Materials

Nissan Chemical Corporation has approved the establishment of Nissan Chemical Semiconductor materials Zhangjiagang Co., Ltd. in Zhangjiagang City, Jiangsu Province, China, to manufacture and sell anti-reflective coatings and multilayer materials for semiconductors. The new subsidiary carries registered capital of RMB 210 million, or approximately ¥5.00 billion, with initial funding set for October 15, 2026. The move deepens Nissan Chemical's presence in China's semiconductor supply chain by placing production closer to key local customers and demand centers. The roughly ¥5.00 billion capacity build is a focused addition that supports existing guidance rather than reshaping it in the near term, though it tilts the risk mix toward China-specific factors such as local competition and policy or supply chain disruptions. The company's investment case continues to rest on turning specialty chemicals expertise into steady earnings and disciplined shareholder returns, supported by high returns on equity and an active dividend and buyback program.

Almonty Industries has cleared the final regulatory hurdle for commercial operations at its Sangdong processing plant in South Korea, opening the door to tungsten concentrate sales under a long-term offtake agreement. More than 90% of Phase I output is already committed to Global Tungsten & Powders for 21 years, and the certification arrives while tungsten prices are described as being at historic highs. The stock has been volatile, with a 30 day share price return down 35.24% and a 7 day move lower by 11.42%, though the year to date share price return is 34.89% and the 1 year total shareholder return is 53.16%. Almonty closed at $11.87, while the most followed narrative points to a fair value of $15.26 using a 9.15% discount rate. The main condition for success is the ramp up and optimization of Sangdong and Los Santos, alongside effective use of the US$800m convertible notes and the Rwanda joint venture.

Jiangxi Copper has signed a new three-year supply and services agreement with JCC Group covering copper products, other metals, auxiliary materials and a wide range of industrial support services. The agreement adds another operational reference point for investors watching how sentiment shifts around future cash flows and risk, with the stock trading at HK$33.22 after a 30 day share price return down 15.43% and a year to date share price return down 23.95%, even though the 3 year total shareholder return is up about 3.3x. On valuation, Jiangxi Copper trades on a P/E of 8.4x, below the Hong Kong Metals and Mining industry average P/E of 10.1x and a peer average of 10.9x, and below an estimated fair P/E of 9.1x, with profit growth of 54.1% over the past year and 10.9% per year across five years. A Simply Wall St discounted cash flow model compares the HK$33.22 share price with an estimated future cash flow value of HK$62.35, framing the stock as materially undervalued. Risks remain if copper or gold demand weakens, or if project and service costs rise faster than the company can pass them on.

Aura Minerals reported record preliminary Q3 2026 production of 95,557 gold equivalent ounces, its highest-ever quarterly and nine-month output across six operating mines. The result was driven by sharp gains at MSG and strong performances at Borborema and Aranzazu. The company said production and sales growth remained strong even after adjusting for metal prices, while construction and development at the Era Dorada project continued on schedule. Aura Minerals also recently secured a new US$200 million syndicated loan facility to help finance supplier payments and prepay production costs while advancing its growth pipeline. The company's narrative projects $2.3 billion in revenue and $1.0 billion in earnings by 2029, requiring 21.0% yearly revenue growth and roughly a $701 million earnings increase from $298.6 million today.

Huate Gas said at its 2026 semi-annual results briefing on October 8 that the number of products for which it has achieved import substitution has increased from 22 at the time of its IPO to 57, and that it will focus on commercializing high-end electronic specialty gases such as disilane, hydrogen bromide, and boron trichloride. In response to investor questions about continued share reductions by employee shareholding platforms and senior executives, the company said that the three entities, including Xiamen Huahong Duofu, are all pre-IPO employee shareholding platforms established in 2012, and that the reductions were driven by partners' capital planning needs. There was no cashing out at highs or lack of confidence in the company's development, and block trades with certain discounts were chosen to improve reduction efficiency and reduce the impact on the secondary market. The company said its sales pricing comprehensively considers factors such as product costs, market competition, and customers' gas consumption scale, stability, and credit periods, with pricing characterized by case-by-case negotiation. On the performance front, the 2026 semi-annual report published on August 25 showed operating revenue of 872 million yuan, up 28.95 percent year on year; net profit attributable to the parent company of 92.83 million yuan, up 19.16 percent; non-GAAP net profit attributable to the parent company of 89.94 million yuan, up 19.29 percent; and net operating cash flow of 133 million yuan, up 46.93 percent year on year. In the first half, specialty gas business revenue reached 586.04 million yuan, up 38.56 percent year on year, semiconductor segment revenue reached 342.89 million yuan, up 28.22 percent year on year, and helium and related products accounted for about 20 percent of total operating revenue, with revenue up 133 percent year on year.

