Macro News Highlights

• Zelenskyy: Ukraine, the United States, and Russia plan to hold trilateral technical-level working talks in November.

On October 25, local time, Ukrainian President Volodymyr Zelenskyy confirmed that the United States, Russia, and Ukraine plan to hold trilateral technical-level working talks in November. At present, the parties are still negotiating the venue, with potential locations including Abu Dhabi in the United Arab Emirates, other regions in the Middle East, and European cities.

Zelenskyy stated that the talks were at the working level, aimed at paving the way for higher‑level presidential dialogue, with discussions prioritizing issues such as energy infrastructure and a ceasefire in areas related to the Black Sea. Meanwhile, Russian Presidential Aide Ushakov said in a television program aired on October 25, local time, that Russia is prepared to resume trilateral negotiations among Russia, the United States, and Ukraine after November 4.

• Trump: Should I completely destroy Iran, or reach an agreement with them?

U.S. President Trump: "The question now is, should I make a deal with the Iranians, or should I wipe them out completely? We get everything, while they (Iran) get nothing. We know exactly what happened at Iran's "Mount Kilimanjaro" facility. At present, the Iranians have not taken any major steps regarding their nuclear facilities, and we are closely monitoring the situation." Speaking about the U.S. economy, Trump said: "We still have many announcements to make. We need more construction workers."

• Trump said he might launch a small-scale "epic fury" operation against Iran.

On October 23, U.S. President Trump stated that the United States might launch another small-scale "epic fury" operation, or Iran might choose to compromise. Trump said that if Iran were smart enough, it would simply say, "Let's talk business." According to U.S. sources on the 21st, the U.S. and Israeli militaries have drawn up specific plans to strike Iran again after the U.S. midterm congressional elections in November, though it remains uncertain whether Trump will approve the implementation of these plans.

• S&P has introduced new rules: it has revised the criteria for distinguishing between growth and value stocks, and the valuation of growth stocks will no longer be based on a stock's price‑appreciation momentum over the past 12 months.

According to CCTV Finance, U.S.-based S&P Dow Jones Indices has introduced new rules to revise the criteria for classifying stocks as growth or value. Under the new guidelines, intangible assets, expected earnings, and free cash flow will be factored into the valuation of value stocks, while the assessment of growth stocks will no longer rely on a stock's price‑rise momentum over the past 12 months.

The new rules will take effect before the U.S. stock market opens on December 21, local time. Index-tracking funds will need to rebalance their portfolios, with approximately $375 billion in passive funds expected to be affected. Researchers and fund managers believe that value stocks have underperformed over the long term, partly due to flaws in existing valuation metrics.

• Goldman Sachs: Cuts its 12-month target for the Korea Composite Index by 25% to 9,000 points.

Goldman Sachs strategists have cut their target for South Korea's KOSPI index by 25%. Earlier this year, they had repeatedly raised the index's target, but as market concerns about AI-related trading have intensified, they have now opted to lower it. The analyst team led by Timothy Moe has revised the KOSPI's 12-month target from 12,000 points to 9,000 points.

They noted that, with the benchmark index already down more than 35% from its June peak, valuation assumptions will need to become more cautious. These strategists believe that the current sell-off has left the Korean stock market severely undervalued; even after lowering their price targets, the index still has over 60% upside potential.

• Lula wins Brazil's presidential election, securing a record-breaking fourth term.

According to Reuters, the CEO of the polling firm AtlasIntel stated that Brazilian President Lula will win re-election in the second round. President Lula has staged a remarkable comeback, halting the wave of right-wing politics sweeping across Latin America. Earlier, many observers had predicted that the 80-year-old veteran politician's illustrious career might be coming to an end; this outcome has shattered such expectations.

U.S. stock market行情

• All three major indices fell last Friday, while Apple's stock hit an all-time high.

On Friday Eastern Time, oil prices surged sharply, reigniting inflation concerns. Ahead of the Federal Reserve's interest-rate decision, investors accelerated their exit from risk assets, sending U.S. stocks and Treasury bonds lower in tandem. The three major stock indexes declined, while Apple hit an intraday record high. Spot gold closed at $3,996.96, down 0.67%. Spot silver fell 1.21%, and natural-gas futures dropped 3.23%.

