HGTECH has begun ramping up deliveries of its 800G LPO products, while Sungrow's energy storage shipments are rising quarter by quarter. Medical devices and innovative drugs have also seen new developments, but testing, approvals and revenue recognition are progressing at different paces.
Third-quarter revenue rose 4.39% year over year and net profit grew 35.88%; revenue per available room at domestic hotels continued to decline year over year, though the decline narrowed slightly.
Jefferies sees cloud providers’ backlogs and business growth continuing to rise, but expects capital spending to keep depressing free cash flow; borrowing costs for new cloud providers are also climbing.
Bernstein believes the key change at ESMO 2026 was that several drugs developed in China produced efficacy data in global studies. Kelun-Biotech achieved a positive global phase III result, while Hansoh’s early data sustained the efficacy seen in China; Innovent’s IBI363 faces tests of efficacy durability and safety.
A timing mismatch between energy storage shipments and revenue recognition, together with costs and project mix, left Sungrow’s third-quarter earnings far below market consensus. Bernstein raised its shipment forecast for next year while cutting its earnings forecast and target price.
Samsung SDI is expanding energy storage supplies in the US, while LG Energy Solution advances local capacity; solid-state and semi-solid-state batteries are at different stages of commercialization, and lithium prices have fallen sharply over the past month.
iMoutai lifted the direct-sales share to 54%, but destocking in the premium liquor channel was slower than expected, and third-quarter revenue and earnings per share both missed Bernstein forecasts. The firm cut its target price but remains positive on the benefits of the channel mix and price increases once inventories stabilize.
Goldman Sachs added Elite Material, Yokohama Rubber and JSW Steel to its Asia-Pacific focus list in November. Each has a different growth case, but they face the respective challenges of securing contributions from new capacity, tire industry oversupply and funding pressure from steel expansion.
Kioxia expects some enterprise SSD shipments to be delayed until early 2027, resulting in fourth-quarter revenue growth below Goldman Sachs’ expectations for its Korean peers. However, its 2027 capacity is essentially sold out, and long-term agreements extend beyond 2028.
In the third quarter of 2026, data-center power generation offset weakness in traditional businesses and foreign-exchange pressure, driving Weichai Power’s EBIT to a record high. Goldman Sachs expects gas-generator sets to drive profit growth in 2027, but prioritizing diesel-engine capacity could push back some gas-generator deliveries.
Goldman Sachs raised its forecast for the average Brent crude price in 2027 from $80 to $88 per barrel and added an allowance for disruptions of 1 million barrels per day to its supply model. The bank believes the recent rise in oil prices has been driven mainly by a risk premium, while supply and demand adjustments have brought the global market back into balance.
Goldman Sachs expects the UK, Australia, Sweden and the Czech Republic each to raise rates by 25 basis points, while five other central banks hold rates steady; US nonfarm payrolls are expected to increase by 75 thousand in October, above the market consensus.
Prediction markets put the probability of a Democratic House victory above 90%, but the Senate race is less certain. Goldman Sachs expects no major shift in fiscal policy over the next two years, with spending potentially rising slightly while the effective US tariff rate may still increase.
TrendForce expects PC DRAM prices to rise more in the fourth quarter of 2026 than Goldman Sachs forecasts, while its server DRAM outlook is broadly in line; smartphone DRAM and NAND are constrained by inventories and purchasing appetite.
Third-quarter revenue in 2026 rose 25% quarter on quarter, exceeding Goldman Sachs’ forecast; a rising share of AI cabinets also weighed on the gross margin outlook, prompting the bank to cut its full-year profit forecast and price target.
Charging and consumer energy storage grew faster than Goldman Sachs expected, while cleaning appliances weighed on the smart home business. Improved expense efficiency supported profit, but the third-quarter gross margin declined slightly.
Third-quarter revenue rose 25% quarter over quarter and gross margin increased to 46.6%. Goldman Sachs is optimistic about the ramp-up of 1.6T optical modules, but has cut its revenue forecasts for the next three years and lowered its A- and H-share price targets because of tight component supplies.
CRRC’s third-quarter EMU deliveries fell to 12 trainsets from 70 in the second quarter, and revenue fell short of Goldman Sachs’ expectations; Times Electric’s revenue grew 17%, but margins and operating cash flow came under pressure. Goldman Sachs cut its earnings forecasts for both companies and maintained its Buy rating on CRRC’s H shares.
Falling stocks weighed on insurers’ profits, while growth in the value of new life insurance business also slowed markedly. Goldman Sachs expects its covered insurers to post an aggregate net loss in the fourth quarter if the market does not recover before year-end; property and casualty underwriting performed better than expected.
Goldman Sachs believes the baijiu industry has yet to see a broad-based recovery: Moutai and J S Jiu outperformed most peers, but inventory digestion, cash flow and dividend commitments will shape the outlook.
