B[Daiwa: Samsung Electronics' preliminary third-quarter results remain solid, maintaining a "buy" rating] On October 9, Daiwa released a research report saying that Samsung Electronics' preliminary third-quarter results remained solid, with revenue of 195 trillion won, up 14% month-on-month and 127% year-on-year, slightly lower than the bank and market estimates; operating profit was 107.4 trillion won, up 20% month-on-month and 782% year-on-year, in line with the bank's estimate, but slightly lower than market consensus. Although the appreciation of the Korean won brought exchange headwinds and the drag on employee bonus provisions, the continued rise in memory prices, coupled with the improvement of mobile phone and display product mix, drove the performance to remain solid. In terms of memory, the bank estimates that DRAM/NAND bit shipments will record low-single-digit/mid-single-digit growth respectively month-on-month, and the average selling price of the two will increase by about 20%; wafer foundry losses are expected to narrow; display equipment and mobile phone business profits are also better than the bank's earlier expectations. The bank expects fourth-quarter earnings to further improve due to continued strength in memory, and expects the company to announce additional shareholder returns, including a repurchase plan, during its earnings conference call on October 29. The bank maintained a "buy" rating on Samsung Electronics and a 12-month target price of 500,000 won. B[MLCC concept fluctuated and strengthened, Kangda New Materials hit the daily limit] On October 8th, the MLCC concept fluctuated and strengthened in early trading, and Kangda New Materials hit the daily limit, followed by Yuxing Co., Ltd., Yunzhong Technology, Shuangxing New Materials, Sanhuan Group, Fenghua Hi-Tech, and Lihexing. On the news, on October 6, Samsung Electro-Mechanics disclosed in the regulatory documents submitted that the company signed a supply contract for multilayer ceramic capacitors (MLCC) for AI servers with a large global company on the same day. The contract amount is approximately 285.611 billion won (approximately US$210 million), and the contract period is from January 1 to December 31, 2027. A[Reminder of major capital market events this week (October 8-11): A-shares will open tomorrow; Applied Materials and Samsung Electronics will release financial reports]
1. The three major exchanges in Shanghai, Shenzhen and North China will open as usual from October 8.
2. In terms of economic data, there will be Japan and Germany’s August trade accounts on October 8, the number of people filing for unemployment benefits in the United States last week, and the U.S. wholesale sales data in August, etc. On October 9, there will be the University of Michigan Consumer Confidence Index for October in the United States, and the one-year and five- to ten-year inflation rate expectations for October in the United States.
3. In terms of U.S. stock financial reports, companies that released financial reports on Wednesday included Applied Materials (after the market) and Levi’s (after the market), on Thursday there were PepsiCo (pre-market) and Tilray (before the market), and on Friday there was Delta Air Lines (before the market). In addition, Korean stock Samsung Electronics’ preliminary third-quarter results will be released on October 8.
4. The central bank will launch a 1.2 trillion yuan buyout reverse repurchase operation on October 8 with a period of 3 months.
5. The Ministry of Finance plans to issue special treasury bonds (first phase) funded by central financial institutions in 2026 on October 8. The current treasury bonds are 5-year fixed-rate interest-bearing bonds with a total face value of 150 billion yuan through competitive bidding. There will be no additional bids from Class A members, and the coupon rate will be determined through competitive bidding.
6. According to the latest notice from the airline, starting from October 10, the fuel surcharge for domestic routes will be increased: 90 yuan for flights over 800 kilometers, an increase of 20 yuan from August and September; 50 yuan for flights under 800 kilometers, an increase of 10 yuan from August and September.
7. Kevin Hassett, director of the White House National Economic Council, previously stated on October 2 that “there will be more statements on energy next week.”
8. Growatt plans to increase product prices on October 8, involving string inverters (including grid-connected inverters, energy storage inverters) and energy storage systems (including industrial and commercial energy storage cabinets, household storage systems), with price increases ranging from 5% to 10%.
