8:1 Kr丨Doubao's number of users has been surpassed by Hongguo; Amid the controversy over the screen cracking issue of iPhone Duo, Ternus has made his first public response; The US stock market is about to "stay up all night", and Nasdaq will launch 23-hour trading sessions across the whole day.

Today's Hotspot Guide

The International Olympic Committee confirmed that China will not bid for the 2036 Olympic Games

The total market value of Innolight has fallen below 600 billion, and Goldman Sachs has lowered its earnings forecast

It is rumored online that Kunlunxin's IPO has been postponed, and Baidu denies the market rumor

Being placed under investigation by the China Securities Regulatory Commission, the stock price of the parent company of "Haoxianglai" plummeted

Chicecream makes a "comeback", with a single unit priced as low as 7.5 yuan

Trump vowed to strongly protect Musk

TOP3 Major News

The ranking of Douyin, Hongguo Short Drama, Doubao and Jinri Toutiao has changed, with Hongguo overtaking Doubao to become the second largest application of Douyin Group

QuestMobile released the China Mobile Internet Autumn Report. As of September 2026, the monthly active users of domestic mobile Internet reached 1.281 billion, with a year-on-year increase of 0.9%. The average monthly usage duration per user is 189.8 hours, up 6.5% year on year. Major changes have taken place in the internal application pattern of Douyin Group. The latest top three applications are Douyin, Hongguo Short Drama and Doubao, with de-duplicated total users of 1.029 billion, 430 million and 419 million respectively. Hongguo Short Drama has surpassed Doubao in user scale and been promoted to the second largest application of the group; while in the same period last year, the top three applications of the group were still Douyin, Jinri Toutiao and Douyin Speed Edition. From the perspective of duration data, short drama videos and short videos are the two core engines driving the growth of the whole network's usage duration. The duration increment of short dramas takes a clear lead, and users' attention continues to shift from traditional long videos to short dramas. While the short drama track is exploding, the industry reshuffle is drastic. The user scale of Hippo Theater has declined, while new players such as Hongguo Manju and Lvpaopao Short Drama have achieved rapid user growth with large traffic fluctuations. Whether they can precipitate and retain users has become the key to competition in the next stage. The report points out that AI-native products, short drama content, community transactions, local decision-making and instant fulfillment are becoming the new main battlefield for large tech enterprises to reconstruct the traffic matrix and compete for the starting point of user decision-making. (36Kr, CLS)

Apple CEO Responds to iPhone Duo Screen Issues

On November 2, after U.S. stock market trading hours, Apple released its financial report for the fourth quarter of fiscal 2026. Its revenue increased 11.7% year-on-year to 114.477 billion U.S. dollars, and diluted earnings per share rose by about 14% year-on-year to 2.10 U.S. dollars, both figures exceeding market expectations. During the earnings call, in response to the iPhone Duo screen issues reported by some users, Apple CEO Ternus stated that the devices with problems only account for a "very small proportion", and Apple is providing replacement services for affected users. In addition, Ternus also warned that affected by the rising memory prices, the gross margin of the new quarter ending in December will be 45%-46%, lower than the 47.9% of the previous quarter; the expected revenue growth rate of the service business will be 8%-9%, which is lower than the analysts' consensus expectation of 10.7%. (National Business Daily)

Starting from December 6, Nasdaq will run 23-hour trading sessions throughout the day

Nasdaq will officially launch 23-hour continuous trading on December 6, with the market closed for only 1 hour per day. The newly added night trading session aligns with the A-share trading hours in Beijing Time, which means US stock price fluctuations will change from overnight gaps to real-time intraday linkage. Industry insiders point out that this move is aimed at competing for global liquidity, and globalized sectors on the A-share market including AI, semiconductors and new energy vehicles will be impacted by real-time sentiment transmission. Quantitative institutions need to upgrade their cross-market risk control models. A number of private equity firms have already deployed Nasdaq-related products, while cross-border Nasdaq ETFs generally trade at high premiums due to QDII quota restrictions. (China News Finance)

