Product sales rose 33% year on year in the third quarter of 2026, driving RemeGen to a second consecutive quarter of recurring profitability. J.P. Morgan is positive on the full-year product sales and break-even targets but has lowered its 2027 revenue forecast and its A- and H-share price targets.
Central bank and ETF purchases supported gold in the third quarter, while jewelry and bar and coin demand weakened at the same time; the US copper mining project pipeline has expanded, but most new supply will not arrive until after 2030.
Third-quarter DRAM price increases exceeded JPMorgan’s expectations, and HBM pricing negotiations also made progress; however, weakening PC and mobile phone demand and concerns about AI financing are weighing on memory stocks in the short term.
Nomura's channel checks indicate that luxury sales momentum at Zhengzhou Dennis David City weakened after a solid first quarter of 2026. Some customers shifted toward jewelry, but performance varied markedly among brands, and the mall will place greater emphasis on serving high-value customers.
Six preclinical assets are included in the partnership. Boehringer Ingelheim has options to acquire global rights to two and rights outside Greater China to the other four. Nomura expects the near-term payments to significantly benefit Sinobiopharma’s results for fiscal years 2026 and 2027.
Airtac’s October sales, denominated in renminbi, fell 8% month on month, while daily average sales adjusted for holidays rose 7%. Nomura said the rebound was broadly in line with seasonal patterns but weaker than in the same period of 2025.
Technology stocks drove a sharp rise in A-shares on 4 November, but Nomura Orient International believes one day of higher turnover is insufficient to confirm a trend reversal. It recommends maintaining a highly defensive allocation in the short term and waiting for the market to consolidate on low turnover.
CFMEE’s third-quarter revenue and net profit both more than doubled year on year, while orders and operating cash flow continued to grow. Nomura Orient International maintained its earnings forecasts and Buy rating, but cut its target price from 524.66 yuan to 372.59 yuan due to lower peer valuations.
Weichai Power’s revenue edged up year on year in the third quarter of 2026, while net profit fell quarter on quarter and adjusted net profit continued to grow. Nomura Orient International believes rising sales of high-value-added products, including engines for data centers, improved the product mix of the powertrain business.
Supply of first-person video is increasing and prices are falling, but teleoperation data has a higher usable yield, while its collection is constrained by equipment and capacity. Nomura believes near-term value is concentrated in data validation, integration and contact-data collection.
In the third quarter of 2026, Kweichow Moutai’s direct sales revenue rose 40.3% year on year, while wholesale revenue fell 21.6%. Nomura Orient believes the improved channel mix can strengthen operating resilience, but long-term growth still depends on a recovery in end-market demand.
At midday on 5 November 2026, South Korean and Taiwanese equities fell amid weakness in AI hardware, while Hong Kong and mainland Chinese markets were stronger; funds also flowed into sectors including internet platforms and renewable energy.
In the week ended 30 October, investment-grade basic materials bond spreads narrowed by 2 basis points. BofA sees value in CRH’s current spread but downgraded its credit recommendation on D.R. Horton because of weak housing demand, and believes the positive factors are already fairly fully reflected in Freeport’s and Nucor’s spreads.
Third-quarter revenue in 2026 exceeded Citi’s expectations, but net profit fell short. A higher share of non-consumer business improves the outlook for the slow season. Citi raised its revenue forecasts while lowering its target price.
Citi expects Arabica coffee prices to fall 21% from the spot price at the time of its report over the next 12 months; low inventories and El Niño weather are important constraints on this bearish view.
Super Micro Computer’s revenue and gross margin for the first quarter of fiscal 2027 exceeded its preliminary ranges, with AI driving growth and the company raising its full-year guidance. Bernstein raised its earnings forecasts but remains cautious about converting backlog into revenue and free cash flow.
KLA raised its revenue outlook for the second half of 2026, with revenue guidance for the quarter ending in December above market consensus. Evercore ISI is positive on investment in memory and advanced processes, while expecting higher component prices to limit gross margin improvement and late-cycle valuation contraction to potentially offset some earnings growth.
The company plans to increase the share of humanoid robot reducers in its shipments and continue expanding capacity, but lower selling prices and labor costs during the expansion are constraining near-term gross margins. Citi also sees its in-house CNC machine tools as a competitive advantage.
BofA believes technology stocks’ reactions to earnings have outpaced the widening of earnings surprises. Meanwhile, election volatility implied by European equity index options is below historical levels, while South Korean stocks face a tug-of-war between memory fundamentals and short-term investor sentiment.
Bernstein expects the Texas data center moratorium to continue and has lowered its price targets for miners transitioning to AI infrastructure amid approval uncertainty and rising financing costs; the scarcity value of approved power coexists with project financing and delivery pressures.
