GMT EIGHT - OPPORTUNITIES IN CHINA

US housing market continues to cool! September pending home sales index plunges 7.3% month-over-month; housing starts and building permits both decline.

As US mortgage rates climbed rapidly in September, the housing market once again took a significant hit.

A-share Evening Highlights | Breaking! National Data Group Established, Which Sectors May Benefit?

Guolian Minsheng pointed out that the establishment of the National Data Group is expected to drive public data from fragmentation toward coordinated management, transforming data resource advantages into AI industry advantages. Vendors with capabilities in data element operations, governance, and security are expected to benefit fully.

US Stock Market Move | Chip stocks turn losses into gains; Seagate Technology Holdings PLC (STX.US) rises over 2%.

On Tuesday, the Philadelphia Semiconductor Index continued to climb during intraday trading, rising more than 1%. Chip stocks turned losses into gains. Seagate Technology Holdings PLC (STX.US) fell more than 2% at one point intraday and, as of press time, has risen more than 2%.

DEEP SOURCE (00990) plans to acquire a 176-hectare plot to build an AI data center campus, with 120 megawatts of power reserved.

Deep Source Holdings (00990) announced that on October 18, 2026, the buyer, Deep Source (PN) Sdn Bhd (an indirectly wholly-owned subsidiary of the Company), entered into a sale and purchase agreement with the seller, ASAS Panorama Sdn Bhd, pursuant to which the seller agreed to sell and the buyer agreed to purchase the property at a price of RM417 million (equivalent to HK$802 million), intended to be used as development land for an artificial intelligence data center and upstream and downstream industry projects.

SICC Co.,Ltd.(02631) reported a net profit attributable to shareholders of RMB 27.216 million for the first three quarters, up 2,330.24% year on year.

SICC Co.,Ltd. (02631) announced that for the nine months ended September 30, 2026, operating revenue was RMB 1.559 billion, up 40.22% year on year; net profit attributable to shareholders of the listed company was RMB 27.216 million, up 2,330.24% year on year; basic earnings per share were RMB 0.06.

DRAM business resilience exceeds expectations! Morgan Stanley is bullish on Applied Materials' (AMAT.US) long-term growth potential and maintains a $563 price target.

Morgan Stanley, after attending Applied Materials' recent investor breakfast and the EPIC R&D center open event, said it has greater confidence in the company's long-term development strategy and competitive position.

US Stock Market Move | Omvoh's Phase III trial in pediatric ulcerative colitis succeeds; Eli Lilly (LLY.US) rises over 5%, with its stock price hitting an all-time high.

On Tuesday, Eli Lilly (LLY.US) rose over 5% to $1,309.39, with its stock price hitting an all-time high.

Wall Street envisions a new bull market curve for semiconductors! Amid the AI agent frenzy, EDAthe "mother of chips"may become a new anchor for capital.

Supported by recurring revenue fundamentals, the two EDA supergiants in the world's largest marketSynopsys (SNPS.US) and Cadence Design Systems (CDNS.US)are expected to expand the EDA software market size and achieve stronger profitability and valuation expansion room through AI agent application products.

Morgan Stanley Earnings Preview: Cadence Design Systems (CDNS.US) Q3 Results Poised for Steady Growth, Commercialization of AI Design Tools a Key Focus

Morgan Stanley noted in its latest research report that as the complexity of AI chip design continues to increase and the application of AI tools in the semiconductor R&D process gradually expands, electronic design automation software giant Cadence Design Systems is expected to usher in a new round of growth opportunities.

US Stock Market Move | Cloud computing service provider concept stocks broadly declined; IREN Ltd (IREN.US) fell nearly 6%.

On Tuesday, cloud computing service provider concept stocks broadly declined, with IREN Ltd (IREN.US) falling nearly 6%.

DIAGENS-B(02526) grants a total of 779,000 share awards

DIAGENS-B (02526) announced that on October 20, 2026, pursuant to the 2026 Share Incentive Plan and in accordance with its terms, it granted a total of 779,000 share awards to 23 employee participants (including 238,300 share options and 540,700 restricted share units). Vesting of the share awards is subject to acceptance by the participants and the fulfillment of certain vesting conditions.

PHANCY (06682) grants a total of 5.1514 million share options.

PHANCY (06682) announces that pursuant to the share option and restricted share unit scheme amended on September 10, 2026, the Company granted a total of 5.1514 million share options to eligible persons on October 20, 2026. Each share option entitles the relevant grantee to subscribe for or purchase one ordinary share of the Company listed on the Stock Exchange at HK$23.432 per H share, subject to acceptance of the share options by the grantees.