Domestic prebaked anode prices have risen for the second consecutive month, reaching a near three-year high. A reporter from Cailian Press recently learned from the industry chain that a large electrolytic aluminum plant in Shandong raised its October 2026 prebaked anode procurement benchmark price by 400 yuan per tonne compared with September, implementing a cash price of 6,130 yuan per tonne. This marks the second consecutive monthly increase since the 100 yuan per tonne rise in August. Currently, prebaked anode market prices in the Shandong region have climbed to between 6,130 yuan and 6,430 yuan per tonne, up about 25 percent year on year, the highest since February 2023. The direct driver of this round of price increases is raw material costs. Coal tar pitch remains at elevated prices due to tight supply of high-temperature coal tar, while petroleum coke prices have also rebounded in some areas. Data from Longzhong Information shows that petroleum coke prices have risen from about 2,500 yuan per tonne at the start of the year to above 3,100 yuan per tonne by the end of September. Global downstream consumption continues to expand, and domestic demand in new energy sectors such as power batteries and energy storage remains strong, directly boosting domestic aluminum consumption and providing rigid support for prebaked anodes. As the world's leading commercial prebaked anode producer, Sunstone Development has 4.06 million tonnes of prebaked anode production capacity in operation in 2026, with an additional planned capacity of about 1.12 million tonnes under preparation. The company said that with cost control measures such as centralized petroleum coke procurement and intelligent blending, as well as scale advantages, its profit margin is expected to be further optimized.

China Jushi released a positive profit alert on October 9, expecting attributable net profit for the first three quarters of 2026 to reach 5.136 billion to 5.393 billion yuan, an increase of 2.568 billion to 2.825 billion yuan compared with the same period last year, up 100% to 110% year-on-year. The company also expects attributable net profit excluding non-recurring items to be 5.225 billion to 5.486 billion yuan, likewise up 100% to 110% year-on-year. The main reason for the expected profit growth is that demand in major downstream application areas for fiberglass increased in the first three quarters of 2026, with both product volume and prices rising. The company improved profitability by accelerating product structure optimization, strengthening technological innovation, and expanding market development. In the first half of this year, China Jushi already achieved revenue of 11.159 billion yuan, up 22.5% year-on-year, and attributable net profit of 2.933 billion yuan, up 73.9% year-on-year. In the secondary market, the stock rose from around 10 yuan to more than 77 yuan since last year, then entered a pullback. The latest price is 38.57 yuan, roughly halved from its high point in June this year.

Nucor closed at $250.33, up 1.7% on the day, outpacing the S&P 500's 0.6% gain. The steel producer is scheduled to report earnings on October 26, 2026, with analysts projecting $5.85 per share, a 122.43% year-over-year increase, on revenue of $10.53 billion, up 23.57%. For the full year, the Zacks Consensus Estimates forecast earnings of $18.89 per share and revenue of $40.57 billion, representing changes of +145.01% and +24.87%, respectively. Over the past month, the consensus EPS estimate has moved 5.22% higher, and Nucor currently carries a Zacks Rank #3 (Hold). The stock trades at a Forward P/E ratio of 13.03, in line with its industry, and a PEG ratio of 0.87.

UBS upgraded ArcelorMittal to Buy from Neutral with a €71 price target, raised from €61, sending the steel producer's shares up 4.6% in Friday's trading. The bank said it expects a large rally in European Union steel prices over the next six months and noted the shares have shed nearly 20% of their value during the past month, leaving the stock oversold and sensitive to any positive catalyst. UBS analyst Andrew Jones calculated that ArcelorMittal shares are fairly valued at roughly €750 per ton spot hot-rolled coil, but free cash flow yields rise to 6% to 8% at €820 to €850 per ton HRC despite substantial growth capital expenditures, with every €10 per ton increase in the European price adding about $325M to the company's EBITDA and about $250M to free cash flow. Jones added that ArcelorMittal Eisenhüttenstadt resumed operations at its blast furnace this week, signaling a gradual normalization of European production capacity after a period of curtailments and disruptions. While noting risks to North American HRC pricing and import risk in Brazil and India, Jones said ArcelorMittal is gaining most of the market share from import displacement and is the most liquid play on the European growth theme.

