[TMTPost Comprehensive] On October 26, the People’s Bank of China announced the establishment of the Bond Market NBFI Swap Facility (BNSF). In a specific scenario where asset management institutions face systemic liquidity risks and the bond market experiences systemic stress, this facility will enable bank wealth-management subsidiaries and public fund managers—along with their respective parent banks or securities‑related parent companies—that have systemically significant influence—to borrow central bank bills from the People’s Bank of China for use in market repurchase financing. These funds can then be used to purchase eligible bonds or product shares of publicly offered products that have been redeemed by the institution itself (or its asset‑management subsidiary), which are subsequently pledged as collateral to the People’s Bank of China.
Previously, in June this year at the 2026 Lujiazui Forum, PBOC Governor Pan Gongsheng proposed studying the establishment of a macroprudential tool to provide liquidity support to non-bank financial institutions under specific scenarios, specifying that liquidity would be extended via swaps when systemic stress emerges in the bond market. At the recently held 2026 Financial Street Forum Annual Conference, Governor Pan reiterated that a liquidity support mechanism for handling large-scale redemptions by non-bank institutions will be established, with the aim of building a stability framework for the bond market and creating a new tool within the People’s Bank of China’s macroprudential framework.
According to a report by CCTV Finance, under normal market conditions, redemption requests for asset management products can typically be handled through cash reserves, proceeds from maturing assets, and routine market transactions. However, when multiple institutions simultaneously face substantial redemption pressure, mass selling of bonds can drive down market prices, further impacting product net asset values and investor expectations, thereby creating a self-reinforcing cycle of redemptions and sell-offs. A notable example is the wave of wealth-management product redemptions at the end of 2022.
The large‑scale redemption liquidity support facility established this time draws on relevant practices, enabling asset‑management‑type non‑bank financial institutions to borrow central bank bills from the People’s Bank of China, raise funds in the market, and then use those funds to subscribe to eligible assets of products facing substantial redemptions, thereby breaking the negative cycle of redemption leading to forced selling. This arrangement complies with the requirements of the People’s Bank of China Law that the central bank may not extend direct loans to non‑bank financial institutions, while also providing effective emergency liquidity support to such institutions through an appropriate mechanism. Together with the stock‑market swap facility, it has helped establish a non‑bank emergency liquidity support framework that covers both the equity and bond markets.
It should be noted that the mechanism designed for this tool is intended to rescue the market, not individual institutions; in particular, institutions that have run into trouble due to imprudent management will not be included in the rescue program, and losses stemming from excessive speculative behavior by these institutions will not be passed on to other parties. The central bank also stated in its announcement that participating institutions must continue to meet prudential regulatory requirements and uphold market discipline.
Titan Media Headlines:
This year, international airfreight rates have generally been higher than the same period last year, primarily influenced by both market demand and capacity supply. In particular, rising demand for AI‑related products has kept rates on certain routes at elevated levels. Meanwhile, affected by trade policies and tariff changes, growth in cross‑border e‑commerce freight demand has slowed, prompting some air cargo capacity to shift toward transporting AI‑related goods.
——Alixia Ai, CEO of DHL Global Forwarding Greater China
The massive capital requirements underpinning the AI revolution are clashing with lending institutions that remain cautious and reluctant to take on such substantial risks. This will force a rebalancing between equity investors seeking multiple‑fold returns and creditors who need to ensure their funds are repaid. While the AI wave will lift all boats, it will also sink some, and the tide will be far from smooth.
——Pablo Salame, Co-Chief Investment Officer at Castle Investment
Domestic companies:
CICC’s “three-in-one” transaction has been completed, and some of the newly issued shares will be listed and tradable starting October 29.
On October 26, CICC announced that the share‑exchange merger through which it absorbed Dongxing Securities and Cinda Securities has been completed. The transaction involves the issuance of an additional 3.104 billion A shares, of which 1.136 billion will be listed and traded starting October 29. Under the terms of the agreement, effective from the closing date, CICC will assume and inherit all assets, liabilities, business operations, personnel, contracts, qualifications, and any other rights and obligations of Dongxing Securities and Cinda Securities, and will proceed with the relevant industrial and commercial registration changes, including those related to registered capital. Following the completion of customer and business migration and all settlement procedures, Dongxing Securities and Cinda Securities will, in accordance with the law, apply for deregistration with the industrial and commercial authorities.
