GMT EIGHT - OPPORTUNITIES IN CHINA

A-share Announcement Highlights | Xiamen Comfort Science&Technology Group (002614.SZ) and other stocks with consecutive limit-ups warn of risks.

OGAWA, up for 4 consecutive trading days: Health service robot-related business is still in the exploratory stage

CITIC SEC: The "politicization" of data centers may be the biggest obstacle to the short-term AI narrative.

CITIC Securities released a research report stating that the halt of data center construction in Texas, USA, may make politicization the biggest obstacle to the short-term AI narrative.

Kaiyuan Securities: Brokerages' Q3 reports are expected to exceed expectations; continue to be bullish on the allocation value of leading brokerages.

Kaiyuan Securities released a research report stating that at present, it continues to favor the allocation value of leading brokerages. With improving profit structure, the Q3 earnings of leading brokerages may decline slightly quarter-on-quarter, but overall they are expected to beat expectations.

Cui Dongshu: China's auto imports in August were 23,000 units, down 51% year-on-year.

Cui Dongshu, Secretary-General of the China Passenger Car Association, wrote that in August 2026, imported vehicle imports totaled 23,000 units, down 51% year-on-year and down 48% month-on-month.

New Stock News | Smart driving supplier Yinjia Technology files with the Hong Kong Stock Exchange, gross margin recovers to 17.8% in the first half of 2026.

According to a disclosure by the Hong Kong Stock Exchange on September 27, Shanghai Yinjia Electronic Technology Co., Ltd. (referred to as: Yinjia Technology) has submitted an application for listing to the Main Board of the Hong Kong Stock Exchange, with Guotai Junan Financing Limited as its sole sponsor.

TESSON HOLDINGS (01201) intends to acquire 100% equity of Times Huazhi (Hong Kong) New Energy Technology Co., Ltd. for RMB 120 million.

TESSON HOLDINGS (01201) announced that on September 27, 2026, the company's direct wholly-owned subsidiary, Contemporary International Battery Technology Limited, intends to acquire 100% equity of Times Huazhi (Hong Kong) New Energy Technology Co., Ltd. from CCPOM Limited for a consideration of RMB 98.4 million, of which RMB 38.4 million will be paid in cash and RMB 60 million will be paid by issuing consideration shares at HK$2.00 per consideration share. In addition, the buyer intends to increase capital by RMB 21.6 million to the Hong Kong target company.

New Stock News | Yinjia Technology Files with the Hong Kong Stock Exchange

According to a disclosure by the Hong Kong Stock Exchange on September 27, Shanghai Yinjia Electronic Technology Co., Ltd. (abbreviated as: Yinjia Technology) has submitted an application for listing to the Main Board of the Hong Kong Stock Exchange.

Goldman Sachs: Don't Wait for the Midterm ElectionsA "Goldilocks" Rally May Ignite the Year-End U.S. Stock Market Ahead of Schedule

Goldman Sachs believes the market has overpriced stagflation and high-yield risks; weakening tariff effects, potential energy deflation, and cost reductions from AI consumerization will drive inflation lower; although growth is slowing, core earnings remain strong, limiting central banks' room for hawkish moves. Under a "Goldilocks" scenario, AI FOMO reignites, and there is no need to wait for the midterm electionsa "Goldilocks" rally may ignite the year-end U.S. stock market ahead of schedule.

China Railway: September 27 marks the peak of return passenger flow nationwide as the Mid-Autumn Festival holiday ends, with an estimated 16.86 million passenger trips expected.

September 27 marks the peak of return passenger flow nationwide as the Mid-Autumn Festival holiday ends, with an estimated 16.86 million passenger trips expected.

