A-Share Pre-Market Brief | 2026-10-08 Thursday

Special notice: today (10/8) is the first trading day after the National Day market closure (10/1–10/7 closed). All news within the holiday window (from 9/30 15:00) has already been priced in by overseas markets first. Building on yesterday's list (reports/a-share/2026-10-07.md) and yesterday's close verification (reports/a-share/2026-10-07-recap.md), this list keeps only judgments that still hold and makes incremental updates, focusing on increments after 10/7 07:00 (marked ★).

0. Today's One-Line Summary

First session after the holiday; the holiday's final night delivered a "divergence + hawkish" combo: ① On 10/7 the three major US indices closed modestly lower (Nasdaq −0.22% at 27538.69), but the storage chain stood alone — Micron gained 4.06% and led the entire market by turnover (CNBC closing basis; analyst upgrades + HBM demand), Super Micro +3%, SanDisk +2%; ② the 10Y UST yield spiked intraday to 5.365% (highest since April 2002); after the $39 billion auction was absorbed strongly at 2.77x coverage (a new high since 2016), the yield fell back more than 5bp to roughly 5.28% (post-close press basis) — the macro trigger (>5.40%) was not hit, but it got closer; ③ the Fed's September minutes leaned hawkish — most officials judged one more rate hike could be appropriate before year-end (probability of a hike at the 10/27–28 meeting ~17%, CME FedWatch basis); ④ on Hong Kong's 10/7 final session the market already demoed "gap-up profit-taking": innovative-drug sentiment stocks and storage H-shares were hit together (CanSino Biologics H −6.26%, Montage H nearly −8% intraday), while the heavyweights held (Hengrui H +1.12%, WuXi AppTec H +0.18%). Offsetting factor: on the evening of 10/7 the A-share announcement flow fed innovative drugs intensively — Huahai Pharmaceutical (华海药业, 600521) pre-announced Q3-report net profit growth of 170%–190%, Asieris Medical (亚虹医药-U, 688176) signed a BD out-licensing deal worth over $250 million in total, Betta Pharmaceuticals (贝达药业, 300558) won FDA IND clearance, and Allist Pharmaceuticals (艾力斯, 688578) proposed a buyback. The strongest branches remain the dual mainlines of innovative drugs (announcements + ESMO + Q3 reports in triple relay) and storage (US stocks rose again after Micron's earnings); pre-market call: most likely a structural gap-up, both mainlines carry the "profit-taking risk already demoed in Hong Kong", auction volume is the only referee — if the two markets' turnover cannot quickly get back above 1.4 trillion (about 1.44 trillion on 9/30), a gap-up-then-grind-down is the likely outcome.

Macro trigger (holiday framework carried over): 10Y UST >5.40% triggers a downgrade of high-valuation branches. Current intraday extreme 5.365%, roughly 5.28% after the auction — not triggered, but the hawkish minutes mean high-level tug-of-war is the norm rather than a tail risk; separately, today's Ministry of Finance RMB 150 billion special treasury bond auction settlement is a cash drain — whether the central bank offsets it via open-market operations (revealed at 09:20) is the last liquidity variable before the open.

1. News Overview

Time window: after 9/30 15:00 (the whole holiday); ★ = increments after 10/7 07:00 (publication of yesterday's list). Impact grade is a per-item score; branch strength aggregates multiple items — the two are allowed to differ.

2. Strongest Bullish Branches, Descending

Branch notes: Innovative drugs — the only mainline fully validated by overseas markets during the holiday and still fed by primary A-share announcements last night; the poor structure is an open secret: Hong Kong has demoed "sentiment stocks cash out, heavyweights hold", and A-shares on 10/8 will most likely copy it — watch the heavyweight pair (Hengrui / WuXi) for auction absorption, while the sentiment anchor (CanSino (康希诺, 688185)) is downgraded to a weather vane; Huahai's pre-announcement injected a new "earnings delivery" dimension into the branch (no longer just a BD story). Storage — the hardest logic (Micron earnings + second US validation), but the 10/7 Hong Kong storage-H plunge is the strongest warning signal; a big gap-up on 10/8 = overdrawn, while a modest gap-down + heavy auction volume instead becomes an expectation-gap absorption point. PCB — verdict day; Shengyi / WUS / Victory Giant's auction volume and the count of broadly advancing names decide. Oil tankers — Brent back above 100 + Hormuz escalation; freight-rate data resume updating today; watch COSCO Shipping Energy for absorption, don't chase. Earnings line — Huahai fired the first shot; 10/8–21 is the window of 134 concentrated disclosures; "earnings + theme" double-boost names are the October stock-picking mainline.

