[Anatomy Dashboard]
The market was barely moving yesterday. Looking back at yesterday's statement: “The market is quite excited about last Friday's overfall and rebound, but looking at it today, it's far from being optimistic.” Therefore, I'm not surprised by today's slump. Hong Kong stocks fell 0.73%.
There are no direct disadvantages on the periphery. There are also those who want to take advantage of it. For example, foreign media say that the EU plans to reduce imports of chemicals, furniture, machinery, etc. from China. The EU is now truly in decline. It is afraid to face competition; it can only rely on policies to protect it.
Let's see how Korean stocks are rising? After the Q3 earnings report is released, Hynix will pay a special dividend of no more than 45 billion US dollars, which is equivalent to 6.4% shareholder return compared to the market value of 700 billion US dollars, which is quite impressive. What A-shares lack is this kind of company that gives back to investors. The vast majority of them make money, even those that make money.
Let's take a look at the ecology of the market: Bank stocks are currently the most stable. CCB (00939) has reached another record high. A-share Lianxun Instruments (688808.SH) fell 6%, falling below 1,000 yuan. Currently, there is only one A-share 1,000 yuan stock left in Kweichow Moutai (600519.SH). There is also the intensive disclosure in the 2026 three-quarter report of public funds. Among them, the direction of reducing positions continues to put pressure on the market. See section focus for details.
Individual stocks have also declined significantly. The Hong Kong stock “China's first motorhome stock”, Singio Touring Car (00805), plummeted by more than 33% today. The direct reason for this “stampede” was the “High Concentration of Equity” announcement issued by the Hong Kong Securities Regulatory Commission on the evening of October 26. These varieties are often particularly prone to problems at the end of the month or when the market is weak. Also, the impressive third quarterly report of HSBC Holdings (00005) fell short of expectations: profit before tax fell short of unanimous expectations, and the growth rate of the wealth management business slowed sharply; a $1 billion repurchase was announced at the same time, which fell more than 5% today. Everything is reincarnation, and this big bull stock has also been rising for a long time.
The big thing is that Anthropic plans to launch an IPO during the week of November 16. Anthropic's target valuation is as high as $2 trillion. If successfully implemented, it will be the largest IPO in history. This Big Mac is also going to suck up a lot of money; I don't know if US stocks can handle it. The Anthropic business model is mainly based on enterprise B-side API/MaaS, subscription calling by token, long-term enterprise contract, and Claude code+Agent, which are the underlying model infrastructure. Judging from the relative valuation, after Anthropic reaches 1.5 trillion US dollars, P/ARR will be higher than the intellectual spectrum; after reaching 2 trillion US dollars, the valuation premium will become more obvious, will become the pricing anchor for the world's largest model companies, and will also raise the valuation threshold for the entire sector. Since Anthropic logic is highly similar to Intellect Spectrum (02513), we will see how much valuation Anthropic actually uses to price and its own performance, which is up more than 8% today.
The recently released international standard “Information Technology Brain-Computer Interface Reference Framework” means that brain-computer interfaces are moving from laboratories to a critical inflection point in commercialization. Short-term medical rehabilitation is the main battleground, and China has included it in the “15th Five-Year Plan” future industrial layout area. Brain Motion Aurora-B (06681) is the earliest digital therapy manufacturer for cognitive impairment in China. It focuses on cognitive assessment and rehabilitation for Alzheimer's, children with dyslexia, and depression. The products have landed in more than 300 hospitals and have continuous revenue; it has built joint laboratories and strategic cooperation with Xuanwu Hospital (a domestic brain computer benchmark), and has scarce clinical barriers on the non-invasive EEG medical circuit. Catalysts are pipeline expectations: cognitive function assessment products for depression are expected to obtain registration certificates in November 2026. Today it surged more than 27%.
Indonesia has been tightening nickel ore RKAB mining quotas for a long time, limiting nickel supply at the source, underpinning the bottom of nickel prices for a long time. Liqin Resources (02245) simultaneously lays out wet HPAL (battery grade nickel-cobalt) + fire RKEF (nickel-iron nickel) on Indonesia's Obi Island, accounting for a high proportion of its own production capacity. Recently, it is rumored that Qingshan, Liqin, Huayou, Grimmie, etc. are leading companies that lay out HPAL hydrometallurgy in Indonesia to discuss joint production cuts and keep a close eye on whether there is a trend of reducing production. The rise in nickel prices will provide great flexibility for Liqin resources. In the short term, the company announced on October 29 ( (This Thursday) A board meeting will be held to review and consider approval of the third quarter results. According to previous estimates, the company's net profit for the first three quarters was about 3.15 billion yuan to 3.25 billion yuan, up about 54.0% to 58.9% year on year; operating income was about 38 billion yuan to 42.0 billion yuan, up 27.9% to 41.4% year on year, and surged more than 9% today.
The days of FMCG have not been very good. Although brand retail sales have achieved a positive increase of 25%-30% over the same period last year, it is difficult to stabilize the overall situation. In contrast, Li Ning (02331)'s year-on-year performance was superior to the core brands of its peers, partly benefiting from a significantly lower comparison base. Among them, Li Ning Young continued to be the highlight, and retail sales increased by double digits year over year. In terms of inventory, the company's inventory remained stable year over year, and the company aims to reduce inventory to a level equivalent to 4 to 4.5 months of sales by the end of 2026. Additionally, the company will hold a board of directors meeting on November 5 to consider and approve the declaration of a special dividend to shareholders. This is a positive surprise, rising nearly 6% today.
