GMT EIGHT - OPPORTUNITIES IN CHINA

Shenzhen Hepalink Pharmaceutical Group (09989) reported a net profit attributable to shareholders of RMB394 million for the first three quarters, down 28.84% year on year.

Shenzhen Hepalink Pharmaceutical Group (09989) announced its results for the first three quarters of 2026. The group recorded operating revenue of RMB3.797 billion, down 9.48% year on year; net profit attributable to shareholders of the listed company was RMB394 million, down 28.84% year on year; basic earnings per share were RMB0.2685.

QINGDAO PORT (06198) increased capital by US$9.6 million to Gusheng Holdings in proportion to its shareholding

QINGDAO PORT (06198) announced that on October 29, 2026 (after trading hours), Gusheng Holdings entered into a capital increase agreement with its shareholder Qinggang Logistics, a wholly-owned subsidiary of the Company, Qingdao Port Hong Kong Company, and Shandong Port Group, Overseas Group, Gangxin Yida, and the Trading Company, pursuant to which the six shareholders intend to jointly increase the capital of Gusheng Holdings by US$30 million in cash in proportion to their existing shareholdings, with Qinggang Logistics and Qingdao Port Hong Kong Company contributing US$6.6 million and US$3 million respectively. Before completion of this capital increase, the Company indirectly held 32% equity interest in Gusheng Holdings through Qinggang Logistics and Qingdao Port Hong Kong Company, and its financial statements were not consolidated into the Group's consolidated financial statements. After completion of this capital increase, the Company's shareholding ratio in Gusheng Holdings remains unchanged.

QINGDAO PORT (06198) reported a net profit attributable to shareholders of RMB4.149 billion for the first three quarters, down 0.76% year on year.

QINGDAO PORT (06198) announced its results for the first three quarters of 2026. The Group recorded operating revenue of RMB15.474 billion, up 8.68% year on year; net profit attributable to shareholders of the listed company was RMB4.149 billion, down 0.76% year on year; basic earnings per share were RMB0.64.

FORTIOR (01304) announces its first three quarters results, with net profit attributable to shareholders of RMB284 million, up 69.63% year-on-year.

FORTIOR (01304) announces its results for the first three quarters of 2026. The Group recorded operating revenue of RMB842 million, up 50.88% year-on-year; net profit attributable to shareholders of the listed company of RMB284 million, up 69.63% year-on-year; and basic earnings per share of RMB2.47.

COSCO SHIP PORT (01199) reported that profit attributable to shareholders for the first three quarters rose 19.7% year on year to US$316 million.

COSCO SHIPPING Ports (01199) announced that for the three months ended September 30, 2026, total throughput rose 8.4% year on year to 42.2666 million TEU; equity throughput rose 8.1% year on year to 12.8846 million TEU; the company's revenue rose 13.0% year on year to US$484 million; profit attributable to equity holders of the company rose 0.1% year on year to US$82.589 million; basic earnings per share were 2.06 US cents.

NANJING PANDA (00553) reported a net loss attributable to shareholders of RMB33.3201 million for the first three quarters, narrowing by 62.86% year-on-year.

Nanjing Panda Electronics (00553) announced its results for the first three quarters of 2026. The group recorded operating revenue of RMB2.129 billion, up 36.47% year-on-year; net loss attributable to shareholders of the listed company was RMB33.3201 million, narrowing by 62.86% year-on-year; basic earnings per share was -RMB0.0365.

FRONTAGE (01521) recorded a net profit of approximately US$11.9 million in the first three quarters, up 113.1% year on year.

FRONTAGE (01521) announced that the Group's revenue for the nine months ended September 30, 2026 was approximately US$231 million, an increase of 20.9% compared with the same period in 2025. The Group recorded a net profit of approximately US$11.9 million for the nine months ended September 30, 2026, an increase of 113.1% compared with the same period in 2025. After deducting share-based compensation expenses, amortization of intangible assets acquired in mergers and acquisitions, gains or losses arising from financial assets measured at fair value through profit or loss, losses arising from restructuring and resource integration initiatives, and merger and acquisition-related expenses, the Group's adjusted net profit for the nine months ended September 30, 2026 was approximately US$20.6 million, an increase of 62.7% compared with the same period in 2025.

CITIC (00267): Citic Heavy Industries (601608.SH) reports net profit attributable to shareholders of RMB287 million for the first three quarters, up 0.8% year on year.

CITIC (00267) announced the first three quarters of 2026 results for Citic Heavy Industries (601608.SH): operating revenue of RMB6.244 billion, up 5.73% year on year; net profit attributable to shareholders of the listed company of RMB287 million, up 0.8% year on year; basic earnings per share of RMB0.0627.