Shenzhen Hans CNC Technology (03200) achieved a net profit attributable to shareholders of approximately RMB 1.544 billion in the first three quarters, a year-on-year increase of 214.03%.

Han's CNC Technology (03200) announced that in the first three quarters of 2026, the company achieved operating revenue of approximately RMB 7.841 billion, a year-on-year increase of 100.90%; net profit attributable to shareholders of the listed company was approximately RMB 1.544 billion, a year-on-year increase of 214.03%, mainly driven by significant growth in demand for high-end AI PCBs, including high-layer-count HDI boards for next-generation rack server computing power and switching units, N+N structure high-layer-count boards, and mSAP-type substrates for 800G and 1.6T high-speed optical modules. Driven by the dual factors of demand growth and technological advancement, downstream PCB companies' investment has continued to surge. The company seized the market opportunity of downstream customers' capacity expansion and upgrades, achieving substantial order growth across its entire product line.

CATHAY GP HLDGS (01981) subsidiary grants an unsecured loan with a principal amount of up to RMB 45 million.

CATHAY GP HLDGS (01981) announced that on October 20, 2026, Bicheng Art (a wholly-owned subsidiary of the Company, as lender) entered into a loan agreement with Mr. Pu Shulin (an executive Director and controlling shareholder of the Company, as borrower), pursuant to which Bicheng Art agreed to provide Mr. Pu with an unsecured loan with a principal amount of up to RMB 45 million, for a term of 12 months from the date of drawdown, at an annual interest rate of 3.3%.

US Stock Market Move | Optical communication concept stocks broadly declined; Credo Technology (CRDO.US) fell over 5%.

On Tuesday, optical communication concept stocks broadly declined, with Credo Technology (CRDO.US) and Applied Optoelectronics (AAOI.US) falling more than 5%.

US Stock Market Move | Profit guidance misses expectations for a third consecutive increase; General Motors Company (GM.US) falls over 5%.

On Tuesday, General Motors (GM.US) fell more than 5% to $78.07.

Top 10 US stock market cap companies saw a rare across-the-board decline in early trading; Nvidia, Apple, and others under collective pressure.

All top ten US-listed companies by market capitalization saw their share prices fall across the board. Nvidia dropped 1.12%, Apple fell 0.47%, both Alphabet Class A and Class C declined 0.39%, Microsoft slipped 0.30%, Amazon edged down 0.09%, TSMC fell 0.20%, SpaceX dropped 2.22%, Meta lost 2.36%, and Broadcom declined 0.54%. Among them, Meta and SpaceX posted the steepest declines.

SINOPHARM(01099): China National Accord Medicines Corporation achieved a net profit attributable to shareholders of RMB 346 million in the third quarter, up 18.91% year on year.

Sinopharm Group (01099) announced that China National Accord Medicines Corporation achieved total operating revenue of approximately RMB 55.066 billion in the first three quarters of 2026, a year-on-year decrease of 0.11%; net profit attributable to shareholders of the listed company was approximately RMB 952 million, a year-on-year decrease of 0.48%; basic earnings per share were RMB 1.56. In the third quarter of 2026, operating revenue was RMB 18.800 billion, up 2.57% year on year; net profit attributable to shareholders of the listed company was RMB 346 million, up 18.91% year on year.

MOFCOM Spokesperson Answers Questions on the U.S. Department of Homeland Security's Notice of Federal Procurement Exclusion and Removal Order Targeting Chinese Companies

MOFCOM Spokesperson Answers Questions on the U.S. Department of Homeland Security's Notice of Federal Procurement Exclusion and Removal Order Targeting Chinese Companies.

After the Philadelphia Semiconductor Index's eight-day losing streak, storage leads the counterattack! Morgan Stanley declares the HDD super cycle is not over, and Seagate and Western Digital are set to soar 80%.

Morgan Stanley's core judgment is that the HDD super upcycle is still continuing, while share prices had already prematurely and excessively priced in peak earnings and intensifying price competition.

The Dow opened down 0.01%, the Nasdaq fell 0.37%, and the S&P 500 dropped 0.15%. Among leading tech stocks, Advanced Micro Devices fell 1.49%, Meta Platforms dropped 1.48%, and Intel declined 1.41%. The Nasdaq Golden Dragon China Index rose 0.06%, with XPeng up 3.69% and Li Auto up 3.28%.

Adding AI marketing firepower to Agentforce! Salesforce, Inc. (CRM.US) acquires Braze (BRZE.US) at a 58% premium, with an enterprise value of nearly $5.7 billion

Salesforce has agreed to acquire Braze, an AI-driven platform for marketers, with an enterprise value of nearly $5.7 billion.