3. Stock Bullish-Strength Leaderboard (descending by stock)

4. Stock Scoring Model (total 100)

Components: source authority 0–15 / bullish directness 0–20 / earnings elasticity 0–15 / industry standing & fundamentals 0–15 / expectation gap 0–10 / theme durability 0–10 / A-share trading attributes 0–10 / risk deduction 0 to −15. Financials are all 2026 interim reports; this morning the fundamentals subtask re-verified each item with akshare, consistent with the data on file in yesterday's list; PE-TTM is as of the 9/30 close (no A-share trading during 10/1–10/7).

Full breakdown (format: authority/directness/elasticity/standing/expectation gap/durability/trading/risk deduction): Hengrui Medicine 15/19/13/15/8/9/9/−4=84; WuXi AppTec 14/16/13/15/7/9/9/−1=82; GigaDevice 15/18/14/14/7/8/8/−5=79; Shengyi Technology 14/15/13/14/6/8/8/−6=72; Longsys 14/17/14/12/7/8/8/−8=72; Huahai Pharmaceutical 15/16/12/12/7/8/7/−6=71; Victory Giant 13/15/12/12/6/8/9/−5=70; WUS Printed Circuit 13/14/12/13/6/8/8/−4=70; COSCO Shipping Energy 12/16/13/13/5/7/7/−5=68; Zhongji Innolight 13/13/11/13/6/8/8/−6=66; PetroChina 12/13/11/14/5/7/7/−4=65; Montage Technology 13/13/11/13/6/8/7/−7=64; Zijin Mining 13/14/11/14/5/6/8/−7=64; Kelun Pharmaceutical 13/13/10/12/8/7/7/−7=63; Shannon Xinchuang 12/13/12/11/7/7/8/−8=62; Pharmaron 12/12/9/12/6/7/7/−4=61; ICBC 12/12/9/14/5/6/7/−4=61; Shandong Gold 12/13/10/12/4/6/7/−6=58; CanSino 13/9/8/11/6/8/10/−8=57; SMEC 12/11/10/10/7/6/7/−6=57; Asieris Medical 13/11/9/8/7/7/9/−8=56; Lygend Resources 12/13/12/11/6/6/8/−12=56; Vanke A 11/7/4/12/5/6/8/−7=46; Shenzhen Properties A 11/6/4/7/5/6/10/−7=42 。

Notes: ① Hengrui / WuXi scores unchanged — last night's increments (Huahai pre-announcement, Asieris BD) benefit the branch rather than the individual names, but the Hong Kong final-day "heavyweights hold" structure directly supports their relative strength. ② GigaDevice raised 1 pt: Micron's 4.06% US gain on 10/7 (CNBC closing basis) is the most direct overnight positive feedback — the authority component is raised; the risk deduction is unchanged (the Hong Kong warning is already counted). ③ Montage cut 3 pts: its H-shares' near −8% intraday on 10/7 is the strongest warning; re-verification confirmed that of its H1 net profit to parent RMB 2.00 billion, ~RMB 670 million is non-recurring (ex-non-recurring only +21.2%) — the water in the "headline +72%" goes into risk. ④ CanSino cut 5 pts: the −6.26% Hong Kong final session turned "gap-up profit-taking" from a risk item into the main tone. ⑤ Shannon Xinchuang is a late addition: H1 net profit to parent RMB 3.64 billion (+2207%) falls within the 7/10 pre-announcement range, but with gross margin 11.6% + liability ratio 74% + dense 9/30 related-party guarantee announcements, it is set to "watch only". ⑥ Lygend Resources cut 5 pts: risk deduction −7→−12 — the overdrawn degree of a registration-system IPO up +298% intraday on day one demands heavier risk pricing against the post-holiday sentiment-leader collective cash-out risk. ⑦ Zijin Mining cut 4 pts: the holiday gold rebound aborted ($4,131) + hawkish minutes — elasticity / durability / risk deduction all cut together; the fundamentals (net profit +68%, PE 11.7x) are unchanged.

5. Top-10 Stock Deep Dives

Note: §5 covers the top 9 of the leaderboard plus one editor's pick, Montage Technology (No. 12), which enters the deep dives because its H-shares' near −8% intraday on 10/7 + the ex-non-recurring gap make it the biggest expectation gap in today's storage branch, replacing No. 10–11 Zhongji Innolight / PetroChina; the latter two keep their leaderboard treatment — see §7 within-branch rankings.

