Guoxing Aerospace clears the Hong Kong Stock Exchange listing hearing.
According to documents from the Hong Kong Stock Exchange, Chengdu Guoxing Aerospace Technology Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange. Public information shows that Guoxing Aerospace was founded in 2018, with businesses covering the research and development, manufacturing, sales, and operation of low Earth orbit commercial satellites, or AI satellites. According to the prospectus, as of the latest practicable date, the company has obtained approval from the National Development and Reform Commission for 60 additional satellites, including research and development orders for 26 AI intelligent computing satellites, of which 12 have been successfully launched. The company submitted its listing application to the Hong Kong Stock Exchange again on May 14, 2026, with Guotai Junan International serving as the sole sponsor for another filing. Public reports indicate that the company completed its final pre-IPO financing round in April 2026, with a post-investment valuation of 11.554 billion yuan.
Market outlook
The Nasdaq Golden Dragon China Index rose 0.20%. In overnight US trading, at the close, the Dow Jones Industrial Average fell 132.54 points, or 0.25%, to 52,342.56. The S&P 500 fell 23.59 points, or 0.3%, to 7,720.39. The Nasdaq Composite fell 365.13 points, or 1.38%, to 26,184.72. Most of the "Magnificent Seven" technology giants declined, with Google-A down 12.64%, Amazon down 4.25%, Tesla down 0.23%, and Nvidia down 0.80%. The storage, optical communications, and cloud services sectors all fell, with Marvell down more than 13%, SanDisk and NEBIUS down more than 5%, and CoreWeave and Micron Technology down nearly 5%. The pharmaceutical sector strengthened, with Eli Lilly up 6.63%, setting a new record closing high. Chinese concept stocks rose slightly overall, with the Nasdaq Golden Dragon China Index up 0.20% to 5,411.30 points, while the Hang Seng Index ADR rose, calculated proportionally to close at 23,058.22 points, up 99.57 points, or 0.43%, from the Hong Kong close. On the New York Mercantile Exchange, the front-month continuous contract for WTI crude oil futures rose 0.08 dollars to 102.86 dollars per barrel, a gain of 0.08%. The front-month continuous contract for COMEX gold futures fell 18.30 dollars, or 0.45%, to 4,033.3 dollars per ounce.
Key developments to watch
Victory Giant Technology (02476) plans to add investments of no more than 800 million US dollars and 700 million US dollars in its wholly owned grandchild companies Thailand Victory Giant and Vietnam Victory Giant, respectively. The company plans to make additional investments through its wholly owned Singapore subsidiary Singapore Victory Giant in its wholly owned grandchild companies Thailand Victory Giant and Vietnam Victory Giant, with additional investment amounts of no more than 800 million US dollars and 700 million US dollars, respectively, mainly for building factories, purchasing equipment, and other matters related to daily operations.
CNGR Advanced Material (02579) reported attributable net profit of approximately 1.805 billion yuan for the first three quarters, up 62.23% year-on-year. Operating revenue was approximately 48.294 billion yuan, up 45.04% year-on-year. Net profit attributable to shareholders of the listed company was approximately 1.805 billion yuan, up 62.23% year-on-year. Basic earnings per share were 1.71 yuan.
China Vanke (02202) released first three quarters results, with revenue of 104.999 billion yuan and 34,000 homes delivered on schedule and with quality. China Vanke (02202) released its 2026 first three quarters results, with the group achieving revenue of 104.999 billion yuan, down 34.94% year-on-year. Loss attributable to shareholders of the company was 23.944 billion yuan, narrowing by 14.53% year-on-year.
Montage Technology (06809) reported attributable net profit of 3.237 billion yuan for the first three quarters, up 98.3% year-on-year. In the first three quarters of 2026, the company's net profit grew sharply due to: (1) operating revenue rising 33.4% year-on-year; (2) product mix optimization, as revenue contribution from new-generation DDR5 RCD chips and new interconnect chip products increased, with the gross margin of interconnect chips reaching 68.9%, up 4.1 percentage points year-on-year, driving gross profit of 3.583 billion yuan, up 43.7% year-on-year; and (3) investment income and fair value change gains totaling 904 million yuan, up 709.0% year-on-year.
