GMT EIGHT - OPPORTUNITIES IN CHINA

Hong Kong stocks close: Hang Seng Index up 3.67%, Hang Seng Tech Index up 5.54%

Iluvatar CoreX rose 9.83%, NetEase rose 9.40%, Sino Biopharmaceutical rose 9.32%, Xiaomi Corporation-W rose 8.83%, Laopu Gold rose 8.75%, Li Auto-W rose 8.67%, and Alibaba-W rose 8.55%.

Recovery in the auto industry drives a 4.4% rebound in German factory orders in September; expectations of an ECB rate hike in December strengthen further.

The rebound in orders provides a positive signal for the outlook of subsequent industrial production. However, for the yet-to-be-released September industrial production data, economists expect that after strong growth in August, output may edge down slightly.

John Lee: Hong Kong will actively explore emerging market opportunities and deeply participate in high-quality Belt and Road cooperation.

On November 5, John Lee, Chief Executive of the Hong Kong Special Administrative Region, attended the Hong Kong Sub-forum of the 9th Hongqiao International Economic Forum in Shanghai.

Diageo plc Sponsored ADR (DEO.US) Q1 organic sales unexpectedly grew 1.4%: North America's 3.6% decline was a drag, full-year flat guidance maintained unchanged

Diageo's Q1 organic net sales unexpectedly rose 1.4% to US$4.93 billion, led by Latin America and Asia Pacific, while North America remained down 3.6%; the company maintained its full-year flat guidance.

A-share Market Close | Shanghai Composite Index Rises 0.10%, Over 4,800 Stocks Advance, Photovoltaic Equipment Sector Sees Wave of Limit-Up

On November 5, A-shares opened lower and moved higher, rallied intraday before pulling back, and all five major indices closed higher, though all remained below their intraday highs.

CICC: With Democrats controlling both chambers, some medium-term support for the US dollar may gradually weaken.

Fiscal expansion and tariff policy face more constraints, which may reduce additional upward pressure on US demand and inflation.

GEEKPLUS-W (02590) rose more than 6% intraday, as autonomous smart warehouses open up room for commercial imagination.

Previously, Geekplus (02590) released the "24/7 Autonomous Smart Warehouse Plan" to vigorously develop embodied intelligence and full-warehouse intelligence, leveraging end-to-end robotic solutions and a warehouse brain to drive warehouses toward 724-hour unmanned autonomous operation and autonomous evolution.

AI agent frenzy fuels interconnect upgrades! From "connecting chips" to "connecting entire racks," Morgan Stanley loudly calls for overweighting Astera Labs (ALAB.US)

Joseph Moore's Morgan Stanley analyst team wrote in a research report that they maintain an "Overweight" rating on Astera Labs and an "Attractive" industry investment strategy view, and raised the price target from $382 to $389, implying 74.2% potential upside relative to the November 4 closing price.

Citi: Gold price outlook depends on the Middle East situation; base-case 3-month target price of $4,500.

Citi expects that under its base case, if the Strait of Hormuz reopens before year-end and the conflict between Yemen and Saudi Arabia de-escalates, the 0-3 month gold price target is $4,500 per ounce, with a 6-12 month target of $5,000.

Wall Street veteran Yardeni: Inflation cooling is in sight, 5% US Treasuries are "very attractive"

Ed Yardeni, President of Yardeni Research, said that with inflation expected to cool, the US 10-year Treasury yield at around 5% looks "very attractive."

Hong Kong Insurance Authority: Premium financing business has become active again; a third joint inspection has been conducted with the Hong Kong Monetary Authority

The Hong Kong Insurance Authority has, in the second half of this year, conducted a new round of inspections of premium financing together with the Hong Kong Monetary Authority, and will, based on the inspection results, study appropriate regulatory measures with the HKMA.

Games and "Spider-Man 4" both drive growth, Sony (SONY.US) Q2 operating profit up 45%, beating expectations, raises full-year profit guidance

Sony's second-quarter operating profit rose 45% to JPY622.3 billion, beating expectations, driven by games and film, and the company raised its full-year profit forecast by 9%, though it faces pressure from rising memory chip prices.

Goldman Sachs: If Democrats win a majority in both chambers of the U.S. Congress, state-level data center restrictions could affect about 45% of planned capacity.