51 Hengrui Medicine600276total 84, priority deep-dive · 恒瑞医药 · Shanghai main board

• Related news: 9/29–9/30 announcement: HRS-1596 (oral GLP-1/GIP dual-target) overseas rights licensed to Novo Nordisk, upfront $300 million + milestones up to $2.3 billion + sales royalties, expected to close in 2026Q4 (Economic Reference Network²⁶); ESMO 10/23 HER3 ADC Phase III LBA (press basis); H-shares +1.12% on 10/7 to close at HK$48.94 — with WuXi AppTec H (+0.18%) the final-day positive-feedback heavyweights, and the biggest gainer; the dense innovative-drug announcements last night (Huahai / Asieris / Betta / Allist) add branch support.
• Bullish logic: Direct. The ~RMB 2.1 billion upfront is expected to be recognized in Q4 (Citi estimate, press basis), ≈27% of 2025 full-year net profit to parent — it hits revenue, not just sentiment.
• Branch stage: Innovative-drug BD out-licensing main uptrend leg, fully validated by Hong Kong during the holiday; from 10/8 it enters the "A-share pricing + Q3 reports + ESMO" relay.
• Fundamentals check: 2026H1 revenue RMB 15.456 billion (−1.94%), net profit to parent RMB 4.465 billion (+0.34%), ex-non-recurring RMB 3.730 billion (−12.71%), gross margin 86.3%, liability ratio 8.2%, operating cash flow RMB 1.987 billion; re-verified consistent this morning. PE-TTM ~40.6x.
• Industry standing: China's innovative-drug No.1, the strongest BD monetization track record.
• Technicals & sentiment: main board ±10%; 9/30 +3.46%, no blow-off; H-shares fell ~3.6% cumulatively over the holiday, then stopped falling with +1.12% on the final day.
• Final call: the hardest holiday catalyst plus a Q4 revenue-recognition expectation — the branch's first pick. 10/8 watch points: a gap-up ≤3% with volume is healthy; a gap-up above 5% — watch for a pullback to absorb; if the pharma sector shows no auction volume while Hengrui gaps up alone, beware profit-taking.

52 WuXi AppTec603259total 82, priority deep-dive · 药明康德 · Shanghai main board

• Related news: H-shares +0.18% on 10/7, resilient (holiday high zone); JPMorgan research says "not too worried about rates' impact on CRO" (Zhitong Caijing²⁷ relay, holiday press basis); Hong Kong short-selling proceeds ranked high on 10/6 (bull-bear divergence, terminal-data basis); nothing new in the 10/7 evening announcements (routine governance items such as the 9/30 extraordinary shareholders' meeting).
• Bullish logic: Direct. Orders, revenue, profit, cash flow — four-way validation; no single explosive point but the highest certainty; in a hawkish-minutes environment, its PE-TTM ~23x is the valuation lowland of the innovative-drug sector.
• Branch stage: CXO recovery confirmed; the "heavyweight core" of the innovative-drug mainline.
• Fundamentals check: 2026H1 revenue RMB 28.897 billion (+38.9%), net profit to parent RMB 11.080 billion (+29.4%, ex-non-recurring +89.4%), gross margin 53.9%, operating cash flow RMB 9.699 billion, liability ratio 27.9%; backlog RMB 66.43 billion (+25.2%, company-disclosed figure, not a financial-statement line — akshare could not re-verify it this morning; defer to company disclosure). Red flags: receivables RMB 10.47 billion (+44%); geopolitical legislation risk.
• Industry standing: Global CRDMO leader, the absolute CXO heavyweight on A-shares.
• Technicals & sentiment: 9/30 +4.16% with main-force net inflow over RMB 800 million; Hong Kong "up in divergence" over the holiday.
• Final call: the best risk-reward large cap in the innovative-drug mainline; the 10/8 verification points are the auction gap-up size and northbound / institutional absorption; if the branch's sentiment stocks fade while WuXi holds, it confirms the "heavyweight structure".

