GMT EIGHT - OPPORTUNITIES IN CHINA

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.

Apple Inc. (AAPL.US) ends the Jobs-era "touchscreen ban"! First touchscreen laptop OLED MacBook Pro goes on sale November 6!

Apple (AAPL.US) new CEO ends the Jobs-era "touchscreen ban"! First touchscreen laptop OLED MacBook Pro goes on sale November 6!

Tens of millions of dollars bet on physical AI, WeRide (00800) subsidiary JingShuo Technology completes its first financing round.

JingShuo Technology has received a pre-A round co-investment of tens of millions of dollars from investors including Joy Capital, HKSTP (Hong Kong Science and Technology Parks), and Sirius Capital.

The $17 billion acquisition countdown begins: DoorDash (DASH.US) plans to acquire Instacart to enter the home shopping battlefield, with an official announcement as early as Thursday.

The core intention behind DoorDash's planned acquisition of Instacart is arguably to extend the user entry point and delivery network built through restaurant food delivery into the larger home grocery shopping scenario. The deal news began with Instacart exploring a sale and contacting potential buyers including Uber and DoorDash; by October 26, multiple media outlets reported that the two sides had entered in-depth negotiations, with the potential transaction valued at approximately $17 billion.

Global fund managers turn collectively! High yields and improved supply-demand dynamics resonate, making Japanese government bonds a hot favorite again.

As signs of recovering domestic demand in Japan and a more favorable policy environment enhance the appeal of high yields, global fund managers are once again showing interest in the Japanese bond market.

AI Sparks an "Optical" M&A Deal: Marvell Technology, Inc. (MRVL.US) Seeks to Swallow Lumentum (LITE.US), Potentially Ranking Among the Top Ten Largest Deals in Tech History

Marvell Technology, Inc. in talks to acquire optical device maker Lumentum, which has a market value of US$83 billion; the deal may be announced next week.

Broker Morning Meeting Highlights | Fed Holds Steady as Expected in October, 25bps Rate Hike Expected in December

CITIC Securities believes that the Fed held rates steady in October and that the statement provided more cautious guidance on its policy stance, and still expects another 25bps rate hike in December.

A-share Pre-market Briefing | Fed Holds Rates Steady, Oracle Surges Over 10%

The Federal Reserve voted 10 to 2 to keep the benchmark interest rate in the 3.75%-4% range, in line with widespread market expectations.

HUTCHMED (00013): Sovleplenib granted FDA orphan drug designation for the treatment of primary immune thrombocytopenia

HUTCHMED (00013) announced that sovleplenib has been granted orphan drug designation by the U.S. Food and Drug Administration (FDA) for the treatment of primary immune thrombocytopenia. Immune thrombocytopenia is an autoimmune disease that increases the risk of bleeding. Sovleplenib is a novel, highly selective oral spleen tyrosine kinase (Syk) inhibitor.

Can "AI faith" really overcome everything? Alphabet and Microsoft's cloud businesses surge, AI accelerates monetization and awakens the "semiconductor bull market narrative"

Meta and the two major cloud giants' strong results are providing stronger validation for AI commercialization; that is, cloud business growth continues to profit and operating cash flow, which will strengthen enterprises' ability to support computing power procurement and meet financing obligations, and increase the certainty of semiconductor orders and earnings growth being realized. The market has thus gained a key basis for turning positively bullish again on the AI computing power industry chain improved commercial returns can support the next round of investment, giving the semiconductor rebound more solid fundamental support.

WERIDE-W (00800): Jing Shuo, Taizhou WeRide and investors entered into a capital increase agreement

WERIDE-W (00800) announced that on October 28, 2026 (after trading hours), Jing Shuo, Taizhou WeRide and the investors (Ningbo Yongyuan, Primus Vesalius and/or Tianlangxing Luhong) (among others) entered into a capital increase agreement, pursuant to which the investors agreed to subscribe for a total of RMB4 million of Jing Shuo's registered capital at an aggregate consideration of RMB70 million, representing approximately 3.38% of Jing Shuo's registered capital immediately after completion of the subscription and after the implementation and full utilization of Jing Shuo's equity incentive plan.