Cutting-edge AI Frontiers

Nearly $900 billion in computing power expenditure, Anthropic updates its IPO prospectus

On November 2 local time, Anthropic submitted the revised S-1 prospectus document to the U.S. SEC, supplementing complete operating data of the third quarter on the basis of the first version of materials. The document shows that in the third quarter, Anthropic posted a revenue of 16.956 billion U.S. dollars, representing a year-on-year increase of about 12 times; its net loss reached 23.3 billion U.S. dollars, higher than the 12.1 billion U.S. dollars in the same period of the previous year. However, the net loss includes large non-cash book losses caused by changes in the fair value of preferred stocks and convertible bonds. In the same period, the company's operating expenditure increased by 292% year on year to 17.5 billion U.S. dollars. As of the end of September, the total amount of Anthropic's committed expenditures reached 895 billion U.S. dollars, of which about 448 billion U.S. dollars is expected to be incurred before the end of 2030. (Jiemian News)

Seedance's overseas revenue proportion has reached 50%, with domestic internet enterprises including Tencent and Bilibili as its major clients

36Kr exclusively learned that the overseas revenue proportion of Seedance, the video generation model under ByteDance, has reached 50%. According to people close to Volcano Engine, Seedance's revenue in the overseas market has increased by nearly 5 times in the past six months. Currently, the overseas market has become a key battlefield for the Seedance model. In the domestic market, internet enterprises are still the main clients of Seedance. Insiders revealed that in terms of Token consumption and revenue contribution, Tencent ranks among the top 3 clients of Seedance in China, and Bilibili ranks in the top 10 — leading internet enterprises are purchasing Seedance on a large scale.

Qualcomm AI Hub is Open to Chinese Developers

Qualcomm Technologies, Inc. announced that Qualcomm AI Hub is now open to Chinese developers, providing a platform for developers to build and deploy on-device AI. As introduced, Qualcomm AI Hub integrates Qualcomm AI Hub Models, Qualcomm AI Hub Workbench, Qualcomm AI Hub Apps and GenieX for on-device generative AI inference. These tools can help developers carry out model exploration, model optimization, achieve application integration, and complete on-device deployment on smartphones, PCs, IoT devices and other form factors. (Jiemian News)

SenseNova 6.8 Flash Official Version Released

36Kr learned that on November 2, SenseTime launched the official version of SenseNova 6.8 Flash. Focusing on complex tasks in real scenarios, it keeps exploring the boundary of intelligent capabilities, and carries out optimization targeting the key difficulties in task execution and result delivery. This model supports cross-task and cross-session collaboration, extending its generative capabilities to richer delivery forms.

Major Companies / Key Events

Yao Shunyu Denies Starting a Business: Still an Employee of DeepMind at Present

"I have not founded a company, and I am still an employee of Google DeepMind at present." On the evening of November 2, in response to the online rumor that he is preparing an RSI (Recursive Self-Improvement) company, Chinese AI scientist Yao Shunyu made a denial. Yao Shunyu said, "I have no idea at all where this false news came from." (The Paper)

IOC Confirms China Will Not Bid for 2036 Olympic Games

The International Olympic Committee finalized the list of bidders intending to host the 2036 Summer Olympic Games on November 2 local time. Seven countries including Germany, Hungary, India, Qatar, the Republic of Korea, South Africa and Turkey have been shortlisted. The bidding window has been closed with no additional bidding countries, and China is not on the list. The process will enter the assessment stage afterwards, and the host location will be confirmed in mid-2029. (Xinhua News Agency)

The total market capitalization of Innolight falls below 600 billion yuan, Goldman Sachs downgrades its earnings forecast

