GMT EIGHT - OPPORTUNITIES IN CHINA

East Money Information: Despite External Setbacks, the A-Share Market Rebound Remains on Track

Once volatility in external markets stabilizes, the rebound in the A-share and Hong Kong stock markets is expected to continue.

Paul Chan: Making Hong Kong's high-value-added tourism and convention and exhibition industries flourish

Hong Kong will continue to vigorously promote mega events in different fields and enhance supporting facilities to make the development of high-value-added tourism and the convention and exhibition industries more flourishing.

November Market Outlook: Latest Institutional Research

An analysis reveals that although each institution approaches the market from a different angle, they have reached a consensus on three core judgments.

China Securities Co.,Ltd.: In the first three quarters, the pharmaceutical industry entered an improvement cycle and is expected to embark on high-quality development.

As innovative products scale up, overseas expansion materializes, orders performance, and upstream localization improves, the industry is expected to embark on a high-quality development cycle, with leading companies continuing to benefit.

GF SEC: What Should the Central Level of the 10-Year U.S. Treasury Yield Be?

Looking ahead to 2027, with the higher inflation base, U.S. nominal GDP growth will most likely be slightly lower than this year.

AIROBO PLATFORM (00419) Siasun Robot&Automation platform operations business: AIROBO Siasun Robot&Automation Operations Management Platform 2.0 officially launched

AIROBO PLATFORM (00419) announced that the Group's robot operations platform AIROBO has launched the Robot Operations Management Platform 2.0 and, for the first time, systematically published the "AIROBO Robot Management Platform Function List," covering seven major systems, 47 functional modules, and 393 functions.

Huaxin Building Materials Group (06655) plans to acquire a 99.99% equity stake in Brazil's National Steel and Cement Company for approximately US$1.642 billion.

Huaxin Building Materials (06655) announced that on November 7, 2026, the buyer (the Company) and the seller, National Steel Company of Brazil (an independent third party), signed an equity acquisition agreement. Accordingly, on the basis of an agreed enterprise value of BRL12.7 billion (equivalent to approximately US$2.3085 billion), the buyer has conditionally agreed to acquire, and the seller has conditionally agreed to sell, a 99.99% equity interest in the target company, National Steel and Cement Company of Brazil, for a total consideration estimated at approximately BRL9.0337 billion (equivalent to approximately US$1.642 billion, subject to adjustment based on the net debt and working capital in the financial statements as of the closing date).

After the U.S. stock market plunge, "Wood Sister" Cathie Wood: The more the market worries, the more optimistic I become; the bull market is not over.

As the Nasdaq fell into correction territory, "Wood Sister" Cathie Wood spoke out: it is precisely the anxiety permeating the market that makes her more confident the bull market will continue. She attributed this round of adjustment to pressure in the bond market and controversy over AI capital expenditures, but stressed that the technological revolution is still only halfway through, and revealed that ARK has taken advantage of the pullback to add to high-conviction positions such as SpaceX, and expects the stock market to still perform well in 2027.

Sinolink: Attractiveness of Chinese assets is strengthening; recommend seeking defensive allocation along both macro and industry lines.

Some signals of earnings resilience and marginal improvement have already emerged, and we recommend seeking defensive allocation clues along both the macro and industry lines.

Industrials: Earnings vacuum period; continue to focus on domestic computing power, physical AI, and AI4S

Continue to accumulate leading domestic computing power names on dips.

NVIDIA Corporation (NVDA.US) over RMB76 million worth of goods mysteriously missing

Police in Oakland, California, are currently investigating a cargo theft case involving technology company NVIDIA (NVDA.US). The stolen items are AI chips and computer hardware, valued at up to US$11.4 million (approximately RMB76.1 million).

Soochow: After the Midterm Elections, Can You Bottom-Fish the Nasdaq?

Over the next 12 months, the growth rate of US AI infrastructure investment faces downward pressure, and the earnings expectations of upstream hardware companies still carry adjustment risk.

China Securities Co.,Ltd.: How should we understand the recent abnormal performance of the precious metals market?

China Securities Co., Ltd. Futures released a research report stating that in the short term, the substitution effect across asset classes is more of a one-off shock.

