Chinese brokerage firms are actively participating in the Swap Facility for Securities, Funds and Insurance Companies (SFISF) business, with proprietary equity trading expected to drive improved third-quarter earnings across the sector. The People's Bank of China conducted its third round of SFISF operations on November 3, with a scale of 100 billion yuan and a winning bid rate of 10 basis points, exceeding the 50 billion yuan and 55 billion yuan operations conducted in October 2024 and January 2025 respectively; more than 20 brokerage firms received quotas. On November 9, CITIC Securities, Huatai Securities, and Zheshang Securities successively disclosed that their third batch of SFISF business had completed repurchase financing and executed the first batch of stock purchases on the same day. Together with CITIC Securities, CICC, Guotai Haitong, Galaxy Securities, China Merchants Securities, Orient Securities, and Caitong Securities, which had previously completed their first batch of purchases, at least 10 brokerage firms have now completed initial stock purchases under the third batch of the swap facility. JPMorgan's latest research report suggests that early signs of improvement in investor sentiment have emerged, with average daily A-share turnover exceeding 2 trillion yuan on November 4 and 5, and margin balances showing signs of stabilization. Following recent adjustments, profit-taking pressure should ease, valuations remain inexpensive, with A-share and H-share brokerage firms' 2026 forecast price-to-book ratios at approximately 0.9x and 0.7x respectively. Kaiyuan Securities noted that the direction of stable growth, stable real estate, and stable stock market policies is clear, and rising stock prices and increased trading volumes benefit brokerage fundamentals. Third-quarter proprietary investment flexibility is expected to respond ahead of securities brokerage and 2C financial information services, and traditional brokerage earnings growth is expected to improve significantly.
Overnight US markets closed with the Dow Jones Industrial Average up 1,104.02 points at 52,389.75, a gain of 2.15%; the S&P 500 up 173.08 points at 7,549.94, a gain of 2.35%; and the Nasdaq Composite up 673.72 points at 25,253.14, a gain of 2.74%. Most of the "Magnificent Seven" tech giants rose, with Tesla up 5.54%, Meta up 5.12%, Amazon up 2.94%, Microsoft up 2.75%, Apple up 2.43%, and Google up 1.18%; Nvidia fell 4.27% to a near seven-month closing low, amid news that Jensen Huang's personal scandal intensified and triggered an internal investigation. Semiconductor and optical communication sectors rebounded, with the Philadelphia Semiconductor Index up nearly 7%. Among individual stocks, AMD rose 13.26%, Micron Technology rose 6.25%, SanDisk rose 6.16%, SK Hynix rose 5.53%, and TSMC rose 3.51%. Chinese concept stocks retreated overall, with the Nasdaq Golden Dragon China Index falling 1.32% to 5,766.05 points, as e-commerce and internet platform stocks weakened collectively. Among individual stocks, Alibaba fell 3.72% and Pinduoduo fell 3.05%. The Hang Seng Index ADR declined, closing at 24,409.91 points on a proportional basis, down 39.04 points or 0.16% from the Hong Kong close. On the New York Mercantile Exchange, WTI crude oil front-month futures fell $3.76 to $87.07 per barrel, a decline of 4.14%. COMEX gold front-month futures rose $73.40, or 1.80%, to $4,148.3 per ounce.
The "Nebula Constellation Plan" has been released as China accelerates deployment of its space computing network. "Space Cloud" refers to an in-orbit collaborative space-based cloud service system that changes the traditional satellite model of "single-satellite observation and data transmission to ground for processing," enabling space-based resources to be called upon on demand and used instantly upon connection. At the 2026 Space Cloud Industry Ecosystem Conference, China's space cloud industrialization achievements including the "Nebula Constellation Plan" were released, marking a key step for China's "Space Cloud" ecosystem construction from technical verification to industrial layout.
Google has launched new TPU chips to compete with Nvidia. Alphabet's Google is rolling out more categories of AI chips, striving to quickly catch up with Nvidia in this market worth hundreds of billions of dollars. Google launched two new versions of its Tensor Processing Units, custom chips used for training and running AI software. The new chips can meet confidential computing needs, allowing models to access a wider range of information when processing queries, adapting to the industry trend of shifting toward AI agents while facing various security challenges. This release marks an acceleration in iteration for Google's chip division.
UBTECH Robotics (09880) has signed a contract for 100,000 robots with China Telecom. On November 9, Tianyi Telecom Terminal, a wholly-owned subsidiary of China Telecom, signed a comprehensive strategic cooperation agreement with UBTECH Robotics (09880), the "first humanoid robot stock" in Hong Kong. Under the agreement, the two parties will jointly push family companion robot terminal scale to exceed one million units over the next three years, and drive ultra-bionic humanoid robots and wheeled humanoid robots and other terminals to exceed 100,000 units.
COSCO Shipping Energy Transportation (01138) announced that its wholly-owned subsidiary plans to bareboat charter 14 newbuild VLCCs. The company's wholly-owned subsidiary Universal Shipping plans to bareboat charter a total of 14 newbuild VLCCs from Bank of Communications Financial Leasing, ICBC Financial Leasing, Agricultural Bank of China Financial Leasing, Bank of China Financial Leasing, CITIC Financial Leasing, and Minsheng Financial Leasing, with charter periods not exceeding 20 years. Total charter fees shall not exceed 17.4 billion yuan.