XINYI ENERGY (03868): New Energy Photovoltaic REIT Application Accepted by Shenzhen Stock Exchange

XINYI ENERGY (03868) and XINYI SOLAR (00968) jointly announced that, following receipt of a recommendation from the China Securities Regulatory Commission on August 26, 2026, the fund manager submitted a China listing application to the CSRC and the Shenzhen Stock Exchange on September 21, 2026. The Shenzhen Stock Exchange confirmed and accepted the application on September 24, 2026.

GOODBABY INTL (01086) receives privatization proposal from chairman at a premium of approximately 38.89%.

Goodbaby International (01086) and the offeror Crystal Aurora International Ltd. jointly announced that on September 27, 2026, the offeror requested the board of directors to present a proposal to the scheme shareholders which, if approved and implemented, would result in the privatization of the company and the withdrawal of the listing status of the shares on the Stock Exchange. The proposal will be implemented by way of a scheme.

HANSOH PHARMA(03692): Almonertinib EU marketing authorization withdrawn, plans to resubmit marketing application

Hansoh Pharmaceutical (03692) announced that, regarding aumolertinib (overseas trade name: Aumseqa) as monotherapy, which was approved for marketing in the European Union (EU) following a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA), the Directorate-General for Health and Food Safety of the European Commission (EC) issued an implementing decision on September 25, 2026, pursuant to which the aforementioned marketing authorization has been withdrawn.

Soochow: Short-term market sees a corrective rebound, focus on domestic computing power and the chip semiconductor industry chain, etc.

Soochow Securities released a research report stating that, overall, combined with the seasonal pattern of the "National Day effect," it maintains its judgment that the current market has entered a sentiment recovery phase, and the rebound will continue.

China Securities Co.,Ltd.: It is expected that the prosperity of European offshore wind equipment tendering will improve significantly next year, and the order elasticity of Chinese companies is expected to increase markedly.

China Securities Co., Ltd. released a research report stating that after Europe's offshore wind sector experiences a trough in project FIDs in 2026, the prosperity of equipment tendering is expected to improve significantly in 2027.

Guosheng: The steel industry has entered a new stage of "placing equal emphasis on energy conservation and carbon reduction," and the medium- to long-term fundamentals of steel products are expected to continue improving.

Guosheng Securities stated in a research report that steel output increased month-on-month in mid-September, and the steel industry has entered a new stage of "placing equal emphasis on energy conservation and carbon reduction."

The 3,605-kilometer NIO (09866) Silk Road battery swap route is now fully connected.

On September 26, Power UP 2026 NIO (09866) Power Day was held with battery swaps available throughout the route from Dushanzi to Khorgos in Xinjiang.

Only three trading days left before the long holiday: hold stocks or hold cash?

Unlike previous years when "holding stocks through the holiday" was almost unanimous, this year brokerage recommendations show clear stratification: most institutions lean toward holding stocks, but when it comes to the definition of win rate, the types of holdings, and position control, the disagreements are more noteworthy than the conclusions.

Ministry of Transport: Cross-regional personnel flows across society during the National Day holiday are expected to reach 2.13 billion passenger trips.

On September 24, the State Council Information Office held a press conference.

Paul Chan: Confident that full-year GDP growth will reach the forecast target.

Paul Chan pointed out that artificial intelligence will bring new job types and new tracks to Hong Kong.

Zuckerberg talks about Muse: AI Agent explosion, the convergence of three major bets"the metaverse, smart glasses, and large models"is complete.

Muse reached millions of users within two weeks of launch, and Zuckerberg said bluntly, "It was a home run right out of the gate." This personal AI Agent is about to be fully integrated into Ray-Ban smart glasses, and the three betsthe metaverse, smart glasses, and large modelsare accelerating toward convergence. In addition, he rarely admitted that the failure of Llama 4 was "the most terrifying moment," and revealed that Meta is building a 5-gigawatt-class computing cluster.

GF SEC: For the National Day holiday, should A-shares "hold cash for the holiday" OR "hold stocks for the holiday"?

