Zhitong Hong Kong Stock Exchange Unravels | AI continues to follow the software direction, energy is tight, and clean energy strengthens across the board
[Anatomy Dashboard]
Entering August, A-shares have not abated, while Hong Kong stocks continued to strengthen their inertia, rising slightly by 0.48% today.
The US and Israel are planning to launch a “heavy bombing” of Iran last weekend. The US government all proposed the withdrawal of citizens from the Middle East region. However, at a critical moment, Trump once again TACO: agreed to cancel the attack on Iran. It is already normal to strike back and forth.
Korean stocks suffered another severe setback. KOSDAQ triggered a fusing mechanism, and Samsung Electronics and SK Hynix fell more than 7% in a single day. South Korean regulators plan to reduce leverage: single-share leveraged ETFs can be multiplied or directly cut to 1 times. Accountability has also come out: the head of the policy office of the South Korean presidential office has faced criminal charges and promoted the listing of single-stock leveraged ETFs. Judging by this trend, the risk of leverage has not yet been fully clarified. GigaYi Innovation (03986) once again fell more than 7%, and other hardware stocks returned to the decline.
AI continues to follow the software direction. MINIMAX-W (00100) officially released the full modal generation model MiniMaxH3. The full modal capabilities have been upgraded, and high cost performance goes hand in hand with an open ecosystem. Today's increase is over 7%;
On the morning of August 3, Alibaba released a new generation of large pedestal model Qwen3.8. In addition, the company also released the enterprise-grade Agent product Thousand Questions Office. The total number of Qwen3.8 parameters is 2.4 trillion, and the ability to program (coding) and professional office (cowork) has been greatly improved. The Qwen3.8-Max, the largest and most powerful flagship model in the Thousand Questions series, was released. It supports visual understanding and has a context length of up to 1mTokens. The Ali Qwen model is second only to Anthropic's Claude series, and its overall performance is in the first tier of the world's largest models. Next week it will be open source, and Qwen3.8-27B will also be open sourced. This will greatly strengthen the global developer ecosystem. Overseas customers and small and medium-sized enterprises are expected to increase their demand for private deployment, and Alibaba Cloud's MaaS business will directly benefit.
In terms of office direction, Tencent WorkBuddy reached 20.97 million monthly desktop visits in June; Byte TRAEIDE (domestic version), which ranked second, reached 12.79 million times; and Ali's QoderWork ranked third, reaching 7.88 million times (in addition, Goku's 1.31 million times were not counted). Competition is fierce, and Ali still has room. Next, it mainly depends on whether Alibaba can increase its cloud business and improve its ability to transform the ToB ecosystem in terms of offices. Today, it has increased by more than 7%.
The global multi-model aggregation platform OpenRouter released the latest weekly AI model call volume list. The top five products were all developed by Chinese companies. At the top of the list was Xiaomi MiMO-v2.5, with a weekly call volume of 10.5 trillion tokens, an increase of 12% over the previous month. The second and fifth rankings are both from DeepSeek. Jihong Co., Ltd. (02603): Recently, the AI business revenue of Dipu Technology (01384) skyrocketed 209.2% year-on-year in the first half of the year. The core advantage is that Deepology's skill base has accumulated more than 2,000 industry skills, co-creation of AI native scenarios for cross-border e-commerce, and overseas token distribution authorization. In addition, the world's largest online fashion retailer SHEIN has been stimulated by an upcoming listing through the Hong Kong Stock Exchange hearing about the upcoming listing. More than 460 brands were retailed, and the free combination of multiple skills formed an AI expert team, which covered the entire production and operation scenario in depth, with an increase of more than 4%.
The Ecological Environment Code of the People's Republic of China will come into effect on August 15. The Code is about to be implemented. The standardized and rule-of-law environmental protection management framework continues to release policy dividends, and enterprises in the fields of new energy, energy saving and environmental protection, and resource recycling are speeding up their green transformation. Goldwind Technology (02208) for wind power: Recently, the first phase of the Ummbila Emoyeni project developed by Seriti Green in South Africa was officially put into commercial operation, with a recent increase of more than 6%.
On July 31, the General Administration of Market Regulation launched price compliance guidance for the photovoltaic industry in Yancheng City, Jiangsu Province, to thoroughly rectify “internal rolling” competition. This move will guide photovoltaic companies to transform from simple price driven to value driven, and encourage enterprises to invest more resources in cultivating core competitiveness such as technology research and development, product quality improvement, and brand building. The main polysilicon futures contract rose and stopped in the afternoon at 35,890 yuan/ton. Photovoltaics is the last sector in the internal sector, and it has always been at the bottom. The industry is expected to break away from vicious price competition. Xinyi Solar (00968), GCL Technology (03800), and Follett Glass (06865) all rose by more than 11%.
According to the “News Broadcast” report on July 31, the executive meeting of the State Council decided to approve four nuclear power projects, including Zhejiang Jinqimen Nuclear Power Phase II, Guangdong Taipingling Nuclear Power Phase III, Liaoning Zhuanghe Nuclear Power Phase I, and Shandong Laiyang Nuclear Power Phase I, for a total of 8 nuclear power units. This is the first nuclear power project approved in 2026, and it is also the first batch of nuclear power projects approved during the “15th Five-Year Plan” period. According to estimates, the total investment in these new projects will exceed 170 billion yuan. The global economy is expanding nuclear power almost without exception. According to a report previously released by the International Energy Agency, the power generation capacity of nearly 420 nuclear reactors worldwide is expected to reach a new high in 2025, and the new installed capacity of nuclear power plants under construction in the world is also one of the highest levels in the past 30 years. Nuclear power has high stability and is not affected by factors such as season or climate, and the cost of electricity connected to electricity is only higher than that of hydropower. Nuclear power is likely to become another clean energy explosion after photovoltaics. Dongfang Electric (01072), which is the key equipment for the nuclear island: spent 192 million yuan to explore semiconductor IGCT technology, which is up more than 9% today; Shanghai Electric (02727) and Harbin Electric (01133) are up more than 5%.
