摩根大通：将马士基目标价从1万丹麦克朗上调至1.2万丹麦克朗。

Miniso International (09896.HK) rose more than 5% after reporting mainland China total GMV in Q3 2026 up 25–30% YoY; proprietary IP YOYO generated GMV exceeding 1.0 bln yuan in the first nine months.

CITIC Securities says investor focus will shift to US Q3 earnings after US equities showed some rate-decoupling over the domestic holiday. LSEG consensus shows S&P 500 Q3 2026 revenue and EPS YoY growth of 1.2% and 45.0%, respectively, with QoQ moderation. At the industry level, energy, information technology, materials and healthcare all report YoY earnings growth above 50% — indicating high earnings growth is no longer confined to leading tech names and that non-tech contributions are rising materially. For Hong Kong stocks, higher global rates plus renewed AI trading have kept liquidity under pressure, but fundamentals appear to have bottomed and earnings-growth forecasts for major broad indices are being revised up. Earnings revisions are highly divergent by sector: some niche segments are being upgraded while domestic-demand exposed sectors still face downward revisions. Q3 results will be the key test of any recovery. CITIC recommends patient positioning in Hong Kong equities and expects short-term dividend-focused strategies to relatively outperform.