When Meta and Alphabet make the market worry about AI burning cash, Microsoft Corporation (MSFT.US) counters with over RMB10 billion in cash flow and moves AI commercialization from story to profit.

Microsoft released its fiscal year 2027 first-quarter results (for the quarter ended September 30, 2026) after the U.S. market close on Wednesday Eastern Time, with all three core metricsrevenue, earnings per share, and Azure growthbeating market expectations.

CICC: Fed lacks basis for consecutive large rate hikes; AI investment returns to be validated in the first half of next year.

CICC stated that the Fed lacks the necessity and basis for consecutive large rate hikes, and that the investment returns and financing pressures of AI itself have also shown some instability, with the first half of next year being a key validation point.

Microsoft's capital expenditure "misses expectations"! "Compute landlords" see stock prices fall collectively in after-hours trading.

Although Azure cloud revenue surged 48% year-over-year, Microsoft's capital expenditure figures fell short of market expectations, raising concerns that cloud compute leasing providers (CRWV.US) and Nebius (NBIS.US), as its computing infrastructure partners, may see slower delivery progress on data center capacity.

CICC: Fed rate hikes not over, but no need to rush

Looking ahead, we expect one more rate hike in December, followed by continued wait-and-see. This hiking cycle is more likely to be a mild, gradual adjustment rather than aggressive tightening.

ASCLETIS-B(01672): Oral small-molecule GLP-1 ASC30 achieved a placebo-adjusted HbA1c reduction of 1.7% at week 12 in a U.S. Phase II study in subjects with diabetes

ASCLETIS-B (01672) announced that its U.S. Phase II study (NCT07321678) evaluating the oral small-molecule GLP-1 receptor (GLP-1R) agonist ASC30 for the treatment of type 2 diabetes (T2D) achieved positive topline results.

INNOVENT BIO (01801) reported third-quarter product revenue exceeding RMB4.7 billion, up more than 40% year on year.

INNOVENT BIO (01801) announced that in the third quarter of 2026, the Company's business continued its strong growth momentum, with product revenue exceeding RMB4.7 billion, representing a year-on-year increase of more than 40%, fully demonstrating the strong momentum and sustained delivery of its dual-engine strategy. Market penetration of key new products in the comprehensive pipeline, including XINERMEI (mazdutide injection), XINBILIE (tarcocimab injection), and XINBIMIN (tibulizumab N01 injection), continued to improve; within the oncology product line, multiple tyrosine kinase inhibitor (TKI) products achieved rapid sales growth, jointly driving the overall growth of the Company's commercialized product portfolio. The diversified product matrix is working in synergy to drive continuous optimization of the revenue structure and enrich the growth engines.

Important reform by the Federal Reserve!

Federal Reserve Chair Kevin Warsh announced a major reform: from 2027 to 2028, the frequency of interest rate deliberations at Federal Open Market Committee monetary policy meetings will be gradually reduced. Specifically, the Federal Open Market Committee will still hold 8 monetary policy meetings each year. However, in 2027, one monetary policy meeting will focus on broad monetary policy strategy, at which no vote on the federal funds rate is expected and no policy statement will be issued, and in 2028 such meetings will increase to two.

Commodity cost headwinds intensify to US$2.5 billion, Ford Motor Company (F.US) Q3 core profit still edges up 4% against the trend, raises lower end of full-year guidance

Ford Q3 adjusted EPS beat expectations by 20%, and the company raised the lower end of its full-year profit guidance to US$10.5 billion; revenue slightly missed expectations, and the stock fell nearly 2% after hours.

FedEx Corporation (FDX.US) Delivers First Results After Freight Spin-Off: Revenue and Profit Both Beat Expectations, Raises Full-Year Guidance, and Announces New CFO

Benefiting from higher per-package pricing, volume growth, and the continued advancement of structural cost-reduction measures, FedEx's revenue and profit for the quarter both exceeded Wall Street expectations, and the company raised its full-year earnings outlook for calendar year 2026.

HK Stock Concept Tracker | Global gas turbine capacity is tight! Overseas production schedules extended to 2031; domestic gas turbines welcome a good opportunity to go global (with concept stocks)

Mitsubishi Power stated that demand for gas turbines has exceeded manufacturing capacity, causing delivery waiting times to lengthen continuously, with delivery schedules already extended to 2031.