Cambricon Chairman Debunks Rumors of “Over 1 Million Chips Shipped Next Year”
On October 26, during Cambrian’s third-quarter 2026 earnings call, in response to market discussions about “the company shipping over one million chips next year,” Chairman and General Manager Chen Tianshi stated that the company has never engaged in any related communications. He emphasized that the company’s official announcements are the effective and equitable channel for all investors to access corporate information. Should any material matters arise that require disclosure under applicable regulations, the company will fulfill its information-disclosure obligations in accordance with the law, and reminded investors to rely solely on the information disclosed on the Shanghai Stock Exchange’s official website or the company’s own official website.
Audi has finalized its dual-brand division in China: the four-ring brand will be assigned to FAW, while the letter-based brand will go to SAIC.
On October 26, Audi China announced that it has signed strategic agreements with FAW Group and SAIC Motor, further clarifying its “dual-brand, dual-partner” channel structure. Under the agreements, FAW Group will comprehensively strengthen Audi’s market position across both the intelligent luxury new‑energy vehicle segment and the conventional fuel‑powered vehicle segment; meanwhile, SAIC Audi will focus on the AUDI (Audi lettering) brand, concentrating on the new‑energy market and launching next‑generation smart connected vehicles tailored to Chinese consumers’ needs. Notably, SAIC Audi will continue to sell Audi products under the four‑ring logo through the end of 2027. After-sales service for both SAIC Audi’s four‑ring‑logo models and the all‑new AUDI (Audi lettering) brand products will remain smoothly operational.
Has Zhou Chang, the head of core R&D at Seedance, reportedly resigned? Sources close to ByteDance have denied it.
Recently, reports have surfaced that Zhou Chang, one of the key leaders of ByteDance’s Seed AI R&D team, has submitted his resignation. According to sources, Zhou Chang plans to start his own venture—likely in the field of embodied intelligence—and has already attracted active interest from several prominent investment funds, major corporations as strategic investors, and leading large‑model unicorns. On October 26, a source close to ByteDance clarified that Zhou Chang has not resigned.
GigaDevice: Net profit for the first three quarters increased by 5,640.94% year over year.
On October 26, GigaDevice announced that its third-quarter revenue reached RMB 998 million, up 131.81% year over year; net profit attributable to shareholders of the listed company was RMB 229 million, a year-over-year increase of 1,903.77%. For the first three quarters, revenue totaled RMB 2.376 billion, up 102.71% year over year, while net profit attributable to shareholders of the listed company amounted to RMB 425 million, a year-over-year surge of 5,640.94%. The strong performance was primarily driven by a year-over-year rise in revenue from product lines such as smart vision during the reporting period.
Gree Electric: Third-quarter net profit down 43% year over year
On October 26, Gree Electric announced that its third-quarter operating revenue totaled RMB 36.677 billion, down 7.97% year over year; net profit attributable to shareholders of the listed company was RMB 3.996 billion, a 43.31% decline from the same period last year. For the first three quarters, operating revenue reached RMB 126.075 billion, down 8.10% year over year, while net profit attributable to shareholders of the listed company stood at RMB 17.274 billion, a 19.51% decrease compared with the same period last year. The decline in net profit was primarily driven by a year-over-year drop in the consumer appliances business.
WuXi AppTec’s Q3 net profit rose 137% year over year, and the company raised its full-year revenue guidance.
On October 26, WuXi AppTec announced that its third-quarter revenue reached RMB 16.64 billion, up 38.01% year over year; net profit attributable to shareholders of the listed company was RMB 8.32 billion, a year-over-year increase of 136.67%. For the first three quarters, total revenue amounted to RMB 45.54 billion, up 38.59% year over year, while net profit attributable to shareholders of the listed company stood at RMB 19.40 billion, up 60.64% year over year. The growth in performance was primarily driven by the company’s continued focus on the CRDMO business model, an increased share of late-stage and commercialization projects, and higher gross margins resulting from rising volumes and pricing in early-stage activities, coupled with sustained economies of scale achieved through lean operations. The company has revised its full-year 2026 revenue forecast upward, from RMB 58.5–60.5 billion to RMB 61.0–61.9 billion, and raised its projected year-over-year growth rate for continuing operations from 35%–39% to 40%–42%.
