Morgan Stanley raises its forecast for AMD server revenue growth and expects it to offset a cut to its PC business forecast. Meanwhile, demand for AI connectivity and mature-node manufacturing is improving, but customer concentration, capacity and smartphone costs continue to constrain the performance of different companies.
Cailian Press cited brokerage views that improving model capabilities and falling inference costs are driving AI competition toward product experience and commercialization; related companies are developing enterprise services and robotics applications.
The third-quarter sales recovery was uneven, and broader promotions have not eliminated demand sensitivity to gold prices. JPMorgan cut its earnings forecasts for Laopu Gold and shifted its valuation benchmark to the traditional jewelry industry.
Global semiconductor sales rose 10.8% month over month in September, above the historical average for the period; year-over-year growth slowed from 158% in August to 151%. Memory prices accounted for most industry growth since the start of the year, but performance varied across products and end markets.
Growth in Japanese machine tool orders from China slowed in September, while North American orders continued to accelerate; industrial robot exports and automation component production data show that the overseas recovery is not strengthening in every segment at the same pace.
Bernstein expects new supply to exceed demand, and further drawdowns of high inventories could put additional pressure on iron ore prices; higher freight rates raise marginal costs and support prices.
The two oil majors reported lower upstream profits quarter over quarter in the third quarter, while improved refining profits helped earnings per share exceed market consensus. Bernstein raised its price targets but believes much of the stocks’ near-term return may already have been realized.
In the third quarter of 2026, Regeneron’s revenue and earnings per share exceeded market consensus by 12% and 28%, respectively. Bernstein raised its earnings forecasts and price target but maintained its Market Perform rating.
Weakness in vaccines and the general medicines business prompted Bernstein to lower its medium-term earnings forecasts for GSK, but the firm believes the first-mover advantage of long-acting injectables and the new drug VH184 could extend the life of its HIV business.
In the third quarter of 2026, Mindray’s overseas revenue rose 6.3% year on year, while domestic revenue fell 0.7%. HSBC Qianhai is positive on the medium-term growth of its overseas and recurring businesses, while cutting its earnings forecasts for the next two years.
Pharmaron’s new orders rose more than 30% year on year in the third quarter, with small-molecule CDMO driving a recovery in demand. HSBC Qianhai lowered its 2026 earnings forecast and its target prices for the A and H shares, while raising its earnings forecasts for 2027–2028.
Rising fuel costs and lower thermal power generation reduced Huadian Power International’s third-quarter net profit by 68% year on year. HSBC expects annual contract electricity prices to rebound in some provinces in eastern and southern China next year, but coal prices and power plant utilization will continue to affect the earnings recovery.
Third-quarter revenue rose just 0.1% year on year, while higher raw material prices drove a 15.4% decline in net profit. HSBC Qianhai expects cost pressure to persist and has cut its earnings forecasts for 2026–2028, while seeing potential for restocking demand in 2027 amid low inventories.
Morgan Stanley expects the third round of the swap facility could exceed 100 billion yuan. Expectations of market support and resilient brokerage earnings could help the sector extend its rebound; the long-term earnings impact of equity investments on brokerages is expected to be neutral to slightly positive.
The month-on-month decline in existing-home prices across one hundred cities widened for a sixth consecutive month, even as new listings edged down and viewing activity increased. Morgan Stanley expects a weak macroeconomic environment and continued cuts to asking prices to keep weighing on home prices.
China’s beauty retail sales grew faster than overall retail sales in the first three quarters of 2026, but online skincare and makeup transaction value fell in the third quarter. BofA sees international brands as better positioned and has cut its earnings forecasts for Proya and Shanghai Jahwa.
Tuopu’s third-quarter revenue rose 5% year on year, but net profit attributable to shareholders fell 5%. BofA cut its earnings forecasts and price target for the next three years, but remains positive on the expansion of the auto parts business and the humanoid robotics business.
The Federal Reserve is shifting to a more gradual pace of rate hikes, while New Zealand unexpectedly holds steady; meanwhile, the link between AI stock volatility and the US dollar and some emerging-market currencies is strengthening.
Consolidation drove revenue growth, while intelligent electronic control and overseas businesses continued to expand; BofA raised its revenue forecasts but lowered near-term earnings forecasts and its price target.
Overseas sales growth cushioned weak domestic demand, but changes in the model and market mix weighed on average selling prices, while competition and the costs of ramping up new models depressed margins. Bernstein lowered its earnings forecasts and target price.