After the midterms, "new U.S. computing capacity is locked down" Musk becomes the "decisive factor in the AI landscape"

Analysts believe that the SpaceX-Anthropic contract contains a "90-day mutual exit clause"once computing supply tightens, Musk could reprice the computing capacity at 2-3 times the original contract, directly determining Anthropic's survival and the direction of the entire AI landscape. In addition, the risk of gigawatt-scale data center projects leaving has risen sharply, and the United States may shift from a computing exporter to a token importer.

China Phosphate and Compound Fertilizer Industry Association initiative: Maintain the stable and orderly development of the industry.

On November 8, the China Phosphate and Compound Fertilizer Industry Association issued the "Initiative on Maintaining the Stable and Orderly Development of the Phosphate and Compound Fertilizer Industry," stating that currently, domestic phosphate and compound fertilizer production is generally stable and the supply guarantee order is sound, effectively ensuring the progress of domestic winter storage and the basic demand for fertilizer for next year's spring agricultural planting, thereby laying a solid material foundation for the stability of agricultural production. At the same time, the industry still faces prominent challenges. The tight supply of core raw material resources such as sulfur has not been effectively improved, and the pressure from cost fluctuations is relatively high, bringing many uncertainties to the industry's stable production and the smooth operation of the market. In order to resolutely safeguard the bottom line of agricultural supply, standardize the industry's business order, eliminate undesirable practices such as below-cost involution and vicious competition, maintain the dynamic balance of industry supply and demand, and promote high-quality and sustainable development of the industry, the China Phosphate and Compound Fertilizer Industry Association hereby issues an initiative to all production and operating enterprises across the industry.

Multiple studies have entered Phase 2b to Phase 3! Peptide and oligonucleotide therapies report a concentrated wave of successes.

Recently, multiple clinical developments have been disclosed in a concentrated wave in the global peptide and oligonucleotide (TIDES) field.

Zhao Jian: Every year there are ghost stories about a US stock market crash. Will this time again end with more fright than harm?

This year, 2026, the story is even being broadcast in two parts. The first half is the US-Iran wardecapitation strikes, retaliation, the shadow over the Strait of Hormuz, and oil prices soaring; the second half is a midterm election upheaval, with Democrats controlling both chambers and beginning to settle scores with data centers, as faith in computing power capital expenditure suffers a fundamental blow. Once again, US stocks are being pushed underwater.

Cui Dongshu: Automakers' "having more children" intensifies competition, with 129 new models launched in the first 10 months

Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), wrote that in the recent passenger car market, the launch of new models in the traditional fuel vehicle segment has gradually slowed, while new energy vehicles have significantly increased the introduction of new products.

Report: China's total energy investment may reach US$940 billion in 2026

At the 2026 Energy Transition Conference, the Global Energy Transition Report (2026) was officially released.

True or false? Musk drops a bombshell: SoftBank's gas turbine order is in default

On Friday, Eastern Time, Tesla and SpaceX CEO Musk dropped a bombshell on social platform X: "SoftBank is defaulting on its gas turbine order."

Oil's "crashing week": just 8 days ago it was still "raging with war"; after the midterms, hedge funds sold off US$6.6 billion

Brent crude posted the largest weekly decline in history since 1988 this week, plunging from US$118 to below US$98. Hedge funds net sold US$6.6 billion, and that figure does not yet include the 8.7% single-day crash on midterm election day, so next week's data will be even more brutal. Highly dramatic is that, just as funds were beating a large-scale retreat and options were quietly turning bullish, US forces launched a surprise airstrike on Iranian facilities over the weekend, and a geopolitical reversal could ignite an epic short squeeze at any moment.

In 2026, China's total energy investment may reach US$940 billion.

On the 7th, the China Enterprise Reform and Development Society released the "Global Energy Transition Report." Data shows that China has built the world's largest and fastest-growing renewable energy system. Peng Huagang, President of the China Enterprise Reform and Development Society, introduced that in the first half of this year, the share of coal-fired power generation in China dropped to 49.7%, falling below 50% for the first time, and coal power is shifting from a main power source to a backstop guarantee and system regulation source. It is expected that China's total energy investment will reach 940 billion US dollars in 2026, ranking first globally. China's renewable energy technology still occupies a dominant position globally, supplying 70% of the world's wind power equipment and 80% of photovoltaic module equipment, driving down the global costs of wind power and photovoltaic power generation by more than 60% and 80%, respectively.