Shell (SHEL.US) war-driven refining windfall: Q3 profit beats expectations to hit second-highest on record, quarterly buyback raised to $5 billion

Shell announced its third-quarter results, with strong growth in its refining business, and declared a $5 billion share buyback.

VISTAR HOLDINGS (08535) issues profit warning, expects interim net loss of approximately HK$480,000

VISTAR HOLDINGS (08535) announced that the Group is expected to record a net loss of approximately HK$480,000 for the six months ended September 30, 2026, compared with a net profit of approximately HK$410,000 for the six months ended September 30, 2025.

SSY GROUP (02005): Nemonoxacin Malate Has Been Approved by the National Medical Products Administration for Registration as an API Used in Marketed Formulations

SSY GROUP (02005) announced that the group's nemonoxacin malate has been approved by China's National Medical Products Administration for registration as an API used in marketed formulations.

Lloyds (LYG.US) Q3 pretax profit beats expectations; impairment charges surge 78% year over year.

Lloyds (LYG.US) third-quarter profit exceeded market expectations.

A-share Market Close | ChiNext Index Falls 4.45%; Banks and Commercial Aerospace Buck the Trend

On October 29, the three major A-share indices opened lower and moved lower, trending downward unilaterally throughout the day, with both the ChiNext Index and the STAR 50 Index falling more than 4%.

Ministry of Commerce: If the EU takes discriminatory restrictive measures against Chinese products, China will surely take all necessary measures.

On October 29, the Ministry of Commerce held a regular press conference.

Learning from history: What are the similarities and differences between France's debt predicament and the Greek crisis?

Investors are hotly debating whether the eurozone will see a new round of debt crisis, and this time it is France, not Greece, that is in the spotlight.

National Energy Administration: 326 million green certificates issued in September, down 8.01% month-on-month

In September 2026, the National Energy Administration issued 326 million green certificates, down 8.01% month-on-month, involving 4,397,100 renewable energy power generation projects, of which 197 million were tradable green certificates, accounting for 60.45%.

Century Mortgage: Fed may raise rates by another 25 basis points in December; Hong Kong banks' odds of raising prime rate are 50/50

Wang Meifeng, Managing Director of Centaline Mortgage, noted that the Fed's pause on rate hikes in October after raising rates in September was in line with market expectations. Keeping rates unchanged at this meeting allows for observation of lagging inflation and economic data.

ECB Expected to Hold Rates Steady Tonight; French Bond Turmoil and Energy Price Rises Are Key Considerations

The ECB will announce its interest rate decision at 21:15 Beijing time on Thursday, and the market widely expects the bank to hold rates steady.

National Development and Reform Commission: Starting from 24:00 on October 29, domestic gasoline and diesel prices will be raised by RMB345 and RMB335 per ton, respectively.

Starting from 24:00 on October 29, the prices of domestic gasoline and diesel (standard products) will be raised by RMB345 and RMB335 per ton, respectively.

Commodity futures close

Lithium carbonate fell 8.40% consecutively, palladium fell 3.50% consecutively, live hogs fell 3.39% consecutively, asphalt rose 3.34% consecutively, and silver fell 3.18% consecutively.

Fortinet, Inc. (FTNT.US) Q3 Earnings Call: From PHP Vulnerabilities to Agentic AI Protection Fortinet Seizes the AI Security Entry Point, Expects Service Revenue Growth to Improve by 2027

From AI agent privilege escalation risks to PHP vulnerabilities, the market is reassessing the foundational value of cybersecurity for AI commercialization: enterprises not only need to deploy models and computing power, but also need to ensure that the entire process of agents accessing data, invoking tools, and executing tasks is constrained.

US Q3 GDP growth is expected to accelerate to 3.2%: The AI investment boom is underpinning growth, yet the public's "lived experience" is decidedly grim.

US Q3 GDP growth is expected to be 3.2%; the AI investment boom offsets the trade deficit and oil price shocks, but the public's lived experience is grim and consumption is being funded by dipping into savingsthe economy is "saying one thing while showing another."

Ahead of BOJ Decision, High Yields Attract Active Investor Participation; 2-Year JGB Auction Sees Strong Demand

As the market widely expects the Bank of Japan to keep interest rates unchanged when it announces its rate decision on Friday, higher yields have attracted investors, and demand for the 2-year Japanese government bond auction was strong.

STMicroelectronics NV ADR RegS (STM.US) Q3 results mixed, guidance beats expectations; AI and satellite communications demand support growth.

STMicroelectronics (STM.US) reported its third-quarter 2026 financial results and provided fourth-quarter guidance above market expectations, indicating a continued recovery in chip demand.

Meridian: Risk of a Fed rate hike in December remains; limited adjustment to Hong Kong's prime rate

The Federal Reserve's policy meeting has concluded, with the announcement that the benchmark interest rate will remain in the 3.75% to 4% range.