BUD APAC (01876) Announces First Three Quarters Results: Profit Attributable to Shareholders US$565 Million, Down 4.88% Year-on-Year

BUD APAC (01876) announced its results for the first nine months of 2026. During the period, the group recorded revenue of US$4.62 billion, down 3.7% year-on-year; profit attributable to equity holders of BUD APAC was US$565 million, down 4.88% year-on-year; normalized basic earnings per share were 4.75 US cents.

AI foundry and advanced packaging dual inflection points join forces, KLA (KLAC.US) revenue grows for ten consecutive quarters, Q2 guidance beats expectations.

KLA (KLAC.US) reported first-quarter revenue of US$4.136 billion, beating expectations and marking ten consecutive quarters of growth, with strong guidance for the next quarter; shares rose 3.2% after hours as AI demand continues to act as a catalyst.

HK Stock Concept Tracker | SK Hynix Expects Memory Chip Shortage to Last Until 2030! Institutions Suggest Focusing on Earnings Delivery of Core Targets (with Concept Stocks)

SK Hynix expects the memory market supply shortage to persist until 2030 and plans to significantly expand investment next year.

After rising 132% year-to-date, it plunged 26% on earnings day: Why couldn't Fortinet, Inc. (FTNT.US)'s "good results" a good stock price?

Driven by a broad recovery in product demand and strong performance from its AI security business, the company's core metrics significantly exceeded market expectations, and it raised its full-year billings guidance for the third time this year. However, the stock plunged 26% after hours due to stretched valuations, slowing revenue growth, and weaker-than-expected performance in its services segment.

LEGENDHOLDING (03396): Joyvio Food Co., Ltd (300268.SZ) reported operating revenue of RMB697 million for the first three quarters.

LEGENDHOLDING (03396) announced the results of Joyvio Food Co., Ltd. (300268.SZ) for the nine months ended September 30, 2026, with operating revenue of RMB697 million; net loss attributable to shareholders of the listed company of RMB2.4122 million; and basic loss per share of RMB0.0138.

Industry insiders: Supply and demand overall remain in a "tight balance"; an electronic cloth price increase in November is still a high-probability event.

Since the beginning of this year, AI servers have undergone iterative upgrades, driving up the material specifications for printed circuit boards and triggering concentrated demand for ultra-thin, low-dielectric specialty electronic cloth. The electronic cloth industry is thus experiencing a structural rise in both volume and price. Electronic cloth prices have now reached a near-decade high. After the October price increases took effect, some market voices suggested that copper-clad laminates and PCBs could upgrade toward less-cloth or cloth-free designs, potentially reducing cloth usage in the related supply chain going forward. In response, several industry insiders interviewed said that since the start of this year, incremental demand for high-end substrates from AI servers, high-speed switches, and automotive PCBs has pushed electronic cloth prices up continuously. Electronic cloth currently holds advantages in many respects, and expectations for less-cloth or cloth-free designs in copper-clad laminate and other fields stem more from cost pressure. With supply and demand overall in a "tight balance," further electronic cloth price increases in November remain a high-probability event.

A-share IPO | KERUI SI (688827.SH) opens for subscription, possessing both PWM-type CNC systems and bus-type CNC systems, both of which have achieved large-scale sales

On October 29, KERUI SI (688827.SH) opened for subscription.

MGM CHINA (02282) reported third-quarter adjusted EBITDA of HK$2.395 billion, up 0.92% year on year.

MGM CHINA (02282) announced its third-quarter 2026 results, with total revenue of HK$8.926 billion, up 4.89% year on year; total adjusted EBITDA was HK$2.395 billion, up 0.92% year on year.

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Toyota: September overseas vehicle production on a parent-company basis fell 7.6% year-on-year to 569,884 units, while domestic Japan vehicle production on a parent-company basis rose 5.8% year-on-year to 319,195 units.

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Toyota: September global vehicle production on a parent-company basis fell 3.2% year-on-year to 889,079 units.

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Dongshan Precision (02384.HK): Business momentum is improving, AI optical modules are ramping up shipments rapidly, and product deliveries in the fourth quarter are expected to continue the high-growth trend.

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