Longsys (09976) released first three quarters results, with attributable net profit of 14.322 billion yuan, up 1,909.68% year-on-year. The group achieved operating revenue of 38.718 billion yuan, up 131.37% year-on-year. Net profit attributable to shareholders of the listed company was 14.322 billion yuan, up 1,909.68% year-on-year. Basic earnings per share were 33.97 yuan.
Midea Group (00300) reported attributable net profit of approximately 41.393 billion yuan for the first three quarters, up 9.27% year-on-year. Midea Group (00300) announced its 2026 first three quarters results, with operating revenue of approximately 367.365 billion yuan, up 1.19% year-on-year. Net profit attributable to shareholders of the listed company was approximately 41.393 billion yuan, up 9.27% year-on-year. Basic earnings per share were 5.54 yuan.
Estun (02715) reported attributable net profit of 171 million yuan for the first three quarters, up 1,984.24% year-on-year. In the first three quarters of 2026, it achieved 3.699 billion yuan (renminbi, same below), down 2.96% year-on-year. Net profit attributable to shareholders of the listed company was 171 million yuan, up 1,984.24% year-on-year. Basic earnings per share were 0.1833 yuan.
Dongfang Electric (01072) reported attributable net profit of 3.839 billion yuan for the first three quarters, up 29.4% year-on-year. Basic earnings per share were 1.11 yuan. In the first three quarters of 2026, the company added 93.475 billion yuan in effective new orders, of which energy equipment manufacturing accounted for 69%, manufacturing services 21%, and emerging industries 10%.
Weichai Power (02338) reported attributable net profit of 10.659 billion yuan for the first three quarters, up 20.06% year-on-year. In the third quarter, it achieved operating revenue of 58.008 billion yuan, up 1.03% year-on-year. Attributable net profit was 2.957 billion yuan, with basic earnings per share of 0.34 yuan. In the first three quarters, it achieved operating revenue of 181.171 billion yuan, up 6.21% year-on-year. Attributable net profit was 10.659 billion yuan, up 20.06% year-on-year. Basic earnings per share were 1.24 yuan.
Sany Heavy Industry (06031) reported attributable net profit of 8.004 billion yuan for the first three quarters, up 12.22% year-on-year. In the first three quarters, the company achieved operating revenue of 78.110 billion yuan, up 18.81% year-on-year. Net profit attributable to shareholders of the listed company was 8.004 billion yuan, up 12.22% year-on-year. In the third quarter, the company achieved operating revenue of 24.804 billion yuan, up 16.96% year-on-year. Net profit attributable to shareholders of the listed company was 2.314 billion yuan, up 20.62% year-on-year.
CIMC Group (02039) released third quarter results, with attributable net profit of 708 million yuan, up 146.4% year-on-year. For the 2026 first three quarters, the group achieved operating revenue of 126.811 billion yuan, up 8.33% year-on-year. Net profit attributable to shareholders of the parent company and other equity holders was 1.448 billion yuan, down 7.53% year-on-year. Basic earnings per share were 0.2626 yuan.
COFOE Medical (01187) reported attributable net profit of 305 million yuan for the first three quarters, up 17.3% year-on-year. The group achieved operating revenue of 3.191 billion yuan in the first three quarters, up 33.08% year-on-year. Net profit attributable to shareholders of the listed company was 305 million yuan, up 17.3% year-on-year. Basic earnings per share were 1.4 yuan.
Modern Dairy (01117) subsidiary Modern Dairy (Group) reported attributable net profit of 137 million yuan for the first three quarters. For the nine months ended September 30, 2026, it achieved operating revenue of 10.926 billion yuan, up 16.88% year-on-year. Net profit attributable to owners of the parent company was 137 million yuan, compared with a loss of 876 million yuan in the same period last year.
Sinopec (00386) reported attributable net profit of 38.988 billion yuan for the first three quarters, up 30% year-on-year. Under International Financial Reporting Standards, profit attributable to shareholders of the company in the first three quarters was 40.167 billion yuan, up 25.3% year-on-year, of which the third quarter was 13.600 billion yuan, up 63.6% year-on-year.
