GMT EIGHT - OPPORTUNITIES IN CHINA

GIORDANO INT'L (00709) achieved revenue of HK$820 million in the third quarter, a year-on-year decrease of 8.3%.

GIORDANO INT'L (00709) announced that for the quarter ended September 30, it achieved revenue of HK$820 million, a year-on-year decrease of 8.3%; the Group's same-store sales were HK$605 million, a year-on-year decrease of 7.1%; global brand sales were HK$893 million, a year-on-year decrease of 7.7%. For the year ended September 30, it achieved revenue of HK$2,734 million, a year-on-year decrease of 3.3%; the Group's same-store sales were HK$1,992 million, a year-on-year decrease of 2.7%; global brand sales were HK$3,082 million, a year-on-year decrease of 3.4%.

A-share Midday Review | Shanghai Composite Index Falls 1.20%, Major Financials Buck the Trend, Computing Power Hardware Sector Tumbles Broadly

A-shares fluctuated and weakened in early trading, with the Shanghai Composite Index falling more than 2% intraday and briefly losing the 3,600-point level, before narrowing its decline.

Commodity futures morning session close

Fuel oil rose 6.09% consecutively, low-sulfur fuel oil rose 5.88% consecutively, liquefied petroleum gas rose 5.87% consecutively, silver fell 5.49% consecutively, propylene rose 3.91% consecutively, polypropylene rose 2.98% consecutively, butadiene rubber rose 2.97% consecutively, and Shanghai crude oil rose 2.95% consecutively.

AI tech panic intensifies bond selloff, global credit spreads rise to 17-month high.

AI technology concerns push global credit spreads to a 17-month high.

HKD HIBOR developments mixed; one-month rate rises for second straight day to 2.78%

On October 23, HKD HIBOR developments were mixed, with the one-month HIBOR, which is linked to mortgage rates, reported at 2.77893%, up 3.393 basis points.

The combined turnover of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan, an increase of 146.9 billion yuan compared with the same time the previous day.

Ministry of Commerce: From January to September, the momentum for e-commerce development in China continued to innovate, with online retail supporting consumption growth.

Recently, the head of the E-commerce Department of the Ministry of Commerce introduced the development of China's e-commerce from January to September 2026.

Ministry of Housing and Urban-Rural Development: Implement 1,500 old neighborhood and factory renovation projects, support eligible projects in issuing REITs.

On October 23, the General Office of the Ministry of Housing and Urban-Rural Development and others issued guiding opinions on promoting the renovation and upgrading of old neighborhoods and factory areas.

National Bureau of Statistics: China's Innovation Index grew by 6.4% in 2025 compared with the previous year.

In 2025, China's Innovation Index showed steady growth, the innovation environment continued to improve, new development drivers accumulated and expanded, and scientific and technological innovation capabilities continued to rise, providing strong support for high-quality economic development.

Quarterly results continue to show double growthhas Contemporary Amperex Technology (03750) fallen into a "golden pit"?

While lithium carbonate prices have fallen from 200,000 yuan/ton toward 100,000 yuan/ton and profits across the lithium battery industry have generally declined, Contemporary Amperex Technology (03750), as the downstream leader in the lithium battery sector, has seen both revenue and profit surge.

Hong Kong Health Bureau: eHealth registrations exceed 6.57 million, will be developed into a comprehensive health tool for citizens.

On October 23, Professor Lo Chung-mau, Secretary for Health of Hong Kong, delivered opening remarks at the Legislative Council Panel on Health Services meeting on the latest developments of "eHealth+".

Hong Kong's Financial Services and the Treasury Bureau: Two gold refiners establish presence in Hong Kong, adding strong momentum to Hong Kong's "Gold Grand Plan"

The Financial Services and the Treasury Bureau of Hong Kong stated that the establishment of two gold refiners in Hong Kong at a time when the city is fully committed to building an international gold trading hub adds strong momentum to Hong Kong's "Gold Grand Plan."

NVIDIA's 800VDC architecture ignites a new track for electrical equipment! Legrand and Siemens named by Goldman Sachs.

Goldman Sachs noted in a research report released recently that investor discussions are increasingly focusing on NVIDIA's 800VDC architecture and the progress of major electrical equipment original equipment manufacturers (OEMs) racing to develop related product portfolios.

AI selloff boosts safe-haven demand, Japanese bonds and yen both rise.

Amid safe-haven demand triggered by AI concerns, Japanese government bond yields fell, and the yen hit a one-month high.