On November 3, the CPO concept continued to decline in the afternoon trading, Innolight's stock price dropped by more than 9%, falling below the 500 yuan mark. Its total A+H share market capitalization fell below 600 billion yuan, and the stock price has retreated by nearly 65% from its historical high on June 22, 2026. In terms of news, according to the report of Financial Investment Network, Goldman Sachs recently lowered Innolight's revenue forecast from 2026 to 2028 and its net profit forecast for the next three years in its latest report. The core reason is that the tight supply of key components has affected the company's production and delivery schedule. Goldman Sachs lowered its 2026 revenue forecast from 131.87 billion yuan to 104.914 billion yuan, a reduction of nearly 27 billion yuan, and cut its 2027 and 2028 revenue forecasts by 10% and 7% respectively. (CLS)

Online rumors claim that Kunlunxin's IPO has been postponed, and Baidu denies the market rumors

36Kr learned that on November 3, in response to the recent market rumors that the listing timeline of Kunlunxin may be postponed, Baidu responded that the relevant market rumors and related reports are untrue. Baidu stated that Kunlunxin is currently in the confidential reporting stage. In accordance with regulatory requirements, the company is not allowed to disclose any major non-public information, including the progress of the listing process. Baidu noted that it will make a public announcement at an appropriate time in the future, and the public is advised to pay attention to the subsequent information released by the company.

Nvidia regains the top position in total market capitalization of US stocks

In early US stock trading, Nvidia has retaken the crown of the largest company by total market capitalization in the US stock market. Nvidia's share price rose 3.19% to $208.51 per share, with its total market capitalization hitting 5.03 trillion US dollars; Apple's share price dropped 2.48% to $329.93 per share, with a total market capitalization of 4.79 trillion US dollars. The market cap rankings of the two tech giants have swapped places once again. (CLS)

Apple Announces: App Store to Roll Out Brand-New Age Rating Requirements

On November 3, Apple announced today that it will launch new age rating requirements for the App Store. Apps with location sharing functions, or those that provide dating services and real/virtual romantic relationship services must be rated 18+. Starting from November 16, when developers fill out the age rating questionnaire in App Store Connect, they must declare whether the application includes location sharing functions, as well as functions related to dating and AI companions. (Caijing Tech, IT Home)

Former US Secretary of the Army to Join OpenAI After Resigning Over Reported Rifts with US Defense Secretary

According to reports from US media outlets including CNBC on local time November 2, OpenAI, the US artificial intelligence research organization, announced that Daniel Driscoll, former US Secretary of the Army, will join the company as Senior Advisor for National Security Modernization, a newly created position at the firm. OpenAI stated that Driscoll will focus on exploring how to leverage artificial intelligence to strengthen US national security and cybersecurity. Driscoll said that artificial intelligence can help reduce paperwork, process information, and deliver analysis and judgment results to national security practitioners at a faster speed. (Huanqiu.com)

Global central banks' net gold purchases reached 321 tonnes in the third quarter, marking the fastest pace since the end of 2024

Despite the pressure on gold prices brought by rising oil prices and upward interest rates, central banks of all countries still bought gold at the fastest speed since the end of 2024 in the third quarter. According to a report released by the World Gold Council (WGC) on Tuesday, central banks made net purchases of 321 tonnes of gold in the three months ending at the end of September. After the relatively slow gold purchase pace at the beginning of 2026, the estimated gold purchase volume of central banks so far this year has reached 675 tonnes, slightly higher than the same period of last year. These figures highlight that central banks, the important driving force behind gold hitting a record high in January this year, remain a key support for gold prices in the context of the overall weak gold market. (CLS)

Wall Street Urges Anthropic to Adopt a Prudent Pricing Strategy

The slump of US tech stocks last week has pushed large investors planning to participate in Anthropic's Initial Public Offering (IPO) to reach a new consensus on the AI giant's listing valuation, which tends to adopt a relatively low valuation. According to people familiar with the matter, in the past few days, institutional investors have made it clear to the Claude developer and its advisory team that its valuation should be set at around 1.5 trillion to 1.6 trillion US dollars in the IPO later in November 2026, which is far lower than the nearly 2 trillion US dollar level widely rumored in the market in recent months. (Sina Finance)

