GMT EIGHT - OPPORTUNITIES IN CHINA

U.S. manufacturing expands for a ninth consecutive month! September ISM PMI edges down to 54.5, new orders grow but cost pressures heat up again.

U.S. manufacturing continued to expand in September. Although the pace of growth slowed slightly, strong demand and continuously rising orders continued to provide support for the manufacturing sector.

US Stock Market Move | Q4 earnings beat expectations but failed to impress the market, Micron Technology, Inc. (MU.US) fell 2.9%.

As of press time, the stock fell 2.9% to $1,033.

Brent crude oil broke through $101 per barrel, up 3.03% on the day.

Carlyle warns: Private credit is vying for trillion-dollar AI infrastructure financing, and concentration risk could repeat the software loan crisis.

Carlyle Group said private credit institutions are competing to finance artificial intelligence (AI) infrastructure construction, and may repeat the mistakes of concentrated credit exposure in the software industry.

Nokia Oyj Sponsored ADR (NOK.US) Partners with ICEYE to Build a European Sovereign Satellite Network: Up to 50 Satellites to Be Launched Annually Starting in 2028

Nokia and Iceye plan to build a secure European communications system in orbit for defense and security matters.

No layoffs, no hiring! US initial jobless claims fall to lowest since July, September layoffs down 18%

U.S. initial jobless claims fell last week, and layoffs also declined in September, indicating that the labor market remains stable even as employers remain cautious about adding to their payrolls.

Trump: May escalate strikes on Iran after midterm elections, Fed's continuous rate hikes 'very bad'

When asked whether he would resume bombing Iran after the midterm elections, Trump said in a media interview published on Thursday that it was "possible." On monetary policy, Trump made clear that the Fed's continuous rate hikes are "very bad," while defending Fed Chairman Warsh and blaming rising borrowing costs on Fed officials appointed by the previous administration.

Fed's Kashkari: Don't know how high rates need to go, but will take necessary steps to bring down inflation.

Minneapolis Federal Reserve President Neel Kashkari said he currently cannot determine how high interest rates need to be raised to curb prices, adding that after five years of supply shocks, it is the Fed's job to bring inflation down.

HUTCHMED (00013): From following the sector to outperforming the sector, when will a new round of rally begin after the fundamentals are confirmed?

As a stock that has moved almost in sync with the sector, HUTCHMED (00013) also staged a strong rally during this period, climbing from an intraday low of HK$15.57 on June 22 all the way to an intraday high of HK$23.56 on September 30, a maximum gain of 51.32% over the period, clearly outperforming the index.

Trump pressures the Fed: Warsh should have voted against a rate hike; the problem lies with a "hostile" committee.

Trump said Warsh should have voted against the Fed's rate hike.

Preview of US Stock Market | All three major stock index futures rose together; the 10-year U.S. Treasury yield hit a new high since 2002; Micron (MU.US) fluctuated after earnings.

On Thursday, October 1, before the U.S. stock market opened, futures for the three major U.S. stock indices rose together.

Wall Street institutions warn: The Federal Reserve has committed "original sin," and the 10-year U.S. Treasury yield may be heading toward 8%.

Global bond market turmoil continues to escalate, and TS Lombard Chief Economist Steven Blitz has issued a shocking warning: the Federal Reserve is repeating its "original sin" by easing monetary policy too early, which will drive the 10-year U.S. Treasury yield to 8% in the coming years. While Wall Street is still debating whether 6% will materialize, Blitz has already asserted that 5.75% is merely a platformloose fiscal policy combined with loose monetary policy will raise the central tendency of inflation and yields with each cycle, and the era of "buying the dip" may be coming to an end. As the global bond market storm intensifies, TS Lombard Chief U.S. Economist Steven Blitz has warned that the Federal Reserve is repeating the mistakes of history by easing monetary policy too early before inflation has been thoroughly suppressed, and this "original sin" will push the 10-year

Single-quarter market value increases by $1 trillion: Why is Microsoft Corporation (MSFT.US)'s AI story gaining market favor again?

As the third quarter came to a close, Microsoft recorded its best quarterly stock performance since 1998. From July to September, Microsoft's stock price rose 37.5%, adding $1 trillion in market value. Against the backdrop of the tech-heavy Nasdaq 100 Index gaining only 0.4% over the same period, Microsoft became the fifth-best-performing constituent of that index.

