Zhitong Hong Kong Stock Exchange Unravels | AI Revolutionizes Innovative Drug Zhitong's August Gold Stock Performance Is Impressive
[Anatomy Dashboard]
The market has gradually escaped the impact of the decline in US stocks. Today, the two places are finally rising at the same time, and Hong Kong stocks bottomed out and rebounded up 0.54%.
As it turns out, Trump is indeed talking loudly, always saying that an agreement will be reached, but that is not the case at all. The draft bill currently being considered by Iran's parliament has come to light. It will ban ships from the US, Israel, and other hostile countries from passing through the Strait of Hormuz and prohibit the passage of goods related to Israel; Iran carried out military attacks on “hostile targets” near the entrance to the Strait of Hormuz, and two explosions were reported on Qeshm Island. The strait was once again closed; it was just so magical.
Geopolitical tension led to a sharp increase in performance for Zhitong's August Gold Stock Pacific Shipping (02343), with mid-term turnover of US$1.05 billion, up 8.52% year on year; profit attributable to shareholders of US$105 million, up 310.35% year on year; basic profit per share of 2.06 US cents; core business contributed US$124 million (unaccounted for management expenses), up 144% from the first half of 2025. The company specializes in small portable and super handy dry bulk carriers. The impact itself is minimal, and it is one of the most beneficial types of shipping. The interim dividend is also impressive. It is proposed to pay an interim dividend of HK15.5 cents per share. By simple calculation, the dividend for half a year is 4% or more, and bank stocks are about 2.5%. If the bank deposit is less than 2% annualized, this dividend is comparable to the Jiulong Cang Real Estate (01997) mentioned yesterday. Today (02343), it surged nearly 14%.
The Central Bank of China announced 76.08 million ounces of gold reserves at the end of July, which is 640,000 ounces more than at the end of June. This is the 21st month in a row that “Yang Mom” has increased its gold holdings. It is the longest continuous cycle of increasing its holdings in history since the data was disclosed. However, the amount increased by 640,000 oz in a single month is “the fourth largest in history” and the highest in this round of holdings increase cycle. The central bank's continuous increase in holdings was encouraging. Lingbao Gold (03330) and Zhitong's August gold stock Zijin Gold International (02259) rose more than 4%.
Commodities are generally in sync. There is news on the copper side. The Democratic Republic of the Congo (DRC) government announced a complete ban on the export of copper concentrate and cobalt concentrate on August 6. The Democratic Republic of the Congo (DRC) is the second largest producer of copper in the world (after Chile). The ban is a further tightening of export quota policies from 2025. In fact, this news has been implemented a long time ago; it was only reported yesterday, so there are no bad expectations. Instead, the tungsten category is gaining strength. The US announced a ban on the export of tungsten waste the day before yesterday, which is a strong stimulus. It is expected that the US will step up reserves or various types of prospecting for small core metals in the future. Jiaxin International Resources (03858) has risen nearly 8% today after yesterday's adjustments.
Yesterday, I mentioned that Goldman Sachs and others are increasing their positions at Zhongji Xuchuang (03308), which was going well today. Suddenly, the US optical communications manufacturer Applied Optoelectronics (Applied Optoelectronics) mentioned plans to expand production: “It is expected that by the end of this year, the monthly production capacity of 800G and 1.6T products will reach about 650,000 units, further increasing to 930,000 units by the end of 2027,” causing it to drop by more than 3%. This is ridiculous. Zhongji Xuchuang (03308) is the world's leading optical module, and any second-class manufacturer can replace it. If we talk about going the decoupling route, why can AXT Inc still soar? The logic is completely uncompromising; it can only be said that the capital is strong and the routine is played deeply.
According to media reports, tech giant ByteDance is in the early stages of training a model with up to 10 trillion parameters — three times larger than the biggest model ever released by China, the Dark Side of the Moon Kimi K3. Currently, the most advanced Mythos 5 has about 8 trillion parameters, while Fable 5 is around 5 trillion. The key is to follow an independent path and not involve “distilling” existing models from other laboratories. This is also putting a lot of pressure on the US, so at this critical point, how can it not develop properly; if the chain is broken, it will all lose. The domestic big model was another stimulus. Zhi Spectrum (02513) rose more than 14%, and Zhitong's August gold stock MINIMAX-W (00100) received financial support yesterday, and once again rose by nearly 10%.
