GMT EIGHT - OPPORTUNITIES IN CHINA

Hong Kong Stock Concept Tracker | Six departments issue document! Accelerating the application of brain-computer interfaces in elderly care; scenario alignment and commercialization push speed up (with concept stocks)

Analysis indicates that incorporating cutting-edge technologies such as brain-computer interfaces into the framework for cultivating consumption scenarios for elderly-friendly products marks that the implementation of brain-computer interfaces in the elderly care sector has moved from the technology exploration stage into the stage of scenario alignment and commercialization advancement.

Wall Street is divided over NVIDIA Corporation (NVDA.US): some see a "once-in-a-lifetime buying opportunity," while others worry that Jensen Huang is "irreplaceable."

NVIDIA Corporation (NVDA.US)'s forward P/E ratio has fallen below 10xa valuation typically seen only in companies facing structural decline, now appearing on a company widely regarded as the "core of the AI revolution."

Can retail investors also short AI debt? High-leverage CDS ETF launches, but analysts pour cold water on it

Two institutions plan to launch leveraged ETFs linked to AI companies' CDS, betting on credit defaults; Oracle's CDS scale has soared from US$8.7 billion to US$47.6 billion during the year.

HK Stock Concept Tracker | Is a Price Increase Wave Coming? STMicroelectronics NV ADR RegS (STM.US) Reportedly Issues Another Price Adjustment Letter; Institutions Strongly Bullish on Semiconductor Localization Opportunities (with Concept Stocks)

In fact, entering the second half of 2026, the price increase trend has spread to multiple categories including analog chips, power semiconductors, MCUs, and RF front-ends.

The "quantum computing" halo fails to offset the miss in fundamental growth! Rigetti (RGTI.US) fell more than 9% at one point after hours, with fidelity meeting targets but revenue missing expectations by 60%.

This tech company focused on the quantum computing theme delivered on its technology milestones, but its revenue fell far short of market consensus expectations, suffering major setbacks in revenue, losses, and order acceptance progress, causing its stock price to fall more than 9% at one point in U.S. after-hours trading.

Firefly Aerospace (FLY.US) Q3 revenue surged 259%, backlog hit a record US$1.7 billion, but adjusted EBITDA loss widened in tandem

Space and defense technology company Firefly Aerospace released its Q3 2026 financial results after market close on November 11 Beijing time. The "space newcomer," which only listed on Nasdaq this August, delivered a report card showing revenue up 259% year-over-year, with backlog also hitting a record US$1.7 billion.

Guotai Haitong: Will US dollar liquidity become the core contradiction?

Following the flow of funds and examining conditions layer by layer from onshore to offshore markets and through to the real economy, the bank believes that US dollar liquidity has not yet become the main contradiction affecting asset pricing, but the marginal tightening deserves attention.

Overnight US stocks | Expectations of a sharp Fed rate hike intensify; all three major indexes fall; NVIDIA Corporation (NVDA.US) extends its decline by 5.4%.

At the close, the Dow Jones Industrial Average fell 156.67 points, or 0.30%, to 52,233.08; the S&P 500 dropped 28.99 points, or 0.38%, to 7,520.95; and the Nasdaq Composite declined 187.26 points, or 0.74%, to 25,065.87.

Fed officials sound hawkish in droves! Waller calls for a 50 basis point rate hike in December; Bowman warns that AI investment returns falling short of expectations could trigger a major correction in US stocks.

Several Federal Reserve officials issued hawkish signals in succession on Tuesday, arguing that U.S. inflationary pressures remain stubborn and monetary policy still needs further tightening.

Bank of Canada signals further rate hikes! Meeting minutes: elevated oil prices raise inflation risks; economic uncertainty will not hinder policy action.

The minutes of the Bank of Canada's October meeting show that although persistently high international oil prices and the trade dispute with the United States have brought major uncertainty to Canada's economic outlook, policymakers believe these risks do not mean the central bank must pause its actions.

CoreWeave (CRWV.US) Q3 revenue surged 168% year-over-year, raised full-year revenue guidance, shares rose about 5% after hours at one point.

Benefiting from continued growth in AI computing demand, CoreWeave's third-quarter revenue grew 168% year-over-year, exceeding Wall Street expectations, and the company raised its full-year revenue guidance.

International oil prices fell on the 10th.

As of the close that day, the price of light crude oil futures for December delivery on the New York Mercantile Exchange fell by 81 cents to settle at $86.04 per barrel, a decrease of 0.93%; the price of London Brent crude oil futures for January delivery fell by $1.08 to settle at $91.49 per barrel, a decrease of 1.17%.

