[Anatomy Dashboard]
As long as US stocks plummet, global stock markets would shake. Korean stocks plummeted 7.57% in a single day on October 15, and KOSPI continuously fell below the 200-day EMA. If they do not recover in the short term, they will enter a bear market. A-shares are also quite fierce. Over 5,000, only 430 only rose. The Hong Kong stock index did not drop much, only 1.03%, but individual stocks also fell quite sharply.
If you speculate on stocks, worry about it; there's no place to worry about it. On the one hand, there is geography. Saudi Arabia and the Houthis are in trouble. Trump said he is considering joining the crackdown on the Houthis. The Houthis, on the other hand, threatened that if Trump actually ordered an attack, they would target American personnel and their interests in the entire Middle East region, which can be described as knocking down the glove. Trump is now in a state of anxiety, fighting fires everywhere. Another new idea has recently come up: the US is considering easing sanctions on shadow fleets in order to reduce the possibility of shipping rates. As a result, shipping stocks collectively plummeted, with COSCO Marine (01138) falling more than 15%, Pacific Shipping (02343) and Sinotrans (00598) falling nearly 10%. However, the implementation of this measure has faced many problems. For example, the use of non-compliant ships requires an application to OFAC, and the approval period and approval conditions are still unknown. Furthermore, non-compliant ships still have to face many indicators when returning to the compliant market and need to be re-certified by the Classification Society. Insurance access still faces EU restrictions, and more than 70% of sanctioned VLCCs are ships over the age of 20. Environmental emission conditions are also difficult to meet, and the area where goods can be carried is expected to be limited. So the chances are that it was a mistaken kill.
The other is US inflation. Last night's CPI data also exceeded expectations. Market expectations rose 0.6% month-on-month, and actually rose 0.65%. Excluding the core CPI for food and energy, the market expected a 0.2% month-on-month increase, and an actual increase of 0.33%. The biggest bad news here is that the core CPI also exceeded expectations. This means that after oil prices are removed, inflation is still rising. Things became quite tricky. The extreme view was that the Federal Reserve should increase interest rates at least three times.
According to the idea of raising interest rates, technology stocks are clearly weak. Looking at Anthropic's third-quarter results, the third-quarter revenue reached 16.8 billion US dollars. In July, its revenue was 5.4 billion US dollars, and the third quarter included 7, 8, and 9 months. The total revenue was 16.8 billion US dollars, minus 5.4 billion dollars in July. The remaining months of August and September combined were only 11.4 billion US dollars, an average of 5.7 billion dollars per month. Compared to $5.4 billion in July, monthly income barely increased over a full two months. It seems that the task of going public in November is arduous. Technology stocks were once again seriously injured, and Changfei Optical Fiber (06869) fell by more than 13%. Related PCBs, chips, etc. lie down.
Another point that cannot be ignored: a new US Federal Communications Commission (FCC) regulation officially came into effect on October 13, local time. It stipulates that any device using chips, wireless modules, or other components with logical processing capabilities produced by five companies included in the “control list” by the US, including Huawei and ZTE, will not be able to obtain the FCC certification required to enter the US market. This involves quite a wide range of issues. If it really is to be implemented, many technology companies will be affected.
Looking at the financial situation, quite a bit of capital has been transferred to treasury bonds. Since this week, long-term bond yields have been declining at an accelerated pace. By the close of trading on October 14, the 10-year Treasury yield was 1.64%, approaching an all-time low. In response to the recent marked rise in the popularity of long-term treasury bond yield transactions, some brokerage firms and banks have received a reminder from the supervisory authorities requesting relevant institutions to strengthen risk management of bond investment. When bonds rise, they need to be supervised; why aren't stock market declines regulated? Banks are the strongest ones that can withstand the decline. This is already common practice. Every time the general environment is very poor, bank stocks are very nourishing, not to mention the performance level. The key point is that the most conservative super capital is in this sector. Some people are backing up and falling. Just like the Big Seven in the US stock market, they are all controlled by all kinds of large institutions, making it difficult to get down. There is another catalyst: Next Wednesday, the Industrial and Commercial Bank (01398) and the Agricultural Bank (01288) will simultaneously distribute medium-term cash dividends. The total disbursement scale of the two companies will reach 99.25 billion yuan, which is close to 100 billion yuan. These two varieties have reached another record high.
According to Omdia's preliminary estimates, global smartphone shipments fell 20% year-on-year in the third quarter, a marked increase from 6% in the previous quarter. The mobile phone business is difficult to do, and individual stocks in the industry chain are weakening, but the recent trend of Xiaomi (01810) is very strong, speculating on its car and AI models and chip direction: latest news The Xiaomi Vision GT, the Xiaomi supercar concept car, has officially landed in “Gran Turismo7/Sports Car Romance 7”, and players around the world can now drive this concept supercar from a Chinese brand in the game. Xiaomi is the first Chinese brand to be invited to join the Vision Gran Turismo project, and the first company in the world to participate in the project as a technology company. This news is a bonus for its automotive business; in addition, according to Xiaomi Technology, the world's leading model evaluation agencies Artificial Analysis and Arena recently announced four evaluation results for real tasks. Among them, MIMO-v2.6-Pro ranked first in the open source model in FrontierCode1.1, the vulnerability defense list CyberIndex, and Agent Arena based on real user sessions. Furthermore, in the AA-3D interactive 3D evaluation list, MiMO-v2.6-Pro ranked second as the open source model; Antutu also released 2026 Q3 domestic Android user processor brand distribution statistics. Qualcomm still has the absolute majority. MediaTek followed, and the Xiaomi Xuanjing processor ranked third, gaining a foothold in the domestic Android ecosystem. Today's increase is 2.65%.
