GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | NVIDIA Corporation-backed AI pharmaceutical company Iambic Therapeutics (IAM.US) debuts on Nasdaq, rises over 11% after the open.

As of press time, the stock rose over 11%, reaching $17.77.

US Stock Market Move | Some cryptocurrency-related stocks rallied, with Circle (CRCL.US) rising nearly 7%.

On Thursday, some cryptocurrency-related stocks rallied.

A-share Evening Highlights | Flooding the screens! A-share companies are conducting buybacks and increasing holdings, and the wave of positive earnings pre-announcements continues. What signal does this send?

Tonight brings a wave of positive news! A-share listed companies are rushing to conduct buybacks, and the "pre-announcement surge" for third-quarter reports continues. What signal does this send?

US Stock Market Move | Netflix (NFLX.US) rose over 3% in early trading; the market is optimistic about its upcoming earnings report.

On Thursday, Netflix (NFLX.US) rose over 3% in early trading and is now at $72.76.

ELATE HOLDINGS (00076) plans to acquire up to 69% equity interest in AOMI Corporation for a maximum of HK$754 million.

ELATE HOLDINGS (00076) announced that on 15 October 2026, Cityhill Limited, a wholly-owned subsidiary of the Company, intends to acquire 69% of the entire issued share capital of AOMI Corporation from Han Carvestone International Limited for a maximum consideration of approximately HK$754 million, of which HK$534 million will be settled at completion in MUP and gold bars, and the balance (if any) will be paid in MUP, subject to the adjustment mechanism.

Shenzhen Hans CNC Technology (03200) reported a net profit attributable to shareholders of RMB 1.544 billion for the first three quarters, up 214.03% year on year.

Shenzhen Hans CNC Technology (03200) announced that in the first three quarters of 2026 (the reporting period), the company achieved operating revenue of RMB 7.841 billion, up 100.90% year on year, and net profit attributable to shareholders of the listed company of RMB 1.544 billion, up 214.03% year on year. This was mainly driven by significant growth in demand for high-end AI PCBs, including high-layer HDI boards for next-generation rack server computing power and switching units, N+N structure high-layer boards, and mSAP-type substrate-like PCBs for 800G and 1.6T high-speed optical modules. Driven by both rising demand and technological advancement, investment by downstream PCB companies continued to surge. The company seized the market opportunity presented by downstream customers' capacity expansion and upgrades, and orders across its entire product line grew substantially.

EMINENCE CAP GP (00770) net asset value per share at the end of September was US$0.06.

Eminence Capital GP (00770) announced that as of September 30, 2026, the Company's unaudited net asset value per share was US$0.06.

U.S. Retail Investors' Dip-Buying Enthusiasm Plummets, JPMorgan: Last Week's Net Buying Far Below Average; NVIDIA Corporation (NVDA.US) Still Saw Nearly $1 Billion in Inflows

JPMorgan pointed out in its latest report that, as U.S. inflation data came in above expectations and tech stocks continued to adjust, the risk appetite of U.S. retail investors has weakened markedly.

US Stock Market Move | Capital rotates into defensive sectors; pharmaceutical stocks buck the trend and strengthen; Eli Lilly (LLY.US) rises over 4%.

On Thursday, the pharmaceutical sector strengthened against the broader market trend.

Shenzhen Longsys Electronics (09976) Issues Profit Alert, Expects Net Profit Attributable to Shareholders of RMB 14 Billion14.9 Billion for First Three Quarters, Up 1864.55%1990.84% Year-on-Year

Shenzhen Longsys Electronics (09976) announced that for the first three quarters of 2026, the company's operating revenue and net profit achieved significant year-on-year growth. Revenue is expected to reach approximately RMB 38 billion to RMB 40 billion, up 127.08% to 139.03% year-on-year; net profit attributable to shareholders is expected to be RMB 14 billion to RMB 14.9 billion, up 1864.55% to 1990.84% year-on-year; net profit after deducting non-recurring gains and losses is approximately RMB 13.8 billion to RMB 14.8 billion, up 2782.36% to 2991.23% year-on-year.