53 GigaDevice603986total 79, priority deep-dive (do not chase the auction gap-up) · 兆易创新 · Shanghai main board

• Related news: Micron FY26Q4 revenue +379.3% YoY, gross margin 86.8%, FY27Q1 guidance $61.5 billion (Micron IR original¹⁸, verified item by item); Micron's US stock gained 4.06% on 10/7 to close at $1088, topping the entire market's turnover leaderboard on heavy volume (CNBC closing basis; analyst upgrades + Q4 results + strong HBM demand, Eastmoney⁴, TradingKey²⁸); but its own H-shares fell over 3% on 10/7 (Hong Kong storage pulled back together).
• Bullish logic: Direct. Niche DRAM / NOR price-hike elasticity already realized in the interim report; Micron's earnings and guidance are the "master switch" of global storage pricing, and the 10/7 US second validation shows the earnings catalyst is not exhausted.
• Branch stage: Storage supercycle main uptrend leg; A-shares haven't traded yet while Hong Kong has already pulled back — the two-sided pricing gap is the core game on 10/8.
• Fundamentals check: 2026H1 revenue RMB 11.566 billion (+178.7%), net profit to parent RMB 6.857 billion (+1091.5%), ex-non-recurring RMB 4.883 billion; gross margin 63.1%; operating cash flow RMB 6.048 billion; liability ratio 11.5%; inventory RMB 4.18 billion (10% of total assets, healthy structure). Re-verified consistent this morning. PE-TTM ~31.4x.
• Industry standing: China NOR Flash No.1; niche DRAM scaling with CXMT synergy.
• Technicals & sentiment: main board ±10%; 9/30 −3.72% with the electronics pullback, not overdrawn.
• Final call: the most balanced "earnings-valuation-structure" pick in the storage branch; Micron's follow-through gain on 10/7 is the strongest overnight positive, but the Hong Kong H already fell first as a demo — a gap-up ≤4% with auction volume is healthy; a gap-up above 8% is treated as overdrawn; if it opens only slightly lower with heavy auction volume, that instead is the "Hong Kong mis-sold, A-share independent pricing" absorption watch point.

54 Shengyi Technology600183total 72, priority deep-dive (watch auction absorption) · 生益科技 · Shanghai main board

• Related news: Kingboard Laminates (01888.HK) −0.36% on 10/6 → −2.99% on 10/7 to close at HK$53.45 (Tencent quote 10/7 close basis, see yesterday's close verification), un-repaired for two straight days; 7 rounds of CCL price hikes YTD (Kingboard-led, cumulative over 40%, press basis); overnight Super Micro +3%, NVDA slightly lower — AI hardware sentiment neutral.
• Bullish logic: Direct. The own-story logic (high-speed board volume + price hikes) has delivered for multiple consecutive quarters, while the Hong Kong mapping has weakened two straight days — A-share pricing independence gets tested on 10/8.
• Branch stage: The repair bet after compute hardware's 9/30 cooldown; today is the verdict day of "repair or dead-cat bounce".
• Fundamentals check: 2026H1 revenue RMB 19.026 billion (+50.1%), net profit to parent RMB 3.287 billion (+130.4%), gross margin 30.7% climbing for consecutive quarters, operating cash flow RMB 2.983 billion; liability ratio 50.3% (balance-sheet expansion for capacity). Re-verified consistent this morning. Red flag: PE-TTM ~60.8x — the valuation already prices in much of the hike story.
• Industry standing: World No.2 in rigid CCL, China No.1.
• Technicals & sentiment: 9/30 −2.27%, far smaller drop than the limit-down PCB high-flyers; main board ±10%.
• Final call: the most concrete realization path in the PCB repair branch. A gap-up within 3% + auction volume = healthy; above 5% — wait for a pullback; if the PCB sector shows no auction volume and broad green at the open, treat it as a dead-cat bounce and downgrade.

55 Longsys301308total 72, watch closely (small position) · 江波龙 · ChiNext

• Related news: Same Micron earnings + the 10/7 US storage chain bucking the tape (Micron +4.06%, SanDisk +2%); Micron said it signed strategic long-term agreements with major customers to lock volumes (Micron IR¹⁸).
• Bullish logic: Direct and the most elastic — module makers are the profit amplifier of the price-hike cycle, and the H1 interim report already delivered monstrous elasticity.
• Branch stage: High-β elasticity name in the storage main uptrend.
• Fundamentals check: 2026H1 revenue RMB 24.088 billion (+136.3%), net profit to parent RMB 10.577 billion (just RMB 14.77 million a year earlier), ex-non-recurring RMB 10.047 billion; gross margin 58.9%. Red flags (confirmed in this morning's re-check): inventory RMB 25.78 billion = 60.1% of total assets (+219% YoY); H1 operating cash flow −RMB 3.151 billion; liability ratio 56.1%; ROE (H1) 79% is the classic "cycle-peak profit + heavy inventory" combo; PE-TTM ~11.6x carries the low-PE trap signature of a cycle peak.
• Industry standing: China's leading independent storage module maker (embedded + SSD + mobile storage, full range).
• Technicals & sentiment: ChiNext ±20%; 9/30 −3.12%; its H-shares fell over 2% on 10/7.
• Final call: the fastest up, fastest down storage β; suited to small-position watching with strict defense of the 9/30 low; if it gaps up over 10% on 10/8 beware one-step overdraw — under the ±20% attribute the volatility tolerance must be strict.