The direction of technology is still in the PCB direction. The big logic is that Nvidia Rubin has already started trial production of 10,000 cabinets this year, and the individual stocks that have entered the industry chain will see results realized next year, because next year's cabinets are expected to reach 60,000 to 70,000, and the optimistic one is that it will reach 100,000. Goldman Sachs raised the 2026 and 2027 global AI PCB TAM by 35% and 38%, respectively. The market size is expected to reach 38 billion US dollars by 2027 (previously estimated at 27 billion US dollars), and further soar to 84 billion US dollars in 2028.
As a result, this line is moving. On the morning of August 6, the Jiantao (Jiangxi) New Materials Industrial Park project began in Ganxiang Cooperative Industrial Park in Shangli County, Pingxiang City, Jiangxi Province. According to reports, the total investment of the project is 3 billion yuan, divided into two phases. The first phase of construction is about 1 billion yuan. The expansion of production all represents an increase in prosperity. Today, Jiantao Laminate (01888) has risen by nearly 10%. The core product mentioned yesterday, Shenghong Technology (02476), rose nearly 11%, and Guanghe Technology (01989) rose nearly 11%; the other chipboard (09630) and Dazu CNC (03200) rose more than 7%.
Innovative drugs continue to benefit. The performance level is the driving force. Zhitong's August Gold Stock Exchange (02315) predicts that net profit for the 2026 semi-annual period will increase 391.87% to 412.71% year-on-year, reaching 236 million yuan to 246 million yuan. The company started with gene editing and preclinical CRO business, and built the core competitiveness of a “whole-human antibody molecular bank+target humanized mouse bank” with self-developed gene editing technology as the core, which surged more than 11% today; Zaiding Pharmaceutical (09688)'s second-quarter financial report shows that the main business is growing rapidly, up 11% month-on-month, and the market is expected to usher in a number of key clinical nodes in the second half of the year. Core oncology and immunology projects such as Zoci and ZL-1503 have entered a critical clinical stage, which is also the main catalyst for the current secondary market game. Today's increase is over 14%.
AI's catalysis in the pharmaceutical sector is also revolutionary. According to reports, researchers at Stanford University have developed a generative AI program called “Evo2,” which can write new genomes. Using this program, they designed and manufactured 16 synthetic bacteriophages — a small virus that can infect bacteria, and can sometimes replace antibiotics to kill pathogenic bacteria. Through testing, these novel bacteriophages are more effective in killing the common microorganism Escherichia coli. According to this trend, the vast majority of innovative drug research can be restructured using AI, not only improving efficiency, but also greatly improving productivity. The CXO category benefited the most. Today, strong varieties such as Jinsirui Biotechnology (01548) surged more than 16%, Zhaoyan New Pharmaceutical (06127), Kanglong Chemical (03759), Pharmaceutical Syndication (02268), and Pharmaceutical Biotech (02269) all rose more than 10%.
On August 6, Yushu Technology determined the issue price of 150.8 yuan/share, with an issuance market value of 60.9 billion yuan. According to the announcement, Yushu Technology's online and offline subscription dates are August 10, and the payment deadline is August 12. Based on a total share capital of 40446.43.4 billion shares, the issued market value is 60.9 billion yuan. Its listing has brought new impetus to the industry. Yuejiang Technology (02432) recently officially released the world's first full-body humanoid robot, DOBOT LUMO (DOBOT LUMO). This is also the first time that Yuejiang has released a humanoid robot product covering household application scenarios. It mainly targets scenes such as family companionship, educational research, and commercial performances. On July 22, the official website of the Shenzhen Stock Exchange announced that the Yuejiang Science and Technology Venture Market IPO project was reviewed and approved by the Listing Committee, an increase of more than 6%.
[Section Focus]
Trump's imposition of tariffs on polysilicon, which came into effect on December 4, 2026, is another extension of Section 232 to the new energy chain. The measures include a minimum import price and a 15% ad valorem tariff. At the same time, the Ministry of Commerce is authorized to implement return incentives, promising that companies that build factories in the US by 2029 can apply for exemption from paying 232 tariffs.