Tigermed (03347) plans to participate in the privatization of its subsidiary Frontage Holdings and sell assets. The company's wholly-owned subsidiary Hong Kong Tigermed, CRL, Dr. Li Song and related trusts jointly contributed to establish SanRex, with SanRex as the acquisition entity to privatize the company's listed subsidiary Frontage Holdings on the Hong Kong Stock Exchange by way of a scheme of arrangement. After privatization is completed, Frontage Holdings will become a wholly-owned subsidiary of SanRex. The company expects to receive cash consideration of HK$536 million (before deducting taxes and related expenses) corresponding to the cancellation of 11.09% of Frontage Holdings shares directly held by the company during the privatization stage.
Yidu Tech (02158) has won another order from a leading hospital, winning a 9.16 million yuan bid for Tongji Hospital's digital-intelligent platform. The Hong Kong-listed medical AI leader Yidu Tech (02158) announced that its affiliated company Yidu Cloud (Beijing) Technology Co., Ltd. successfully won the bid for Tongji Hospital's Zhongfa Xincheng campus expansion supporting project digital-intelligent platform, with a project amount of approximately 9.161 million yuan.
JW Therapeutics-B (02126) plans to transfer liver cancer TCR-T project rights to Eureka Hong Kong. JW Therapeutics-B (02126) announced that the JW parties (the company and JWS) entered into a license and transfer agreement with the Eureka parties (Eureka and Eureka Cayman) and Eureka Hong Kong on November 9, 2026 (after trading hours), whereby JWS transfers to Eureka Hong Kong all rights, title and interests in the transferred assets (including the Eureka license), and each JW party grants Eureka Hong Kong an exclusive royalty-bearing license for the licensed assets to utilize the products in the territory and field in exchange for total consideration. As partial consideration for JWS's transfer of the transferred assets and the JW parties' grant of the license for the licensed assets, Eureka Hong Kong (or a Eureka Hong Kong affiliate designated in writing by Eureka) shall pay to the JW parties a non-refundable, non-deductible and irrevocable one-time upfront payment of US$10 million on or before the effective date. Assuming the Eureka Group enters into a transaction during the qualifying period and the Eureka Group achieves all three net sales targets during the milestone period, the total amount of commercial milestone payments shall not exceed US$100 million.
Chinasoft International (00354) has successfully won a bid for a Southeast Asian leading bank's enterprise-level data modernization project worth over 100 million yuan in total integration. The company successfully won the bid for a Southeast Asian leading bank's enterprise-level data modernization integration project worth over 100 million yuan, using a full-stack AI integrated digital-intelligent solution to help the client strengthen its data foundation. This project is not only a milestone breakthrough for Chinasoft International in the overseas financial sector, but also a benchmark practice for the "Finance + AI" strategy taking root in the Southeast Asian market.
Frontage Holdings (01521) has been privatized at approximately 59.1% premium, with trading resuming on November 10. Frontage Holdings (01521) and the offeror SanRex Limited jointly announced that on November 9, 2026, the offeror entered into an implementation agreement with the company, whereby the parties agreed to use all reasonable efforts to implement the proposal to privatize the company by way of a scheme of arrangement under Section 86 of the Companies Law. If the proposal is approved and implemented, the cancellation price per scheme share is HK$2.370, representing a premium of approximately 59.1% over the closing price of HK$1.490 per share as quoted on the Stock Exchange on the last trading day.
New stock dark pool: Xinte Semiconductor (07672) closed up 13.29% in the dark pool, earning HK$590 per lot. Xinte Semiconductor (07672) will be listed in Hong Kong on November 10 (Tuesday). As of the close, dark pool trading showed a quoted price of HK$10.06, up 13.29% from the offer price of HK$8.88, with each lot of 500 shares earning HK$590 excluding fees.
The Capital Group Companies, Inc. increased its holdings in WuXi AppTec (02359) by 3.4804 million shares at approximately HK$203.97 per share. According to the latest Hong Kong Stock Exchange data, on November 5, The Capital Group Companies, Inc. increased its holdings in WuXi AppTec (02359) by 3.4804 million shares at HK$203.9726 per share, with a total amount of approximately HK$710 million. After the increase, the latest shareholding number is approximately 27.1033 million shares, with the latest shareholding ratio at 5.01%.
FORTIOR (01304): actively positioning in the robotics sector, planning to acquire Sciosense to complete physical perception capabilities. Fortior Technology recently disclosed in an investor relations activity record that the company's main product layout in the robotics field currently includes: establishing a joint venture with Sanhua Holding Group Co., Ltd., focusing on research and industrialization of coreless motors, successfully achieving breakthroughs in core technology solutions for humanoid robot joints; the company released the FU75XX series chips—the industry's first motor drive dedicated MCU based on a 32-bit RISC-V dual-core architecture, which integrates the second-generation motor control engine (ME2) with a high-performance RISC-V core, adapting to robot application scenarios and laying a technical foundation for the company's positioning in the robotics sector. Huatai Securities previously noted that the company's revenue declined sequentially in the third quarter of this year, mainly due to downstream terminal manufacturers slowing down restocking, with the company's industrial product shipment pace somewhat delayed, and the firm expects gradual recovery going forward. The company is a leading domestic BLDC motor drive control chip supplier, accelerating penetration in high-value-added sectors such as industrial and automotive, and plans to acquire Dutch semiconductor sensor company Sciosense to further complete "physical perception" capabilities, expected to provide integrated solutions to enhance competitive advantages.
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