Market snapshot
| Index | Level | Change |
|---|---|---|
| SSE Composite | 3658.03 | ▼1.48% |
| SZSE Component | 11357.32 | ▼2.96% |
| ChiNext | 2576.90 | ▼4.37% |
| Hang Seng | 22934.68 | ▼3.03% |
| Hang Seng Tech | 3793.93 | ▼5.03% |
| S&P 500 | 7663.43 | ▼1.21% |
| Nasdaq | 26008.86 | ▼2.60% |
| Dow Jones | 52867.98 | ▲0.02% |
| Gold | 4022.78 | ▼0.04% |
| Crude oil | 99.17 | ▼0.30% |
| VIX | 19.03 | ▲14.09% |
Shanghai turnover: CNY 706.1bn
Macro & policy
| Indicator | Forecast | Previous | Actual |
|---|---|---|---|
| GBP Retail Sales MoM | -0.1% | 0.5% | — |
| EUR French Flash Manufacturing PMI | 50.5 | 50.3 | — |
| EUR French Flash Services PMI | 50.7 | 51.4 | — |
| EUR German Flash Manufacturing PMI | 53.5 | 53.8 | — |
| EUR German Flash Services PMI | 52.5 | 52.9 | — |
| GBP Flash Manufacturing PMI | 51.8 | 52.0 | — |
| GBP Flash Services PMI | 51.8 | 51.7 | — |
| USD Flash Manufacturing PMI | 55.4 | 57.0 | — |
| USD Flash Services PMI | 57.9 | 58.7 | — |
| USD Revised UoM Consumer Sentiment | 46.3 | 46.3 | — |
| USD Revised UoM Inflation Expectations | — | 4.7% | — |
Finance news
1. High Rates Crush U.S. Housing Market: Sales Plunge, Starts Fall, Yet Wall Street Looks Unaware
High interest rates are weighing on the U.S. housing market, with home sales plunging and housing starts falling. The report says Wall Street has been slow to react to signs of the downturn.
Source: 华尔街见闻
2. MIIT NVDB Issues Risk Alert on Critical PHP Remote Code Execution Vulnerability
China’s MIIT NVDB issued a risk alert on a critical PHP remote code execution vulnerability. It urges relevant organizations and users to check for exposure and take protective measures.
Source: 第一财经
3. CATL board secretary beaten? Insider responds
An insider has responded to rumors that CATL’s board secretary was assaulted. Specific details have not been disclosed, and the company has not elaborated; the matter remains unconfirmed.
Source: 界面新闻
4. Tesla and Nvidia Jointly Secure Capacity as Samsung Electro-Mechanics Expands High-End Package Substrates
Tesla and Nvidia have jointly secured capacity from Samsung Electro-Mechanics, which is expanding production of high-end package substrates. The move highlights rising demand for advanced chip packaging driven by AI and electric vehicles.
Source: 华尔街见闻
5. Caixin: Offshore trust tax top-up grace period ends — have wealthy entrepreneurs paid up?
Caixin reports that the grace period for paying back taxes on offshore trusts has ended, raising questions over whether wealthy entrepreneurs have completed their tax obligations. The report focuses on the compliance progress of high-net-worth individuals’ offshore trust arrangements.
Source: 财新
6. Japan core inflation in September surges to its highest this year at 2.1%
Japan’s core inflation rose to 2.1% in September, the highest level this year. The measure, which excludes fresh food prices, matched the 2.1% forecast in a Reuters poll of economists.
Source: CNBC Markets
7. Etsy bans AI-generated recipes and patterns from its online marketplace
Etsy has banned AI-generated recipes and patterns from its marketplace and clarified its AI rules. Sellers may not create bot-generated listings without human involvement.
Source: CNBC Markets
8. Beside Liang and Lin | Chang Shana’s Life Is Dunhuang (Part 3)
This is the third installment in Caixin’s series on Chang Shana, examining her lifelong connection to Dunhuang and her ties to the circles around Liang Sicheng and Lin Huiyin. It is a cultural and art-history feature.
Source: 财新
Filings & research
Company filings (CNINFO, titles in Chinese)
- 长川科技：杭州长川科技股份有限公司2026年前三季度业绩预告
- 华锐精密：2026年前三季度业绩预告的自愿性披露公告
- 建新股份：建新股份2026年前三季度业绩快报
- 澜起科技：澜起科技2026年第三季度业绩预增的自愿性披露公告
- 天齐锂业：2026年前三季度业绩预告
- 新疆众和：新疆众和股份有限公司2026年前三季度业绩预增公告
- 国药一致：2026年度前三季度业绩快报
- 海南矿业：海南矿业股份有限公司2026年前三季度业绩预增公告
Research notes
1. Broker Focus: Everbright Securities International says Hong Kong stocks are still seeking a short-term bottom, eyes mainland pharma sector
Everbright Securities International says Hong Kong equities remain in a short-term bottoming process with a weak near-term trend. The broker advises investors to watch mainland China’s pharmaceutical sector for potential opportunities.
Source: 券商研报
2. Huaxing Securities Reiterates Buy Rating on Tencent, Says AI Investment to Affect Short-Term Profit
Huaxing Securities reiterated its Buy rating on Tencent, noting that AI investment may pressure short-term profits. The brokerage remains focused on how Tencent’s AI strategy affects its earnings pace.
Source: 券商研报
3. Macro Special: Can the Ultra-Long-End Rally Continue?
Securities Star published a macro research report asking whether the rally in ultra-long-end bonds can continue. The source provides only the headline, without specific views or data.
Source: 券商研报
4. Macro In-Depth: How to Observe America’s Fragility?
A macro research note published by Stockstar examines how to observe and track vulnerabilities in the U.S. economy, discussing which macro indicators can reveal potential risks. The available excerpt provides no specific data or conclusions.
Source: 券商研报