovish Stance: Fed Need Not Rush to Hike Rates, First Observe Policy Impact

Federal Reserve Vice Chair for Supervision Bowman said on Wednesday that she does not currently believe the Fed needs to rush to make further adjustments to interest rates, and that policymakers need time to assess the impact of previous rate actions.

The Hong Kong Monetary Authority provided HK$40 million in loans to banks through the discount window.

On October 14, the Hong Kong Monetary Authority provided HK$40 million in loans to banks through the discount window.

BE FRIENDS HLDG (01450) completed a cumulative GMV of approximately RMB 9.06 billion in the first three quarters, a year-on-year decrease of approximately 5.0%.

BE FRIENDS HLDG (01450) announced that in the third quarter of 2026, the Group completed a total gross merchandise value (GMV) of approximately RMB 2.53 billion, a decrease of approximately 0.7% compared with the third quarter of 2025; in the first three quarters of 2026, the cumulative GMV completed was approximately RMB 9.06 billion, a decrease of approximately 5.0% compared with the first three quarters of 2025.

GON TECHNOLOGY (02768) Issues Profit Alert, Expects Net Profit Attributable to Parent of Approximately RMB 950 Million to RMB 1.1 Billion for the First Nine Months, Up 54.45%-78.84% Year-on-Year

GON TECHNOLOGY (02768) announced that the Group expects to record a net profit attributable to shareholders of the listed company of approximately RMB 950 million to RMB 1.1 billion for the first nine months of 2026, representing a year-on-year increase of 54.45%-78.84%; and a net profit after deducting non-recurring gains and losses of approximately RMB 920 million to RMB 1.07 billion, representing a year-on-year increase of 54.14%-79.27%.

A-share Announcement Highlights | Net profit forecast to rise by up to 1500%; multiple A-share companies report positive earnings

FSPG Hi-Tech announced that it expects net profit attributable to shareholders for the first three quarters of 2026 to be RMB 1.2 billion1.4 billion, an increase of 1,329.95%1,568.28% compared with the same period last year before restructuring, and an increase of 367.70%445.65% after restructuring.

Cssc Offshore & Marine Engineering (00317) issues a profit alert, expecting net profit attributable to parent for the first three quarters of 1.1 billion yuan to 1.25 billion yuan, a year-on-year increase of 67.91% to 90.80%.

Cssc Offshore & Marine Engineering (00317) announced that the company expects to achieve a net profit attributable to owners of the parent company of RMB 1.1 billion to RMB 1.25 billion for the first three quarters of 2026, a year-on-year increase of 67.91% to 90.80%. It is expected to achieve a net profit attributable to owners of the parent company after deducting non-recurring gains and losses of RMB 1 billion to RMB 1.15 billion for the first three quarters of 2026, a year-on-year increase of 65.26% to 90.05%.

DT CAPITAL (00356) consolidated net asset value per share at the end of September was approximately HK$0.465.

DT Capital (00356) announced that as of September 30, 2026, the unaudited consolidated net asset value per share of the Company was approximately HK$0.465.

Morgan Stanley (MS.US) Q3 results beat expectations! Equity business revenue surged 41% year-over-year; wealth management business continues high growth.

Morgan Stanley announced its third-quarter 2026 results before the U.S. stock market opened on Wednesday.

U.S. mortgage rates rise to 7.5%, home purchase activity falls for sixth straight week.

U.S. mortgage rates continued to rise, suppressing home purchase activity for the sixth consecutive week.

Views surge ninefold, profitable for three consecutive months: Has DUIBA (01753)'s AI short drama money-printing machine proven viable?

The surge this time stems from a voluntary announcement by the company earlier in the day: DUIBA's AI short drama business recorded net profits for three consecutive months in July, August, and September, with new playback volume across the entire network exceeding 45.8 billion views in the third quarter, more than nine times the first half's total of 5 billion views.

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