[Today's headlines]
Sales of new energy commercial vehicles in the first three quarters approached the full year of last year, and heavy trucks and long-range models became the new engines of growth
The Zhitong Finance App learned that according to the GGII (GGII) Jiaotong Insurance Calibration Data, overall sales of new energy commercial vehicles have continued to rise in recent years, with urban light trucks and buses as the main increase; subsequently, with the implementation of old vehicle trade-in policies and the accelerated replacement of heavy trucks in closed scenarios such as ports and mining areas, combined with the continuous volume of overseas export orders, the market growth momentum continues to increase. The cumulative sales volume from January to September 2026 was 709,000 units, and the volume is close to the full year of 2025. The focus of growth is gradually shifting from light urban vehicles to heavy duty, long-life models.
According to a research report published by J.P. Morgan Chase, China's machinery and heavy truck companies' overall operating performance in the third quarter was positive, and most companies' recurring profits and operating cash flow beat expectations. October data showed that core business continued to improve, profit margins were stable, new products and automation initiatives were accelerated, and overseas market growth was still strong.
Heavy trucks involved Hong Kong stocks Sinotruk (03808) and Weichai Power (02338).
[General outlook]
Overnight, the Dow Jones Industrial Average fell 189.4 points from the previous trading day, or 0.36%, to close at 52297.09 points; the S&P 500 stock index fell 26.98 points to close at 7592.4 points, or 0.35%; and the Nasdaq Composite Index fell 100.1 points to close at 25366.09 points, or 0.39%.
Most chip stocks fell, and the Philadelphia Semiconductor Index fell 0.54%. Nvidia fell more than 4%, and its market value evaporated by about US$182 billion; SanDisk fell more than 4%, Applied Materials and Cerebras fell by more than 3%; Nvidia's GPU rivals Broadcom and AMD rose more than 5%.
The Nasdaq China Golden Dragon Index fell 3.09%, most popular Chinese securities fell, Alibaba fell more than 7%, and the Hang Seng ADR index fell. On a proportional basis, it closed at 23807.74 points, down 200.81 points or 0.84% from the Hong Kong closing.
WTI crude oil futures on the New York Mercantile Exchange rose 2.54 US dollars during the month to 89.07 US dollars per barrel, an increase of 2.94%. COMEX gold futures fell by $121.00, or 3.02%, to $3879.5 per ounce during the month.
[Hot Topics Preview]
JD Group-SW (09618) completes voluntary public takeover offer with CEECONOMY AG
JD Group-SW (09618) issued an announcement regarding a voluntary public takeover offer to CEECONOMY AG (CEECONOMY) (XETRA: CEC). Today, JD Group announced the completion of a takeover offer to acquire 59.8% of CENOMY's share capital and voting rights for a total consideration of 1,335 billion euros. With the completion of this acquisition, CECONOMY became a subsidiary of JD Group, and its financial results will be included in the company's consolidated financial statements starting November 12, 2026.
MiniMax (00100) H3-image tops AA double list: Wensheng map and image editing open weight model number one
On November 12, the global independent AI evaluation platform Artificial Analysis (AA) list showed that MiniMax (00100)'s newly released image generation model H3-Image ranked first in both Text to Image (Text to Image) and Image Editing (Image Editing) lists.
Rongchang Biotech (09995): Signed an RC298 revision agreement with Vor Bio, with a down payment of about US$56 million
Rongchang Biotech announced that the company previously signed a licensing agreement with Vor Bio on June 25, 2025 for taitacip. On November 12, 2026, the company signed a revised agreement with Vor Bio to include the self-developed RC298 in the scope of cooperation, granting Vor Bio the exclusive right to develop and commercialize in global regions other than Greater China. The company retains all of RC298's rights in Greater China. The company will receive a total down payment worth approximately US$56 million, including US$10 million in cash and warrants to subscribe for 2.3 million shares of Vor Bio's common stock; it will also be eligible for development milestone payments of up to US$300 million, of which $20 million must be obtained after reaching early clinical development and technology transfer milestones. Milestone payments are subject to certain conditions, and the final amount is uncertain. RC298 is currently in the pre-clinical development stage to prepare the IND declaration, and there is still uncertainty about clinical research results and final regulatory approval.
Lingyi Intelligent Manufacturing (01688) plans to increase capital to Liminda by about 816 million yuan and increase its shareholding to 51%
The company acquired 35% of the total shares of Dongguan Liminda Electronic Technology Co., Ltd. held by the above shareholders at a price of 875 million yuan, and obtained Zhang Qiang's voting rights to hold 17.78% of Liminda's shares in the form of voting rights entrustment, controlling 52.78% of Liminda's total voting rights, thus gaining control of rival Minda.
