[Anatomy Dashboard]
The market was quite excited about last Friday's surge and rebound, but looking at it today, it's still far from optimistic. The trend is still quite tangled. The A-share Shanghai Index turned red, and the GEM also fell. Hong Kong stocks were relatively better because banks, oil and gas were stronger, and closed up 0.51%.
The Middle East war situation is confusing. Trump has hinted many times that the US military may resume attacks on Iraq after the US midterm elections on November 3, and has already dispatched a third aircraft carrier strike group and more than 10,000 navies and marines to the Persian Gulf. Iran has now become tough, because the US is at a critical moment in the midterm elections. It knows it won't do anything; it is ready to speak up. Brent crude oil broke through $117 per barrel and hit a seven-month high. The stock prices of North American oil giants collectively hit a record high. The boom in oil and gas extraction and oil services increased, and CNPC (00857) A shares hit a new high of 13.19 yuan/share since May 2008. Hong Kong stocks of CNPC (00857) and Sinopec (00386) rose more than 4%, while CNOOC Oilfield Services (02883) surged nearly 8%.
Although the Trump administration approved the sale of sanctioned tankers last week to allow these vessels to begin transporting oil legally, global shipbrokerage giant Braemar notes that currently 170 giant tankers (VLCCs) are under US sanctions, of which only 44 are less than 20 years old and meet charterers' requirements, 33 are at least 25 years old, and 92 are between 20 and 24 years old. The easing of sanctions this time is not expected to bring much increase in the size of the tanker fleet in the market. Meanwhile, on the 26th local time, Bagheri, Deputy Secretary of Iran's Supreme National Security Council, said that Saudi Defense Minister, Pakistan Army Chief of General Staff, and Turkish Intelligence Director will visit Iran and hold a joint meeting. Market speculation that the straits may loosen up. The shipping sector is collectively strengthening today. COSCO Marine (01138) has risen by more than 6%, while Pacific Shipping (02343) and COSCO Maritime Control (01919) have both increased by more than 3%.
According to Xinhua News Agency, Brazil's current President Lula completed a reversal in the presidential runoff, defeating his opponent Bosonaro with 51% to 49% of the vote to win an unprecedented fourth term in his history. The market reacted quickly, and Brazilian equity-related ETFs were the first to experience a sharp correction in the Japanese market. The reason is simple. Western capital is betting on pro-American Bolsonaro. Next, the US may impose various sanctions on Brazil. However, it is beneficial for us, because Brazil has large mineral resources, and bilateral trade can complement each other. Meituan (03690) overseas takeaway brand Keeta officially announced in May last year: it plans to invest 1 billion US dollars in Brazil in 5 years; it was officially launched in Sao Paulo on December 1, 2025. Currently, the number of downloads has exceeded 10 million, there are 83,000 registered restaurants, and 430,000 riders. Brazil is already one of Meituan's most important overseas markets outside of China. It is reported that the plan is to raise the equivalent of 1 billion US dollars through the issuance of offshore RMB bonds, an increase of more than 3% today.
Technology stocks continued to be impacted, and Musk began to be harshly bearish on several new cloud manufacturers (CoreWeave and Nebius) in North America, judging that many of these new cloud projects will stagnate in the future, and SpaceX will definitely not buy the projects of these new cloud vendors. The big model didn't have a good time, because the competition was so intense. Dark Side of the Moon was announced, and the Kimi K3.1 Pro was officially launched. It is the first model in the K3.1 series. It is also the company's most capable 3 trillion parameter model so far, supporting 1 million contexts. Kimi K3.1 Pro's improvements in coding, 3D creation, financial research, and other long-range agent capabilities are particularly remarkable.
There are also varieties that have risen. They all have strong performance directions, such as “the first stock of scenario insurance AI” White Pigeon Online (02672): the company's MaaS service revenue in the first three quarters was about RMB 62.1 million, up about 730.4% year on year; in the third quarter, MaaS service revenue was about RMB 25.6 million, up 29.33% month-on-month. According to consulting data, there are currently over 100 market participants on the domestic scene insurance circuit. In 2025, White Pigeon Online ranked 12th among Chinese internet insurance intermediaries. Fifth, it ranked first in the industry among Internet insurance intermediaries in the third-party scenario, with a market share of 3.1%, surging nearly 28%; Meitu (01357): The net number of paid subscription users increased by about 1.39 million this quarter, a new high of the past four quarters; as of September 2026, the number of paid subscription users reached 1.83 million. The number of paid subscribers from productivity apps increased 18.3% year over year to 2.39 million, and the number of paid subscribers from lifestyle apps increased 24.1% year over year to 17.44 million. The growth rate of paid subscribers from the international market continued to be faster than in the mainland China market, with an increase of nearly 7%.