Sell the mobile phone business for 40 billion yuan? ZTE says "it is not true"

On the evening of November 3, market news came out that ZTE Corporation is negotiating mobile phone business cooperation with a large internet manufacturer. The plan involves packaging ZTE's mobile phone business, and establishing a joint venture jointly by ZTE, the internet manufacturer and Shanghai state-owned assets. Employees of relevant companies said that at present, the internet giant plans to contribute about 8 billion yuan, while ZTE hopes to advance based on a business valuation of about 400 billion yuan. The final valuation, shareholding ratio and transaction method of the negotiations between the two sides are still in the communication stage. Guancha.cn verified the news with ZTE Corporation, and the other party said "it is not true". (Guancha.cn)

Foreign Ministry Responds to Reports Claiming "NVIDIA Requires Its Partners to Provide At Least 51% of Their Services to Non-Chinese Enterprises"

On November 3, Mao Ning, Spokesperson of the Ministry of Foreign Affairs, presided over a regular press conference. A reporter raised a question: According to the Financial Times, NVIDIA has required some of its data center partners to provide no less than 51% of their services to non-Chinese enterprises. This move may restrict Chinese enterprises' access to key artificial intelligence technologies. What is the response of the Chinese side? In response, Mao Ning said that she was not aware of the specific situation. We have always maintained that all parties should carry out cooperation in accordance with the principles of fairness, transparency and non-discrimination. (CCTV News)

Qianye Jewelry and its legal representative Lin Mingjie have been subject to consumption restriction measures

According to China Enforcement Information Publicity Network, on November 2, two new consumption restriction orders were imposed on Beijing Qianye Jewelry Co., Ltd. and its legal representative Lin Mingjie, with the enforcing court being the People's Court of Tongzhou District, Beijing. Tianyancha App shows that Beijing Qianye Jewelry Co., Ltd. was established in March 2001, with Lin Mingjie as the legal representative and a registered capital of about 110 million RMB. Its business scope includes enterprise management, arts and crafts design, exhibition organization and other related services, and it is jointly held by Lin Mingjie, Gao Xiaosong, Lin Huixian and other shareholders. (Jiemian News)

DeepSeek Web and API Services Have Been Restored, While the Performance of Some Services Still Remains Degraded

36Kr has learned from the status announcement updated on DeepSeek's official website that the previously occurred partial outage of web and API services has been repaired, and the repair effect is currently being monitored. However, the API services and conversation services of DeepSeek V4 Pro and DeepSeek V4.1 Flash are still facing performance degradation.

Placed under file investigation by the CSRC, the share price of the parent company of "Haoxianglai" plummeted sharply

On November 3, Wanchen Group's stock once fell by more than 9% in early trading, and the decline later narrowed to 6%. The company issued an after-hours announcement stating that it has been filed for investigation by the CSRC on suspicion of failing to timely perform the obligation of temporary information disclosure for related party transactions, and clarified that relevant issues have been rectified and its daily operations are not affected. Wanchen Group is the parent company of the snack brand Haoxianglai, which owns multiple mass-market snack brands with more than 30,000 stores; both its revenue and net profit achieved substantial growth in the first three quarters. (Jiemian News)

Latest Progress of Xiaomi Robots

Lei Jun, founder of Xiaomi Group, has publicly announced two key developments of the humanoid robot business. In industrial scenarios, Xiaomi's humanoid robot has been deployed at the sorting workstation for center console side covers in automobile factories, achieving stable operation for 8 hours for the first time, which can meet the full-day production needs of the workstation. It can independently correct abnormal deviations during operation and complete coordination with the production line system. In terms of home scenarios, Xiaomi's embodied base model has launched trial operation in Xiaomi Youth Apartments, capable of completing a long-range task chain that lasts for more than 30 consecutive minutes, spans 3 rooms and contains more than 50 tasks. (CLS)

