13 October 2026 Asia Quant Strategy & Asia Semis & Internet Asia Tech Strategy 4Q26: Valuations Reset, Revisions Slow...Stick to Quality & Value tech names Rupal Agarwal +65 6326 7641 rupal.agarwal@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Robin Zhu +852 2123 2659 robin.zhu@bernsteinsg.com Cheng Zhang, CFA, CQF +852 2123 2636 cheng.zhang@bernsteinsg.com Charles Gou +852 2123 2618 charles.gou@bernsteinsg.com Min-Joo Kang +852 2123 2644 minjoo.kang@bernsteinsg.com Asia tech has had a stro ...

Global Memory Equities China DRAM becoming a real threat? Korea/US China threat re-emerging: Memory share prices fell in the past 2 days on news that Chinese DRAM makers are catching up, breaking up the DRAM oligopoly. According to Maeil (12 Oct), CXMT will complete development of 4F2 cell structure-based server DRAM (from 6F2 ) in late 2026, 2-3 years earlier than Korean makers, which are planning to adopt 4F2 VCT (vertical channel transistor) structure from 2028e at 10a or 10b while Micron heads directly ...

19 October 2026 | 8:33PM HKT Equity Research CXMT (688825.SS): Sequential QoQ growth ahead on AI driving DRAM demand; 3Q26 revenues +15%~20% QoQ; Buy CXMT reported 3Q26 revenues guidance at Rmb115bn~Rmb120bn, with continuous QoQ growth at 15%~20%. The midpoint of revenues is 30% higher than our previous estimates, and we attribute it to the strong DRAM demand riding on AI, clients' diversification, and DRAM price staying at high level. 3Q NI was guided at Rmb53bn~Rmb55bn, with slight QoQ growth, or midpoint ...

融资融券周报 主要指数全部震荡调整，两融余额继续下降 ――融资融券周报 | 程 | 分析师：王雪莹 | SAC NO：S1150525020001 | 年 | 月 | 日 | 2026 | 10 | 21 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 研 | 证券分析师 | 核心观点： | | | | | | | | | | | | | | | | 王[Table_IndInvest] | 雪莹 | 究 | 市场概况 |  | 022-23839121 | | | | | | | | | | | | | wangxy4430@bhzq.com | 上周（10 | 月 | 日-10 | 月 | 日）A | 股市场主要指数全部震荡调整，其中 |  | 14 | 20 | 创业板指跌幅最大，下跌了 | 7.41%；上证 | 跌幅最小，下跌了 | 1.48%。 | | | | | 50 | 此外，上证综指下跌 | ...