At the close, the Dow Jones Industrial Average fell 652.82 points, a drop of 1.23%, to 52,215.16; the Nasdaq Composite dropped 53.52 points, down 0.21%, to 25,955.34; and the S&P 500 declined 39.75 points, a decrease of 0.52%, to 7,623.68.

$Star Technology Stocks (LIST2518.US)$Market performance was mixed: Micron Technology rose more than 2%, while Intel, AMD, and SpaceX gained nearly 2%; Microsoft advanced nearly 1%. Meanwhile, Amazon, Tesla, and Meta fell nearly 1%, and NVIDIA and Apple edged lower.

$Cybersecurity Concepts (LIST2570.US)$Stocks rose across the board, with CrowdStrike up more than 8%, Palo Alto Networks, Cloudflare, and Zscaler each gaining over 3%, Okta climbing nearly 6%, Fortinet and Datadog surging more than 4%, and Cisco advancing by over 1%.

$Optical Communications (LIST23979.US)$Stocks were mixed, with Nokia up over 3%, Marvell Technology up over 2%, Coherent up nearly 1%, Lumentum slightly higher, and Astera Labs, Broadcom, and Corning down slightly.

$Space Concept (LIST2556.US)$Most stocks rose, with Viasat up over 4%, Lockheed Martin, Rocket Lab, and AST SpaceMobile each up over 2%, SpaceX up nearly 2%, and Raytheon Technologies down nearly 2%.

Individual Stock Information

• Musk said SpaceX raised $40 billion by purchasing GPUs.

Musk stated,$SpaceX(SPCX.US)$It has completed $40 billion in GPU‑related debt financing, he added, noting that the company's investment‑grade credit rating and revenue from its Starlink satellite‑internet and launch businesses have helped keep its credit lines open. Musk said, "This is primarily used to finance redeemable debt for GPUs scheduled to arrive in the first and second quarters, with only a modest impact on this quarter."

• Soaring memory prices have sent a chill through the PC market, with global shipments plunging 21% in the third quarter.

Driven by surging demand for artificial intelligence (AI), memory prices have risen sharply in the near term, leading to a marked decline in PC demand. According to data released by market research firm Counterpoint Research, global PC shipments totaled 57 million units in the third quarter of this year, down 21% year over year and 13.8% from the previous quarter.

According to Counterpoint, despite the demand for replacing old devices and migrating to the latest version of the Windows operating system, consumers have still postponed their personal computer purchases, resulting in a significant decline in overall shipments. In terms of vendor performance, Lenovo shipped 15 million units, down 23% year over year, but maintained its market-leading position with a 26.3% market share. HP Inc. ranked second in market share, with shipments totaling 10.3 million units, a 31% decrease compared to the previous year.

• SK Hynix plans to distribute a special dividend of KRW 16 trillion, funded by proceeds from the sale of its stake in Kioxia.

According to the Dong-A Ilbo, citing an anonymous investment banking source,$SK Hynix (SKHY.US)$The company plans to return approximately 80% of the proceeds from the sale of a portion of its core stake in Japan's Kioxia to shareholders in the form of a special dividend totaling about 16 trillion won. SK Hynix expects to unveil this special dividend plan when it releases its third-quarter earnings report on October 28. According to estimates, by disposing of its Kioxia‑related investments in the first and second quarters of this year and deducting its initial outlay, SK Hynix has realized gains of roughly 20 trillion won.

In the 2018 Kioxia transaction, SK Hynix invested a total of JPY 395 billion, with JPY 266 billion allocated to a fund led by Bain Capital and JPY 129 billion directed toward convertible bond investments. As Bain Capital gradually reduced its stake, the principal invested in that fund has now been fully recovered. Note: SK Hynix continues to hold the convertible bonds; upon exercise, it could acquire a controlling 14.19% equity interest in Kioxia.

• Dan Bin's U.S. stock holdings revealed

Dan Bin, the head of Oriental Harbor Overseas Fund, has undertaken a major portfolio reallocation in the technology sector. According to data from Private Equity Ranking Network, as of the end of the third quarter of 2026, Oriental Harbor Overseas Fund held a total of 13 U.S.-listed stocks, with combined holdings valued at approximately $1.469 billion. By sector, AI remains its primary focus; as of the end of the third quarter, Google was the fund's largest holding.

