Zhitong Hong Kong Stock Exchange Unravels | Changxin's listing surpassed expectations and successfully landed, and Technology took the lead in repairing PCBs

[Anatomy Dashboard]

Today, the market finally successfully digested Changxin, the Big Mac. Both markets saw a rise in travel, and Hong Kong stocks closed up 0.98%.

The US suspended operations last Friday evening after 13 consecutive sky attacks on Iran, but no explanation was given. The Iranian military also said on Sunday that Tehran has suspended its military response. WTI crude oil futures extended their decline to 8%. Some people think that the US suspension was due to concerns about insufficient inventory. The actual situation is that Trump is worried about inflation. The Federal Reserve's interest rate meeting will soon be held. If oil prices continue to rise sharply, it will be difficult for inflation to come down. Many judges talk about this, and it will be difficult for Walsh to handle it. Stopping it first will leave room for moderation. One more point. If it continues, US stocks will be dangerous again, especially the NASDAQ index, which will soon reach the half-year mark.

Changxin Technology (688825.SH)'s listing trend today exceeded expectations. It opened 49.5 yuan, up 471%, and its total market capitalization reached 3.31 trillion yuan, surpassing ICBC to become the current “big brother” of A-shares in total market value. It fluctuated quite a bit, with an intraday low of 38.11 and a high of 55.03. The closing was pretty good, stable at 49 yuan. This Big Mac has sold 141.2 billion dollars, and it is true that it is seriously blood-sucking.

Being able to land smoothly is the biggest benefit. The most important thing is that these varieties have become new “valuation anchors”. Many technology categories need to be benchmarked against this. The latest PE is around 31. As long as the later trend stabilizes, those technology stocks that have overfallen will have a chance. The previous decline was due to concerns about its impact.

PCBs are the first to be repaired today because the prices of upstream materials, such as electronic cloth, are rising. The agency expects the price of ordinary cloth to rise further in August. The price increase may be 1.5 yuan/meter, up from 1.2 yuan/meter in July. Considering the rapid expansion of downstream CCL production and zero inventory in the glass fiber cloth industry, the pace of price increases may be further accelerated. I am optimistic that prices will continue to rise in September to December, and the price of glass fiber may rise to 15 yuan/meter by the end of the year. The main variety, China Building Materials (03323), which has a shareholding concept, is up more than 4% today; looking at CCL, Jiantao Laminate (01888) plans a high-end CCL (M6 and above) production capacity of 700,000 sheets/month. The first and second phases are 35/400,000 sheets, respectively, and 27Q1/27Q4. The first phase already has customer order guarantees. Today it is up more than 6%.

The PCB direction equipment category is very strong. Chip Electronics (09630): The company is the world's leading PCB direct writing lithography equipment. The company developed the first PLP2000 board level package direct writing lithography equipment in China and received orders from leading advanced packaging customers. The market share of PCB exposure machines reached 18.8% in 2025, and today it has risen more than 19%; Dingtai Hi-Tech (01377) and Shenghong Technology (02476) have risen more than 6%.

On Friday, Wan Ning Wang (03750) announced benefits. It plans to repurchase A shares of 20 billion yuan to 40 billion yuan to cancel and reduce registered capital. The maximum repurchase limit is no more than 573 yuan/share, which is 49.6% higher than the current price. This is the largest share repurchase plan in A-share history. It is quite powerful. H shares rose more than 2% today, and Longpan Technology (02465) rose more than 7%.

Brain-computer interfaces are expected to usher in a critical year of technology implementation and commercialization this year. In overseas markets, Neuralink has completed 20+ implantation cases. Vision Blindsight will launch clinical trials within the year, and its valuation will soar due to its leading edge in invasive technology and scarcity of assets; in addition, the prima retinal implant system developed by Science Corp has been CE approved. It is expected that the first commercial implantation will begin in August, and the commercialization of brain-computer interfaces and neural implantation devices in overseas markets has reached an important milestone. In the domestic market, the non-intrusive focus on rehabilitation accelerated admission and commercial transformation, and the first commercial implantation of an invasive brain-computer interface was completed: Boruikang NEO completed the “Shanghai Huibao” in May and the first commercial implantation in July, and the monetization path for intrusive brain-computer interfaces gradually became apparent. Major varieties, Nanjing Panda Electronics (00553), surged more than 12%, Minimally Invasive Brain Science (02172), and Xinwei Medical-B (06609) surged more than 5%.

Excellent Ruixin (02684): Another city in the medical field: collaborating with the Department of Ophthalmology at the Ninth People's Hospital affiliated to Shanghai Jiao Tong University School of Medicine, we have built a complete virtual simulation training loop from “perception” to “operation” to solve the three major structural problems of ophthalmology clinical training. If this benchmark is set, ophthalmology departments across the country may follow suit. The company's room for growth is further opened up, rising nearly 12% today.