CHEUK NANG HOLD (00131) will distribute a final dividend of HK$0.03 per share on December 16.

CHEUK NANG (HOLDINGS) (00131) announced that it will distribute a final dividend of HK$0.03 per share on December 16, 2026.

US labor market's 'no hiring, no firing' state persists: September layoffs lowest for the month in four years, hiring intentions fall back to 2011 levels.

U.S. companies' layoff plans fell to the lowest for the same period in four years, but hiring plans simultaneously retreated to 2011 levelsfurther illustrating the labor market's "no firing, no hiring" state.

BYD COMPANY(01211) September vehicle sales approximately 463,600 units, up 16.98% year-on-year.

BYD COMPANY (01211) announced that in September 2026, the company's total vehicle production was approximately 463,900 units, up 14.38% year-on-year; cumulative production for the first nine months was approximately 3,138,900 units.

Report: Broadcom agrees to provide Anthropic with up to $42 billion in loans to lease its own chips.

Broadcom reportedly agrees to provide Anthropic with up to $42 billion in loans, and the related debt can be converted into Anthropic equity. This arrangement was disclosed for the first time in Anthropic's IPO prospectus, with the financing scale covering about one-third of its five-year $125.2 billion TPU compute lease commitment. Anthropic also warned that Broadcom's dual role as hardware supplier and financier presents a potential conflict of interest.

TAIHE M-FIN (01915) Announces Interim Results: Net Loss Attributable to Parent Company of RMB 7.0511 Million, Widening by 5.32% Year-on-Year

TAIHE M-FIN (01915) announced its results for the six months ended June 30, 2026. The Group recorded revenue of RMB 19.2016 million during the period; loss attributable to owners of the parent company was RMB 7.0511 million, widening by 5.32% year-on-year; basic loss per share was RMB 0.01.

LI AUTO-W (02015) delivered 31,817 new vehicles in September.

LI AUTO-W (02015) announced that in September 2026, Li Auto delivered 31,817 new vehicles. As of September 30, 2026, Li Auto's cumulative historical deliveries reached 1,833,651 vehicles.

VALA (02051): A total of 420 vala vehicles were delivered to ordering customers in the third quarter.

VALA (02051) announced that in late September 2026, the third vala model jointly designed and developed through in-depth cooperation between the Group and Liuzhou Wuling Motors Industrial Co., Ltd. (Wuling Industrial) the vala kcar has commenced delivery to its first owners. With the successful delivery of the vala kcar, the Group's vala vehicle product matrix will be further enriched, covering a broader user base and diversified usage scenarios. Among them, the vala kcar, with its more compact body layout and flexible, versatile functional space, precisely targets incremental niche scenarios such as short-distance urban travel and parent-child activities.

TAIHE M-FIN (01915) Announces 2025 Annual Results: Loss Attributable to Shareholders of RMB 16.784 Million, Narrowed by 98.4% Year-on-Year

TAIHE M-FIN (01915) announced its annual results for the year ended December 31, 2025. During the period, the Group recorded interest income of 0; loss attributable to owners of the parent company amounted to RMB 16.784 million, narrowed by 98.4% year-on-year; basic loss per share was RMB 0.03.

TAIHE M-FIN (01915) Announces 2025 Interim Results: Net Loss Attributable to Parent Company of RMB 6.6947 Million, Narrowed by 27.33% Year-on-Year

TAIHE M-FIN (01915) announced its results for the six months ended June 30, 2025. During the period, the Group recorded interest income of 0; net loss attributable to parent company of RMB 6.6947 million, narrowed by 27.33% year-on-year; basic loss per share of RMB 0.01.

Great Wall Motor (02333) sold a total of approximately 114,900 vehicles in September, a year-on-year decrease of 13.99%.

Great Wall Motor (02333) announced that in September 2026, total vehicle sales were approximately 114,900 units, a year-on-year decrease of 13.99%; production was approximately 121,100 units, a year-on-year decrease of 9.9%.

CHEUK NANG HOLD (00131) Announces Annual Results, Profit Attributable to Shareholders of HK$104 Million, Turning Around from a Loss Year-on-Year

CHEUK NANG (HOLD) (00131) announced its annual results for the year ended 30 June 2026. During the period, the Group recorded revenue of HK$442 million, an increase of 162.34% year-on-year; profit attributable to owners of the Company was HK$104 million, turning around from a loss year-on-year; basic earnings per share were HK$0.16.