Kimi apologized and announced compensation.
In the early hours of October 26, the Kimi AI assistant issued a statement apologizing for the recent throttling and unnecessary quota consumption experienced by Kimi members using K3.1 Pro. It also announced that it would perform a one-time reset for subscribers across all tiers: all members with active subscriptions will receive compensation equal to 25% of their monthly quota, equivalent to one week’s usage. If the current usage is less than 25% of the monthly quota, it will be reset to zero. Additionally, Kimi stated that it has adjusted its configuration and is reducing unnecessary sub‑agent calls and output lengths to enable the same quota to accomplish more actual tasks.
Foreign companies:
Anthropic has filed its IPO registration documents, planning to list on the Nasdaq under the ticker symbol “ANT.”
On October 26, AI startup Anthropic filed an S‑1 registration statement with the U.S. Securities and Exchange Commission, planning an initial public offering of Class A common shares and seeking to list on the Nasdaq Global Select Market under the ticker symbol “ANT.” The filing does not yet disclose the number of shares to be offered, the price range, or the specific offering date. Financial data shows that Anthropic reported revenue of $4.585 billion in 2025, with a net loss of $41.965 billion. In the first half of 2026, revenue reached $16.286 billion, up roughly 13-fold year over year, while the net loss widened to $80.748 billion. During the same period, the company’s operating loss narrowed from $2.135 billion in the prior-year period to $693 million, and its adjusted operating profit turned positive, moving from a $1.8 billion loss to a $1.6 billion gain.
Meta plans to raise $35 billion and launch a $60 billion stock offering, stepping up investment in AI infrastructure.
On October 26, Meta announced the launch of a concurrent public offering totaling approximately $35 billion, comprising $22.5 billion in Class A common stock and $12.5 billion in mandatory convertible preferred stock depositary shares, with plans to roll out an on‑exchange equity offering of up to $60 billion in the first quarter of 2027. NVIDIA, AMD, and Broadcom have indicated their intention to collectively subscribe for up to $5 billion in Class A common stock, though no binding commitments have yet been made. Meta stated that the proceeds will be used for general corporate purposes, supporting the development of its artificial intelligence infrastructure and initiatives such as personal superintelligence. The company expects capital expenditures to reach $135–$145 billion in 2026. As of the end of the third quarter, Meta held approximately $82 billion in cash, cash equivalents, and marketable securities; operating cash flow for the first three quarters totaled $97 billion.
Apple is reportedly testing a large-sized, foldable-screen iPad.
On October 26, reports indicated that Apple is testing an extra-large foldable-screen tablet. Renowned Apple analyst Ming-Chi Kuo previously predicted that Apple could launch a foldable iPad with a screen size of 18 to 20 inches when unfolded, featuring an ultra-thin glass cover. According to sources, this device may adopt a book-like folding design; tech journalist Mark Gurman has described it as two iPad minis placed side by side. Kuo estimates that the device’s 2028 shipments could top out at around one million units.
SK Hynix plans to increase shareholder returns by up to KRW 60 trillion, with the full-year total potentially reaching KRW 100 trillion.
On October 26, reports indicated that SK Hynix plans to increase its shareholder returns by an additional KRW 50–60 trillion (approximately USD 35–42 billion). Combined with the previously completed KRW 40 trillion in share buybacks and cancellations, the company’s total shareholder returns this year could reach KRW 100 trillion, setting a record among South Korean listed companies. Driven by strong demand for AI‑related memory chips, SK Hynix is expected to post record earnings, with free cash flow projected at around KRW 200 trillion this year. The company aims to boost its valuation through large‑scale shareholder returns, narrowing the gap with the world’s leading enterprises.
