禁止翻译，内容包含黑名单词：币安

Today's Hot News Guide

• The global "king of stocks" has a new titleholder once again, and it is reported that Apple will launch a large-screen foldable iPad in 2028
• The beverage once endorsed by Mbappé is being cleared out of inventory by merchants, with some stores recording zero sales on a single day
• The operator of MUJI Japan said that more than 27 million user information records may have been leaked, and MUJI China responded that domestic data is stored independently
• With the down payment reduced to less than 40,000 yuan, Tesla has launched a "5-year 0-interest" car purchase plan
• Starting from November 5, the fuel surcharge for domestic air routes will be raised again
• Mr. Savage has obtained its first round of financing

TOP 3 Major News

Binance was hacked, resulting in the freezing of its $3 billion assets

On October 30, Binance, the world's largest cryptocurrency exchange, was hit by a major unexpected security incident. Multiple market sources show that the exchange's hot wallet is suspected of being hacked, leading it to freeze more than 3 billion US dollars in assets and triggering a sharp plunge in digital token prices. A Binance spokesperson stated that the team has noticed reports about potential security issues and is actively conducting investigations, and user funds are completely safe at present. Previously, Binance had suspended token withdrawals and Binance Alpha trading.

Bobby Lee, founder of cryptocurrency storage company Ballet Global Inc., said that the Bitcoin stolen in the Binance hack is almost impossible to recover. Lee said in an interview on Friday that those Bitcoins are gone forever, and all the stolen Bitcoins have fallen into the hands of the hackers. The industry describes this as the largest-scale hack in the history of the cryptocurrency circle. Binance has suspended all deposits and withdrawals and promised to bear all losses. (CLS)

Trademark "Zhang Xue Motorcycle" Returns to Zhang Xue

Recently, Chongqing Municipal Intellectual Property Bureau disclosed that a number of core trademarks including "ZXMOTO" have completed registration, with the rights belonging to Chongqing Zhang Xue Motorcycle Industry Co., Ltd. After multiple rounds of games, the brand name "Zhang Xue Motorcycle" has officially returned to its founder Zhang Xue at the legal level. Zhang Xue called on the vast number of entrepreneurs to arrange and register their own trademarks in time at the initial stage of starting a business, so as to hold the legal defense line for the brand. Industry experts said that the experience of Zhang Xue Motorcycle reminds the majority of entrepreneurs that intellectual property protection is not an icing on the cake after gaining fame, but a precaution that should be properly prepared at the very beginning of entrepreneurship. (CCTV Finance)

U.S. Market Close: Nasdaq Plunges 700 Points; NVIDIA's Market Cap Evaporates by 1.4 Trillion Yuan Overnight; Intel Tumbles 28%

U.S. stocks closed collectively lower on Friday Eastern Time, with tech stocks facing broad sell-offs. The Nasdaq dropped 2.86%, posting its largest single-day decline since June. NVIDIA fell 4.22%, with around 1.4 trillion yuan of its market value wiped off in a single trading day; Intel plunged 28.58%, marking the second-largest single-day drop in its history. The storage, optical communication and semiconductor sectors all suffered widespread sharp slumps. Apple's market capitalization overtook NVIDIA, returning to the top spot across the globe. Capital shifted to defensive sectors, driving up the healthcare and consumer staples sectors, while oil prices rose more than 2% amid geopolitical tensions. The Nasdaq Golden Dragon China Index closed slightly down 0.27%. (CLS)

The Cutting Edge of AI

Anthropic Becomes SpaceX's Largest Single Customer, With Monthly Contribution Reaching Up to Approximately 3 Billion U.S. Dollars

People familiar with the matter said that Anthropic has become SpaceX's largest single customer, contributing more than one third of the revenue in the third quarter for Elon Musk's company that spans artificial intelligence, satellite and rocket businesses. SpaceX stated in a filing document last week that about 34.5% of its revenue in the previous quarter came from a single customer of its AI division. The division, now named Super Intelligence, provides computing power services. People familiar with the matter who declined to be named due to involvement in undisclosed information said that the "Customer B" referred to in the document is Anthropic. Anthropic's IPO disclosure documents show that the company has agreed to spend a maximum of 120.5 billion U.S. dollars over the contract period ending in 2029. The document shows that starting from December this year, this is equivalent to about 3.1 billion U.S. dollars per month. (CLS)

The open-source ecosystem of MiniMax H3 keeps expanding, and NVIDIA team open-sources 4K video enhancement solution

36Kr has learned that NVIDIA, in collaboration with the Efficient-Large-Model team of the Massachusetts Institute of Technology, has launched the Open-H3-Regenerate-2K video enhancement project based on MiniMax H3 on Hugging Face, with weights and inference code released simultaneously. This solution can regenerate low-definition video drafts into high-definition videos, supporting 2K output and a maximum of native 4K regeneration. It only trains the newly added refined LoRA, and adopts technologies such as latent space amplifier and sparse attention to boost efficiency. When processing a 5-second 2K video with a single B200 GPU, the optimized processing time is compressed to 22.45 seconds, with the speed increased by nearly 3.9 times; evaluations show that its perceived image quality is better than the official H3-Regenerate-2K API. MiniMax H3 has enjoyed surging popularity since it was open-sourced in August, recording more than 24 million downloads within one month and over 300 derivative models. Multiple teams at home and abroad are continuously developing adaptation tools and derivative models.