9. Onsemi recently issued a price increase notice and will implement price adjustments for a wide range of product series. The new prices will take effect on October 10, 2026.
10. Moderna will become a component of the Nasdaq 100 Index before the market opens on October 9 (Friday), replacing Warner Bros. Discovery.
11. The Nobel Prize drawing week is still in progress. The Literature Prize will be announced on October 8 and the Economics Prize will be announced on October 12.
12. The Shanghai Stock Exchange and China Securities Index Co., Ltd. will officially release the SSE Photovoltaic Technology Innovation Leading Index on October 9, 2026. B[Goldman Sachs: Samsung's 3Q26 operating profit and 2027 HBM revenue are both expected to exceed 100 trillion won, reiterating a "buy" rating] On October 1, Goldman Sachs released the latest research report, reiterating a "buy" rating for Samsung Electronics. The bank believes that Samsung Electronics' fundamentals remain solid, storage demand continues to significantly exceed supply, and this gap is expected to further expand in 2027 and continue in 2028. The company's HBM business continues to improve, and revenue is expected to exceed 100 trillion won next year, with both volume and price providing strong support. Additionally, there is upside potential for shareholder returns. The current stock price corresponds to only 3.6 times P/E and 1.6 times P/B in 2027E (ROE reaches 53%), which Goldman Sachs believes provides an attractive risk return. Goldman Sachs pointed out that the updated 3Q26E forecast is basically consistent with the market consensus (BBG), while the profit forecast for 2027-2028 is 8%-17% higher than the market benchmark, mainly reflecting higher DRAM ASP assumptions (especially HBM), whose impact exceeds the drag caused by the downward revision of traditional DRAM shipment estimates. Goldman Sachs believes that the company's focus on HBM business will relatively limit the bit output of traditional DRAM, thereby further pushing up the tight supply situation in 2027. A[September 30 morning news selection]
1. The Ministry of Finance, the People's Bank of China, and the State Administration of Financial Supervision issued a notice that China will implement interest discounts for residents using newly issued commercial personal housing loans to purchase houses starting from October 1. The loan size that can enjoy discount interest can be up to 1 million yuan, and the financial department will provide an annual discount of 1 percentage point, with a maximum period of 5 years.
2. On the basis of giving full play to the effectiveness of various existing policies, the People's Bank of China decided to further adjust and improve several monetary policy tools, including lowering the mortgage supplementary loan (PSL) interest rate by 0.25 percentage points. The one-year mortgage supplementary loan interest rate was reduced from 1.75% to 1.5%; the mortgage supplementary loan support area was expanded to include the construction of "six networks" such as water network, new power grid, computing power network, new generation communication network, urban underground pipe network, and logistics network into the mortgage supplementary loan support area ; Increase the re-loan quota for scientific and technological innovation and technological transformation by 200 billion yuan, and increase the re-loan support ratio from 60% to 100%; increase the re-loan quota to support agriculture and small businesses by 500 billion yuan, of which the re-loan quota for private enterprises will increase by 300 billion yuan.
3. The spokesperson of the Ministry of Commerce responded to a reporter's question regarding media reports that relevant EU member states are pushing the European Commission to create a European version of the "301" tool. The spokesperson said that China will pay close attention to the EU's follow-up movements. If the EU insists on introducing discriminatory restrictions on Chinese companies or products, China will resolutely respond and defend the legitimate rights and interests of Chinese industries.
4. Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference. A reporter from TASS asked: The Kremlin spokesperson said that the APEC summit in Shenzhen provided a good opportunity for the heads of state of Russia, China and the United States to hold a trilateral meeting. What is China’s comment on this? Guo Jiakun said that as the host of APEC this year, China is willing to work with all parties to jointly promote the APEC China Year to achieve fruitful results and make new contributions to promoting economic growth in the Asia-Pacific and the world.
