Market Dissection
With no obvious positive catalysts in sight, the index could only follow the lead of US stocks. US shares have had no issues and keep climbing, leaving investors puzzled as to why our market remains jittery every day. Today saw a rally-then-fade pattern across the board, with the Hong Kong market closing up a modest 0.52%. Fed Chair Warsh, speaking at the IMF annual meeting in Bangkok, emphasized that the Fed is clearly committed to price stability, does not favor pre-judging the outcome of policy meetings, and does not advocate pre-disclosing possible policy actions for the remaining meetings in 2026. Inflation is not a problem unique to the US. Warsh reiterated his bullish view on AI, calling it the most important innovation for the global economy in a lifetime. But he also warned it will boost demand in the short term. Over the medium to long term, it will bring a positive supply shock, with the impact on employment still uncertain. After Warsh's remarks, the probability of a rate hike fell from about 27% to below 15%. The market broadly expects no move in October, with rate hike expectations rising for December. Clearly, the multi-layered support for US stocks is genuinely effective. Beyond unstable confidence and insufficient capital flows, other concerns remain for the index's rally-and-fade pattern. An October 15 report said US Secretary of State Rubio is about to visit Central Asia, accompanied by over 200 business representatives. This massive delegation is targeting Central Asia's mineral resources. Central Asia holds a significant share of global reserves of various critical minerals, including manganese, titanium, and cobalt. These minerals are crucial for AI, electric vehicles, and clean energy industries. But China has long been deeply involved in Central Asian mining, while the US now faces shortages of various resources and is trying to engage in "competition" in this area. Also worth noting is the China-Europe front. Reports indicate EU leaders support trade restrictions, with Chinese chemicals and machinery products as targets. Von der Leyen told EU leaders that the Commission is willing to develop a "killer mechanism," an idea first proposed by France and Germany last week. Innovative drugs performed strongly overall. The 2026 European Society for Medical Oncology Congress will be held from October 23 to 27, and with a concentrated release window for innovative drug clinical data approaching, market attention continues to heat up. DualityBio-B (09606) rose nearly 11% on continuous share buybacks and progress toward a return to A-shares, while KeyMed Bio-B (02162) and Ascentage Pharma (06855) gained over 6%.
Every move by Musk has a major impact on the market. On October 15, Tesla's second-generation Roadster supercar made its debut at a launch event, with the "flying" capability that Tesla CEO Musk had mentioned multiple times becoming the focus of the on-site demonstration. The second-generation Roadster is equipped with a cold gas propulsion system code-named "A71," jointly developed with SpaceX. In the demonstration, the vehicle could shoot up a nearly vertical wall and attach to it, land in the air like a rocket, and perform rolls and jumps. Mass production of the Roadster is planned to begin in 2028. Tesla's US official website has already opened Roadster reservations, with a reservation deposit of $50,000 for the Performance version and $250,000 for the Thrust version. Joyson Electronics (01699), which supplies smart cockpit and automotive safety products to Tesla and has upgraded its strategy to "automotive plus robotics Tier 1," with its central controller already in mass production supply, dexterous hands receiving intent orders, and partnerships with robot customers including AgiBot and Galaxy General, rose over 7%. Luxshare Precision (02475), which participates in Tesla WC8 wireless charging contract manufacturing, and Sanhua Intelligent Controls (02050), which supplies Tesla with electronic expansion valves and other thermal management components, both gained over 3%.
The 16th China International Aviation and Aerospace Exhibition will be held in Zhuhai from December 7 to 13, 2026, under the theme "Chasing Dreams in Aerospace, Win-Win Cooperation." The exhibition scale will reach a new high, attracting over 1,500 companies from more than 50 countries and regions. The Zhuhai Airshow has historically been an important event catalyst for the defense sector, and the concentrated debut of new equipment will boost market expectations for industrial technology iteration and accelerated deployment. TopNC (07688), which focuses on aerospace intelligent manufacturing equipment and five-axis machine tools, signed new contracts of approximately 470 million yuan in the first half of 2026, up 115.6% year-on-year, of which aerospace-related projects accounted for about 404 million yuan, already exceeding the total new aerospace contracts for all of 2025, rose nearly 7%. AVIC (02357) and COMEC (00317) both gained 4%.
The Double Eleven concept stocks mentioned yesterday performed well today. Among them, snack company Liuliumei (06658) surged nearly 11%, e-commerce player East Buy (01797) and express delivery firm J&T Express-W (01519) both rose over 3%. Sporting goods stocks were also lifted today. 361 Degrees (01361) announced yesterday that its main brand and children's wear brand both achieved mid-single-digit positive retail sales growth in the third quarter, with e-commerce platform gross merchandise value up mid-to-high single digits year-on-year, rising nearly 6% to lead the gains. Li Ning (02331) and Anta Sports (02020) both gained over 3%.