New stock news | ADA Space passes HKEX hearing, ranks seventh among Chinese private commercial space enterprises engaged in satellite-related businesses

According to the prospectus, ADA Space is a Chinese commercial space enterprise with a strategic focus on satellites and related services as well as space-based solutions.

MOFCOM Spokesperson Answers Questions on the U.S. Adding Chinese Companies to the So-Called Entity List Under the Uyghur Forced Labor Prevention Act

The U.S. practice of adding Chinese companies to the list runs counter to the common understandings reached by the two heads of state, seriously undermines the stability of China-U.S. economic and trade relations, and goes against the humanitarian spirit.

Bank of Korea Announces 2027 Interest Rate Decision Meeting Schedule

Bank of Korea announces its 2027 interest rate decision meeting schedule: rate decision meetings will be held on January 14, February 25, April 9, May 27, July 15, August 26, October 15, and November 25.

GEELY AUTO (00175) Announces First Three Quarters Results: Profit Attributable to Shareholders RMB13.928 billion, Up 7% Year-on-Year

GEELY AUTO (00175) Announces First Three Quarters Results: Revenue RMB272.564 billion, Up 13% Year-on-Year; Profit Attributable to Shareholders RMB13.928 billion, Up 7%; Sales Volume 2.2355 million Vehicles, Up 3% Geely Automobile (00175) announced its results for the nine months ended September 30, 2026. During the period, the Group recorded revenue of RMB272.564 billion (RMB, same unit below), up 13% year-on-year; profit attributable to owners of the parent of RMB13.928 billion, up 7% year-on-year; and sales volume of 2.2355 million vehicles, up 3% year-on-year.

Platform empowerment for precise risk control, digital-intelligent transformation for quality and efficiency improvementSHENGJINGBANK(02066) fully implements the application of the capital flow credit information sharing platform

SHENGJINGBANK (02066) officially launched the national capital flow credit information sharing platform for small, medium, and micro enterprises on September 12, 2025.

As the Philadelphia Semiconductor Index rebounds, Bernstein cuts its price target on NXP Semiconductors NV (NXPI.US): AI infrastructure exposure is unlikely to drive a valuation premium

NXP management said on its earnings call that it expects data center revenue to exceed its previously stated US$500 million target in 2026 and reach about US$1 billion in 2028; Bernstein estimates that this will still account for only about 6% of revenue by then, and about 4% in 2026.

A-share Midday Review | ChiNext Index Falls 3.63%, Computing Power Hardware Plunges, Bank Stocks Buck the Trend and Strengthen

The market showed a divergent pattern of "broad index declines, weak rotation among thematic sectors, and counter-trend strength in heavyweight and high-dividend sectors."

Four departments: Further enhance the level of trade liberalization and facilitation in the Hainan Free Trade Port.

On October 29, four departments including the Ministry of Commerce issued a notice on further enhancing the level of trade liberalization and facilitation in the Hainan Free Trade Port.

Bernstein: Software stock crowding remains at historic lows; crowded trades have shown reversal signals; Microsoft Corporation (MSFT.US) becomes a "must-own"

Bernstein says software stock crowding remains at a 25-year low, with Snowflake the most crowded individual stock; crowded trades have already reversed, and it recommends carefully selecting under-the-radar names.

HKD HIBOR mostly traded in a narrow range; one-month rate rose for a second straight day to 2.71%

On October 29, HKD HIBOR mostly traded in a narrow range, with the one-month rate, which is linked to mortgage loans, at 2.71494%, up 0.143 basis points.

The US$12.9 billion acquisition of Hugging Face draws scrutiny from the Department of Justice: Is NVIDIA Corporation (NVDA.US) trying to seize control of AI's "distribution throat"?

The US Department of Justice has opened inquiries into NVIDIA Corporation's (NVDA.US) US$12.9 billion acquisition of Hugging Face, involving its acquisitions, sales, and pressure on customers, with the investigation spanning two administrations.

JPMorgan Asset Management: The market still currently expects a relatively high probability of a Fed rate hike in December.

JPMorgan Asset Management Global Market Strategist Kerry Craig said the Fed's decision to keep rates unchanged this time is a "pause" rather than a "pivot," and the market still currently expects a relatively high probability of a Fed rate hike in December.

Fed pauses, Bank of Japan likely to hold steadywhy is funding still unable to breathe easy? December rate-hike suspense weighs on stocks, bonds, and the yen.

The market widely expects the Bank of Japan to keep its benchmark interest rate unchanged on Friday, while indicating that underlying inflation has finally reached its 2% target. A key focus is whether the BOJ will declare that core inflation has broadly reached the 2% target for the first time since the target was set in 2013an outcome that appears highly likely.

After the price war recedes, what signals are hidden in Goldwind Science & Technology's (02208) third-quarter report?

