亚洲晨间新闻与观点

This Nomura Asia morning digest (2 November 2026) summarizes select global markets research. On global memory, 3Q26 results from five big techs reaffirm that AI investment cannot stop; cash stamina is starting to diverge across companies, but the capex race should continue for several years, while cash piles up at memory makers whose valuations already assume peak earnings, leaving the sector at 2-3x P/E — in Nomura's view memory is the portfolio shelter. The report initiates coverage on Huayu Automotive Systems (600741 CH), Page Industries (PAG IN) and Suzhou Maxwell Technologies (300751 CH), all at Buy, and revises target prices across more than thirty Asian names including Midea Group, Haier Smart Home, Sungrow Power Supply and Victory Giant. On macro, China's October official manufacturing PMI fell to 49.3 and non-manufacturing PMI to 49.7, still pointing to an imbalance between robust supply and weak demand;