[Anatomy Dashboard]
If the domestic market is to rise, we still have to look at the periphery. US stocks continued to rebound overnight. The Philadelphia Semiconductor Index rose 7% in three days, and Korean stocks also surged under the impetus of South Korea's Hynix performance exceeding expectations. Today, the two markets finally rebounded, and Hong Kong stocks rose more than 0.23%.
Every rise is accompanied by good news. In the Middle East, Saudi, Turkish, and Pakistani officials continue to have contacts with Iran. The market is beginning to expect that the Middle East conflict may cool down through negotiations, and oil prices are expected to fall, driving some capital to buy back into technology stocks. Currently, investment institutions generally believe that the market has been overadjusted, and some pension, insurance, public fund and other institutions have increased their purchasing power.
At 02:00 Beijing time on Thursday, the Federal Reserve announced its interest rate decision. There is no suspense about holding on to the military, but that does not mean internal unity. Many agencies expect many hawkish dissent at this meeting. The press conference is the real testing ground. Let's see what Walsh will say next. Look for some clues as to whether interest rates will be raised in December. Fortunately, US economic data is improving. US durable goods orders have recorded the biggest increase in five months, and American consumer confidence has risen for the first time in four months.
The implementation of no interest rate hike in October is a big benefit for technology stocks themselves. Meanwhile, Microsoft and Alphabet will release financial reports tomorrow, which is likely to become the most important direction choice for global technology stocks this week. There is a high possibility that the two companies will hand over better-than-expected financial reports, and the market also has high expectations for the cloud business of the two companies.
In addition, AI financing channels have been reopened, Meta's stock offering has been subscribed about fivefold, and Broadcom-related financing of $63 billion has also progressed. This is something the market is happy to see.
Also, the Goldman Sachs-TrendForce memory expert call will greatly boost the market. Core view: TrendForce expects DRAM supply to continue to be tight in 2027; although consumer demand is weak, server-side demand is strong and new supply is limited, which will support a further rise in average product sales prices over the next few quarters. TrendForce also mentioned that the coverage rate of long-term supply agreements can reach up to 60-70%, which will moderate the price increase in 2027; however, incremental demand that exceeds the purchase volume agreed in the agreement can still be negotiated at a higher price. Combining various factors, TrendForce currently determines that the upward trend in DRAM prices will continue until the first half of 2028. This view is in line with the view that funds in the third quarter were optimistic about memory chips (DRAM/NAND) and actively increased their positions mentioned in the third quarter. Among them, the relevant individual stock Lanqi Technology (06809) surged more than 9%; Zhaoyi Innovation (03986) rose nearly 10%, Jiang Bolong (09976) rose more than 7%; the performance of Junzheng (03223) exploded. Net profit for the third quarter surged 26 times year on year, surging nearly 19%. Chip categories such as Huahong Semiconductor (01347) also rose more than 8%.
In the PCB direction, Jin'an Guoji (002636.SZ) gave an explosive three-quarter report. Net profit from mother for the first three quarters was $1,924 million, a year-on-year increase of 1012.67%. The deduction is not $1,933 million, which is higher than the return to the mother. It means that the profits are not worth the money; they are all earned by the main business. More importantly, Q3 made a huge profit of 1,158 billion dollars in a single quarter, accounting for a full 60% of profits in the first three quarters. The main reason is the increase in the price and sales volume of copper clad plates. Combined with the three-quarter report issued by Huazheng New Materials (603186.SH) on the 22nd: Q3 was 627 million, a sharp increase of 30 times over the previous year, and surged more than 3 times over the previous month. It can be seen that this is a collective dividend for the industry cycle. It is easy to understand. The performance of Leading Jiantao Laminate (01888) should also skyrocket. If it falls, someone will increase its holdings. The latest data from the Hong Kong Stock Exchange shows that on October 23, Hallgain Management Limited increased its holdings by 34,500 shares of Jiantao Multilayer Board, at a price of 36.942 per share HK$. The total amount is approximately HK$1,274,500. After the increase in holdings, the latest number of shares held was about 1,974 million shares. The latest shareholding ratio was 62.65%. Today, it surged more than 8%. However, what is the next trend, we need to see if Jiantao will issue a new price increase letter. Q4 is the key, and whether the gross profit margin can stabilize in a single quarter. If it falls, expectations will be lowered. PCB's performance in Dingtai Hi-Tech (01377) was also quite strong. In the first three quarters of 2026, it achieved operating revenue of 3.487 billion yuan, an increase of 139.25%; net profit attributable to shareholders of listed companies was 1.15 billion yuan, up 307.44% year on year, up nearly 9%; the direction of optical communication also strengthened simultaneously, with Huiju Technology (01729) and Nazhen Technology (09856) rising more than 13%; Cambridge Technology (06166), Zhongji Xuchuang (03308), and Changfei Optical Cable (06869) rose more than 7%.