Eastroc Beverage (09980) reported attributable net profit of 4.145 billion yuan for the first three quarters, up 10.21% year-on-year. The group achieved operating revenue of 18.596 billion yuan in the first three quarters, up 10.4% year-on-year. Net profit attributable to shareholders of the listed company was 4.145 billion yuan, up 10.21% year-on-year. Basic earnings per share were 5.7505 yuan.
RemeGen (09995) reported attributable net profit of 5.273 billion yuan for the first three quarters. In the first three quarters of 2026, operating revenue was 6.764 billion yuan, up 293.28% year-on-year. Net profit attributable to shareholders of the listed company was 5.273 billion yuan, compared with a loss of 551 million yuan in the same period last year. Basic earnings per share were 9.41 yuan.
BYD Company (01211) released third quarter results, with attributable net profit of 10.02 billion yuan, up 28.08% year-on-year. Net profit attributable to shareholders of the listed company was 22.345 billion yuan, down 4.24% year-on-year. Basic earnings per share were 2.45 yuan. For the 2026 third quarter results, the group achieved operating revenue of 221.488 billion yuan, up 13.59% year-on-year. Net profit attributable to shareholders of the listed company was 10.02 billion yuan, up 28.08% year-on-year. Basic earnings per share were 1.10 yuan.
COSCO Shipping Ports (01199) reported profit attributable to shareholders up 19.7% year-on-year to 316 million US dollars for the first three quarters. For the three months ended September 30, 2026, total throughput rose 8.4% year-on-year to 42.2666 million TEU. Equity throughput rose 8.1% year-on-year to 12.8846 million TEU. Company revenue rose 13.0% year-on-year to 484 million US dollars. Profit attributable to equity holders of the company rose 0.1% year-on-year to 82.589 million US dollars. Basic earnings per share were 2.06 US cents.
BYD Electronic (00285) reported turnover of approximately 127.458 billion yuan for the first three quarters, up 3.38% year-on-year. BYD Electronic (00285) announced its 2026 first three quarters results, with turnover of approximately 127.458 billion yuan, up 3.38% year-on-year. Profit attributable to owners of the parent company's equity was approximately 963 million yuan, down 69.3% year-on-year.
Sany International (00631) released first three quarters results, with profit attributable to shareholders of 1.664 billion yuan, down 2.6% year-on-year. Sany International (00631) released its 2026 first three quarters results, with the group achieving consolidated revenue of 22.171 billion yuan, up 22.2% year-on-year. Profit attributable to owners of the parent company was 1.664 billion yuan, down 2.6% year-on-year.
Stock in focus
PetroChina (00857): first three quarters attributable net profit reached 155.8 billion yuan, up more than 20%. In the first three quarters, the company achieved operating revenue of 2.32 trillion yuan, up 7.0% year-on-year, and attributable net profit of 155.776 billion yuan, up 21.9% year-on-year. On a quarterly basis, third quarter operating revenue was 793.573 billion yuan, up 10.4% year-on-year, and attributable net profit was 51.840 billion yuan, up 21.6% year-on-year. JPMorgan released a research report on China's energy industry, noting that the National Energy Administration held a meeting on October 21 to advance medium- and long-term oil and gas reserve and production increase work, reiterating policy support for continued upstream investment and unconventional resource development. The bank believes that renewed emphasis on energy security and support for upstream capital expenditure will sustain a compound annual growth rate of 3% to 4% in oil and gas output for China's oil majors from 2026 to 2030, broadly in line with overseas peers. The bank noted that PetroChina (00857) is a major beneficiary, supported by continued unconventional natural gas subsidies and improved coalbed methane economics. Morgan Stanley released a research report maintaining an "overweight" rating on PetroChina (00857) and a target price of HK$13.25. The bank noted that PetroChina's refining EBIT grew 92% quarter-on-quarter, mainly driven by higher exports and a recovery in the domestic market. Natural gas EBIT rose 76% quarter-on-quarter on higher sales volume and average prices, outperforming the bank's expectations, although it was still down 27% year-on-year.
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