AMG Critical Materials N.V. announced that the European Commission has designated two of AMG Lithium's activities as Critical Raw Materials Act Strategic Projects 2026. The two designations cover AMG's lithium refinery in Bitterfeld, named a European Lithium Refining and Recycling Hub, and Zinnwald Lithium, recognized for Integrated Extraction and Processing. CEO Dr. Heinz Schimmelbusch said the decision affirms AMG's strategy of building an independent lithium supply chain for Europe and reducing dependence on foreign supply chains. The Commission's recognition means the projects will directly contribute to benchmarks set in the Critical Raw Materials Act, which aims by 2030 to increase the EU's competitiveness and resilience while decreasing dependency on any single supplier. AMG, listed on Euronext Amsterdam and Deutsche Börse, employs approximately 3,500 people and operates production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, and India.

Solstice Advanced Materials announced plans to invest $49 million to expand research and development capabilities at its Buffalo, New York facility. The investment is supported by up to $1.4 million in performance-based tax credits from New York State through the Excelsior Jobs Program, administered by Empire State Development. The project will establish a next-generation innovation platform at the Buffalo research campus, including expanded refrigerant and thermal management research, enhanced toxicological testing, and a new lab for advanced energy storage materials. Solstice has committed to creating 12 new full-time positions at the Buffalo facility by June 2027. The site employs approximately 180 scientists, engineers and support staff and has generated more than 3,700 patents globally since opening in 1955.

McEwen agreed to sell its Fuller and Paymaster properties in Timmins, Ontario, to Discovery Mining subsidiary Dome Mine for $55M, comprising $5M in cash and $50M in Discovery common shares. The sale includes Lexam VG Gold's wholly-owned Fuller property, its 60% interest in the Paymaster property held in joint venture with Dome, and a surface rights parcel owned by VG Holdings; both properties are part of McEwen's Fox complex land position in the Timmins mining district. McEwen said it plans to use the sale proceeds to invest across its operations and development projects to support a goal of producing 250K–300K gold equivalent oz annually by 2030 with minimal to no share dilution. The company said its operations and development at the Fox complex will remain centered on the Froome, Stock and Grey Fox properties. McEwen shares gained 4.5% in Friday's trading.

Axalta Coating Systems is positioned to potentially extend its earnings-beat streak when it reports next on October 29, 2026. The high-performance coating maker has topped consensus estimates by an average of 11.38% over the last two quarters, most recently posting $0.72 per share against an expected $0.65, a surprise of 10.77%, after an earlier $0.56 versus $0.5, a surprise of 12.00%. The company currently carries a Zacks Earnings ESP of +0.51% alongside a Zacks Rank #2 (Buy), a combination that Zacks research says produces a positive surprise nearly 70% of the time. Zacks notes that a negative Earnings ESP reading does not indicate an earnings miss but does reduce the metric's predictive power.

Barclays initiated coverage of SpaceX with an Overweight rating and a $254 price target, part of a broad rollout of coverage across the aerospace and defense group in which the firm said the U.S. is in the "early innings of a modern day industrial revolution." In the same sweep, Barclays started RTX, Palantir, Kratos Defense, Karman, DPC Holdings, CAE, Beta Technologies and Rocket Lab at Overweight, Planet Labs, FireFly Aerospace, AeroVironment, York Space Systems and Lockheed Martin at Equal Weight, and Northrop Grumman at Underweight. Among other calls, Baird upgraded Humana to Outperform from Neutral with a price target of $596, up from $390, citing greater confidence in the company's $35-plus of 2028 adjusted earnings per share power, while Morgan Stanley double upgraded Cboe Global Markets to Overweight from Underweight with a price target of $358, up from $258. On the downgrade side, JPMorgan cut DuPont to Neutral from Overweight with a price target of $145, down from $172, and removed the stock from its Analyst Focus List, and also downgraded Illinois Tool Works to Neutral from Overweight with a price target of $270, down from $350, both on concerns around decelerating short cycle industrial demand into 2027. Citi downgraded Pershing Square Inc. to Sell from Neutral with an unchanged price target of $45 on valuation, and RBC Capital downgraded Knife River to Sector Perform from Outperform with a price target of $58, down from $103. Other initiations included Truist starting IBM at Hold with a $240 price target, Citi starting Fortune Brands at Buy with a $48 price target, Freedom Broker starting Ultra Clean at Buy with a $127 price target, and JPMorgan resuming Trane at Overweight with a $550 price target.

