The market rose before retreating on Friday, with the number of stocks hitting their daily lower limits rising to its highest level since 23 March. Large investors bought broad-market ETFs near the close, and policy news also emerged; Cailian Press expects a potential rebound on Monday.
Sinolink Securities is optimistic about wet-lab demand generated by the AI design and experimental validation loop; Sealand Securities is focused on growing sales of Huiquan 1983 and channel reforms, although its full-year profit forecast is below the actual figure for the first three quarters cited in the materials.
Changxin Technology has confirmed for the first time that its sixth-generation DRAM technology platform uses a 4F² architecture and has completed engineering sample verification. Institutions are also optimistic that domestic memory makers will benefit from the industry cycle as overseas original manufacturers shift capacity toward high-end products.
Data center demand lifted both capacitor revenue and margins, and Murata raised its full-year revenue and operating profit guidance; however, the capacitor order-to-shipment ratio has fallen as capacity expanded and seasonal factors took effect.
In the fourth quarter of fiscal 2026, U.S. same-store sales rose 7.7%, while North American operating margin increased 4.4 percentage points year over year. Bernstein believes slower cost growth and room for further savings support continued margin recovery, but sales transfers from store closures and the benefit of an extra week complicate the assessment of growth quality.
Data centers drove a 23% sequential increase in revenue in the first quarter of fiscal 2027, but cost pressures and cash flow performance remain important constraints; Bernstein’s higher forward EPS forecasts rely mainly on buybacks.
nVent’s third-quarter revenue rose 43.7% year over year, and its backlog increased sequentially to 2.6 billion dollars. Bernstein is optimistic about demand in 2027, but expects the two new plants’ revenue contributions to emerge mainly in the second half.
Repeat A200 orders and improving Matrics demand prompted Lasertec to raise the midpoint of its full-year order guidance to 450 billion yen; meanwhile, first-quarter revenue and operating profit were 33% and 41% below market consensus, respectively.
Third-quarter revenue and earnings per share exceeded market consensus by 6% and 15%, respectively. The company raised its full-year sales guidance and expects a Biktarvy price reduction to lower 2028 revenue by approximately 1.5 billion dollars; growth from new medicines and pipeline diversification are key to offsetting the pressure.
Third-quarter revenue exceeded market consensus by about 1.9 billion dollars, with a beat of about 1 billion dollars even after excluding favorable items. Bernstein raised its full-year revenue forecast while monitoring one-time revenue, channel pricing and the pace of the Foundayo rollout.
At the end of the third quarter of 2026, domestic institutions’ ownership of the BSE 500 rose to 18.3%, while foreign ownership fell to 16.2%. Bernstein screens for crowded and underweight opportunities using deviations from historical holdings, but signal performance varies markedly across lookback windows and market environments.
Interviews with legal experts by Bernstein show that data center deal activity remains strong, but power delivery timelines, tenant termination rights and credit guarantees together determine project financeability and risk allocation.
Through the end of September, US consumer discretionary stocks had fallen 9% for the year, while earnings expectations for the next 12 months had risen. Bernstein sees allocation opportunities in lower valuations, but high oil prices and cost pressures are affecting subsectors in different ways.
In the third quarter of 2026, Reddit revenue continued to grow rapidly, but US users fell quarter over quarter; Pinterest users continued to grow, but revenue fell below guidance. Bernstein believes the former’s user growth outlook is harder to judge.
KIOXIA’s second fiscal-quarter revenue rose 40% quarter over quarter, but its third-quarter revenue and operating profit guidance was nearly flat and well below market consensus. The company expects delayed enterprise SSDs to drive a rebound in shipments in the fourth fiscal quarter.
Geely’s overseas sales nearly quadrupled year on year in the third quarter, offsetting a decline in domestic sales, but a shift in the vehicle mix reduced margins from the second quarter. Bernstein raised its revenue forecasts while cutting its earnings expectations and target price because of an adjustment to export tax rebates.
Growth in overseas sales supported the performance of GAC Group’s own brands, with third-quarter revenue rising 17.8% year over year. However, the gross margin remained negative, the contribution from joint ventures and associates swung to a loss, and the net loss widened from a year earlier.
Revenue was nearly flat in the third quarter, while lower expenses supported the operating margin. Bernstein believes changes in the product mix, brand investment and packaging raw material costs will put further pressure on future earnings.
In the second quarter of the fiscal year ending March 2027, Tokyo Electron’s revenue and operating profit exceeded market consensus by 5.5% and 15.3%, respectively. The company raised its global equipment market outlook, but supplies of key components and working capital requirements continue to affect its ability to realize growth.
AMEC’s third-quarter revenue rose 17.2% year on year, missing the market consensus by 18%. Management said new orders and their growth rate reached record highs, but Bernstein believes supply shortages continue to constrain revenue growth. Gross margin improved, while recurring net profit fell quarter on quarter.