PROSP INV HOLD (00310) consolidated net asset value per share at the end of September was approximately HK$0.028.

Prosperity Investment Holdings (00310) announced that the unaudited consolidated net asset value per share of the company as at September 30, 2026 was approximately HK$0.028.

Selling Pressure on AI Infrastructure Stocks May Not Be Over: JP Morgan Warns That Retail Investors' Willingness to Buy the Dip Is Insufficient, and the Retreat of Buyback Funds Is Intensifying Market Risks

JPMorgan warned in its latest report that although AI infrastructure-related stocks have recently seen a notable pullback, the current market environment is more unfavorable compared with the correction in late July this year.

China Aluminum International Engineering Corporation (02068) achieved a net profit attributable to shareholders of the parent company of 401,000 yuan in the third quarter, a year-on-year decrease of 97.54%.

China Aluminum International Engineering Corporation (02068) announced its third-quarter 2026 results, with operating revenue of 3.932 billion yuan (RMB, same below), a year-on-year decrease of 28.77%; net profit attributable to shareholders of the listed company of 401,000 yuan, a year-on-year decrease of 97.54%; net loss attributable to shareholders of the listed company after deducting non-recurring gains and losses of 7.894 million yuan; basic loss per share of 0.0059 yuan.

US Stock Market Move | AI momentum fades, shifting the market wind. Dow rises about 0.5%, with most component stocks advancing.

On Thursday, the Dow rose about 0.5%.

China Aluminum International Engineering Corporation (02068) total value of new contracts signed in the first three quarters was 21.788 billion yuan, a year-on-year increase of 1.53%.

China Aluminum International Engineering Corporation (02068) announced that in the first three quarters of 2026, the total value of new contracts signed by China Aluminum International Engineering Corporation Limited (hereinafter referred to as the Company) was RMB 21.788 billion, an increase of 1.53% compared with the same period last year. Among them, in the first three quarters of 2026, the Company's newly signed industrial contracts amounted to RMB 21.455 billion, accounting for 98.47% of the total value of new contracts; newly signed design and consulting contracts amounted to RMB 2.639 billion, a year-on-year increase of 44.87%; newly signed equipment manufacturing contracts amounted to RMB 1.696 billion, a year-on-year increase of 21.95%; and newly signed overseas contracts amounted to RMB 5.761 billion, a year-on-year increase of 14.76%.

TIANGONG INT'L (00826) subsidiary to supply mold steel products to a European customer.

TIANGONG INT'L (00826) announced that Five Star Special Steel Europe S.R.L. (FSSSE), an indirectly wholly-owned subsidiary of the company, has entered into a purchase agreement with an existing European end customer. Under the agreement, FSSSE will supply the customer with mold steel products of various specifications, totaling 5,000 tonnes, with a value of approximately RMB 80 million.

Core product sales once again validated by performance, when will Legend Biotech Corp. Sponsored ADR (LEGN.US) reverse the stock price's "strong short-term, weak medium-term" structure?

Since July 28 of this year, Legend Biotech's stock price has been consolidating at low levels for nearly three months. Although it closed up 6.49% on October 14 following the disclosure of CARVYKTI sales data, the final closing price of $19.04 merely returned to where it stood on July 28.

Export tax rebate cancellation combined with performance recovery, SMOORE INTL (06969) stands at a logic transition crossroads.

After undergoing multiple rounds of policy adjustments and fluctuations in global demand, the e-cigarette industry is gradually entering a new phase of recovery, and this earnings report from SMOORE INTL (06969) happens to stand at the intersection where old dividends are fading and new logic is being validated.

US Stock Market Move | Default concerns intensify, AI cloud service providers continue to plunge, CoreWeave (CRWV.US) drops over 7%.

On Thursday, AI cloud service providers continued to plunge.

CPI, PPI, and the "terror data" all point to one thing: energy inflation is permeating the U.S. economy, and pressure on the Fed to raise rates is surging.

The 0.8% retail growth was entirely propped up by gas stations, while PPI posted its largest increase in over four years: energy inflation is permeating the U.S. economy, and pressure on the Fed to raise rates in December is surging.