However, judging from its position‑adjustment activities, Dan Bin's preferences for specific subsectors within the AI industry have shifted markedly compared with the second quarter. According to statistics, in the third quarter of this year, Dongfang Gangwan's overseas fund reduced its holdings in stocks that it had newly purchased during the second quarter.$Advanced Micro Devices (AMD.US)$、$Broadcom (AVGO.US)$、$Lumentum(LITE.US)$Wait for the target, while simultaneously increasing positions in storage giants.$Micron Technology (MU.US)$、$SanDisk (SNDK.US)$and also$NVIDIA (NVDA.US)$、$Google-C(GOOG.US)$、$Taiwan Semiconductor (TSM.US)$Wait.

• Amazon CEO: The company's cloud service capacity has been sold out through 2027.

$Amazon (AMZN.US)$CEO Andy Jassy stated that, driven by the surging demand for artificial intelligence (AI) infrastructure, Amazon Web Services' (AWS) cloud computing capacity is nearly fully booked through the end of 2027, with a substantial backlog extending into 2028.

In a video podcast with Ben Horowitz, co-founder of Andreessen Horowitz, and Erik Torenberg, a general partner, Jassy stated that Amazon is working hard to meet the continuous demand from its artificial intelligence labs and enterprises.

• South Korea's two leading memory chipmakers are set to release their third-quarter earnings reports, with combined operating profits expected to reach 185 trillion won.

South Korean chip companies$Samsung Electronics (005930.KR)$and$SK Hynix (000660.KR)$The companies are set to release their third-quarter earnings this week, with robust demand for AI‑related storage chips expected to drive strong profits. SK Hynix is scheduled to report on Wednesday, followed by Samsung Electronics on Thursday. Market estimates suggest that, fueled by rising memory chip prices and sustained growth in demand for high-bandwidth memory (HBM) used in AI accelerators, the two firms could post combined operating profits of roughly 185 trillion won (about $139.4 billion).

Samsung Electronics previously forecast in its earnings preview that third-quarter revenue would reach 195 trillion won, with operating profit at 107.4 trillion won. Investors will closely watch the progress of the two chipmakers in supplying next-generation HBM4 chips for AI accelerators such as NVIDIA's Vera Rubin platform. Driven by strong demand for traditional memory chips and high-end HBM products, SK Hynix is also expected to deliver impressive financial results.

• Apple's first foldable-screen iPhone, the Duo, got off to a bad start: some users reported screen cracks after fewer than 20 folds.

According to reports, after the iPhone Duo hit the market, damaged-device photos began appearing on Reddit: the inner screen cracked along the central hinge, with some cases also showing white or green streaks. An Australian user reported that about six hours after receiving their iPhone Duo, and after opening it fewer than 20 times, they heard a snapping sound during a routine unfolding, and the screen immediately split along the crease.

The user stated that the phone had not sustained any obvious impacts prior to this. The user ultimately…$Apple(AAPL.US)$Retail stores have replaced the devices with new ones. However, other cases have also emerged one after another: some users discovered cracks within less than a day, while others experienced display malfunctions even before completing the initial setup.

• Nomura: Valuations in the storage sector are severely undervalued, and storage shortages are expected to persist through 2028, while AI-related capital spending remains resilient.

Recently, as market concerns about the prospects of AI have intensified, global AI‑related tech stocks have experienced significant volatility, with South Korean memory giants Samsung Electronics and SK Hynix seeing sharp swings in their share prices at times. In response, the international investment bank Nomura Securities has stated that the market's worries about the outlook for AI investments constitute an "overreaction," adding that the shortage of memory chips will persist through 2028 and that valuations in the memory sector remain severely undervalued.

According to Nomura's tracking and analysis, global new data center capacity is expected to grow by approximately 41% next year, rising from this year's 22.3 GW to 31.5 GW. Against the backdrop of sustained large-scale capital investment, demand for storage chips is still likely to outpace supply, helping to keep prices firm.

