Zhitong Hong Kong Stock Exchange Unravels | Middle East Conflict May Upgrade Yushu Technology (688836.SH)'s Listing to Boost Robot Valuation

[Anatomy Dashboard]

The situation in the Middle East is once again becoming tense, and it is inevitable that US stocks will fall at a high level. This morning, Hong Kong stocks surged slightly higher and made a U-turn downward, closing down 1.10%.

According to foreign media reports, in an interview with the Real American Voice Network, Trump said that the US has three “strategies” against Iran: one is to monitor the extent to which its situation has deteriorated, the second is to violently attack it, and the third is to put pressure on the economy. Speaking to reporters at the White House, he reiterated his demand for compensation and stated that the US is capable of escalating the conflict if it wishes. This means that hopes for successful peace talks between the US and Iran are becoming increasingly slim. WTI crude oil surged 5.26% to return to $82, while Brent surged 5.14% at the same time, breaking through $87 per barrel. Oil and gas stocks made a comeback, with Shandong Molong (00568) rising more than 5% and CNOOC (00883) rising more than 3%. As oil prices rise, inflation is bound to rise, and expectations of interest rate hikes have risen again. Gold, which has been trending recently, has been suppressed, and Lingbao Gold (03330) and Laosou Gold (06181) have fallen by more than 8%.

On August 10, local time, Nvidia officially announced a major partnership and signed a memorandum of understanding with six of the world's top asset management institutions, Apollo, Blackstone, Bofeng, Goldman Sachs, and KKR, to jointly build an independent computing power financing platform. It plans to mobilize more than 500 billion US dollars of third-party capital over a long period of time to exclusively supply cloud vendors, AI laboratories and physical enterprises to purchase Nvidia chips and build large-scale data center AI factories. In the past, this news would have directly exploded, but the current opinion is that Wall Street lends money to AI customers, and customers turn their heads to buy all Nvidia chips, that is, they rely on external leverage to artificially create chip demand; this is not the real endogenous demand of the industry. So the wish is good, but the actual results are questionable. The latest reality is that the US political community is stepping on the brakes on data center expansion at an accelerated pace. According to the latest data, the number of data centers prohibited from being built across the US surged to more than 500 in July, compared to only about 300 in late June. The reason is that residents are dissatisfied with the increasing shortage of water and electricity in the data center, as well as the harm of noise. Although the domestic market is also beneficial: relying on the new structure, Alibaba Cloud can shorten the delivery cycle to 100 days and reduce construction costs by more than 10%, but technology stocks are still unmoved. Alibaba (09988) finished with a high opening today, closing down 0.24%.

According to media reports, the software service rate for Doubao channel hotel orders is 11.4%, plus a 0.6% payment processing fee, and the comprehensive rate is 12%. This news raised concerns about big models invading the OTA hinterland. In fact, Doubao recommended hotels do not charge advertising fees; they only pay channel service fees after the order is completed. It doesn't explain the “claim that the AI big model eats everything”; the position of vertical service providers with core advantages is still stable. For example, Maifushi (02556) has once again risen by more than 3% today.

The pharmaceutical industry continues to maintain a high level of popularity. According to data from the Public Offering Network, public funding agencies surveyed the pharmaceutical and biological industry 104 times last week, covering individual stocks such as Baige Shenzhou (06160), Zejing Pharmaceutical (688266.SH), and Jiuzhou Pharmaceutical (603456.SH). The pharmaceutical-biological industry is the only first-tier industry in Shenwan that surpassed 100 public surveys last week, and the number of surveys is nearly double that of the automobile industry, which ranked second. Hong Kong stocks continued to speculate on CXO, with Kanglong Chemical (03759) leading with a rise of more than 6%, while others, Pharmachem (02268), BeiGene (06160), and Gloria Ying (06821) once again rose more than 2%.

Yushu Technology completed the online subscription on August 10. The final winning rate for its online IPO on the Science and Technology Innovation Board was 0.01809759%, or about 0.02%. The issue price was 150.8 yuan, and the total market value of the issue was 61 billion yuan, which greatly exceeded market expectations of 42 billion yuan, and the offline subscription ratio exceeded 2,600 times. The price-earnings ratio of Yushu Technology's current offering reached 219.23 times, far exceeding the industry average price-earnings ratio of 38.56 times. Mainly, growth is high. From 2023 to 2025, revenue increased nearly tenfold from 159 million yuan to 1,699 million yuan; in 2025, the number of humanoid robots shipped exceeded 5,500 units, ranking first in the world, and gross margin increased to 60.13% for the whole year. Its significance is to provide a clear valuation anchor as a pure humanoid enterprise and directly stimulate the simultaneous upgrading of the valuation center of the entire Hong Kong stock industry chain. Xiangong Intelligence (06106): robot controller (robot brain) leader, revenue pre-increased by ≥ 160% in the first half of 2026, gross profit increased by more than 10%; Eston (02715): domestic industrial robot body leader, covering the entire servo motor and controller industry chain, benefiting from the automated transformation of industrial production lines, the continuous volume of humanoid joint business, increased by more than 6%; Zhaowei Electromechanical (02692): micro precision transmission gears, micro motors, suitable for dexterous hands, small humanoid joints, downstream consumer+industrial double track. Today's increase is more than 3%; Minimally Invasive Robotics (02252) has strong performance: net profit for the first half of the year is expected to be 28 million to 40 million yuan, with a loss of 115 million yuan in the same period last year. The company achieved semi-annual profit for the first time; revenue increased by about 200% to 230% year-on-year, and estimated to be about 527 million to 580 million yuan. Overseas revenue of Tumai Robotics, an important product of the company, increased by more than 450%, and overall gross margin increased by more than 15 percentage points, up more than 7%.

