October 26 (Monday): Here are the key highlights from today's leading financial newspaper front pages.
China Securities Journal
Bond Market Trades in a Volatile but Slightly Strong Range; Ultra-Long Bonds Still Offer Structural Opportunities
On October 23, the bond market showed a diverging pattern of "long-end pullback, short-end stability," with Treasury futures across maturities posting mixed results. Wind data showed that as of the close that day, the 30-year Treasury futures main contract and the 10-year Treasury futures main contract fell 0.11% and 0.01% respectively, the 5-year Treasury futures main contract rose 0.01%, and the 2-year Treasury futures main contract was essentially flat.
Over a Thousand Listed Companies Disclose Q3 Reports; 176 Companies See Net Profit Double
A-share listed companies are accelerating their third-quarter report disclosures. Wind data showed that as of 18:00 on October 25, a total of 1,028 A-share listed companies had disclosed their Q3 reports, of which 548 companies reported year-on-year growth in net profit attributable to shareholders of the listed company, accounting for approximately 53.31%. From an industry perspective, listed companies in sectors such as semiconductors, chemicals, fiberglass, batteries, and electronic components showed notable earnings recovery. Some listed companies, represented by JCET Group, announced an increase in their 2026 investment plans alongside their Q3 reports.
China's First Regional Power Market Officially Begins Operation
On October 24, China's first regional power market—the Southern Regional Power Market—transitioned from trial operation to formal operation. Under the guidance of the National Development and Reform Commission and the National Energy Administration, and after more than a year of practical testing under extreme conditions, the Southern Regional Power Market completed its leap from pilot exploration to institutional maturity, marking a major breakthrough in the construction of the national unified power market system.
Beijing Stock Exchange Q3 Report Preview: Resilience Amid Divergent Performance; Buybacks, Increases in Holdings, and Dividends Combine to Stabilize Confidence
With Tonghui Electronics becoming the first to disclose its 2026 Q3 report on October 15, the Beijing Stock Exchange has officially entered its earnings verification window. Wind statistics showed that as of 17:00 on October 24, 22 BSE companies had delivered their first three quarters' results, with 17 achieving profitability and 11 companies reporting growth in both revenue and net profit. Meanwhile, since October, buybacks and increases in holdings by BSE companies have continued to heat up, with some companies initiating dividend distributions. The real capital commitments from industrial capital and listed companies are injecting a layer of confidence for investors beyond market fluctuations.
Shanghai Securities News
China's Weight in FTSE World Government Bond Index Rises to 11.9%; RMB Bond Allocation Value Becomes More Prominent
In recent years, the opening-up of China's bond market has been steadily advancing, and the market value of Chinese bonds in the WGBI has been rising steadily. The reporter learned that as of the end of September this year, China became the second-largest market in the index with an 11.9% weight, second only to the United States; the market value of Chinese government bonds covered by the WGBI index is approximately $4.2 trillion.
Multiple Brokerage Chiefs' Latest Assessments: Adjustments Do Not Alter Fundamentals; Multiple Data Points Confirm A-Shares' Long-Term Value
CSRC Chairman Wu Qing recently stated at the 2026 Financial Street Forum Annual Meeting that China's economy continues to strengthen in new directions and improve in quality, with the supporting conditions and fundamental trends for long-term growth remaining robust. The underlying logic of capital market operations has quietly undergone profound changes, and the allocation value of Chinese assets has become more prominent. Recently, several chief economists and chief analysts from securities firms told Shanghai Securities News reporters in interviews that the short-term adjustments in the A-share market mainly reflect overseas shocks and market sentiment fluctuations, and risks have been largely released; in the medium to long term, China's economic fundamentals, corporate earnings recovery, and industrial innovation are reshaping A-shares' valuation anchor.
Institutions: Focus on Oversold Sectors with Positive Q3 Report Expectations
Last week, the A-share market rebounded from its lows, with capital significantly increasing inflows into ETFs. Combining multiple indicators such as valuation pullback, chip clearing, and sentiment bottoming, some institutional strategy outlook reports suggest that bottom signals are being密集释放 (intensively released), the negative feedback loop in market liquidity since late September has been significantly alleviated, and short-term oversold rebounds have dual support from fundamentals and policy. In terms of specific allocation, institutions recommend a "balanced offense and defense" approach: on the offensive side, focus on oversold sectors with positive Q3 report expectations, clear industry trends, and solid fundamentals; on the defensive side, consider accumulating dividend assets on dips to cope with market volatility.