Evolution Metals & Technologies Corp. raised its fiscal 2026 revenue guidance to $10 million to $11 million, up from the previous range of $5 million to $8 million issued on September 10, 2026, a 62% increase at the midpoint. The company also reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million, whose $430 million midpoint represents roughly 41 times the raised fiscal 2026 midpoint. The Miami-based critical materials and advanced manufacturing company said the raise reflects an expanded ex-China rare earth feedstock position, improved rare earth pricing and continued strong commercial demand. Thirteen additional ULVAC sintered magnet production machines are scheduled for delivery in October 2026 and will be installed immediately after delivery in Pohang, Republic of Korea, where they are expected to lift annual magnet production capacity above 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets. Chief Executive Officer Frank Moon said the company will showcase what it believes is the largest commercial magnet facility in the world, ex-China, on December 17, 2026, and President Andrew Knaggs pointed to DFARS 252.225-7052, which is expected to extend the mine-to-magnet restriction across the entire neodymium-iron-boron magnet supply chain beginning January 1, 2027.

UBS has identified its preferred gold mining stocks as the sector navigates volatile conditions following a turbulent 2026, recommending selective exposure to gold equities heading into third-quarter results and 2027 guidance. The bank expects sustained energy and broader cost pressures to drive higher unit costs in 2027, though it notes gold valuations are generally reasonable and margins remain attractive if prices hold above $4,000 per ounce. Newmont is UBS's preferred senior producer, cited for clarity on cash returns, low probability of mergers and acquisitions, and modest improvement in operating outlook; the Nevada Gold Mines dispute with Barrick is now resolved, with Newmont paying $1.95 billion to bring Fourmile, Fiberline and Mike into the joint venture under a modernized agreement. UBS also favors Barrick, whose relative performance and valuation reflect that outcome, and Endeavour, whose spot free cash flow yield exceeds 10 percent with a further step-up in cash returns expected in 2026 and roughly 40 percent growth over 2025-2029 through the Assafou project in Ivory Coast. The list also includes SSR Mining, where the investment case has shifted to delivery, life extensions and deployment of over $2 billion of cash with production sustainable just below 500,000 ounces per annum of gold equivalent, plus Skeena Resources, which secured key permits for the Eskay Creek project in February, and Franco-Nevada, where the Cobre Panama restart remains mostly unpriced and the stock trades at approximately 15 times spot 2028 enterprise value to EBITDA versus its five-year average of 21.5 times.

UBS upgraded European steelmakers Salzgitter, ArcelorMittal and voestalpine to buy from neutral on Friday and kept its buy rating on SSAB, saying new EU import quotas that remove about 9 million tonnes of annual imports will tighten supply after a recent pullback in the shares. The broker set price targets of 71 euros for ArcelorMittal, 71 euros for Salzgitter, 64 euros for voestalpine and 120 Swedish crowns for SSAB, implying upside of 31%, 61%, 51% and 21% respectively, and named Salzgitter its top pick because its earnings are about 2.5 to 3.5 times more sensitive to higher EU steel prices than the other three. EU safeguard measures that took effect July 1 cap duty-free steel imports at 18.3 million tonnes a year, with a 50% tariff on anything above the quotas, while blast furnace restarts mainly by ArcelorMittal bring back about 7.6 million tonnes of announced capacity, partly offset by cuts at Taranto and at HKM, which Salzgitter owns. UBS raised its EU hot-rolled coil price forecasts by 2%, 11% and 10% for 2026, 2027 and 2028, now expecting about 820 euros a tonne in 2027 and 805 euros in 2028 against a spot of about 745 euros, and said import parity is above 900 euros a tonne, about 20% above spot, with 1,000 euros not ruled out if demand improves. The broker warned third-quarter results will not show the upturn, forecasting earnings below consensus for ArcelorMittal, voestalpine and SSAB on weak summer demand, the delayed effect of lower prices in May and June and higher energy costs, with Salzgitter the exception at 9% above consensus on higher steel shipments.

