New energy commercial vehicle sales for the first three quarters are approaching the full-year level of last year, with heavy trucks and long-range models emerging as new growth engines.
According to compulsory traffic insurance data from the High-Tech Industry Research Institute (GGII), overall sales of new energy commercial vehicles have continued to rise in recent years. Early growth was driven mainly by urban light trucks and buses; subsequently, with the rollout of old-vehicle trade-in policies, accelerating replacement of heavy trucks in closed scenarios such as ports and mining areas, and sustained expansion of overseas export orders, market growth momentum has continued to strengthen. Cumulative sales for January-September 2026 reached 709,000 units, a volume already close to the full-year level of 2025, with the growth center gradually shifting from light urban vehicles toward heavy-duty operations and long-range models.
JPMorgan noted in a research report that the third-quarter operating performance of Chinese machinery and heavy truck companies was generally positive, with most companies' recurring profits and operating cash flow beating expectations. October data reflected continued improvement in core businesses, stable profit margins, accelerating progress on new products and automation initiatives, and still-strong overseas market growth. Heavy truck-related Hong Kong-listed companies include Sinotruk (Hong Kong) Ltd (ASX: 03808) and Weichai Power Co.,Ltd. (ASX: 02338).
Market Outlook
Overnight on Wall Street, at the close, the Dow Jones Industrial Average fell 189.4 points to 52,297.09, a decline of 0.36%; the S&P 500 dropped 26.98 points to 7,592.4, down 0.35%; and the Nasdaq Composite fell 100.1 points to 25,366.09, down 0.39%. Most chip stocks declined, with the Philadelphia Semiconductor Index down 0.54%. Nvidia fell more than 4%, erasing about US$182 billion in market value; SanDisk dropped over 4%, while Applied Materials and Cerebras fell more than 3%; Nvidia GPU competitors Broadcom and AMD rose more than 5%. The Nasdaq Golden Dragon China Index fell 3.09%, with most popular Chinese concept stocks declining; Alibaba dropped more than 7%. Hang Seng Index ADRs declined, calculated to close at 23,807.74 points, down 200.81 points or 0.84% from the Hong Kong close. On the New York Mercantile Exchange, the front-month WTI crude oil futures contract rose US$2.54 to US$89.07 per barrel, up 2.94%. COMEX front-month gold futures fell US$121.00, or 3.02%, to US$3,879.5 per ounce.
Key Developments to Watch
JD-SW (ASX: 09618) completed its voluntary public takeover offer for CECONOMY AG. JD-SW (ASX: 09618) announced that it has completed its voluntary public takeover offer for CECONOMY AG (XETRA: CEC). The company stated that the offer has been completed with a total consideration of EUR 1.335 billion for 59.8% of CECONOMY's share capital and voting rights. With the completion of the acquisition, CECONOMY became a subsidiary of JD Group, and its financial results will be consolidated into the company's financial statements from November 12, 2026.
MINIMAX-W (ASX: 00100) H3-Image topped the AA dual rankings, taking first place among open-weight models in both text-to-image and image editing. On November 12, global independent AI evaluation platform Artificial Analysis (AA) showed that the latest image generation model H3-Image released by MINIMAX-W (ASX: 00100) ranked first among open-weight models in both the Text to Image and Image Editing categories.
REMEGEN (ASX: 09995) signed a revised RC298 agreement with Vor Bio, with an upfront payment of approximately US$56 million. REMEGEN announced that it had previously entered into a licensing agreement with Vor Bio regarding telitacicept on June 25, 2025. On November 12, 2026, the company signed a revised agreement with Vor Bio to include independently developed RC298 in the collaboration, granting Vor Bio exclusive rights to develop and commercialize RC298 globally outside Greater China, while the company retains all rights to RC298 within Greater China. The company will receive an upfront payment totaling approximately US$56 million, including US$10 million in cash and warrants for the subscription of 2.3 million shares of Vor Bio common stock; it is also eligible to receive up to US$300 million in development milestone payments, of which US$20 million is contingent on achieving early clinical development and technology transfer milestones. The milestone payments are subject to certain conditions, and the final amounts are uncertain. RC298 is currently in the preclinical development stage preparing for an IND filing, and clinical study results and eventual regulatory approval remain uncertain.
LINGYI ITECH (ASX: 01688) plans to increase capital in Liminda by approximately RMB 816 million, raising its stake to 51%. The company will acquire a total of 35% equity in Dongguan Liminda Electronic Technology Co., Ltd. held by the aforementioned shareholders for RMB 875 million in cash, and through voting rights entrustment obtain the voting rights of 17.78% of Liminda shares held by Zhang Qiang, thereby controlling a total of 52.78% of Liminda's voting rights and acquiring control of Liminda.