According to The Information: OpenAI's third-quarter revenue surged to $10 billion.

US stocks close: All three major stock indices closed lower.

The Dow fell 0.30%, the S&P 500 fell 0.38%, and the Nasdaq fell 0.73%. SKYD fell 7.59%, Moderna fell 6.75%, and First Solar fell 5.55%. Among the "Magnificent Seven": Amazon rose 1.48%, Tesla rose 0.46%, Meta Platforms rose 0.02%, Google fell 0.39%, Apple fell 0.61%, Microsoft fell 2.18%, and Nvidia fell 5.49%.

Fed's Bowman: Sees Risk of Significant Pullback in Stock Market Valuations.

According to the Financial Times, U.S. financial market regulators have delayed approval of futures contracts tied to AI chip rental prices, dealing a setback to exchanges' plans to launch the first computing power futures market. Such contracts would allow traders to bet on the rental prices of AI chips. According to people familiar with the matter, the U.S. Commodity Futures Trading Commission (CFTC) has decided to extend the review period for such contracts by at least 60 days. This means the relevant trading activity cannot be launched until at least early 2027. The decision has not yet been made public. CME had previously hoped to launch as early as October graphics processing unit (GPU) futures contracts tied to the rental prices of Nvidia's (NVDA.O) two chips, the H100 and B200. The relevant price index was designed by startup Silicon Data. The delay comes as regulators seek public comment on how to manage risks in the emerging computing power market. Currently, online trading platforms already offer spot price trading for computing power, but no public futures market for longer-dated contracts yet exists.

US Stock Market Move | Q3 revenue beats expectations; Southeast Asian e-commerce giant Sea (SE.US) rises nearly 8% in early trading

On Tuesday, Southeast Asian e-commerce giant Sea (SE.US) rose nearly 8% in early trading and is now at $83.84.

A-share Evening Highlights | US CPI Exceeds Expectations! Gold Falls Below $4,040

On the evening of November 10, US October CPI rose 0.4% month-on-month, exceeding expectations, with bets on a December rate hike holding at 100%, while spot gold fell below $4,040 per ounce;

US Stock Market Move | Precious metals sector broadly declines; Gold Fields Limited Sponsored ADR (GFI.US) falls over 6%.

On Tuesday, the precious metals sector broadly declined.

AI trading "makes matters worse"! US CPI extinguishes signs of a rebound, Fed's 50 basis point rate hike in December put on the table

US October CPI came in above expectations, raising market expectations that the Federal Reserve will raise rates by 50 basis points in December, further denting AI trading in US stocks.

Has the U.S. stock market not yet formed a reliable bottom? Goldman Sachs warns: macro hedge funds remain heavily positioned, and could face US$28 billion in selling over the coming week.

Although U.S. stocks rebounded strongly on Monday after last week's sharp selloff, Wall Street positioning data shows that potential selling pressure in the market has not yet been fully released.

US Stock Market Move | NVIDIA Corporation (NVDA.US) extended its premarket decline to 2%; US media reports that headhunters may have begun searching for potential CEO candidates.

On Tuesday, NVIDIA Corporation (NVDA.US) extended its premarket decline to 2%, having earlier risen as much as 2%, and is now at $175.37.

$325 price target signals a strong bullish call! Bernstein backs Oracle Corporation (ORCL.US): AI business value may be significantly undervalued

Bernstein rates Oracle "Outperform" with a price target of $325, implying 171% upside from the stock's Monday closing price of $119.79.

US Stock Market Move | October CPI Exceeds Expectations, Raising Rate Hike Bets; Nasdaq Futures Plunge 1.3%; Most Star Tech Stocks Fall in Pre-Market Trading

On Tuesday, after the release of US October inflation data, Nasdaq 100 futures plunged intraday and are now down 1.3%, with most star tech stocks falling in pre-market trading.

US October CPI exceeded expectations across the board! A Fed rate hike in December is all but certain, with a 50-basis-point option emerging.

US October headline and core CPI both rose more than market expectations on a monthly basis, indicating that price pressures remain elevated and reinforcing the case for the Federal Reserve to continue raising rates.

Hong Kong Property: First 10 months Hong Kong first-hand residential transaction value exceeds HK$200 billion, hitting a 5-year high

In the first 10 months of this year, first-hand transaction value recorded approximately HK$209.25 billion (HKD, same below), already exceeding last year's full-year total of approximately HK$205.01 billion and hitting a 5-year high.

