GMT EIGHT - OPPORTUNITIES IN CHINA

Latest update on the record-breaking cryptocurrency theft: 90% of the losses have been covered

Binance said it has covered 90% of the approximately US$6.3 billion in token assets stolen from its hot wallet in the record cryptocurrency theft.

Galaxy Resort joins hands with DAMAI ENT (01060) and Fliggy to sign a three-year strategic cooperation agreement, deepening synergy between performing arts and tourism resources.

Galaxy Resort, DAMAI ENT (01060), and Fliggy signed a three-year strategic cooperation agreement in Macau.

South Korean Stock Buybacks "Surge": Scale Jumps 467.33% in First 10 Months! Samsung and SK Hynix Are the Main Drivers

Samsung Electronics and SK Hynix are the main drivers behind this year's surge in buyback and disposal amounts. SK Hynix has completed KRW40 trillion in buybacks and is advancing an additional KRW20 trillion buyback plan; Samsung Electronics recently repurchased approximately KRW15 trillion of its own shares.

New forces' "Silver October" sales intensify divergence: Leapmotor exceeds 100,000 for four consecutive months, XPeng hits new single-month high

Chinese automakers among the new forces have successively disclosed their October delivery data. Leapmotor has reached a monthly sales scale of 100,000 units for four consecutive months, while XPeng's single-month deliveries exceeded 50,000 vehicles for the first time, setting a new all-time high.

Paul Chan: Hong Kong's Q3 economic performance will exceed market expectations.

Paul Chan said that on a preliminary basis, supported by faster export growth and solid domestic demand, Hong Kong's economy is expected to grow year on year in the third quarter at a rate higher than market expectations, with growth accelerating compared with the second quarter.

The biggest suspense of the US midterm elections: Republicans unexpectedly hold the Senate vs. Democrats winning 53 or more seats.

Citi believes that the expected blue sweep has largely been priced in by the market, and the real market risk lies in two tail scenarios: Republicans unexpectedly holding the Senate, or Democrats outperforming expectations by winning 53 or more seats.

Goldman Sachs internal "bull-bear debate": earnings have already peaked vs. clear return on investment

Tony Pasquariello believes that S&P 500 earnings growth has peaked and that now is not the time to take heavy positions; London-based strategist Mark Wilson, on the other hand, insists that this week's earnings reports from hyperscale cloud providers have answered the question of AI return on investment "quite clearly," and he maintains a bullish stance.

Caitong: US, European, and Japanese central banks all paused rate hikes in October, but fighting inflation remains the main policy focus.

The current pause should not be extrapolated as a weakening of policy constraints.

Guosen Textile and Apparel Q3 Earnings Summary: Divergence at the Brand End Widens Further; Manufacturing Shows "Midstream Recovery, Upstream Price Hikes"

In Q4, brands are expected to maintain a weak recovery with strong divergence, with higher certainty for high-end outdoor, differentiated casual wear, and leading home textile players.

CICC comments on October PMI data: PMI decline mainly affected by seasonal factors; drop exceeding average reflects marginal weakening of demand.

In October, the Caixin manufacturing PMI fell by 0.8 percentage points month-on-month to 49.3%, below market expectations.

China's Auto Exports to the EU Are Shifting: Plug-in Hybrids Surge 372%, BYD Company Limited Leads, and Multiple Automakers Post Rapid Growth

Based on public data, Chinese automakers' exports to the EU are showing explosive overall growth. The 2026 export volume far exceeds previous years, averaging over 200,000 vehicles per month in the first nine months, and surging to 279,000 vehicles in September alone, a record high.

Huajin Securities: A-shares will continue to fluctuate and build a bottom in November; balance allocations between technology and CKH HOLDINGS low-valuation blue chips.

In November this year, A-shares may continue to fluctuate and build a bottom, while the long-term slow bull trend remains unchanged.

China Index Academy: Prices of second-hand homes in 100 cities fell 0.61% month-on-month in October.

In October 2026, the second-hand housing market in key cities continued to show strong activity, with transaction volumes maintaining year-on-year growth, but the price adjustment trend persisted. The average price of second-hand homes in 100 cities was RMB12,376 per square meter, down 0.61% month-on-month, with the decline widening by 0.01 percentage points from the previous month, and down 6.72% year-on-year.

Soochow interprets Q3 fund holdings in the electrical equipment and new energy sector: industrial control rose, while the electric vehicle, photovoltaic, wind power, power equipment, and energy storage segments all declined.

