Third-quarter orders and the backlog awaiting installation reached records, and Equinix raised its full-year guidance for the third consecutive time. Bernstein is optimistic about renewal price increases and expansion, but the cost of new debt exceeds the interest rate on existing borrowings.
Alphabet’s quarterly free cash flow was negative for the second consecutive time; Microsoft lowered its 2026 capital expenditure guidance but expects spending to exceed 50 billion dollars in the next fiscal quarter. Nomura believes attention will shift to financial capacity and progress in AI monetization.
Changjiang Securities sees valuation recovery opportunities in Chongqing Rural Commercial Bank, China Merchants Bank and Bank of Nanjing; Zhongtai Securities is watching revenue growth from Bank of Suzhou’s balance sheet expansion, while its net interest margin and profit growth remain under pressure.
Third-quarter sales volume rose 7% quarter on quarter and the average selling price increased 9%, lifting the gross margin to 36%; management raised its 2027 sales guidance from 20 billion square meters to 22 billion square meters.
Oracle expects to need approximately 20 billion dollars in additional financing for the FY26 to FY30 investment cycle and to generate approximately 30 billion dollars in free cash flow in FY29. Citi believes AI application adoption and data center expansion have strengthened the growth outlook.
Growth in new energy vehicle gears and robotics prompted Bank of America to raise its revenue forecasts, but larger-than-expected foreign-exchange losses left third-quarter net profit attributable to shareholders below the bank’s forecast. Bank of America raised its price target from 45 yuan to 47 yuan and reiterated its Buy rating.
Revenue rose 33% year over year in the third quarter of 2026, while net profit fell 94%. JPMorgan believes demand remains resilient, but memory costs and competition are eroding the gross profit generated by growth.
The market review for 29 October focuses on contracting coal supply and new long-term contract rules, low valuations in the consumer sector, and progress in commercial space. Third-quarter reports from several companies show differing growth drivers across shipping, robot components and the AI supply chain.
On 29 October, indices weakened in volatile trading, while high-dividend stocks led gains. Technology sectors fell across the board after third-quarter results; robotics and commercial aerospace were relatively strong, although performance within the sectors diverged.
On 29 October, Century Hengtong received net institutional buying of 86.92 million yuan, while its share price fell 0.49%. The company provides robot data collection and annotation services to embodied intelligence clients and also has digital businesses including services for vehicle owners.
Flyco’s third-quarter revenue rose 13% year on year and net profit attributable to shareholders increased 27%, as premium shavers lifted its gross margin. Henggong Precision’s robotics revenue reached 173 million yuan in the first three quarters, with nearly 100 million yuan in the third quarter alone.
On 29 October, turnover contracted across the Shanghai and Shenzhen markets as capital moved toward defensive sectors such as banking and coal. In industry developments, research into cable-driven robots received investment, while Doubao Work opened access to third-party models for enterprise customers.
Megmeet, ZTT, Hongchang Electronics and Mankun Technology reported sharp year-on-year increases in third-quarter net profit, driven respectively by their power-supply business positioning, higher optical fiber prices, higher copper-clad laminate volumes and prices, and increased orders; Decolite plans to invest 1.2 billion yuan to expand optical connectivity product capacity.
Huafu Securities believes that advances in general-purpose models and toolchains could help embodied AI reach a critical milestone, with data collection and robot components two areas worth watching.
Demand for embodied AI data is driving collection services, while edge AI is constrained by model size and memory bandwidth. Institutional views on dairy, pharmacies and traditional Chinese medicine center on cyclical improvement and defensive positioning, respectively.
The three companies are seeing different operational changes: MOONS’ third-quarter profit rose 175.30% year on year; Shandong Road & Bridge improved its gross margin, but its net operating cash outflow widened; Inovance Technology’s general automation business grew rapidly, while its new-energy vehicle power systems business continued to face profitability pressure.
Amazon AWS growth fell short of the buy-side threshold, while capital spending reduced free cash flow; Intel data center revenue beat expectations, but a weak PC business weighed on fourth-quarter guidance.
Sandisk’s first-quarter revenue beat Wall Street expectations, but growth came more from shipments, while gross margin and progress on long-term agreements fell short of bullish thresholds; Reddit’s US daily active users declined, and its fourth-quarter revenue guidance was below market expectations.
Alphabet’s search growth missed expectations; Microsoft Azure accelerated, but financing and costs drew attention. ServiceNow and Fortinet face tests involving AI usage growth, the realization of service revenue and margins.
Wangsu Science & Technology’s security business accounted for 34% of revenue in the first half, with a gross margin of 74%. Zheshang Securities believes an improved competitive landscape in CDN and a higher share of security business could support a recovery in profitability, while edge AI offers new growth opportunities.
