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British Prime Minister Burnham: The Kremlin spends about £1.3 billion a year to manipulate information.

2026-09-23

British Prime Minister Burnham: The Kremlin spends about £1.3 billion a year to manipulate information.

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2026-09-22

1. Changxin Memory Technologies (CMT) lags behind international DRAM leaders by approximately 3-4 years technologically, with a particularly significant gap in HBM. However, its standard DRAM is sufficient to cover most of the market, and its short-t

1. Changxin Memory Technologies (CMT) lags behind international DRAM leaders by approximately 3-4 years technologically, with a particularly significant gap in HBM. However, its standard DRAM is sufficient to cover most of the market, and its short-term profitability benefits from the DRAM boom. 2. The company is expanding production at an extremely rapid pace, with a projected monthly wafer capacity of approximately 530,000 wafers by 2028, representing a global wafer share of nearly 20%. However, due to lower bit density, its actual DRAM capacity share is projected to be around 12%, and its revenue share around 13%. 3. China's demand for domestic production ensures that CMT can maintain a stable market despite its technological lag. HBM may also rely on local AI customers to generate independent demand. China's DRAM self-sufficiency rate is expected to increase from approximately 42% in 2026 to approximately 58% in 2028. 4. Bernstein's revenue and EPS forecasts for 2026-2027 are significantly higher than the market consensus, but the forecast becomes more cautious in 2028 as DRAM prices decline. Ultimately, based on a 10x two-year composite EPS multiple, a target price of RMB 70 and an "Outperform" rating are given to CMT. (Bernstein's report, September 21)
2026-09-22

Eurozone preliminary September consumer confidence and US September Richmond Fed manufacturing index is due in 10 minutes.

Eurozone preliminary September consumer confidence and US September Richmond Fed manufacturing index is due in 10 minutes.
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