Using the ratio of the market value of heavily held stocks in the electrical equipment and new energy sector to the market value of funds' heavily held stocks as an indicator, the ratio was 8.93% in 2026Q3, down 1.33 percentage points quarter-on-quarter.

China Index Academy: In January-October, total sales of China's top 100 real estate developers reached RMB2.537 trillion, with the year-on-year decline narrowing.

From January to October 2026, the total sales of the 100 real estate developers reached RMB2.53706 trillion, with the year-on-year decline narrowing by 0.9 percentage points compared with January-September.

ChangXin Technology: DRAM on the sixth-generation technology platform based on the 4F architecture has completed engineering sample validation.

China's leading domestic memory chip company ChangXin Technology has completed engineering sample validation for its sixth-generation process technology platform. On October 30, ChangXin Technology revealed during its third-quarter earnings briefing that, building on key breakthroughs in the 4F vertical channel DRAM architecture, the sixth-generation process technology platform has completed engineering sample validation. ChangXin had previously introduced progress on the 4F architecture at an academic forum, and this marks the first time the company has announced that its sixth-generation process technology platform is based on the 4F architecture. According to industry practice, completion of engineering sample validation means the platform's core performance metrics have met design expectations on actual wafers, and it can enter the mass production stage after completing validation with customers.

Marvell acquires Lumentum: The first deep closed loop of "chip + optics"

Marvell plans to acquire Lumentum, potentially creating an integrated industry chain from DSP and lasers to optical modules. Two Cignal AI analysts believe that in the AI era the value of optical components has risen sharply, and vertical integration is expected to generate higher profits. However, Marvell will also face a thorny problem: it supplies chips to optical module makers while potentially becoming their competitor.

Net profit surged 307%, gross margin rose to 53.46%: What is driving the growth of Guangdong Dtech Technology (01377)?

In the first three quarters, Guangdong Dtech Technology's operating revenue reached RMB3.487 billion, a year-on-year increase of 139.25%; net profit attributable to the parent company reached RMB1.15 billion, a year-on-year increase of 307.44%.

Single-quarter net profit reaches RMB1.4 billion: the profit logic behind Ingenic Semiconductor's (03223) earnings growth

In the first three quarters of 2026, Ingenic Semiconductor's operating revenue increased by 106.66% year on year, net profit attributable to shareholders rose by 922.95% year on year, and net profit after deducting non-recurring gains and losses grew by as much as 1,188.99%.

Guoxin and Chengtong Make Their Move: Q3 Position Increase List Revealed

As the disclosure of 2026 A-share third-quarter reports concludes, the third-quarter holdings movements of China Reform Holdings and China Chengtong, the two major state-owned capital operation platforms, have come to light. Guoxin Investment under China Reform Holdings and China Chengtong Holdings Group Co., Ltd. have made new entries and increased holdings across multiple key sectors including power, energy, military electronics, telecommunications, and semiconductors.

Cui Dongshu: 54.6% share! Chinese independent brands deepen their presence in the Russian auto market; wolf-pack tactics accelerate a localized breakthrough.

In September 2026, Russian car sales reached 134,000 units, down 1% year on year. From January to September, Russian car sales reached a relatively high level of 1.06 million units, up 5% year on year.

Earnings blowout, but why did SanDisk (SNDK.US) plunge overnight?

The problem lies with its Japanese wafer fab partner Kioxia: the latter's profit guidance fell short of expectations and it warned that the AI-driven NAND flash price rally is cooling. Spot prices have stopped rising, global capacity expansion is accelerating, and bears believe the memory cycle has already reached an inflection point. As Big Tech's AI spending collides with slowing growth in core businesses, the hyperscalers that were supposed to absorb this new capacity may also begin to drive a harder bargain.

The most urgent bottleneck for AI today: cheap funding is drying up!

Confidence supports financing, and financing supports investment; once confidence weakens, the contraction of capital will in turn hit investment and growth expectations.

2008 Again! One Article to Understand Wall Street's Hottest Trade: AI CDS

As the AI giants frantically burn cash to expand, alarm bells have already sounded in the credit market. CDS spreads for chipmakers such as Broadcom and Nvidia have surged more than 170% within half a year. Although 10 core AI companies, including Google and Amazon, account for only 8% of investment-grade index constituents, they carry 16% of implied credit risk. Chip manufacturers are morphing from technology companies into "concentrated lenders," with CDS trading volume surging more than 1,900% year on year.