Policy Trends:
The Ministry of Commerce is seeking public comments on the “Special Provisions on the Protection of China’s Trade Secrets (Draft for Comments)”
On October 26, the Ministry of Commerce drafted the “Special Provisions on the Protection of China’s Trade Secrets (Draft for Public Comment)” and is now soliciting public feedback. The draft proposes that if a foreign entity engages in any of the acts specified in Article 2 of these provisions, the Ministry of Commerce may decide to impose one or more of the following measures on the relevant foreign entity: (1) restrict or prohibit its import and export of goods and technologies, as well as international trade in services involving China; prohibit the export of related items to it; (2) restrict or prohibit it from making new investments within China; (3) restrict or prohibit the entry of its personnel, means of transport, and other related entities into China; (4) restrict or revoke the work permits, stay permits, or residence qualifications of its personnel within China; (5) impose fines of an appropriate amount in accordance with the law, depending on the severity of the circumstances; (6) adopt other necessary measures.
World’s first: Hong Kong’s first batch of compliant publicly offered digital funds approved for 7x24 real-time trading
On October 26, the Hong Kong Securities and Futures Commission announced that it has approved the first batch of compliant public‑offering digital funds to trade on licensed virtual asset trading platforms (VATPs), a move that represents a global first. Industry insiders note that the authorization for these funds to trade in real time, 24/7, breaks the traditional constraints of fixed trading hours and multi‑day settlement cycles associated with conventional public funds. With this service, investors can trade digital‑currency‑based funds seven days a week, 24 hours a day. Furthermore, going forward, the Hong Kong SFC will closely monitor the trading operations of this initial cohort of products and, based on market developments, will consider appropriately expanding the range of eligible products.
Hainan: By 2027, the share of new-energy vehicles among newly added cars will be no less than 70%, and the phase-out of gasoline-powered vehicles by 2030 will be steadily advanced.
On October 26, the CPC Hainan Provincial Committee and the Hainan Provincial People’s Government issued the “Opinions on Building an Eco‑Friendly Free Trade Port.” The document proposes fostering and expanding emerging green and environmentally friendly industries, promoting advanced energy‑saving and environmental‑protection technologies, equipment, and products, and scaling up the production of fully biodegradable materials and end‑use products. It also calls for developing green industries such as new environmentally friendly materials. By 2027, the share of new‑energy vehicles among newly registered cars will reach at least 70%, and the phase‑out of gasoline‑powered vehicles by 2030 will be steadily advanced. Furthermore, construction of offshore wind power projects and the Changjiang Nuclear Power Plant will be accelerated in a safe and orderly manner, while enterprises will be supported in building green data centers and green base stations.
Stock market行情:
Unitree Robotics: The humanoid robotics industry is still in the early stages of commercialization, and physical AI technologies face multiple challenges as they transition from laboratory demonstrations to large-scale deployment in real-world scenarios.
On October 26, Unitree Robotics announced that the cumulative deviation of its stock’s closing price increase over three consecutive trading days exceeded 30%, constituting an abnormal fluctuation in stock trading. As of October 26, 2026, the company’s trailing price‑earnings ratio stood at 465.22 times, significantly higher than the average trailing P/E ratio of 38.54 times for the general equipment manufacturing industry. The humanoid robotics sector remains in the early stages of commercialization, with uncertainties surrounding technological maturity, downstream market demand development, and supply‑chain support capabilities. Meanwhile, the transition of physical AI technologies from laboratory demonstrations to large‑scale deployment in real‑world scenarios continues to face multiple challenges, including perception accuracy, motion‑control stability, data accumulation, and software‑hardware integration; the maturation of related technological pathways and business models still requires time to be validated. Should the pace of large‑scale commercialization fall short of expectations, the company’s future revenue growth and earnings release could be adversely affected, giving rise to investment risks associated with valuation reversion.
Shangwei New Materials: The company’s consumer-grade embodied intelligence robot business is currently in the phase of scaling up mass production and commercial validation.