Morgan Stanley Backs SpaceX (SPCX.US): MARS and PIE Open a New Narrative, Starship's 15th Flight Becomes a Key Catalyst

Morgan Stanley maintains its "Overweight" rating on SpaceX (SPCX.US) with a price target of $300 in its latest research report.

A-share Market Open Brief | All Three Major Indices Open Lower; Precious Metals and Communication Equipment Lead Declines

On October 23, the Shanghai Composite Index opened 0.94% lower at 3,623.57 points, the Shenzhen Component Index opened 1.49% lower at 11,187.55 points, and the ChiNext Index opened 1.66% lower at 2,534.16 points.

Ministry of Commerce: In the First Three Quarters, Consumption's Role as the "Main Engine" Continued to Consolidate, with "Goods + Services" Consumption Developing in Parallel

On October 23, the head of the Department of Consumer Promotion of the Ministry of Commerce discussed the situation of China's consumer market in the first three quarters of 2026.

The continuous main contract for liquefied petroleum gas rose 5% during the day and is now reported at 7,191.00 yuan.

Fuel oil continuous main contract rises 5% intraday, now at 5,053.00 yuan.

Bernstein goes against the grain to turn bullish on chip stocks: Market concerns over slowing memory ASP growth are overdone, with Seagate (STX.US) as top pick and SanDisk (SNDK.US) also favored.

Bernstein has released its latest research report, maintaining an overall constructive view on memory and HDD, and believes that the recent pullback has already overpriced concerns about slowing growth.

UK Consumer Confidence Suffers "Brexit-Level" Collapse: 11-Point Plunge in October, Holiday Retail Sounds the Alarm

UK consumer confidence plunged in October, with soaring fuel prices making households acutely feel the cost-of-living shock from the Middle East conflict.

$40 Billion Bond Issuance, Interest Rate as High as 8.3%! SpaceX (SPCX.US)'s AI Gamble Also Exposes the "Financing Winter" of AI Infrastructure

According to media reports citing people familiar with the matter, SpaceX is preparing to complete a debt issuance of up to $40 billion, with an interest rate significantly higher than its previous borrowing costs, reflecting growing investor concerns about financing for artificial intelligence (AI) infrastructure.

Broker Morning Meeting Highlights | U.S. Macro Fragility Manageable, Computing Power and Semiconductor Equipment Momentum Continues

Huafu Securities believes that U.S. macroeconomic fragility is generally manageable, but the margin of safety in valuations is relatively thin, and risk assets may experience periodic adjustments.

TENNOR THERAP-B(06872): First patient enrolled in the multicenter Phase IIb clinical trial of rifaquizone (TNP-2092) administered via intra-articular injection for the treatment of prosthetic joint infection

TENNOR THERAP-B (06872) announced that the first patient has been enrolled in the multicenter Phase IIb clinical trial of its investigational drug candidate rifaquizone (TNP-2092) administered via intra-articular injection for the treatment of prosthetic joint infection (PJI). The trial is designed to further evaluate the efficacy, safety, and pharmacokinetic profile of rifaquizone (TNP-2092) in treating PJI without debridement or revision surgery, marking a key stage in the clinical development of this potentially disruptive new drug product.

TS Lombard scenario analysis: AI bubble burst could trigger a 30% plunge in the S&P 500 and $20 trillion in market value wiped outbut don't rush to short!

In a scenario analysis released on Thursday, TS Lombard's Dario Perkins predicted that if AI capital expenditure collapses, about $20 trillion in U.S. stock market value would be wiped out, triggering $125 billion to $190 billion in credit losses.

CSPC PHARMA (01093): Batoclimab Injection (Subcutaneous Injection) Receives Drug Registration Certificate Issued by the National Medical Products Administration

CSPC PHARMA (01093) announced that Batoclimab Injection (Subcutaneous Injection) (trade name: Enlida) (the product), licensed by the company's subsidiary CSPC NBP Pharmaceutical Co., Ltd. from Harbour BioMed (Shanghai) Co., Ltd., has obtained a drug registration certificate issued by the National Medical Products Administration (NMPA) of China, for use in combination with conventional drugs for the treatment of adult patients with anti-acetylcholine receptor (AChR) antibody-positive generalized myasthenia gravis (gMG).

Japan's September core CPI rose 2.1% year-on-year, exceeding the central bank's 2% target for the first time in nine months! Broadening inflation strengthens expectations of a near-term rate hike.

Data released on Friday showed that Japan's September core Consumer Price Index (CPI) rose 2.1% year-on-year, exceeding the Bank of Japan's 2% inflation target for the first time in nine months, indicating that price pressures are spreading and reinforcing market expectations of a near-term rate hike.