AI dip-buying trade fails this time? Tech stock earnings blowups met with harsh punishment as US stock volatility jumps.

Tech stock earnings blowups met with one of the harshest punishments in history: VIX hits a new high since April, Nasdaq plunges, and diversified strategies record their best month since 2020.

Apple fell more than 2% in pre-market trading and is now at $339.3939.

Record numbers of early voters in US midterm elections; Democrats lead by 12 percentage points.

Record numbers of early voters in midterm elections, with Democrats building a larger share of the vote.

NBS Interpretation: Purchasing Managers' Index Declined in October

The PMIs for high-tech manufacturing and equipment manufacturing were 51.3% and 50.6%, respectively, continuing to stay above the critical threshold. Production and operations of enterprises in related industries remained in expansion, and new quality productive forces continued their sound development momentum. The PMIs for the consumer goods industry and high energy-consuming industries were 48.8% and 47.3%, respectively, down 1.9 and 0.7 percentage points from the previous month, indicating a weakening in market activity.

National Bureau of Statistics: In October, the composite PMI output index was 49.7%, down 1.0 percentage point from the previous month.

In October, the manufacturing Purchasing Managers' Index (PMI) was 49.3%, down 0.8 percentage point from the previous month. The non-manufacturing business activity index was 49.7%, down 0.5 percentage point from the previous month.

Amazon.com, Inc. (AMZN.US) Continues to Fund AI Spending: Establishes Hardware-Backed Financing Arrangement of Up to US$80 Billion, Total Spending Commitments Rise to US$883 Billion

Amazon taps US$80 billion supplier lending facility to power AI development.

France's fiscal outlook deteriorates as Fitch revises rating outlook to negative.

Fitch Ratings revised France's credit rating outlook to negative due to deteriorating public finances, including slowing growth, rising borrowing costs, and a widening deficit.

HK Bull/Bear Outstanding Qty Ratio(43:57) | October 31

As of October 31, the latest Hang Seng Index bull/bear street stock ratio is 43:57.

Overnight US stocks | "Black Friday" sweeps across risk assets, Nasdaq posts worst single-day performance since June; Apple Inc. (AAPL.US) market cap overtakes NVIDIA Corporation (NVDA.US) to reclaim the global top spot.

At the close, the Dow Jones Industrial Average fell 572.25 points, or 1.09%, to 51,770.31; the S&P 500 dropped 140.30 points, or 1.82%, to 7,580.09; and the Nasdaq Composite declined 747.73 points, or 2.86%, to 25,437.00.

AI spending spree sparks credit risk concerns! S&P cuts Meta (META.US) rating outlook to "negative," questioning its ability to monetize massive investments.

S&P Global Ratings downgraded Meta's credit rating outlook from "stable" to "negative," citing the company's continued expansion of artificial intelligence (AI) capital expenditures, which has turned free cash flow negative, while uncertainty remains over whether the massive AI investments can generate sufficient returns in the coming years.

Relatively restrained capital expenditure wins market favor as Apple Inc. (AAPL.US) overtakes NVIDIA Corporation (NVDA.US) to reclaim the world's largest market capitalization.

As concerns on Wall Street continue to mount over the returns on Big Tech's massive artificial intelligence investments, Apple overtook Nvidia on Friday to reclaim its position as the world's most valuable listed company.

Intel Corporation (INTC.US) Plunges 29%, Largest Single-Day Drop Since the 1970s, as Guidance Falls Far Short of Expectations

Intel's stock plunged 29% on Friday, marking its largest single-day drop since the 1970s.

Apple AI officially announces integration with Qwen.

On October 31, Apple announced a partnership with Alibaba to integrate Qwen into Apple Intelligence, allowing Chinese users to directly access Qwen's text and image understanding, content generation, and other capabilities within Siri, Writing Tools, and Visual Intelligence. These features will be available for testing starting November 4 with the latest iOS developer beta and will be rolled out to Chinese users with the official release of iOS 27.3 in December.

Reportedly, Alphabet Inc. Class C (GOOGL.US) is in talks with the U.S. Department of Defense on cooperation, planning to provide data security support for the US$185 billion "Golden Dome" missile defense program.

Google, under Alphabet, is in talks with the U.S. Department of Defense to participate in a new data security program, providing technical support for the Trump administration's "Golden Dome" missile defense program, which has a total investment of US$185 billion.

US Stock Market Move | Bambusa Therapeutics (BBTX.US) debuts on the U.S. stock market, shares fall over 8%.