US Stock Market Move | Sell-off intensifies, Nasdaq plunges 1.23%, AI hardware sector takes a heavy hit.

On Thursday, the U.S. stock sell-off intensified, with the Nasdaq plunging 1.23% and AI hardware stocks taking a heavy hit.

SMART FISH (00139) subsidiary plans to acquire a property in Shenzhen, China for RMB 27.0157 million.

SMART FISH (00139) announced that on October 15, 2026 (after trading hours), the buyer Daqi Culture Shenzhen Co., Ltd. and the lender Yifeng Finance Co., Ltd. (both wholly-owned subsidiaries of the Company) entered into a sale and purchase agreement with the seller Li Qiumin and the borrowers (Li Qiumin and Xiao Ying), pursuant to which the seller agreed to sell and the buyer agreed to purchase the property at a total consideration of RMB 27.0157 million, which shall be offset on a dollar-for-dollar basis against the outstanding amounts owed by the borrowers to the lender.

Trump administration's critical minerals stockpile plan takes a key step! First batch of U.S. manufacturers to receive loans of up to $1 billion.

The U.S. government-backed critical minerals stockpile initiative, "Project Vault," plans to select the first batch of more than ten U.S. manufacturers and provide them with loans of up to $1 billion to help these companies procure critical materials.

Midland: Hong Kong's land sale supply in the current fiscal year may challenge the 20,000-unit level, hitting a near 9-year high.

Based on calculations, the land sale program supply for the current fiscal year may ultimately challenge the 20,000-unit level, hitting a near 9-year high;

Hong Kong Property: Positive response to land sales in the current fiscal year; developers optimistic about the market outlook and actively replenishing land reserves.

Wang Pindi pointed out that there is considerable potential land supply in the current fiscal year, and the response to land sales has been quite positive.

Ganfeng Lithium Group (01772) achieved a net profit attributable to shareholders of approximately RMB 5.012 billion in the first three quarters, a year-on-year increase of 19,540.50%.

Ganfeng Lithium Group (01772) announced that for the first three quarters of 2026, it achieved revenue of approximately RMB 36.159 billion, a year-on-year increase of 147.24%; net profit attributable to shareholders of the listed company of approximately RMB 5.012 billion, a year-on-year increase of 19,540.50%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses of approximately RMB 4.636 billion, a year-on-year increase of 592.14%; and basic earnings per share of RMB 2.4.

U.S. September retail sales rose 0.8% month over month, above expectations; gas stations contributed about 70% of the increase.

U.S. September retail sales were $745 billion, up 0.8% month over month, above the market expectation of 0.3%.

Growth hits highest in over four years! U.S. September PPI surges to 6.3% year-over-year, far exceeding expectations, energy costs batter the economy.

The U.S. Bureau of Labor Statistics (BLS) reported on Thursday (October 15) that the September Producer Price Index (PPI) for final demand rose 6.3% year-over-year and 1.3% month-over-month.

U.S. Initial Jobless Claims Remained Low Last Week, Labor Market Still Resilient

U.S. initial jobless claims remained at a low level last week, once again highlighting the resilience of the U.S. labor market.

U.S. September PPI year-over-year 6.3%, expected 5.3%, previous value revised from 5.40% to 5.6%.

TRANSTECH OPTEL (09963) proposes to issue 32.487 million consideration shares to acquire 49% equity interest in Haotai Investment.

TRANSTECH OPTEL (09963) announced that on October 15, 2026, its wholly-owned subsidiary Transtech Hong Kong intends to acquire 49% of the total issued share capital of Haotai Investment from Haodaer Technology for a consideration of RMB249.9 million. The consideration will be fully satisfied at completion by the company allotting and issuing 32.487 million consideration shares to the seller at HK$9.00 per consideration share under a specific mandate.

A-share Announcement Highlights | Net profit up nearly 200-fold at most, A-share listed companies set off a wave of buybacks.

