The market finally bounced back, with A-shares staging what could be called a "miracle day." This morning saw a brutal selloff, but a strong afternoon counterattack lifted Hong Kong stocks in tandem, with the index closing up 0.69%.
South Korean stocks also rebounded today, and this isn't about one market saving another—everyone has been struggling and needs to rescue themselves. South Korea's KOSPI index has seen its forward 12-month price-to-earnings ratio drop to just 4.2 times, entering value territory. Overnight, the Nasdaq also took a heavy beating, but amid the plunge, Wall Street chose to stand behind Meta Platforms, Inc. (NASDAQ: META), with UBS and Deutsche Bank both maintaining buy ratings and raising target prices in their latest research reports. The core judgment is that Meta's AI capital expenditure over the past three years is beginning to enter a harvest period, with the advertising system benefiting first, and five AI commercialization paths already launched. U.S. stocks are expected to rebound tonight as well. From a macro perspective, not much has actually changed—the same unclear and ambiguous issues keep circulating, with no certainty visible. However, there have been positive developments in China-EU relations: to protect ASML's supply chain, the EU is considering lifting sanctions on a Chinese company. Additionally, according to the European Parliament's official website, a delegation of 12 members from the European Parliament's Committee on International Trade will visit China from October 27 to 29 to exchange views with Chinese officials and relevant parties on China-EU economic and trade relations and explore further cooperation opportunities. German President Steinmeier will also visit China. The EU's shift toward pragmatic cooperation benefits both sides. Recent market rumors about EU "double anti" measures have been confirmed as false by Dajin Heavy Industry (HKEX: 01081), which surged over 15% today.
The above factors are relatively intangible; what the market values are concrete developments. Several negative directions from yesterday were clarified today:
1) Rumors that "some AI leader stocks experienced large-scale forced liquidations, triggering a chain reaction" were clarified as involving only a few stocks with small liquidation amounts, less than 100,000 yuan, and the related rumors are false information. Everyone knows that if the decline continued, it would have become reality anyway.
2) At midday on October 23, tech companies including Zhongji Innolight, Eoptolink Technology, and T&S Communications jointly released announcements on their recent production and operations to stabilize market confidence. What they actually said doesn't matter much—what matters is that they all held steady today.
The reversal came in the afternoon when word spread that insurance contacts had said all sell orders were suspended and could not be placed. Subsequently, mysterious funds entered, led by E Fund ChiNext ETF and Huatai-PineBridge CSI 300 ETF, each with single-fund trading volume exceeding 10 billion yuan. With both measures working together, the effect materialized. The most impressive mover was Changxin Technology (SSE: 688825), up nearly 8%, driving GigaDevice (HKEX: 03986) up over 8%.
On the Hong Kong side, sentiment was primarily driven by AI large models. MINIMAX-W (HKEX: 00100) announced that starting October 23, it would open-source the model weights of M3.1Flash, with total parameters of 428B and activated parameters of 23B. As a new-generation Flash model, usage costs are reduced by 70%, and a Pro version pursuing the upper limits of intelligence is forthcoming. At a Tmall press conference a few days ago, it was confirmed that large model providers like Zhipu and MiniMax would sell Token packages through e-commerce channels, marking the first time AI services fully participate in the Double 11 shopping festival. Currently, these sales figures are somewhat awkward. However, a Goldman Sachs research report from August this year provided a long-term forecast: China's AI model API and subscription revenue will grow from an estimated 35 billion yuan in 2026 to 879 billion yuan by 2030, an increase of approximately 25 times, corresponding to daily Token consumption growing from 350 trillion to 4,600 trillion. MINIMAX-W (HKEX: 00100) surged over 16%, while Zhipu (HKEX: 02513) rose over 8%. Other agent-related directions were also lifted, such as Marketingforce (HKEX: 02556), up over 8%, and Kingdee International (HKEX: 00268). At the Global Visionaries Conference, Kingdee International released enterprise context and ERP connectors, unifying ERP, knowledge bases, memory, ecosystem MCP, and external data access into an enterprise context platform to form AI-understandable and traceable assets, enabling every agent to understand the enterprise from day one. The first batch of 1,127 Tools for the ERP connector went fully online, supporting calls to Kingdee's full range of ERP business capabilities, enabling AI to query data and execute business operations. Mainly driven by strong performance, the stock rose over 7%.
In terms of theme sustainability, robotics remains prominent. Unitree Technology founder Wang Xingxing stated that with the release of GPT-6, physical AI is showing signs of being broken through, likely within the next 1-2 or 2-3 years. The core challenge for embodied intelligence to pass the ChatGPT moment is the alignment between AI model inputs and outputs and real robots. Today, Unitree Technology (SSE: 688836) hit the 20% daily limit for the first time since listing. Its total market capitalization returned above 250 billion yuan. Musk stated he firmly believes the entire humanoid robot sector will become the world's largest industry, and the number of humanoid robots on Earth will eventually exceed the human population. The "first robot brain stock," Seer Intelligent (HKEX: 06106), surged over 24%. Estun Automation (HKEX: 02715) ranked first in China's industrial robot market brand shipments in the first half of 2026, with single-quarter robot deliveries exceeding 10,000 units in Q2 2026—the first domestic brand to surpass 10,000 units in a single quarter—rising nearly 13%. Others include Leaderdrive Harmonic (HKEX: 03952), up over 15%, and Huayan Robotics (HKEX: 01021) and UBTech Robotics (HKEX: 09880), both up over 6%.
