GMT EIGHT - OPPORTUNITIES IN CHINA

The collapse of the "consensus trade" and the birth of a new consensus! Goldman Sachs Group, Inc. (GS.US) answers: Why are institutions significantly reducing their AI positions right now?

The extremely crowded "long AI, short everything" trade is undergoing a painful unwindingthe market is no longer satisfied with the "cash-burning narrative," and hyperscalers must deliver tangible, visible revenue conversion alongside $1.1 trillion in capital expenditure. A 40-50 gigawatt power gap, rising cost of capital, and the macro paradigm shift of the "era of excess spending" are turning the AI trade from a question of faith into a harsh examination of monetization.

No rate hike in October, another move in December? The Fed's "slow hiking" path to fight inflation emerges. Warsh's speech next week is the biggest highlight.

The Federal Reserve will announce its latest interest rate decision next Wednesday. The market widely expects the central bank to keep the federal funds rate unchanged at that time, which will send a signal that it is maintaining patience in fighting inflation.

S&P Rewrites Stock Classification Rules! $375 Billion in Funds May Be Forced to Rebalance; Growth Stocks and Value Stocks Face a "Major Shakeup"

After S&P Dow Jones Indices adopts new stock classification rules, growth and value stocks will undergo a reshuffle.

SCIENTECH(02291): After more than a month of counter-trend stock price rally, "unexpectedly" catches the small nucleic acid tailwind

The approval of GSK's small nucleic acid drug for hepatitis B is expected to further transmit the "small nucleic acid platform fever" from the primary market to the secondary market globally, and ScienTech's acquisition of Minwei Biotech happens to fall within this time window.

AI trades stumble again as investors rediscover the safe-haven value of US Treasuries.

Investors are growing increasingly skeptical of a trade that was once almost universally embraced on Wall Street: going long large-cap tech stocks while shorting defensive markets that have come under pressure from fears that AI-related spending will reignite inflation.

Global investment-grade corporate bond spreads hit a one-and-a-half-year high as the AI financing wave rattles the credit market.

US tech giants have sharply increased borrowing to support AI infrastructure, and combined with rising oil prices and turmoil in France, this has driven a sharp widening of global corporate bond spreads. On Thursday, global investment-grade corporate bond spreads surged to 129 basis points, the widest level since May 2025. Analysts noted, "If there is good news from tech stock earnings, the only implication may be that they will further expand their spending plans."

A breather after a week of crisis! France narrowly avoids Moody's downgrade

Moody's maintained France, the eurozone's second-largest economy, at Aa3, seven notches above "junk" status and on par with the UK; the outlook is negative.

Calls for a downgrade are mounting, but Moody's Corporation (MCO.US) "spares" France: maintains Aa3 rating, but keeps negative outlook.

Moody's announced it is maintaining France's Aa3 rating unchanged, stating that France's diversified economic structure and strong public institutions support the existing rating, while keeping the outlook at negative on the grounds that political instability will continue to constrain fiscal consolidation efforts. Moody's said the maintenance of the Aa3 rating rests on the baseline assumption that France will ultimately pass a deficit-reduction budget plan, and expects that "financing costs and social tensions will ease somewhat in the coming months."

Diesel Becomes Trump's "Hot Potato" for the Midterm Elections! Frequent Policy Moves Yet Prices Remain Hard to Bring Down, Fiscal and Political Costs Both Rising

As the November midterm elections approach rapidly, U.S. President Trump is rolling out a series of costly and politically risky solutions to the thorny issue of diesel prices.

The U.S. repo market faces a major test from the new 2027 clearing rules! CIBC warns that inadequate market preparation could trigger interest rate volatility.

CIBC strategists warn that as the deadline for mandatory central clearing of U.S. Treasury repo transactions approaches, market participants remain slow in their preparations, which could lead financial institutions to concentrate their compliance adjustments before the end of June 2027, thereby disrupting market pricing and financing capacity and driving a phased rise in repo rates.

French Political Turmoil Hits Euro as Hedge Fund Short Bets Reach Over Six-Year High

As political turmoil in France continues to unsettle the European bond market and weigh on the euro, hedge funds are increasing their bearish bets on the euro.

The United States will exempt tariffs on certain Canadian goods, covering nine categories of products including packaging materials and machinery equipment.

U.S. Republican Senator Susan Collins of Maine said on Friday that the U.S. government will implement tariff exemptions on certain Canadian imported goods.