Goldman Sachs expects that Democratic victories at the U.S. state and local levels could lead to short-term moratoriums on data center construction, potentially affecting about 45% of planned data center capacity expansion in the United States.

OpenAI president confirms 2027 IPO: enterprise customers have become the main revenue driver, but the fundraising target has shrunk from RMB30 billion to RMB20 billion.

OpenAI President Brockman said enterprise sales already contribute the majority of revenue, and the company will be ready for an IPO in 2027; it is accelerating fundraising to race against Anthropic, which plans to IPO before the end of the year.

Evercore offers an investment guide under a "blue wave": AI infrastructure sentiment under pressure, names 5 "defensive" tech stocks.

Evercore said that after a "blue wave," tech stocks such as Amphenol and Apple are worth holding.

Toyota (TM.US) Q2 operating profit surges 34%, beating expectations; strong hybrid vehicle demand and weak yen prompt another upward revision of full-year profit forecast.

Thanks to market demand for hybrid vehicles and the weak yen, Toyota has once again raised its profit forecast for fiscal year 2027.

CLSA: Democrats' Sweeping Victory in U.S. Midterm Elections Expected to Be Positive for Bonds

CLSA believes that Democratic control of both chambers of the U.S. Congress could help reduce additional fiscal spending and slightly narrow the fiscal deficit, potentially benefiting bond performance, but putting pressure on some emerging market currencies with structural external deficits.

Paul Chan: Hong Kong's wealth management scale up 20% year on year, becoming the world's largest cross-border wealth management center

Hong Kong's Financial Secretary Paul Chan said at the Private Wealth Management Association Summit that according to a survey published by the Securities and Futures Commission in July, the total value of Hong Kong's asset and wealth management business grew 20% year on year to more than HK$42 trillion, making it the world's largest cross-border wealth management center.

Eddie Yue: Hong Kong will build a platform that leads in global trends such as technology and green.

Hong Kong's future development will be even more vibrant, continuing to play its role as a super connector and gateway, and vigorously developing the bond, gold, and commodities markets to build a platform that leads in global trends such as technology and green.

SFC: Family offices are actively expanding their businesses in Hong Kong; AI is expected to transform the financial services industry.

Huang Tianyou, Chairman of the Securities and Futures Commission of Hong Kong, said that family offices are actively expanding their businesses in Hong Kong, and that Hong Kong's competitive advantages are unique and cannot be replicated by other regions.

TI CLOUD (02167) Q3 revenue from AI solutions increased by approximately 100% year-over-year

TI CLOUD (02167) announces that, based on the preliminary assessment of information currently available to the Group, in the third quarter of 2026, the Group's revenue from AI digital workforce solutions and AI-enhanced solutions (collectively, "AI solutions") increased by approximately 100% compared with the corresponding period in 2025. In September 2026, the monthly Token call volume of ZENAVA, the Company's AI productivity platform applied to customer service and marketing scenarios, increased by more than 500% compared with December 2025. In the third quarter of 2026, ZENAVA was successfully deployed at a number of leading enterprise customers across multiple industries, including technology, consumer, education and manufacturing. The Group continues to build data capabilities in these vertical industries.

SSY GROUP (02005): Three drugs receive drug production registration approval and are all deemed to have passed consistency evaluation.

SSY GROUP (02005) announced that the group has obtained drug production registration approvals from China's National Medical Products Administration for the following three products, all of which are Class 4 chemical drugs and are deemed to have passed consistency evaluation.

A-share Midday Review | Shanghai Composite Index rises 0.10%, solar sector sees wave of limit-up stocks, high-dividend sectors weaken

The market showed a pattern of "opening low and rising high, growth stocks leading gains, and high-dividend stocks pulling back."

A short bet from a decade ago finally proves right: Muddy Waters founder says Nidec scandal exposes shortcomings in Japanese corporate governance.

The scandal now engulfing this motor manufacturer shows that corporate reform in Japan is far from sufficient.

HKD HIBOR falls across the board; one-month rate drops for a second straight day to 2.58%, a more than two-month low.

On November 5, HKD HIBOR fell across the board, with the one-month rate, which is linked to mortgage payments, at 2.57893%, down 6.089 basis points.