Evonik Industries shares rose 2.6% following a Reuters report that BASF could submit a new takeover offer for the German specialty chemicals company. Reuters reported that BASF may make another bid after Evonik rejected an earlier offer of €22.15 per share in September, a proposal that represented a premium of nearly 25% to Evonik's prior three-month average share price. Citi analysts said that even at an assumed offer price of €25 per share, their model indicates average earnings per share and free cash flow accretion of approximately 20% through 2030 for BASF, though return on invested capital would fall to around 9%, which they view as a threshold given the scale, complexity and execution risks involved. The analysts added that unless major shareholder RAG opposes a transaction, Evonik management may ultimately decide to engage in discussions, and noted that RAG's most recent share placement was executed at €19.99 per share. Citi also said it currently struggles to identify a valuation scenario in which Evonik shares can sustainably exceed €22 per share absent a broader sector recovery.

Newmont is preparing to report earnings on 22 October 2026, with analysts expecting higher earnings per share and revenue than the prior-year quarter and forecasts revised upward on a generally favorable business outlook. Stronger bullion prices, supported by softer expectations for an October Federal Reserve rate hike, have improved sentiment toward Newmont and other gold producers. The company's strong first half 2026 results, including US$13,425 million in sales and US$5,464 million in net income, frame how much cushion Newmont may have if costs rise or grades decline. Newmont's narrative projects $31.3 billion in revenue and $12.6 billion in earnings by 2029, requiring 6.7% yearly revenue growth and a $4.0 billion earnings increase from $8.6 billion today, while the most pessimistic analysts assumed roughly flat revenues around US$24.9 billion and earnings near US$9.4 billion over time. Risks remain around higher sustaining capital needs, lower grade mine sequencing and potential safety or operational disruptions.

BHP expects global potash demand to grow 2% to 3% a year and sees the market potentially moving into deficit by 2035, according to Karina Gistelinck, the company's head of potash, in a March interview with Bloomberg. BHP is itself building much of the new supply it refers to through its Jansen project in Saskatchewan, whose first-stage investment is now put at US$8.4 billion, up from US$5.7 billion when it was approved in 2021, with first production back on a mid-2027 schedule. Jansen's first stage is meant to reach 4.1 million tonnes a year within two years of startup, while Buffalo Potash's Initial Production Module at the Disley project in Saskatchewan is designed for 125,000 tonnes a year, roughly 3% of that, with first production targeted for Q1 2027. Buffalo's preliminary economic assessment contemplates up to 1.125 million tonnes a year across three facilities for US$639 million in initial capital, with Disley West and Disley East starting in July and October 2029, but that depends on a positive construction decision gated by a feasibility study. On September 25, Buffalo announced it had finished the third and final horizontal well at the IPM, bringing the project to five wells, with each horizontal well reporting about 95% contact with the target clay seam, though brine circulation has yet to prove the Horizontal Line-Drive system works at commercial scale.

Asia Plus Securities has upgraded its recommendation on TASCO shares to "speculative buy" from "sell" and raised its fair value to 17.70 baht from 16.00 baht, reflecting stronger profit prospects from elevated asphalt prices. The research team expects TASCO's third-quarter 2026 results to show a net profit of 400 million baht, up 123% from the same period a year earlier but down 5% from the previous quarter, driven by a recovery in the asphalt business after the company managed to import crude from Venezuela in two shipments in August, adding feedstock to support exports and offsetting the seasonal softening of the domestic market. Total asphalt sales volume is expected at 290,000 tonnes, up 17% quarter on quarter, while the average selling price rose 8% quarter on quarter in line with Singapore asphalt market prices, which are being supported by tight regional supply. Although revenue is growing strongly, margins in the third quarter of 2026 remain under pressure from hedging losses on light oil products as well as additional provisions for doubtful debts from the construction business. However, the research team expects the fourth quarter of 2026 to be the best quarter of the year, thanks to the full-quarter recognition of the positive impact of sharply accelerating asphalt prices since September, while pressure from hedging losses on old light oil sales contracts made since the start of the year gradually eases after most of the impact was recognised in the third quarter of 2026. As a result, the research team raised its 2026 and 2027 profit forecasts by 24% and 3% respectively on the assumption of higher-than-expected asphalt prices, with the Argus Asphalt price recently reaching 800 US dollars per tonne, reflecting a supply deficit that continues to underpin the global asphalt market. Nevertheless, the research team remains cautious about the medium-term profit outlook, since current asphalt prices are still being driven by tight supply, which could gradually ease if the Middle East situation relaxes, while crude procurement from Venezuela is still done through traders, making costs higher than buying directly from PDVSA as in the past.

