Estun’s domestic revenue fell and overseas revenue rose in the first three quarters. Management maintained its full-year gross margin and recurring net profit guidance and expects fourth-quarter revenue to grow 38%–47% year over year.
The October survey found that roughly one-third of respondents held only one of Walmart’s two types of membership, while another 55% held neither. Morgan Stanley believes membership bundles could support cross-selling and increase spending per member, but the survey showed greater overlap than management had indicated.
Larger screen sizes and supply discipline support LCD panels, but OLED competition is intensifying and photovoltaics remain at the bottom of the cycle. Morgan Stanley maintains its Equal-weight rating on TCL Corp., citing a lack of strong near-term catalysts.
China and Hong Kong equities fell for a third consecutive month, pressured by unwinding of AI-related trades and weak domestic demand; inflows into A-share ETFs rose markedly at month-end, while local Hong Kong stocks showed relative resilience.
Management expects the combined premium on official crude oil selling prices and logistics costs to rise to US$15–25 per barrel in the fourth quarter. JPMorgan believes export profits can provide a buffer, but may not be enough to offset higher freight costs.
In October 2026, the year-on-year decline in sales by the top one hundred developers widened to 13%, weaker than JPMorgan expected. Existing-home transactions in key cities rose more than 20% year on year; differences in subsidy coverage could mean existing homes benefit more on a relative basis.
Lower third-quarter deliveries weighed on revenue and profit, but gross margin and customer payments remained resilient. JPMorgan expects deliveries to recover in the fourth quarter and has raised its earnings forecasts for 2027–2028.
The RatingDog manufacturing PMI edged lower, while output reached its highest level since April; companies’ inventory building diverged from trends in employment and selling prices, and the deployment of fiscal funds is key to a broader investment recovery.
In the third quarter of 2026, higher coal prices and lower thermal coal costs offset weaker sales volumes, driving a 24% quarter-on-quarter increase in Yankuang’s net profit attributable to shareholders. JPMorgan expects earnings to continue growing in the fourth quarter, but cautions investors to watch for lower coking coal prices and capital expenditure pressure.
Tigermed’s growth in newly signed orders in the first three quarters exceeded its full-year target set at the start of the year, but its third-quarter gross margin fell quarter on quarter. JPMorgan believes higher prices on new contracts will improve margins only as older contracts are gradually replaced.
In the third quarter of 2026, revenue growth picked up in both of the company’s major businesses, but gross margin declined and cash flow weakened. JPMorgan believes improving power semiconductor prices and demand for railway maintenance could support future performance.
Morgan Stanley estimates that at least about seventy percent of the 800 billion yuan market stabilization facility remains unused, but the outcome of the policy meeting, US stock performance and A-share valuations still influence when the market bottoms.
As of September 2026, manufacturing investment fell 2.1% year on year, while nominal industrial output grew 8.2%, widening the gap between their growth rates to negative 10.3 percentage points. Morgan Stanley believes slower capacity expansion and profit growth help reduce risks in the industrial and financial systems, although earnings trends vary across industries.
In the third quarter of 2026, the company’s revenue and net profit exceeded Morgan Stanley’s forecasts by 14% and 27%, respectively. Higher volumes and prices for optical products drove growth, but gross margin fell from the second quarter.
Microsoft, Google and Amazon have all signaled higher capital spending in 2027, while Meta also plans to maintain an aggressive investment pace. Morgan Stanley is optimistic about cloud semiconductor demand but points to computing-capacity delivery bottlenecks and cash-flow pressure.
Asia’s average manufacturing PMI for 9–October was higher than in 7–August. Excluding China, new orders were near an eight-month high, and the export recovery spread from technology products to non-technology products; China’s domestic demand remained weak.
Faster attacks are driving more automation and intelligence sharing in security operations. Morgan Stanley believes in-house capabilities will complement vendor tools, but whether tool consolidation can lead to greater customer spending remains an open question.
The Nasdaq fell 5.3% in October, and US CCC-rated credit spreads widened to their highest level in four years; meanwhile, Treasuries rose and market sentiment indicators continued to signal risk appetite. Morgan Stanley maintains its overweight in global equities through the US and favors investment-grade credit.
Morgan Stanley has raised its forecast for global electricity consumption in 2030 again, and believes grid bottlenecks, demand for around-the-clock power and changes in electricity prices will reshape the distribution of returns across the power value chain.
A modest rebound in Hong Kong’s Hong Kong dollar loan-to-deposit ratio, together with US rate pricing nearing a level Nomura considers reasonable, prompted the bank to reduce its position; it still believes the market overestimates the extent of Hong Kong liquidity tightening.