YUE YUEN IND (ASX: 00551) reported profit attributable to shareholders of US$134 million for the first three quarters, down 51.9% year-on-year. The decline was mainly due to operating deleveraging effects resulting from a smaller manufacturing scale, as well as fluctuating order demand, compounded by unstable supply chain lead times that caused uneven capacity utilization across the group's manufacturing plants, thereby affecting production efficiency. In addition, rising labor and manufacturing overhead costs, along with higher oil prices pushing up raw material costs, jointly raised unit costs for footwear manufacturing. Benefiting from better-than-expected pull-in orders in the third quarter, along with continuous optimization of capacity scheduling, production efficiency improved sequentially, while rigorous control of staffing and overtime hours effectively reduced direct labor costs, driving the manufacturing segment's quarterly gross margin up to 16.1%, a notable recovery from 14.3% in the first half.
DIAGENS-B (ASX: 02526) iMed-6.0 series medical imaging large models achieved important technical progress, attaining globally leading results on MMMU (Test). The group's latest-generation medical imaging large models iMed-6.0 Thoth (Thoth) and iMed-6.0 Aegis (Aegis) achieved important technical progress. They are the medium-parameter and smaller-parameter versions of the iMed-6.0 series, respectively.
CKH HOLDINGS (ASX: 00001) stated that preparations for a separate listing of its retail business continue and no final decision has been made. CKH HOLDINGS announced that the board is aware of recent media reports about a suspension of the proposed separate listing of the group's retail business. The group regularly receives proposals and explores and evaluates available opportunities to enhance long-term shareholder value, including possible transactions related to the group's assets and businesses, among which is the separate listing of such businesses. With respect to the group's retail business, such strategic exploration, evaluation, and related preparatory work remain ongoing. However, as of the date of this announcement, the board has not made any decision regarding any transaction involving a separate listing of the group's retail business.
POU SHENG INT'L (ASX: 03813) reported profit attributable to shareholders of approximately RMB 237.9 million for the first three quarters, up 39.11% year-on-year. POU SHENG INT'L (ASX: 03813) announced that for the nine months ended September 30, 2026, unaudited consolidated profit attributable to owners of the company was approximately RMB 237.9 million, up 39.11% year-on-year.
GUOQUAN (ASX: 02517) recorded core operating profit of approximately RMB 30 million to RMB 40 million in the third quarter. As of September 30, 2026, the group's total number of stores was 12,142, a net increase of 1,381 compared with the same period last year; of these, the total number of stores in township markets was 3,478, a net increase of 916 compared with the same period last year. At the same time, the group continued to deepen digital and intelligent member operations and build an online channel ecosystem. As of September 30, 2026, the group's registered members reached approximately 88.45 million, up 54.9% year-on-year. In the third quarter of 2026, GMV realized by stores through online proprietary mall channels (such as the Guoquan APP, WeChat mini-programs, etc.) grew by more than 50% year-on-year.
IPO Gray Market | ADASPACE (ASX: 06935) closed up more than 8% in gray market trading, with each board lot gaining HK$210. ADASPACE (ASX: 06935) will list in Hong Kong on November 13 (Friday). In today's gray market close, gray market trading showed a quote of HK$27, up 8.43% from the offer price of HK$24.9; with each board lot of 100 shares, excluding fees, each lot gained HK$210.
Stock Spotlight
SMIC (ASX: 00981) released third-quarter results, with profit attributable to shareholders of US$428 million, up 123.4% year-on-year. SMIC (ASX: 00981) released its third-quarter results for the three months ended September 30, 2026, with the group achieving revenue of US$3.19 billion, up 33.9% year-on-year; profit attributable to owners of the company was US$428 million, up 123.4% year-on-year; earnings per share were US$0.05. Revenue for the third quarter of 2026 was US$3.19 billion, up 6.1% from US$3.0056 billion in the second quarter of 2026. The increase in revenue was mainly due to higher wafer shipments in the third quarter of 2026. Management commentary and fourth-quarter 2026 guidance: in the third quarter, the company's overall revenue reached US$3.19 billion, up 6.1% quarter-on-quarter; gross margin was 29.9%, up 4.6 percentage points quarter-on-quarter. In the fourth quarter, revenue is expected to grow 4%-6% quarter-on-quarter, with gross margin guidance of 26%-28%. The company is advancing capacity expansion guided by customer demand, building leading advantages with a high-value-added premium product mix, enhancing operational resilience across cycles, and striving to achieve quality, sustainable growth.
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