Goldman Sachs expects Huazhu and Atour to report third-quarter results slightly above market consensus, while Trip.com Group and Tongcheng Travel are expected to be broadly in line. Hotel room rates are stabilizing and openings are accelerating, but competition at existing hotels and changes to online travel platform charges continue to affect growth.
In week 43, new and existing home transactions fell 4% and 5% week on week, respectively, although some new developments in Shanghai performed strongly. Goldman Sachs is optimistic about home prices in Shanghai and Shenzhen, while expecting sales by the top one hundred developers to still fall 12% year on year in October.
Sales during the Mid-Autumn Festival and National Day holidays fell short of expectations, and distribution channels continued to reduce inventories. Goldman Sachs expects baijiu industry sales to fall by an average of approximately 6% year on year in the third quarter, although declines at most producers will narrow from the second quarter.
Yue Yuen Group’s profit warning indicates that third-quarter net profit attributable to shareholders still fell sharply year on year, although its implied net margin was higher than in the second quarter. Goldman Sachs believes improved orders and efficiency helped, while watching the effect of orders brought forward on the fourth quarter.
Data center cooling drove revenue growth, but foreign-exchange losses and minority interests weighed on net profit. Goldman Sachs believes record contract liabilities and inventory support revenue recognition over the next one to two quarters.
Third-quarter revenue was broadly in line with Goldman Sachs’ expectations, while adjusted net profit slightly exceeded them. Backlog growth accelerated to 36.4%, and the company raised its full-year revenue, capital expenditure and free cash flow guidance.
Tianqi Lithium’s earnings per share exceeded market consensus in the third quarter of 2026, but lower lithium prices weighed on quarter-on-quarter performance. Bernstein believes falling inventories and pressure on marginal supply will support lithium prices, with mine restarts and year-end battery demand as key variables.
Bernstein is optimistic about prediction markets, derivatives and tokenization, but weaker crypto spot trading has forced it to lower its Coinbase earnings forecasts; growth at Circle and Figure also faces distinct cost and measurement constraints.
Walmart has partnered with Subway, Dunkin and Papa Johns in an attempt to enter the restaurant delivery market with lower commissions and bundled grocery orders. Bernstein believes bundling orders along existing routes could improve delivery economics, but standalone restaurant orders may not be cheaper, and the impact on DoorDash and Uber Eats fundamentals is manageable for now.
Bernstein raises its medium- and long-term earnings-per-share forecasts for Air Products: electronic gases projects are the main near-term growth driver, while NEOM’s contribution depends on sales at a green premium; two projects with cost overruns are included in revenue but not profit.
Management expects approvals for offshore projects to reach their highest level since 2015 in 2026, before gradually declining. With orders booked through 2029–2030, CIMC Raffles plans to put a new dock into operation in the first half of 2028.
Morgan Stanley expects Lineage’s third-quarter results to be broadly in line with consensus, but higher oil prices and interest costs may prompt the company to lower its full-year AFFO per share guidance. Rising cold-storage inventories and slowing new supply show signs of improvement, while excess capacity, pricing and logistics costs continue to constrain profit recovery.
Third-quarter net profit in 2026 rose 48% year on year, beating the Visible Alpha consensus by 25%. Electronics and semiconductor demand drove growth, but the battery business slowed and margins remained under pressure.
Solar supply-chain prices were broadly stable in October, but higher polysilicon and natural gas costs squeezed spot margins for wafers and glass. Polysilicon inventories continued to rise even as production was cut, while the recovery in global module demand was weaker than seasonal norms.
Evercore ISI has lowered its forecast for global oil inventory draws in the fourth quarter of 2026 from 3.5 million barrels per day to 1.1 million barrels per day, but oil accumulating at sea, record freight rates and refinery damage mean the benefits of the supply-demand recovery are unevenly distributed.
Revenue and earnings per share for the quarter ending in September were both slightly above market consensus, while China revenue rose 65% quarter over quarter; however, EPS guidance for the quarter ending in December merely matched consensus, and the stock fell about 5% in after-hours trading.
Excluding currency effects, Meta’s third-quarter revenue grew 26% year over year, slightly below the 27% recorded in the second quarter. Operating income excluding legal costs beat market expectations by about 13%, but the reported margin was significantly weighed down by settlement costs.
Texas Instruments’ third-quarter revenue rose 28% year over year, with analog chips accounting for ninety percent of the increase; its fourth-quarter revenue and earnings guidance also exceeded market consensus. Evercore ISI is optimistic about long-term market share gains while viewing the muted after-hours reaction as a sign that the semiconductor cycle is in its later stages.
Evercore ISI estimates that the new line could generate annualized revenue of 70 million to 130 million dollars at full capacity; the company is seeking non-dilutive financing, while specific customers and funding arrangements remain to be determined.
Hong Kong conglomerates have generally held up better during major Hang Seng Index declines; the recent relative strength of large mainland Chinese property companies owned by the central government may reflect a rotation of capital. Hongkong Land’s LANDMARK renovation is also progressing, with tenant sales so far unaffected by construction.