Benefiting from Sharp Rise in Lithium Product Sales Prices, Tianqi Lithium's First Three Quarters Net Profit Surges Over 30-Fold
Tianqi Lithium's 2026 Q3 report released on the evening of October 25 showed that the company achieved operating revenue of 18.279 billion yuan in the first three quarters, a year-on-year increase of 147.11%; and net profit attributable to the parent company of 5.602 billion yuan, a year-on-year increase of 3,013.86%. Among them, the third quarter achieved operating revenue of 6.037 billion yuan, a year-on-year increase of 135.4%, and net profit attributable to the parent company of 1.36 billion yuan, a year-on-year increase of 1,323.97%.
Securities Times
Listed Brokerages Show Resilience in Q3 Reports; Institutions Bullish on Valuation Recovery
Recently, several listed brokerages have successively disclosed their Q3 reports, with first three quarters' operating revenue and net profit generally achieving growth, demonstrating strong overall performance resilience. At the same time, institutions have also noted the current dividend attributes of the brokerage sector. CITIC Securities analysis stated that the dividend yields of leading A-share brokerages have approached or surpassed those of traditional dividend industries.
Computing Power Leasing Races Ahead: "High Leverage, Heavy Assets, High Depreciation" Model Raises Concerns
Xiamen Hongxin Electronics Technology Group Inc. (300657.SZ) recently announced plans to spend 2.983 billion yuan to purchase high-end computing power chips. As of the end of September this year, its asset-liability ratio had climbed to 72.64%, and debt repayment pressure had increased. Under the computing power industry boom, rising debt ratios among industry companies are not isolated cases. A Securities Times reporter surveyed 15 core computing power leasing listed companies and found that while the industry expands capital expenditure, debt and asset scales are rising simultaneously, and depreciation is exerting certain pressure on profits; while diversified financing channels such as financial leasing support the closed loop of expansion funds, risk factors such as off-balance-sheet leverage, lease authenticity, and demand sustainability have also attracted market attention.
AI Store Exploration Grows Wildly; Urgent Need for Regulatory and Platform Collaborative Governance
Open a short video platform, and from the rolling red broth of hot pot restaurants to the fragrant cumin of skewer shops, and then to new product reviews of milk tea shops, various store exploration videos feature rich and enticing copy, vivid visual details, and an atmosphere of everyday life overflowing the screen. But behind the realistic videos, some "store visits" never actually happened, and the so-called "real experiences" are nothing more than "one-click generation" built from stacked tokens.
66 STAR Market Companies' Combined Net Profit Doubles in First Three Quarters
As of the evening of October 25, 66 STAR Market companies had disclosed their 2026 Q3 reports. Wind data showed that these 66 STAR Market companies collectively achieved operating revenue of 162.046 billion yuan in the first three quarters of this year, a year-on-year increase of 36.27%; and collectively achieved net profit attributable to the parent company of 15.385 billion yuan, a year-on-year increase of 101.38%.
Securities Daily
New Rules for SSE Series Composite Indices Take Effect Today
On October 26, the SSE Composite Index, STAR Composite Index, and other SSE series composite indices began implementing revised compilation schemes, and the investment operations of related index funds also face new management requirements. According to announcements previously issued by the Shanghai Stock Exchange and China Securities Index Co., Ltd., this revision involves the SSE Composite Index, SSE A-Share Index, SSE Free Float Index, STAR Composite Index, and related derivative indices, mainly including adding a cap of no more than 15% for individual sample weights and adjusting the timing for removing risk-warning securities.
Multiple Institutions Bullish on A-Shares' Medium- to Long-Term Investment Value
Recently, affected by factors such as the transmission of external market fluctuations, the A-share market has experienced periodic adjustments. E Fund, China AMC, Fullgoal Fund, Southern Fund, Zhongou Ruibo, Le Rui Asset, and other public and private institutions, when analyzing market changes, firmly expressed optimism about A-shares' medium- to long-term investment value. Positive factors remain unchanged.
International Spot Gold Falls Below $4,000 per Ounce
On October 23, the international spot gold price fell below the $4,000 per ounce mark for the first time since July. As of the reporter's deadline on October 25, international spot gold was quoted at $3,995.54 per ounce. Since October, the 10-year U.S. Treasury yield has been around 5%; multiple foreign banks have raised USD deposit rates, with some term products exceeding 4% annualized.
Latest Assessments from International Investment Banks: A-Share Valuation Attractiveness Is Emerging
Recently, UBS Group, Citigroup, and other international investment banks have successively released their latest market assessments, collectively turning their attention to China's stock market. Institutions generally believe that A-share valuation attractiveness is emerging, and the allocation window may have opened.
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