US credit spreads widened last week, while European spreads narrowed. Morgan Stanley favors US investment-grade bonds while monitoring the shift toward shorter-term AI financing and pressure on high-yield telecommunications and media debt.
Citi expects Xiaomi to report third-quarter 2026 revenue of 104 billion yuan and adjusted net profit of 4.8 billion yuan. Average smartphone prices and gross margin are improving, but the IoT, internet and electric vehicle businesses are under pressure, while AI research and development and automotive selling expenses are also weighing on earnings.
Xiaomi delivered over 336.5 thousand electric vehicles in the first three quarters, achieving approximately 75% of its full-year target of 450 thousand vehicles; deliveries exceeded 50 thousand in October. Citi expects the third quarter may be the low point of the year and maintains its Buy rating.
Taiwan’s GDP grew 14.4% year over year in the third quarter of 2026, driven jointly by investment, exports and consumption. Citi raised its growth forecasts and expects inflation and financing demand to prompt the central bank to raise rates starting in December.
Weaker-than-expected white goods demand slowed IPM growth, while fair-value losses on investments brought Silan’s third-quarter net profit down to 18 million yuan. Citi cut its earnings forecasts and target price while maintaining a Neutral rating.
In the third quarter of 2026, CR Micro’s gross margin exceeded 30% for the first time in three years, but widening losses from the ramp-up of joint-venture wafer fabs in Chongqing and Shenzhen brought net profit below expectations. Citi raised its revenue forecasts while lowering its earnings forecasts.
Revenue and net profit declined slightly in the third quarter of 2026, while revenue from innovative products and related services continued to grow rapidly. Citi cut its earnings forecasts and target price, expecting the commercial contribution of new drugs to become more pronounced in 2028.
TAL’s revenue missed consensus, but cuts in sales and marketing spending lifted its margin. Citi infers from the size of withholding tax that future shareholder returns could increase, while monitoring device destocking and margin sustainability.
In a US phase II trial of ASC30 involving 100 patients with type 2 diabetes, all three dose groups achieved statistically significant placebo-adjusted reductions in blood glucose. Citi believes the data support its best-in-class potential and expects phase III doses to be discussed soon.
Two tools supporting capital markets have been further refined, and GF Securities sees potential for a recovery in the brokerage sector; China Life’s core profit grew, but investment volatility and falling new policy sales weighed on its third-quarter performance.
Trading turnover and broad-market ETF volume rose together early on Monday, but the A-share rally faded in the afternoon. Li Jiaqi’s livestream sold approximately 2 trillion Tokens in half an hour; China Merchants Securities is optimistic about the value of access points for consuming AI models.
Jiangsu Cable’s AI short-drama business remains in the exploration and development stage; Mingyang Electric’s wholly owned subsidiary will design, manufacture, integrate and deliver IT modular units for a computing center in Thailand.
Higher sales volumes and stabilizing prices improved Enjie’s third-quarter profitability; overseas separator capacity is gradually coming online, while its solid-state electrolyte business remains at various stages of development and construction.
OmniVision Group’s third-quarter gross margin rose to 30% from the previous quarter, while net profit increased 50.53% quarter on quarter. The company expects a fourth-quarter gross margin of 29.44% to 30.74%, with several new vision sensors scheduled to enter mass production in stages.
After opening lower on the morning of 3 November, the indices fluctuated widely as turnover contracted. Cailian Press sees both support from large investors and weak organic buying, and says the strength of any subsequent capital return to AI applications and robotics warrants attention.
In September 2026, farmgate milk prices rose markedly in many parts of Northwest and North China, while the dairy cow herd declined from its 2024 peak. The report expects raw milk supply to tighten in 2027–2028 and reviews dairy companies’ capacity plans for deeply processed products such as cheese and milk fat.
As of the end of September 2026, the operating capacity of new-type energy storage nationwide had grown 63% year on year. Ping An Securities expects electricity consumption for computing to continue rising and direct green power supply to potentially drive energy storage demand; relevant companies have disclosed technological achievements and project applications.
Longsys’s third-quarter revenue rose 124% year over year, while its gross margin fell 16.5 percentage points quarter over quarter but beat Citi’s expectations. Citi is positive on enterprise products and the ramp-up of mSSD shipments, while lowering its price targets.
Membership exceeded Bernstein’s expectations in the third quarter of 2026, and average membership density per club continued to rise; however, full-year club opening guidance remained unchanged, and some additions came from rebranding existing clubs.
