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Goldman Sachs: Goldman Sachs on Taiwan’s PCB supply chain: Customer-funded expansion, materials upgrades and ABF open up profit opportunities

Customers are beginning to support capacity for 2027–2030 through long-term contracts, advance payments or subsidies, prompting Goldman Sachs to raise its earnings outlook for the supply chain. Another growth avenue comes from upgrades to M10 materials and high-margin ABF substrate materials, but certification, yields and expansion progress will determine how quickly the opportunity materializes.

Goldman Sachs: Supor’s exports return to growth in the third quarter, while costs and competition continue to constrain profit recovery

Supor’s third-quarter revenue rose 3% year on year, mainly driven by an export recovery, but net profit fell 5%. Goldman Sachs maintained its Buy rating and target price of 52 yuan, citing new products, overseas partnerships and shareholder returns, while still expecting full-year profit to decline.

Goldman Sachs: Range Intelligent Computing Technology: Third-quarter results below Goldman Sachs expectations as AI computing capacity expansion enters peak investment phase

Goldman Sachs attributes the third-quarter shortfall mainly to the timing gap between investment in computing capacity and revenue recognition, and expects contributions to increase from the fourth quarter. The bigger change is the company's plan to invest up to approximately 57 billion yuan in AI computing capacity from the fourth quarter of 2026 to the first quarter of 2027. The financing structure, payback period and utilization rate will determine the return on expansion.

Goldman Sachs: InnoCare Pharma: A peer drug’s relapse control falls short of expectations. Why does this reinforce orelabrutinib’s progressive multiple sclerosis strategy?

Remibrutinib’s phase III trials delivered relapse control below the investor threshold cited by Goldman Sachs, but showed a favorable safety profile and signals of delayed disability progression. Goldman Sachs consequently sees greater merit in orelabrutinib’s strategy of focusing on progressive multiple sclerosis; the key to differentiation lies in its own phase III trials’ benefit in delaying disability progression.

Goldman Sachs: Kelun-Biotech phase III lung cancer data: More durable efficacy strengthens case for replacing chemotherapy in first-line treatment

In Lung06, sac-TMT plus pembrolizumab achieved median progression-free survival of 15 months, above Goldman Sachs’ expectation of 9–12 months, with fewer serious adverse events than the chemotherapy combination. Goldman Sachs believes the data reduce global development risk, although follow-up duration and the applicability of Chinese data to global populations remain key conditions.

J.P. Morgan: Upgrading Unitree by two notches: With a breakthrough expected sooner, how will platform value be realized?

JPMorgan upgraded Unitree from Underweight to Overweight and raised its price target from 300 yuan to 995 yuan. The shift reflects expectations of an earlier breakthrough in embodied AI, rising hardware platform value and a longer scarcity premium associated with its listed status. The key hurdles are converting pilots into repeat purchases, deploying reliably and monetizing the ecosystem.

Nomura: ESMO China drug advances: Innovent, Akeso and Kelun have shown survival benefits, while Hengrui’s focus is disease control

Nomura reviewed the ESMO 2026 clinical results: Innovent’s IBI343, Akeso’s ivonescimab and Kelun-Biotech’s sac-TMT improved overall survival in specific indications; the benefits in some other trials were mainly reflected in delayed disease progression, and the maturity of overall survival data is key to understanding the results.

Nomura: Robot motion training takes far less computing power. Why does Nomura place greater value on hardware consistency?

SuperMimic surpassed SONIC’s published model after three hours of training on a single GPU, but its results are limited to body movements on flat ground. Nomura believes that as the barriers to motion control fall, competitive advantages will depend more on joint consistency, cost and mass-production capability.

Nomura: Renminbi fixing model points to 6.6709, with countercyclical adjustment narrowing the appreciation

Nomura expects the USD/CNY fixing to be 471 points lower than the previous fixing, but only 2 points below the previous official spot close; including the countercyclical factor, the forecast is 6.6910, down 270 points from the previous fixing.