Prioritize the AI industry chain with strong third-quarter earnings momentum, as well as segmented alpha opportunities outside AI (pharmaceuticals, shipping, shipbuilding, selected segments of the export chain, etc.).

Gasoline prices surge, European electric vehicle sales soar, August growth rate exceeds 50%.

European BEV registrations surged 52% year-on-year in August, with Germany up 75% and France doubling, marking the strongest growth in recent years. The Iran war disrupted the Strait of Hormuz, pushing German gasoline prices to a record high of 2.31 per liter, becoming the most direct driver of the consumer shift to electric vehicles. Meanwhile, the market share of Chinese brands rose to a new high of nearly 12%.

A Glimmer of Hope for Peace Is Quickly Shrouded by Clouds Again: Trump Rejects the "Seven-Day Agreement"; Iran's President Once Again Discusses the Issue of Trust

Iranian Foreign Minister Araghchi stated that Iran has learned of the U.S. side's preliminary response to the proposal to reopen the Strait of Hormuz, but has not yet received any specific information conveyed by the mediators. Iran is waiting for the mediators to convey the final position and will make a decision accordingly.

Cui Dongshu: August 2026 Pickup Truck Market Analysis

In August's new energy pickup truck sales: BYD pickup trucks had overseas sales of 4,300 units, Geely Radar electric pickup trucks 2,202 units, Zhengzhou Nissan 1,058 units, and Changan extended-range pickup trucks 606 units. New energy vehicles from other pickup truck companies also reached a certain scale. With the launch of the domestic new energy pickup truck market and the gradual cultivation of the market, it is expected that Chinese pickup trucks will develop faster in the future to meet domestic and international demand.

China Securities Co.,Ltd.: Brain-Computer Interface Upgraded to a 15th Five-Year Plan Industrial Strategy; Upstream, Midstream, and Downstream Collaborate to Build a New Ecosystem of Human-Machine Integration

Brain-computer interfaces possess dual attributes of both healthcare and technology. In the short term, core applications focus on the field of disease treatment. In the long term, if human augmentation is achieved and deeply integrated with AI and robotics technologies, it is expected to unlock a trillion-level market space.

Foreign capital is madly buying US stocks! Net inflows of $942 billion over the past 12 months, a record since 1985.

In the 12 months through July of this year, net purchases of U.S. stocks and investment fund shares by overseas investors reached $942 billion, the highest rolling 12-month total since records began in 1985.

Muse sparks a new AI narrative, brokerages "call out" the next incremental track.

The anticipated surge in CPU demand sparked by Muse is further spreading upstream along the industry chain. Several brokerage institutions believe that IC substrates are poised to become an incremental segment.

Changes in the Global Economic Structure and Investment Trends

From a global investment perspective, recent attention has focused heavily on US Treasury yields and Federal Reserve rate hikes, driven by both debt issues and marginal changes in technology, investment, and economic growth.

Global Diesel Crunch: Refineries at Full Capacity Still Can't Fill the GapWhy Could Export Bans Backfire?

The future market can roughly be divided into four scenarios.

Is an October rate hike a done deal? "Hawkish wind" sweeps the Fed: three officials warn of inflation risks on the same day.

Since the Fed implemented its first rate hike in three years recently, multiple officials have called for further policy tightening. On Friday alone, three Fed officials signaled a hawkish stance, warning of inflation risks.

Russian court rules that Rio Tinto plc Sponsored ADR (RIO.US) must pay RUSAL (00468) approximately US$1.3 billion in damages; Mongolian OT copper mine interests may face enforcement

RUSAL wins the lawsuit; Rio Tinto is ordered to pay US$1.278 billion in damages, and enforcement measures against the 66% interest in Oyu Tolgoi LLC are permitted. The ruling has been upheld on appeal.

Morgan Stanley: Tech hardware investment theme shifts to structural upgrading + AI infrastructure; prefer targets with deep supply chain moats.

Opportunities in the hardware sector no longer come from an overall industry recovery; structural opportunities are the main theme.