Contemporary Amperex Technology (03750) achieved a net profit attributable to shareholders of RMB 21.246 billion in the third quarter, a year-on-year increase of 14.54%.

Contemporary Amperex Technology (03750) announced that in the first three quarters of 2026, the company achieved operating revenue of RMB 442.137 billion, a year-on-year increase of 56.19%, of which operating revenue in the third quarter reached RMB 165.221 billion, a year-on-year increase of 58.58%; in the first three quarters of 2026, the company's net profit attributable to shareholders of the listed company was RMB 64.530 billion, a year-on-year increase of 31.60%, of which net profit attributable to shareholders of the listed company in the third quarter was RMB 21.246 billion, a year-on-year increase of 14.54%.

CHINA CHENGTONG (00217) subsidiary enters into sale and leaseback arrangement with Dunde

China Chengtong Development Group (00217) announced that on October 20, 2026, Chengtong Financial Leasing (an indirectly wholly-owned subsidiary of the Company) entered into the Dunde Agreement with Dunde, pursuant to which Chengtong Financial Leasing has agreed to purchase the Dunde Leased Assets from Dunde and to lease the Dunde Leased Assets back to Dunde for a term of 6 years commencing from the date on which Chengtong Financial Leasing pays the purchase price for the Dunde Leased Assets, subject to early termination in accordance with the terms and conditions of the Dunde Agreement.

TOPNC (07688) intends to acquire no less than 70% equity of a precision CNC machine tool target, positioning itself in the humanoid Siasun Robot&Automation and AI liquid cooling plate sectors.

TOP Numerical Control (07688) announces that on October 20, 2026, the Company entered into a non-legally binding letter of intent with a potential seller and a target company, pursuant to which the Company intends to acquire no less than 70% equity interest in the target company. The target company is principally engaged in the research, development, manufacturing, sales and provision of related services of multi-axis multi-channel CNC machine tools and direct-drive high-speed five-axis machine tools. Its products are widely used in the precision parts processing of 3C precision structural components, artificial intelligence (AI) liquid cooling plates, optical module structural components, humanoid Siasun Robot&Automation precision joints and new energy vehicle components.

Neocloud stocks fell more than 20% in a week, IREN (IREN.US) CEO moves to reassure market: data centers carry zero debt, 96% of GPU costs under Microsoft Corporation contract covered by prepayments and loans

IREN co-CEO responds to financing concerns, saying data centers carry zero debt, prepayments cover nearly half of GPU costs, demand exceeds capacity, and contract prices have doubled.

Former U.S. Treasury Secretary: Consider raising taxes on companies that benefit most from AI

Former U.S. Treasury Secretary Robert Rubin said at a roundtable discussion at the 2026 Bund Summit, "The problems the United States faces are still entirely manageable. At least in my view, the United States still has a very strong long-term economic foundation and inherent advantages. But to achieve economic success, we must address the policy challenges."

From Metaverse to Muse: Bernstein Says Meta (META.US) Bull Case "Fully Returns," Muse Poised to Unlock "Endless" Growth Opportunities

Bernstein analyst Mark Shmulik's team published a latest research report, maintaining an "Outperform" rating on Meta Platforms with a price target of $800.

MIIT Seeks Public Comment on Five Mandatory National Standards for Automobiles, Covering Data Security and Automated Parking

On October 20, the Ministry of Industry and Information Technology issued an announcement that the draft revisions of five mandatory national standards, including the "Automotive Data Security Requirements," have been formulated and are now open for public comment from all sectors of society.

XINTE ENERGY (01799) subsidiary Xinjiang New Energy plans to acquire the remaining 39.05% equity of Fengsheng Power Generation for RMB 500 million.

XINTE ENERGY (01799) announced that, pursuant to the capital increase agreement, ICBC Financial agreed to inject RMB 500 million into Fengsheng Power Generation, of which RMB 469,651,993 will be recorded in the registered capital of Fengsheng Power Generation, and the remaining RMB 30,348,007 will be recorded in capital reserve. Upon completion of the capital increase, ICBC Financial will hold 39.05% equity interest in Fengsheng Power Generation, while Xinjiang New Energy will hold 60.95% equity interest in Fengsheng Power Generation, and Fengsheng Power Generation will remain a non-wholly-owned subsidiary of the Company.

