GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | Visa (V.US) and Mastercard (MA.US) both hit record highs; Visa approved by China's central bank to conduct bank card clearing operations in the mainland.

On Tuesday, Visa (V.US) and Mastercard (MA.US) both rose more than 1% in early trading, hitting record highs together.

A-share Evening Highlights | Up as much as 1500%! A cluster of positive earnings news tonight

Earnings good news arrives tonight! Up as much as over 1,500% forecast; multiple companies issue positive Q3 earnings pre-announcements.

US Stock Market Move | This week, questioned over AI safety risks, SpaceX (SPCX.US) fell more than 4%.

On Tuesday, SpaceX (SPCX.US) fell more than 4%, now at $156.69.

Jl Mag Rare-Earth (06680) Issues Profit Alert, Expects Net Profit Attributable to Parent for First Three Quarters of RMB 735 Million to RMB 800 Million, a Year-on-Year Increase of 42.59% to 55.20%

JL Mag Rare-Earth (06680) announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 (January 1, 2026 - September 30, 2026) to be RMB 735 million to RMB 800 million, a year-on-year increase of 42.59% to 55.20%; net profit attributable to shareholders of the listed company for the third quarter of 2026 (July 1, 2026 - September 30, 2026) is expected to be RMB 273 million to RMB 338 million, a year-on-year increase of 29.58% to 60.45%.

US Stock Market Move | Bank stocks mixed: Wells Fargo & Company (WFC.US) down nearly 3%, Goldman Sachs Group, Inc. (GS.US) up over 1%

On Tuesday, bank stocks were mixed.

US Stock Market Move | Meta (META.US) rose nearly 4% in early trading, up 35% cumulatively since September.

On Tuesday, Meta (META.US) rose nearly 4% in early trading, up 35% cumulatively since September, now at $767.60.

US Stock Market Move | Launches smart home hub HomeView, Apple Inc. (AAPL.US) hits a new all-time high again.

On Tuesday, Apple (AAPL.US) rose nearly 2% in early trading, hitting a new all-time high again, with its total market capitalization surpassing $5 trillion.

STD DEV GROUP (01867): Subsidiary awarded ISCC EU and ISCC PLUS certifications by international certification body RINA

STD DEV GROUP (01867) announced that its subsidiary, STD DEV (Shandong) Co., Ltd. (STD DEV (Shandong)), has recently passed an independent audit conducted by RINA Services S.p.A. (RINA), a renowned international certification body under the International Sustainability and Carbon Certification (ISCC) framework, and has been awarded ISCC EU and ISCC PLUS certifications (the Certifications).

US Stock Market Move | Microsoft Corporation (MSFT.US) opened up nearly 2%, hitting a record high.

On Tuesday, Microsoft Corporation (MSFT.US) opened up nearly 2%, hitting a record high, and is now trading at $549.

ZOOMLION (01157) intends to sell approximately 29.99% of the shares of Shenzhen Roadrover Technology (002813.SZ) for RMB 899.7 million.

ZOOMLION (01157) announced that on October 13, 2026, the Company, the acquirer (Yuanzhuo Angel (Longyou) New Energy Partnership (Limited Partnership)), and Mr. Zhang Wutang entered into a Share Transfer Agreement, pursuant to which the Company conditionally agreed to sell, and the acquirer conditionally agreed to purchase, 35.988 million sale shares (representing approximately 29.99% of the issued share capital of the target company Shenzhen Roadrover Technology Co., Ltd.), for a total cash consideration of RMB 899.7 million.

US Stock Market Move | Memory storage sector extends its decline, Western Digital Corporation (WDC.US) drops over 6%.

On Tuesday, the memory storage sector extended its decline.

Fed's Goolsbee: Bursting bubble 'could be ugly,' depends on leverage, AI demand starting to overheat

Chicago Fed President Austan Goolsbee said the consequences of a bursting financial bubble "could be ugly," depending on the level of leverage.

France Adds Another Dangerous Signal! Blackstone President and Fed Governor Warn in Unison, BofA Survey Shows Record Bearishness on French Stocks

Blackstone President Gray and Fed Governor Waller sound the alarm, while a Bank of America survey shows a record proportion of investors are avoiding French stocks.

BofA Asia Fund Manager Survey: AI confidence warms up, inflation concerns rise, memory becomes top AI investment pick

Investor confidence in the AI theme strengthened significantly in October, while concerns about AI overvaluation eased somewhat.

Centaline: Hong Kong's high-end residential transactions sizzle in first three quarters; private home sales above HK$20 million hit a 5-year high

In the first three quarters of 2026, 3,185 private residential sale and purchase registrations above HK$20 million were recorded in Hong Kong, with a total value of HK$156.474 billion. The number of transactions has just surpassed the full-year figure for 2025, while the total value reached 96.2% of last year's full-year total of HK$162.658 billion.