Boeing Forecasts That China Will Add 9,240 New Civil Aviation Aircraft Over the Next 20 Years

Boeing stated that the size of China's civil aviation fleet will more than double in the next 20 years, requiring 9,240 new aircraft, 42% of which will be used to replace old models. After 25 years of rapid growth, China currently has nearly 4,500 civil aviation aircraft, operating the world's second largest civil aviation fleet. According to Boeing, driven by the expanding middle-income class, more visa-free travel destinations and continuous investment in aviation infrastructure, China's air passenger traffic is expected to grow at an average annual rate of 5%. Boeing also predicts that China's civil aviation industry will need 425,000 new pilots, maintenance personnel and cabin crew in the next 20 years. (Yicai)

AMD's revenue outlook beats expectations, after-hours surge exceeds 7%

AMD's adjusted earnings per share for the third quarter was $2.09, compared with $1.20 in the same period a year earlier and the consensus estimate of $1.97; revenue hit $13.38 billion, up 45% year over year, versus the estimated $13.08 billion; data center revenue reached $8.55 billion, up 97% year over year, beating the estimate of $8.2 billion; adjusted gross margin stood at 56%, compared with 54% in the same period of the previous year and the projected 56.1%; capital expenditure was $648 million, compared with $258 million in the same period last year and the estimated $647 million; adjusted operating income came in at $3.92 billion, up 75% year over year, versus the projected $3.68 billion; R&D expenditure was $2.80 billion, up 31% year over year, compared with the estimated $2.72 billion. AMD expects its fourth fiscal quarter revenue to be around $17 billion, with a fluctuation range of plus or minus 3%, while the average analyst expectation is $16.3 billion; it projects the adjusted gross margin for the fourth quarter to be around 55%, while the market estimate is 55.5%. After the earnings report was released, AMD's share price rose 7% in after-hours trading. (Jiemian News)

Oracle Placed 65% of Its $10 Billion Stock Offering With 10 Investors Per Reports

According to people familiar with the matter, Oracle has allocated 65% of the shares in its $10 billion stock offering to the 10 investors with the largest subscription scales. The insiders noted that the subscription demand for this offering has reached several times the number of shares available for issuance. Bank of America led the offering, with 11 other banks participating in the process. (Sina Finance)

Chicecream "makes a comeback" with the lowest price of a single ice cream stick as low as 7.5 yuan

On November 3, Chicecream restarted sales on JD's self-operated store. The marked prices of some small-specification products are equivalent to 11.5 yuan to 13.2 yuan per stick, which does not match the previously announced price range of 6.9 yuan to 7.9 yuan, triggering doubts about price increases. The brand responded that the marked prices of small-specification products are on the high side due to the impact of e-commerce logistics costs. After combining promotions such as full-price reduction and "buy two get one free", the actual unit price after discount ranges from 7.5 yuan to 8 yuan; the offline pricing remains within the originally set range. This restart is the brand's first online sale after its brand assets changed ownership. It is currently in the off-season for cold drinks, and this move is mainly used to collect market feedback, while other channels are also in the process of connection and preparation. (Yicai)

Guangzhou explicitly clarifies that landlords are not allowed to surcharge water and electricity fees

Guangzhou has voted and adopted the "Regulations on the Administration of Collecting Residents' Domestic Water and Electricity Fees on Behalf of the Public for Leased Residential Houses in Guangzhou", which will be implemented after obtaining approval from the Standing Committee of the Provincial People's Congress. It requires that landlords collecting water and electricity fees on behalf of the public can only charge fees according to government pricing combined with actual consumption. Eight types of behaviors including raising unit prices, falsifying meter readings, mixing public shared utility costs, and adding extra management fees are all classified as violations. Once verified, the overcharged funds must be refunded, and a maximum fine of 5 times the illegal amount may be imposed. Landlords are required to present detailed water and electricity consumption records before collecting fees, and tenants can directly inquire about the bills from water and power supply companies with their lease contracts. (Jiemian News)