Overnight US stocks | The three major indices closed lower; Western Digital Corporation (WDC.US) fell nearly 3%; spot gold broke below the $4,000 mark.

At the close, the Dow fell 652.82 points, or 1.23%, to 52,215.16, up 0.41% for the week; the S&P 500 dropped 39.75 points, or 0.52%, to 7,623.68, down 0.47% for the week; and the Nasdaq declined 53.51 points, or 0.21%, to 25,955.34, down 0.71% for the week.

US Stock Market Move | Apex Critical Metal (APXC.US) debuts on the U.S. stock market, falling over 26% after the open.

As of press time, the stock has fallen over 26%, trading at $6.295.

High prices and high interest rates continue to weigh! U.S. consumer confidence fell to a five-month low in October, inflation expectations hit their highest level since May.

Affected by persistently high prices and interest rates, U.S. consumer confidence fell further in October, dropping to its lowest level in five months.

AI shopping assistants disrupt the e-commerce landscape! Bernstein: It may be a wise move for platforms such as Amazon.com, Inc. (AMZN.US) and Uber Technologies, Inc. (UBER.US) to temporarily refuse access.

Bernstein believes that although AI shopping assistants may reshape the e-commerce landscape in the long term, the technology and consumer usage habits are not yet mature. For now, leading platforms such as Amazon.com, Inc. (AMZN.US) and Uber Technologies, Inc. (UBER.US) temporarily restricting access to third-party AI agents can help protect their own user relationships and competitive advantages and reduce the risk of disintermediation.

MINIMAX-W (00100): Successfully completed the Ministry of Commerce technology export registration procedures required for the open-sourcing and overseas licensing of several recently released and expected-to-be-released models.

MINIMAX-W (00100) announced that, in accordance with the relevant requirements of Announcement No. 48 of 2026 issued by the Ministry of Commerce and the Ministry of Science and Technology (Ministry of Commerce and Ministry of Science and Technology Announcement No. 48 of 2026), the Company has successfully completed the Ministry of Commerce technology export registration procedures required for the open-sourcing and overseas licensing of several recently released and expected-to-be-released models.

Stablecoin cross-border payments usher in new opportunities; Bernstein favors Visa (V.US) and Mastercard (MA.US) competitive advantages.

Bernstein noted in a research report published after attending this week's Money20/20 fintech conference in Las Vegas that the global payments industry is undergoing a significant transformation.

EDDING GENOR (06998): First-in-human Phase I clinical study data for GB268 released at the 2026 ESMO Congress

Edding Genor (06998) announced that preliminary data from the first-in-human Phase I clinical study of GB268 have been released in poster form at the 2026 European Society for Medical Oncology (ESMO) Congress (Abstract No.: 1963P). The study evaluated the safety and tolerability, pharmacokinetics, pharmacodynamics, and preliminary antitumor activity of GB268 monotherapy in patients with previously treated advanced solid tumors.

KNT HOLDINGS (01025) subsidiary intends to sell Hong Kong property for HK$16.8 million

KNT HOLDINGS (01025) announced that on October 23, 2026, the seller (KNT International Holdings Limited, an indirectly wholly-owned subsidiary of the Company) intends to sell the sale property to the buyer (Hengzhiyi Information Technology Limited) for a total cash consideration of HK$16.8 million.

US Stock Market Move | Three major telecom stocks fall collectively; AT&T (T.US) drops over 5%.

On Friday, the three major US telecom stocks fell collectively, with AT&T (T.US) dropping over 5%.

DRAGON RISE GP (06829) Enters into a Strategic Cooperation Framework Agreement with a New Energy Enterprise to Jointly Promote Global Digital Asset Cooperation in the New Energy Sector

Dragon Rise Group Holdings (06829) announces that on October 23, 2026, the company's wholly-owned subsidiary Dragon Rise Investment Holdings Limited entered into a non-legally binding strategic cooperation framework agreement with a new energy enterprise to jointly promote global digital asset cooperation in the new energy sector.

US Stock Market Move | Brent Crude Oil Breaks Above $116, Oil Stocks Rally Broadly

On Friday, oil stocks rallied broadly, with ConocoPhillips (COP.US) rising over 3%.

LIANLIAN (02598) plans to contribute RMB 200 million to co-establish a fund, focusing on semiconductors, AI, and advanced manufacturing.