Hong Kong Property: Hong Kong's first-hand residential transactions in the first 9 months exceeded HK$190 billion, a year-on-year surge of about 30.6%.

In the first nine months of this year, first-hand transaction value reached approximately HK$191.56 billion (HKD, same below), surging about 30.6% from approximately HK$146.73 billion in the same period last year, setting a record high for the same period since the introduction of the First-hand Sales Ordinance.

SMIT (02239)'s subsidiary S2C Shanghai injected into Wuxi Yake Hongyu Electronics through a share swap to jointly build an integrated EDA platform

SMIT Holdings (02239) announced that on October 13, 2026, Wuxi Yake Hongyu Electronics Co., Ltd. (the Target Company), the S2C Subscribers (including S2C Holding), the major shareholders of the Target Company, and other subscribers entered into an agreement, pursuant to which (i) the S2C Subscribers have conditionally agreed to subscribe for, and the Target Company has conditionally agreed to issue, the S2C Target Capital, at a consideration of approximately RMB 1.2231 billion, which will be paid by each of them injecting part of the S2C Exchange Capital held by them into the Target Company, together accounting for approximately 86.35% of the equity interest in S2C Shanghai; and (ii) the other subscribers have conditionally agreed to subscribe for a total registered capital of approximately RMB 22.8346 million in the Target Company at a consideration of approximately RMB 518 million.

Amid the global bond market storm, "Wall Street bellwether" JPMorgan (JPM.US) was the first to feel the chill in its earnings.

JPMorgan's quarterly earnings rarely failed to beat expectations, with momentum in its investment banking and fixed income trading businesses weakening.

Semiconductor sector continues to face pressure! Wall Street tech heavyweight Dan Ives pushes back against the tide: sell-off is a market reaction that is "far overdone," demand gap remains huge.

Veteran Wall Street tech analyst Dan Ives believes the sell-off in semiconductor stocks is a case where "the market reaction is far overdone."

GENSCRIPT BIO(01548): CARVYKTI generated net trade sales of approximately US$710 million for the quarter ended September 30, 2026

GENSCRIPT BIO (01548) announced that, pursuant to the Collaboration and License Agreement entered into on December 21, 2017 between Legend Biotech Corporation (an associate of the Company, whose shares are listed on the Nasdaq Global Select Market in the form of American Depositary Shares) and Janssen Biotech, Inc. (Janssen), CARVYKTI generated net trade sales of approximately US$710 million for the quarter ended September 30, 2026.

Services and wealth management businesses become key "engine"! Citigroup (C.US) Q3 net profit surges 40% year-over-year, EPS beats expectations.

Thanks to increased investment banking revenue, stronger trading activity with multinational corporations, and profit growth in the wealth management business, Citigroup (C.US) reported third-quarter results that beat market expectations.

A-share Announcement Highlights | Tungsten industry leader's net profit expected to rise over 200%; CATL plans to contribute 400 million yuan to participate in a venture capital fund.

China Tungsten and Hightech: Net profit for the first three quarters is expected to increase by 219%-241% year-on-year, with PCB micro-drill business achieving both volume and price increases.

CHINA JINMAO (00817) recorded cumulative contracted sales of RMB 84.601 billion in the first nine months, up 4.85% year on year.

China Jinmao (00817) announced that in September 2026, the group achieved contracted sales of RMB 10.501 billion and contracted sales GFA of 361,100 sq m.

BofA Survey Sounds the "Crowding Alarm": Tech Overweight Hits Six-Year High, AI Bubble Debate Nears a 50-50 Split

BofA's October fund manager survey shows that global investors continued to add to tech stocks amid the AI-driven stock market rally, with the overweight ratio on tech rising from 30% last month to 37%, the highest since August 2020.

Goldman Sachs Group, Inc.(GS.US) Q3 results beat expectations! Equities trading revenue surged 72% year-over-year, but fixed income business lagged behind.

Driven by its equities trading business, Goldman Sachs' third-quarter results beat market expectations.

Bank of Korea Governor: Supports further appreciation of the Korean won, will maintain restrictive monetary policy.

Bank of Korea Governor Shin Hyun-song said further appreciation of the Korean won is desirable, as the won has risen significantly since the Bank of Korea shifted to a tightening monetary policy, which is enhancing household purchasing power.

Midea Group Co., Ltd (00300) will distribute an interim dividend of RMB 5 per 10 shares on November 27.

Midea Group Co., Ltd (00300) has announced that it will distribute an interim dividend of RMB 5 per 10 shares for the six months ended June 30, 2026, on November 27, 2026.