HBM HOLDINGS-B(02142): Batoclimab Injection (Subcutaneous Injection) Receives NMPA Approval for Marketing for the Treatment of Generalized Myasthenia Gravis

HBM Holdings-B (02142) announces that the National Medical Products Administration (NMPA) of China has approved the marketing of Batoclimab Injection (Subcutaneous Injection) (Batoclimab Subcutaneous Injection) (170 mg (1 mL)/vial) for use in combination with conventional therapeutic drugs for the treatment of adult patients with anti-acetylcholine receptor (AChR) antibody-positive generalized myasthenia gravis (gMG). Batoclimab (HBM9161) is the Company's core product under Chapter 18A of the Listing Rules. Batoclimab Subcutaneous Injection is the Group's first approved product and also the first anti-neonatal Fc receptor (FcRn) therapy to complete full clinical development for gMG patients in China.

ASCLETIS-B(01672) strategic partner Sagimet announces that the first patient has been dosed in the U.S. Phase III clinical trial of denifanstat (ASC40) for the treatment of moderate-to-severe acne

ASCLETIS-B (01672) announced that its strategic partner Sagimet Biosciences Inc. (Sagimet), a clinical-stage biopharmaceutical company committed to developing fatty acid synthase (FASN, a key regulator of lipid synthesis) inhibitors for acne, has completed dosing of the first patient in its pivotal U.S. Phase III clinical trial AURORA of denifanstat (ASC40), which is being conducted in adults and adolescents aged 12 and older with moderate-to-severe acne.

Western Digital Corporation (WDC.US) can't escape the "sell the news" reaction eitherwhat exactly is the AI trade pricing in?

Western Digital's stock fell after it reported earnings, as AI concerns overshadowed its solid outlook.

Capital Scarcity Meets Debt Frenzy: From AI Clouds to French Sovereign Debt, CDS Spreads Widen Across the BoardWho Is Paying for High Leverage?

From AI companies financing data center projects to the heavily indebted French government, credit markets are flashing warning signs as investors grow increasingly wary of borrowing risks.

DoubleLine Capital: Large-scale debt issuance and weak demand will continue to exert pressure; remains bearish on long-term U.S. Treasuries.

Jeffrey Sherman, Deputy Chief Investment Officer at DoubleLine Capital, said he remains bearish on long-term U.S. Treasuries, believing that large-scale government debt issuance and weak demand will continue to put pressure on the Treasury market.

New Stock News | Csg Smart Science & technology (300222.SZ) files with the Hong Kong Stock Exchange again, ranking first in China by cumulative revenue from industrial robotic arms.

According to a disclosure by the Hong Kong Stock Exchange on October 22, Csg Smart Science & technology Co., Ltd. has submitted an application for listing to the Main Board of the Hong Kong Stock Exchange, with Huatai Financial Holdings (Hong Kong) Limited and Guoyuan Financing (Hong Kong) Limited as its joint sponsors.

Chinalco establishes corporate treasury center in Hong Kong to build an offshore fund management platform.

Invest Hongport announced today that Chinalco has established a corporate treasury center in Hong Kong Chinalco Group Treasury Management Co., Ltd. (Chinalco Treasury).

Wealth Creation Feast Nears Payout: Anthropic Sprinting Toward $2 Trillion IPO, Iconiq, GIC, and Sequoia Among Those Sharing Massive Returns

Anthropic is one of the highest-valued tech startups globally and is rapidly growing into an AI giant. Even this late-stage bet by Iconiq is expected to deliver massive returns as the company nears its Wall Street debut.

New Stock News | Csg Smart Science & technology (300222.SZ) files with the Hong Kong Stock Exchange again

According to a disclosure by the Hong Kong Stock Exchange on October 22, Csg Smart Science & technology Co., Ltd. has submitted an application for listing to the Main Board of the Hong Kong Stock Exchange, with Huatai International and Guoyuan International as joint sponsors.

XTEP INT'L (01368): Q3 Main Brand Retail Sales Growth Records Mid-Single-Digit Year-on-Year Decline

XTEP INT'L (01368) announced that for the three months ended September 30, 2026, Xtep main brand retail sales growth (including online and offline channels) recorded a mid-single-digit year-on-year decline; the retail discount level was 30% to 25% off; channel inventory turnover was approximately four and a half to five months. Saucony retail sales growth (including online and offline channels) recorded mid-single-digit year-on-year growth.

Musk Accelerates Building the "Fourth-Largest Carrier in the U.S."! SpaceX (SPCX.US) Plans to Acquire 80,000 Cellular Base Stations, Creating New Opportunities for Telecom Tower Companies

According to people familiar with the matter, SpaceX plans to acquire at least 80,000 cellular base station sites in the United States and is currently in negotiations with at least one major cellular infrastructure company to achieve this goal.