UBS Group AG: Maintains "Neutral" rating on Tesla, Inc. (TSLA.US), target price $385. AI narrative dominates the stock's pricing logic.

UBS forecasts Tesla's global deliveries in the third quarter of 2026 (3Q26) at approximately 470,000 units, down 5% year-over-year and down 1% quarter-over-quarter.

Memory supply shortage may persist until 2028! UBS Group AG raises Micron's (MU.US) earnings, bullish on HBM boom + incremental buybacks.

UBS's latest research report provides a forward-looking analysis of Micron Technology's fourth fiscal quarter of fiscal 2026 (August) and fiscal 2027, with the core thesis pointing to a persistently widening supply-demand gap in the memory industry and a gradual shift in market focus from short-term trading momentum to cycle durability and capital returns.

AI frenzy defies the "5% Treasury yield"! Nasdaq hits a new high, reinforcing the "80/20" allocation, as Wall Street reassesses the stock-bond ratio.

The 30-year U.S. Treasury yield briefly touched about 5.53%, the highest level since 2004, while Brent crude oil remains above $100 per barrel. Risk assets once again withstood the pressure, reflecting investors' continued belief that the commercialization of AI applications and corporate earnings growth can, to some extent, offset the impact of rising financing costs and discount rates.

Goldman Sachs estimates: How should the "capital gap" of "AI Phase 2" be filled?

AI arms race enters the "moment of reckoning": Goldman Sachs' latest research shows that the six major cloud giants' AI capital expenditure for 2026-2027 will reach $1.73 trillion, and to achieve a 15% return rate, they need to generate a cumulative $1.42 trillion in revenue during 2028-2030. A 152% surge in cloud backlog orders provides support, but $3 trillion in off-balance-sheet implicit commitments, disputes over GPU depreciation periods, and up to $4.14 trillion in Phase 3 spending are making the outcome of this high-stakes gamble increasingly uncertain.

New Stock News | Shenzhen Transsion Holdings Co., Ltd. Passes HKEX Hearing: Revenue for the First Four Months of This Year Increased by Over 30% Year-on-Year

Revenue for the first four months of 2026 was RMB 23.290 billion, representing growth of approximately 30.1% compared with RMB 17.908 billion in the same period last year. In the first four months of 2026, revenue from IoT products and others increased to RMB 2.721 billion, accounting for 11.7%.

Bernstein: Maintains Montage Technology (06809) "Outperform" rating, target price HK$520

Bernstein expects Montage Technology's earnings per share to be RMB 3.44 and RMB 5.69 for 2026 and 2027, respectively. The report believes that the target price of RMB 400 reflects the earnings potential from the MRDIMM and CXL product cycles in 2027 to 2028.

Tight shipyard slots reshape supply and demand: the underlying logic behind The Pacific Shipping (02343) benefiting on both sides

While the market marvels at the million-dollar daily rates for VLCCs, the quiet upward move in dry bulk may be equally worth watching.

LEADS BIOLABS-B (09887), which has been in a sustained one-way decline, is getting closer to a key turning point for the next market move?

On September 14, Leads Biolabs presented updated Phase II clinical study data at the WCLC 2026 Congress in an oral presentation for the drug in combination with chemotherapy as first-line treatment for NSCLC; the company subsequently announced that a pivotal registrational Phase IIB study of the drug as monotherapy for advanced EP-NEC was selected as a Late-Breaking Abstract (LBA) for this October's European Society for Medical Oncology Congress (2026 ESMO), and that three studies received Proffered Oral Presentation slots.

AI is starting to help users execute the entire journey "from product search to decision-making to final checkout"! Goldman Sachs breaks down a $2.6 trillion consumer opportunity and identifies 18 potential winners.