Lianlian DigiTech (02598) announced that on October 23, 2026 (after trading hours), the Company's direct wholly-owned subsidiary, Lianlian Hangzhou, (i) entered into a partnership agreement with the general partner (as the general partner and executive partner of the fund), the fund manager (as the manager of the fund), and other limited partners (as limited partners of the fund), concerning, among other things, the establishment, operation, and management of the fund, as well as the rights and obligations of the fund's partners; and (ii) entered into a supplemental agreement with the general partner and the fund manager concerning, among other things, the provision of the fund's financial information and valuation reports to Lianlian Hangzhou.

DYNAGREEN ENV (01330) will distribute an interim dividend of RMB 0.11 per share on December 11.

DYNAGREEN ENV (01330) announced that it will distribute an interim dividend of RMB 0.11 per share for the six months ended June 30, 2026, on December 11, 2026.

US Stock Market Move | Telecom tower operators rise collectively; Crown Castle Inc. (CCI.US) surges nearly 14%

On Friday, U.S. telecom tower operators rose collectively, with Crown Castle Inc. (CCI.US) surging nearly 14%, American Tower Corporation (AMT.US) gaining more than 7%, and SBA Communications Corporation (SBAC.US) rising over 6%.

REMEGEN (09995): The company's current production and operations remain fully normal, and the commercialization of core products is progressing steadily.

Remegen (09995) announced that the company's current production and operations remain fully normal, with a stable supply chain and sufficient capacity assurance. The commercialization of core products is progressing steadily, and overall operational quality continues to improve.

Global funds return to tech theme, Asian equities see highest inflows in nearly four years! Are semiconductors poised for a dual catalyst of dip-buying capital and fundamentals?

In the week ending October 21, global equity funds attracted inflows for a fifth consecutive week, as softer government bond yields and strong early corporate earnings boosted investor sentiment. Global equity funds saw net inflows of $28.16 billion that week, compared with $19.88 billion the previous week.

DYNAGREEN ENV (01330) net profit attributable to shareholders for the first three quarters was approximately RMB 732 million, up 16.9% year on year.

DYNAGREEN ENV (01330) announced its results for the first three quarters of 2026, with operating revenue of approximately RMB 2.877 billion, up 11.43% year on year; net profit attributable to shareholders of the listed company of approximately RMB 732 million, up 16.9% year on year; and basic earnings per share of RMB 0.52.

American Express Company (AXP.US) plans to cut 3,500 jobs, with cost reduction and efficiency gains coexisting with concerns over a consumption slowdown.

American Express to cut 5% of its global workforce, about 3,500 jobs; Q3 results beat expectations and guidance was raised; card spending fell short of expectations, with expenses up 9% to $14.5 billion.

Dongjiang Environmental (00895) Announces Q3 Results: Net Loss Attributable to Shareholders of RMB 144 Million, Widened by 48.89% YoY

Dongjiang Environmental (00895) Announces Q3 2026 Results: Operating Revenue of RMB 852 Million, Down 5.27% YoY; Net Loss Attributable to Shareholders of RMB 144 Million, Widened by 48.89% YoY; Basic Loss Per Share of RMB 0.13

LAI SUN INT'L (00191) announces annual results, net loss attributable to shareholders HK$1.3895 billion, narrowed by 17.1% year-on-year.

LAI SUN INT'L (00191) announces its annual results for the year ended July 31, 2026, with turnover of HK$5.1656 billion, up 3.4% year-on-year; net loss attributable to owners of the company of HK$1.3895 billion, narrowed by 17.1% year-on-year; basic loss per share of HK$1.573.

HKEX Option Clearing House: Settlement services for half-day trading days proposed to be launched on 5 February 2027

HKEX Option Clearing House: Settlement services for half-day trading days proposed to be launched on 5 February 2027 The SEHK Options Clearing House Limited issued a circular stating that settlement services for half-day trading days are proposed to be launched on 5 February 2027.

HAITONG UT (01905) receives a partial offer from Shanghai International Group at a substantial premium; trading to resume on October 26.

