GMT EIGHT - OPPORTUNITIES IN CHINA

The lifting of restrictions on restricted shares tests the fundamentals of STAR SPORTS MED (01609), and with sustained performance growth, the valuation has entered a reasonable range.

As the stock price hits a new low, the upcoming lifting of restrictions on restricted shares will become another challenge that STAR SPORTS MED must face directly.

After including $628 billion in off-balance-sheet commitments, is Meta (META.US) stock "35% more expensive"?

As of the end of the second quarter, Meta had approximately $628 billion in off-balance-sheet commitments. If these are included in the enterprise value calculation, its EV/FY27E revenue multiple would rise from 6.15x to 8.32x, increasing the valuation multiple by 35%.

BUD APAC (01876): Internal restructuring generates US$52 million tax expense; additionally, a US$30 million provision is made for Indian receivables.

BUD APAC (01876) announced that during the quarter ended September 30, 2026, the group conducted an internal restructuring involving certain of its mainland China subsidiaries (including Budweiser Sedrin Brewery Co., Ltd.) to enhance the group's capital efficiency. As a result of this restructuring, the group expects to record a non-underlying withholding tax expense of approximately US$52 million.

SINCERE (00244): Central store lease renewal unsuccessful, will cease operation in early December; plans to find a new location in the same district and continue operating the Mong Kok store and online shop.

SINCERE (00244) announced that despite the company's intention to renew the lease for the Central store, which expires on December 31, 2026, it was unable to reach an agreement with the landlord on the lease renewal. As a result, the Central store will cease operation around early December, after which reinstatement works will be carried out and the premises returned to the landlord.

Everyone is integrating DeepSeek and WorkBuddy, so what will ultimately set brokerage AI apart?

The main competitive focus of brokerage AI is shifting from "how many models have been integrated" to "how many capabilities can be extracted and called upon."

Ministry of Transport: On October 3, cross-regional passenger flows across society totaled 303.568 million person-trips.

On October 4, according to the Ministry of Transport, on October 3, 2026 (the third day of the National Day holiday), the cross-regional passenger flow across society totaled 303.568 million person-trips, down 0.6% from the previous day.

Guosen: Since September, foreign capital outflows from Hong Kong internet stocks have been among the largest.

In the Hong Kong stock market, stable foreign capital inflows amounted to HKD 3.8 billion, flexible foreign capital outflows reached HKD 11.5 billion, and southbound Hong Kong Stock Connect outflows were HKD 800 million.

MOFCOM Spokesperson Answers Questions on the G20 Trade Ministers Meeting and Related Matters

On October 4, the spokesperson of the Ministry of Commerce answered questions from reporters regarding the G20 Trade Ministers Meeting and related matters.

Bessent "puts out the fire": Rising US Treasury yields are a global phenomenon, dismisses AI bubble concerns.

US Treasury Secretary Bessent defended the rise in US Treasury yields, saying this round of increases is a globally synchronized phenomenon, not unique to the United States, and there is no need for excessive concern.

In the first three days of the National Day holiday, Hainan's offshore duty-free shopping sales exceeded 350 million yuan.

According to statistics from Haikou Customs, from October 1 to 3, the first three days of the 2026 National Day holiday, Haikou Customs supervised a total of 358 million yuan in Hainan offshore duty-free shopping, with 55,100 shoppers participating and 277,000 items of offshore duty-free goods purchased, up 8.85%, 12.90%, and 8.02% respectively compared with the same period in 2025.

Used car dealers deny that AITO prices have collapsed; used AITO car prices have risen by nearly 10,000 yuan.

A reporter recently found that after a slight decline in September, the used-car prices of AITO series models rebounded during the National Day holiday. A data query by the reporter showed that the average used-car listing prices of two main AITO M7 configurations both declined in September and rose again in October. Among them, the average used-car listing price of the "AITO M7 2026 Extended-Range Pro+ Five-Seat Four-Wheel-Drive Version" was 234,600 yuan in September, down 2,800 yuan from August, and rebounded to 238,800 yuan in October, up 4,200 yuan from September. The "AITO M7 2026 Extended-Range Max Five-Seat Long-Range Version" fluctuated more sharply, with its average used-car listing price falling to 256,800 yuan in September, down 9,700 yuan from August, and rebounding to 263,800 yuan in October, up 7,000 yuan from September. A used-car dealer revealed that in response to claims such as "AITO's collapse" circulating on social media, many dealers believe these are mostly attention-grabbing, and that the online rumors of a "collapse" have not actually occurred. As renewal news became clear, buyers' concerns about the AITO brand's future operations have eased somewhat, and market confidence is recovering.

