Wells Fargo expects packaging companies to narrow or lower their full-year guidance and remain cautious about 2027; beverage-can demand and some paper-packaging companies’ ability to realize price increases are the main points of differentiation.
Third-quarter underwriting performance beat expectations, but premium growth and investment returns fell short. JPMorgan lowered its earnings forecasts and price target, while maintaining that the valuation reflects greater investment volatility.
JPMorgan says Cambricon’s revenue met lowered expectations, but inventories rose sharply; results at two Apple suppliers were weaker than seasonal norms, while the declines in China Telecom’s revenue and profit narrowed.
Citi expects the company’s revenue and earnings per share for the quarter ending in December to exceed market consensus by approximately 2% and 4%, respectively, and sees an opportunity to increase product value per system from 800V DC power supply.
Wells Fargo believes investor sentiment has become excessively pessimistic, but slowing earnings growth and weak liquidity will limit any rebound. In AI, it favors large cloud providers and infrastructure software, and expects semiconductor stocks to reach progressively lower highs.
JPMorgan expects the high-performance computing test interface market to expand rapidly from 2026 to 2028, but suppliers’ ability to turn demand into profit depends on their share of qualified business, capacity expansion and the supply of key components.
JPMorgan’s tracking shows that Chinese copper, aluminium and zinc inventories all fell in the first full trading week after the National Day holiday. Meanwhile, steel output was at a multiyear low for the period, while iron ore miners benefited from lower freight costs.
A Bank of America model shows that shorts in intermediate- and long-term US Treasuries have been substantially covered, while S&P 500 futures are only about 0.5% from the first CTA sell trigger. Over the coming week, systematic strategies could net sell 48 billion US dollars of global equities even if markets are flat.
JPMorgan tracking shows semiconductor ETFs drew net inflows of 12.7 billion dollars in one week, with money shifting toward unleveraged products. Meanwhile, bond ETFs attracted demand and gold saw outflows, while trend-trading signals indicate reductions in US and Japanese equity positions.
Energy storage drove quarter-on-quarter growth in third-quarter battery shipments. Management is optimistic about demand for power and energy storage batteries in 2027, while JPMorgan maintains its Underweight rating and is watching the impact of tax changes on margins.
Earnings forecasts are still being revised downward, and the options market is pricing in substantial earnings-related volatility. JPMorgan sees stabilization in consumption and AI monetization as key to a turn in sentiment, and looks for opportunities in the valuations, positioning and volatility of HKEX, Tencent and Lenovo.
A Chinese phase III study showed that kidney function declined more slowly over two years in the telitacicept group than in the placebo group, while improvements in proteinuria persisted. J.P. Morgan considers it competitive for high-risk IgA nephropathy patients, but treatment choices and long-term costs will affect actual use.
Overnight copper prices tracked by JPMorgan rose 1.9%, while iron ore rose 0.8%. At the company level, third-quarter profits at CMOC Group and Zijin Mining both fell quarter on quarter. Whitehaven’s production exceeded expectations, but some sales were delayed, while Newmont faces cost and capital expenditure pressure next year.
OptiTROP-Lung06 showed that sac-TMT plus pembrolizumab achieved median progression-free survival of 15.0 months in first-line treatment of PD-L1-negative advanced non-squamous non-small cell lung cancer, versus 5.7 months in the control group. JPMorgan is optimistic about its first-line treatment opportunity, but overall survival data remain immature, and median progression-free survival may fluctuate as the data mature.
Ivonescimab plus chemotherapy extended median overall survival by 2.8 months compared with durvalumab plus chemotherapy. The result was statistically significant but fell short of JPMorgan’s previous optimistic scenario. Phase II lung cancer data for another PD-1/VEGF bispecific antibody support the drug class; the competitive landscape remains to be clarified by phase III data.
Gold, copper and lithium production in the first three quarters each fell short of seventy percent of their full-year targets. JPMorgan maintains its Overweight rating, focusing on fourth-quarter project ramp-ups and subsequent production guidance.
JPMorgan believes weaker trading activity, downward revisions to third-quarter earnings expectations and capital outflows jointly weighed on brokerage stocks. Net ETF inflows helped repair sentiment, but earnings expectations for CICC, China Merchants Securities and CITIC Securities diverged markedly.
Morgan Stanley believes both Hong Kong stocks and A-shares have room for further valuation declines, but the funding and policy signals supporting the onshore market are clearer, so it continues to prefer A-shares.
Lens Technology’s revenue fell 8% year over year in the third quarter of 2026, while net profit halved. Morgan Stanley is positive on the increase in value per foldable device but considers near-term earnings weak and the valuation not cheap, maintaining its Equal-weight rating.
