Zhitong Hong Kong stock trading unravels | Stock trading continues, the liquid cooling server concept is being exploited by the market

[Anatomy Dashboard]

Recently, A-shares are far ahead of Hong Kong stocks in the market. Today, the Shanghai Index rose 0.85% to a new high of nearly 10 years. The turnover of the two markets exceeded 2.7 trillion yuan. For the first time in history, the market value of A-shares broke through the 100 trillion yuan mark, adding 14.5 trillion yuan during the year. This is equivalent to adding “two Maotai+six major banks” during the year. Although the trading volume of Hong Kong stocks increased, reaching HK$312.8 billion, they were still affected by external influences and fell 0.37%.

The talks between the US and Russia were lonely. No agreement was signed, no cease-fire was reached, and Europe was baffled. But Trump is satisfied, because he originally wanted to do business. It is estimated that Shuang Pu talked about the same thing when they were in the same car privately for more than 20 minutes. The probability is that the US will take Russian oil at a lower price and sell it to Europe at a higher price. Furthermore, Russia also benefits from participating in the Arctic waterway project. Selling to anyone is not selling it, and if it doesn't get it right, it can also get some economic deregulation. As far as we are concerned, it's not that bad. India is estimated to be unable to buy cheap Russian oil. The US White House trade adviser indicated that India must stop buying Russian oil, and India is also sanctioned by the US. The only way out is to move closer to us, and Europe should wake up.

Of course, the US still has to get down to business; anyway, it is to force Ukraine to agree to a cease-fire condition. Next, America wants to talk to Zelensky first, then talk to Europe. In order to avoid Zelensky's embarrassment last time, Europe collectively sent out a luxurious lineup to bolster the courage, which is probably of no use, because it was originally a dish on the table. Trump was vaccinated early: he said the Russian-Ukrainian conflict could end “almost immediately” if Zelensky wanted to, and claimed that Ukraine “cannot take back” Crimea or join NATO. However, Zelensky was also a bit stubborn: he said that the territorial issue must not be repeated, and hoped that America would work with Ukraine and Europe to form a “joint effort” to force Russia to achieve “true peace.” None of them are on one channel. People are talking about business; who cares about “real peace.” Let's see what results will come out tomorrow. Anyway, the market's expectations aren't very good.

Hong Kong stocks continue the principle of not trading on the market, and individual stocks continue to be popular. This popularity is mainly transmitted by A-shares. According to data released by the People's Bank of China on August 13, non-bank deposits increased by 2.14 trillion yuan, an increase of 1.39 trillion yuan over the previous year. Non-bank deposits surged in July, reflecting the trend of residents' deposits shifting to financial products. Recent research has found that the sales departments of many brokerage firms have recently experienced a peak in customer inquiries, and the number of inquiries has increased markedly. There have also been new developments in Changqian's entry into the market. The total size has exceeded 120 billion yuan, and the number of insurance-funded private equity funds has increased to 7. Of the 30 trillion dollars that can be invested in insurance funds, only 8% is invested in the market, and there is still a lot of room. Jiufang Smart Investment Holdings (09636) mentioned last Friday once again surged more than 15% today. CITIC Securities (06030) and the League of Nations Minsheng (01456) both rose 3%.

Recently, the liquid-cooled server concept has been very popular: Beijing, Shanghai and other places have given high subsidies to liquid-cooled data centers with PUE<1.3; Nvidia announced that the next generation of GPUs will fully switch to liquid cooling; IDC predicts that in 2029, China's liquid-cooled server market will reach 16.2 billion US dollars. ZTE (00763) has been re-explored by the market. The company's intelligent computing server orders account for more than 60%, and server and storage revenue has increased rapidly, especially in leading Internet customers and the financial sector (banking, insurance). Data center full-stack solutions and end-to-end delivery capabilities have become core partners for power supply, liquid cooling, and energy storage companies. Today, the number of related server types such as Lenovo Holdings (03396) rose more than 4%, data center concepts such as Changfei Optical Fiber (06869) rose more than 10%, and Shangtang (00020) rose more than 5%. Note, Midea Group (00300): The company undertook China Telecom's first large-scale fully liquid-cooled intelligent computing power data center project in the Guangdong-Hong Kong-Macao Greater Bay Area.

The direction of going overseas is also quite popular. Wei Jianjun, chairman of Great Wall Motor (02333), posted on Weibo that Great Wall Motor's Brazilian factory officially opened in the early morning of August 16, Beijing time, and Brazilian President Lula personally visited the site. The current volume is not that big, about 50,000 units, but the company is also looking for a location for a second factory. The North American business will increase significantly in the future, surging by more than 10% today. NIO (09866) will enter the Singaporean, Uzbek, and Costa Rican markets this year and next. Today's increase is over 7%.

Mingyuan Cloud (00909) recently announced that it will explore the Japanese market and acquire 100% of ASIOT Co., Ltd.'s shares from an independent third party. The target company is a service provider specializing in artificial intelligence (AI) and Internet of Things (IOT) solutions for the Japanese real estate industry, with a cash cost of 700 million yen. Today, it also surged nearly 20%, and the results for August 26th are also expected to be good. Also speculating on performance expectations is Ruisheng Technology (02018)'s performance this Thursday. Today it is up more than 6%.

The 21 new radio and television regulations are a major attack: lifting restrictions on the number of episodes, lifting the ban on costume themes, piloting in-review and broadcasting, and the long-form drama market has ushered in a moment of breaking the ice. Reading Text Group (00772) itself has many IPs, and the boom in long dramas is expected to increase revenue. At the same time, the company cooperated with Tencent to launch pre-sale peripheral products at the official flagship store and the “Wang Zhe Rongyao” official store. In addition, the best-selling fantasy novel “The Master of Secrets” on the reading platform will also launch an exclusive game skin related to the novel in collaboration with “Wang Zhe Rongyao”. It surged 15% today.