VOYAH AUTO (07489) delivered 115,481 new vehicles in the first nine months, up 19% year on year.

VOYAH AUTO (07489) announced that the Company delivered 13,025 new vehicles in September 2026; year to date in 2026, it delivered 115,481 new vehicles, up 19% year on year.

TAIHE M-FIN (01915) Announces 2024 Annual Results: Net Loss Attributable to Parent of RMB 1.07 Billion, Widening by 12,898.9% Year-on-Year

TAIHE M-FIN (01915) announced its annual results for the year ended December 31, 2024. During the period, the Group recorded interest income of RMB 31.793 million, a year-on-year decrease of 39.1%; loss attributable to owners of the parent amounted to RMB 1.07 billion, a year-on-year widening of 12,898.9%; basic loss per share was RMB 1.78.

GEELY AUTO (00175) September total vehicle sales were 292,168 units, a year-on-year increase of approximately 7%.

Geely Auto (00175) announced that the Group's total vehicle sales for September 2026 were 292,168 units, representing a year-on-year increase of approximately 7%.

10Y U.S. Treasury yield hits highest since 2002! Oil price returns to $100, triggering a global bond selloff, with 30Y UK gilt breaking 6% for the first time.

The U.S. benchmark Treasury yield hit its highest level since 2002, with bonds being sold off.

Micron (MU.US) Posts "Explosive" Earnings Yet Stock Swings: Memory Supercycle Far From Peaking, Why Is the Market No Longer Excited?

Micron's current valuation of about 7 times forward P/E reflects both market concerns over slowing growth and potentially undervalued long-term value.

China Securities Co.,Ltd.: The AI revolution drives growth in IDC demand, and data center REITs usher in new opportunities.

AI is driving a comprehensive transformation of data centers toward AIDC. The national average rack utilization rate stands at 56.7%, but structural divergence is pronounced: high-power racks in core areas exceed 80% utilization, while low-power traditional racks face oversupply risks, and high-quality assets are in short supply.

Behind the PCE "technical squeeze-out of froth": Market sentiment is warming, and expectations for falling U.S. Treasury yields are rising.

Core PCE price index (excluding food and energy, the Fed's most closely watched inflation gauge): +3.0% year-over-year (below market expectations of 3.3%, previous value 3.3%), +0.2% month-over-month (below market expectations of 0.3%, unchanged from the previous value of 0.2%).

French budget and election risks weigh heavily, euro posts worst monthly performance in over a year, hedge funds seize the momentum to add to short bets.

As French political and fiscal risks continue to intensify, hedge funds are aggressively buying options, betting on a decline in the euro against the US dollar to profit.

Those who position themselves first benefit in the face of inflation! Global bond funds snap up Australian and German government bonds, with the Federal Reserve and the Bank of England listed as "laggards."

Global bond funds are rewarding those who acted early on inflation.

22 days after launch, downloads exceed 5 million! Muse is "booming" more than ChatGPT did back then.

Meta's AI agent app Muse surpassed 5 million downloads just 22 days after launch, far outpacing ChatGPT's 56 days and Grok's 103 days, setting the fastest growth record in the AI sector. With its anthropomorphic virtual avatars and low-barrier interaction design, Muse continues to top the charts on both Apple and Google platforms. As OpenAI follows up with its competing product Dots, the battle for consumer-grade AI agents has officially begun.

Global crop prices post biggest gain since 2022, reigniting inflation concerns

Affected by escalating tensions in the Black Sea region and extreme weather, global agricultural prices recorded their largest quarterly gain since the outbreak of the Russia-Ukraine conflict in early 2022, potentially posing a new obstacle to central banks' inflation targets.

U.S. stock night session chip stocks strengthened collectively; SOXL Direxion Daily Semiconductor Bull 3X ETF rose over 9%.

In the U.S. overnight session, chip stocks strengthened collectively. The Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL) rose over 9%, ARM gained 4%, AMD and Intel rose over 3%, SanDisk added 2.8%, SK Hynix climbed 2.7%, Broadcom advanced 1.6%, Nvidia rose 1.5%, and Micron Technology gained 1.4%.

South Korea's September exports hit a record high! A surge of 105% year-on-year, with the chip boom continuing to drive growth.

South Korea's exports continued their rapid growth in September, with global artificial intelligence demand continuing to drive semiconductor shipments, reinforcing market expectations that this trade-dependent economy can withstand higher interest rates.