In the property sector, various localities are rolling out policies. Shenzhen issued implementation opinions on carrying out the notice on improving the commodity housing sales system, implementing the new system in areas such as strengthening pre-sale management, promoting existing-home sales, and optimizing land supply. Hangzhou issued implementation opinions (trial) on the same notice, giving more flexible transitional arrangements for classifying project pre-sales. The property sector is also in its peak sales season, and as long as data improves, funds will chase a rebound. Brokerage Beike-W (02423) should have greater elasticity, rising over 4%, while bottomed-out Longfor Group (00960) rebounded over 6% and China Resources Land (01109) gained over 3%.
There were also earnings-driven movers. On October 15, Shanghai Fudan (01385) issued a profit alert, expecting revenue of approximately 3.45 billion to 3.65 billion yuan for the first nine months of 2026, up about 14.07% to 20.68% year-on-year; net profit attributable to owners of the parent company of approximately 950 million to 1.15 billion yuan, up about 187.63% to 248.18%; and net profit attributable to owners of the parent company after deducting non-recurring gains and losses of approximately 700 million to 850 million yuan, up about 130.97% to 180.47%. Hong Kong-listed semiconductor design targets are relatively scarce, and Shanghai Fudan (01385) is a core player in the FPGA segment, with its technical barriers and domestic substitution logic underpinning its valuation, surging over 13%. Marketingforce (02556) disclosed its business performance for the first three quarters of 2026, with AI application business revenue up about 114% from the same period in 2025 and precision marketing services revenue up about 32% year-on-year. The company implemented its "full-stack Token factory" strategy and launched multiple AI-native new products, including the DevForce enterprise-grade AI R&D management platform, the EduAgent intelligent training platform, and the Visdero GEO full-dimensional monitoring and algorithm insight platform, surging nearly 10%.
Sector Focus
During an inspection tour in Ulanqab, Inner Mongolia, the national leader emphasized that green development is an integral part of high-quality development, calling for coordinating high-quality development with high-level protection, adhering to integrated protection and systematic management of mountains, rivers, forests, farmland, lakes, grasslands, and deserts, and advancing carbon reduction, pollution reduction, green expansion, and growth in a coordinated manner, unswervingly following a path of ecological priority and green development. It was pointed out that implementing the "East Data, West Computing" project and building a national integrated computing network is an important deployment of the Party Central Committee. Scientific planning, factor support, and security guarantees must be strengthened to ensure the efficient operation of completed projects and the timely completion of subsequent project construction. This mainly benefits environmental protection players such as EB Environment (00257), China Longyuan Power (00916), and CGN New Energy (01811).
Stock Spotlight
Anker Innovations (00668): Deepening Global Layout, Rapid Growth in Home Energy Storage
The company achieved revenue of 16.61 billion yuan in the first half of 2026, up 29.1% year-on-year; net profit attributable to shareholders of 1.702 billion yuan, up 45.9%; net profit after deducting non-recurring items of 1.44 billion yuan, up 49.7%; gross margin of 49.82%, up 5.09 percentage points year-on-year, with profitability clearly improving. Commentary: The company's second-quarter results hit a record high with impressive performance, and profit growth significantly outpaced revenue. Both smart home and smart audio-visual businesses achieved double-digit growth. 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, deepening the global layout. 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% respectively, continuing channel diversification. Home energy storage grew rapidly. In July 2026, the company signed a 3GWh home energy storage strategic cooperation framework (SOLIX series home energy storage) with Australian energy storage distributor OSW, a large-scale energy storage framework order to be delivered in batches, which is a growth support for the energy storage business. Looking ahead to H2 and the medium to long term, with the dual drivers of energy storage and AI hardware, growth certainty is expected to strengthen. With global brand capabilities, as one of the few Chinese consumer electronics brands to establish local mindshare overseas, Anker ranks first globally in charging category market share in North America and Europe. Brand matrix integration, unifying multiple brands such as eufy and Soundcore under Anker, reduces marketing costs and covers multiple tracks including charging, energy storage, smart home, and audio, with 180+ countries and 200 million+ users globally. The company launched new products including SolarbankMaxAC and Solarbank4E5000Pro, and with regional expansion and channel deepening, demand and shipments are expected to accelerate. AI new product launches: MindBase home local AI hub released at IFA, AI enhances product experiences such as security, connects whole-home smart devices, supports Matter and HomeKit, and lays out edge AI smart home. Smart audio-visual: Soundcore earphones with self-developed AI audio chips, focusing on high-definition calls and noise cancellation; launched screen-equipped AI earphones to enter the high-end audio market. The company continues to empower with AI, continuously consolidating category growth momentum and market share. Charging and energy storage remain the most anticipated incremental driver, and 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 cooperation with Australia's OSW opens home energy storage channels, and US home energy storage is gradually ramping up, accelerating the realization of multi-regional growth logic.
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