Robots, which have been adjusted for a day, are also making a comeback. The stimulus is that Yushu Technology (688836.SH) will soon release financial reports later on Wednesday. Yushu Technology's revenue growth in the third quarter is likely to rise. Trade data shows that overseas demand is stronger, and capital is playing ahead of schedule. Tesla founder Musk predicts that robots will require more memory than anything else on Earth, and that the amount of memory each robot is equipped with will double. Research firm Counterpoint recently predicted that demand for humanoid robots for DRAM will grow 20 times in 2030 compared to now. Physical AI continues to ferment, and FORTIOR (01304), which was excavated earlier, surged by more than 16%; Yuejiang (02432), Zhaowei Mechatronics (02692), and Hesai-W (02525) rose more than 7%. The new standard Youqun Nuclear Technology (00068) is regarded as a scarce physical AI standard in China. The core is that it has built a complete flywheel for “GPU cluster - 3D data - spatial model - industry application”. At the model level, the company has built a series of model technology platforms including the world generation model SpatialGen, the 3D generation model Lux3D, and the spatial language model SpatialLM to help AI understand, reason, and generate the physical world, surging by more than 20%; SENASIC Smart (06675): The strategy is positioned as an end-side sensing portal for Physical AI to land in the physical world. However, its robot sensing chips currently contribute very little to revenue. Currently, the main revenue is TPMS tire chips and energy storage cell monitoring chips, which have surged nearly 25%.
Yesterday, I talked about Aurora-B (06681) catalysis as pipeline expectations: the cognitive function assessment product for depression is expected to obtain a registration certificate in November 2026. I didn't expect it to be immediately profitable. Yesterday evening, the company received a Class II medical device registration certificate for cognitive function assessment software for patients with depression issued by the Beijing Drug Administration. This product is an independent software for evaluating cognitive function in patients with depression. It evaluates and issues results around the four dimensions of memory, attention, executive function, and information processing speed, making it easy for clinicians to understand patients' cognitive status and providing safe and effective evidence for subsequent treatment. The registration results help to consolidate the Group's position in the digital medical field of cognitive impairment and directly occupy a leading position in the market. Future revenue is expected to rise directly to the next level, surging by more than 50% today.
The chairman of Jinghe Integration (02249) personally proposed that A-shares will be repurchased no less than 500 million or no more than 800 million, while H shares will require an additional 300 million to 600 million Hong Kong dollars. Compared to the daily trading volume of Hong Kong stocks, which is only around 50 million, this repurchase is still quite strong. Of course, it is still only in the proposal stage. Later, it is necessary to go through the board of directors review and approval of the plan, the repurchase report, and the opportunity to implement it. No matter what, it is always good to have a company to back it up; today it has risen by nearly 8%.
[Section Focus]
According to a report on the “Scientific American” website, a team from the Brigham Cancer Institute at Massachusetts General Hospital in the US published a paper in the “Lancet Digital Health” journal, introducing an AI model for evaluating health status and predicting risk of death through facial images. AI will rate cancer patients' risk of death based on their facial images. The results were astonishing: in a test group of 3,820 cancer patients, more than half (64) of the 122 patients with the highest risk score died within 90 days of taking the picture; in the group with the lowest risk score, only 20 of the 975 patients died within 90 days. In another cohort of more than 38,000 cancer patients, AI determined that patients whose physiological age was older than their actual age were also at a higher risk of death. However, this technology is not currently available for clinical use. On the one hand, the research cohort for cancer survival models is dominated by white patients in the Boston area, and results may be biased when used to evaluate other groups; on the other hand, incorporating AI results into patients' treatment decisions may also be accompanied by complex ethical issues.
This probability is already very high, highlighting the continuous expansion of AI in the medical field, and the AI+ pharmaceutical direction is expected to continue to be active. Hong Kong stock related stocks: Kingsley Biotech (01548), Yidu Technology (02158), Insili Intelligence (03696), Jietai Technology (07666), and Jingtai Holdings (02228).
[Individual Stock Mining]
Shunyu Optics (02382): iPhone Duo brings increased value and diversified layout is a highlight
Pre-orders for the iPhone Duo began on October 16, and the wait time in major markets was around 13 to 14 weeks, and delivery was extended until January 2027.
Comment: Increased optical value of Apple's high-end models: The iPhone 18 Pro + iPhone Duo folding machine is supplied with lenses by Shunyu. The iPhone Duo's multi-camera and folding structure brings improved stand-alone optical ASP; the iPhone 18 Pro is adapted to a 2nm high-power chip, the fuselage structure has been redesigned, and the specifications of Periscope and glass-plastic hybrid high-end lenses have been upgraded. The company is a global leader in automotive optics, and its business continues to grow steadily. The automotive lens market is number one. The products have been upgraded from ordinary rearview lenses to 8M/17M high-definition front vision, lidar optical machines, and AR-HUD optical components; the gross margin of the automotive sector is significantly higher than that of the mobile phone business, which is used to hedge against fluctuations in the mobile phone business cycle, and is the most stable source of growth for the next 2-3 years. In the face of weak mobile phones around the world, the company focuses on promoting high-margin products such as glass plastic hybrid lenses, large image surfaces, and periscope lenses to resist the price war in the lens industry and support profits in the mobile phone sector. Later highlights: Physical AI visual perception (robot optics) has been mass-produced; multi-purpose sensing lenses and miniature optical components for humanoid robots are in the customer verification stage; the layout of optical coupling and micro-nano optical modules is aimed at the direction of computing power hardware upgrades. It is currently in sample verification, and it is expected that small-scale delivery will only be possible in 2027; the layout of XR/AI glasses optics, which reserve optical solutions for AR and Apple AI glasses are in the front layout of next-generation terminal hardware. Shunyu is a scarce Hong Kong stock market that also has consumer optics+vehicle-mounted optics+industrial optics platform capabilities.