Qiyuan Robotics Launches PrimeSim World Model, Topping the WorldSimProbe LIBERO Leaderboard

36Kr has learned that on October 30, Qiyuan Robotics launched the PrimeSim world model and topped the WorldSimProbe LIBERO leaderboard, refreshing the performance record of robot simulation. PrimeSim is a world model simulator designed for robot training, which constructs an interactive, trial-and-error and continuously learnable virtual world for robots, so that policy verification and reinforcement learning can be carried out efficiently in it. In the test, when it was adopted for reinforcement learning, the success rate of policies was increased from 61.7% to 73.2%.

Memory Tensor MemT 1.0 Exceeds 100,000 Cumulative Downloads 10 Days After Open-Sourcing

36Kr learned that recently, MemTensor announced that its memory-native model MemT 1.0 has recorded over 100,000 cumulative downloads since it was launched on Hugging Face and GitHub on October 20, with an average daily download volume of over 10,000.

Big Companies / Major Events

Global "King of Stocks" changes hands again, Apple is rumored to launch a large-screen foldable iPad in 2028

U.S. tech stocks saw a pullback, where Apple posted a smaller decline on Friday. Boasting a market capitalization of 5.03 trillion U.S. dollars, it once again overtook NVIDIA (4.93 trillion U.S. dollars) to retake the crown of the world's highest market value. NVIDIA's market value shrank by roughly 1.4 trillion yuan in a single trading day, and this marks Apple's second time reaching the top after its brief lead at the end of July. Other sources indicate that Apple is testing its first large-screen foldable iPad, which can reach 18 to 20 inches in size when unfolded. Drawing on the design of Huawei MateBook Fold, the product targets reducing screen creases, and is scheduled to be released in 2028, with Corning and GIS participating in its supply chain. Industry estimates put the first-year shipment at 500,000 to 1 million units. Positioned at the high-end market with a premium price, this project has not received official confirmation from Apple, and the launch timeline is subject to uncertainty. (CLS)

The three leading giants of the optical module sector recorded a combined net profit of 35.7 billion yuan in the first three quarters, with the performance of the three leading players surging significantly

With the third-quarter financial reports of Innolight, Eoptolink and TFC all released, driven by the global AI computing power infrastructure construction, these three A-share leading optical module enterprises achieved a total revenue of 106.148 billion yuan in the first three quarters, with a total attributable net profit of about 35.693 billion yuan, maintaining a high overall growth. Their combined attributable net profit in the third quarter alone reached 13.309 billion yuan. From the perspective of individual enterprises, Innolight takes the lead in both revenue and profit, with its revenue in the first three quarters approaching 70 billion yuan and net profit exceeding 22 billion yuan; Eoptolink posted a revenue of over 31.8 billion yuan and a net profit of over 11.3 billion yuan in the first three quarters, showing strong growth momentum; TFC has a relatively smaller revenue scale of 4.75 billion yuan, but its net profit exceeds 2 billion yuan, and its profit growth rate outperforms the revenue growth rate. (Jiemian News)

Alibaba and Apple Reach Cooperation Agreement, Qwen Will Be Integrated into Apple Intelligence

Alibaba and Apple announced that they have reached a cooperation to integrate the Qwen large model into Apple Intelligence. Chinese users can call Qwen's image-text understanding and content generation capabilities in Siri, writing tools and visual intelligence. Relevant functions will start testing with the iOS developer beta version on November 4, and the official iOS 27.3 version will be launched for domestic users in December. (Sci-Tech Innovation Board Daily)

Japan's MUJI operator states that more than 27 million user information entries may be leaked, and MUJI China responds that domestic data is stored independently

On October 30, Ryohin Keikaku, the Japanese operator of MUJI, released a statement that the MUJI APP was illegally accessed, and up to approximately 27.26 million pieces of user information are at risk of leakage, involving email addresses, dates of birth and genders, excluding information such as credit cards, names and residential addresses. The company reminds users to stay alert to phishing emails. On the same day, MUJI China responded that the incident only affects users of the Japanese version of the APP, and domestic member information is stored on independent servers and will not be transmitted overseas in accordance with local laws and regulations. (CLS, Jiemian News)

Elon Musk Unveils Progress on New Neuralink Brain-Computer Interface Products, Blindsight Technology Awaits Regulatory Approval

Elon Musk disclosed the latest progress of two products from brain-computer interface firm Neuralink on social platform X. The first product, "Telepathy", enables users to communicate with computers and other people solely through their thoughts. Musk predicts that its output bandwidth will exceed human speech and typing within several years, and in the long run, it aims to help patients with disabilities regain the mobility of their hands and feet. The second product, "Blindsight", is fully ready at the engineering level, which can help people with acquired blindness and congenital blindness restore their vision. This project has obtained the FDA Breakthrough Device designation, which only represents accelerated review and is not equivalent to confirmation of safety and effectiveness. This product has completed long-term animal experiments on monkeys, with one monkey having the implanted device for three years. The results of human implantation have not been publicly released yet, and the human implantation plan is pending regulatory clearance. Different from Telepathy that reads brain signals, Blindsight writes visual information to the brain. (STAR Market Daily)

Evergrande Property Services: The Offeror has entered into a share purchase agreement with the seller concerning approximately 51.016% of the company's shares

36Kr learned from the announcement of Evergrande Property Services on the Hong Kong Stock Exchange that the board of directors has been notified by the liquidators and the offeror that on October 28 (after trading hours), they signed the share purchase agreement, under which the seller has conditionally agreed to sell and the offeror has conditionally agreed to purchase the sale shares (that is, a total of 5.515 billion shares, accounting for approximately 51.016% of the total issued shares on the date of the share purchase agreement, and representing all the shareholdings of each seller in the company), with a total cash consideration of HK$4.026 billion. The company has applied to the Hong Kong Stock Exchange for the resumption of trading of its shares starting from 9:00 a.m. on October 30.