According to the official account of the State Grid on August 2, due to the recent widespread high temperature weather, electricity consumption in many parts of the State Grid Corporation's operating regions has reached record highs. From July 27 to 31, the load on the two regional power grids in North China and Northeast China, and the five provincial power grids of Tianjin, Hebei, Jiangsu, Liaoning, and Mengdong repeatedly reached new highs. Weisheng Holdings (03393) rose nearly 7%.
In the first half of 2026, the Smart Tree Network under Zhuoyue Ruixin (02687) announced that it continued to explode on the digital teaching circuit of colleges and universities: the Beijing Institute of Technology smart course construction project won the bid with a score of 99.00, the China University of Petroleum (Beijing) digital smart course won with a score of 95.80, and 985 universities including Zhejiang University, Nanjing University, Huazhong University of Science and Technology, and Xi'an Jiaotong University signed intensive contracts. From Peking University to Hainan Medical University, from the core subject of the “101 Plan” to frontier vocational colleges, university AI orders have shown a blowout increase, and the company's delivery schedule has reached 2027-2028. Indeed, it is quite impressive. Its physical AI simulation is widely used in many fields. Today, it has surged more than 14% and has reached a record high.
Other improvements were in the performance category: On July 31, the orthodontic industry leader Times Angel (06699) issued an announcement: net profit is expected to increase 69.0% to 78.9% year-on-year in the first half of the year. The domestic invisible orthodontic industry is sinking further from Tier 1 and 2 cities to Tier 3 and 4 cities. The growth rate of orthodontic demand among young people is showing greater resilience compared to adult orthodontics. Currently, domestic BGM is in the stock replacement stage, there is plenty of room for domestic CGM penetration to increase, the global Abbot+Dekang oligarchy pattern is stable, domestic enterprises are gradually expanding overseas markets, and there is plenty of room for overseas markets. Today it surged nearly 18%.
Nanhua Futures (02691) announced Yingxi, which is expected to achieve net profit of 375 million yuan to 405 million yuan, an increase of 62.16% to 75.13% over the previous year. The key point is that a good dividend plan has been introduced: it is proposed to pay a cash dividend of 0.69 yuan for every 10 shares, and 4.50 shares will be added to every 10 shares. The market likes to distribute shares, which can be speculated on. Today, it has risen by more than 8%.
[Section Focus]
According to a research report published by Citigroup, Apple (AAPL.US)'s quarterly results for the end of June show that system single chip (SoC) supply restrictions will increase significantly, and supply chain flexibility will be limited in the September quarter; memory costs will rise further, but the cost of some non-memory components will drop. According to the bank's latest iPhone production plan, production for the third quarter is still strong, with a year-on-year increase of 22%; iPhone 18 production is expected to reach 81 million units in the second half of the year, lower than the previous forecast of 84 million units, of which 7.5 million folding models are produced.
The main upgrades to the iPhone 18 include: (1) the folding phone is powered by ultra-thin flexible glass (UTG), hinges, titanium case, and VC cooling upgrades; (2) Pro and Pro Max main lenses are equipped with variable aperture.
The main beneficiaries include: Lixun Precision's share increase (Pro/Pro Max supply ratio was about 31%/41%, respectively, better than last year, and received an actuator order); Lansi Technology provided folding UTG; Ruisheng Technology provided VC cooling; and Sunyu Optics received an increase in lens share and actuator orders. Hon Hai is the exclusive EMS supplier for iPhone 18; Heshuo and Tata only supply about 7% of Pro Max.
Related stocks are involved: Ruisheng Technology (02018), Gaowei Electronics (01415), Lansi Technology (06613), and Shunyu Optics (02382).
[Individual Stock Mining]
Baiosetu-B (02315): A number of dual-antibody ADCs went overseas and reached cooperation with Whitehawk
Recently, the company and Whitehawk reached a global strategic cooperation agreement covering a number of bispecific antibody-conjugated drug (BSAdc) research and development projects, and the two sides will jointly advance the next-generation therapeutic product pipeline. The company's revenue accelerated, gross margin continued to rise, and profits were stable for four consecutive quarters. 2026Q1 revenue was $433 million (+73.68% YoY), net profit to mother was 104 million yuan, and gross margin increased to 78.88%.
Comment: The company's innovative strength has been recognized again. It will provide up to five whole-human bispecific antibodies through its self-developed RenLite® platform, and renMice® whole-human antibody technology has welcomed an important upgrade. WhiteHawk can then choose to include the resulting BSADC candidate molecules into its pipeline and advance development. The company has independent SUPCE large-segment chromosome engineering technology to replace mouse antibody genes in situ to create 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 5,000+ 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 molecular bank of over 1 million human antibodies.
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 pre-clinical 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. The company launched RenSuper, a next-generation AI platform, to achieve intelligent and automated antibody screening, significantly improving efficiency, and accelerating the implementation of the AI+renMice platform antibody business.