The three major U.S. stock indexes closed mixed, with most large-cap technology stocks posting gains

36Kr learned that at the close of trading on November 3, the three major U.S. stock indexes saw mixed performances: the Nasdaq rose 0.83%, the S&P 500 rose 0.36%, and the Dow Jones Industrial Average fell 0.38%. Most large-cap tech stocks went up: Western Digital rose by more than 4%, Broadcom and AMD rose by over 3%, Microsoft, Meta, NVIDIA, and Amazon increased by more than 2%, Alphabet saw a slight rise, while Apple and Tesla fell by over 1%. Popular Chinese concept stocks traded mixed: JD rose by more than 2%, XPeng Inc. rose by over 1%, NetEase and Baidu posted slight gains, Bilibili fell by more than 2%, and Pinduoduo and Alibaba dropped by over 1%.

Canon may raise prices across its entire product line next year

Canon issued a price hike warning at its briefing for the third-quarter financial report of fiscal year 2026. Affected by tight supply of circuit boards and electronic components as well as rising procurement costs, it plans to raise product prices next year to hedge against costs, and has not announced specific models and the range of price increases for the time being. Dragged down by multiple factors such as parts shortage, Canon has postponed the timeline for production normalization to after 2027, and the expected loss of its medical business has been raised to 90 billion yen. The financial report shows that its revenue and profit in the third quarter increased year on year, but the sales volume of its camera and lens business is under pressure, and its revenue is driven by price increases of high-end models. The group also lowered its full-year performance guidance. Fujifilm has already raised prices before, and the industry predicts that manufacturers such as Sony and Nikon may follow up later, and the camera industry may usher in a round of price increase cycle driven by the shortage of upstream components. (Jiemian News)

Trump Vows to Fully Protect Elon Musk

As the results of the U.S. midterm elections have not yet been released, Donald Trump has made preparations in advance for the possible defeat of the Republican Party. Trump stated in a podcast program that if the Democratic Party wins a majority in Congress and launches an investigation into Elon Musk, he will use measures such as pre-emptive pardon to protect Musk, and also consider protecting his own staff. He said that relevant investigations and asset seizures are only rumors for now, but he will take protective actions once they become reality, citing former President Biden's pardon moves as a reference. Musk has invested nearly 500 million U.S. dollars to support the Republican Party in this election cycle. He also warned that if the Democratic Party takes control of both the White House and Congress in 2028, he will resist the investigation targeting him. The Democratic side has been brewing a number of investigations, focusing on conflicts of interest between Musk and his subsidiaries SpaceX and Tesla, as well as huge contracts with the government, and may also verify the usage of Starlink in Ukraine. Statistics show that since Musk left the Department of Government Efficiency, his enterprises have obtained 10 billion U.S. dollars in government contracts and grants. (CLS)

Investment and Financing

"Sazhi Intelligence" Completes Pre-B Round Financing of Hundreds of Millions of Yuan

36Kr has learned that "Sazhi Intelligence" has recently completed a Pre-B round financing of hundreds of millions of yuan. The investors include three institutions: Jiantou Investment Co., Ltd., Nantong Investment Management and Yunqi Capital. The funds raised in this round will be mainly used for large model R&D, iteration of multi-arm robot bodies, production line expansion and in-depth expansion of the global market.