Yu Donglai released a statement supporting the policy of requiring consumption for seating, suggesting that restaurants can refuse diners who bring their own food to dine in

On October 30, Yu Donglai, the founder of Pang Donglai, posted on social platforms that he hopes to foster a sound business order and good consumption habits, and proposed that relevant rules should support the policy of requiring consumption for seating to balance the rights and interests of both merchants and consumers, while supporting the restaurant industry to reject diners who bring their own food. (Jiemian News)

The beverage once endorsed by Mbappé is having its inventory cleared by merchants, with some stores recording zero daily sales

On October 29, news came out from the offline market in Guangzhou that after the controversy over Mbappé's inappropriate remarks concerning China, the beverage he once endorsed has fallen into disfavor. Some merchants reported that the daily sales of this beverage hit zero, and they are unwilling to continue selling it and are currently clearing the remaining inventory. Many consumers also said that the related products have been left completely unattended. Previously, a number of domestic brands have officially announced the termination of their cooperation with Mbappé, and firmly adhere to zero tolerance for words and deeds that hurt national feelings. (Toutiao News)

Down payment lowered to under 40,000 yuan, Tesla rolls out "5-year 0% interest" car purchase plan

Tesla has launched the brand-new "Tesla Easy" 5-year 0-interest installment car purchase plan to further lower the threshold for buying a car. Taking the rear-wheel-drive version of Model 3 as an example, the down payment starts at 39,900 yuan, with a final payment of 39,900 yuan, the maximum monthly payment over five years is about 2,429 yuan, and no interest is charged throughout the whole period. The down payment threshold of the original 5-year 0-interest plan has also been reduced from 79,900 yuan to 39,900 yuan, with a maximum monthly payment of about 3,094 yuan over five years and no final payment. Meanwhile, there are time-limited supporting discounts for relevant models: Model 3 enjoys a time-limited price cut of 10,000 yuan, and Model Y has a time-limited price cut of 4,000 yuan. (CLS)

ZHOULIUFU Releases Statement in Response to Large-Value Gold Transaction Dispute at Its Kunming Outlet

On October 30, ZHOULIUFU Jewelry issued a statement stating that the relevant statements from Ms. Cao in media reports only reflect part of the incident. The case is currently under court trial, the nature of the involved funds remains to be clarified, all matters shall be subject to the effective ruling of the court, and the company is actively cooperating with judicial authorities in the handling process. According to previous reports, Ms. Cao paid a deposit of 3.618 million yuan to purchase gold at the store of ZHOULIUFU's wholly-owned subsidiary in Kunming in January 2026, but she neither picked up the goods nor received the refund. The store manager Tang *dong, suspected of occupational embezzlement, has been criminally detained. Ms. Cao filed a lawsuit demanding the company to bear joint and several liability. The court has accepted the case, completed the property preservation procedure, and frozen 4.3416 million yuan of available amount in the involved accounts. (CLS)

Three private rocket founders make their debut on Hurun China Rich List, with three enterprises sprinting for STAR Market IPOs

The 2026 Hurun China Rich List released on October 27 sees three private rocket founders, Zhang Changwu of LandSpace, Kang Yonglai of Tianbing Technology and Yang Yiqiang of CAS Space, appear on the list for the first time, with personal net worth of 11 billion yuan, 9 billion yuan and 7 billion yuan respectively, totaling 27 billion yuan. The three have different development routes: LandSpace focuses on reusable liquid oxygen methane rockets, Tianbing Technology lays out liquid oxygen kerosene rockets, while CAS Space develops both solid and liquid rockets. All three are promoting their listing plans on the STAR Market. At present, the review processes of LandSpace and CAS Space have been suspended, the two enterprises are still not profitable, and both are expected to make profits as early as 2029. Tianbing Technology is in the listing tutoring stage. The paper wealth comes from the primary market valuation, which reflects capital's optimism for the commercial aerospace track. The scale of China's domestic commercial aerospace market is expected to reach 3.5 trillion yuan in 2026. (Jiemian News)

iFlytek Responds to Doubts Over Executive Compensation

In response to investors' questions about the salary raise of senior executives, iFlytek responded on the interactive platform of the Shenzhen Stock Exchange. Calculated in accordance with the compensation system, the total pre-tax compensation payable to Liu Qingfeng and Wu Xiaoru in 2025 is nearly 27.96 million yuan. Taking into account the company's current development stage and to allocate more resources to reward Class A outstanding employees, the two voluntarily cut their annual salaries, actually receiving 4.1 million yuan and 3 million yuan respectively. The total compensation of all senior executives in 2025 is 18.6085 million yuan, with a slight year-on-year rise compared with 2024. The company also released its third quarterly report, which shows that its revenue in the first three quarters increased year on year, the net profit attributable to shareholders turned positive from deficit, and the cash flow improved significantly. (Jiemian News)

Intel: Server CPUs are in short supply, and shipments are expected to grow by more than 30% in both 2026 and 2027

