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.
From 2 November, the overnight reverse repo rate replaces the 7-day rate as the policy benchmark. Goldman Sachs believes the adjustment will allow more flexible liquidity provision and reflects policymakers’ focus on credit risk.
The manufacturing PMI fell to 49.3 and the non-manufacturing PMI to 49.7, both below Goldman Sachs forecasts and the Bloomberg survey consensus. Goldman Sachs said seasonal factors explained part of the decline, but activity slowed across manufacturing, services and construction.
A shift toward higher-specification products and higher DRAM prices boosted third-quarter profitability, with operating profit exceeding Goldman Sachs’ forecast by 29%; the bank expects revenue to continue growing in the fourth quarter, but gross margin and operating profit to decline quarter on quarter.
Nomura estimates that domestic auto sales in China fell about 25% year over year in October 2026. BYD and XPeng grew on exports and new models, while deliveries weakened at NIO and Li Auto; taxes, costs and export requirements pose further challenges for the industry.
Nomura believes enterprise AI competition is shifting from model capabilities to the integration of applications and business processes. Meanwhile, ByteDance’s and Alibaba’s revenue advantages in China’s model-as-a-service market come from video generation and large language models, respectively.
The overnight reverse repo rate has been set at 1.25%, replacing the 7-day operation rate as what Nomura considers the main policy anchor. The operating corridor has moved down by 15 basis points, signaling greater tolerance for ample liquidity, but the change in tenor itself will not automatically lead to a reduction in the LPR.
Group revenue rose 11% year over year in the third quarter, but core net profit fell 47%. Management believes the quarter-on-quarter impact of chip costs peaked in the third quarter, while year-over-year pressure will persist through the first half of 2027.
Intel expects client revenue to fall more than 20% sequentially in the fourth quarter of 2026, with server growth insufficient to offset the decline. HSBC cut its price target to $160 but sees continuing value in improvements in server CPUs and the foundry business.
Industrial policy and technological maturity are moving satellite internet from validation to large-scale deployment. Brokerages are optimistic about supply-chain demand driven by mass production, but companies differ in their technology reserves, laboratory research and development, and progress in supplying existing products.
The average VLCC freight rate from Oman to China in 9–October rose 328% from 5–August, but third-quarter results mainly reflected voyages booked earlier. GF Securities expects the company's profit to continue growing in 2027 before declining in 2028.
Wellsenn XR expects global AI glasses sales to rise from approximately 8.46 million units in 2025 to 90 million units in 2030. As demand expands, the market remains highly concentrated, and there is a time lag before related companies realize revenue.
Xiaolin Cailianshe says indices rebounded on higher volume in the morning of 2 November, as financials and AI applications strengthened. Although funds returned to tech hardware, the sector still showed insufficient momentum of its own. The report also tracked the certification and production progress of Zhishang Technology’s optical connectivity products.
Zheshang Securities is optimistic about demand for robot training data collection and supply-chain companies with existing orders; Huatai Securities sees improvements in Yili’s liquid milk and milk powder businesses, but says a higher tax burden depressed its net margin in the first three quarters.
KOSPI futures fell 2.9%, but memory prices and chip exports remain supportive; Goldman Sachs is also watching South Korea’s list of low price-to-book companies and changes in earnings at Kia and cosmetics companies.
High refining margins, trading performance and stable operations boosted results, while industry net debt continued to decline. Most companies, however, are still restraining investment and shareholder returns, and Citi sees the peer valuation discounts of BP and Chevron as worthy of attention.
US growth was strong in the third quarter, but Citi expects a slowdown in the fourth. Its baseline forecast calls for another 25-basis-point Fed rate hike in December; if stocks continue to fall or the economy weakens, the next move could instead be a rate cut.
Mindray’s revenue rose 2.9% year on year in the third quarter of 2026, while net profit fell 4.6%. Citi expects domestic in vitro diagnostics and overseas operations to drive growth in 2027, but higher electronic component prices and domestic pricing pressure will continue to affect margins.
Citi believes market share gains in industrial robotics and growth in humanoid robot components drove the acceleration in revenue; higher product volumes brought economies of scale, but gross margin remained below the year-earlier level.
Third-quarter solid waste pricing and volumes exceeded Citi’s expectations, but higher diesel prices created cost pressure. Citi raised its target price while lowering its 2026 earnings-per-share forecast.