56 Huahai Pharmaceutical600521total 71, watch closely (new earnings-line name) · 华海药业 · Shanghai main board

• Related news: Announced the evening of 10/7: 2026 first-three-quarters net profit to parent expected at RMB 1.028–1.103 billion, +170%–190% YoY (RMB 380 million in the same period of 2025), ex-non-recurring RMB 662–743 million, +145%–175% YoY; drivers = API business deepening into global markets + stable domestic formulations + US formulations turnaround, plus arbitration-related gains, disposal of subsidiary equity, and lower R&D expenses (company announcement¹¹, Sohu Finance¹²).
• Bullish logic: Direct and fresh — the first heavyweight Q3 pre-announcement after the holiday, an "innovative-drug label + API earnings" double hit; the US formulations turnaround is a mid-term trend improvement (not one-off).
• Branch stage: The "first shot" of the Q3 earnings line; an earnings-dimension reinforcement for the innovative-drug branch (its first biologic innovative drug approved and launched in H1, press basis).
• Fundamentals check: 2026H1 revenue RMB 4.913 billion (+8.78%), net profit to parent RMB 771 million (+88.26%), ex-non-recurring RMB 426 million (+17.31%), operating cash flow RMB 1.098 billion (+197.06%); API and intermediates H1 revenue RMB 2.061 billion (+24.23%); US business H1 net profit RMB 89.01 million, a turnaround (LanJing / interim report²⁹, Securities Times³⁰). Note: H1 net profit to parent includes the gain from disposing 67% of Huahai Tianheng equity + the valsartan arbitration win reversal (combined impact ~RMB 247 million); the high growth in the Q3 pre-announcement includes similar non-recurring contributions + a low base (2025Q3 single-quarter ex-non-recurring was negative) — read it on the ex-non-recurring basis.
• Industry standing: One of the API + formulations vertically integrated export leaders, early in its biopharma transition.
• Technicals & sentiment: main board ±10%; no hype before the holiday, so the 10/7 evening announcement is "fresh information" — the auction reaction is the expectation-gap pricing.
• Final call: the earnings line injects a "delivery" dimension into the innovative-drug branch, and Huahai is today's highest-quality announcement; watch points: the gap-up size (3–5% is common) + the solidity of auction sealed orders; if it limit-ups at the open but the sector follows only weakly, treat it as a single-stock move — don't extrapolate it into a branch signal.

57 Victory Giant300476total 70, watch closely · 胜宏科技 · ChiNext

• Related news: Nvidia-chain boom + AI-server "component shortage"; an August company survey said "AI orders are strong" (Securities Times³¹); its H-shares rose over 5% on 10/5.
• Bullish logic: Direct. AI PCB (HDI high-layer) is fully tied to the Nvidia-chain boom.
• Branch stage: The elasticity core of the PCB repair branch (±20%).
• Fundamentals check: 2026H1 revenue RMB 11.629 billion (+28.8%), net profit to parent RMB 2.857 billion (+33.3%), ex-non-recurring RMB 2.418 billion; operating cash flow RMB 2.911 billion; liability ratio 39.9%. Re-verified consistent this morning. Red flag: gross margin 33.2%, −3pct YoY (lagged pass-through of CCL / copper-foil price hikes).
• Industry standing: A-share AI PCB leader, main HDI high-layer supplier.
• Technicals & sentiment: ChiNext ±20%; 9/30 −2.98%.
• Final call: the first-choice elasticity of the repair branch, but earnings elasticity is limited until the gross-margin inflection (hike pass-through) lands; watch as a pair with Shengyi Technology (materials + manufacturing); on 10/8 watch the auction volume and the volatility tolerance under its 20CM attribute.