Intel's management stated on the 2026 Q3 earnings call on Thursday Eastern Time that the data center business was the core growth driver in Q3, and server CPUs are facing supply shortage. CFO David Zinsner said that the company's factory network and external suppliers have supported higher server CPU output. Under the current outlook, the full-year revenue of DCAI is expected to be nearly 10 billion US dollars higher than the expectation at the beginning of the year. The management expects that the industry will remain in a supply-constrained state in 2027 and 2028. The company also predicts that the industry-wide server CPU shipments will grow by more than 30% in both 2026 and 2027, and the growth rate will be even higher if the supply is more sufficient. (CLS)

Hyundai Motor Group to Establish Special Purpose Companies to Develop AI Data Centers

Hyundai Motor Group announced on Friday that it plans to set up two Special Purpose Companies (SPCs) next month dedicated to developing artificial intelligence (AI) data centers, as part of its strategy to expand into the AI infrastructure sector. Hyundai Motor Group said its affiliated companies, including Hyundai Motor, Kia, Hyundai Mobis, Hyundai Engineering & Construction, and Hyundai AutoEver, will participate in this investment. One of the Special Purpose Companies (SPCs) will be responsible for data center construction and infrastructure development, while the other will take charge of graphics processing unit (GPU)-related services. The group stated that it plans to break ground for the project in March 2027 at the Saemangeum reclamation zone in Gunsan, approximately 200 kilometers southwest of Seoul. The project is targeted to launch commercial operations in early 2030. (Sina Finance)

Starting from November 5, the fuel surcharge for domestic routes will be raised again

The flight ticket sales platform VariFlight APP has received notices from airlines that starting from November 5, the collection standard of fuel surcharges for passenger transport on domestic routes will be adjusted. For air segments of 800 kilometers (inclusive) or less, a fuel surcharge of 80 yuan will be charged per adult passenger, and for air segments over 800 kilometers, a fuel surcharge of 140 yuan will be charged per adult passenger, which is an increase of 30 yuan and 50 yuan respectively compared with the previous standard. (Jiemian News)

SanDisk: 100% of surplus cash will be returned to shareholders, with 5 billion US dollars invested in share repurchases in the first fiscal quarter

SanDisk's management stated at the Q1 FY2027 earnings call on Eastern Time Thursday that "approximately 60% of this quarter's revenue growth is attributed to sales volume growth, and the remaining 40% comes from price increases." Supported by strong order visibility, SanDisk projects its revenue in the second fiscal quarter will range from 12.2 billion to 12.6 billion US dollars. Meanwhile, the company commits to returning 100% of its surplus cash to shareholders, and has allocated 5 billion US dollars for share repurchases in this fiscal quarter. (CLS)

Listed Memory Enterprises Post Impressive Performance in Their Q3 2026 Financial Reports

A number of A-share listed companies in the memory industry have disclosed their 2026 Q3 financial reports, and the above-mentioned companies have generally achieved relatively rapid performance growth in the first three quarters. The 2026 Q3 financial report data shows that the net profits attributable to shareholders of the listed companies of Biwin Storage, Shenzhen Demingli Technology, Ingenic, and Sway Semiconductor in the first three quarters of this year have all reached new historical highs for the same period. Recently, the sustainability of the high prosperity of the memory industry sector has become the focus of market attention. Fu Yifu, a special researcher of Su Shang Bank, said: "The current boom of the memory industry is expected to continue. From the perspective of industry development trend, the future competition focus of the memory industry is not a simple competition of production capacity scale, but the focus on technological upgrading." (Securities Times)

Amazon CEO: AWS cloud business is expected to grow into a business with a trillion-dollar revenue scale within 5 to 10 years

After market hours on Thursday Eastern Time, Andy Jassy, CEO of Amazon, outlined an extremely ambitious outlook for the prospects of its AWS cloud business during Amazon's earnings call. He stated: "AWS has already reached an annualized revenue of 184 billion US dollars, yet there are still huge development opportunities... We expect AWS's year-on-year growth rate in 2027 and 2028 to be higher than 40% each year, and it is expected to grow into a trillion-dollar revenue business in the next 5 to 10 years." (Cailian Press)

Revitalize Stock Assets to Boost Performance, A-Share Companies Implement Diversified "Slimming" Measures to Improve Quality

Recently, a large number of A-share listed companies have significantly accelerated the pace of "slimming and fitness". According to incomplete statistics from reporters, since September, 201 listed companies have disclosed matters concerning the sale of assets or equity. The transaction targets involve land and plants, idle properties, financial assets and equity of subsidiaries, with a total value of over 24 billion yuan, and the transaction value of some projects exceeds 1 billion yuan. "The commercial considerations behind these transactions vary from case to case," Zheng Bosheng, Research Director of Hetai Assets, said. Some enterprises aim to revitalize existing stock assets and focus on their core business, some focus on recovering funds, and some companies under operational pressure hope to use one-off gains to improve their annual performance. (Shanghai Securities News)

Alphabet's debt risk indicators rise, financial results reignite concerns over AI-related debt-backed spending

As Alphabet Inc.'s share price plunged sharply on Thursday, the cost of debt default protection for the company climbed. The company's underwhelming performance previously has intensified market concerns that its massive debt-financed artificial intelligence (AI) expenditure may fail to deliver returns. According to ICE Data Services, the quotation of the company's 5-year credit default swap (CDS) once rose 5.3 basis points to 84 basis points per annum, marking the largest increase since September 21. CDS prices go up as investors' concerns escalate. CDS of enterprises including Meta Platforms Inc. and chip firm Broadcom also saw an increase. Gavan Nolan, Executive Director of Fixed Income Pricing at S&P Global Market Intelligence, stated that equity investors may obtain huge returns if AI investments pay off; however, if the situation worsens, bondholders will bear the losses. (CLS)