On October 26, Shangwei New Materials announced that the cumulative deviation of its stock’s closing price increase over three consecutive trading days reached 30%, constituting an abnormal fluctuation in stock trading. The company’s consumer‑grade embodied intelligence robot business is currently in the ramp‑up phase of scaled mass production and undergoing commercial validation. Although related products have already been launched for sale, both scaled production and delivery capabilities, as well as commercialization potential, remain subject to certain uncertainties, and the company is unable to forecast their impact on revenue and profitability for fiscal year 2026. Recently, concepts such as “physical AI” and data collection have been relatively active in the secondary market, attracting significant investor attention. The company’s robotics and model‑development products are still in the R&D stage, with their technological roadmap, development progress, performance metrics, and commercial applications all requiring ongoing verification, leaving considerable uncertainty.
Within two days of the launch of the first batch of actively managed ETFs, seven firms announced they had closed their offerings ahead of schedule.
On October 26, four more fund companies announced the early closure of their actively managed ETFs. Following Southern, Huatai-PineBridge, and China Asset Management, Ping An Fund also announced the early closure of its actively managed ETF. This means that, just two days after the launch of the first batch of actively managed ETFs, seven fund companies have already announced early closures. Last Friday, Morgan, E Fund, and Fullgoal also announced early closures.
China’s total private equity assets under management have risen to RMB 25.83 trillion, hitting a new record for the 12th consecutive month.
According to the latest disclosure by the Asset Management Association of China, as of the end of September, the total outstanding size of private equity funds reached RMB 25.83 trillion, setting a new all-time high and marking the 12th consecutive month of record growth.
Other important content:
Memory modules are priced but unavailable: factory prices are still rising, while channel prices have already inverted.
On October 26, the survey revealed that memory sales are currently more volatile than price fluctuations. During field visits, multiple vendors reported that since October, their sales have generally declined by 20% to 30%, and the entire memory distribution channel has even experienced a situation of inverted pricing. At present, memory factory prices continue to rise; however, as many distributors had stockpiled substantial quantities earlier, and most consumers opted to hold off amid persistently high memory prices, overall market demand has weakened. To quickly recover cash and alleviate inventory pressure, many distributors are choosing to slash prices to move their stock. Industry insiders note that the slight downward adjustment in memory market prices is primarily driven by significant financial strain on some distributors, who must sell off inventory to free up capital. Yet, given that everyone purchased at high costs, no one dares to cut prices too aggressively, resulting in a market characterized by firm asking prices, sluggish transactions, and localized price inversions. Consequently, inventory levels and financial pressures across the distribution channel are steadily mounting.
Several universities will disburse salaries via digital RMB.
Recently, several universities have issued relevant notices stating that salaries for on‑staff, tenured employees will be disbursed via digital RMB wallets. On October 20, the Finance Department of Yangzhou University announced, based on a preliminary notice from the Provincial Department of Finance, that starting November 2026, salaries for all on‑staff, tenured personnel (including those under personnel agency contracts) will be paid through digital RMB wallets. Relevant staff are requested to complete the opening and upgrading of their digital RMB wallets by October 23, according to their current salary‑card arrangements. Meanwhile, the Finance Department of Nantong University has issued a “Notice on Properly Carrying Out the Activation of Digital RMB Wallets and the Disbursement of November Salaries in Digital RMB.” Similarly, the Financial and Accounting Office of Jiangsu Normal University has released a “Notice on Collecting and Submitting Information Regarding Digital RMB Wallets,” stating that, in accordance with the unified work plan of higher‑level authorities, the university will steadily advance the disbursement of salaries to on‑staff employees using digital RMB (hereinafter referred to as “digital currency”).
China’s cumulative installed wind and solar capacity has exceeded 2 billion kilowatts.
According to data from the National Energy Administration, from January to September this year, newly installed wind and solar power capacity totaled approximately 170 million kilowatts. As of the end of September 2026, cumulative installed wind and solar power capacity reached 2.01 billion kilowatts, with solar power accounting for 1.31 billion kilowatts—a year-on-year increase of 16.5%—and wind power at 700 million kilowatts, up 20.4% year over year.
(Compiled from CCTV, The Paper, Shanghai Securities News, Blue Whale News, and others)
For more exciting content, follow TMTPost on WeChat (ID: taimeiti), or download the TMTPost App.