GMT EIGHT - OPPORTUNITIES IN CHINA

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.

Overnight US stocks | U.S.-Iran talks enter technical consultation stage; the three major indices closed higher; Dell Technologies, Inc. Class C (DELL.US) rose more than 5%.

At the close, the Dow Jones Industrial Average rose 478.64 points, or 0.93%, to 51,828.62, up 0.28% for the week; the S&P 500 Index gained 39.28 points, or 0.51%, to 7,743.41, up 1.22% for the week; the Nasdaq rose 129.34 points, or 0.48%, to 27,068.71, up 2.06% for the week.

U.S. natural gas prices took a roller-coaster ride! Pipeline leak triggers a 9% surge before prices pull back; market expects supply disruption to be relatively short-lived.

U.S. natural gas futures turned lower on Friday, giving back some of the previous session's sharp gains.

US Treasury volatility spikes, sounding alarm! BofA's Hartnett warns of rising deleveraging risk, with rising yields becoming the main threat to the market.

Bank of America strategist Michael Hartnett warned that the recent sharp rise in U.S. bond market volatility is increasing the risk of broader deleveraging in financial markets.

U.S. diesel prices have surged 83% year-to-date! Apollo's chief economist warns: cost pass-through could make core inflation more stubborn, and the Fed will find it hard to look the other way.

Apollo Global Management Chief Economist Torsten Slok warned that the inflation threat from U.S. diesel prices surging to record highs could be more severe than the Federal Reserve currently realizes.

US Stock Market Move | Computing power bottleneck gradually emerges Meta (META.US) falls more than 3%.

On Friday, Meta (META.US) opened low and moved lower, falling more than 3% as of press time, with a market capitalization of approximately $1.92 trillion.

U.S. Consumer Confidence Falls to Four-Month Low in September; Short-Term Inflation Expectations Rise to 4.6%

As rising energy prices further intensified American households' concerns about the cost of living, U.S. consumer confidence continued to deteriorate in September, falling to its lowest level in four months.

RITAMIX (01936) receives a general offer from INNOVATION FORGE HOLDINGS LIMITED at a discount of approximately 29.08%; trading resumes on September 28.

RITAMIX (01936) and the offeror INNOVATION FORGE HOLDINGS LIMITED jointly announce that on September 25, 2026 (after trading hours), the Company was informed by the offeror and the seller that the buyer, the seller and the seller's guarantor entered into a sale and purchase agreement.

US Stock Market Move | Q4 revenue and profit beat expectations, Costco (COST.US) rises over 2%.

On Friday, Costco (COST.US) opened lower but then rose; as of press time, it was up about 2.43%.

US Stock Market Move | The artificial intelligence sector rose broadly, with Arm (ARM.US) up over 4%.

On Friday, the artificial intelligence sector in US stocks rose broadly, with Arm (ARM.US) up over 4% and Dell Technologies (DELL.US) up over 3%.

US Stock Market Move | The new version of Copilot introduces three major AI features. Microsoft Corporation (MSFT.US) rises about 2.6%.

On Friday, Microsoft Corporation (MSFT.US) surged in early trading, rising about 2.6% as of press time, with a market capitalization of $3.8 trillion.

US Stock Market Move | Anthropic's major deal ignites stock price, Akamai (AKAM.US) surges over 14% at open.

On Friday, Akamai (AKAM.US) opened with a gap up, and as of press time, its gain exceeded 14%.

CENTURY ENT INT (00959) Announces Annual Results, Profit Attributable to Owners HK$12.427 Million, Turning Around from a Loss Year-on-Year

CENTURY ENT INT (00959) Announces Annual Results for the year ended 31 March 2026, with revenue of HK$30.258 million; profit attributable to owners of the company of HK$12.427 million, compared to a loss of HK$45.742 million in the same period last year; basic earnings per share of 9.69 HK cents.

U.S. August core capital goods orders rose 1.6%, beating expectations, adding further support to third-quarter GDP.

U.S. business equipment orders rose more than expected in August, extending this year's strong momentum in capital investment. Data showed that core capital goods orders, excluding aircraft and military hardware and a proxy for equipment investment, increased 1.6% from the previous month.

Goldman Sachs calculates the AI computing power gamble: six major giants need to earn an additional $1.42 trillion from 2028-2030 to sustain a 15% ROIC.

