B[Tengjing Technology: Net profit is expected to increase by 61.68%-76.38% year-on-year in the third quarter] On October 16, Tengjing Technology (688195.SH) announced that the net profit attributable to the owners of the parent company in the third quarter of 2026 is expected to be 44-48 million yuan, a year-on-year increase of 61.68%-76.38%. The change in performance was mainly due to the expansion of global AI computing power infrastructure, the rapid growth of optical communication demand, the continuous increase in orders for passive optical components of data center high-speed optical modules, OCS yttrium vanadate crystals, tunable lasers and other optical testing instruments, the expansion of business scale and the optimization of product structure, and the comprehensive gross profit margin increased year-on-year. Xiaocai Note: The company’s Q3 net profit is expected to be 44 million to 48 million, and Q2 net profit is 36 million. Based on this calculation, Q3 net profit is expected to increase by 23% to 34% month-on-month. B[General Administration of Customs: China’s ship exports exceeded 350 billion yuan in the first three quarters Growth of 24.6%] On October 14th, Wang Jun, spokesman and deputy director of the General Administration of Customs, said at a press conference of the State Council Information Office that in the first three quarters, China’s ship exports exceeded 350 billion yuan, an increase of 24.6%. Among them, 300,000-ton oil tankers, large liquefied petroleum gas ships and liquefied natural gas ships have all achieved exponential growth. Green fuel ships such as methanol and ammonia have continued to iteratively upgrade, adding "oil" and "gas" to global energy transportation. The industrial robot industry has accelerated digital intelligence empowerment, exporting nearly 10 billion yuan, an increase of 16.9%, assisting the transformation and upgrading of the manufacturing industries of trading partners. Exports of electronic components increased by 70%, and electrical equipment such as wires and cables increased by 25.3%, providing a strong "core" and "pulse" for the development of global AI computing power and power infrastructure. Amid the unstable situation in the Middle East and the tight supply of global energy and chemical raw materials, in the first three quarters, China's exports of basic organic chemicals increased by 24.4%, and primary-form plastics increased by 32.2%, adding "liquid" and "material" to the production of various countries. B[General Administration of Customs: Chinese enterprises provide solid support to cope with the growth of global computing power and electricity demand] On October 14, Wang Jun, deputy director of the General Administration of Customs, said at a press conference of the State Council Information Office that China relies on its complete industrial system and technological innovation capabilities to provide solid support to cope with the growth of global computing power and electricity demand.
In terms of computing power, China's exports of integrated circuits increased by 99.1% in the first three quarters, computer parts and accessories increased by 2.1 times, and storage components such as solid-state drives increased by 1.3 times, ensuring a stable supply of intermediate products in the global computing power industry chain. Exports of data processing equipment such as servers increased by 7.2%, supporting the construction of global computing infrastructure.
In terms of electricity, product exports have made great efforts in the first three quarters. In the smart field, exports of photovoltaic products increased by 10.3%, and wind turbines and their parts increased by 22.4%, continuing to fill the global clean energy supply gap; in the energy transmission field, exports of wires and cables increased by 28.1%, and transformers increased by 22.5%; in the energy storage field, exports of various storage batteries increased by 34.8%, and are exported to more than 200 countries and regions around the world.
From fingernail-sized high-speed optical communication modules to tons of AI computing power server cabinets; from a household wire to ultra-high voltage converter transformers for long-distance, large-capacity power transmission; from portable power banks to large-scale industrial and commercial energy storage equipment; from single small batteries to container-type integrated energy storage systems... Thousands of Chinese companies are providing practical, feasible, mature and reliable Chinese products, Chinese experience and Chinese solutions for global computing power construction, stable operation of power grids, and safe power supply. B[Jingjiawei: The CH37 series is advancing customer introduction and small batch production] On October 9, Jingjiawei stated on the interactive platform that the CH37 series is aimed at general markets such as embodied intelligence and edge computing. It has core advantages such as abundant AI computing power, flexible computing accuracy, and multi-modal perception fusion, and is suitable for scenarios with high multi-modal perception and low-latency requirements such as robots, industrial drones, and embodied intelligence. Currently, CH37 series products are continuing to promote customer introduction, small batch mass production, improvement of supporting software development and optimization, and sales promotion activities. A[Overview of U.S. stock market pre-market news: AMD said it was "very satisfied" with HBM4; Google cooperated with Unity to launch a next-generation AI gaming platform; the 30-year U.S. bond yield rose above 5.7%] On October 7, the financial news of the U.S. stock market that investors need to focus on is as follows:
1. Futures on the three major U.S. stock indexes fell collectively. Dow Jones futures fell 0.87%, S&P 500 futures fell 0.50%, and Nasdaq 100 futures fell 0.86%.
2. International oil prices both rose. WTI crude oil futures prices rose 0.70% to US$90.064/barrel; Brent crude oil futures prices rose 1.18% to US$101.770/barrel.
3. International gold and silver spot prices plunged in the short term. Spot gold prices fell 2.14% to US$4,074.88 per ounce; spot silver prices fell by 3.83% to US$58.98 per ounce.
4. The three major European stock indexes fell across the board. Britain's FTSE 100 index fell 0.64%, France's CAC40 index fell 1.26%, and Germany's DAX30 index fell 1.36%.
5. AMD CEO Su Zifeng said that AMD is working on optimizing memory under tight supply. It has received strong support from Samsung Electronics and SK Hynix in terms of HBM. AMD is "very satisfied" with HBM4.
6. Musk said that his subsidiaries will independently build and operate Terafab, a terawatt-level chip manufacturing project, ruling out the possibility of TSMC taking over and operating this project.