Goldman Sachs' latest estimates show that, based on the existing scale of consumption, the potential annual consumer spending pool that AI agent commerce could tap into in the United States over the next few years is approximately $2.6 trillion, covering the retail and service categories it has identified as having a high likelihood of adoption; the growth opportunity mainly comes from agents gradually taking over existing shopping expenditures.

Smart ring maker Oura (OURA.US) IPO said to be about 4 times oversubscribed.

Market sources say that smart ring maker Oura's U.S. initial public offering (IPO) is said to be about 4 times oversubscribed.

China Merchants Macro: How Will AI Impact Taxation?

Currently, within the existing framework, rule optimizations such as promoting tax system neutrality, optimizing the income structure, reducing the fiscal system's sole reliance on total wages, and participating in the formulation of rules for data elements and cross-border digital services are more in line with current realities.

Hong Kong SFC responds to Evergrande's HK$1 billion audit settlement dispute: it does not affect the order of creditor repayment.

The liquidators applied for judicial review on June 12, seeking to set aside the settlement and to prohibit implementation of the agreement before their claims are finally determined. The Hong Kong High Court is expected to rule around the end of October.

Hopes for a US-Iran ceasefire hit another setback! Trump rejects Iran's seven-day proposal; inflationary pressure remains hard to shake off with oil prices at $100.

Trump rejects Iran ceasefire, expects bombing to resume after midterm elections. The president doubts whether Tehran will meet his demands.

The more stunning AI agents become, the more valuable storage gets! SK Hynix's NAND business landscape is brewing a hundred-billion-dollar U.S. stock IPO.

According to people familiar with the matter, Solidigm, a subsidiary of SK Hynix, is considering an initial public offering in the United States as early as next year. The people said the world's second-largest memory manufacturer is in talks with potential advisors about listing the NAND memory unit.

The massive wave of AI applications surges toward federal government affairs! Jensen Huang and Musk will share the stage with Trump, as AI commercialization expands into new territory.

President Donald Trump will co-host an event with leaders in technology and artificial intelligence to launch a new government website, America.gov, aimed at helping Americans access federal information and resources. The event will feature panel discussions on AI, energy dominance, health, space, and agriculture, with leaders such as Jensen Huang, Elon Musk, and Tom Brown in attendance.

Oracle Corporation (ORCL.US) "Force Majeure" Notice Shakes the AI Bond Market! Morgan Stanley: Data Center Financing Contracts Face Re-examination

Oracle has issued a "force majeure" notice to a large data center developer in New Mexico, raising market concerns about the strength of contract protections for AI infrastructure financing. Morgan Stanley warns that this move could prompt investors to re-examine the lease terms and credit risks of data center projects.

Bank of Japan rate hike still fails to impress the market! Hedge funds slash yen longs by nearly 80%, dollar longs surge

After the Bank of Japan failed to send sufficiently clear signals to the market about further rate hikes, hedge funds sharply cut their bullish yen bets.

US Treasury yields continue to climb! Cleveland Fed President: Government and AI compete for funds, rate hike expectations "add fuel to the fire"

Cleveland Fed President Hammack said on Friday that the recent continued rise in US long-term Treasury yields is the result of multiple factors working together.

Latest

5 m ago

According to the CME "FedWatch": The probability that the Federal Reserve will keep rates unchanged at 3.75%-4.00% at its October meeting is 35.2%, while the probability of a 25 basis point rate hike is 64.8%. The probability that the Federal Reserve will keep rates unchanged at 3.75%-4.00% by December is 7.6%, the probability of a cumulative 25 basis point rate hike is 41.6%, and the probability of a cumulative 50 basis point rate hike is 50.9%.

30 m ago

A Delta Air Lines flight bound for Boston made an emergency landing in Portugal due to smoke in the cabin.

39 m ago

Iran says it is prepared for a resumption of war with the US but has not abandoned diplomatic channels.

42 m ago

Trump: Not worried about AI getting out of control

45 m ago

Trump: 'Very seriously' considering banning diesel exports

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