According to reports, on the evening of August 6, eight leading domestic crystalline silicon companies jointly signed the “Anti-Internal Volume Proposal” in Hongqiao, Shanghai, promising that the price of all products should not be lower than the full cost and that enterprises will monitor and report each other; at the same time, they will strictly implement new energy consumption standards and actively remove poor production capacity with high energy consumption. Together, the eight companies account for more than 90% of the effective domestic polysilicon production capacity.
The US has set a very high threshold to protect the local photovoltaic industry and stimulate capital to build factories in the US, but it has little impact on the PV category of Hong Kong stocks, because no products are sold directly to the US or their share is quite low. In fact, this domestic conference was also intended to hedge against this news. If all companies that have signed up strictly implement it, prices can be stabilized, and profits can be guaranteed.
Major Hong Kong stock products: GCL Technology (03800), Xinte Energy (01799), Xinyi Solar (00968), Follett Glass (06865).
[Individual Stock Mining]
Dazu CNC (03200): PCB revenue share increased significantly, Q2 net interest rate is expected to hit a new high in a single quarter
The company expects net profit from mother to be 900 to 10 billion yuan in the first half of 2026, a year-on-year increase of 242% to 280%; quarterly profit for the second quarter will increase 94% month-on-month. The strong growth in performance was mainly due to strong demand for AI server PCB equipment.
Comment: Dazu CNC PCB's share of revenue has increased significantly, performance is outstanding, profitability continues to rise, and the Q2 net interest rate is expected to reach a record high in a single quarter. The company's domestic market share of drilling equipment exceeds 30%, laser drilling exceeds 35%; covering 80% of the world's top 100 PCB customers. High-end replacement is accelerated. The company's AI server market share in the high-multi-layer board field exceeds 40%, and the price is only 60% of imported equipment. World-leading drilling, mechanical drilling accuracy ± 15 μm; CO₂ laser drilling breaks through the 35 μm limit aperture; UV laser achieves 25 μm precision processing.
Delivery advantages: large-scale production capacity+perfect supply chain, delivery cycle is significantly shorter than European, American and Japanese manufacturers. Dazu CNC has supplied ultra-fast laser drilling equipment to SLP companies such as AKM Meadville and Compeq for 1.6T co-packaged optical applications to replace Mitsubishi Electric's CO2 solution with a delivery period of up to 12 months and open up space for domestic production. Global layout: The company has set up subsidiaries/service centers in Southeast Asia to benefit from the migration of production capacity.
Thailand/Vietnam PCB production expands, and the company's localization services seize the incremental market. The company has carried out cooperative verification with mainstream downstream manufacturers, completed sample delivery with most manufacturers, and the verification process is progressing rapidly with some manufacturers. In 2025, the performance of products such as the company's third-generation positioning system automated mechanical drilling machine, four-beam double-table CO2 laser drilling machine, and automated molding machine was further improved, greatly improving the operating rate of the PCB manufacturing process and reducing overall production costs. The laser drilling rig has been delivered in batches. The laser drilling rig supporting the company's M9 program has passed Nvidia certification, and the product is expected to be shipped in batches in 2026.
Benefiting from the expansion of production by leading PCB manufacturers, the company's management expects the share of AI business revenue to increase from about 30% in 2025 to about 60% in 2026 (Shenghong Technology contributes 20%, other manufacturers contribute 40%). Dazu CNC has sufficient orders and is being produced and delivered in an orderly manner. The company fully focuses on the AI computing power scenario industry chain, and also lays out cutting-edge tracks such as advanced packaging and optical modules/CPO. Related products are supplied in batches at many leading AI computing power PCB companies. Strong demand for AI is driving the trend of expanding PCB production to continue to be booming. The company's ultra-fast laser drilling equipment was launched in large quantities, benefiting from a surge in orders to expand production capacity for 1.6T high-speed optical module PCBs and mSAP carriers; high-value-added CCD back drilling rigs accounted for an increase in shipments, raising the overall profit level.