58 WUS Printed Circuit002463total 70, watch closely · 沪电股份 · Shenzhen main board

• Related news: Nvidia-chain high-layer board orders full; dual drivers of AI servers and 800G switches.
• Bullish logic: Direct. Core PCB supplier for AI servers / 800G switches.
• Branch stage: The heavyweight of the PCB repair branch.
• Fundamentals check: 2026H1 revenue RMB 13.689 billion (+61.2%), net profit to parent RMB 2.923 billion (+73.7%), gross margin 38.7%; re-verified consistent this morning. Healthy financial structure.
• Industry standing: One of China's AI high-layer PCB duopoly (alongside Victory Giant).
• Technicals & sentiment: Shenzhen main board ±10%; followed the sector down on 9/30.
• Final call: the best "earnings certainty / volatility" ratio among main-board names in the repair branch; watch as a pair with Shengyi Technology; verification points are whether the auction gaps up on volume + the count of broadly advancing sector names.

59 COSCO Shipping Energy600026total 68, watch closely · 中远海能 · Shanghai main board

• Related news: Brent clawed back $100 on 10/7 at 101.38 (+0.79%); tanker attacks in the Strait of Hormuz hit 9 this month; Saudi Arabia intercepted a Houthi missile (TradingEconomics¹⁶); COSCO Shipping Energy H-shares resilient on 10/7 at just −0.39%; latest available VLCC TCE (week of 9/18) $631,000/day, +42.3% WoW (10jqka / Clarksons²⁴); the week-of-10/2 TCE was unavailable during the holiday and data resume updating from today. Mind the offset: on the 10/7 US session December Brent closed at 100.20 (−0.38%), WTI −1.3%.
• Bullish logic: Direct with forward indicators already off the charts — the freight-rate jump from Q3 feeds straight into the Q3 report.
• Branch stage: Oil-tanker super-boom continuation; Q4 peak-season upside optionality + geopolitical kicker.
• Fundamentals check: 2026H1 revenue RMB 15.146 billion (+30.0%), net profit to parent RMB 4.545 billion (+143.2%), gross margin 41.4%, operating cash flow RMB 6.962 billion; world's No.1 oil-tanker capacity. Re-verified consistent this morning. PE-TTM ~16.8x.
• Industry standing: The absolute A-share oil-tanker leader.
• Technicals & sentiment: 9/30 +1.43%, steady, not overheated; main board ±10%.
• Final call: the hardest forward data with relatively "old" catalysts; the Hong Kong holiday session already demoed the "heavyweights hold" structure and Energy H was part of it; a soft open on 10/8 is an oil-sentiment mis-sell watch point — don't chase, watch pullback absorption and wait for today's resumption of VLCC spot-rate updates.

510 Montage Technology688008total 64, watch closely (divergence absorption at auction; editor's pick) · 澜起科技 · STAR Market

• Related news: Micron 512GB DDR5 RDIMM sampling + AI-server memory capacity upgrades (Micron IR¹⁸); 10/1 A-share buyback progress announcement (mildly positive); but its H-shares fell nearly 8% intraday on 10/7 — the fiercest warning among the holiday storage mappings.
• Bullish logic: Direct. Memory-interface chips (RCD / DB) are a must for DDR5 modules; AI servers bring both RCD volume and value per unit up.
• Branch stage: The "picks-and-shovels" of the storage branch; pace follows downstream module makers.
• Fundamentals check: 2026H1 revenue RMB 3.335 billion (+26.7%), net profit to parent RMB 1.997 billion (+72.3%), gross margin 65.3%. Key finding of this morning's re-check: ex-non-recurring only RMB 1.322 billion (+21.2%), with ~RMB 670 million of non-recurring items (subsidies / investment income etc., composition not yet confirmable) — a gap exists between the headline growth and the core-business growth; PE-TTM ~80.3x corresponds to the headline profit. Liability ratio 7.5%, inventory RMB 996 million (+148.7%).
• Industry standing: Global memory-interface chip leader.
• Technicals & sentiment: STAR Market ±20%; followed the semi sector down on 9/30; H-shares plunged on the holiday's final day.
• Final call: the middle gear of the storage mainline — "more certainty than Longsys, less elasticity than Longsys" — but the Hong Kong pre-drop + the ex-non-recurring gap maximize today's divergence; if the auction opens lower and pulls back on volume, that is "dragged down wrongly by Hong Kong" absorption; if it gaps up, it's overdrawn — don't chase.