Nomura believes that global AI companies as a whole continue to post rapid growth. The firm estimates that OpenAI and Anthropic together saw their combined third-quarter revenue surge by roughly 507% year over year; however, Nomura also cautions that achieving the market's full-year revenue forecast will require a strong rebound in the fourth quarter.

• Pfizer's lung cancer drug failed to meet expectations in clinical trials, but it is still seeking follow-up R&D pathways.

Despite a key clinical trial failing to achieve its objectives,$Pfizer (PFE.US)$It still believes that its investigational lung cancer drug, when used in combination with other medications, remains promising. Pfizer said on Sunday that, among a group of patients who had received fewer prior treatments before starting the drug, those treated with the experimental agent sigvotatug vedotin lived more than two months longer than patients in the control group who received chemotherapy.

Pfizer acquired this drug when it acquired Seagen for $43 billion and had hoped it would be the first in a new class of anticancer agents—drugs that can deliver potent anticancer compounds directly to tumors. However, the drug subsequently encountered setbacks: in a clinical trial involving patients with advanced lung cancer who were ineligible for surgery, it failed to improve survival. The new data released on Sunday were presented at the European Society for Medical Oncology conference, based on a follow-up analysis of this trial, which did not meet its primary endpoint.

• Amgen announced pivotal data: a combination therapy can reduce the risk of death from a certain type of lung cancer by 58%.

The latest research findings reveal that,$Amgen (AMGN.US)$and$AstraZeneca (AZN.US)$A combination immunotherapy can significantly prolong the survival of patients with a highly aggressive form of lung cancer. The full results of a late-stage clinical trial, released on Saturday, showed that in patients with extensive-stage small-cell lung cancer, AstraZeneca's Imfinzi combined with Amgen's Imdelltra reduced the risk of death by 58%.

The trial found that, compared with AstraZeneca's drug used alone, the combination therapy extended patients' median overall survival from 12.7 months to 21.1 months. The trial evaluated a maintenance treatment regimen: patients first received an initial course of Imfinzi in combination with chemotherapy, and if their cancer did not continue to progress, they then switched to the combination therapy.

• OpenAI has announced that direct internet access is prohibited during the training of its state-of-the-art AI models.

On October 23, OpenAI stated that, to prevent AI models from breaching safety safeguards, it has mandated that its state-of-the-art models be trained in environments without direct access to the real-time internet until sufficient progress is made on safety measures. OpenAI disclosed that on September 20, an internal research model exploited a network configuration vulnerability to gain limited internet access during training, prompting the company to suspend the training and evaluation of its most advanced models.

Following 11 days of safety remediation, OpenAI resumed reinforcement learning training and internal inference operations for these models on October 1, while maintaining internet access restrictions during the training period. In addition, OpenAI conducted security testing using upcoming models such as GPT‑6 Astra Cyber, identifying and patching multiple vulnerabilities in the isolation environment.

Top 20 in Trading Volume

Hong Kong Stock Market Outlook

• Southbound capital reduced its holdings in Hong Kong stocks by nearly HK$1.7 billion, with ZhiPu and Tencent each seeing net purchases of over HK$1.7 billion and HK$1.2 billion, respectively; Alibaba and SMIC were subject to net sales of HK$1.4 billion and HK$800 million, respectively.

On Friday, October 23, southbound capital net sold HK$1.67 billion worth of Hong Kong stocks.

$Zhipu (02513.HK)$、$Tencent (00700.HK)$、$Southern Hang Seng Technology (03033.HK)$They recorded net purchases of HK$1.739 billion, HK$1.296 billion, and HK$580 million, respectively;

$Alibaba-W(09988.HK)$、$China National Offshore Oil Corporation (00883.HK)$、$SMIC (00981.HK)$They were net sold off by HK$1.406 billion, HK$801 million, and HK$799 million, respectively.

• Tianqi Lithium: Q3 net profit of RMB 1.36 billion, up 1,323.97% year over year.

$Tianqi Lithium (09696.HK)$The announcement stated that third-quarter operating revenue totaled RMB 6.037 billion, up 135.40% year over year, while net profit reached RMB 1.360 billion, a year-over-year increase of 1,323.97%. For the first three quarters, operating revenue amounted to RMB 18.279 billion, up 147.11% year over year, and net profit stood at RMB 5.602 billion, reflecting a year-over-year surge of 3,013.86%.