Robots continue to strengthen, and A-share humanoid robot leader Yushu Technology (688836.SH) has risen more than 7% today, directly driving the popularity of the two markets. However, the market was still being explored by physical AI, which directly boosted the popularity of the weekend, and discussions and meetings were all over the place. The Hesai-W (02525) I mentioned to you last Friday has once again risen by more than 8%; it is still spreading today. The robot (06600) released OneModel 1.7 FrontoStria-RL in May, incorporating world understanding, task planning, action execution, and actual deployment feedback into a closed loop. In the same period, the company won the bid for the first embedded intelligent data infrastructure project in Shenzhen, with an amount of 44.95 million yuan. The business was further extended from robot products to data collection, management, and scenario construction, surged by more than 14%; in July of this year, the company launched the “AI Energy+Robot” integrated home and public scene, with outstanding 3D spatial perception evaluation results, and the market recognized its “one brain, multiple bodies” architecture, which increased nearly 9%; Lianzhida Technology (02650) was also inspired by the global launch of the “AI Energy+Robot” integrated home and public scene Solution. Currently, Zhida's automatic charging robots have been implemented in many scenarios around the world, and unmanned public charging solutions for driverless scenarios such as Robotaxis, ports, and airports have also been released. The goal is to build 10,000 unmanned public charging stations by 2030, a surge of more than 12%.
There is also some movement in the real estate direction today. Goldman Sachs predicts that real estate inventory will drop to 900 million square meters in 2028, housing prices will stabilize in 2029, and then first-tier cities will rebound by about 20%. Greentown China (03900) rose nearly 7%; C&D International Group (01908), China Resources Land (01109) and others rose more than 3%; Evergrande Properties (06666) announced at the end of September that the liquidators had received proposals from several potential buyers for potential transactions; China Evergrande and CEG, as potential sellers, have signed an exclusive agreement with a selected bidder, and the negotiation period ends on October 27 this year. Earlier in the market, Taimeng Investment Group was in exclusive negotiations with China's Evergrande liquidator to acquire a majority stake in Evergrande Property. Taimeng said it “declined to comment,” and today it has risen by more than 12%.
[Section Focus]
October 26 -- Philip Mshelbila, Secretary General of the Natural Gas Exporters Forum (GECF), said that between March and September, the liquefied natural gas (LNG) supply gap was about 5 million tons. He said, “According to our estimates, from the beginning of March to September, about 45 million tons of liquefied natural gas were withdrawn from the market, which is a huge amount. However, at the same time, about 40 million tons of liquefied natural gas entered the market. It can be said that the supply gap is about 5 million tons, which shows the stability of the entire global gas market system. ”
As we enter the winter season, demand for natural gas will be even stronger. Judging from the current turbulent situation, this pattern of mismatch between supply and demand will intensify. Major Hong Kong stock products: Kunlun Energy (00135), China Resources Gas (01193), Xinao Energy (02688), Hong Kong Zhonghua Gas (00003).
[Individual Stock Mining]
Fengyi Technology (01304): Revenue is expected to increase sharply in the first three quarters, and the transformation of home appliance chips into the direction of high-value-added robots
According to the October 20 performance forecast, the company expects revenue for the first three quarters to be about 840 million yuan, up 50.88% year on year, and net profit to mother about 280 million yuan, up 69.69% year on year. The company said that revenue growth in industrial and automotive applications was significant, and the market penetration rate of traditional products continued to increase.
Comment: In the first half of the year, the industrial sector had revenue of 147 million yuan, +175% over the same period, accounting for 26.25% of total revenue. Industrial sector revenue exploded. AI computing power cooling fans were the core increase, vehicle regulation products were gradually being released, and the penetration rate of the home appliance business steadily increased; profit quality was good, and gross margin continued to rise. As a leading domestic Fabless motor drive control chip, the company is transforming from small household appliance chips to upgrading industrial, robotics, and vehicle regulations with high added value, and gross margin continues to rise. It focuses on BLDC brushless motor drive+FOC vector control MCU, and specially launched FU63xx and FU75xx series robot joint chips, which integrate driving, sensing, and CAN communication for humanoid and collaborative robot joints.
The core product FU75xx is a special control chip launched by the company for robot joints and dexterous hands. It uses the RISC-V+ self-developed ME2 second-generation motor engine heterogeneous dual-core architecture; the FOC calculation in the servo scene is only 5 μs, and the current ring bandwidth is 3 kHz. It is suitable for joint modules, dexterous hands, parallel robots, and industrial servos. It supports multiple encoder protocols to hardware FOC control algorithms to reduce the development difficulty of downstream machine manufacturers. It is a domestic replacement target for electronic joint control. As an “electronically controlled nerve center” for humanoid robot joints, a single humanoid robot's multi-joint solution is in high demand for driving and control chips and is the core link upstream of the physical AI industry chain; the SR3511N rotation decoding chip and resolution sensor were launched to complement the joint “sense-control-execution” chain, adapt to high-precision servo joints, and reduce dependence on overseas sensors. At the same time, it is planning to acquire Dutch Sciosense sensor assets to broaden the physical sensing product matrix and adapt to robotics, industrial, and automotive scenarios.
The company also has a second increase: the number of vehicle BLDC chips released. Vehicle standard products have completed AEC-Q100 certification, and vehicle cooling, water pump, and car window motor driver chips have begun to be introduced to car companies in batches to hedge against fluctuations in the household appliance cycle. Next, there is also the hollow cup motor layout (dexterous hand core). In early 2025, a joint venture was established with Sanhua Holdings: Sanhua Holdings holds 50% of the shares and Fengyi Technology holds 36% of the shares, focusing on the R&D and manufacturing of human-shaped robot dexterous cup motors; currently in the sample stage, no mass production has yet been carried out.