According to ZTE's (00763) third quarter earnings report, revenue was 38.813 billion yuan, up 33.99% year on year; net profit to mother was 1,307 billion yuan, a sharp increase of 394.46% year on year. It looks pretty good, but it has flaws, mainly driven by the fair value return on financial assets of RMB 691 million. In the first three quarters, “revenue growth did not increase profit,” and the company's gross margin was still under phased pressure. Today, it has risen by more than 4%.
According to media reports, Canadian data center infrastructure company Adag (Adag) Group announced on the 26th that its subsidiary Eco DC Solutions has signed a cooperation agreement with Dongfang Steam Turbine Co., Ltd., a subsidiary of China Dongfang Electric Group, to purchase 30 G50 gas turbines. This is the largest gas turbine purchase agreement ever announced by a Canadian data center company. According to the agreement, this batch of F-class heavy gas turbines with a total installed capacity of more than 2.1 gigawatts (GW) will support Canada's planned power generation investment of more than 8 billion Canadian dollars, an increase of nearly 4% today.
[Section Focus]
On October 27, the 2026 three-quarter report of public funds ushered in intensive disclosure. The market had ups and downs in the third quarter, and well-known fund managers adjusted their positions and became the focus of market attention. After experiencing the ultimate formation of the AI circuit in the first half of the year, fund managers took the initiative to reduce the risk of a single track, distribute the layout, and no longer bet on a single main line of computing power. The main direction of inventory reduction is early congestion of computing power hardware: 1. Some optical modules, computing power servers, GPU chips, etc.; 2. Traditional photovoltaics, low-end lithium batteries: overcapacity, price war pressure, and continuous reduction of most targets; 3. Required consumption (food and beverage): only a few funds underwrite positions, no large-scale increases; consumers only prefer segments with new stories such as AI consumer electronics and folding chains. Storage direction: physical AI/humanoid robot industry chain: servos, joint driving chips, reducers, hollow cup motors, collaborative robots; pharmaceuticals: left-hand layout, prioritizing innovative drugs, neuromedicine, and instruments; AI application end such as B-side large model MaaS, storage chips (DRAM/NAND), cycle resource focus: upstream batteries such as nickel and cobalt.
The main Hong Kong stocks involved are: Yuejiang (02432), Fengyi Technology (01304), Zhi Spectrum (02513), Liqin Resources (02245), Lanqi Technology (06809), Kingsley Biotech (01548), and BeiGene Shenzhou (06160).
[Individual Stock Mining]
Tuopu CNC (07688): Core industrial mother machine equipment accelerates the explosion of domestic replacement space orders and opens up incremental growth
Recently, Tuopu CNC (plans to acquire no less than 70% of the target company's shares. The target company's products are widely used in 3C precision structural parts, AI liquid cooling plates, optical module structural components, humanoid robot precision joints, and new energy vehicle parts. The company continues to buy back shares. The gross margin continued to rise in the first half of 2026. The comprehensive gross profit margin for the first half of 2026 was 46.6%, up 3.7 pcts year-on-year.
Comment: The company is a leading parent engine in the commercial aerospace industry. The domestic aerospace five-axis CNC machine tool market ranks first, with a market share of 10%. It is the only carbon fiber composite five-axis gantry machine with fully moving parts in the world. It is lightweight, has strong thermal stability, maintains good accuracy, and has a repeated positioning accuracy of 0.004 mm. The processing efficiency is 30%-50% higher than that of traditional steel structure gantries. Self-developed RoCOS CNC system, heavy-duty spindle, friction stir welding, automatic drilling and riveting process. The localization rate of general machine tools is 98%, and the complete space production line plan is autonomous and controllable, breaking overseas embargoes and blockades. 5-meter friction stir welding production line: friction stir welding on both sides of 50mm thick aluminum alloy. The weld strength has reached 90% of the base material, the cost of a single part of arrow body manufacturing has been reduced by 50%, and the efficiency has been doubled. It has already landed on private fire arrow customers. In terms of business segments, revenue from aerospace intelligent manufacturing equipment was 127 million yuan, down 69.6% from 418 million yuan in the same period last year, mainly due to the long delivery cycle and the centralized signing of related orders in the second half of the year. The revenue of five-axis machine tools in the compact general market was 0.17 million yuan, an increase of 137.4% over the same period last year. The company attributed the reason to the increase in customer awareness due to early marketing and marketing investment. The revenue of large-size carbon fiber composite five-axis machines was 20 million yuan, an increase of 5.2% over the same period last year of 19 million yuan. Space orders broke out, and new contracts were signed in the first half of 2026:470 million yuan, +115.6% year on year; of these, space orders were 404 million yuan, accounting for more than 85% of new signings. Almost all of the increase came from commercial rocket customers, focusing on gradually confirming revenue from the second half of 2026 to 2027. Tuopu CNC acquired and expanded the layout of high-end CNC machine tools, made up for the shortcomings of general high-speed precision machine tools, and quickly entered the AI hardware industry chain. The company's overall competitiveness in the domestic high-end CNC machine tool industry accelerates the domestic replacement process of core industrial mother machine equipment.