As of press time, the stock fell over 8% to $14.685.

US Stock Market Move | Clinical-stage biotechnology company Aspen Neuroscience (ASPE.US) debuts on the U.S. stock market, with shares falling more than 17% after the opening.

As of press time, the stock fell more than 17% to $12.345.

The tech stock sell-off does not mean the end of the bull market. Wall Street strategists: fundamentals remain strong, and a pullback may be a buying opportunity.

Raymond James strategists believe the recent tech stock sell-off stems mainly from overly high market expectations and short-term cash flow pressure from AI investment, rather than deteriorating fundamentals, and that the pullback may offer investors an opportunity to position on dips.

US Stock Market Move | Crypto-related stocks weaken; Strategy (MSTR.US) falls over 6%.

On Friday, cryptocurrency-related stocks weakened. As of press time, Strategy (MSTR.US) fell over 6%, Coinbase (COIN.US) plunged over 12%, and Circle (CRCL.US) dropped 8%.

US Stock Market Move | Reddit (RDDT.US) Plunges Over 27% After Earnings as Q4 Revenue Outlook Falls Short of Expectations

On Friday, social forum platform Reddit (RDDT.US) opened sharply lower, down over 27% as of press time, with a cumulative decline of over 37% in October.

Risk-aversion sentiment is rising in US equities! JPMorgan: Funds are beginning to rotate into low-volatility stocks, but there has not yet been a large-scale exit from risk assets.

JPMorgan's latest research shows that as macroeconomic uncertainty increases and tech stock volatility intensifies, the months-long US equity rally is facing a test.

FAMEGLOW (03774): Controlling stake changes hands; receives general offer at a discount of approximately 98.06%; trading resumes on November 2.

FAMEGLOW (03774) and the offeror Sun Bloom International Limited jointly announced that on October 23, 2026, the offeror completed the acquisition of approximately 56.93% of the entire issued share capital of the company from Equal Joy Holdings Limited for a cash consideration of approximately HK$350 million, equivalent to HK$0.75 per sale share. The joint offer agent will, for and on behalf of the offeror, jointly make an offer in compliance with the Takeovers Code to acquire all the offer shares at an offer price of HK$0.75 per offer share, representing a discount of approximately 98.06% to the closing price of HK$38.70 per share as quoted on the Stock Exchange on October 23, 2026.

DTXS SILK ROAD (00620): Termination of Acquisition of 50.1% Equity Interest in Topology Digital Technology

DTXS SILK ROAD (00620) announced that, in relation to the share purchase agreement entered into between the Group and the seller for the sale and purchase of a 50.1% equity interest in Shaanxi Topology Digital Technology Co., Ltd., given that the seller failed to fulfill its obligations under the share purchase agreement to complete a specific capital and equity restructuring, resulting in the unsatisfaction of the conditions precedent under the share purchase agreement, the share purchase agreement was terminated on October 30, 2026. Accordingly, the acquisition will not be completed. The board confirms that the Group has not paid and will not pay any consideration under the share purchase agreement.

US Stock Market Move | AI cloud service providers continue to decline; Nebius (NBIS.US) falls over 7%.

On Friday, AI cloud service providers continued to decline, with Nebius (NBIS.US) and CoreWeave (CRWV.US) falling more than 7%.

AI giants spark an unprecedented wave of financing! Tech bonds down 9% this year; BofA strategist: the time to buy the dip may have arrived.

Bank of America strategist Michael Hartnett believes that as tech giants borrow heavily to build AI infrastructure, U.S. tech corporate bonds have faced sustained selling pressure, pushing yields up to attractive levels, and investors may now have a chance to buy the dip.

Jiangsu Lopal Tech. Group (02465): In the first three quarters, the average selling price of lithium iron phosphate cathode materials increased by 50.10% year on year.

Jiangsu Lopal Tech. Group (02465) announced that in the first three quarters of 2026, the average selling price of the company's main product, automotive environmentally friendly fine chemicals, increased by 8.80% year on year; the average selling price of lithium iron phosphate cathode materials increased by 50.10% year on year.

Jiangsu Lopal Tech. Group (02465) reported a net profit attributable to shareholders of RMB506 million for the first three quarters.

Lopal Tech (02465) announced that for the first three quarters of 2026, operating revenue was RMB12.275 billion, up 110.72% year on year; net profit attributable to shareholders of the listed company was RMB506 million, compared with a loss of RMB110 million in the same period last year; basic earnings per share were RMB0.70.

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