Ganfeng Lithium: Net profit for the first three quarters increased by 19,541% year-on-year, driven by a rebound in selling prices of lithium series products and increased sales volume of lithium battery series products.

BLACK SESAME (02533): Certain core employees plan to increase their shareholding in the Company

BLACK SESAME (02533) announced that the Board of Directors of the Company has been informed that certain core employees of the Company, based on their confidence in the future development prospects of the Group and their recognition of the Company's long-term investment value, intend to increase their shareholding in the Company's ordinary shares in the open market using their own funds before the end of November 2026. Except for one core employee who, due to serving as a director of a subsidiary of the Company, constitutes a connected person of the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the remaining core employees are not connected persons of the Company. Pursuant to the share increase plan, the core employees intend to increase their shareholding in an aggregate total consideration ranging between HK$40 million and HK$50 million.

Air China Limited (00753) September passenger turnover rose 6.3% year-on-year.

Air China Limited (00753) announced that in September 2026, the Group's consolidated passenger capacity investment (measured in available seat kilometers) and passenger turnover (measured in revenue passenger kilometers) both increased year-on-year.

Lan Fo'an Attends the Third G20 Finance Ministers and Central Bank Governors Meeting in 2026 and Holds Multiple Bilateral Meetings

On October 15, the United States, as the G20 president, held the third G20 Finance Ministers and Central Bank Governors Meeting of the year in Bangkok, Thailand.

AI-driven improvement in cybersecurity spending trends! Sector valuations gain support as Citi raises price targets on Palo Alto Networks (PANW.US) and other stocks.

Citi stated that the latest Chief Information Officer (CIO) survey shows improvement in cybersecurity spending trends, with cybersecurity budget growth accelerating to 7% over the next twelve months (NTM), while AI deployment has clearly become a catalyst driving growth in security investment.

Citi warns of dual risks for global stock market earnings in 2027: "deceleration + concentration," and provides sector allocation guidance.

Citi warns of dual risks for 2027: "deceleration + concentration" global earnings growth may drop by about 20 percentage points, with tech alone shouldering roughly 70% of the incremental growth, and its bear-market checklist lighting up as many as 10.5 red flags.

LUNG FUNG GROUP (02290) interim retail sales through retail stores amounted to approximately HK$1.7195 billion, representing a year-on-year increase of approximately 18.9%.

LUNG FUNG GROUP (02290) announced that for the six months ended September 30, 2026, the Group achieved retail sales through retail stores of approximately HK$1.7195 billion, representing a year-on-year increase of approximately 18.9% compared with the same period last year.

High interest rates: a "double-edged sword"! Citi breaks down the Q3 report cards of major U.S. banks: fundamental resilience and risks coexist.

The U.S. banking industry in the third quarter presents a landscape where core businesses demonstrate resilience, yet the external market environment continues to tighten, increasing uncertainty around growth and fee income.

Hong Kong Secretary for Development Bernadette Linn: Private housing land supply in the first three quarters of this fiscal year can accommodate about 15,700 units, already exceeding the full-year target.

On October 15, Hong Kong Secretary for Development Bernadette Linn met the media regarding the land sale plan for the October to December 2026 quarter.

Strong client asset inflows and a quarter-over-quarter decline in trading revenue led to mixed third-quarter results for Charles Schwab Corp (SCHW.US).

Charles Schwab (SCHW.US) released its third-quarter 2026 financial report before the market opened on October 15.

PBOC: Will continue to implement the moderately loose monetary policy well.

On October 15, 2026, the G20 held its third G20 Finance Ministers and Central Bank Governors Meeting of the year in Bangkok, Thailand.

BRII-B (02137) announces the launch of the BRiSC siRNA drug discovery platform

BRII-B (02137) announces the launch of the BRiSC siRNA drug discovery platform Text: Brii Biosciences-B (02137) announced that the company has launched its self-developed BRiSC (Bispecific RNAi SilenCing) small interfering ribonucleic acid (siRNA) drug discovery platform to advance the development of next-generation ribonucleic acid (RNA) therapies.

CHINA EAST AIR (00670) September passenger turnover rose 8.53% year-on-year.