Cui Dongshu: In September, the market value of complete vehicle automakers fell 5% month-on-month in the U.S. stock market, 11% in the Hong Kong stock market, and 4% in the A-share market.

Among the world's complete vehicle automakers by market value, those in the U.S. stock market are the largest, reaching 12.9 trillion yuan in September 2026, down 5% month-on-month from August and down 13% year-on-year from September 2025;

CITIC SEC: Investors are advised to actively embrace the new cycle of real estate, bullish on development companies and leading brokerage firms.

Rent-to-price ratio falling below the rental yield is an important signal that housing prices have bottomed out.

New Stock Preview | Guangdong Rising Dabaoshan Nets 976 Million Yuan in Half a Year: A Single Mine Carries All Profits, Resources Are Both a Moat and a Vulnerability

While global capital markets focus on the new energy and AI waves, a mining giant deeply rooted in South China is quietly converting its resource advantages into astonishing profit momentum.

Q4 "Short Squeeze" Signals Emerge in US Stocks: CTA Positions Retreat Sharply, $1.3 Trillion in Buybacks Poised to Kick In

Position flush-out, buyback ammunition in place, strong Q4 seasonality in midterm election yearsthe conditions for a short squeeze are taking shape.

Tech giants race in AI4S: Microsoft Corporation (MSFT.US) launches a biological world model, with Anthropic, OpenAI, and others also entering the fray.

AI4S is becoming a new battleground that tech giants are racing to bet on.

Over 40 days since its release, the revenue-sharing box office has exceeded ten million. iQIYI, Inc. Sponsored ADR Class A (IQ.US) "Soul Ferry" series AI feature film continues to be a hit.

From recouping costs in the first week to revenue-sharing exceeding ten million, AI unlocks the commercial value of classic IP.

The next card after GLP-1: Why are Eli Lilly (LLY.US) and Novo Nordisk A/S Sponsored ADR Class B (NVO.US) both betting on amylin?

Eli Lilly's Phase II clinical data released this week added a key piece to the roadmap for obesity drugs after GLP-1.

AI bond issuance suddenly "hit the brakes" in September, Morgan Stanley judges: it may make a comeback in the fourth quarter.

In September, global AI-related bond issuance was only about $23 billion, the second-lowest month of the year. Morgan Stanley characterized the slowdown as a "pause rather than a retreat," and expects issuance to pick up in the fourth quarter, though it will not repeat the explosive growth seen in the first half.

Benchmarking against the London and New York gold markets, HKEX is actively preparing RMB gold futures.

In response to investors' demand for asset diversification, Hong Kong is accelerating the development of fixed income, currencies, and commodities (FICC). The recently relaunched USD-denominated gold futures have received an enthusiastic response, and the launch of RMB-denominated gold futures is currently under active study.

The real risk of Toshiba's expansion: Is HDD "supply discipline" coming to an end?

Toshiba has announced an investment of 60 billion yen (approximately US$380 million) to expand its HDD plant in the Philippines, with plans to double production capacity by fiscal year 2027 to capture the incremental market for AI data center storage demand.

Deliveries Beat Expectations but Profit Pressure Remains! JPMorgan: Tesla, Inc. (TSLA.US) Earnings May Accelerate Starting in 2028

JPMorgan believes that Tesla, Inc. (TSLA.US)'s impressive deliveries cannot mask near-term profit pressure, and the EPS inflection point will not come until 2028, when it may begin a compound annual growth rate of over 50%.

AI agents ignite the cloud computing second growth curve! Wall Street major banks break down the IaaS expansion wave and PaaS value re-rating who is pocketing the real gold from the token frenzy?

For potential IaaS/PaaS winners in the AI cloud computing space facing the strong rise of new cloud players like CoreWeave, Bernstein has given Microsoft (MSFT.US), Oracle (ORCL.US), and MongoDB (MDB.US) its most positive "Outperform" rating.

Wall Street is about to lose sleep! Countdown to the U.S. stock market's "23/5" trading modelcan global capital relay strengthen the path of a long bull market?

Starting December 6, U.S. stock exchanges will add an overnight trading session from 9 p.m. to 4 a.m. New York time, in addition to regular trading hours and the existing pre-market and after-hours sessions. The expansion aims to capture growing demand from foreign investors and compete with cryptocurrencies and prediction markets, with overnight trading volume up 358% from a year earlier.