KE Holdings (02423) Green Plan 18th Anniversary: Chairman Peng Yongdong and Other Executives Subsidize More Than RMB120 Million in Medical Security Gaps

On November 5, on the occasion of the 18th anniversary of the Green Plan and the 8th month of implementation of the Health Home Be Guardian Fund, KE Holdings released a "Critical Illness Guide" for the company's 500,000 service providers, integrating the four-tier protection jointly formed by the Green Plan and the Health Home Be Guardian Fund into one place.

Coherent (COHR.US) Q1 Earnings Call: Finalizes US$20 Billion AI Optics Mega-Order, Raises Gross Margin Target to Above 45%

Coherent (COHR.US) held its Q1 fiscal 2027 (quarter ended September) earnings conference call.

Arm (ARM.US) Q2 Earnings Call: Confidence in AGI CPU Commercialization "Strongest to Date"; Data Center Royalties to Maintain Triple-Digit Growth for Years to Come

British chip design company Arm released its fiscal 2027 second-quarter financial results for the period ended September 30, 2026, after the U.S. market closed on Wednesday, and held an earnings conference call.

South Korea's September current account surplus exceeds US$60 billion for the first time, with semiconductor exports as the main engine

Driven by booming semiconductor exports, South Korea's September current account surplus jumped to a record high.

The ChiNext Index rose 2.00% to 2595.733 points; the Shanghai Composite Index rose 0.20% to 3693.608 points; the Shenzhen Component Index rose 1.83% to 11542.625 points.

Hong Kong Private Wealth Management Assets Hit Record HK$12.9 Trillion as Digital Assets and AI Deployment Accelerate

The Private Wealth Management Association (PWMA) and KPMG China jointly released the latest research from the "Hong Kong Private Wealth Management Annual Report 2026."

Driven by the beta of the Hong Kong stock market's pharmaceutical sector, has the market begun to reprice the fundamental value of HYGEIA HEALTH (06078)?

After two months of sideways trading, HYGEIA HEALTH (06078) has once again seen a four-day winning streak, driving its share price higher.

The Shenzhen Component Index rose 1.00%, currently at 11449.442 points; the Shanghai Composite Index fell 0.03%, currently at 3685.018 points; the ChiNext Index rose 0.67%, currently at 2561.817 points.

Qualcomm (QCOM.US) Q4 Earnings Call: CFO Responds to Memory Price Increases Weighing on Gross Margin, Expects Handset Revenue Share to Drop Below 50%

Qualcomm held its fiscal 2026 fourth-quarter earnings conference call.

A-Share Market Open Snapshot | All Three Major Indices Open Lower; Precious Metals and Solar Buck the Trend

On November 5, the Shanghai Composite Index opened 1.07% lower at 3,646.57 points, the Shenzhen Component Index opened 1.05% lower at 11,216.81 points, and the ChiNext Index opened 2.00% lower at 2,493.73 points.

AI starts billing by the degree: 48 hours of Tokens placed on Double 11 shelves

Guangdong-Hong Kong-Macao Greater Bay Area Intelligent Computing (01396) positions itself at the two links of scheduling and trading, operating Tokens as "standard commodities" to jointly build a complete Token commodity chain.

Nasdaq 100 futures fall over 1%, S&P 500 futures down 0.2%, Dow futures up 0.15%.

Bernstein breaks down OpenAI's compute commitments: revenue growth outpaces the bill, with low downside risk for suppliers such as Oracle Corporation (ORCL.US) and Microsoft Corporation (MSFT.US)

Bernstein stated that OpenAI's compute commitments pose low downside risk for major suppliers such as Oracle and Microsoft.

Democrats sweep Congress! Morgan Stanley urgently redraws its trading map: equity overweight unchanged, AI data centers become the biggest losers

As market expectations for data center restrictions heat up, AI market sentiment may face further negative pressure. However, Morgan Stanley's overall outlook for resilient economic growth and continued gradual disinflation remains intact.

Commodity futures open

Fuel oil fell 13.07%, low-sulfur fuel oil fell 10.98%, asphalt fell 9.40%, Shanghai crude oil fell 8.46%, and liquefied petroleum gas fell 8.38%.

A-share Pre-market Brief | Dow rises 3.03%, AI hardware slumps, oil prices drop over 8%

The Dow rose 3.03%, large-cap tech stocks surged, while AI hardware and memory stocks plunged.