"Zhizi Guangyuan" Completes Seed Round Financing of Hundreds of Millions of Yuan

36Kr has learned that Zhizi Guangyuan, an optical computing chip company, has completed a seed round financing of hundreds of millions of yuan. Since its establishment, the company has successively finished 5 rounds of seed financing, and the investors include Haitong International Innovation Center, Yunqi Capital, Guotai Haitong, Xianfeng Changqing, Atom Ventures, Tongxin Capital and Shanghai Jiao Tong University AI Future Fund. The funds will be mainly used for core chip R&D and tape-out iteration, high-end talent introduction and team building, as well as application scenario expansion and ecological cooperation.

"Sensel Tech" completes tens of millions of yuan in Pre-A++ round financing

36Kr learned that Sensel Tech, a flexible tactile sensor company, has completed a Pre-A++ round of financing of tens of millions of yuan, which was exclusively invested by Guangzhou Industrial Control in this round. The funds will be mainly used for the R&D of flexible off-electrode technology and the iterative implementation of new-generation products, promoting cross-industry customer verification and industrial market expansion, and accelerating industry penetration in multiple scenarios.

Listing in Progress

Intellifly: The company posted a revenue of 944 million yuan in the first three quarters, maintaining overall stable performance

36Kr has learned that Intellifly released its third-quarter report. According to the report, the company realized a revenue of 944 million yuan in the first three quarters, keeping generally stable. Its R&D investment hit 513 million yuan, growing 73.01% year on year, and the proportion of R&D investment in operating revenue has further increased compared with the same period of the previous year.

Philips' third-quarter sales hit 4.4 billion euros, with comparable sales up 3% year on year

On November 3, Philips announced its performance for the third quarter of 2026. The group's sales reached 4.4 billion euros, with comparable sales growing 3% year on year; its operating profit was 165 million euros. The adjusted EBITA margin increased by 0.7 percentage points year on year to 13%, and the order volume rose 8% year on year. The company's cash flow from operating activities stood at 544 million euros, and its free cash flow was 384 million euros. Philips reaffirmed its full-year performance guidance for 2026, predicting that comparable sales will grow by 3% to 4.5%, the adjusted EBITA margin will be 13.5% to 14%, and the free cash flow will be 1.5 billion to 1.7 billion euros. (Jiemian News)

Ackman's Pershing Square posted a loss of 19.9 million U.S. dollars in the third quarter, adding seven new investments within the year

On November 3, Pershing Square under the management of billionaire investor Bill Ackman released its third-quarter financial report. The company recorded a net loss attributable to owners of 19.9 million U.S. dollars, while it posted a net profit of 155.5 million U.S. dollars in the same period last year. Quarterly revenue dropped 14.5% year-on-year to 56.6 million U.S. dollars, and total expenditures increased to 76.7 million U.S. dollars from 41.9 million U.S. dollars in the same period of the previous year. Although the recurring management fee income grew, the decline in performance remuneration and the rise in operating expenses dragged down the overall profitability performance. However, the performance of Pershing Square's investment portfolio still outperformed the broader market. The company stated that it has added seven new investments since 2026, and started to build the position for the eighth investment after the end of the third quarter. (Sina Finance)

Saudi Aramco's Q3 Net Profit Rises 34.6% Year-on-Year

The financial report released by Saudi Arabian Oil Co. (Saudi Aramco) on November 3 shows that the company achieved a net profit of 36.252 billion US dollars in the third quarter of 2026, representing a 34.6% year-on-year increase. Its adjusted net profit reached 31.198 billion US dollars, up approximately 9% year on year. According to the financial report, Saudi Aramco's cash flow from operating activities in the third quarter stood at 38.7 billion US dollars, higher than the 36.1 billion US dollars recorded in the same period of the previous year. Its free cash flow hit 28.2 billion US dollars, with a year-on-year growth of around 19.7%. Boosted by the improvement of refining profit margin, the adjusted EBIT of its downstream business increased by 234% year on year. In the first three quarters of this year, Saudi Aramco's accumulated net profit reached 101.481 billion US dollars, up roughly 34.2% year on year. (CCTV News)

Compiled by | Li Qi