More than three weeks have passed since the start of the summer travel season, and the popularity of civil aviation travel continues to rise. Big data from Air Travel Zongheng Civil Aviation's official direct sales platform shows that as of July 21, July 21 to August 31, the number of domestic airline ticket reservations exceeded 22.63 million, an increase of more than 4% over the previous year; the number of inbound and outbound ticket reservations exceeded 7.1 million, an increase of more than 5% over the previous year. Combined, oil prices are expected to decline. Today, airline stocks are collectively strengthening, with China Southern Airlines (01055), Air China (00753), and China Eastern Airlines (00670) all rising by more than 5%.

Macau has also ushered in the peak summer season, and the overall hotel occupancy rate during the July-August summer vacation period is expected to reach 90%. Families and families account for a large proportion of visitors, and travel time is relatively concentrated. August is expected to be the peak of occupancy. Macau International Development (00200), Galaxy Entertainment (00027), and MGM China (02282) all increased by more than 5%.

On July 27, Lei Jun announced that Xiaomi (01810) will hold the Pengcheng series technical conference at 19:00 on July 30. At that time, the two Pengcheng N90 and N70 extended-range SUVs will be officially unveiled. This series of products is positioned as an “intelligent variable large space SUV”. Some people ridicule: this car silences both house sales and car sales. This product has caught the pain point and is expected to sell quite well. Outsiders generally speculate that it is in the 200,000 to 450,000 range, but the exact price still needs to be announced. The next key depends on the price, which has risen by more than 7% today.

Bank of Hong Kong stocks mentioned last Friday have strengthened again. For example, Dah Sing Bank Group (02356) rose by nearly 8%, Daxin Finance (00440), Bank of East Asia (00023), etc. rose more than 4%; agricultural inflation also continued to strengthen, such as Modern Animal Husbandry (01117), which rose more than 5%.

[Section Focus]

Tesla executives released a video conference interpreting financial reports. Executives actually made the Fremont factory Optimus exclusive production line officially put into operation at the end of 2026. The original Model S/X production line was renovated, and the long-term annual production capacity was planned to be at the level of one million units. The humanoid robot went from laboratory samples to large-scale mass production, and industry expectations were completely implemented. The procurement plan for the industrial chain is clear, 2026Q4 will launch batch targeted delivery, and the 2027 order will confirm the performance on a large scale.

This news is also an important catalyst for the domestic robot industry chain. Robots have also been adjusted over a long period of time. Hong Kong stocks try to choose new varieties: Eston (02715), Luo Shi robot (03752), Ledong robot (01236), and Sanhua Intelligent Control (02050).

[Individual Stock Mining]

Biosetu-B (02315): Platform Antibody Business Accelerates Implementation and Cooperation with Whitehawk to Develop Bispecific Antibodies

The company recently reached a global partnership with Whitehawk to jointly develop innovative bispecific antibody ADCs. The company's revenue accelerated, gross margin continued to rise, and profits were stable for four consecutive quarters. 2026Q1's revenue was 433 million yuan (+73.68% year over year), net profit to mother was 104 million yuan, and gross margin increased to 78.88%.

Comment: The company's innovative strength was once again recognized, and renMice® whole-human antibody technology welcomed an important upgrade. The company will provide up to five whole-human bispecific antibodies through its self-developed RenLite® platform. Whitehawk can then choose to include the resulting bsADC candidate molecules into its pipeline and advance development. The company has its own SUPCE large fragment chromosome engineering technology, replaced mouse antibody genes in situ, and built a full range of renMice mouse platforms. It is one of the few companies in the world that also has the ability to develop a full set of whole-human antibody mice. There are 5000+ gene-editing models in stock, including targeting 2000+ humanized mice; our own 55,000-square-meter animal breeding center, large-scale mass production, with advantages in delivery speed and cost; the “Thousand Mouse Antibodies” program has completed a library of over 1 million whole-human antibody molecules.

With a global high-end layout, the company accounts for about 68% of the company's overseas revenue; the penetration rate of the top 20 global pharmaceutical companies exceeds 90%, and the core customers are multinational pharmaceutical companies and leading Biotech such as Merck, Johnson & Johnson, Gilead, and BeiGene. External licensing continues to be heavily implemented, and the company has signed more than 350 antibody cooperation/licensing agreements; representative large-scale transactions: cooperating with IDEAYA on the dual-antibody ADC project, with a potential total transaction scale of nearly 3 billion yuan; successively reaching global antibody licenses with Merck, Tubulis, and BeiGene in Germany. A large number of projects are advancing clinical trials one after another, and milestone revenue will continue to be released in the future. The company's orders are mainly continuous renewal framework orders, which rely on the steady growth of global pharmaceutical companies' continuous target verification demand. While providing model services to obtain stable cash flow, Baiosetu built its own massive antibody shelves for external licensing. If Molecule is successfully listed, it continues to receive a share of sales over a long period of time, and its performance has the potential to continue to explode. The company's bispecific antibodies, ADCs, nanoantibodies, and new intracellular target drugs are the hottest biopharmaceutical racetrack in the world, and the platform perfectly matches R&D needs. The company's model animal and preclinical CRO business has continued to maintain a strong growth trend over the years, and has established deep and close partnerships with the world's leading innovative pharmaceutical companies. High barriers are compounded by industry dividends, and the share is expected to continue to rise.