JXR (01951) has returned over 400 million to shareholders in the past 12 months, with multiple measures accelerating the implementation of shareholder returns.

On October 2, Jinxin Fertility (01951), the largest integrated assisted reproductive service provider in China, released an announcement on the "Progress of the Shareholder Return Plan Implementation," showing that over the past 12 months, cumulative shareholder returns through dividends and buybacks totaled RMB 429 million (the same unit below). At the same time, due to stable cash flow and the belief that the current price does not fully reflect intrinsic value, Jinxin Fertility will continue and expand buybacks in 2026.

$52 billion financing narrowly crosses the finish line, Paramount's acquisition of Warner enters the countdown! The Ellison film and television empire is about to face a cash flow test.

Paramount sold $52 billion in loans and bonds to finance its acquisition of Warner Bros. Discovery. The company's current interest expenses are far higher than under its previous bond issuances, and it is expected to add $250 million to $500 million in annual interest costs.

G7 launches an "oil price cooling war"! Release of 100 million barrels of oil reserves combined with Trump abandoning the embargo, global inflation welcomes a key pressure relief valve.

The G7 (Group of Seven) coordinated reserve release pushed by French President Macron has escalated from a discussed proposal to an action commitment; Trump subsequently made clear that the United States will not impose a diesel export ban.

Overnight US stocks | September nonfarm payroll cooling supports the Fed's pause on rate hikes; the three major indices closed higher; SpaceX (SPCX.US) rose 7.35%

At the close, the Dow Jones Industrial Average rose 250.88 points, or 0.49%, to 51,177.44; the S&P 500 Index gained 56.32 points, or 0.73%, to 7,722.77; the Nasdaq Composite Index advanced 319.27 points, or 1.19%, to 27,190.86.

Warsh downplays forward guidance on interest rates; speeches by two senior Fed officials still move the market; October rate hike expectations cool sharply.

Although Fed Chair Warsh has made clear that he does not want to send explicit signals about the interest rate path to the market through forward guidance, speeches by two senior Fed officials this week still significantly influenced investor expectations.

US Treasury yields remain elevated! High borrowing costs continue to batter the US economy as the divergence between the AI investment boom and real economic performance intensifies.

As the 10-year US Treasury yield remains above 5%, investors are beginning to focus on a question that may be more important than short-term market volatility: if US borrowing costs stay elevated for a long time, what impact will the economy and financial markets face?

Bank of Japan's rate hike still fails to boost the yen; hedge funds re-establish short bets; long USD positions continue to increase.

Although the Bank of Japan raised interest rates last month as expected, its policy stance fell short of the market's hawkish expectations, and combined with the still-significant interest rate differential between the US and Japan, the yen continues to face depreciation pressure.

US Stock Market Move | Planning to Raise $60 Billion to Pave the Way for Computing Power for AI Companies Broadcom Inc.(AVGO.US) Rose About 2.9%

On Friday, Broadcom Inc. (AVGO.US) shares moved higher, rising about 2.9% as of press time.

US Stock Market Move | Market expectations for a Fed rate hike in October cool down, cryptocurrency-related stocks rise.

On Friday, U.S. cryptocurrency-related stocks climbed, with TeraWulf (WULF.US) rising over 8%.

U.S. diesel prices hit a record high; Trump says Europe agreed to release large reserves to ease supply pressure.

U.S. President Donald Trump said on Friday that Europe has agreed to release large diesel reserves to ease the tight global fuel supply situation caused by conflicts in the Middle East and Eastern Europe.

US Stock Market Move | "J490" smart home device is on the horizon, Apple Inc. (AAPL.US) rises over 1.1%.

On Friday, Apple's (AAPL.US) stock price moved higher, rising over 1.1% as of press time, with a market capitalization of $4.87 trillion.

US Stock Market Move | Report: Oracle Corporation (ORCL.US) signs agreement to lease high-end AI chips, stock rises over 4.5%.

On Friday, Oracle Corporation (ORCL.US) opened higher, and as of press time, its gain exceeded 4.5%.

US Stock Market Move | NIKE, Inc. Class B (NKE.US) drops over 5% as Q1 revenue misses expectations.

NIKE, Inc. Class B (NKE.US) shares hit a one-year low of $31.97.

US Stock Market Move | SpaceX (SPCX.US) rises over 5%, market cap returns to $2 trillion.

On Friday, SpaceX (SPCX.US) opened higher and continued to climb. As of press time, it was up over 5%, with a market capitalization exceeding $2 trillion.

US Stock Market Move | Large-cap tech stocks rose broadly, with Tesla, Inc. (TSLA.US) up over 5%.