BEISEN HOLDING (09669) grants loans totaling RMB 72 million

BEISEN HOLDING (09669) announced that on October 20, 2026, the Company (as lender) entered into loan agreements with Mr. Wang Zhaohui (an executive director and chairman of the board of directors of the Company) and Mr. Ji Weiguo (an executive director and chief executive officer of the Company), respectively. Pursuant to the loan agreements, the Company agreed to provide loans with a principal amount of RMB 36 million each to Mr. Wang Zhaohui and Mr. Ji Weiguo, respectively.

Cssc Offshore & Marine Engineering (00317) achieved new orders of 35.799 billion yuan in the first three quarters, completing 217.97% of the annual plan.

CSSC Offshore & Marine Engineering (00317) announced that the company's 2026 plan is to undertake contracts worth RMB 16.424 billion. As of September 30, 2026, the company achieved new orders of RMB 35.799 billion in the first three quarters of 2026, completing 217.97% of the annual plan, mainly including construction contracts for various types of container ships such as 1900TEU, 3000TEU, 5300TEU and 6400TEU.

A-Share Announcement Highlights | Average selling price of lithium products increased significantly. Tianqi Lithium Corporation (002466.SZ) expects net profit attributable to shareholders for the first three quarters to increase by 2,734.97% to 3,235.26% year-on-year.

Tianqi Lithium Corporation (002466.SZ) expects net profit attributable to shareholders for the first three quarters to be RMB 5.1 billion to RMB 6.0 billion, an increase of 2,734.97% to 3,235.26% year-on-year.

Shenzhen Hans CNC Technology (03200) Net Profit Up 214% in First Three Quarters, AI Computing Power "Shovel Seller" Logic Continues to Pay Off

This short-term disconnect between performance and share price provides precisely a window for observing the pricing logic of the current AI investment cycle.

EB SECURITIES (06178) will distribute an interim dividend of RMB0.17 per share on December 16.

EB SECURITIES (06178) announced that it will distribute an interim dividend of RMB0.17 per share on December 16, 2026.

LAI FUNG HOLD (01125) Announces Annual Results: Net Loss Attributable to Owners Approximately HK$592 Million, Up 41.1% Year-on-Year

LAI FUNG HOLD (01125) announced its annual results for the year ended July 31, 2026: turnover of approximately HK$1.508 billion, up 16.8% year-on-year; net loss attributable to owners of the Company of approximately HK$592 million, up 41.1% year-on-year.

New Stock News | Hongxin Yu Passes HKEX Hearing, Ranked 12th Among Global Memory Manufacturers

According to a disclosure by the Hong Kong Stock Exchange on October 20, Shenzhen Hongxin Yu Electronics Co., Ltd. has passed the listing hearing for the Main Board of the Hong Kong Stock Exchange, with China Securities International as the sole sponsor.

China Mobile Limited (00941) reported a net profit attributable to shareholders of RMB 106.2 billion for the first three quarters, down 7.9% year on year.

China Mobile (00941) announced that in the first three quarters of 2026, the company's operating revenue was RMB 780.3 billion, down 1.8% year on year. Of this, revenue from principal businesses was RMB 657.7 billion, down 3.7% year on year; revenue from other businesses was RMB 122.6 billion, up 9.9% year on year. The company's net profit attributable to shareholders of the parent company was RMB 106.2 billion, down 7.9% year on year, with a net profit margin attributable to shareholders of the parent company of 13.6%. EBITDA was RMB 247.5 billion, down 6.7% year on year, and EBITDA as a percentage of revenue from principal businesses was 37.6%.

With quarterly results imminent, why has POP MART (09992) fallen for four consecutive days?

With the company yet to clarify its arrangements for a third-quarter business update, institutional channel tracking data has become an important basis for investors to gauge performance.

LIFETECH SCI(01302): The ICS Elpis Absorbable Peripheral Balloon-Expandable Covered Stent System Enters the Innovative Medical Management Device Special Review Program

LIFETECH SCI (01302) announced that on October 19, 2026, the Company received official written notification from the National Medical Products Administration confirming that the ICS Elpis Absorbable Peripheral Balloon-Expandable Covered Stent System, independently developed by the Company's subsidiary Yuanxin Technology (Shenzhen) Co., Ltd., has entered the National Medical Products Administration's Special Review Program for Innovative Medical Devices. The product is indicated for the treatment of atherosclerotic stenosis or occlusive lesions of the common iliac artery and external iliac artery, and is the Company's twentieth product to enter this program of the National Medical Products Administration.