Haitong Unitrust (01905) and the Domestic Share Offeror Shanghai State-owned Assets Operation Co., Ltd. and the H Share Offeror Shanghai International Group (Hong Kong) Limited jointly announced that the Domestic Share Offeror will make a voluntary cash partial offer subject to pre-conditions to acquire approximately 1.245 billion Domestic Shares from Domestic Shareholders (representing approximately 51.00% of the issued Domestic Shares and approximately 15.12% of the issued Shares as at the date of this joint announcement); the Joint Financial Advisers will, on behalf of the H Share Offeror, make a voluntary cash partial offer subject to pre-conditions to acquire approximately 2.955 billion H Shares from all H Shareholders (representing approximately 51.00% of the issued H Shares and approximately 35.88% of the issued Shares as at the date of this joint announcement).

Ping An Insurance (02318): Ping An Bank's net profit for the first three quarters was 39.186 billion yuan, a year-on-year increase of 2.2%.

Ping An Insurance (02318) announced that for January-September 2026, Ping An Bank achieved operating revenue of 103.1 billion yuan, a year-on-year increase of 2.4%, and net profit of 39.186 billion yuan, a year-on-year increase of 2.2%. Net interest income increased by 0.3% year on year, and the net interest margin was 1.80%, up 1 basis point from the same period last year and up 2 basis points from the full year last year. Net non-interest income increased by 6.5% year on year, accounting for 35.25% of total income, up 1.36 percentage points year on year, mainly due to year-on-year growth in net non-interest income from businesses such as wealth management and bond investment. The bank drove cost reduction and efficiency improvement through digital transformation, with a cost-to-income ratio of 27.01%, down 0.46 percentage points year on year.

ALPHAMAB-B (09966) subsidiary exercises warrants to subscribe for 4.7204 million Series E preferred shares issued by Pathos AI

Alphamab-B (09966) announced that on October 23, 2026, the Company's wholly-owned subsidiary Alphamab Biopharmaceuticals (Hong Kong) Limited (the subscriber) fully exercised the warrants by delivering to Pathos AI a notice of exercise under the warrants, together with its counterpart signature pages to Pathos AI's Fourth Amended and Restated Investors' Rights Agreement, Fourth Amended and Restated Right of First Refusal and Co-Sale Agreement, and Fourth Amended and Restated Voting Agreement, and completing payment of the exercise price.

Earnings guidance comprehensively beats expectations, yet Western Digital Corporation (WDC.US) gets sold off! Wall Street comes to its defense: capex concerns are overblown.

Western Digital's quarterly results beat expectations, but its stock fell 4% on increased capital expenditures; Wells Fargo, Morgan Stanley, and JPMorgan all say the sell-off is overdone, maintaining Overweight ratings and raising price targets.

LAI SUN DEV (00488) Announces Annual Results: Shareholders' Loss Attributable to Owners HK$2.397 Billion, Down 16.6% YoY

Lai Sun Development (00488) announced its annual results for the year ended July 31, 2026: turnover was HK$5.067 billion, up 3.4% year on year; loss attributable to owners of the company was HK$2.397 billion, down 16.6% year on year; basic loss per share was HK$1.649.

Shanghai Stock Exchange: Robotechnik Intelligent Technology (03757) to be included in the Stock Connect eligible securities.

On October 23, the Shanghai Stock Exchange issued an announcement stating that, in accordance with the relevant provisions of the Implementation Measures for the Shanghai-Hong Kong Stock Connect Business of the Shanghai Stock Exchange, the list of eligible securities under the Shanghai-Hong Kong Stock Connect Southbound Trading (hereinafter referred to as Southbound Stock Connect) has been adjusted, with Robotechnik (03757) added, effective from the next Southbound Stock Connect trading day.

China Shenhua Energy (01088) plans to spend approximately RMB 618 million to acquire a 50% equity stake in a coal-to-gas company.

China Shenhua Energy (01088) announced that on October 23, 2026, the board of directors reviewed and approved this acquisition. According to the Equity Transfer Agreement, the company's wholly-owned subsidiary Xinjiang Energy intends to acquire, for a cash consideration of approximately RMB 618 million, a 50% equity interest in the coal-to-gas company held by Western Energy. Upon completion of this acquisition, Xinjiang Energy will hold 100% equity interest in the coal-to-gas company, which will become an indirect wholly-owned subsidiary of the company and be consolidated into the company's consolidated financial statements.

