[Editor-in-chief Guan Shi]
The US inflation data exceeded expectations, leading to another change in the market's opinion on the Fed's interest rate hike. Although there was an easing after Walsh's reassuring speech, this hidden danger has not been eliminated. Although the Hang Seng Index surged last week, it also declined and fluctuated.
The risk in the Middle East has not been eliminated, and the geography of Asia is becoming strained again. What is more worrying is the direction of technology. After Anthropic's latest financial data was revealed, some current investors and potential IPO investors said they are considering lowering their valuation of the company. As AI companies' financing becomes more and more expensive, the technology hardware category is what investors are most concerned about.
On the domestic side, Pan Gongsheng, Governor of the People's Bank of China at the Financial Street Forum, said that they will work with the General Administration of Financial Supervision and the China Securities Regulatory Commission to launch large redemption liquidity support tools for non-bank institutions to provide support for liquidity. The 4.5% GDP growth for the third quarter announced on Monday was slightly better than the 4.4% expected by the market, and also rebounded from 4.3% in the second quarter.
Under the current weakness, policies and data have some supporting meaning, but whether technology stocks can actually stabilize is the crux of the problem.
The ESMO conference was held from October 23 to 27. It is a major global oncology conference focusing on clinical data on innovative drugs (ADC, dual antibodies, IO) and overseas cooperation with innovative domestic drugs.
Geographically, Japan and the United States will carry out large-scale joint military exercises of “Riken 27” in many parts of Japan from the 19th to the 29th. Countries such as Australia, O Canada, France, Germany, and the Philippines will also participate; Takaichi Sanae will offer sacrifices at Yasukuni Shrine, and some cabinet members and members of the National Assembly will visit the shrine. The military industry may be irritating.
The giant added robots, Nvidia's open source robot Harness, and connected to GPT-6 Astra to blow up all benchmarks overnight; OpenAI will enter the humanoid robot circuit; DeepSeek plans to lead a seed round of financing for WinverseAI, a domestic intelligent enterprise, and the two sides will cooperate deeply in fields such as large-scale model robotization and multi-modal interaction. In the first eight months, Shenzhen's total exports of various individually listed robots reached 11.13 billion yuan, an increase of 12.2 times over the previous year.
[This week's gold stocks]
HANSEN PHARMACEUTICAL (03692)
On October 19, Hanson announced that it had reached a strategic cooperation and licensing agreement with Roche, covering two pre-clinical ADC projects, as well as several projects developed by Roche's proposed targets and based on Hanson's own ADC platform. Hanson will receive a down payment of US$400 million, a first annual payment of US$110 million, and subsequent milestones of potentially exceeding US$15 billion, and tiered royalties based on future potential product sales.
From single project licensing to combined development, the value of the platform was further recognized. Following the approval of the CDH17 ADC project HS-20110 in 2025 (down payment of US$80 million, total contract up to US$1.53 billion), Hanson once again expanded its cooperation with Roche. This collaboration has moved further to target selection and new project development, reflecting Roche's recognition of the continuous production capacity of the Hanson ADC platform. Multi-project cooperation is expected to broaden the commercialization path of the platform and enhance the sustainability of the transformation of subsequent innovation achievements.
Various innovative drugs have been launched overseas one after another, and global cooperation continues to deepen. Hansson has authorized HS-20089 (B7-H4 ADC) and HS-20093 (B7-H3 ADC) to GSK, and has reached licensing cooperation with Roche for HS-20110 (CDH17 ADC) outside of Greater China; in the field of metabolism, the oral GLP-1 receptor agonist HS-10535 has authorized MSD and the GLP-1/GIP dual receptor agonist HS-20094 to regenerate its interests outside mainland China, Hong Kong and Macau. This time, we are once again joining hands with Roche to further expand single-product overseas cooperation to ADC platforms, which is expected to enhance the ability to continuously transform innovative results and open up space for global development and long-term profit.
[Industry Watch]
At the same quality, AI production costs have reached one-tenth of that of traditional animation. According to the observations of the Beijing Animation and Game Industry Association, AI has reduced the production cost of a single animation to less than 10% of the traditional one. The cost per minute has reached the level of hundreds of yuan, and the production cycle has been reduced to the next level. Cost is no longer a source of differentiation between producers, and the focus of competition falls back to the content itself. The solidity of the story and the degree of visual completion determine the ratio of the most popular installment accounts. The gap between the work lies in the solidity of the story and visual presentation. 221,900 AI dramas and comics were added natively to the 2026H1 Douyin terminal. Over the same period, 1,055 copies were broadcast, breaking 100 million, and the rate of breaking 100 million was 0.48%. Supply volume did not increase. Platform verification: In February 2026, in the Douyin Group Short Drama Copyright Center's sharing coefficient policy, AI simulated reality dramas had a coefficient of 60, and 3D and 2D comics had a coefficient of 50. A solid story is superimposed by a professional animation team, making it easier to make a hit.
On October 16, the 2026 Reading and Creation Conference released the first batch of 4 AI boutique animations “The Legend of Cyber Heroes”, “Unscientific Warcraft”, “Judgment”, and “Demon Town Museum”. For the first time, the industry collaborated with “Internet IP+AI Technology+Animation Expertise”; it was also announced that the AI boutique video matrix covered comics, animation, “reality+AI” short dramas, and medium and long dramas. Reading Group's revenue for short dramas and AI comics in the first half of the year was 430 million yuan, +230% year over year, and IP copyright revenue was 1.61 billion yuan, +41.9% year over year. Reading Wen launched the AI boutique animation development for “Legend of the Cyber Heroes”, which sparked reactions at home and abroad after its launch; in the first half of the year, the sales rate of short dramas was 4 times the market average. Up to now, more than 660 comics have sold over 10 million and 107 have broken 100 million. The AI boutique video matrix for reading the article already includes “Reality+AI” skits and medium and long dramas. After external production capacity was added, the company's role extended to the IP operator. The value of a single project was not limited to a one-time division of accounts, and various forms of long-term development could be carried out.
Hong Kong stocks focus on Reading Text (00772), Kuaishou (01024), Meitu (01357), and Exchange (01753).
[Data View]
According to data released by the Hong Kong Stock Exchange, the total number of outstanding contracts in the Hang Seng Futures Index (October) was 13,0009, and the net number of outstanding positions was 37,327. Hang Seng Futures refers to the settlement date of October 29, 2026.
The Hang Seng Index is at 24,187 points. Bull and bear stocks deviate from the central axis, and Hong Kong stocks are hesitant. The Hang Seng Index focuses on watching the Nasdaq impact on US stocks, especially the trend of large AI technology stocks. The Hang Seng Index is bearish this week.
[Editor's Testimonial]
Overseas AI industry chains have been collectively adjusted, and short capital has increased. Hong Kong stocks once accounted for an all-time high of 20% in short sales. AI star stocks have become the main target direction for bears, showing a trend of falling and becoming more and more short. The Hang Seng Technology Index has just packed AI, robotics, and advanced hardware into constituent stocks in an attempt to remove the “consumer internet” label. As a result, the market doesn't buy it at all — as soon as overseas technology falls, it kneels down first, and domestic demand is weak, and pricing inertia is far more stubborn than expected.
Recently, Hong Kong stocks are completely a game of “falling less than who”. Industry, raw materials, and technology have fallen to a bluish face; on the contrary, there is no need for consumption, finance, and utilities to carry on steadily. Innovative drugs have also stepped out of the independent market due to improved performance, and have become a rare bright spot in weak markets. Sure enough, the market is shaken; certainty is the only hard currency.