China Eastern Airlines Corporation Limited (00670) announces that the passenger capacity input (measured in available seat kilometers) of the Company and its subsidiaries (the Group) in September 2026 increased by 8.77% year-on-year; passenger turnover (measured in revenue passenger kilometers) increased by 8.53% year-on-year; the passenger load factor was 87.38%, down 0.19 percentage points year-on-year. In September 2026, cargo and mail turnover (measured in cargo and mail ton kilometers) increased by 12.42% year-on-year.

Annual service scale exceeds 300 billion yuan, AI drives JD.com (09618) productive services toward becoming "the largest in the country"

At the conference, JD.com (09618) showcased its productive service capabilities in a comprehensive manner for the first time, providing over 10 million enterprises with full-chain services covering R&D, production, operations, and sales, built on its supply chain capabilities.

OIWAHPAWN (01319) issues a positive profit alert, expecting a year-on-year increase of 30% to 50% for the interim period.

OIWAHPAWN (01319) issues an announcement. Based on the preliminary assessment made by the Board with reference to the unaudited consolidated management accounts of the Group for the six months ended 31 August 2026 (the Period), it is expected that the profit attributable to shareholders for the Period will record an increase ranging from 30% to 50% as compared with the six months ended 31 August 2025 (the Previous Period) (approximately HK$38.4 million). The expected profit increase is mainly attributable to the reversal of impairment losses on loan receivables during the Period. This reversal was made as a result of a slight rebound in property prices of general residential properties in the first half of 2026. In contrast, an allowance for impairment losses on loan receivables was made in the Previous Period.

Red Avenue New Materials Group (09607) increases capital by 459 million Thai baht in RA Thailand.

Red Avenue New Materials Group (09607) announced that on October 15, 2026, Hong Kong Red Avenue Group (a wholly-owned subsidiary of the Company), Gold Dynasty, and RA Thailand entered into a capital increase agreement in respect of Hong Kong Red Avenue Group and Gold Dynasty making a total capital contribution of 900 million Thai baht to RA Thailand in proportion to their respective shareholdings in RA Thailand. Accordingly, Hong Kong Red Avenue Group agreed to make a capital contribution of 459 million Thai baht (equivalent to approximately RMB 91.8 million) to RA Thailand.

Preview of US Stock Market | The three major stock index futures are mixed, AI stocks continue to decline, and U.S. September PPI and retail sales are about to be revealed.

On October 15 (Thursday), before the U.S. stock market opened, the three major U.S. stock index futures were mixed.

CAPITAL REALM (00204) consolidated net asset value per share at the end of September was approximately HK$1.529

CAPITAL REALM (00204) announced that as at September 30, 2026, the unaudited consolidated net asset value per share of the Company was approximately HK$1.529.

Mabel Chan: Promote Greater Bay Area transport integration through multi-dimensional collaboration, leverage Hong Kong's advantage as a "super connector"

At the Legislative Council meeting on October 15, Mabel Chan, Secretary for Transport and Logistics of Hong Kong, delivered a concluding speech on the Members' motion on "Actively aligning with the National 15th Five-Year Plan Outline to promote the coordinated development of ports, airports, and rail transit in the Guangdong-Hong Kong-Macao Greater Bay Area."

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Market news: The U.S. Federal Aviation Administration plans to take an equity stake in Air Space Intelligence.

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Datafolha poll: In the second round of Brazil's presidential election, Flvio Bolsonaro has a valid vote share of 51%, and Lula 49%.

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New Zealand September manufacturing performance index 56.5, previous value 53.1.

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In late New York trading on Thursday, the offshore yuan was quoted at 6.6894 per dollar, approaching the final quotes of 6.6862 on July 8, 2022, 6.6223 on May 4 of that year, and 6.5868 on April 27 of that year. It rose 66 points from late New York trading on Wednesday, with the intraday range at 6.6979-6.6884 yuan.

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Fed's Hammack said that the formation of inflation thinking could force the Fed to take more aggressive policy action. It is difficult to determine what the neutral rate is; current financial conditions do not appear to be tight.

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