GMT EIGHT - OPPORTUNITIES IN CHINA

Trump's economic agenda report card is mixed! Growth and investment are strong, but the trade deficit remains difficult to resolve, and the results of reshoring manufacturing have fallen short of expectations.

A study by the German Economic Institute (IW) shows that while US President Trump's economic agenda has driven solid economic growth and strong investment, it has failed to reduce the trade deficit.

RADIANCE HLDGS (09993) subsidiary JINHUI HOLDINGS reports net profit attributable to shareholders of RMB162 million for the first three quarters, turning profitable year-on-year

JINHUI HOLDINGS (09993) announced that its indirect non-wholly-owned subsidiary Jinhui Group Co., Ltd. (Jinhui Group) recorded operating revenue of RMB3.222 billion for the nine months ended September 30, 2026, a year-on-year decrease of 60.63%; net profit attributable to owners of the parent company was RMB162 million, compared with a loss of RMB378 million in the same period last year.

BOC HONG KONG (02388) will pay a third-quarter dividend of HK$0.29 per share on November 26.

BOC HONG KONG (02388) announced that it will pay a third-quarter dividend of HK$0.29 per share on November 26, 2026.

Jio's listing ignites India's IPO market: October fundraising hits a record US$4.8 billion, topping the globe.

Driven by the massive listing of Jio Platforms Ltd., India's initial public offering (IPO) fundraising in October hit an all-time record and vaulted the country to the top of the global IPO market.

TONG REN TANG (01666) reported a net profit attributable to shareholders of approximately RMB238 million for the first three quarters.

TONG REN TANG Technologies (01666) announced that for the nine months ended September 30, 2026, the Group's unaudited operating revenue was approximately RMB3.76 billion, unaudited operating cost was approximately RMB2.338 billion, and unaudited net profit attributable to owners of the parent company was approximately RMB238 million. As of September 30, 2026, the Group's unaudited total assets were approximately RMB12.838 billion.

Hong Kong SAR Government: A surplus of HK$16.2 billion was recorded in the first six months of this fiscal year.

On October 30, the Hong Kong government published the financial position for the first six months of the current fiscal year (i.e., up to September 30, 2026).

CITIC (00267): CITIC Limited's net profit attributable to shareholders for the first three quarters was RMB41.995 billion, up 2.34% year on year.

CITIC Limited (00267) announced the first three quarters of 2026 results for CITIC Limited: total operating revenue was RMB305.697 billion, up 4.16% year on year; net profit attributable to owners of the parent company was RMB41.995 billion, up 2.34% year on year.

BOC HONG KONG (02388) reported a 9.0% year-on-year increase in profit after tax for the first three quarters to HK$35.13 billion.

BOC HONG KONG (02388) announced that for the first nine months of 2026, the group's net operating income before impairment allowances grew 2.3% year-on-year to HK$58.647 billion, and net interest income rose 12.9% year-on-year to HK$43.120 billion. Profit after tax increased 9.0% year-on-year to HK$35.130 billion.

BANK OF TIANJIN (01578) reported a net profit of RMB2.959 billion for the first three quarters.

BANK OF TIANJIN (01578) announced its results for the first three quarters of 2026. The group recorded operating income of RMB11.916 billion and a net profit of RMB2.959 billion.

CEOVU (00798): Wuhan Optics Valley United Reports Revenue of RMB1.945 Billion for First Three Quarters

CEOVU (00798) announced that Wuhan Optics Valley United, an indirectly wholly-owned subsidiary of the Company, recorded revenue of RMB1.945 billion for the nine months ended September 30, 2026, a year-on-year decrease of 11.83%; net loss was RMB18.29 million, compared with a net profit of RMB33.97 million in the same period last year.

HKMA: As of end-September, total assets of the Exchange Fund stood at HK$4.3084 trillion, down HK$27 billion month-on-month.

As of September 30, 2026, the total assets of the Exchange Fund stood at HK$4.3084 trillion, a decrease of HK$27 billion from the end of August 2026.