Bernstein: LG Energy Solution and Samsung SDI: Energy storage drives profit recovery, but how much is already priced in?

LG Energy Solution returned to an operating profit in the third quarter after excluding AMPC, and Bernstein expects Samsung SDI to continue improving as well. Energy storage and data-center demand are increasing shipments and capacity utilization, but gross margins, net income and forward earnings forecasts have not all risen in tandem. Both companies retain Market-Perform ratings.

Bernstein: Battery Weekly: US energy-storage production lines shift faster; GM turns to “smaller batteries, same range”

Bernstein’s tracking this week shows that Samsung SDI’s conversion of energy-storage production lines has already generated equipment orders, while GM is trying to reduce battery usage through new chemistries and vehicle efficiency. China’s battery-swapping network continues to expand, and falling lithium prices are also creating room to lower battery costs.

Bernstein: Kelun-Biotech lung cancer data update: first-line treatment delays progression, later-line survival benefit persists

sac-TMT significantly prolonged progression-free survival in difficult-to-treat PD-L1-negative first-line lung cancer, while a later-line study also confirmed an overall survival advantage. Bernstein sees these results supporting expansion of its treatment scope, but first-line overall survival data remain immature, and the relative benefit in later-line treatment narrowed compared with the interim analysis.

Bernstein: FANUC’s orders accelerate and profits beat expectations. Why did Bernstein cut its price target?

FANUC’s second-quarter orders rose 49.1% year on year, while operating profit exceeded market consensus by 14.2%. Bernstein raised its earnings forecasts but lowered its valuation multiple as the peak in global factory automation growth approaches; component shortages also continue to constrain deliveries and erode market share in China.

OpenAI turns to in-house robotics: How far has Nanshan Zhishang progressed with its materials strategy?

OpenAI is developing hardware in-house to complete a real-world data loop, while algorithm integration is also advancing. Nanshan Zhishang has begun joint testing and small-batch supply of robot materials, but its recent profit improvement has come mainly from its nylon business.

CICC: Physical AI data collection: How does commercialization differ from perception hardware to the training loop?

CICC Machinery divides physical AI data-collection initiatives into perception, motion capture, simulation, and scenario-based closed loops. The key to understanding these companies is to distinguish between collection products already launched, existing orders, and business directions extending into embodied intelligence, while clarifying the relationship between overall earnings and specific business lines.

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Barclays: Hermès leather goods accelerate but still cannot support overall growth; a valuation recovery awaits a turn in expectations

Third-quarter leather goods growth beat expectations, but non-leather goods businesses and Asian demand weighed on the group. Barclays cut its earnings forecasts and price target, arguing that a Ferrari-like valuation recovery must first be preceded by further cuts to growth expectations.

Goldman Sachs: Zijin Mining: Copper offsets gold weakness; Goldman Sachs cuts target prices but remains positive on production growth

Recurring net profit rose 42% year on year in the third quarter, but gold volumes and prices came under pressure and investment spending increased. Goldman Sachs remains positive on copper prices and production growth, while lowering its 2026 earnings forecast and A- and H-share target prices.

Goldman Sachs: Goldman cuts Korean equity target but still sees sixty percent upside; Asian allocations shift toward cash flow and earnings delivery

Asian technology stocks have been sold off, but the regional earnings consensus for 2027 is still being revised upward. Goldman Sachs cut its KOSPI target from 12,000 to 9,000 points, while arguing that Korean valuations already price in excessively deep earnings downgrades. Its allocation approach places greater emphasis on value, financial quality and cash returns.

Goldman Sachs: Cambricon’s third-quarter revenue missed Goldman Sachs’ forecast. Why is its long-term growth outlook unchanged?

Third-quarter revenue doubled year over year and gross margin continued to improve, but tight supply and the timing of purchases by major customers left revenue well below Goldman Sachs’ forecast. Goldman cut its 2026 earnings forecast, largely retained its medium-term growth outlook, and lowered its target price following a decline in industry valuations.