In today’s briefing:
- HK Strategy: Exposure to Europe – Who Are at Risk?
- Ohayo Japan | Mideast Escalation Risks
- SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #15 | 4-10 Oct 2026.
- China Healthcare Weekly Wrap (5-9 Oct)
- This Week in AI (Oct 4-10): Haiku 5.5’s Throat-Cutting Prices; OpenAI Revenue Trails Expectation
HK Strategy: Exposure to Europe – Who Are at Risk?
- The recent surge in Eurozone sovereign yields, particularly for France, has created pressure on the outlook for some HK-listed companies.
- While the 100 largest companies generated an average of only 6% of revenue from Europe, 10 companies derived over 20%.
- CK Hutchison (1 HK) group, SHEIN Global (625 HK), Xiaomi (1810 HK), Lenovo (992 HK), Wuxi Biologics (2269 HK) group, and COSCO SHIPPING Holdings (1919 HK) are the top.
Ohayo Japan | Mideast Escalation Risks
- Markets: Dow +0.8%, S&P 500 +0.6% (near Tuesday’s record high), Nasdaq +0.6%
- On Sunday, a Houthi ballistic missile strike on Riyadh’s airport killed 12 people and injured over 300, prompting the Trump administration to consider direct military intervention against the group.
- Mon 12 Oct: US equities open, but US bond markets are closed for Columbus Day. Japan is also closed for Sports Day.
SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #15 | 4-10 Oct 2026.
- Samsung printed a record ₩107.4tn Q3 operating profit, in line with the lowered bar, and fell 2.4%. Two record prints in eight days, Micron then Samsung, bought nothing.
- Second straight down week: coverage −5.9% as the S&P rose 1.2%. Korea led (KOSPI −5.4%) as Solidigm hired IPO banks; NAND followed spot prices lower; Taiwan held.
- Ratings and TPs held. Stay long Micron (TP $1,375), add at ≤$975; hold SK Hynix, no add before Q3 on 27 Oct. Nanya’s 12 Oct margin is next.
China Healthcare Weekly Wrap (5-9 Oct)
- Arrivent’s EGFR inhibitor firmonertinib (licensed from Shanghai-based Allist) failed a global phase 3 in lung cancer; argenx discontinued phase 3 of efgartigimod (ZLAB licensed its China rights) in Sjogren’s disease
- Asieris (688176.CH) licensed out cervical precancerous treatment Cevira to Theramex for US$250m; MicuRx (688373.CH) licensed out MRX-23 ADC and STOPIN platform to ClearideBio in multi-asset global deal for US$973m (upfront US$100m).
- Other updates/news: Genscript/NVIDIA, SBP’s PDE3/4 inhibitor, ZhongSheng Pharma’s biweekly GLP-1/GIP
This Week in AI (Oct 4-10): Haiku 5.5’s Throat-Cutting Prices; OpenAI Revenue Trails Expectation
- Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI’s annualized revenue was below recent estimates.
- OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu’s GLM-5.3 to Bedrock, TSMC’s third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.
- DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.
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