KRP DEVELOPMENT (02421) issues profit warning, expecting interim profit attributable to shareholders to fall about 50% year-on-year

KRP DEVELOPMENT (02421) announces that it expects profit attributable to owners of the Company for the six months ended 30 September 2026 to decrease by approximately 50% compared with the same period in 2025. The decrease is primarily due to the continued adjustment in the PRC real estate market, where market demand remains weak, resulting in a decrease in the Group's property sales scale and revenue recognized upon delivery compared with the same period last year; and in response to the current market environment, the Group adopted proactive sales pricing strategies for certain projects, resulting in a slight decrease in the Group's overall gross profit margin compared with the same period last year.

CNOOC (00883) reported a net profit attributable to shareholders of RMB119.118 billion for the first three quarters, up 16.8% year on year.

CNOOC (00883) announced its results for the first three quarters of 2026, with operating revenue of RMB355.574 billion, up 13.8% year on year; net profit attributable to shareholders of the parent company of RMB119.118 billion, up 16.8% year on year; and basic earnings per share of RMB2.51.

As of the end of September, Red Star Macalline Group Corporation (01528) operated 71 self-owned shopping malls and 201 managed shopping malls with varying depths of management.

As of September 30, 2026, the Company operated 71 self-owned shopping malls, 201 managed shopping malls with varying depths of management, and 6 home furnishing malls through strategic cooperation. In addition, the Company authorized 16 franchised home furnishing and building materials projects, covering a total of 320 home furnishing and building materials stores/industry streets.

WEIHAI BANK (09677) reported a net profit of approximately RMB2.16 billion for the first three quarters.

WEIHAI BANK (09677) announced that as of the end of September 2026, the group's total assets were RMB543.4779177 billion, total liabilities were RMB505.9951268 billion, and owners' equity was RMB37.4827909 billion; for the first three quarters of 2026, the group's net profit was approximately RMB2.16 billion.

YUEXIUTRANSPORT (01052): September toll revenue from Guangzhou North Second Ring Expressway was RMB81.423 million, a year-on-year decrease of 5.9%.

YUEXIUTRANSPORT (01052) announced that in September 2026, toll revenue from the Guangzhou North Second Ring Expressway was RMB81.423 million, down 3.8% month-on-month and down 5.9% year-on-year.

HKMA: Negative-equity residential mortgage loans fell to HK$17.3 billion at the end of the third quarter.

On October 30, the Hong Kong Monetary Authority released the latest survey results on negative-equity residential mortgage loans at the end of the third quarter of 2026.

Bank of Japan shifts to an "anti-inflation" mode! Kazuo Ueda hints there is still room for rate hikes, with December action in focus.

The Bank of Japan kept its policy rate unchanged at 1.25% on Friday, but Governor Kazuo Ueda's remarks at the post-meeting press conference sent a policy signal more noteworthy than the rate decision itself.

New China Life Insurance (01336) announces third-quarter results, with a net loss attributable to shareholders of RMB511 million.

New China Life Insurance (01336) announced its third-quarter 2026 results. The group recorded operating revenue of RMB1.916 billion, a year-on-year decrease of 97.1%, and a net loss attributable to shareholders of the parent company of RMB511 million.

HKMA: New loan applications in September fell 10.5% month-on-month to 7,560 cases

In September, the amount of new mortgage loans approved decreased by 1.1% compared with August to HK$31.8 billion.

HKMA: In September, Hong Kong dollar M2 and M3 both fell 0.8%

In September, Hong Kong dollar M2 and M3 both fell 0.8%, and both rose 7.5% compared with the same period last year.

Revenue up only 17.84%, net profit soaring 221.08%! Where did SHANGHAI FUDAN's (01385) first three quarters' profit come from?

Even if SHANGHAI FUDAN's short-term share price fluctuates with sentiment, its long-term market value will still track the realization of its performance.

ENN ENERGY (02688): Natural gas retail sales volume for the first three quarters was 19.23 billion cubic meters, up 0.2% year on year.

ENN ENERGY (02688) announced that for the first three quarters of 2026, the Group's natural gas retail sales volume was recorded at 19.23 billion cubic meters, up 0.2% year on year. Among this, gas sales volume to industrial and commercial users increased by 0.4% year on year to 15.273 billion cubic meters, while residential gas sales volume increased by 1.4% year on year to 3.856 billion cubic meters.

BANKCOMM (03328) reported a net profit attributable to shareholders of RMB74.262 billion for the first three quarters, up 6.1% year on year.