After tech stocks' "Black Week," Wall Street calls for "buying the dip"

Morgan Stanley made a clear statement that "the next two to three weeks are the time to add to positions." Ed Yardeni characterized the decline as a "correction" rather than a bursting bubble. The average year-end target for the S&P 500 among major Wall Street institutions is 7,973 points. But most strategists believe the direction of AI policy remains the biggest variable.

CoreWeave (CRWV.US) Sends Letter to Texas Governor-Elect Seeking "Data Center Consultation"

In this open letter, Michael Intrator stated that CoreWeave "strongly supports" Hinojosa's principled position that data center growth must benefit the people of Texas. "We welcome the opportunity to work with your transition team on the responsible advancement of already-approved projects, as well as on clear, durable standards for future development," he said.

CRIC: Overall sell-through rate at new project launches in key cities was approximately 45.7% in October.

CRIC Real Estate Research said in a report that new project launches in key cities in October continued the strategy of "small-batch, multi-batch additional launches."

CITIC SEC: Tech upward revisions continue; watch for Q4 earnings delivery

CITIC Securities stated in a research report that it recommends prioritizing earnings delivery in the electronics industry, tracking the stability of machinery forecasts and banks' profit contribution to dividends, while for manufacturing and consumer sectors, the focus should be on the magnitude of downward forecast revisions and the profit recovery in the fourth quarter.

All 18 of the first batch of active ETFs closed their subscriptions early.

As of November 7, 17 of the first batch of 18 active ETFs have issued establishment announcements, but data such as the fundraising period and allotment ratio for the 18 products as a whole have already been disclosed. The latest data show that all 18 active ETFs ended fundraising early, with 3 products sold out in one day; the total subscription amount for the 17 products that initiated pro-rata allotment was nearly 44 billion yuan, exceeding the 34 billion yuan fundraising scale by nearly 10 billion yuan. Specifically, the 17 established products have more than 300,000 valid subscription accounts, including not only external investors but also "insiders" such as fund companies' own funds, executives and investment research professionals, and shareholders. As of November 6, some ETFs have already shown net value fluctuations. According to interviewees, the first batch of active ETFs is expected to be listed and traded in mid-to-late November, with the initial confirmed listing date for one public fund manager being November 23.

CITIC SEC: Fund holdings in the food and beverage sector recovered in Q3; recommends increasing allocation to leading baijiu companies at the industry bottom.

CITIC Securities released a research report stating that in 2026Q3, both the scale and proportion of fund holdings in the food and beverage sector stabilized and rebounded, mainly because after the tech investment rally cooled in Q3, some funds returned to consumer leaders with stabilized fundamentals and attractive dividend returns.

China Securities Co.,Ltd.: The inflection point of the chemical industry's capacity cycle has arrived; extremely low inventories are brewing a new round of the bullwhip effect.

China Securities Co., Ltd. released a research report stating that the profitability of the chemical industry has already risen from the bottom, but the valuation level remains at a low point, constrained by oil prices.

Berkshire (BRK.A.US/BRK.B.US) Q3 operating profit falls 5.8%: buybacks highest of the year, cash rises to $377.4 billion

Berkshire Hathaway's third-quarter operating profit fell 5.8% year on year, but its single-quarter buyback scale hit the highest level of the year, while its cash reserves rose to $377.4 billion, setting a new all-time high.

Musk throws out another astonishing target: SpaceX annualized revenue of $500 billion next year, Starlink computers going to space simultaneously, Terafab chip capacity aiming for one terawatt.

Musk said SpaceX's annualized revenue is expected to exceed US$500 billion by the end of next year, and Terafab plans to achieve an annual chip production capacity of one terawatt, equivalent to 30 times next year's global AI chip output; the Starlink computer co-designed with Nvidia will begin entering orbit in the third quarter of 2027. At the same time, he expects AI agent traffic to reach 1,000 times human internet traffic over the next five years.

Slapped in the face from both sides! "Insufficient power" vs. "excess computing power" either way, the result is "selling AI"

Demand is real, but the returns on the next trillion dollars are uncertain. With hyperscaler free cash flow already turning negative, total leverage at the 97th historical percentile, and the 2027 capex bill about to land on the bond market at scale, any year-end rebound may be a window to sell.

Just after betting on AI, it hit a market shock! Berkshire reports earnings tonight, and Abel's transformation faces a major test.