JUNSHI BIO (01877): First patient dosed in Phase III clinical trial of JS203 combined with chemotherapy for the treatment of diffuse large B-cell lymphoma

Junshi Biosciences (01877) announced that the first patient has been dosed in a randomized, open-label, multicenter Phase III clinical study of the company's product, a recombinant humanized anti-CD20 and CD3 bispecific antibody (code: JS203), in combination with chemotherapy versus rituximab in combination with chemotherapy in patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL). This study is the first registrational clinical study of JS203.

Macau Government Guided Fund Officially Begins Operation with Initial Scale of MOP 20 Billion

The Macau Government Guided Fund has officially begun operation, with an initial scale of MOP 20 billion.

The National Energy Administration convened a meeting to advance medium- and long-term efforts to increase oil and gas reserves and production.

On October 21, the National Energy Administration convened a meeting to promote medium- and long-term oil and gas reserve augmentation and production increase. The meeting emphasized that, in the face of a complex and severe international situation, oil and gas companies must firmly shoulder their core responsibility of safeguarding national energy security, do everything possible to increase oil and gas production and supply capacity over a relatively long period in the future, make every effort to promote reserve augmentation and production increase, firmly hold the energy rice bowl in our own hands, and make new and greater contributions to building an energy powerhouse. The meeting required the in-depth implementation of the "Ten-Year Action Plan" for oil and gas exploration and development, focusing on key oil- and gas-bearing basins, and accelerating the establishment of several national-level oil and gas strategic security bases. Oil and gas companies should continue to increase investment and workload, strengthen scientific and technological research, enhance enterprise-local coordination, deepen enterprise reform, and promote oil and gas reserve augmentation and production increase in the key fields of "two deep, one unconventional, and one old" (deep sea, deep earth, unconventional, and old oilfields), achieving steady growth in crude oil production and rapid growth in natural gas production. At the meeting, the Oil and Gas Department of the National Energy Administration introduced the main targets, key tasks, and work requirements for oil and gas exploration and development over the next decade. Oil and gas companies such as China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation introduced their arrangements for the next stage of oil and gas reserve augmentation and production increase.

Zijin Mining Group (02899) reported net profit attributable to shareholders of approximately RMB 57.526 billion for the first three quarters, up 51.93% year on year.

Zijin Mining Group (02899) announced its results for the first three quarters of 2026, with operating revenue of approximately RMB 283.453 billion, up 11.51% year on year; net profit attributable to shareholders of the listed company of approximately RMB 57.526 billion, up 51.93% year on year; and basic earnings per share of RMB 2.163.

FIRST PACIFIC Davis Li Weiwun: Hong Kong property market consolidation period may extend to 2028; student housing becomes a new market opportunity.

Li Weiwun expects that the consolidation phase of the Hong Kong property market may last until 2028, and is expected to return to a relatively healthy level by 2030.

Macau's inbound foreign direct investment totaled MOP 6.20 billion in 2025, down 43.5% year on year.

Affected by reduced reinvestment of profits by foreign direct investors and the repayment of large loans by certain enterprises, inward foreign direct investment in Macau totaled MOP 6.20 billion in 2025, a year-on-year decrease of 43.5%.

Macao: September composite consumer price index rose 1.33% year on year.

Macao's Statistics and Census Service data shows that the September 2026 composite consumer price index rose 1.33% year on year and 0.14% month on month.

HAOHAI BIOTEC (06826) reported a net profit attributable to shareholders of approximately RMB 163 million for the first three quarters, a year-on-year decrease of 46.53%.

HAOHAI BIOTEC (06826) announced its results for the first three quarters of 2026, with operating revenue of approximately RMB 1.71 billion, a year-on-year decrease of 9.93%; net profit attributable to shareholders of the listed company of approximately RMB 163 million, a year-on-year decrease of 46.53%; and basic earnings per share of RMB 0.71.

Macao's inbound visitor arrivals in the first three quarters of this year rose 8.5% year-on-year to 32,181,272.

Macao's Statistics and Census Service data shows that inbound visitor arrivals in the first three quarters of this year rose 8.5% year-on-year to 32,181,272.

China Shenhua Energy (01088) reported a net profit attributable to shareholders of RMB 47.317 billion for the first three quarters, up 2.1% year on year.

China Shenhua Energy (01088) announced that for the nine months ended September 30, 2026, revenue was RMB 296.031 billion, up 9.0% year on year; profit attributable to owners of the company was RMB 47.317 billion, up 2.1% year on year; basic earnings per share were RMB 2.198.

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