Tianqi Lithium Corporation (09696) Issues Positive Profit Alert: Net Profit Attributable to Shareholders for the First Three Quarters Expected to Be RMB 5.1 Billion6.0 Billion, Up Approximately 2734.97% to 3235.26% Year-on-Year

Tianqi Lithium Corporation (09696) announces that the Group is expected to record a net profit attributable to shareholders of the Company of RMB 5.1 billion to RMB 6.0 billion for the first nine months of 2026, representing a year-on-year increase of approximately 2,734.97% to 3,235.26%; net profit after deducting non-recurring gains and losses of approximately RMB 5.03 billion to RMB 5.93 billion, representing a year-on-year increase of approximately 6,957.09% to 8,219.79%; and basic earnings per share for the period is expected to range from RMB 3.00 to RMB 3.53.

ESUN HOLDINGS (00571) Announces Annual Results: Profit Attributable to Owners of HK$16.233 Million, Turning from Loss to Profit Year-on-Year

ESUN HOLDINGS (00571) announced its annual results for the year ended July 31, 2026: revenue of approximately HK$1.038 billion, up 33.16% year-on-year; profit attributable to owners of the Company of HK$16.233 million, turning from loss to profit year-on-year; earnings per share of HK$0.009.

France-Germany spread breaks 150 basis points again! Streets demand better livelihoods, bond market urges France to deliver on deficit reduction.

European Central Bank Governing Council member Olli Rehn said that due to a combination of global factors and country-specific factors, the spread between French government bonds and German government bonds has continued to widen.

Preview of US Stock Market | The three major stock index futures are mixed; Brent crude breaks above $110; Nvidia secures over $35 billion in GPU orders from ByteDance, Alibaba, and Tencent.

On Tuesday, October 20, before the U.S. stock market opened, the three major U.S. stock index futures were mixed.

Montage Technology (06809) issues a positive profit alert, expecting net profit attributable to shareholders of RMB 1.200 billion to RMB 1.300 billion for the third quarter, a year-on-year increase of 153.6% to 174.7%.

Montage Technology (06809) has issued an announcement. Based on preliminary estimates by the company's finance department, for the period from July 1, 2026 to September 30, 2026, the company expects to report operating revenue of approximately RMB 2.079 billion for the third quarter of 2026, an increase of approximately 46.0% year-on-year; it expects net profit attributable to shareholders of the listed company of RMB 1.200 billion to RMB 1.300 billion for the third quarter of 2026, an increase of 153.6% to 174.7% year-on-year; and it expects net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses of RMB 950 million to RMB 1.050 billion for the third quarter of 2026, an increase of 152.6% to 179.2% year-on-year.

C&D INTL GROUP (01908) introduces Lianfa Group to jointly develop and construct a residential project in Yuhang District, Hangzhou

C&D INTL GROUP (01908) announces that the project company successfully won the land use rights for Project Plot One and Project Plot Two on June 23, 2026 and June 26, 2026, respectively, for a total consideration of approximately RMB 2.886 billion.

TRULY INT'L (00732): Subsidiary intends to acquire production and auxiliary equipment for 4.8 billion yen to establish a new e-paper display device factory in China

TRULY INT'L (00732) announced that on October 20, 2026, Truly Opto-electronics Ltd., an indirectly wholly-owned subsidiary of the Company, entered into equipment purchase agreements with suppliers to acquire production and auxiliary equipment for establishing a new e-paper display device factory in China. As at the date of this announcement, the total consideration for the equipment acquisitions entered into by Truly Opto-electronics Ltd. amounted to 4.8 billion yen (equivalent to approximately HK$237.6 million).

HKEX Chairman Carlson Tong: Investors Seek Diversification, Asia Expected to Continue Attracting Global Capital

Carlson Tong stated that under the major trend of global capital diversification, Asia will continue to be a destination for global capital.

SHANGHAI IND H (00363) subsidiary intends to implement REITs-like asset-backed securitization for Wuxi property through a special plan.

Shanghai Industrial Holdings (00363) announced that its non-wholly-owned subsidiary, Shanghai Industrial Urban Development, intends to implement REITs-like asset-backed securitization for the property through a special plan, aiming to realize the value of the group's existing property assets, generate cash proceeds, optimize the capital structure, and lower the net gearing ratio. The special plan is expected to raise approximately RMB 1.196 billion from investors through the issuance of approximately RMB 1.077 billion of senior asset-backed securities and approximately RMB 119 million of subordinated asset-backed securities.

JINGCHENG MAC (00187) rebounds nearly 20% over two trading days; low-altitude economy and Siasun Robot&Automation concepts fuel stock price?

The recent sharp rebound in Jingcheng Machinery Electric may be the result of a combination of prior oversold conditions, a restructuring of bottom-level shareholding structures, and resonance with hot market themes.

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