South Korean state-owned power enterprise abandons equity participation in SpaceX power station project and shifts its main focus to operation and maintenance

According to news from the South Korean National Assembly and the power generation industry on the 30th, Korea Midland Power has adjusted its plan, giving up direct equity participation in the "SpaceX AI Integrated Power Station Project" and participating in the project as an operation and maintenance service provider without equity investment. Regarding the reason for the change of the investment plan, Korea Midland Power explained: "Before the merger with SpaceX, xAI held a positive attitude towards external investment; after the merger was completed, its demand for external financing decreased, so we withdrew our investment intention." A person in charge of Korea Midland Power said: "The original planning of this project takes operation and maintenance as the foundation with supporting equity investment; during the evaluation process, in view of the fact that SpaceX AI no longer needs external funds, we adjusted our direction and focused on operation and maintenance services." (Sina Finance)

General Motors agrees to pay $220 million to settle the lawsuit over the sale of driver data

General Motors has agreed to pay $220 million to settle a lawsuit jointly filed by 35 U.S. states and the District of Columbia, which accuses the company of selling driver data to insurance firms. A number of state attorneys general participating in the settlement announced the news on Thursday. Previously, a bipartisan coalition of state attorneys general led by Dan Rayfield of Oregon and Nick Brown of Washington State launched the lawsuit against General Motors. General Motors did not admit any wrongdoing in the settlement agreement. (Sina Finance)

During the "15th Five-Year Plan" period, the national power consumption for computing power is expected to register an average annual increment of over 100 billion kWh

It is learned from the press conference held by the National Energy Administration on October 30 that during the "15th Five-Year Plan" period, the national power consumption for computing power is expected to see an average annual new increase of more than 100 billion kWh, which will reach 800 billion kWh by 2030, accounting for about 6% of the total social electricity consumption. (CCTV News)

The Chinese side decides to extend the maximum length of stay for APEC Business Travel Card holders in China to 90 days

To continuously facilitate the travel of business personnel across the Asia-Pacific region, the Chinese side has decided to extend the maximum stay period for APEC Business Travel Card holders in China from 60 days to 90 days, which will take effect on November 1, 2026. (CCTV News)

Japan's unemployment rate in September is 2.4%

Japan's unemployment rate in September is 2.4%, the expected figure is 2.50%, and the previous reading was 2.50%. (Jiemian News)

Former Vice Chair of the Federal Reserve: 50 basis point rate hike possible in December

Roger Ferguson, former Vice Chair of the Federal Reserve, stated on Thursday that a 50-basis-point rate hike in December is a possibility. U.S. PCE inflation rose to 3.6% in September, and core PCE climbed to 3.1%, remaining consistently above the 2% policy target. If no rate hike is implemented by then, the Federal Reserve may face credibility damage. Ferguson also predicted that the Federal Reserve will most likely raise interest rates in December, and there will be another one or two rate hikes in 2027. A number of industry economists also warned that inflation is stubborn, and there is a risk of a sharp 50-basis-point rate hike in December. The Federal Reserve kept interest rates unchanged at 3.75%–4% this week, with two committee members supporting a 25-basis-point rate hike. In terms of economic data, the annualized growth rate of U.S. GDP in the third quarter reached 3.4%, and employment data remained robust. CME FedWatch shows that the current market pricing puts the probability of a 25-basis-point rate hike in December at nearly 75%, and the probability of a 50-basis-point rate hike at around 24%. (Cailian Press)

The Bank of Japan's December monetary policy meeting is a reasonable timing for the next interest rate hike

Kazutaka Maeda, Senior Economist at Meiji Yasuda General Research Institute: The Outlook Report shows that as the Bank of Japan holds a more optimistic attitude towards exports and capital expenditure driven by artificial intelligence (AI)-related demand, its policy focus has further shifted to the upside risks facing inflation and economic activities. Although its inflation forecast is generally still in line with the 2% target, the Bank of Japan seems to be increasingly aware of the possibility that inflation may overshoot. The Bank of Japan may no longer stick to the previously assumed pace of raising interest rates once every six months, but is considering raising interest rates once every three months, which makes the December interest rate meeting a reasonable timing for the next interest rate hike. (Sina Finance)

Major Overhaul Unfolds in Japan's Stock Market as TOPIX Kicks Off Large-Scale Streamlining of Its Constituent Stocks

This Friday, Japan's Tokyo Stock Price Index (TOPIX) launched position adjustment for the second phase of its reform, with 683 individual stocks included in the phased weight reduction list. Targets failing to meet the liquidity threshold will be gradually removed from the index within two years. The new regulation raises the liquidity threshold, and 35 new constituent stocks are added this time, including McDonald's Japan, Toei Animation and Yonex.

The weight reduction will be implemented in a smooth manner across 8 quarters, with a review "make-up check" opportunity arranged in October 2027. After the reform, the number of constituent stocks will be reduced by nearly 40%, while the market value coverage rate will still remain above 96.4%.