Goldman Sachs recently released a research report on the U.S. technology industry, using calculations to demonstrate the scale of the AI economy required to justify the ROIC on hyperscale cloud providers' AI capital expenditures.

Passenger flow heats up on the first day of Mid-Autumn Festival: domestic flight bookings up over 60%, long-haul travelers chase autumn early

On the first day of the Mid-Autumn Festival, some long-haul travelers, influenced by the "take 3 days off for 13 days" strategy, started their trips early, bringing air and rail passenger flows to a peak; demand for returning home to visit relatives, nearby vacations, and county-level tourism was released simultaneously. As the National Day holiday approaches, travel demand in the tourism market will continue to be further unleashed.

Inflation, deficits, and AI debt issuance are all piling on pressure, with more than half of market participants betting the 30-year U.S. Treasury yield will hit 6% by year-end.

More than half of respondents expect the 30-year U.S. Treasury yield could hit 6% by year-end. That does not mean 6% will necessarily be reached, but it reflects growing market concerns that long-term rates will continue to rise.

TOP EDUCATION (01752) will distribute a final dividend of HK$0.009 per share on December 15.

TOP EDUCATION (01752) announced that it will distribute a final dividend of HK$0.009 per share for the year ended June 30, 2026, on December 15, 2026.

TOP EDUCATION (01752) Announces Annual Results, Profit Attributable to Shareholders Reaches AUD 3.763 Million, Up 9.77% Year-on-Year

TOP EDUCATION (01752) Announces Annual Results, Profit Attributable to Shareholders Reaches AUD 3.763 Million, Up 9.77% Year-on-Year TOP EDUCATION (01752) released its annual results for the year ended June 30, 2026. The Group recorded revenue of AUD 38.126 million, up 11.29% year-on-year; profit attributable to shareholders was AUD 3.763 million, up 9.77% year-on-year; basic earnings per share were 0.173 Australian cents. A final dividend of 0.9 Hong Kong cents per ordinary share is proposed.

Preview of US Stock Market | All three major stock index futures rose together. Chip stocks and optical communication stocks rallied in pre-market trading. ARM (ARM.US) gained over 4%.

As of press time, Dow futures rose 0.41%, S&P 500 index futures rose 0.40%, and Nasdaq futures rose 0.73%.

China-US AI resonance! Demand for enterprise SSDs (eSSD) is set to surge in the second half of the year.

The AI wave is reshaping the global storage market landscape, with North America and China driving growth in tandem, and enterprise solid-state drives (eSSD) reaching a structural demand inflection point.

Goldman Sachs makes a 180-degree turn! Yen 12-month target raised from 165 to 150

Amid a confluence of multiple positive factors, the yen rose as high as 158.28 per dollar on Friday.

CHAMPION TECH (00092) Issues Profit Warning, Expects Annual Loss Attributable to Shareholders of Approximately HK$81 Million to HK$87 Million

Champion Technology Group (00092) issued an announcement that the Group expects to record a loss attributable to owners of the Company of approximately HK$81 million to approximately HK$87 million for the year ended 30 June 2026 (subject to review and audit by the Company's independent external auditor), compared to a loss attributable to owners of the Company of approximately HK$44 million for the year ended 30 June 2025.

HKEX: Its derivatives clearing house will accept Chinese government bonds, policy financial bonds, and Ministry of Finance bonds as non-cash collateral starting from November.

This optimization further implements the arrangements announced on July 7, 2026 by the Hong Kong Securities and Futures Commission, the Hong Kong Monetary Authority, and the People's Bank of China, accepting Bond Connect bonds as eligible non-cash collateral for the Hong Kong derivatives market.

Latest

25 m ago

Iranian Foreign Minister Araghchi: Our conditions are clear, and any move to reopen the Strait of Hormuz depends on these conditions being met.

1 h ago

UK Finance Minister Healey: We are listening to concerns from all sides about the surge in fuel prices.

1 h ago

A plane crash in southwestern Democratic Republic of Congo has killed 17 people, including the country's two most senior military judicial officials.

2 h ago

Bangladesh issues its first sovereign bond, aiming to raise up to US$1 billion.

2 h ago

Market News: General Motors has begun producing cathode materials for its new lithium manganese-rich battery, a key step toward applying this low-cost battery to electric vehicles, with a target of achieving mass production by 2028.

Seeking Coverage

Being Writer

Exploring Cooperation