GMT EIGHT - OPPORTUNITIES IN CHINA

China Association for Public Companies: In the first three quarters, listed companies in the domestic stock market achieved a total net profit attributable to parent company shareholders of 5.1 trillion yuan, up 8.5% year on year.

On November 2, the China Association for Public Companies released its report on the operating results of listed companies in the domestic stock market for the third quarter of 2026, showing that in the first three quarters, listed companies in the domestic stock market achieved total operating revenue of 56.8 trillion yuan, up 5.9% year on year, and realized net profit attributable to parent company shareholders of 5.1 trillion yuan, up 8.5% year on year. A total of 4,079 listed companies across the market were profitable, the proportion of companies with positive revenue growth rose 3.8 percentage points from the full year of last year, and more than 30% of companies achieved growth in both revenue and net profit. Companies on the Shanghai and Shenzhen main boards maintained steady operating cash flow and contributed 60% of the market's revenue increment. Privately owned listed companies showed sound development momentum, with revenue and net profit growing 13.5% and 22.6% respectively, and their revenue growth rate further accelerated from the first half of the year, with 208 of them turning profitable year on year.

SIMCERE PHARMA (02096) Enters into Exclusive Promotion Service Agreement with Lynk Pharmaceuticals for Zeputinib Dermatological Indications

SIMCERE PHARMA (02096) announced that on November 2, 2026, the Group further entered into a collaboration with Lynk Pharmaceuticals (Zhejiang) Co., Ltd. (Lynk Pharmaceuticals) regarding zeputinib, a selective JAK1 inhibitor. The Group will obtain exclusive commercialization rights in mainland China, Hong Kong, Macau, and Taiwan for the treatment of moderate-to-severe atopic dermatitis (AD) in adults and other dermatological indications.

China Association for Public Companies: In the first three quarters, listed companies in the domestic stock market achieved a net profit attributable to parent companies of RMB5.1 trillion, an increase of 8.5%.

On November 2, the China Association for Public Companies released the operating performance report for the third quarter of 2026 of listed companies in the domestic stock market.

HKFE: Plans to extend after-hours trading session for the derivatives market

Hong Kong Futures Exchange Limited (the "Exchange") plans to extend the closing time of the After-Hours Trading ("AHT") session from 3:00 a.m. Hong Kong time to 4:15 a.m. Hong Kong time in March 2027, subject to regulatory approval.

Is Japan's consumption set for its first decline in more than two years? BOJ preemptively "inoculates": under population shrinkage, weak aggregate deteriorating demand, and a December rate hike may not necessarily be affected

The Bank of Japan said that due to the ongoing population shrinkage, strong growth in overall Japanese consumption is difficult to achieve, but this also means that weak aggregate consumption itself does not necessarily indicate weakening household demand.

INGDAN (00400) reported revenue of approximately RMB20.916 billion for the first three quarters, an increase of approximately 109.0%.

INGDAN (00400) announced that the Group sustained strong growth momentum in the third quarter of 2026, mainly driven by continued robust demand for chips in the AI data center (AIDC), storage, and robotics sectors.

On-Call (08316) issues positive profit alert, expects interim net profit of not more than approximately HK$4.6 million, turning from loss to profit year-on-year.

On-Call (08316) issued an announcement that the Group expects to record a net profit of not more than approximately HK$4.6 million for the first six months of 2026, compared with a net loss of approximately HK$14.4 million for the six months ended September 30, 2025.

ASCLETIS-B(01672): Ascletis to Present Research Results for Oral Small-Molecule GIPR Agonist ASC48 and GLP-1R/GIPR/GCGR Triple Agonist Peptide ASC37 at ObesityWeek 2026

ASCLETIS-B (01672) announced that two posters on its obesity pipelinethe oral small-molecule GIPR agonist ASC48 and the GLP-1R/GIPR/GCGR triple agonist peptide ASC37will be presented at ObesityWeek 2026. The conference will be held from November 14 to 17, 2026, in Washington, D.C., USA.

SHENZHENEXPRESS (00548) September Outer Ring Project toll revenue RMB110 million

Shenzhen Expressway Company Limited (00548) announced that in September 2026, the toll revenue of Meiguan Expressway, Jihe East Section, Jihe West Section, Yanjiang Project, and Outer Ring Project was RMB11.686 million, RMB58.658 million, RMB49.765 million, RMB74.857 million, and RMB110 million, respectively.

Keep (03650) appears at the 2026 Tencent Global Digital Ecosystem Summit, focusing on showcasing AI To B sports and health solutions.

The 2026 Tencent Global Digital Ecosystem Summit was held in Shenzhen. Sports technology company Keep (03650) appeared at the event with its self-developed sports and health large model Keepace.ai and the "Keep AI To B Sports and Health Solution."

