Unhidea explains global investment research, selected interviews and market briefs. Explore source attribution, dates, key assumptions and the reasoning behind each article.
China’s retail sales growth picked up in September, but HSBC expects retail to remain under pressure in the fourth quarter. Expert interviews show that location and operating capabilities are widening the performance gap between malls; commercial REITs have improved asset liquidity, but issuance valuations remain a constraint.
HSBC ·
The residential markets in Shanghai and Hangzhou have improved since HSBC’s first-quarter visit, but new-home sales have slowed from their spring peak. High-quality, differentiated projects continue to sell relatively quickly, while concentrated supply has slowed sales of luxury homes; Greentown says the reform had a smaller-than-expected impact on sales from September to October.
HSBC ·
HSBC compares disclosures from the two companies: Z.AI’s return on compute improved faster quarter over quarter, but its revenue scale, margins and cash flow still lag Anthropic’s; the way cloud-platform revenue is recognized also affects direct comparisons.
HSBC ·
HSBC expects Intel’s third-quarter revenue to reach 17 billion dollars, above the top end of company guidance. Shifting capacity toward servers is expected to support data center growth, but also depress client revenue. Advanced packaging customer discussions are increasing, while projects face delays and yield challenges.
HSBC ·
Based on the size of an earlier deal, HSBC estimates that the new financing could support approximately 1.7 to 1.8 GW of computing capacity deployment. Against Broadcom management’s target of deploying 5 GW in 2027, the question of whether further similar financing will be needed has come into focus.
HSBC ·
HSBC expects Apple’s revenue for the quarter ended September 2026 to rise 10.6% year on year, slowing from the previous quarter. Early sales of the iPhone 18 Pro and preorders for the foldable Duo have been positive, but the Duo’s inner-screen issues and chip costs warrant attention.
HSBC ·
Higher coal prices drove a 18% increase in coal segment profit, but rising fuel costs cut power generation profit by 63%; HSBC believes spot coal prices may have peaked.
HSBC ·
After visiting the TPCA trade show, HSBC found that fiberglass cloth, high-end copper foil and equipment lead times are constraining copper-clad laminate capacity expansion. Companies across the supply chain broadly plan to pass on costs, while consumer electronics customers’ ability to absorb them is a key constraint.
HSBC ·
New investments drove earnings growth at both major businesses, and the renewable energy and storage project backlog reached 36.7 GW. HSBC maintained its Buy rating while watching the effects of fourth-quarter wind generation and high capital spending.
HSBC ·
HSBC expects Intel’s third-quarter revenue to exceed company guidance and continue growing in the fourth quarter. Server CPU capacity and shipments are key, while progress with advanced packaging customers affects the longer-term foundry valuation.
HSBC ·
The new financing transaction will purchase Broadcom AI chips and networking equipment and lease them to Anthropic. Using the ratio from an earlier transaction, HSBC estimates that the new deal corresponds to 1.7 to 1.8 gigawatts of compute capacity, leaving room to reach the 2027 deployment target.
HSBC ·
汇丰认为，三季度增长略超预期，消费与投资却仍有明显分化。四季度支撑主要来自政策资金加快投放、出口韧性及基建改善，大规模宽松的可能性较低。
HSBC ·