Report: Musk splashes out $1 billion to invest in Skydance (SKYD.US), which faces nearly $80 billion debt burden.

According to people familiar with the matter, Tesla CEO Musk has invested approximately $1 billion in the US media giant Skydance.

Renewed AI Financing Concerns Coupled with Escalating Middle East Tensions! Nasdaq Posts Largest Single-Day Drop Since June; International Oil Prices Surge

U.S. stocks closed mostly lower on Thursday, as massive capital expenditures and financing pressures in the artificial intelligence (AI) sector once again sparked investor concerns, triggering a large-scale selloff in technology stocks.

Western Digital Corporation (WDC.US) Q1 revenue surged 55% year-over-year, with both results and guidance exceeding expectations.

Despite Western Digital reporting strong results and issuing next-quarter guidance above market expectations, its stock price staged a rally-then-pullback move in after-hours trading.

Bloom Energy (BE.US) Q3 revenue surges 138% and turns profitable, raises full-year guidance.

Bloom Energy's third-quarter revenue reached $1.236 billion, up 138.1% year-over-year, setting a new quarterly record.

Some clinical trial data leaked! Moderna (MRNA.US) stock plunged as much as 25% at one point; Wall Street says market expectations were too high.

Moderna's stock plunged as much as 25% on Thursday after partial clinical trial data for a personalized cancer vaccine it is co-developing with Merck leaked ahead of schedule, triggering a sell-off among investors.

Overnight US stocks | Tech stocks suffer "Black Thursday" as Nasdaq plunges 2.6%, Bitcoin briefly falls below $81,000 mark.

At the close, the Dow Jones Industrial Average rose 11.59 points, or 0.02%, to 52,867.68; the S&P 500 fell 93.82 points, or 1.21%, to 7,663.35; and the Nasdaq Composite dropped 694.00 points, or 2.60%, to 26,008.86.

Report: OpenAI close to completing funding of up to $30 billion, led by UAE investors, at a valuation of $1.25 trillion

According to people familiar with the matter, OpenAI is close to finalizing a funding round at a pre-money valuation of $1.25 trillion, with the raise size reaching up to $30 billion. The sources said the round is co-led by an Emirati investor and Coatue. The financing is positioned as a bridge round ahead of a potential IPO. The people said OpenAI plans to raise up to $30 billion, with the $1.25 trillion representing the pre-money valuation and excluding the new capital raised in this round. OpenAI told investors on Thursday that it aims to have all parties sign agreements by next weekend, though the final total size of the round remains undetermined. The people said the financing is "opportunistic" bridge capital intended to pave the way for a subsequent IPO. The company has told internal staff that OpenAI will most likely go public in 2027. Separately, sources said that beyond the equity investment, OpenAI is in talks with the UAE on a commercial agreement, hoping to secure more computing resources to support the expansion of its AI business.

SpaceX shares fell 9.1%, wiping $198 billion off its market value.

US stocks close: The three major stock indices closed mixed.

The Dow rose 0.02%, the S&P 500 fell 1.21%, and the Nasdaq fell 2.57%. Moderna fell 17.57%, Coherent Corp fell 12.52%, Lam Research fell 11.82%, Allegion rose 11.01%, and Roper Industries rose 9.79%. Among the "Magnificent Seven": Apple rose 1.23%, Microsoft fell 2.19%, Tesla fell 3.04%, Google fell 3.10%, Nvidia fell 4.45%, Amazon fell 4.55%, and Meta Platforms fell 7.00%.

International oil prices rose on the 22nd.

As of the close that day, the December-delivery light sweet crude oil futures on the New York Mercantile Exchange rose by $2.32 to settle at $99.47 per barrel, an increase of 2.39%; the December-delivery London Brent crude oil futures rose by $4.35 to settle at $113.17 per barrel, an increase of 4.0%.

US Stock Market Move | The Procter & Gamble Company (PG.US) rose more than 6%; Coca-Cola Company (KO.US) stock price hit a record high.

On Thursday, Coca-Cola (KO.US) rose 2% to $94.56, hitting a record high; The Procter & Gamble Company (PG.US) rose more than 6% to $166.75.

A-share Evening Highlights | Multiple Giants Take Action! E Fund, ChinaAMC, Fullgoal, and China Universal Each Spend RMB 200 Million on Self-Purchases

Today, E Fund, ChinaAMC, Fullgoal, and China Universal and other fund companies successively announced that they would each use RMB 200 million of their own capital to subscribe to their respective active ETFs.

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