The growth in performance was primarily driven by multiple favorable factors, including the development of the new‑energy industry and rising downstream demand. As a result, the average selling prices of the company's major lithium products increased significantly year over year, leading to a substantial rise in both operating revenue and gross profit compared with the same period last year. Meanwhile, according to Bloomberg's forecast, SQM's results are expected to post a substantial year‑over‑year increase, which, together with the company's recognized investment income from this associate, contributed to the overall improvement in earnings.

• Tencent WorkBuddy integration model: Kimi-K3.1-Pro

$Tencent (00700.HK)$WorkBuddy has announced that it has integrated the Kimi‑K3.1‑Pro model. According to the announcement, WorkBuddy now supports the high-speed version of the Kimi K3.1 Pro Highspeed, offering comparable intelligence while delivering output speeds approximately 2–3 times faster. Due to current resource constraints, access is currently prioritized for "Enterprise Flagship" users and "Individual Subscription" members.

• Hengrui Pharma disclosed Phase III study data on RC48 for HER2-low expressing advanced breast cancer.

The 2026 European Society for Medical Oncology (ESMO) Annual Congress was held in Madrid, Spain, from October 23 to 27, local time. During the event,$Hengrui Pharma (01276.HK)$The Phase III HORIZON-Breast06 study evaluating the investigational HER2‑ADC, sacituzumab deruxtecan (SHR‑A1811), for the treatment of patients with HER2‑low‑expressing advanced breast cancer has been published, with the full manuscript simultaneously appearing in the leading journal, JAMA.

Studies have demonstrated that, in both the population of patients who did not receive chemotherapy at the advanced stage and the overall population, trastuzumab deruxtecan significantly and clinically meaningfully prolonged progression-free survival (PFS).

• Public funds and foreign investors are stepping in aggressively, steadily building positions in Hong Kong‑listed innovative pharmaceuticals.

Recently, risk appetite has declined, market volatility has intensified markedly, and growth sectors such as innovative pharmaceuticals have undergone substantial corrections. Against this backdrop, numerous public mutual funds and foreign‑invested institutions have been actively expanding southward, steadily building positions in leading innovative‑pharmaceutical stocks. In their latest quarterly reports, several fund managers have also underscored that the coming years are likely to be a critical period for China's innovative pharmaceutical industry—marked by the release of pivotal clinical data, the advancement of overseas licensing deals, and the realization of commercial value.

• Hong Kong Exchanges and Clearing: Launches Artificial Intelligence and Semiconductor Indices

On October 23, the Hong Kong Exchange announced the launch of the Hong Kong Exchange Artificial Intelligence Index and the Hong Kong Exchange Semiconductor Index, and authorized Southern Fund to launch an ETF in mainland China that tracks the Hong Kong Exchange Artificial Intelligence Index.

The Hong Kong Stock Exchange Semiconductor Index tracks the performance of the 30 largest semiconductor‑related companies listed in Hong Kong. Two newly launched indices further expand…$Hong Kong Exchange (00388.HK)$An independently developed index series that serves as a benchmark for investors, capturing the opportunities presented by the two major technology themes of artificial intelligence and semiconductors.

Today's Focus

• Keywords: U.S. October Dallas Fed Business Activity Index; results of the second-round runoff of Brazil's presidential election; Wuxi Apptec financial report

On the economic data front, at 10:30 p.m., the U.S. will release the Dallas Fed's October Business Activity Index.

On the economic and financial front, at 09:20 China saw RMB 80 billion of 7-day reverse repos and RMB 258 billion of overnight reverse repos mature; meanwhile, the Fifth Plenary Session of the 20th CPC Central Committee convened.

In terms of performance, Hong Kong stocks$Wuxi Apptec (02359.HK)$、$ZTE Corporation (00763.HK)$Will release its earnings report; in pre-market trading,$Verizon(VZ.US)$Announce financial results;$Cadence Design Systems (CDNS.US)$、$Celestica (CLS.US)$It will release its earnings report after the U.S. stock market closes.

Regarding new shares,$Dongshan Precision (02384.HK)$The lottery results have been announced.

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Edited by melody