Profit attributable to shareholders of Yuyuan Group (00551) in the first three quarters was US$134 million, a year-on-year decrease of 51.9%
The decline was mainly due to the decline in the scale of the manufacturing business due to operational anti-leverage effects, as well as fluctuations in order demand, compounded by unstable supply chain delivery, resulting in uneven production capacity loads in the Group's manufacturing plants, which in turn affected production efficiency. Furthermore, labor and manufacturing costs are rising, along with rising oil prices, driving up the cost of raw materials and jointly boosting the unit cost of shoe manufacturing. Benefiting from the good results of pre-order delivery in the third quarter, along with continuous optimization of production capacity scheduling, it helped improve production efficiency month-on-month. At the same time, direct labor costs were effectively reduced through strict control of manpower allocation and overtime hours, which led to an increase in the gross margin of the manufacturing business to 16.1% in a single quarter, a marked recovery from 14.3% in the first half of the year.
DESHI-B (02526) iMED-6.0 series large medical imaging model made significant technical progress and achieved leading global results in mmMU (Test)
The Group's latest generation of medical imaging models, iMED-6.0 Thoth (Thoth) and iMED-6.0 Aegis (Aegis), have made significant technical progress. They are medium parameter scale and small parameter scale versions of the iMED-6.0 series, respectively.
Changhe (00001): Preparations for the independent listing of the retail business continue without a final decision
Changhe (00001) announced that the board of directors is aware of recent media reports that the Group's retail business proposes to suspend independent listing. From time to time, the Group receives suggestions and explores and evaluates opportunities to consider to enhance long-term shareholders' value, including possible transactions relating to the Group's assets and business, including the independent listing of such businesses. As far as the Group's retail business is concerned, such strategic exploration and evaluation as well as related preparations are ongoing. However, as of the date of this announcement, the Board of Directors has not decided on any transaction involving the independent listing of the Group's retail business.
The comprehensive profit attributable to shareholders of Baosheng International (03813) was approximately 237.9 million yuan in the first three quarters, up 39.11% year-on-year
Baosheng International (03813) announced that for the nine months ended September 30, 2026, the unaudited comprehensive profit attributable to the company's owners was approximately RMB 237.9 million, an increase of 39.11% over the previous year.
Pot Circle (02517) achieved core operating profit of about 30 million yuan to 40 million yuan in the third quarter
As of September 30, 2026, the total number of stores in the Group was 12,142, a net increase of 1,381 over the same period last year; of these, the total number of stores in the township market was 3,478, a net increase of 916 over the same period last year. At the same time, the Group continues to cultivate the intelligent operation of the number of members and build an online channel ecosystem. As of September 30, 2026, the number of registered members of the Group reached about 88.45 million, an increase of 54.9% over the previous year. In the third quarter of 2026, the GMV achieved by stores through their own online shopping mall channels (such as the Boquan App, WeChat Mini Program, etc.) increased by more than 50% over the previous year.
IPO dark market | Guoxing Aerospace (06935) closed up more than 8%, earning HK$210 per lot
The Zhitong Finance App has learned that China Star Aerospace (06935) will be listed in Hong Kong on November 13 (Friday). Today's dark market closed. Livermore Securities's dark market trading showed a price of HK$27, up 8.43% from the offering price of HK$24.9. Each lot earned HK$210 for 100 shares without handling fees.
[Individual stock prices are clear]
SMIC (00981): Announces third quarter results, profit attributable to shareholders of US$428 million increased 123.4% year over year
SMIC (00981) announced third-quarter results for the three months ended September 30, 2026. The group achieved revenue of US$3.19 billion, an increase of 33.9% year on year; profit attributable to company owners was US$428 million, up 123.4% year on year; and profit per share was US$0.05.
Sales revenue for the third quarter of 2026 was US$3.19 billion, up 6.1% from sales revenue of US$3.0.056 billion for the second quarter of 2026. The increase in sales revenue was mainly due to increased wafer sales in the third quarter of 2026.
Management Comments and Guidelines for the Fourth Quarter of 2026
In the third quarter, the company's overall sales revenue reached US$3.19 billion, up 6.1% month on month; gross margin was 29.9%, up 4.6 percentage points from month to month. In the fourth quarter, revenue is expected to increase by 4%-6% month-on-month, and gross margin guidance is 26%-28%.
The company promotes production capacity expansion guided by customer needs, builds a leading edge with a high value-added and high-quality product portfolio, enhances management resilience through the cycle, and strives to achieve high-quality and sustainable growth.