The physical AI space is seeing密集 catalyst from research reports. GPT-6 Astra significantly enhances embodied intelligence generalization training capabilities, comparable to what the original GPT meant for AI in early 2023. Currently, globally available embodied intelligence data is about 500,000 hours, but the target is to collect 10 billion hours by 2030. At an estimated unit price of 100 yuan per hour, the market space reaches trillions. Veteran leader 51World (HKEX: 06651), leveraging its technological accumulation in digital twins, simulation, and world models, has positioned itself early in the physical AI infrastructure track, surging over 30%. Yesterday's newly identified physical AI stock, Zhaowei Machinery & Electronics (HKEX: 02692), surged over 16% again. Today's new standout is Hesai-W (HKEX: 02525): its 6D full-color lidar integrates high-precision 3D perception with RGB information into a single sensor, acquiring multi-dimensional information including distance, position, and color in one pass. Its value is not just "reducing one sensor" but enabling a single sensor to carry more information. Moving from "multi-sensor fusion" to "single-sensor multi-dimensional perception," 6D full-color lidar is breaking through traditional perception boundaries, becoming a super sensor in the physical AI era. The stock rose nearly 8% today.
Sector Focus
Apple's first foldable phone, the iPhone Duo, officially went on sale today. According to scalpers receiving goods at the Apple Store on Nanjing East Road in Shanghai, iPhone Duo 512GB and 1TB versions are generally marked up by 1,500 to 2,500 yuan. The white model attracted the most inquiries and commanded higher premiums than the black model. One scalper said subsequent premiums may continue to decline, and "prices could be different by tonight." The product's pre-order performance was strong, bringing volume expectations for the foldable supply chain and becoming the core catalyst for today's consumer electronics sector rally. Main beneficiaries include Lingyi iTech (HKEX: 01688), Lens Technology (HKEX: 06613), Sunny Optical Technology (HKEX: 02382), AAC Technologies (HKEX: 02018), and Anker Innovations (HKEX: 00668).
Stock Spotlight
Anker Innovations (HKEX: 00668): Dual drivers of energy storage and AI hardware, accelerating global expansion. In the first half of 2026, the company's profit growth significantly outpaced revenue growth, achieving revenue of 16.61 billion yuan, up 29.1% year-on-year; net profit attributable to shareholders of 1.702 billion yuan, up 45.9% year-on-year; non-GAAP net profit of 1.44 billion yuan, up 49.7% year-on-year; gross margin of 49.82%, up 5.09 percentage points year-on-year, with profitability clearly improving. Commentary: Anker Innovations' smart home and smart audio-visual businesses both achieved double-digit growth, with Q2 results hitting a record high. In H1 2026, the company's charging and energy storage, smart innovation, and smart audio-visual revenues grew 31%, 29%, and 25% year-on-year respectively. By region, North America and Europe revenues grew 33% and 29% year-on-year respectively, with global expansion accelerating. By channel, Amazon revenue grew 20% year-on-year, with its share dropping to 46%, while other third-party platforms, official website, and offline revenues grew 96%, 39%, and 25% year-on-year respectively, with channel diversification continuing. Home energy storage grew rapidly. In July 2026, the company signed a 3GWh home energy storage strategic cooperation framework with Australian energy storage distributor OSW for the SOLIX series, a large-scale energy storage framework order to be delivered in batches, supporting energy storage business growth. Looking ahead to H2 and the medium-to-long term, with energy storage and AI hardware as dual drivers, growth certainty is expected to strengthen. Global brand capability: as one of the few Chinese consumer electronics brands to establish local mindshare overseas, Anker holds the world's number one market share in charging categories in North America and Europe. Brand matrix integration: unifying multiple brands including eufy and Soundcore under Anker reduces marketing costs and covers charging, energy storage, smart home, and audio tracks across 180+ countries with 200 million+ users. The company has launched new products including Solarbank Max AC and Solarbank 4 E5000 Pro. Combined with regional expansion and channel deepening, demand and shipments are expected to accelerate. AI product launches: at IFA, it released MindBase, a home local AI hub that enhances security and other product experiences through AI, connects whole-home smart devices, supports Matter and HomeKit, and positions in edge AI smart home. Smart audio-visual: Soundcore earphones feature self-developed AI audio chips, focusing on HD calls and noise cancellation; it launched screen-equipped AI earphones, entering the high-end audio market. The company is expected to continue benefiting from high overseas electricity prices, subsidies, and energy independence demand: the UK market's opening of plug-and-play solar continues to expand capacity, the approximately 3GWh OSW cooperation in Australia opens home energy storage channels, and U.S. home energy storage gradually ramps up, with multi-regional growth logic accelerating. The company's AI continues to empower, consolidating category growth momentum and market share, with charging and energy storage remaining the most anticipated incremental driver.
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