Hong Kong SFC: AI adoption is becoming increasingly widespread, and responsible development at scale remains challenging.

The Hong Kong SFC published its first "Survey on the Use and Preparedness of Artificial Intelligence among Large-Scale Institutions."

Hong Kong stocks close: Hang Seng Index up 0.42%, Hang Seng Tech Index up 2.25%

Horizon Robotics-W rose 7.91%, CATL rose 6.08%, Xiaomi Group-W rose 6.04%, MINIMAX-W rose 5.15%, XPeng Inc.-W rose 4.66%, China Life Insurance rose 4.10%, and Galaxy Entertainment rose 3.81%.

The U.S. is reportedly pushing a plan for Russian gas to be transported to Europe via Ukraine, seeking an "energy ceasefire" before winter, but the plan is opposed by multiple European countries.

The U.S. is reportedly backing the rapid resumption of Russian gas supplies to Europe via pipelines transiting Ukraine in order to secure an energy ceasefire before winter arrives, according to media reports citing U.S., European, and Ukrainian officialseven as Ukraine is currently at war with Russia.

DBS Report: 78% of Surveyed Enterprises Use Multiple Settlement Currencies; AI and Tokenized Currencies Are Reshaping Cross-Border Treasury Management

DBS Bank (Hong Kong)'s latest report notes that shifting trade routes and market volatility are making cross-border operations increasingly complex for enterprises. To address these challenges, companies are adopting more diversified settlement currencies and introducing new treasury management tools.

DoorDash (DASH.US) Outperforms Nasdaq Amid Tech Selloff! Officially Announces $17 Billion Acquisition of Instacart, with Grocery Delivery and Retail Advertising Driving a Value Reassessment?

The full integration of the two major platforms could enhance their combined competitive and negotiating capabilities in delivery economics, consumer reach, and retail media monetization. Grocery retailers lacking their own delivery networks will inevitably face more pronounced bargaining pressure, while Walmart and Target, which own Spark and Shipt respectively, are relatively better positioned to withstand the impact.

Earnings Preview | A 121x P/E Gamble: If Palantir's (PLTR.US) Guidance Is Not "Stunning Enough," the Stock Price May Fall Sharply

Palantir will release its third-quarter report after the bell on Monday. The market expects revenue of US$2.18 billion, up about 85%, with the full-year guidance raise and the growth rate of its commercial business in focus; under a high valuation, the margin for error is extremely small.

A-share Market Close | Shanghai Composite Index Rises 1.08%, AI Comic Drama Concept Triggers Wave of Limit-Ups

On November 2, A-shares opened collectively higher, briefly pulled back, and then fluctuated upward.

The central bank will launch the third securities, fund, and insurance company swap facility operation tender tomorrow.

This morning, the People's Bank of China and the China Securities Regulatory Commission held a symposium with a number of securities firms and fund companies. According to attendees, at the meeting, the People's Bank of China will launch the third tender for swap facility operations for securities, fund, and insurance companies. Institutions showed strong willingness to apply this time, with more than 30 institutions submitting applications. Attendees said that the swap facility operation is a beneficial exploration in supporting the capital market, and this symposium once again sounded the assembly call; securities firms, funds, and other institutions will proactively and actively make good use of the swap facility tool, and after successful applications, will invest incremental funds into the capital market as soon as possible.

Paul Chan: FPS to Partner with UnionPay International to Further Facilitate Cross-Border Transactions

Paul Chan said that FPS will partner with UnionPay International to support QR code payments at over 100 million merchants across Hong Kong, the mainland, and more than 40 overseas markets, further facilitating cross-border transactions.

South Korea unveils largest-ever fiscal budget proposal: AI and semiconductor spending nearly doubles, aiming for "world's highest-performance" sovereign AI

South Korean President Lee Jae-myung unveiled the country's largest-ever fiscal budget proposal on Monday, pledging "major investment in artificial intelligence (AI) and future growth engine industries."

Earnings Preview | ON Semiconductor Corporation (ON.US) Q3 Results Due Soon: AI Data Center Business, Gross Margin, and Q4 Guidance Are the Biggest Highlights

The market currently expects ON Semiconductor's Q3 revenue to grow 10% year-over-year to US$1.7 billion, with adjusted earnings per share up more than 39% year-over-year to US$0.88.

FOMO Market: Five Most Beijing Zhidemai Technology Stocks to Buy Before the U.S. Midterm Elections

When market sentiment shifts, five stocks rated "Strong Buy" by SA Quant may help investors maximize returns.

Ternus's Apple Inc. (AAPL.US) Earnings Debut Faces a Major Test: Memory Costs Devour ProfitCan the iPhone Duo Save the Day?