Micron (MU.US) Q4 Earnings Call: Management Declares "No Point of Supply-Demand Balance in Sight," 75% of Next Year's Shipments Already Locked In, 2028 Tighter Than 2027

Micron Technology (MU.US) management sent optimistic signals on its fourth-quarter earnings call, stating that AI-driven memory demand remains strong and that supply and demand will stay tight in 2027 and 2028.

Even though inflation data came in better than expected, U.S. Treasury yields are still rising, and Wall Street speculates that "Japan is the driving force behind the scenes."

The wave of U.S. Treasury selling continues, and the market is turning its attention to Japan. Even though inflation data unexpectedly softened, the 10-year U.S. Treasury yield still climbed to a multi-decade high of 5.28%, and Wall Street analysts are engaged in a fierce debate over exactly how Japan is driving this global bond market turmoil.

According to the Financial Times, Tencent has agreed to lease multiple Oracle data centers in Southeast Asia for a term of five years. The agreement gives Tencent access to approximately 100,000 advanced AI chips that it cannot obtain in China, allowing it to further advance its AI models and develop agent tools. People familiar with the matter said the deal is estimated to be worth about $7 billion, with a prepayment ratio of about 30%.

Wuhan's New Property Policy: Newly Transferred Land Projects to Prioritize Completed Housing Sales, Clear Criteria for Recognizing Presale Cap

On September 30, the Wuhan Municipal Housing and Urban Renewal Bureau, the Wuhan Municipal Natural Resources and Urban-Rural Development Bureau, and the Wuhan Municipal Local Financial Administration issued implementation opinions on carrying out the Notice on Improving the Commodity Housing Sales System.

Summary of Opinions from the Bank of Japan's September Meeting Sounds Hawkish: Most Members Advocate Continued Rate Hikes, Some Call for Accelerating the Pace

The summary of opinions from the Bank of Japan's September meeting shows that some policymakers believe it is necessary to accelerate the pace of rate hikes, or to bring interest rates close to the central bank's "target" as soon as possible, which increases the likelihood of further rate increases.

A flashback to the 2013 "taper tantrum"! The "global asset pricing benchmark" surges 50 basis points in a single month, a truly rare occurrence.

The U.S. Treasury market is enduring its most brutal monthly selloff in four years, with the intensity of the turmoil having reached a historic warning threshold and triggering a chain reaction across the global asset pricing system.

US IPO Preview | HengHong Technology (HCPC.US): The Dilemma of Revenue Growth Without Profit Growth Remains to Be ResolvedCan a Multi-Dimensional Narrative Support Its IPO Valuation?

After the valuation is raised, will the market be willing to subscribe in full at this price?

Fed's Kashkari: AI is not the sole engine of US economic growth, skeptical of claims that "the rest of the economy is shrinking"

Minneapolis Fed President Neel Kashkari said he is skeptical of the view that the U.S. economy is shrinking and that the only support is coming from an AI-related construction boom.

Confidence among large Japanese manufacturers hits a more than eight-year high, expectations for a Bank of Japan rate hike heat up.

The quarterly Tankan survey released by the Bank of Japan on Thursday showed that the business sentiment index for large manufacturers rose to 24 in September from 22, improving for a sixth consecutive quarter and hitting its highest level in more than eight years.

Hong Kong Stocks Account for 60%! An Overview of the Global IPO Rankings of Chinese Enterprises in the First Three Quarters of 2026

In the first three quarters of 2026, hard-tech enterprises stood out on the IPO fundraising rankings of Chinese companies.

"The Big Short" Burry fires again: The market should plummet hard to stop OpenAI and Anthropic's trillion-dollar IPOs.

Well-known investor Michael Burry has once again attacked the AI boom, warning that the planned public listings of Anthropic (ANTHRO) and OpenAI (OPENAI) could expose the market to massive capital losses.

The "Fed's favorite inflation gauge" came in below expectations, and Goldman Sachs no longer expects a rate hike in October.

Goldman Sachs: An October rate hike is unlikely, with the second hike postponed to December.

Synopsys, Inc. (SNPS.US) partners with OpenAI to develop AI models for chip design; revenue-sharing model drives stock up as much as 7%.

Chip design software maker Synopsys (SNPS.US) announced on Wednesday that it has entered into a partnership agreement with OpenAI to jointly develop AI models for the chip business and share related revenue.

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