Less than a year into his tenure at the helm of Berkshire Hathaway, Greg Abel has staked more than US$10.9 billion on the AI sector, a complete break from Buffett's tradition of avoiding tech stocks. However, Alphabet's share price has already fallen below the build-up cost, Bending Spoons continues to slide, and the AI bet is now being tested by reality. Meanwhile, third-quarter earnings per share are expected to fall 6% year on year, buybacks are forecast to plunge from US$4.5 billion to US$1.6 billion, and how to deploy US$358 billion in cash will test the new leader's capital allocation prowess.

Apollo plans to spend US$75 billion on AI chips, a scale far exceeding that of any Neocloud.

Private equity giant Apollo is reshaping the AI chip financing landscape with a staggering US$75 billion betUS$35 billion to purchase Google TPUs for lease to Anthropic, and US$40 billion to acquire Nvidia Vera Rubin chips for lease to SpaceX. This scale far exceeds the US$27 billion of the largest neocloud, CoreWeave, making Apollo the world's fourth-largest chip reserve holder after only Amazon, Microsoft, and Google.

"Profit resilience" becomes the key phrase in Q3 earnings reports; how much further can Beijing Chunlizhengda Medical Instruments (01858) go after four consecutive trading days of gains?

In the first three quarters of this year, Chunlizhengda Medical Instruments' revenue was RMB626 million, down 17.14% year-on-year; net profit attributable to shareholders over the same period was RMB189 million, down 1.55% year-on-year; corresponding net profit attributable to shareholders after deducting non-recurring gains and losses was RMB181 million, a slight increase of 0.24% year-on-year.

Qatar says major progress made in US-Iran talks! Vance deeply involved, mediation elevated to highest level of US government.

Signals of a thaw have emerged in the US-Iran talks, with Qatar's prime minister making a rare, high-profile statement that he "believes a solution can be reached," while US Vice President Vance has personally stepped in, communicating closely with mediators from multiple countries almost daily. Meanwhile, Trump held a call with the Emir of Qatar, during which the two sides discussed how to ease regional tensions and how to advance a comprehensive agreement to end the crisis, among other topics.

Signaling a rebound? Goldman Sachs' U.S. stock fear index has reached "extreme levels."

Goldman Sachs' volatility fear index has surged to 9.57, approaching the maximum score, with its single-day gain the third-largest in history and its two-day combined move setting a new all-time record. Historical data shows that after the index breached the 9.5 threshold 15 times, the S&P 500 rose an average of 4.6% over the following three months, with an 80% win rate. But Goldman Sachs traders warn: forced liquidation has not yet fully cleared, and the market is still searching for a bottom, yet opportunities on the other side are becoming increasingly hard to ignore.

Is winning the election merely the last straw? The market finally confronts the threat of AI "circular financing."

JPMorgan's head of trading pointed out that the AI trade was already on shaky ground, and the midterm elections may merely be "the last straw that breaks the camel's back." Meanwhile, the AI circular financing risk long ignored by the market is resurfacing: hyperscale cloud computing companies are increasingly reliant on external financing to support expansion, with capital flowing through the industrial chain spanning chips, optical communications, storage, and data centers. Once financing conditions tighten or market confidence reverses, this mutually reinforcing growth loop could also reverse rapidly.

Nvidia is pressing for orders, and TSMC is set to make memory chips too!

TSMC is evaluating a move into advanced memory chips at Nvidia's request, with 3D DRAM as a potential entry point. If the plan materializes, TSMC will extend from logic chip foundry into the memory sector, further strengthening its influence in the AI supply chain.

Tesla, Inc. (TSLA.US) Cybertruck: From a cracked window to discontinuation, the end of a three-and-a-half-year run

Since its unveiling in 2019, the Cybertruck has been mired in controversythe window demo failed on launch day, production was delayed by four years, the price climbed from US$39,900 all the way to over US$100,000, and it racked up 11 recalls. One day before the discontinuation was announced, Tesla raised the price once again, bringing this highly dramatic vehicle to a thought-provoking close.

No change to policy course! Trump replaces White House Chief of Staff, appoints "hardliner" Stephen Miller.