7. Lambda, a cloud computing startup backed by Nvidia, is raising up to $4 billion in funding, with a pre-money valuation of $14.5 billion. Its AI computing power backlog had grown to US$50 billion by September.
8. Google and Unity have reached a cooperation on a new AI game platform for the next generation of interactive entertainment, and will launch the Unity Spark creation platform later this year.
9. The latest report from Aterio, a data center research institution, shows that Oracle’s 1.3GW data center project “Project Lighthouse” in Wisconsin, USA, faces the risk of power supply delays. Under the baseline scenario, full power supply may be postponed to October 2028, and under the extension scenario, it may be postponed to April 2029.
10. The 2026 Nobel Prize in Chemistry will be awarded to Henri B. Kagan and Kenso Soai for their "discovery of nonlinear effects and autocatalysis in asymmetric organic synthesis."
11. The yield on the 30-year U.S. Treasury bond rose above 5.7%, rising more than 6 basis points during the day and continuing to hit the highest level since 2002.
12. Bank of America strategists said that the attractiveness of U.S. debt has increased, forming "real competition" with U.S. stocks for the first time in decades. The current 10-year U.S. Treasury yield has exceeded 5%, and its team’s valuation framework shows that the return rate of the S&P 500 Index in the next 10 years may not reach this level. B[CITIC Construction Investment: The post-holiday market is expected to usher in a recovery market after the short-term factors are digested] On October 7, CITIC Construction Investment believes that the pre-holiday A-share decline is driven by the concentrated resonance of multiple short-term factors, and the post-holiday market is expected to usher in a recovery market after the short-term factors are digested. Looking at profits in the short term: A-shares will enter a performance verification period in October; mid-term policies: a new round of policy may be coming; long-term focus on liquidity: the probability of an interest rate hike in October has dropped, but the 30-year U.S. bond interest rate is still high. CITIC Construction Investment expects that after the market recovers after the holiday, A-shares will continue to fluctuate as a whole and continue to have a balanced allocation of both offense and defense. Offensive end: Focusing on AI computing power (PCB, CCL, electronic cloth, etc.) and innovative drugs. Defensive end: Take dividend sectors such as banks, non-banks, coal, and public utilities as bottom positions. A[NVIDIA’s stock price broke through the high in May, setting a new all-time high, and the market value returned to 5.7 trillion US dollars] On October 2, NVIDIA’s stock price continued to rise during the session, breaking through the previous historical high set in May this year, setting a new all-time high, and the total market value returned to 5.7 trillion US dollars. As of press time, Nvidia rose 2.34% to US$236.26.
Recently, Nvidia increased its stock repurchase authorization by $150 billion, bringing the total repurchase program to $235 billion. The company expects to execute the repurchase program before fiscal 2028.
Just a month ago, Nvidia’s latest financial report continued to show strong demand for AI computing power. The company's latest quarterly revenue reached approximately US$96.2 billion, a year-on-year increase of 106%, setting a record high in a single quarter. At the same time, the company previously expected revenue growth in fiscal year 2028 to reach approximately 70%, further strengthening the market's expectations for the continuation of the AI infrastructure investment cycle. B[On the eve of Micron’s earnings report, super bulls reiterated a $2,000 target price] September 29th, on the eve of Micron Technology’s earnings report on Wednesday, a super bull of the memory chip giant reiterated a $2,000 target price for the stock, which is close to the highest level on Wall Street. The target price given by D.A. Davidson analyst Gil Luria is about 100% higher than Micron Technology's latest closing price. Luria pointed out that memory is the key to running large AI models. The larger the memory capacity, the better the model, the faster the reasoning, and the longer the context window. Market participants across the board have repeatedly said that demand is still skyrocketing and that it will take at least a year for new supply to catch up. The current valuation multiples given by the market have ended the pricing storage cycle, but the demand for AI computing power continues to grow. B[September survey favors small-cap stocks, institutions actively explore market opportunities] September 29th, Wind data showed that as of September 28, more than 2,700 listed companies have received institutional surveys since September, a significant increase from August. Judging from the market value and industry conditions of the companies under investigation, institutions have significantly increased their attention to small-cap stocks with a market value of less than 10 billion yuan, and are more favorable to companies in the mechanical equipment, electronics, basic chemical industry and other sectors. Regarding future investment opportunities in related sectors, industry insiders believe that as the mass production of Tesla humanoid robots accelerates, embodied intelligence models are expected to achieve breakthroughs and bring investment opportunities; in the electronics sector, it is recommended to pay attention to industrial chain links such as AI computing power, memory chips, optical modules and optical chips; the basic chemical industry sector has entered the "batting zone", and upward demand will become an important marginal variable. (China Securities Journal) B[AI server liquid cooling orders are booming and many companies are expanding production] September 28th, orders are scheduled until 2027, revenue growth exceeds 400%, and production capacity cannot keep up with delivery... This is not the story of a major Internet company, but the year 2026 of the liquid cooling industry. Driven by the surge in demand for AI computing power, liquid cooling is undergoing a transition from "supporting role" to "infrastructure". The upstream and downstream orders in the industry chain are increasing, companies are expanding production, and new players are influxing - this "cold" business ignited by the demand for intelligent computing is becoming "hot" like never before. However, many interviewees said that there are currently many players in the liquid cooling industry, competition is fierce, there are still differences in technical routes, and manufacturing processes are continuing to be iteratively upgraded. In this competition, only companies that have entered the core supply chains of domestic and foreign giants, mastered core processes, and maintained the ability to continuously iterate can truly transcend the cycle and enjoy dividends. (Shanghai Securities News)
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