ICBC (Asia) Completes Hong Kong's First "e-CNY Connect" Cross-Border Remittance

ICBC (Asia) has successfully completed Hong Kong's first cross-border digital RMB remittance via the "e-CNY Connect" comprehensive cross-border settlement service platform, opening up the CBETS cross-border corporate settlement channel between the mainland and Hong Kong.

Bernstein: No short-term "existential crisis" for data center chillers; still bullish on Trane Technologies plc (TT.US) and Johnson Controls International plc (JCI.US)

Bernstein believes demand for chillers remains strong and supply continues to be tight, with no short-term "existential crisis" of being displaced.

Domestic futures night session opens.

Container shipping index Europe route futures rose 3.82% consecutively, Shanghai crude oil fell 3.57% consecutively, butadiene rubber fell 3.28% consecutively, lithium carbonate fell 2.96% consecutively, and low-sulfur fuel oil fell 2.85% consecutively.

Bank of England Deputy Governor: AI asset selloff does not yet constitute an urgent concern, but be alert to valuation adjustments evolving into financial market risks.

Bank of England Deputy Governor Sarah Breeden said the recent selloff in artificial intelligence (AI)-related stocks does not currently constitute an urgent concern, as the market adjustment still appears orderly.

TONGCHENGTRAVEL (00780) Holds Ice and Snow Season Launch Event in Beijing, Industry Collaboration Jointly Promotes Ice and Snow Economy

As the new snow season begins, the popularity of ice and snow tourism continues to climb.

PENGO HLDG GP (01865) plans to establish a joint venture in Shenzhen and invest in research and development of supramolecular (deep eutectic) new energy technology.

PENGO HLDG GP (01865) announced that on November 10, 2026, the Company entered into a cooperative framework agreement letter of intent with Changzhou Qianmu New Energy Co., Ltd. Both parties committed to establishing a comprehensive and long-term partnership, and the cooperating parties will fully integrate and deploy their respective core competitive advantages in capital strength, industrial resources, market channels, technology research and development, and industrial chain support, jointly promoting the research and development iteration, commercialization, and large-scale industrial development of cutting-edge new energy technologies.

HESAI-W (02525) Q3 net revenue up about 34% year on year to RMB1.068 billion; lidar business continues to maintain profitable scale

HESAI-W (02525) announced that in Q3 2026, net revenue was RMB1.068 billion (the same unit below), up 34.3% year on year; net profit was RMB80.8 million; and basic earnings per ordinary share were RMB0.06.

BABA-W (09988) proposes to spin off Pingtouge for a separate listing on the Main Board of the HKEX

Alibaba-W (09988) announced that, pursuant to Practice Note 15 of the Listing Rules, the Company has submitted to the HKEX a proposal for the proposed spin-off and separate listing of Pingtouge (Shanghai) Technology Co., Ltd. (Pingtouge), a wholly-owned subsidiary of the Company. The HKEX has confirmed that the Company may proceed with the proposed spin-off. Accordingly, on September 11, 2026, Pingtouge confidentially submitted an application form (Form A1) to the HKEX to apply for approval for the listing of, and permission to deal in, its H shares on the Main Board of the HKEX.

Southeast Asian e-commerce giant Sea (SE.US) Q3 profit misses expectations as increased AI and cloud investments weigh on margins.

Sea (SE.US) reported its third-quarter 2026 results before the U.S. market opened on Tuesday.

Price-hike intentions hit a four-year high! U.S. small businesses put price increases on the table, and sticky inflation is gradually becoming apparent, strengthening the prospect of Fed rate hikes.

U.S. small businesses' price-increase plans have reached their highest level in four years.

AI frenzy faces public-market test: Anthropic (ANT.US) IPO targets US$64.4 billion raise at valuation of up to US$1.02 trillion

Anthropic's IPO aims to raise up to US$64.4 billion.

A-share Announcement Highlights | Plans to acquire a 70% equity stake in Dongjiakou Ore Terminal via a listing transfer for RMB1.918 billion; QINGDAO PORT's (601298.SH) shareholding to rise to 100%

QINGDAO PORT plans to acquire a 70% equity stake in Dongjiakou Ore Terminal via a listing transfer for RMB1.918 billion, raising its shareholding to 100%.

Morningstar warns: If Jensen Huang leaves NVIDIA Corporation (NVDA.US), AI deals and financing activities could be dragged down.

Morningstar said on Tuesday that if NVIDIA CEO Jensen Huang were to leave, it could trigger a chain reaction across the entire artificial intelligence (AI) industry, weighing on AI deals and financing activities.