Medicine is also a conventional safe haven. The clinical-stage anti-cancer drug company iambic therapeutics finalized the US IPO price. The company's shareholders include Nvidia, which is headquartered in San Diego, and has a market value of 758 million US dollars based on the issue price. The company relies on AI and machine learning technology to discover new drugs, and the funds raised in this IPO will be used to promote the research and development of three anti-cancer drug candidates that are still in the early stages. BeiGene (06160): On October 14, the company's application for injectable BG-T0050 was accepted. The acceptance number is CXSL2601124. The product was differentiated based on T-cell connector (TCE) technology to provide better anti-tumor activity, increasing by nearly 3%; Zaiding Pharmaceutical (09688) announced on October 14 that the first clinical study data to evaluate ZL-1503 will be presented for the first time at the 2026 Annual Scientific Conference of the American Society of Allergy, Asthma, and Immunology (ACAAI), with an increase of more than 2%. Others include Hengrui Pharmaceutical (01276) and Kangchen Pharmaceutical (01681), which rose more than 3%.
Vietnam's Law 384/2026/NĐ-CP is about to be implemented. The core of the law is physical verification of origin, digital traceability, and full-process credit supervision. The direction is the same as EU CBAM, US UFLPA, and brand compliance standards. It has paved a more standardized track for textile companies that actually have a long-term layout. Shenzhou International (02313) has more than 30,000 employees at its Vietnam factory, and the output value of the Vietnam base accounts for more than 40% of the Group's total output value in 2025. After RCEP came into effect, China and Vietnam formed a regional supply chain with an “upstream collaborative layout in China, middle and downstream”, which is the most efficient division of labor choice for the global industrial chain. Recently, shareholders' holdings were increased, involving about HK$30.591 million, another increase of nearly 3%.
[Section Focus]
In '26, the Double Eleven platform node came later than in '25: JD launched all categories on October 12 (October 9 in '25), Douyin launched on October 15 (October 9 in '25), Tmall began pre-sale on October 15, and the full cycle was about 30 days from October 15 to November 13 (25 years was October 14 to November 14 for a total of 32 days), and the two waves of spot were merged into Single Wave, and spot sales started at 8 pm on the 20th. Judging from the campaign rules, various platforms continued their discount strategy. Taobao and Tmall maintained the official discount; Xiaohongshu cancelled the full discount and changed the full discount to 85% off the entire market. JD focused on the official direct discount and retained the full cross-store discount (30 for every 200, 50 in 2025).
Double Eleven is the traditional peak season, and all businesses will step up their efforts to carry out various promotions. E-commerce is also gaining strength. Considering the current weak overall consumption, it is expected that the consumption level will shift more towards snacks, alcohol, and daily necessities such as laundry. Other than that, there are express deliveries.
Varieties related to Hong Kong stocks, snacks: Weilong Delicious (09985), Mingming is Busy (01768), Yasui Foods (02648), Yoyo Plum (06658); Beer: China Resources (00291), Budweiser Asia Pacific (01876), Tsingtao Brewery (00168); Liquor: Zhenjiu Li Du (06979). Daily necessities: Blue Moon (06993); e-commerce: Oriental selection (01797). Express: Polar Rabbit Express-W (01519).
[Individual Stock Mining]
China's Confucius (00136): Top film and television companies are cashing in on revenue, global IP reserves are strong
The company announced that the AI strategy has also created a variety of self-developed AI products to build computing power infrastructure to upgrade the business model. Revenue for the first half of 2026 was $1,183 million, or -46.37%; net profit to mother: $837 million, -32.34% year over year; adjusted net profit of $952 million.
Comment: The company has built three self-developed AI products: C-LIVE, KaOriGO, and Yinghuo Factory, covering the full link of upstream digital asset extraction of content, midstream script planning and material management, and downstream interactive video/interactive video game generation. The company continues to increase its strategic investment in leading quality content, AI technology research and development, the world's top IP reserves, and industrial chain integration. Relevant investments have not been fully converted into revenue contributions during this reporting period. As of the reporting date, “Eight Immortals!” “Welcome to Dragon Restaurant” has been screened and achieved good market performance. “The Master of the Immortal Realm” has been officially launched, and other key film, television and game projects are progressing according to plan. The company's strategic investment layout for “Ruyi Film & Entertainment Co., Ltd.” (formerly Wanda Film, hereinafter referred to as “Ruyi Film”) has entered a stage of deep integration and brand renewal, enabling the entire industry chain from content creation and production to terminal screening. Ruyi films continue to deepen their “Super Scene+Super IP” strategy and continue to be popular. Ruyi Pictures excels at grasping popular commercial films. In the past, they have had hits such as “Keep You Safe,” “The Girl Who Disappeared,” “Can't Stop the Annual Meeting”, and “Speeding Through Life 3.” The gaming business has become a stable cash cow, and global IP reserves are strong. The ace product “Red Alert OL” has accumulated over 6 billion dollars in total sales, contributing to stable cash flow from long-term operations; cooperated deeply with top international IP vendors such as Ubisoft, EA, and Scopely to win global IP distribution rights such as “Heroes of Might and Magic” and “Command and Conquer” to open up overseas market space; and renewed a multi-year game distribution framework agreement with Tencent. The company focuses on ad-free pure membership subscriptions, which is different from the ad+membership model of the long video platform; it has a cumulative total of nearly 100 million registered users, 38 million plus paid members, its own copyright library, and continues to reduce costs and increase efficiency for self-made short dramas and AI comics. The company has rich IP resources combined with AI technology to carry out secondary creations, jointly develop multi-modal agents, and explore the next generation of interactive content forms.