6. Pass List

7. Within-Branch Rankings

Innovative drugs / BD out-licensing + CRO + Q3 earnings line (S-grade branch)

Hardest name: Hengrui Medicine; highest announcement recognizability today: Huahai Pharmaceutical; followers: 蔚蓝生物 (Vland Biotech, 603739), 康泰生物 (Kangtai Biological, 300601), 康辰药业 (Kangchen Pharmaceutical, 603590); Pass: Zhifei Biological, JenKem Technology, optogenetics / sequencing concepts (bets missed). Branch-structure call: Hong Kong has demoed "sentiment stocks cash out, heavyweights hold"; on 10/8 A-shares will most likely spike first (accumulated holiday positives) and then diverge — auction absorption in the heavyweights (Hengrui / WuXi / Huahai) is the first test of branch quality.

Storage supercycle (S−-grade branch)

Hardest name: GigaDevice; the most direct overnight positive feedback: Micron +4.06% topping the turnover leaderboard; biggest expectation gap: Montage (Hong Kong near −8% + ex-non-recurring gap); avoid: pure-concept storage names with no order evidence. Mind the "strong servers, weak consumer" structure — favor names with a high AI / server exposure.

AI compute hardware / PCB-CCL (A−-grade branch, verdict day today)

Hardest names: Shengyi Technology / WUS Printed Circuit; verdict criteria: Shengyi gap-up ≤3% + 3 or more broadly advancing names in the sector on volume = a valid repair; gap-up ≥5% = overdrawn; only Kinwong spiking = Hong Kong-mapping inertia — treat as a dead-cat bounce.

Oil tankers / oil & gas (B+-grade branch)

Verification points: the weekly VLCC TCE resuming updates today + whether Brent can hold 100; COSCO Shipping Energy's resilient H-shares during the holiday already provide mapping support for the A-share.

8. Today's (10/8) Opening Verification Signals

Auction signals (9:15–9:25):

• Innovative drugs: Hengrui Medicine gap-up ≤3% with volume = healthy; Huahai Pharmaceutical (positive pre-announcement) gap-up of 3–5% is common — watch the solidity of sealed orders; CanSino (STAR Market ±20%) gap-up above 8% = a cash-out signal (already demoed on Hong Kong's final day); if Hengrui opens lower = institutions question BD durability, and the sector's gap-up cash-out risk is high.
• Storage: GigaDevice gap-up ≤4% with auction turnover above 10% of 9/30's full-day total = strong; above 8% = overdrawn; if GigaDevice opens only modestly lower with heavy auction volume = a Hong Kong mis-sell / A-share independent-pricing absorption point; Longsys (±20%) gapping up over 10% is one-step — don't chase.
• PCB: Shengyi Technology gap-up ≤3% + broadly advancing names with volume = valid repair; ≥5% = overdrawn; broadly green at the auction = treat as a dead-cat bounce.
• Broad market: whether the 09:20 PBOC OMO announcement offsets today's RMB 150 billion special-bond settlement — weak offset worsens the liquidity picture.

Sector signals: ① Pharma: Huahai / Kelun sealing limit-ups fast + Hengrui / WuXi advancing on volume = mainline confirmed; only the back row (美诺华 (Meinuohua) etc.) spiking while the heavyweights don't move = a pre-fade tell. ② Storage: GigaDevice + Longsys + Montage firing together = new branch confirmed; only one spiking = a one-day US-earnings mapping. ③ PCB: Shengyi / WUS / Victory Giant moving together + Zhongji Innolight stopping its decline = repair spreading; only one = dead-cat bounce.

Single-stock signals: top-5 absorption (auction volume / sealed-order ratio), fast limit-ups that don't blow open, large-order net inflows, and whether a stronger stock steals the slot (Asieris stealing Huahai's slot = money abandoning earnings to bet on elasticity — a hollow branch; Huahai's sealed orders holding = the earnings line is accepted by the market).

Risk signals: ① Macro: 10Y UST 5.28% is still in the highest zone since 2002; hawkish minutes mean high-level tug-of-war becomes the norm, and a valuation ceiling exists for growth branches; ② Independent signals: pharma "a single limit-up with no back-row follow-through", storage / PCB "gap-up-then-fade on shrinking volume"; ③ Sentiment: Xinhua Media (600825) one-way limit-down "nuclear button" = pre-holiday sentiment leaders cooling together; CanSino gap-up-then-fade = avoid the innovative-drug sentiment chain; ④ Volume: if the two markets' turnover cannot return to the pre-holiday scale within 30 minutes (full-day ~1.44 trillion on 9/30 as the reference), the gap-up's sustainability is in question.

