Management expects data-center cooling revenue to grow approximately 50% year over year in 2026; refrigeration margins have improved, but the automotive business continues to face pricing, currency and new-factory ramp-up pressures.
JPMorgan believes the Nikkei’s rebound is being driven for now by the cash market; macro hedge funds are buying dips, while CTAs remain on the sidelines. Further gains in the index require a broad expansion in AI semiconductor valuations or renewed risk-taking by top-down investors.
A survey of Shenzhen’s financial and property sectors suggests that the new 828 rules could increase the share of bank loans in developer financing and improve long-term risk management. Weak mortgage demand and diminishing benefits from deposit repricing, however, continue to constrain bank growth and margins.
Europe’s accelerating electrification is driving a continued rise in Chinese brands’ share of the new-energy vehicle market; JPMorgan also expects lower export tax rebates and European import restrictions to weigh on automakers’ profits and sales in 2027.
JPMorgan believes Chalco’s third-quarter results were slightly ahead of expectations: aluminium sales volumes and cash flow remained resilient, but lower aluminium prices reduced gross margin and core profit quarter on quarter.
An expert interviewed expects Shenzhen existing-home prices to reach an approximate bottom by the end of 2026, but new-home transactions are expected to continue falling, and the time needed to sell new-home inventory exceeds 20 months when completed homes are included.
Of the 45 state-owned developers screened by JPMorgan, 22 breached two or three financing red lines. The bank expects the government to strive to prevent defaults on publicly offered bonds issued by state-owned developers, but some local state-owned enterprises may still face extensions of loans or non-standard debt.
Higher shipments of bipedal and quadrupedal robots drove revenue growth, but rising costs, price competition and R&D expansion reduced quarterly profit. JPMorgan values the data and ecosystem advantages generated by real-world deployment.
Third-quarter revenue rose 2.9% year over year and net profit fell 4.6%, both in line with Morgan Stanley’s expectations. Overseas operations and new businesses continued to grow, but domestic equipment weakness and declines in the two major equipment businesses remained constraints on growth.
Morgan Stanley says Haier Smart Home’s third-quarter revenue missed its expectations, while net profit attributable to shareholders was broadly in line; weak domestic air-conditioner demand, higher raw material prices and a one-off overseas tax refund all affected profit performance.
Morgan Stanley believes that sales-driven expansion in scale has yet to translate into sufficient profit; intensifying competition in low-end batteries and the ability to pass on additional taxes will affect future earnings.
Yageo’s third-quarter earnings beat broker expectations, though its gross margin fell slightly short of the higher buy-side threshold. AI drove increases in both MLCC volumes and prices. The company expects further growth in the fourth quarter, with new capacity coming online from the second quarter of 2027.
Morgan Stanley believes the companies’ complementary technologies could allow Marvell to capture more value from each optical link, but Lumentum’s high valuation, DSP customer conflicts and manufacturing cyclicality raise the bar for a potential deal.
Same-property net operating income growth rose from 3.5% in the second quarter to 4.9%, and Kimco raised its full-year FFO guidance to $1.85 per share. Occupancy continued to rise, but rent growth on new leases slowed.
Fourth-quarter revenue guidance fell far short of expectations, primarily because of a PC inventory correction. Morgan Stanley raised its 2027 earnings forecast but cut its price target, arguing that tight server supply and heavy investment may not translate into lasting competitiveness.
Morgan Stanley expects demand for Coherent to remain strong, but initial production efficiency for six-inch substrates is low, making the pace of gross margin improvement a focus of the earnings report. The bank maintained its Equal-weight rating and cut its price target from 375 dollars to 325 dollars.
Third-quarter new orders fell short of the buy-side threshold, and expectations for construction equipment destocking intensified. Morgan Stanley cut its price target from $915 to $675, but believes a substantial backlog and cash flow can still support earnings growth.
Amid weak industry sales, Sany Heavy Industry increased both revenue and profit; Zoomlion’s overseas growth slowed, while Zhejiang Dingli’s revenue growth accelerated but its gross margin fell sharply.
MediaTek raised its 2026 ASIC revenue target to US$2.5 billion and expects to reach US$16 billion in 2027; third-quarter Smart Edge growth offset a decline in the handset business.
As of 28 October, Morgan Stanley’s A-share sentiment indicator had risen 10 percentage points over the week, remaining below the 22% technical rebound signal level. Trading activity recovered, while margin financing balances and earnings estimate revisions weakened.
