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Goldman Sachs: Sanhua’s third-quarter revenue rises as net profit falls: Can growing liquid-cooling sales support the next phase of growth?

Core third-quarter operations were broadly in line with Goldman Sachs’ expectations, but foreign-exchange and investment fair-value losses weighed on net profit. Liquid-cooling revenue continued to grow, and new secondary-side products could increase the value of content per system; the robotics business remains at different stages of development across its products.

Goldman Sachs: Renesas beats Goldman Sachs’ third-quarter profit forecast. Why is its fourth-quarter margin falling?

Data center and industrial businesses supported the third-quarter margin, but changes in the product mix and cost factors will weigh on the fourth-quarter margin. Goldman Sachs sees the pressure as non-structural and expects sales and margins to improve again from the first quarter of 2027.

Goldman Sachs: US third-quarter growth beats expectations; Goldman Sachs expects cooling consumption to slow the fourth quarter

US real GDP grew at an annualized quarter-on-quarter rate of 3.4% in the third quarter, with strong consumption and investment in AI-related equipment; Goldman Sachs expects consumption to slow as fiscal stimulus fades, bringing fourth-quarter growth down to 1.8%.

Goldman Sachs: Midea Group’s third-quarter revenue under pressure, while operating margin remains resilient

Weak domestic air-conditioning demand and channel adjustments weighed on revenue, but overseas home appliances and enterprise businesses provided support. Goldman Sachs estimates that net profit fell 10% year over year after excluding investment gains from CXMT.

Goldman Sachs: United Imaging’s third-quarter revenue growth accelerates, profit misses Goldman Sachs’ forecast; Goldman cuts price target

Domestic revenue growth picked up and overseas growth remained strong, but R&D, share-based compensation and foreign exchange losses weighed on profit. Goldman Sachs cut its future earnings forecasts while maintaining its Buy rating.

Goldman Sachs: Kingmed’s third-quarter revenue misses expectations; profit beat driven mainly by impairment reversal

Lower testing prices weighed on revenue, but high-value tests and laboratory partnerships improved the business mix. Goldman Sachs lowered its revenue forecasts for the next three years and maintained its Buy rating.

Goldman Sachs: NSIG capacity expansion lifts revenue, but depreciation weighs on profit outlook

Goldman Sachs has raised its 2027 revenue forecast for NSIG, but depreciation from new capacity and pressure from initially low utilization offset the profit benefit of revenue growth. The bank sees photonic SOI wafers as a medium-term opportunity.

Goldman Sachs: Haier Smart Home’s third-quarter revenue and net profit fall; tariff refunds and cost cuts support operating profit

Goldman Sachs estimates domestic revenue fell around one-fifth year on year, while the US market also came under pressure; 1.5 billion yuan in non-recurring gains and a lower expense ratio eased the pressure on gross profit.

Goldman Sachs: Eastroc Beverage’s third-quarter revenue nearly stalls as cost controls support core operating profit growth

Declining sales of the core energy drink weighed on overall revenue, while tea drinks grew rapidly. Cost locking and lower selling expenses supported operating profit, but net profit and operating cash flow still fell year on year.

Goldman Sachs: Intel’s third-quarter profit beats expectations, but fourth-quarter revenue and gross margin guidance weakens markedly

Data center and foundry revenue exceeded market expectations, while PC revenue was weaker; fourth-quarter revenue, gross margin and earnings per share guidance all fell below market expectations, and Goldman Sachs expects the share price to come under pressure.

Goldman Sachs: Amazon’s third-quarter profit beats expectations, but AWS growth falls short of the buy-side threshold

AWS revenue grew 39.3% year over year, above Goldman Sachs and consensus estimates but below the growth threshold of more than 42% previously watched by the buy side. The midpoint of fourth-quarter margin guidance was also below market expectations.

Bank of America: BofA initiates coverage of ChangXin Technology: DRAM price increases lift profits, while capacity expansion and HBM determine future growth

ChangXin Technology’s operating margin rose to 83% in the second quarter of 2026. BofA expects capacity expansion to offset subsequent price declines, but equipment supply, yields and mass production of HBM are critical conditions.

Bank of America: Inovance Technology’s third-quarter revenue rises as margins come under pressure; BofA cuts price target to 70 yuan

General automation growth outpaces the industry, and new energy vehicle components return to profit, but higher raw material prices and impairments on low-priced projects weigh on gross margin. BofA cuts its earnings forecasts and maintains its Buy rating.

Bank of America: Huaqin Technology’s AI servers double revenue as BofA cuts price targets amid declining gross margin

Huaqin Technology’s third-quarter revenue exceeded BofA and market expectations, but a higher share of server business and rising memory prices weighed on gross margin. Management expects hyperscale cluster shipments to continue growing, while BofA has cut its valuation multiple and price targets.

Nomura: Gotion High-Tech revenue rises 75% but swings to a loss; Nomura expects tax pressure to persist through 2027

Third-quarter 2026 revenue met Nomura’s expectations, but fair-value losses and higher taxes weighed on profit. Nomura cut its earnings forecasts for the next two years while raising its target price and maintaining a neutral rating.

Nomura Orient International Securities: Sinocera: Third-quarter revenue rises but profit falls quarter on quarter; Nomura cuts earnings forecasts and upgrades rating

Raw materials, administrative expenses and foreign-exchange losses weighed on profit; expanded high-end dielectric powder capacity and new data-center products could drive growth, though their commercialization is progressing at different rates.

Nomura: Hubei Dinglong: Semiconductor materials account for a larger share as third-quarter revenue edges up and net profit rises 55%

Growth in semiconductor materials and the disposal of some printing consumables businesses changed the revenue mix, helping lift the third-quarter gross margin year over year. Nomura is optimistic about CMP polishing pad capacity expansion and growing photoresist sales, but display materials remain under near-term pressure from panel makers’ utilization rates.

Nomura: Bairun’s profit grows faster than revenue in the first three quarters as maturing whisky inventories continue to rise

In the first three quarters of 2026, Bairun’s revenue rose 10.3% year on year and net profit increased 20.4%; an improved gross margin and a lower effective tax rate supported earnings. The company continued to invest in whisky, with inventories rising as more whisky matured.

Northbound capital increased bank holdings and reduced new-energy holdings in the third quarter: distinguish active from passive changes

Tianfeng Securities data show that active increases in northbound holdings in the third quarter of 2026 were concentrated in banks. Among individual stocks, Zijin Mining, China Merchants Bank and WuXi AppTec ranked highest, while CATL saw a sizable active reduction.

Chinese innovative drug licensing deals grow as overseas commercialization advances

In the first half of 2026, the total value of China's outbound innovative drug licensing deals reached 99.7 billion US dollars. Guosen Securities believes that increased domestic sales under medical insurance coverage and progress in overseas commercialization will be two drivers of growth for the sector.