Borregaard has arranged new sustainability-linked multicurrency revolving credit facilities totaling NOK 1,500 million with three banks, replacing existing arrangements that were approaching maturity. The facilities secure continued access to committed funding, with loan terms tied to environmental and safety targets including greenhouse gas emission cuts and workplace safety measures. The company operates in the chemicals sector, focusing on specialized biochemicals and biomaterials for customers across Europe, Asia, the United States, and other regions. The refinancing keeps Borregaard's debt profile aligned with its buyback-and-earnings-reset narrative, tying borrowing costs to how effectively it runs its mills rather than to market rates alone. With profit margins recently weaker than a year ago, the flexible general-purpose credit leaves room to balance capacity upgrades against authorized share repurchases without overstretching the balance sheet.

Sika has acquired Azpects Group, a leading UK manufacturer of polymeric sands for the landscaping sector, in a move the company says strengthens its position in a fast-growing segment. Azpects manufactures and distributes a range of easy-to-use polymeric paving joint compounds and complementary landscaping products for patios, pathways and driveways, serving landscaping contractors across the UK through established trade distribution channels. Sika said the deal creates cross-selling opportunities through highly complementary product portfolios and distribution channels, and that Azpects' manufacturing facility offers a platform to grow and optimize Sika's UK production footprint, with significant cost synergies expected in manufacturing and logistics. Regional Manager EMEA Christoph Ganz said Sika's distribution network can bring Azpects' product range into new channels and customer segments, and welcomed the Azpects team to the company. Sika is a specialty chemicals company with subsidiaries in 102 countries, production in over 400 factories, more than 33,000 employees and CHF 11.20 billion in sales in 2025.

China Jushi announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion yuan and 5.393 billion yuan, up 100% to 110% year on year. The change is mainly due to increased demand in major downstream application areas for fiberglass and a simultaneous rise in product volume and prices. On the same day, several other companies released earnings forecasts. Kinwong Electronic expects third-quarter net profit of 912 million yuan to 1.089 billion yuan, up 205.46% to 264.74% year on year, benefiting from faster mass production and shipments of high-performance PCBs in high-speed communications and AI data infrastructure. Delton Technology expects net profit of 1.45 billion yuan to 1.5 billion yuan for the first three quarters, up 100.33% to 107.23%, focusing on the computing power PCB market. Hongfuhan expects net profit of 170 million yuan to 200 million yuan for the first three quarters, up 108.19% to 144.93%, with mass production and delivery of liquid cooling plate cabinet module business becoming the core incremental driver. Bohai Leasing's controlling subsidiary Avolon, through its wholly owned subsidiary AALL, signed an agreement with Boeing to purchase 140 B737 MAX series aircraft. Based on Boeing's published list prices, the total value does not exceed 26.953 billion US dollars, while the actual purchase price carries a certain discount. The deal still needs shareholder approval and is expected to be fully delivered by the end of 2036. MicuRx Pharmaceuticals plans to sign an exclusive license agreement for the MRX-23 project and a platform technology cooperation agreement with ClearideBio of Switzerland. The upfront payment is 1 million US dollars, the nominal cap for MRX-23 development, registration and sales milestone payments totals 223 million US dollars, and the total payment cap when all platform cooperation project options are exercised and all milestones are achieved is 750 million US dollars. China Northern Rare Earth and Baogang Group both announced that the rare earth concentrate transaction price for the fourth quarter of 2026 will be adjusted to 38,769 yuan per ton excluding tax, up 0.53% quarter on quarter. Wuliangye has cumulatively repurchased 16.1278 million shares, with a total amount paid of about 1.201 billion yuan. ST Nachuan has been placed on file for investigation by the China Securities Regulatory Commission for suspected illegal information disclosure in its 2023 annual report. Yu Faxiang, the actual controller of Xiangyuan Cultural Tourism and Jiaojian Co., Ltd., has also been placed on file for investigation by the CSRC for suspected illegal information disclosure.