Around 160 trillion yen of funds track this index. Listed companies have launched a "position retention battle" to meet the standards by increasing the number of tradable shares and improving profitability; the stocks with reduced weights will continue to face passive selling pressure. (CLS)

Spot gold breaks below the $3,900 threshold

News on October 30 that spot gold has fallen below $3,900 per ounce for the first time since October last year, with a sharp drop of about 3% during the day. (Jiemian News)

Blackstone is reportedly planning to sell the office building located in central Tokyo for 1.9 billion US dollars

According to people familiar with the matter, Blackstone plans to sell the office portion of the Tokyo Garden Terrace Kioicho complex at a price of approximately 300 billion yen (about 1.9 billion US dollars). These people familiar with the matter who requested anonymity as the relevant matter has not been made public said that the New York-headquartered alternative asset management company is currently negotiating with potential buyers. They also noted that Blackstone is also considering packaging part of the beneficial rights of the property into digital securities, so as to sell smaller shares to individual investors. (Sina Finance)

IPO in Progress

Cainiao's first publicly offered REIT is listed on the Shenzhen Stock Exchange

36Kr learned that "CICC Cainiao REIT" has been listed on the Shenzhen Stock Exchange. The total initial fund units of CICC Cainiao REIT amount to 500 million, with an offering price of 2.980 yuan per unit, raising a total of 1.49 billion yuan. The original beneficiary of the fund is "Hangzhou Chuanxin", the fund manager is "CICC Fund", and the plan manager and financial advisor is "China International Capital Corporation".

Investment and Financing

Mr. Wild Man Secures Its First Round of Financing

On October 30, Jiemian News learned that the oriental Gelato brand Mr. Wild Man has obtained investment from Black Ant Capital. This marks the brand's first round of financing since its establishment 15 years ago, with the specific amount undisclosed. The raised funds will be used for supply chain optimization, store expansion and overseas market exploration. The brand, formerly known as Wild Man Mufang, has more than 1,800 stores across China. Back in September, Luo Yonghao's public criticism of its high pricing and average taste sparked widespread public discussion. After the incident, the number of the brand's followers on Douyin increased instead of decreasing. (Jiemian News)

"Sichuan All-Solid State Completes Tens of Millions of Yuan Series A Financing"

36Kr learned that Sichuan All-Solid State, a producer of lithium sulfide, the core raw material for all-solid-state batteries, has completed a Series A financing worth tens of millions of yuan. This round of financing is led by Hongrong Capital and Mingshi Venture Capital, with follow-on investment from Tianhong Investment, Xingxiang Sci-Tech Innovation and existing shareholder Innoangel. Tuoshen Capital and Qichen Capital act as financial advisors, and Beijing Zhuohui Law Firm acts as legal counsel. The raised funds will be mainly used for equipment upgrading and capacity expansion of the 100-ton-level production line, the construction of the Changsha R&D center and team building.

Financial Reports of Large Corporations

CXMT Technology: Net profit hits 132.04 billion yuan in the first three quarters, turning around from net loss to net profit year on year

36Kr has learned from the announcement of CXMT Technology that the company realized an operating revenue of 269.024 billion yuan in the first three quarters of 2026, representing a year-on-year increase of 738.51%; its net profit attributable to shareholders of the listed company reached 132.04 billion yuan, achieving a turnaround from loss to profit compared with the same period of last year. In the third quarter, the operating revenue reached 118.714 billion yuan, up 613.18% year on year; the net profit attributable to shareholders of the listed company stood at 54.435 billion yuan, also turning from loss to profit year on year. The performance change is mainly attributed to the global undersupply of DRAM products, the sharp growth in sales volume and sales price of the company's products, coupled with the drop in unit cost, which jointly drives a substantial surge in the gross profit of products.

Yangtze Optical Fibre and Cable Joint Stock Limited Company: Net profit in the third quarter hits 3.203 billion yuan, growing 1741.52% year on year

36Kr learned from the official announcement of Yangtze Optical Fibre and Cable Joint Stock Limited Company that the company realized an operating revenue of 19.124 billion yuan in the first three quarters of 2026, marking a year-on-year increase of 86.12%; the net profit attributable to shareholders of the listed company reached 6.128 billion yuan, up 1204.63% year on year. In the third quarter, its operating revenue hit 9.316 billion yuan, with a year-on-year growth of 139.42%; the net profit attributable to shareholders of the listed company stood at 3.203 billion yuan, surging 1741.52% year on year. The performance change is mainly driven by the accelerated construction of intelligent computing centers, which has pushed the industry into an upward cycle, optimized the revenue structure of its core business, and brought substantial year-on-year growth in both sales volume and average unit price of its main products.

Seres: Net profit of 14.2 billion yuan in the third quarter of 2026

36Kr has learned from Seres' announcement that its operating revenue in the third quarter of 2026 hit 280.8 billion yuan, down 41.66% year on year; the net profit attributable to shareholders of the listed company stood at 14.2 billion yuan, down 40.12% year on year; the deducted non-recurring net profit recorded a loss of 13.65 billion yuan, down 159.54% year on year. In the first three quarters, the operating revenue reached 855.73 billion yuan, down 22.58% year on year; the net loss attributable to shareholders of the listed company was 297 million yuan, down 105.59% year on year; the deducted non-recurring net profit recorded a loss of 37.44 billion yuan, down 178.53% year on year.

Enflame Technology: Revenue of RMB 2.332 billion in the first three quarters of 2026, up 331.74% year on year

36Kr learned that Enflame Technology announced that its operating revenue in the third quarter of 2026 reached RMB 1.212 billion, representing a year-on-year increase of 395.34%; the net profit attributable to shareholders of the listed company posted a loss of RMB 122 million. In the first three quarters of 2026, the operating revenue reached RMB 2.332 billion, up 331.74% year on year; the net loss attributable to shareholders of the listed company stood at RMB 754 million.