Ternus hosts Apple's earnings call for the first time, with rising memory chip prices weighing on profit growth, the iPhone Duo's screen cracking issue in the spotlight, and Apple's capital-efficient strategy driving a 27% stock gain for the year.

Bank of England Expected to Raise Rates to 4% on Thursday; AI Investment Boom Rewrites "Neutral Rate" Assumptions

The market widely expects the Bank of England to raise rates by 25 basis points to 4.00% on Thursday, November 5, which would be the first rate hike since August 2023.

Hong Kong IPO "Sponsor" Rankings: CICC, CITIC, and Huatai Sweep Top Three, Guotai Haitong Sits at Fourth Eyeing Third

According to statistics, over the past 24 months, a total of 50 securities firms participated in sponsorship work as listing sponsors or joint sponsors.

HKMA announces four fintech measures covering AI agents and cross-border payments, among others.

Eddie Yue emphasized that the four measures are interconnected, and that fintech development must strike a balance between active innovation and risk management so that innovation can go further and be implemented more solidly, benefiting more people.

Julia Leung: The scale and pace of AI adoption by Hong Kong financial intermediaries are increasing day by day; additional guidance on the adoption of agentic AI will be provided as appropriate.

The Hong Kong Securities and Futures Commission must work with the industry and other regulators to identify and respond to relevant risks more flexibly.

Christopher Hui: Hong Kong is studying the risks posed by agentic AI and response measures

The authorities will consult the market within this year on how to develop a legal framework to ensure the early detection and elimination of deepfake advertisements and similar content, so as to protect investors from being misled.

NPC Standing Committee | Second Draft of Financial Law Strengthens Provisions on Financial Consumer and Investor Protection

The draft Financial Law of the People's Republic of China was submitted on November 2 for a second review at the 25th session of the Standing Committee of the 14th National People's Congress.

XPENG-W (09868): Delivered a total of 50,237 new vehicles in October, setting a new monthly delivery record.

XPENG-W (09868) announced that in October 2026, XPENG delivered a total of 50,237 new vehicles, setting a new monthly delivery record, up 22% month-over-month and up 20% year-over-year. Overseas deliveries also reached a new monthly record of 13,326 units, up 166% year-over-year.

WASION HOLDINGS (03393): Subsidiary Wasion Group wins contracts for approximately 859,000 smart electricity meters and current and voltage transformers for metering

WASION HOLDINGS (03393) announced that on October 29, 2026, State Grid Corporation of China (State Grid) announced the results of its second equipment tender procurement for 2026, in which the Company's subsidiary Wasion Group Limited won contracts for approximately 859,000 smart electricity meters and current and voltage transformers for metering, with a contract value of approximately RMB185.75 million (approximately HK$219 million). In addition, the Company's subsidiary Wasion Information Technology Co., Ltd. also won contracts for approximately 25,000 smart integrated terminals and dedicated transformer acquisition terminals, with a contract value of approximately RMB55.61 million (approximately HK$65.49 million). The Company ranked among the top in terms of total contract value awarded in this tender.

ALPHAMAB-B (09966): IND for Phase I Clinical Study of JSKN021 Approved by FDA

Alphamab-B (09966) announced that the U.S. Food and Drug Administration (FDA) has approved the Investigational New Drug (IND) application for JSKN021 (a dual-payload antibody-drug conjugate (ADC(s)) targeting epidermal growth factor receptor (EGFR)/human epidermal growth factor receptor 3 (HER3), independently developed by the Company) to conduct a Phase I clinical study (Study No.: JSKN021-101), marking the official launch of overseas clinical development of JSKN021.

Japanese Finance Minister: Ready to take foreign exchange intervention action; joint statement with the U.S. remains in effect.

Japanese Finance Minister Satsuki Katayama said she is ready to take action to stabilize the foreign exchange market.

A-share Midday Review | ChiNext Index rises 3.28%, baijiu and AI comic dramas surge across the board

The market showed a pattern of "broad index gains, consumer and media sectors leading, and internal divergence among heavyweight stocks."

HKD interbank rates fall broadly; one-month rate drops for second straight day to 2.68%, a more than two-month low

On November 2, HKD interbank rates fell broadly, with the one-month rate, which is linked to mortgage loans, at 2.67750%, down 3.173 basis points.

National Energy Administration: In the third quarter, coal-fired power generation and coal consumption for power generation continued to decline; coal inventories are generally sufficient for the winter peak season.

In the third quarter of 2026, China's coal-fired power generation and its share of total generation declined year on year, and new progress was made in the low-carbon energy transition.

John Lee: Hong Kong has over 1,400 fintech companies, ranking second globally; HKEX's IPO fundraising continues to lead the world.