After the midterm election defeat, Trump not only did not change course, but instead promoted hardline core figure Stephen Miller to White House Chief of Staff. This 41-year-old "iron-fisted figure," who led mass immigrant deportations and reshaped the federal bureaucracy, will take charge of the power center as Democrats take full control of Congress. Meanwhile, Chief of Staff Wiles, who maintained communication with the business community, has quietly departed, meaning a key channel from the corporate world to the White House is closing.

Continuous purchases for 24 consecutive months! China's central bank expanded its gold purchases by 830,000 ounces in October, with the pace clearly accelerating.

At the end of October, China's gold reserves stood at 78.30 million ounces, up 830,000 ounces from 77.47 million ounces at the end of September, marking 24 consecutive months of gold reserve expansion. Total official reserve assets were US$3.777561 trillion, down about US$11.9 billion from US$3.789425 trillion at the end of September, mainly dragged down by a decline in the valuation of gold.

SpaceX (SPCX.US) Sees Board Change: Alphabet Inc. Class C Executive Departs as Tesla, Inc. Merger Evaluation Advances

SpaceX (SPCX.US) said on Friday that Don Harrison has resigned from the company's board of directors.

IMAGI INT'L (00585) Surges Over 40% in a Single Week: HK$171 Million Acquisition of AI Visual Effects Assets, Full Strategic Transformation into the AI Film and Television Sector

Imagi International (00585) showed strong stock performance this week, with a cumulative gain of 40.61% in a single week, and its year-to-date cumulative gain has expanded to 705%.

State Administration of Foreign Exchange: As of the end of October 2026, China's foreign exchange reserves stood at US$3.4052 trillion.

As of the end of October 2026, China's foreign exchange reserves stood at US$3.4052 trillion, up US$4.9 billion, or 0.14%, from the end of September.

Musk: SpaceX (SPCX.US) Q4 revenue expected to grow about 70% quarter-over-quarter; government contract revenue share to fall below 10%

Musk said on Friday that SpaceX (SPCX.US) will continue to become less dependent on U.S. government procurement contracts.

ZYLOXTB (02190) Partners with GL Capital to Make a Strategic Investment in LIFETECH SCI, Committed to Building China's Leading Pan-Vascular and Structural Heart Intervention Platform

This strategic investment is expected to integrate the two parties' resources in R&D innovation, product portfolio, and global commercialization, laying the foundation for building China's leading pan-vascular and structural heart intervention platform and further enhancing the competitiveness of Chinese brands in the international market.

New cloud providers face another headwind: Microsoft Corporation (MSFT.US) reportedly plans to reduce its partner list and build its own data centers.

People familiar with the matter said Microsoft (MSFT.US) plans to reduce its list of Neocloud partners, shifting focus to working with a few key suppliers and building its own data centers.

He Lifeng holds a video call with U.S. Treasury Secretary Bessent and Trade Representative Greer

On the evening of November 6 Beijing time, He Lifeng, Chinese lead person for China-US economic and trade affairs and Vice Premier of the State Council, held a video call with US lead persons Treasury Secretary Bessent and Trade Representative Greer. The two sides, focusing on implementing the important consensus reached by the Chinese and US heads of state at their meetings in Beijing and Washington and the outcomes of economic and trade consultations, conducted candid, in-depth and constructive exchanges on important economic and trade issues of mutual concern. The Chinese side expressed solemn concern over recent US economic and trade restrictive measures against China. The two sides agreed that under the strategic guidance of the two heads of state, they will continue to give full play to the role of the China-US economic and trade consultation mechanism, continuously strengthen cooperation, properly manage differences, and promote the sustained, stable and sound development of China-US economic and trade relations, helping to build "a constructive China-US strategic stability relationship based on respect, fairness and reciprocity."

Daly: High inflation has persisted for too long; the Fed may need to raise rates further.

Daly said on Friday that she expects the Fed will need to raise rates further, but like other policymakers, she believes the pace and timing of rate hikes remain uncertain.

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Public mutual fund investment advisory exclusive "Class T shares" implemented: existing funds to complete the addition before the end of November.

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Shanghai at the CIIE has ranked first among all local trading delegations nationwide in intended transaction volume for eight consecutive years.

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Chinalco and CATL Reach Strategic Cooperation

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Musk: Fixes for Grok Bot are underway, aimed at improving token usage efficiency and optimizing behavioral intelligence.

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EDF announces that the output of Saint-Laurent 1 will be reduced from 915 MW to 45 MW.

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