Hong Kong SFC: Sponsor working quality has improved somewhat, average workload noticeably eased.

On October 13, a circular issued by the Hong Kong Securities and Futures Commission noted that sponsor work has improved since January of this year.

Preview of US Stock Market | The three major stock index futures are mixed, the chip stock sell-off continues, and bank earnings season begins.

On Tuesday, October 13, before the U.S. stock market opened, the three major U.S. stock index futures were mixed.

CMOC Group Limited (03993) wholly-owned subsidiary intends to contribute a total of RMB 900 million to subscribe for shares in two private equity funds.

CMOC Group Limited (03993) announced that, in order to further expand investment channels and enhance investment returns, its wholly-owned subsidiary, Tibet Shimoke, plans to subscribe for fund shares as a limited partner, specifically: contributing RMB 500 million of its own funds to subscribe for shares in the Nanjing Yuanfeng Fund; and contributing RMB 400 million of its own funds to subscribe for shares in the Hexie Growth Phase IV Fund.

QHD PORT (03369) total throughput for the first three quarters was 327 million tonnes, a year-on-year increase of 3.30%.

QHD PORT (03369) announced that for the nine months ended September 30, 2026, total throughput was 327 million tonnes, a year-on-year increase of 3.30%.

ENERGY INTINV (00353): Sun Li acquires 30% equity interest in controlling shareholder Cosmic Shine

Energy International Investments (00353) announced that the Board of Directors of the Company was informed by Mr. Sun Li (Mr. Sun) that the equity change in Cosmic Shine International Limited (Cosmic Shine), the controlling shareholder of the Company (as defined below), was completed on October 13, 2026.

Contemporary Amperex Technology (03750) plans to contribute RMB 400 million to invest in Shanghai Shidai Chenyuan Venture Capital Partnership (Limited Partnership).

Contemporary Amperex Technology (03750) announced that on October 13, 2026, the company signed the "Shanghai Shidai Chenyuan Venture Capital Partnership (Limited Partnership) Partnership Agreement" with partners including Xiamen Puquan Private Fund Management Partnership (Limited Partnership) and Guizhou Guiyang Big Data Innovation City Industrial Development Investment Fund Partnership (Limited Partnership). The company, as one of the limited partners, participated in the investment in "Shanghai Shidai Chenyuan Venture Capital Partnership (Limited Partnership)," with a subscribed capital contribution of RMB 400 million, holding a 26.64% subscription ratio in the fund.

Lifting of regulatory restrictions fails to drive strong revenue generation; Wells Fargo & Company (WFC.US) Q3 revenue misses expectations.

Wells Fargo & Company has announced its third-quarter results.

JPMorgan Chase (JPM.US) Q3 revenue and EPS miss expectations; decline in fixed income trading weighs on performance.

JPMorgan Chase released its third-quarter 2026 financial report.

Fed's Waller: Surging US Treasury yields help curb demand, AI investment becomes a driver of inflation

The sharp rise in long-term U.S. Treasury yields is helping to curb demand in interest-rate-sensitive sectors such as housing and automobiles, thereby exerting a degree of monetary policy tightening.

BOJ rate hike expectations for this month cool! People familiar with the matter: another rate hike as early as December

People familiar with the matter said BOJ officials are leaning against a rare back-to-back rate hike this month, but are still considering the possibility of raising rates again as early as December.

Johnson & Johnson (JNJ.US) Q3 earnings beat expectations and full-year guidance raised! Innovative medicine business gains momentum, medtech business still needs improvement.

Johnson & Johnson reported better-than-expected third-quarter 2026 results and raised its full-year 2026 revenue and earnings guidance.

E&P GLOBAL (01142) proposes to implement a share consolidation on a "10-into-1" basis.

E&P GLOBAL (01142) announced that the Board has proposed to implement a share consolidation on the basis that every 10 issued and unissued existing shares of HK$0.01 each in the share capital of the Company be consolidated into 1 consolidated share of HK$0.10 each.

CHINA RES LAND (01109) cumulative contracted sales for the first 9 months amounted to approximately RMB 164.6 billion, up 6.6% year on year.

China Resources Land (01109) announced that for the month ended September 30, 2026, the company and its subsidiaries (the Group) achieved total contracted sales of approximately RMB 15.50 billion, with total contracted sales GFA of approximately 418,000 square meters, representing a year-on-year decrease of 11.9% and 31.5% respectively. For the first nine months of 2026, cumulative contracted sales amounted to approximately RMB 164.6 billion, with total contracted sales GFA of approximately 4.471 million square meters, representing a year-on-year increase of 6.6% and a decrease of 22.0% respectively.