Brokerage Morning Meeting Highlights | 10-Year Treasury Yield Breaks Below 1.6%; Conditions for ChiNext Rebound Are Accumulating

SDIC Securities believes that the ChiNext Index's pullback has reached the 60% limit of its range gain, and the conditions for a large-scale rebound are accumulating.

Eight consecutive quarters of beating expectations, CVS Health Corporation (CVS.US) plunged 12.5% overnight after its "one-for-two" split! Why hasn't the split led to a valuation re-rating?

On Wednesday, CVS Health Corporation (CVS.US) announced a one-for-two split, while also delivering its eighth consecutive quarter of earnings that beat expectations, and its 2027 profit guidance was also above Wall Street consensus. But the market responded in a completely opposite way: at the overnight close, the company's stock price plunged 12.5%.

Filling a clinical gap! GRAND PHARMA (00512) CBT-001 significantly controls pterygium lesions, deepening its presence in the innovative ophthalmic drug track and targeting a blue ocean market worth tens of billions

GRAND PHARMA (00512) announced that its globally innovative ophthalmic drug CBT-001 (GPN00153) has met the primary clinical endpoint in its international multicenter Phase III clinical trial, with CBT-001 confirmed to be able to modify the disease course of pterygium.

GRAND PHARMA (00512): Global Innovative Ophthalmic Drug CBT-001 for Pterygium Meets Primary Clinical Endpoint in International Multicenter Phase III Clinical Trial

GRAND PHARMA (00512) announced that the international multicenter Phase III clinical trial of CBT-001 (GPN00153), a globally innovative ophthalmic drug developed by the Group for the treatment of pterygium, has recently met its primary clinical endpoint. Compared with the placebo control group in terms of conjunctival hyperemia at month 3 and pterygium lesion length at month 12, both doses of CBT-001 demonstrated highly statistically significant improvements. This clinical result marks the first time a drug has demonstrated a disease-modifying therapeutic effect on pterygium through statistically significant improvement in hyperemia and lesion size. Additional analyses are ongoing.

US power sector faces a reshuffle! Midterm elections raise data center delay risks, Morgan Stanley lists the losers and relative winners.

Morgan Stanley: Midterm elections raise data center delay risks; under Texas's 474GW grid-connection backlog, "time-to-power" stocks are being reshuffled.

CLOUDBREAK-B(02592): Topline Results of Phase 3 Study of CBT-001 in Patients with Pterygium

CLOUDBREAK-B(02592) announced the topline results of the Phase 3 study of CBT-001 as a potential treatment for pterygium. Both primary endpoints achieved statistical significance. Compared with the placebo control group in terms of conjunctival hyperemia at Month 3 and pterygium lesion length at Month 12, both doses of CBT-001 demonstrated highly statistically significant improvements. These results mark the first time a drug has demonstrated a disease-modifying effect on pterygium through statistically significant improvements in hyperemia and lesion size. Additional analyses are ongoing.

CARSGEN-B (02171): Abstracts for CT1190B and CT071 Published at the 2026 ASH Annual Meeting

CARSGEN-B (02171) announced that the abstracts for the research results of CT1190B (a universal CAR-T candidate product targeting CD19/CD20) in the treatment of relapsed/refractory large B-cell lymphoma, and of CT071 (an autologous CAR-T candidate product targeting GPRC5D) in the treatment of relapsed/refractory multiple myeloma (R/R MM) and high-risk newly diagnosed multiple myeloma (HR-NDMM), have been published at the 68th American Society of Hematology (ASH) Annual Meeting.

HUTCHMED (00013) announces that sovleplenib has received FDA orphan drug designation for the treatment of autoimmune hemolytic anemia.

HUTCHMED (00013) announced that sovleplenib has been granted Orphan Drug Designation by the U.S. Food and Drug Administration ("FDA") for the treatment of autoimmune hemolytic anemia. Sovleplenib is a novel, highly selective oral spleen tyrosine kinase ("Syk") inhibitor.

MANULIFE-S (00945) will pay a quarterly dividend of CAD0.485 per share on December 21.

MANULIFE-S (00945) announced that it will pay a quarterly dividend of CAD0.485 per share on December 21, 2026.

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