5. Cheng Fubo, Secretary and Director of the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council, published a signed article in "New Industrialization" stating that we will further develop key areas such as artificial intelligence and new materials, cultivate cutting-edge tracks such as quantum technology, nuclear fusion energy, and biological manufacturing in advance, and promote the development of emerging industries to "build momentum."
6. According to market tracking data, as of the close, the Shanghai and Shenzhen stock exchanges’ full-day turnover was 1,409.197 billion yuan, a decrease of 293.6 billion yuan from the previous day, a new low since July 8, 2025, and a shrinkage of more than 64% from the historical volume of 3,941.484 billion yuan set on January 14, 2026.
7. TrendForce research shows that HBM and traditional DRAM are still competing for limited advanced process and wafer production capacity. The HBM price outlook for next year has been revised upward, and the annual comprehensive average selling price is expected to increase by 121%.
8. Luchang Technology announced that the controlling shareholder Zoomlion plans to change its control rights and the stock will be suspended from trading. Huazhijie announced that it plans to acquire 83.5% of Greming’s shares and the stock will resume trading. The Institute of Construction Research announced that it is planning for major events and the stock will be suspended from trading.
9. Enhua Pharmaceuticals announced that it has granted Somnivera exclusive rights to an innovative drug under development for the treatment of sleep disorders, and is entitled to receive milestone payments of up to US$507 million.
10. Corson Technology announced that it plans to raise no more than 1.102 billion yuan in additional capital to acquire 53.26% of the equity of Zhangu Technology, a liquid-cooled precision metal structural parts company.
11. Shandong Gold announced that the chairman proposed to repurchase A shares worth 300 million to 400 million yuan. Dongyangguang announced that the controlling shareholder proposed to repurchase shares of 600 million to 1.2 billion yuan. China Automotive Research Institute announced that the controlling shareholder plans to increase its shareholding by 60 million yuan to 120 million yuan.
12. All three major U.S. stock indexes closed slightly lower, with the Dow Jones Industrial Average falling 0.26%, the S&P 500 Index falling 0.17%, and the Nasdaq Composite Index falling 0.09%. AI hardware stocks generally rose. Lumentum rose by more than 5%, Corning and Marvell Technology rose by more than 4%, ARM, Meta, Coherent, and Ciena rose by more than 3%, and SK Hynix rose by more than 2%.
13. Trump stated that he will sign a strong artificial intelligence order and rename "artificial intelligence" to "super intelligence" through an executive order. Trump said that he has signed an artificial intelligence document and is considering establishing a 10-member committee to oversee artificial intelligence.
14. Many Federal Reserve officials have called for continued interest rate increases. Federal Reserve Governor Barr said that it may be necessary to continue to raise interest rates; policies need to be recalibrated. The basic situation is that further policy adjustments may be needed. Fed's Williams said that if the economy meets expectations, it may raise interest rates again this year.
15. Traders have reduced their bets on the Federal Reserve raising interest rates in October. The market currently believes that the probability of the Federal Reserve raising interest rates in October is about 50%, which is lower than the previous expectation of about 70%.
16. The United States announced that it will provide up to 40 million barrels of crude oil from the Strategic Petroleum Reserve to increase market supply.
17. U.S. Treasury yields continued to surge during the session on Tuesday. The 30-year Treasury bond yield rose to 5.6%, continuing to hit a new high since 2002. Barclays expects the U.S. 30-year Treasury yield to rise to 6%.
18. Samsung Electronics plans to start mass production of the third-generation 2nm process in 2028, and launch mass production of the 1.4nm process in 2029.
19. People familiar with the matter said that OpenAI’s annual recurring revenue (ARR) is reported to be close to US$70 billion, an increase of more than 70% from the beginning of the third quarter. OpenAI enterprise sales have more than doubled since July.
20. OpenAI launched the all-weather autonomous agent Dots and the GPT-6.1 Sol model, and will launch the GPT‑6.1 Sol ultra-fast version in the next few days.
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