Jiangsu Hengrui Pharmaceuticals (01276): SHR-3201 Injection Approved for Clinical Trials

Jiangsu Hengrui Pharmaceuticals (01276) announced that recently, Beijing Shengdi Pharmaceutical Co., Ltd., a subsidiary of Jiangsu Hengrui Pharmaceuticals Co., Ltd. (hereinafter referred to as the "Company"), received the Drug Clinical Trial Approval Notice issued by the National Medical Products Administration (hereinafter referred to as the "NMPA") for SHR-3201 Injection, and will commence clinical trials in the near future.

UnitedHealth Group Incorporated (UNH.US) Q3 earnings beat expectations: decline in medical loss ratio boosts profits, full-year earnings guidance raised again.

UnitedHealth Group has announced its third-quarter results.

GOLDSTONE CAP (01160) had a net asset value per share of approximately HK$0.015 at the end of September.

Goldstone Capital Group (01160) announced that as of September 30, 2026, the unaudited net liability value per share of the Company was approximately HK$0.015.

YUEXIU PROPERTY (00123) cumulative contracted sales for the first 9 months amounted to approximately RMB 68.018 billion.

YUEXIU PROPERTY (00123) announced that in September 2026, the company achieved contracted sales (including contracted sales of projects under joint ventures and associates) of approximately RMB 6.810 billion, up approximately 0.1% year-on-year, with contracted sales area of approximately 157,400 square meters.

Inclusion in Stock Connect opens a new funding channel. Shenzhen Longsys Electronics (09976) focuses on the AI storage track to solidify its growth foundation.

For Shenzhen Longsys Electronics, which has been listed in Hong Kong for just over a month, inclusion in Stock Connect means dual increments in trading activity and shareholder structure, but the opening of the channel only represents an increase in the "accessibility" of funds, not a signal of valuation re-rating.

COFCO JOYCOME (01610) September commercial standard pig slaughter volume 524,000 head, down 4.03% month-on-month.

COFCO JOYCOME (01610) announced that in August 2026, commercial standard pig slaughter volume was 546,000 head, up 5.61% month-on-month; the average selling price of commercial standard pigs was RMB10.55/kg. Fresh pork sales volume was 37,700 tonnes. The brand revenue share of the fresh pork business reached 39.9%.

Northbound funds | Northbound trading recorded a net sell of 457 million. AI hardware stocks showed divergence. Northbound funds sold off GENSCRIPT BIO (01548) for over HK$200 million.

On October 13 in the Hong Kong stock market, northbound trading recorded a net sell of HK$457 million. Among this, Stock Connect (Shanghai) recorded a net buy of HK$44 million, while Stock Connect (Shenzhen) recorded a net sell of HK$501 million.

Southbound capital recorded a net sell of HK$457 million today.

Under the Hong Kong Stock Connect (Shanghai), CNOOC and Cambridge Technology received net inflows of HK$497 million and HK$262 million, respectively; SMIC topped net sell-offs at HK$399 million. Under the Hong Kong Stock Connect (Shenzhen), Tencent Holdings and Alibaba-W saw a net inflow of HK$94.9349 million and a net outflow of HK$18.9733 million, respectively; CNOOC topped net sell-offs at HK$644 million.

PATEO (02889) Directors and Senior Management Make 12-Month Voluntary Lock-Up Commitment to Boost Market Confidence

PATEO (02889) announced that, in order to further demonstrate the firm confidence of the directors and senior management in the Group's long-term business development and intrinsic value, and to stabilize investor expectations, executive directors Ying Zhenkai, Zhang Fukai, Xu Zhenhui, Lai Weilin and employee director Zhang Yi have made written voluntary lock-up undertakings to the Company.

160 HEALTH (02656): First Sales Contract under Strategic Cooperation Landed, Amount Approximately RMB 42 Million; AI Computing Power Business Enters Fulfillment Stage

160 HEALTH (02656) announced that, following the inside information announcement published by the Company on September 16, 2026, regarding the strategic cooperation framework agreement signed between Shenzhen 160 Network Technology Co., Ltd., an indirectly wholly-owned subsidiary of the Group, and a national-level high-tech enterprise focused on the enterprise-level computing power infrastructure sector, with an estimated total cooperation amount of approximately RMB 650 million, 160 Network Technology has formally signed the first sales contract under the cooperation framework agreement with the counterparty, with a contract amount of approximately RMB 42 million. 160 Network Technology will advance the delivery of AI computing power infrastructure and related services in accordance with the terms of the first sales contract and the counterparty's project arrangements.

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Bank of England Governor Bailey warned that the longer the energy shock persists, the harder it will be to resist inflationary pressures.

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