Finance 2026-10-31

Market snapshot

Shanghai turnover: CNY 764.2bn

Macro & policy

No major macro releases today.

Finance news

1. Spot Silver Falls More Than 3% Intraday

Spot silver fell more than 3% intraday, according to Yicai. The move reflects short-term volatility in precious metals, with the cause and outlook still to be assessed.

Source: 第一财经

2. XHEART releases X7 Ultra chip for large models, unveils R&D goals for next-gen X9

XHEART launched its X7 Ultra chip aimed at large-model computing and disclosed R&D targets for its next-generation X9, Jiemian News reported in a brief flash post. No specifications, pricing or launch timeline were given.

Source: 界面新闻

3. Kioxia Q3 Operating Profit Jumps 57% QoQ; Q4 Guidance Misses Expectations and NAND Price Growth Warned to Slow Sharply

Kioxia’s third-quarter operating profit rose 57% quarter over quarter, but its fourth-quarter profit guidance missed expectations. The company warned that NAND price increases are slowing markedly, raising concerns about memory market momentum.

Source: 华尔街见闻

4. Debt Risk Mounts at Huafa Group as Zhuhai SASAC Leads Push for Faster Asset Sales

Caixin reports that debt risk is rising at Huafa Group, prompting Zhuhai’s state asset regulator to lead efforts pushing the company to accelerate asset sales. The move highlights tightening liquidity for local state-owned developers amid the property downturn.

Source: 财新

5. Tencent Helps AI Cars Achieve a Qualitative Leap: Both Cockpits and Corporate Organizations Need to Become AI-Driven

Tencent is pushing AI-powered cars toward a qualitative leap, focusing on AI integration in smart cockpits and corporate organizations, Jiemian News reported. The report says both in-car experiences and enterprise operations will be upgraded with AI.

Source: 界面新闻

6. Meta outlook revised downward by S&P on cash flow and capex concerns

S&P Global Ratings has revised Meta’s outlook to negative, citing high capital expenditures and concerns over free cash flow. The move reflects caution about the company’s spending pace and cash generation.

Source: CNBC Markets

7. Jim Cramer says it’s time to look beyond tech. Here are 4 consumer stocks he likes

Jim Cramer said investors should diversify beyond the struggling AI trade and consider consumer staples. He named four consumer stocks he likes.

Source: CNBC Markets

8. Industry Brief: Securities Firms’ Q3 Earnings Show Sharp Downward Inflection, Proprietary Trading a Core Drag

Caixin data show Chinese securities firms’ third-quarter earnings marked a clear downward inflection, with proprietary trading as the main drag. The sector faces pressure as market volatility weighs on investment income.

Source: 财新

Filings & research

Company filings (CNINFO, titles in Chinese)

• 卓越新能：卓越新能2026年半年度报告（更正版）
• 广咨国际：2026年半年度报告摘要（更正后）
• 广咨国际：2026年半年度报告（更正公告）
• 广咨国际：2026年半年度报告（更正后）
• 一汽解放：2026年半年度报告（英文版）
• 立讯精密：立讯精密工业股份有限公司2026年年度业绩预告
• 广咨国际：2025年年度报告摘要（更正后）
• 广咨国际：2025年年度报告（更正公告）

Research notes

1. Pacific Securities gives Gree Electric Appliances a ‘buy’ rating

Pacific Securities issued a research note assigning a “buy” rating to Chinese appliance maker Gree Electric Appliances. The report, carried by Securities Star, disclosed no specific price target or detailed rationale in the excerpt.

Source: 券商研报

2. Pacific Securities gives Jiuhua Tourism a “Buy” rating

Pacific Securities issued a research report assigning a “Buy” rating to Jiuhua Tourism. The item is a broker rating update on an individual stock.

Source: 券商研报

3. Kaiyuan Securities gives Jinzai Food an ‘Add’ rating

Kaiyuan Securities issued a research report assigning an “Add” rating to Jinzai Food. The report was highlighted by Securities Star’s brokerage research section, with no further rationale or target price provided in the excerpt.

Source: 券商研报