Starbucks: Net profit attributable to shareholders for the fourth fiscal quarter was USD 677.2 million, higher than USD 133.1 million in the same period of the previous year

Starbucks released its quarterly results, in which the performance of its international cafes fell short of expectations. However, the transformation of its U.S. business continued to make progress. Starbucks reported that its net profit attributable to shareholders in the fourth fiscal quarter reached USD 677.2 million (equivalent to 59 cents per share), higher than USD 133.1 million (equivalent to 12 cents per share) in the same period of last year. Excluding restructuring, impairment costs and other items, the company reported earnings per share of 80 cents. Net revenue decreased by 4% to USD 9.14 billion. According to data from StreetAccount, the company's global same-store sales increased by 7.2%, driven by the growth of average customer order value, which was higher than Wall Street's expectation of 6%. The transaction volume rose by 1.8% in this quarter. Same-store sales of Starbucks' U.S. cafes increased by 7.7%, higher than the 6.5% expected by StreetAccount. (Sina Finance)

Amazon's Q3 AWS net sales hit $45.98 billion, beating market expectations

Amazon posted net sales of $201.94 billion in the third quarter, compared to the estimated $202.26 billion; AWS net sales reached $45.98 billion, versus the estimated $45.68 billion; earnings per share stood at $1.89, against the estimated $1.97; operating profit came in at $28.08 billion, compared to the estimated $26.06 billion; operating margin was 13.9%, versus the estimated 12.9%; North America operating margin hit +7.7%, against the estimated +6.61%; fulfillment expenses were $30.00 billion, compared to the estimated $29.71 billion. Amazon projects its fourth-quarter net sales to range from $240 billion to $247 billion, while the market consensus estimate is $244.52 billion; it expects operating profit to range between $28.5 billion and $33.5 billion, against the market consensus estimate of $32.99 billion. (CLS)

China Duty Free: Net profit hits 3.67 billion yuan in the first three quarters, rising 20.25% year on year

36Kr has learned from the announcement released by China Duty Free that its operating revenue in the first three quarters of 2026 reached 38.821 billion yuan, a year-on-year decrease of 2.61%; the net profit attributable to owners of the parent company stood at 3.67 billion yuan, up 20.25% year on year; the non-recurring gains and losses deducted net profit was 3.644 billion yuan, representing a 20.00% year-on-year increase. In the third quarter alone, the operating revenue was 11.166 billion yuan, down 4.66% year on year; the net profit attributable to owners of the parent company was 564 million yuan, up 24.64% year on year; the non-recurring gains and losses deducted net profit reached 565 million yuan, a year-on-year increase of 28.19%. The company plans to distribute a cash dividend of 0.40 yuan per share (tax included). Calculated based on the total share capital of 2.078 billion shares as of the report disclosure date, the total cash dividend to be distributed is 831 million yuan (tax included), accounting for 22.65% of the net profit attributable to owners of the parent company in the first three quarters.

CICC: Net profit of RMB 13.245 billion in the first three quarters, surging 101.71% year on year

36Kr has learned from the official announcement of CICC that in the first three quarters of 2026, the company recorded an operating revenue of RMB 30.715 billion, representing a year-on-year increase of 47.95%; the net profit attributable to shareholders reached RMB 13.245 billion, up 101.71% year on year; the non-recurring profit and loss deducted net profit was RMB 13.096 billion, up 101.93% year on year. In the standalone third quarter, the operating revenue hit RMB 11.412 billion, up 43.87% year on year; the net profit attributable to shareholders stood at RMB 5.046 billion, up 125.63% year on year; the non-recurring profit and loss deducted net profit reached RMB 5.062 billion, up 125.69% year on year. The performance growth is mainly attributable to the increase in net income from fees and commissions, the rise in net gains from financial instrument investment, and the improvement of operating profit margin.

SanDisk expects its revenue in the second fiscal quarter to be between 12.2 billion US dollars and 12.6 billion US dollars, while the market consensus estimate is 12.1 billion US dollars

SanDisk forecasts its second fiscal quarter revenue to be in the range of 12.2 billion to 12.6 billion US dollars, against the market estimate of 12.1 billion US dollars; it expects the adjusted gross margin to be 84.5% to 85.5%, compared to the estimated 84.8%; it expects the adjusted earnings per share to be 55 to 57 US dollars, against the estimated 52.72 US dollars; it forecasts the adjusted operating expenses to be 540 million to 560 million US dollars. SanDisk's revenue in the first fiscal quarter was 11.03 billion US dollars, against the estimated 10.69 billion US dollars; data center revenue reached 4.8 billion US dollars; edge business revenue stood at 5.83 billion US dollars; consumer business revenue was 397 million US dollars; adjusted earnings per share hit 49.51 US dollars, against the estimated 46.36 US dollars; earnings per share was 52.60 US dollars; cash and cash equivalents amounted to 5.14 billion US dollars, against the estimated 9.39 billion US dollars; free cash flow reached 6.31 billion US dollars; the adjusted gross margin was 85.1%, against the estimated 84.5%. (Cailian Press)

China Life: Net profit for the first three quarters reaches 89.43 billion yuan, down 46.7% year on year

36Kr learned from the announcement of China Life that its operating revenue in the first three quarters of 2026 was 367.812 billion yuan, down 31.6% year on year; the net profit attributable to shareholders of the parent company was 89.43 billion yuan, down 46.7% year on year; the non-recurring profit and loss deducted net profit was 89.546 billion yuan, down 46.7% year on year. In the third quarter, the net profit attributable to shareholders of the parent company recorded a loss of 45.059 billion yuan, and the non-recurring profit and loss deducted net profit recorded a loss of 45.014 billion yuan.