Bank of Communications (03328) released its results for the first three quarters of 2026. The group achieved net operating income of RMB215.97 billion, up 7.95% year on year; net profit attributable to shareholders of the parent company was RMB74.262 billion, up 6.1% year on year. Basic earnings per share were RMB0.79.

CHANJET (01588) reported a net profit attributable to shareholders of RMB55.26 million for the first three quarters, up 30% year on year.

Chanjet (01588) announced its results for the first three quarters of 2026. During the reporting period, the Group achieved operating revenue of RMB839 million, up 16% year on year, of which cloud subscription revenue was RMB649 million, up 23% year on year, and cloud subscription revenue accounted for 77% of total revenue; cloud subscription contract liabilities at the end of the reporting period were RMB920 million, up 23% from the end of the previous year.

State Administration of Foreign Exchange: China's foreign exchange market recorded total transactions of RMB29.42 trillion in September.

On October 30, the State Administration of Foreign Exchange released data on China's foreign exchange market transactions for September 2026.

CEB BANK (06818) announces first three quarters results, with net profit attributable to shareholders of RMB28.271 billion, down 23.63% year-on-year.

China Everbright Bank (06818) announced its results for the first three quarters of 2026. The bank recorded operating income of RMB94.625 billion, up 0.31% year-on-year; net profit attributable to shareholders of the bank was RMB28.271 billion, down 23.63% year-on-year; basic earnings per share were RMB0.42.

Agricultural Bank of China (01288) reported a net profit attributable to shareholders of RMB236.546 billion for the first three quarters, up 7.1% year on year.

Agricultural Bank of China (01288) announced its results for the first three quarters of 2026, with operating income of RMB619.505 billion, up 12.48% year on year; net interest income of RMB472.541 billion, up 10.59% year on year. Net profit attributable to shareholders of the parent company was RMB236.546 billion, up 7.1% year on year; basic earnings per share were RMB0.65.

Shanghai Dazhong Public Utilities (01635) reported a net profit attributable to shareholders of RMB303 million for the first three quarters, down 41.63% year-on-year.

Shanghai Dazhong Public Utilities (01635) announced that for the first three quarters of 2026, operating revenue was RMB4.832 billion, up 5.14% year-on-year; net profit attributable to shareholders of the listed company was RMB303 million, down 41.63% year-on-year; basic earnings per share were RMB0.1028.

CHERY AUTO (09973) reported RMB13.963 billion in net profit attributable to shareholders for the first three quarters, down 2.8% year on year.

CHERY AUTO (09973) announced its results for the first three quarters of 2026. The Group recorded revenue of RMB241.234 billion, up 12.29% year on year; profit attributable to owners of the parent was RMB13.963 billion, down 2.8% year on year.

Centaline Property: Centa-City Leading Index CCL stands at 159.38 points, falling for 3 consecutive weeks with a cumulative drop of 1.13%.

Yang Mingyi, Senior Associate Director of the Research Department at Centaline Property, noted that the Centa-City Leading Index (CCL) latest stands at 159.38 points, down 0.33% week-on-week, hitting a 15-week (over 3-month) low since mid-July 2026.

Persistent mortgage costs continue to squeeze homebuying demand, and UK house price growth has stalled.

One of the UK's largest mortgage lenders, Nationwide Building Society, said UK house prices failed to grow in October as potential homebuyers were squeezed by soaring mortgage costs.

Hong Kong stocks close: Hang Seng Index up 1.46%, Hang Seng Tech Index up 0.29%

Mengniu Dairy rose 9.31%, JD Health rose 6.11%, China Petroleum & Chemical Corporation rose 6.11%, Nongfu Spring rose 5.90%, PetroChina rose 5.76%, Haier Smart Home rose 5.28%, and AIA rose 5.16%.

Astrazeneca PLC Sponsored ADR (AZN.US) Q3 profit growth exceeds expectations, with oncology drugs as the main growth driver.

AstraZeneca (AZN.US) released its Q3 2026 results on October 30. On a constant exchange rate (CER) basis, total revenue for the quarter grew 7% year-over-year to US$16.209 billion.

BP p.l.c. Sponsored ADR (BP.US) Q3 profit soars to an 18-year high: refining business becomes a "money printer," CEO's reforms meet a strong tailwind

Benefiting from soaring refining margins, BP p.l.c. Sponsored ADR (BP.US) quarterly profit jumped to its highest level in 18 years.