Dongyue Silicone Materials released its performance forecast for the first three quarters of 2026, expecting attributable net profit of 547 million to 567 million yuan, a year-on-year surge of more than 190 times. Boosted by the positive news, the company's shares quickly hit the daily limit-up. The company said the earnings change was mainly driven by an improved market environment and better supply-demand dynamics in the industry, with prices of its main products rising. The news also lifted the broader silicone sector, with Chenguang New Materials also hitting limit-up, while Guibao Science and Technology, Hoshine Silicon, Hongbai New Materials, and Xinyaqiang followed higher. On the same day, major A-share indices opened lower, with the STAR Composite Index falling more than 1 percent and the ChiNext Index dropping about 1 percent.

Sinoma Science & Technology disclosed on the evening of October 8 the results of its 2025 share issuance to specific investors. The company issued a total of 87.1819 million shares at 51.40 yuan per share to 15 investors, raising 4.481 billion yuan, of which more than 3.1 billion yuan will be used for an electronic fabric expansion project. Institutions dominated this private placement. E Fund Management was allotted 19.8833 million shares worth 1.022 billion yuan, making it the largest subscriber. Caitong Fund and Nuode Fund were allotted 485 million yuan and 427 million yuan respectively. UBS AG, Harvest Fund, and China Life Pension also participated. China National Building Material United Investment, a wholly owned subsidiary of the actual controller China National Building Material Group, was allotted 820 million yuan for 15.9562 million shares, with an 18-month lock-up period. Well-known retail investor Ge Weidong was allotted 13.6187 million shares worth about 700 million yuan. His highest bid of 59.15 yuan per share was the highest offer of the day. Retail investors Zhong Ge and Chen Xuegeng were each allotted 1.9455 million shares worth about 100 million yuan. Of the proceeds, 1.662 billion yuan is planned for a project with annual output of 35 million meters of low-dielectric fiberglass cloth, and 1.475 billion yuan is planned for a project with annual output of 24 million meters of ultra-low-loss low-dielectric fiberglass cloth.

Fiberglass giant Sinoma Science & Technology has completed its private placement, issuing a total of 87.1819 million shares to 15 investors at 51.40 yuan per share, raising 4.481 billion yuan in total. Well-known investor Ge Weidong participated in the subscription with the highest bid in the entire offering and was ultimately allotted about 700 million yuan, becoming the company's fifth-largest shareholder. Wang Ping, who entered the stock earlier and is closely associated with Ge Weidong, ranks as the company's ninth-largest shareholder.

Silicone leader Dongyue Silicone Materials issued a results forecast, projecting net profit for the first three quarters of 547 million to 567 million yuan, a year-on-year increase of 19,050% to 19,750%, igniting the silicone sector. Boosted by the news, silicone-related stocks rallied against the market in early trading on October 9, with Dongyue Silicone Materials surging by the 20% daily limit, Chenguang New Materials hitting the daily limit, and Xinyaqiang, Guibao Science and Technology, and Hoshine Silicon following higher. Dongyue Silicone Materials said that in the first three quarters of 2026, thanks to an improved market environment and industry supply-demand balance, prices of its main products rose, while industrial silicon procurement costs fell year on year, lowering overall unit production costs and lifting gross margins. China's domestic silicone market has rebounded since bottoming out in the fourth quarter of 2025, and DMC prices have climbed steadily in 2026. Data from SunSirs shows that as of October 8, DMC was quoted at 14,400 yuan per tonne, up more than 10% over the past 60 days. According to statistics from Securities Times Data Treasure, institutions unanimously forecast that nine silicone-related stocks are expected to post full-year profit growth in 2026, with Sanyou Chemical, Wynca Group, Sanfu Chemical, Hoshine Silicon, and Luxi Chemical expected to lead with gains exceeding 100%.

Northern Rare Earth announced that the company's rare earth concentrate transaction price for the fourth quarter of 2026 has been adjusted to 38,769 yuan per tonne excluding tax, on a dry basis with REO at 50 percent, up 0.53 percent quarter on quarter. The pricing was based on the rare earth concentrate pricing method and calculations using rare earth oxide prices from the third quarter of 2026, and was approved at the company's 20th general manager's office meeting of 2026. The announcement also clarified that for every 1 percentage point increase or decrease in REO, the price excluding tax will rise or fall by 775.38 yuan per tonne.