9. Final Recommendations

The following is only a pre-market observation-priority ranking, not investment advice; all "verification points" are observation lenses, not trading instructions.

① Today's (10/8) 5 most noteworthy stocks (ranked by total score and freshness combined, not strictly by score)

② Today's 3 strongest branches

③ Directions not to chase today + why

• Sentiment anchors such as CanSino (康希诺, 688185, STAR Market ±20%): the H-share final-day −6.26% already demoed the cash-out path; the A-share had a 20CM limit-up on 9/30 plus a 10/1 unusual-move announcement — a gap-up above 8% has a high probability of cashing out.
• Storage / PCB names gapping up ≥5% at the auction: Hong Kong fell first (Montage H near −8%, Kingboard down two straight days) — the hardest hit would be the A / H mappings and the back row (Kinwong Electronic (景旺电子, 603228), Shannon Xinchuang (香农芯创, 300475), etc.).
• Gold: gold fell back to $4,131.68 on 10/7; the hawkish minutes aborted the rebound — Zijin Mining (紫金矿业, 601899) and Shandong Gold (山东黄金, 600547) are defensive watch only.
• Nobel Prize concepts: three straight falsifications — Physics (neutrino astronomy), Medicine (optogenetics), Chemistry (asymmetric synthesis); the "bet on the Nobel" pattern missed three times during the holiday — all gene-sequencing / chiral-catalysis mappings are C-grade or below.
• Pre-holiday sentiment leaders: Xinhua Media (新华传媒, 600825) 7 consecutive limit-ups, Shenzhen Properties A (深物业 A, 000011), Chuanyi Technology (传艺科技, 002866) / Times Wanheng (时代万恒, 600241) — the 8-day holiday must break the ladder, and Hong Kong has already demoed end-of-holiday sentiment cash-outs.
• Cinema chains: the National Day window did about RMB 1 billion over 6 days, sharply weak YoY — the post-holiday cash-out point.

④ Final one-line call: 10/8, the first post-holiday session, will most likely gap up, but the last two overseas sessions of the holiday already locked in the "structural" part — both the innovative-drug and storage mainlines have hard logic, and both have been pre-demoed for cash-outs by Hong Kong; the hawkish minutes + 10Y UST at 5.28% highs cap the valuation ceiling; auction volume and the first-30-minutes absorption after the gap decide "repair" or "cash-out" — hold the volume bar strict (1.4 trillion is the line), and rather miss than do wrong.

⚠️ Risk disclosure: this list is only a pre-market information sort-out and observation set, not investment advice. A-share volatility risk is extremely high; auto-generated content may carry information-timeliness gaps or industry-chain mapping errors, and must not be used directly as a trading basis.

⚠️ Data log: ① This morning the fundamentals subtask re-verified the 2026 interim reports of 9 names item by item with akshare 1.18.79 — all consistent with the data on file in yesterday's list; Shannon Xinchuang's inventory-structure detail (raw materials / finished-goods breakdown) is not a field in akshare's financial-statement API and the pull failed — this piece states inventory only as a total; WuXi AppTec's "backlog RMB 66.43 billion (+25.2%)" is a non-financial-statement figure that akshare cannot re-verify, cited on the company-disclosure basis as noted. ② Announcement scanning used cninfo as the primary channel; exchange direct-lane / Hudongyi items may not be fully covered; Montage's 10/1 buyback progress, CanSino's 10/1 unusual-move announcement, and Shannon Xinchuang's 9/30 related-party guarantee series are the main non-routine items in the window; the 10/7 evening announcements of Asieris / Betta / Allist / Luoman etc. share an Eastmoney aggregate page — for each item, the cninfo original governs. ③ Micron's 10/7 close has been verified: CNBC close $1088.00 (+4.06%), Yahoo historical quotes consistent (its 1083.98 is an adjusted basis); the official closing yield of the 10Y UST on 10/7 was not obtained — "roughly 5.28%" is the post-auction press basis (NetEase / Sina); the recap's 10/6 measured value was 5.27%. ④ The FTSE A50 overnight section uses the Eastmoney CN00Y snapshot (13760–13840); Sina's cha50cfd snapshot ran high (13917–13985), suspected to be a different-month contract, and was not mixed in.