Under the dual model of a high proportion of overseas orders and the rolling development of self-owned wind farms, what Goldwind Science & Technology demonstrates is not simply cyclical fluctuation, but the rhythm gap that a global turbine manufacturer is opening up between profit recovery and growth elasticity.

HKMA responds to Fed's interest rate decision: Hong Kong's monetary and financial markets continue to operate in an orderly manner

In Hong Kong, the monetary and financial markets continue to operate in an orderly manner.

Q3 profit growth accelerates, Siasun Robot&Automation-related business volumes ramp upunder internal and external catalysts, could Jl Mag Rare-Earth (06680) be poised for a trend reversal?

After months of sustained pullback, with the third-quarter report validating performance and sector investment sentiment warming up, could Jl Mag Rare-Earth be poised to launch a new round of rebound?

New Stock News | Sinotau Pharmaceutical Passes HKEX Hearing, Becoming China's First Company to Obtain Marketing Approval for an Innovative Radiopharmaceutical

According to the disclosure by the Hong Kong Stock Exchange on October 28, Beijing Sinotau International Pharmaceutical Technology Co., Ltd. has passed the listing hearing for the Main Board of the Hong Kong Stock Exchange, with GF Securities, CICC, and CITIC Securities as its joint sponsors.

Alphabet Inc. Class C parent company Alphabet (GOOGL.US) Q3 earnings call: TPU moves from Alphabet Inc. Class C cloud to customer data centers; 2027 will be an AI-driven "golden year of productivity"

AI is accelerating the expansion of search usage, cloud revenue, and the TPU business, but there is still a time lag in converting search traffic into revenue, while compute buildout and TPU inventory investment occur before cash recovery. The company's third-quarter revenue grew 25% year-over-year to US$127.6 billion. *Google Cloud revenue grew 103% year-over-year to US$30.7 billion, with operating income reaching US$11.1 billion, more than triple the prior-year period, and the operating margin rising from 23.7% to 36.2%.

Wang Chuanfu Awarded the 2026 "Rao Bin Award," China's Highest Honor in the Automotive Industry

Wang Chuanfu, Chairman and President of BYD Group, has been awarded the 2026 Rao Bin Award, the highest honor in the automotive industry.

Ministry of Agriculture and Rural Affairs: There Are No Such Fake Investment and Financing Projects or Special Investment Funds as "Three-Dimensional AI Shrimp Farming"

On October 29, the website of the Ministry of Agriculture and Rural Affairs published a "Risk Notice Regarding Recent Illegal Actors Distorting the Service of Our Ministry's Agriculture and Rural Infrastructure Financing Project Bank and Making False Promotions of Agriculture-Related Projects."

Microsoft Corporation (MSFT.US) Q3 Earnings Call: Azure Growth Driven by Enterprise Breadth and Layer-by-Layer Efficiency Gains; Capital Expenditures Expected to Reaccelerate in the Second Half of Fiscal Year 2027

Microsoft Q1 revenue was $92.3 billion, up 19%, and Microsoft Cloud revenue was $63 billion, up 30%; Q2 guidance is $96 billion, with full-year capital expenditures of approximately $170 billion.

Report: LME Plans to Tokenize Metals in Hong Kong Warehouses to Support Hong Kong's Five-Year Plan to Build a Commodity Trading Hub

An LME spokesperson responded that the exchange is in the early stages of exploring the tokenization of off-warrant metal inventories to support business financing, and will maintain communication with various market stakeholders during the process of formulating the plan.

Nomura research report reveals the ebbing of the "AI growth panic"! Earnings delivery and capital flows resonate in relay, with the AI computing power theme leading the tech stock counteroffensive.

The trading theme centered on AI is emerging from the previous round of AI computing power and technology growth panic, which was amplified by concerns over surging AI financing costs, overly crowded positioning, and an accelerated deleveraging process among hedge funds.

A-share Market Open Brief | All three major indices open lower, computing power hardware concept leads declines

As of 9:31, across the Shanghai and Shenzhen markets, a total of 1,260 stocks advanced, 4,020 declined, and 297 were flat.

HKMA Said to Encourage Banks to Support Developers' Refinancing

Sources indicate that short-term financing loans for several developers will mature in concentrated fashion in the coming months.

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Qingdao Port (06198.HK) completed cargo throughput of 563 million tonnes in the first three quarters, up 3.2% year on year.

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Shenzhen Kaifa Technology: Net profit in Q3 2026 was 304 million yuan, up 0.06% year on year.

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Guangshen Railway Company (00525.HK) reported a net profit attributable to shareholders of RMB 1.359 billion for the first three quarters, down 6.67% year on year.

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Frequency Precision Laser: Revenue of 384 million yuan in the first three quarters, up 44.45% year on year.

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Beijing Enterprises Water Group (00371.HK) repurchased 300,000 shares for HK$426,000 on October 29.

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