John Lee also mentioned that the Northern Metropolis itself will be developed into Hong Kong's new twin engines of "finance in the south and innovation and technology in the north."

Johnson & Johnson (JNJ.US) Experimental Shockwave Javelin Catheter Technology Achieves 94% Success Rate, Potentially Expanding the Complex Coronary Artery Surgery Market

Johnson & Johnson reported a 94% success rate in its coronary device trial.

Goldman Sachs: Supply disruption risks intensify, raises December and next year's oil price forecasts

Although Middle East production is continuing to recover in line with Goldman Sachs' previous expectations, Goldman Sachs still announced an upward revision to its crude oil price forecasts.

Centaline's top ten housing estates recorded 8 transactions over the weekend, up 33.3% week-on-week.

Centaline's top ten housing estates recorded 8 transactions over the past weekend (the 30th and the 1st), up 33.3% from 6 transactions the previous weekend.

Aging Populations and High Debt Put Europes Pension Predicament on Sovereign Bond Markets

Europe's aging population and rising government debt are putting increasing pressure on public pension systems, raising market concerns about fiscal stability.

A-share Market Open Brief | All three major indices open higher; consumer and brokerage sectors strengthen

On November 2, the Shanghai Composite Index opened 0.42% higher at 3,614.31 points, the Shenzhen Component Index opened 0.59% higher at 10,897.50 points, and the ChiNext Index opened 1.05% higher at 2,439.08 points.

Goldman Sachs on Kioxia's earnings "revelation": NAND supply shortage may persist until 2027, strongly bullish on Samsung Electronics and SK Hynix

On October 30, Japan's NAND flash manufacturer Kioxia announced its results for the third quarter of calendar year 2026 (i.e., the second quarter of fiscal year 2026). Goldman Sachs analyzed the implications for the Korean memory giants it covers, SK Hynix (rated "Buy") and Samsung Electronics (rated "Buy").

Technology foundation + operational efficiency: a look at the alpha characteristics behind Beijing Roborock Technology's (688169.SH) Q3 dual growth

Roborock Technology's resilience against cycles stems not only from its current operational efficiency, but is also rooted in its deeper technology strategy and product category layout.

BlackRock: The 80% correlation between oil prices and US Treasury yields this year broke down in October, with AI risk having overtaken geopolitical risk

BlackRock said the positive correlation between US Treasury yields and oil prices shifted abruptly over the past month, with the sharp selloff in AI technology giants to blame.

Goldman Sachs previews the U.S. midterm elections: Democrats are likely to win the House, with fiscal policy, tariffs, and AI regulation becoming key battlegrounds.

Prediction markets show the probability of Democrats winning a majority in the House at over 90%, while control of the Senate remains uncertain.

BNCT indication for recurrent meningioma officially approved overseas: Pengbo Hainan Hospital under CH BIOTECH SER (08037) opens new space for intracranial tumor treatment

The overseas BNCT treatment system NeuCure, in collaboration with CH BIOTECH SER Holdings Limited, received official approval from an overseas regulatory authority on October 28 to add the "recurrent meningioma" indication.

The SFC welcomes HKEX's expansion of the scope of Chinese government bonds as margin collateral.

Mr. Leung Chung-yin, Executive Director of the SFC's Market Supervision Division, said: "Further expanding the scope of Chinese government bonds as collateral will not only lower the financing costs of market participants, but also help broaden their application scenarios in the offshore market."

A-share Pre-market Briefing | Nasdaq Falls 2.9%; PBOC Discusses Buybacks and Increased Holdings; CXMT Corporation (688825.SH) Net Profit RMB54.4 Billion

Nasdaq fell 2.86%, Intel dropped 28.58%, and the Philadelphia Semiconductor Index fell 7.2%.

Broker Morning Meeting Highlights | Rising Expectations of a Fed Rate Hike in December; A-Shares Oversold and Awaiting a Turnaround

SDIC Securities believes that last week A-shares' "failed rebound" meant selling pressure was not truly cleared, and the possibility of an oversold recovery is building.

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Morgan Stanley: Raises AbbVie (ABBV.N) price target from $310 to $346.

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UBS: Maintains Agricultural Bank of China (01288.HK) "Neutral" rating and HK$7.3 target price; third-quarter revenue and net profit growth lead state-owned peers.

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China Association for Public Companies: In the first three quarters, listed companies in the domestic stock market achieved a net profit attributable to parent companies of 5.1 trillion yuan, an increase of 8.5%.

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Kasen International (00496): Yao Kaixin will be appointed as an executive director

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Standard Chartered Group (02888.HK) spent approximately GBP 8.2538 million to repurchase 397,600 shares on October 30.

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