China Merchants Bank: Net profit in the third quarter hit 40.031 billion yuan, up 3.06% year on year

36Kr has learned from the announcement of China Merchants Bank that the bank realized an operating revenue of 264.852 billion yuan in the first three quarters of 2026, representing a year-on-year increase of 5.34%; the net profit attributable to shareholders of the bank reached 116.476 billion yuan, up 2.38% year on year. In the third quarter, the operating revenue reached 86.671 billion yuan, a year-on-year increase of 6.41%; the net profit attributable to shareholders of the bank stood at 40.031 billion yuan, up 3.06% year on year.

Industrial and Commercial Bank of China: Net profit in the third quarter reached 111.958 billion yuan, rising 9.97% year on year

According to 36Kr, the Industrial and Commercial Bank of China announced that its operating revenue in the third quarter of 2026 was 220.974 billion yuan, up 9.45% year on year; the net profit attributable to shareholders of the parent company stood at 111.958 billion yuan, increasing 9.97% year on year. In the first three quarters of 2026, the operating revenue reached 667.137 billion yuan, a year-on-year increase of 9.19%; the net profit attributable to shareholders of the parent company was 285.64 billion yuan, up 5.83% year on year.

Agricultural Bank of China: Net profit of RMB 90.165 billion in the third quarter, up 10.84% year on year

36Kr learned from the announcement of Agricultural Bank of China that in the third quarter of 2026, it realized operating revenue of RMB 208.383 billion, up 15.14% year on year; the net profit attributable to shareholders of the parent company was RMB 90.165 billion, up 10.84% year on year. In the first three quarters, it posted operating revenue of RMB 619.505 billion, up 12.48% year on year; the net profit attributable to shareholders of the parent company was RMB 236.546 billion, up 7.10% year on year.

Roborock: Net Profit in the Third Quarter Reaches 479 Million Yuan, Growing 33.01% Year on Year

36Kr learned from the announcement of Roborock that its operating revenue in the third quarter of 2026 was 5.614 billion yuan, up 34.85% year on year; net profit was 479 million yuan, up 33.01% year on year; non-recurring profit deducted net profit was 403 million yuan, up 20.25% year on year. In the first three quarters of 2026, the operating revenue reached 15.699 billion yuan, up 30.10% year on year; net profit was 1.466 billion yuan, up 41.23% year on year; non-recurring profit deducted net profit was 1.206 billion yuan, up 44.50% year on year.

Sungrow Power: Net profit in the third quarter reached 13.41 billion yuan, down 67.67% year on year

36Kr learned from the announcement of Sungrow Power that in the third quarter of 2026, its operating revenue was 179.5 billion yuan, down 21.51% year on year; the net profit attributable to shareholders of the listed company was 13.41 billion yuan, down 67.67% year on year; the net profit after deducting non-recurring gains and losses was 16.93 billion yuan, down 57.58% year on year. In the first three quarters of 2026, its operating revenue was 488.63 billion yuan, down 26.41% year on year; the net profit attributable to shareholders of the listed company was 65.99 billion yuan, down 44.46% year on year; the net profit after deducting non-recurring gains and losses was 59.68 billion yuan, down 48.04% year on year.

Industrial Securities: Net profit in the third quarter reached 667 million yuan, down 43.97% year on year

36Kr learned from the announcement of Industrial Securities that its operating revenue in the third quarter of 2026 was 2.583 billion yuan, down 33.31% year on year; the net profit attributable to shareholders of the listed company was 667 million yuan, down 43.97% year on year; the non-recurring profit and loss deducted net profit was 668 million yuan, down 43.85% year on year. In the first three quarters of 2026, the operating revenue reached 9.313 billion yuan, up 0.39% year on year; the net profit attributable to shareholders of the listed company was 2.797 billion yuan, up 10.93% year on year; the non-recurring profit and loss deducted net profit was 2.747 billion yuan, up 10.87% year on year.

Yuanjie Technology: Net profit attributable to shareholders in the first three quarters reached 1.024 billion yuan, up 866.88% year on year

36Kr learned from the announcement of Yuanjie Technology that its operating revenue in the first three quarters of 2026 was 1.609 billion yuan, a year-on-year increase of 319.83%; the net profit attributable to shareholders was 1.024 billion yuan, up 866.88% year on year; the non-recurring profit and loss deducted net profit was 924 million yuan, a year-on-year increase of 854.83%. In the single third quarter, the operating revenue reached 684 million yuan, up 283.55% year on year; the net profit attributable to shareholders was 417 million yuan, a year-on-year increase of 598.96%; the non-recurring profit and loss deducted net profit was 409 million yuan, up 696.87% year on year. The performance growth is mainly due to the substantial increase in revenue from the data center business, the year-on-year increase in gross profit margin, and the decline in the proportion of period expenses.

LONGi Green Energy: Net Loss of 1.029 Billion Yuan in the Third Quarter

36Kr learned from the announcement of LONGi Green Energy that its operating revenue in the third quarter of 2026 was 16.819 billion yuan, down 7.08% year-on-year; the net profit attributable to shareholders of the listed company recorded a loss of 1.029 billion yuan, and the non-recurring profit and loss deducted net profit recorded a loss of 1.502 billion yuan. In the first three quarters, the operating revenue reached 43.864 billion yuan, down 13.85% year-on-year; the net profit attributable to shareholders of the listed company was a loss of 4.713 billion yuan, and the non-recurring profit and loss deducted net profit was a loss of 5.533 billion yuan.

Compiled by | LI Qi