Tesla, Inc. reported third-quarter deliveries that exceeded Wall Street expectations.

US Stock Market Move | NVIDIA Corporation (NVDA.US) rose 2.8% to a record high, with its market capitalization surpassing $5.7 trillion.

On Friday, NVIDIA Corporation (NVDA.US) surged at the open, rising as much as 2.8% intraday to a record high, with its market capitalization surpassing $5.7 trillion.

ISP GLOBAL (08487) subsidiary intends to acquire 60% equity of Way Rich Limited for HK$10,000

ISP GLOBAL (08487) announced that on October 2, 2026, the buyer (Guo Du Industrial Limited, an indirectly wholly-owned subsidiary of the Company) intends to acquire from the seller, Ms. Gong Huiqin, 60% of the issued share capital of the target company, Way Rich Limited, for a consideration of HK$10,000. Upon completion, the target company will become an indirectly non-wholly-owned subsidiary of the Company, and the financial results, assets, and liabilities of the target company will be consolidated into the Group's financial statements.

Hong Kong: Provisional estimate of total retail sales value for August is HK$32.1 billion, up 5.6% year-on-year.

The provisional estimate of the total retail sales value in Hong Kong for August 2026 was HK$32.1 billion, up 5.6% compared with the same month in 2025.

US Stock Market Move | Toshiba Reportedly Plans to Double HDD Production Capacity; Seagate Technology Holdings PLC (STX.US) Falls Over 15% in Early Trading

On Friday, US storage-related stocks declined, with Seagate Technology (STX.US) falling over 15% in early trading and Western Digital (WDC.US) dropping more than 10%.

Nvidia Hits a New High in One Move, AI Computing Power and Tech Themes Stage a Major Counteroffensive! Nonfarm Payrolls Rise Only 29K + Oil Prices Decline, Fed Rate Hike Bets Cool Sharply

Overall, the cooling in nonfarm payrolls and the pullback in oil prices are opening a "valuation decompression window" for AI computing power stocks and, more broadly, global tech stocks that rely on a cooling discount-rate side of the DCF valuation framework.

Saudi West Coast exportable volume rises to a wartime high! Key pipeline transports nearly 6 million barrels per day, Brent crude falls below $100.

Saudi Arabia has increased the throughput of its main cross-border oil pipeline to more than 80% of capacity. Saudi state oil company Saudi Aramco is transporting nearly 6 million barrels of crude oil per day through the East-West pipeline, of which about 4.5 million barrels are available for export.

Preview of US Stock Market | U.S. stock index futures all rise as key nonfarm payrolls data looms; Toshiba's HDD expansion plan deals a heavy blow to the storage sector.

On Friday, October 2nd, before the U.S. stock market opened, futures for the three major U.S. stock indices all rose.

NIKE, Inc. Class B (NKE.US) Q1 Earnings Review: From Cost Reduction and Efficiency Gains to Growth Reshaping, Pace Releases New Signals

In the first quarter, the company's performance met management's internal expectations, with structural improvement in gross margin and prudent expense control forming the core support for the income statement.

2026 National Day holiday season new releases' total box office exceeds 300 million.

According to Maoyan Professional Edition data, the total box office for new films during the 2026 National Day holiday period has surpassed 300 million yuan. "Traces of the Detective," "What Do You Mean, Couple," and "Peppa Pig: Perfect Holiday" currently rank in the top three on the National Day holiday new film box office chart.

Macron plans to convene the G7 to stabilize oil prices, and expectations of a strategic reserve release push crude oil lower! But the refined product supply crisis is hard to resolve.

French President Macron spoke by phone with the presidents of the United States and Canada on October 2, and plans to convene a G7 leaders' meeting as soon as possible to help curb rising global fuel prices and the shortage of refined oil products.

Is the AI frenzy facing a "financing kill line" test? A well-known Wall Street strategist warns: Unless the dollar and U.S. Treasury yields peak, risk appetite will struggle to recover.

Michael Hartnett of Bank of America said investors will avoid riskier trades until the recent surge in the dollar shows signs of peaking. The strategist also noted in a report that market turbulence may persist until bond yields fall back from their highest levels in more than two decades. He advised investors to "buy the dip" in beaten-down assets, favoring an overweight position in bonds within their portfolios.

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OpenAI CEO Sam Altman: The benefits of AI technology help justify taking on the risks.

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Preliminary vote count in Brazil's presidential election: 17% of votes counted, Bolsonaro 51.2%, Lula 40.7%.

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