According to online platform data, as of 4:00 p.m. on August 18, the total box office of 2025 summer movies (including pre-sales) reached 9,956 billion yuan, and is expected to break the 10 billion mark on August 18; the total number of movie viewers has already exceeded 260 million, a significant increase over the same period last year. Furthermore, according to the latest statistics for the professional edition of Maogan, the domestic animated film “The Little Monster of Langlang Mountain” has surpassed 1,02.6 billion yuan in total box office. Lemon Film and Television (09857) rose more than 21%, while Damai Entertainment (01060) rose nearly 10%.

According to the official WeChat account of China Mobile Games (00302), on August 15, the company and OSL Group (00863) jointly announced a strategic cooperation. This cooperation will effectively connect OSL's stablecoin service network for financial institutions with China Mobile Gaming's broad game payment application scenarios, and jointly inject “living water” into the market and accelerate the application of compliant stablecoins in the real economy and digital entertainment. This is a win-win situation, with both of them rising by more than 7%.

Recently, Tianmen City in Hubei attracted widespread attention due to the introduction of an unprecedented fertility incentive policy. Tianmen really subsidizes families with multiple births and a direct “counterattack”. It is expected that this situation will be replicated. It can be seen that there are still prospects for assisted reproduction. Today, Jinxin Reproduction (01951) has increased by more than 9%. In turn, the aging population is also increasing demand for healthcare. In particular, Internet medical stocks, Zhitong Gold's Ping An Good Doctor (01833) rose nearly 9% again in July, and the total revenue of JD Health (06618)'s interim results announcement was RMB 35.3 billion, an increase of 24.5% over the previous year. Today, it is also up more than 8%.

Huahong Semiconductor (01347)'s stock price fell sharply after announcing plans to acquire a controlling interest in Huali Microelectronics because Huahong Factory 5 (12-inch factory with monthly production capacity of 38,000 pieces), currently has a process node of 65/55 nm-40 nm, which overlaps with some of Huahong's existing production lines. In addition, the acquisition plan includes a dual equity dilution operation of “issuing shares and paying cash to purchase assets+supporting financing”. The market is worried that new shares will dilute earnings per share. In the long run, Hualiwei's 12-inch production line (Huahong Plant 5 and Plant 6) will reinforce Huahong's ability in advanced logic processes. The 12-inch production capacity share is expected to exceed 70% after the merger, which will lead to an increase in competitiveness after eliminating conflicts in the industry.

[Section Focus]

The Information Office of the State Council will hold a press conference at 10 a.m. on August 20, 2025 (Wednesday). Wu Zeqi, Deputy Director of the Military Parade Leading Group Office and Deputy Director of the Joint General Operations Bureau of the Central Military Commission, Xu Guizhong, Executive Deputy Director of the Chinese People's Liberation Army Central War Zone Military Parade Command Office and Deputy Director of the Political Affairs Department, will introduce preparations for the military parade and answer questions from reporters. If the press conference contains content that exceeds expectations, then it will create a new stimulus for military concept stocks.

Main varieties: China Shipbuilding Defense (00317), China Aviation Technology (02357).

[Individual Stock Mining]

Shangtang-W (00020): Leading global technology stack competitiveness, large model interaction platform connected to Xiaomi AI glasses

Recently, Shangtang's “Japan-Nissin” large model interaction platform has been connected to AI glasses and has become a “second brain” for users, helping users to integrate “seeing, speaking, remembering, and thinking” in real life and work scenarios, and has full-duplex real-time audio and video interaction capabilities.

Comment: The company's technology stack innovation index is second in the world and number one in the country. In particular, it is leading Alibaba Cloud and Baidu Smart Cloud in the fields of resource utilization optimization and model compression. Its “Japan-Japan New” model is comparable to GPT-4 in terms of multi-modal capabilities. In 2025, the number of Q2 model calls increased 300% year over year, and customer willingness to pay in financial and government scenarios increased sixfold.

The company's smart cockpit vision AI software market share was number one in the world for 5 consecutive years (reaching 38% in Q1 in 2025), and the market share of Brilliant Smart Driving in the city was 7.2% (third). UniAd, an end-to-end solution, completed difficult actual vehicle tests, and mass-produced and delivered more than 2.6 million vehicles. The company has more than 1,200 patents. The energy efficiency ratio of the self-developed AI chip “meta-brain” has reached the mainstream international level. Solid-state battery development has entered pilot testing (energy density 350 Wh/kg), and mass production is planned in 2027.

Global layout: The share of overseas revenue increased from 18% in 2023 to 27% in 2024, but the Q1 growth rate slowed to 15% in 2025, so we need to pay attention to geopolitical risks (such as European and American AI regulatory policies). The company cooperated with the Chinese Academy of Sciences to develop semi-solid state batteries and participated in Xinyuan Power (hydrogen energy reactors). In 2024, it participated in the establishment of the Shanghai Artificial Intelligence Ecological Fund (scale of 10 billion yuan), focusing on the large-scale model industry chain. Order catalyzed. The company signed an overseas computing power order of 800 million yuan (+120% year-on-year) in Q2 2025, mainly from Southeast Asia and the Middle East. I am optimistic about the intensive release of AI+AR glasses from major manufacturers and the improvement of AI+AR eyewear interaction capabilities through multi-modal iteration of large models.