Both investment and exports drag down growth! France's GDP unexpectedly contracts in Q3, making fiscal consolidation even harder.

Amid multiple headwinds including soaring borrowing costs, violent protests, and political and budgetary uncertainty, the French economy unexpectedly contracted in the third quarter.

A-share Market Close | Shanghai Composite Falls 1.44%, Losing 3,600 Points; Liquor and Shipping Stocks Buck the Trend

On October 30, the three major A-share indices opened lower and moved downward in a choppy session, briefly turning positive in the afternoon before falling again, and closed lower across the board, with the Shanghai Composite Index losing the 3,600-point level.

Sanofi (SNY.US) Q3 profit far exceeds expectations; strong Dupixent demand cannot mask patent cliff concerns.

Sanofi raised its full-year sales and profit guidance for the second consecutive quarter.

Beyond AI trades, a growth ace! Eli Lilly (LLY.US) sees weight-loss drug volume growth and new product pipeline momentum, as JPMorgan raises its price target to $1,650.

U.S. healthcare leader Eli Lilly rose 6.63% against the trend to close at $1,373.70, even as the Nasdaq 100 Index fell 1.38% and the Philadelphia Semiconductor Index dropped 1.42%.

Wong Suk-han: Over the four years from 2020 to 2024, Hong Kong's carbon intensity fell by about 12.3%

Data shows that in the short span of four years from 2020 to 2024, Hong Kong's carbon intensity fell by about 12.3%.

Target price slashed by 26% overnight! Morgan Stanley: The AI myth of Caterpillar (CAT.US) is being punctured bit by bit by the cycle.

Morgan Stanley cut Caterpillar's target price from US$915 to US$675, a 26% reduction, judging that its AI narrative is giving way to the cycle, and the stock has officially entered a valuation correction.

During the "15th Five-Year Plan" period, national computing power electricity consumption is expected to increase by more than 100 billion kWh annually on average.

At a press conference held by the National Energy Administration today, reporters learned that during the "15th Five-Year Plan" period, national computing power electricity consumption is expected to increase by more than 100 billion kWh annually on average, reaching 800 billion kWh by 2030, accounting for about 6% of total social electricity consumption.

Bank of Japan unexpectedly accelerates ETF sellingwhy is the stock market interpreting it as a positive signal instead?

Japanese stocks are sending a signal that the market is confident about the Bank of Japan accelerating its ETF selling.

Hong Kong SFC's Wong Tin-yau: In the first half, the profits of all Hong Kong brokerages rose more than 50% year on year, with AI as an important driving force.

"To build a globally leading fintech ecosystem in Hong Kong, we must not only be bold in innovation but also continue to safeguard the most important asset of Hong Kong's financial markettrust."

From "Losing Anchor" to "Recovering": Long-End Bonds Launch a Counteroffensive as Capital Returns to Duration

Long-duration government bonds have spent most of this year punishing investors who dared to hold them. Now, yields have risen high enough to draw capital back in.

A single remark that "inflation has reached target" boosted the yen, with the market betting that the Bank of Japan is just one step away from a December rate hike.

The Bank of Japan kept rates unchanged but hinted that inflation has reached target, paving the way for a December rate hike. ETF selling unexpectedly accelerated, and strategists expect the yen to anchor in the 155-160 range.

Hong Kong Housing Bureau: Potential supply of first-hand private residential flats in Hong Kong to rise to 100,000 units in the coming 3 to 4 years

As of the end of September this year, the potential supply of first-hand private residential flats in Hong Kong for the coming three to four years has rebounded to 100,000 units, an increase of 4,000 units compared with the end of June.

On the eve of the opening sales, many well-known brands at home and abroad joined forces to support JD.com (09618) 11.11.

Brands from home and abroad gathered at JD.com, driven by their recognition of JD.com's ability to empower high-quality brand growth through its super supply chain, and also as an affirmation of JD.com's continued advancement of its internationalization strategy.

Hui Ching-yu: Hong Kong is the most robust international platform for Chinese enterprises to explore international markets.

To precisely meet the strategic needs of enterprises expanding overseas, Hui Ching-yu proposed four major directions.

Joseph Chan: Hong Kong is going all out to promote the application of AI in the financial sector

In terms of fintech development, Hong Kong is going all out to promote the comprehensive application of artificial intelligence across various financial sectors.

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