MReferral: Hong Kong property market is in a consolidation phase; October mortgage insurance figures plunge sharply to a new low of more than ten and a half years

In October 2026, the number and amount of newly approved mortgage insurance plan loans were 701 cases and HK$3.867 billion (HKD, same below), compared with 718 cases and HK$3.825 billion in September, a decrease of 17 cases (2.4%), falling for four consecutive months and hitting a new low of more than ten and a half years, while the amount increased slightly by HK$42 million (1.1%).

JINCHUAN INTL (02362): In the first three quarters, the mining business produced 57,929 tonnes of copper content in electrolytic copper and copper concentrate, an increase of approximately 31.6% year-on-year.

JINCHUAN INTL (02362) announced that for the nine months ended September 30, 2026, the Group's mining business produced 57,929 tonnes of copper content in electrolytic copper and copper concentrate, an increase of approximately 31.6% year-on-year compared with 44,024 tonnes in the same period of 2025. The increase was attributable to the additional contribution from the Musonoi mine (the Group's third operating mine in the Democratic Republic of the Congo (DRC)) since the commencement of commercial operations in November 2025. Copper output was partly offset by lower production at the Ruashi mine, due to unstable power supply from the national grid in the surrounding area, declining ore grades, tight supply of sulphur and sulphuric acid, and the repair and maintenance of its acid plant.

SIMCERE PHARMA (02096): SIM0725 (CD122) Receives Drug Clinical Trial Approval Notice Issued by the National Medical Products Administration

Simcere Pharma (02096) announced that SIM0725, an antibody targeting CD122 independently developed by the Group, has received a Drug Clinical Trial Approval Notice issued by China's National Medical Products Administration, and is intended for the treatment of autoimmune diseases.

Wuxi Commercial Mansion Grand Orient (08115) issues profit warning, expecting a loss attributable to shareholders of approximately RMB480 million to RMB490 million for the first three quarters.

Qingda Orient (08115) announced that the Group expects to record a loss attributable to owners of the Company of approximately RMB480 million to approximately RMB490 million for the nine months ended September 30, 2026, compared with a profit attributable to owners of the Company of approximately RMB4.04 million for the nine months ended September 30, 2025. The expected turnaround from profit to loss for the period is mainly attributable to the recognition of goodwill impairment losses.

SE ASIA PPT (00252) Issues Positive Profit Alert, Expects Interim Results to Turn Around Year-on-Year to Not Less Than HK$20 Million

SE ASIA PPT (00252) announces that the Group is expected to record a profit of not less than HK$20 million for the six months ended 30 September 2026, compared with a loss of approximately HK$31 million for the corresponding period in 2025. The turnaround from loss to profit is mainly attributable to (1) the improvement in the performance of the production and distribution of plastic packaging materials segment during the current reporting period, resulting from the cost-plus pricing strategy adopted in advance in response to the escalation of geopolitical tensions in the Middle East; and (2) a profit arising from changes in the fair value of investment properties during the current reporting period, as compared with a loss arising from changes in the fair value of investment properties recorded in the preceding reporting period.

Preview of US Stock Market | The three major stock index futures are mixed; Fed's Waller takes a hawkish stance, a 50-basis-point rate hike in December is possible; US October CPI to be released tonight.

November 10 (Tuesday) pre-market: The three major U.S. stock index futures are mixed.

Even if tonight's earnings are strong, will the stock still fall? Relentless headwinds are weighing on market sentiment, and "AI neocloud leader" CoreWeave (CRWV.US) will find it hard to find relief.

Market sentiment is weak, and even strong earnings from CoreWeave may not be enough to lift the stock price.

Inflation pressure persists; two ECB officials speak out: a rate hike may be needed in December.

Two ECB officials spoke out successively on Tuesday, reinforcing market expectations for a December rate hike.

CH INNOVATION (01217) had a net asset value per share of approximately HK$0.042 at the end of October.

CH INNOVATION (01217) announced that as of October 31, 2026, the unaudited net asset value per share of the company was approximately HK$0.042.

Fed Study Sounds Alarm: Post-Pandemic Oil Price Pass-Through to Core Inflation Has Strengthened, Inflation May Reach 2.8% in 2027

This means that energy shocks could force central banks to tighten monetary policy while economic growth slows, thereby increasing the risk of a dilemma for policymakers.

Ministry of Transport: In October, urban rail transit completed 2.94 billion passenger trips, with 1.75 billion station entries.

October 2026 Urban Rail Transit Operation Data Flash Report

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According to CNBC: On the day after admitting to an extramarital affair, NVIDIA (NVDA.O) CEO Jensen Huang held the morning meeting with his executive team as usual.

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Brokerage strategy meeting to assess 2027 industry opportunities: computing power investment focuses on delivery

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