The progress of Tesla robots is also accelerating. Starting in August 2026, the Optimus humanoid robot ended its demonstration attributes and was directly embedded in the existing vehicle production line to complete complex assembly; in the third quarter, the Fremont plant put into operation the Gen3 third-generation humanoid Optimus, gradually taking on Model S/X assembly stations and supporting the internal Optimus training academy, so there is no need to develop robot operating procedures from scratch. The 1.73 meter figure Optimus has shown logistics and household scenarios in Berlin, and is expected to be sold from the end of '26 to the beginning of '27. Individual T-chain stocks are worth paying attention to. The main ones are Sanhua Intelligent Control (02050): Tesla's first-level fixed target and received 5 billion+ long-term framework orders; the Mexican factory is nearby to support Tesla's North American robot production line, which is a dual-core supplier of thermal management+rotating joints for humanoid robots. Minshi Group (00425): A long-term supplier of structural parts for Tesla vehicles, extending into the supply chain of robot structural parts, and simultaneous support for North American factories.

Hong Kong stock placements have generally declined, but Guofu Quantum (00290) announced the placement of about 2187.5 million shares using the old, then new method on August 4, and continued to strengthen after raising HK$346 million. The reason was that the financing project was strong: to solve the “application scenario” problem through the acquisition of MedicineBiotech, the company plans to build a small computing power center in Hong Kong, procure high-performance GPU servers to build a “quantum+AI” hybrid computing platform; the joint biotech company explores the application of quantum computing in drug discovery and new material development, and aims to break through 10 drug targets; it was launched at the same time The quantum industry investment fund focuses on core tracks such as quantum error correction and quantum chip manufacturing. Today it surged nearly 12%.

[Section Focus]

After a strong rebound in July, the Hang Seng Tech Index is expected to undergo a critical “overhaul”. Hang Seng Indices is seeking market opinions on possible revisions to the Hang Seng Technology Index. The Hang Seng Index said that in response to the continued expansion of the technology sector in the Hong Kong stock market, the revisions aim to expand the scope of the index's technology topics, adjust the selection mechanism for constituent stocks, and increase the number of constituent stocks to keep abreast of technological developments and maintain the representative character of the index.

Core changes: 30 constituent stocks were expanded to 50, freeing up 20 new places for hard technology targets; dual-track stock selection mechanism (breaking the market-only theory); six major technology themes were revised, which were divided into digital platforms and solutions, artificial intelligence, advanced hardware, robotics and automation, cloud, and cutting-edge technology.

The Hang Seng Technology Index does need to solve the problem of low “technology” inclusion. Judging from the above standards, the probability that Zhongji Xuchuang (03308) for optical modules, Shenghong Technology (02476) and Jiantao laminates (01888) in the PCB direction will be selected is very high.

[Individual Stock Mining]

Eston (02715): Acquisition of Eston Cool, improved industrial chain layout, and significant growth in overseas business

Recently, the company announced that its wholly-owned subsidiaries Eston Robotics and Dingtong Electromechanical plan to acquire 100% of the shares of Aston Cool with 487 million yuan in cash, which will be included in the consolidated statement after the transaction is completed. The company predicts net profit of 150 million to 180 million yuan in the first half of the year, an increase of more than 21 times over the previous year. Product structure optimization and cost reduction and efficiency led to a significant increase in gross margin.

Comment: After the acquisition, Eston made up for shortcomings, and the industrial chain was more complete. The company has further expanded its product matrix. Eston Cool has completed research and development of products such as two generations of humanoid robots and 17 high-end collaborative robots. The acquisition aims to build a “heavy-duty industrial robot+lightweight collaborative robot+physical intelligent robot” full-scenario product system. The “robot manufacturing robot” production line capacity of Aston's Nanjing Jiangning smart factory and the breakthrough path of high-margin self-development from local leaders impacting the world's top three. Industrial robots welcomed industrial demand. Industrial robot shipments ranked first in the domestic market in the first quarter, and profitability increased. Net profit in a single quarter exceeded the full year of 2025, and gross margin increased by 7.52% year-on-year. Overseas business has grown dramatically, with Europe as the core engine. Growth continued in Europe and Southeast Asia at the beginning of 2026. The overseas gross profit margin is 30% +, which is significantly higher than domestic, and is the main source of profit growth for the next 2-3 years. The company's share of industrial robots continues to rise, and production continues to increase. In 2025, 33,400 units were shipped, accounting for 10.6% of the market. For the first time, it surpassed the big four foreign-owned families (Fanuc, Yaskawa, etc.), ranked first in domestic production for 8 consecutive years, and entered the list of the world's leading auto parts suppliers. Ongoing orders are sufficient. The latest order data (February to March 2026 caliber) shows that on-hand orders are about 8.5 billion yuan, +67% year over year, and robot orders are about +50% year over year. The boom continues, and order quality is stable. Order structure and delivery, downstream: automobiles (including new energy), 3C, photovoltaic/lithium batteries > 70%; large orders: BYD 12,000 robot contracts (delivery until 2026Q1); 80 million + overseas Salis single projects, with an estimated 150 million orders in 2026. Production schedule: Capacity utilization rate is 90% +; on-hand orders are scheduled to 2026Q2-Q3. Heavy-duty models have a longer schedule, full orders, and tight delivery. Global layout formed, A+H listed (Hong Kong stock listing in March 2026), the first domestic industrial robot A+H. Mergers and acquisitions of German Cloos (welding) and British TRIO (motion control); Europe/Poland factory landed, and services covered 75 countries. The company's entire industry chain is self-developed, 95% of the core components are autonomous and controllable, self-developed iER.OS intelligent ecosystem, Juliet robot language, rapid deployment of collaborative robots (Cool Zhuo), covering 107+ scenarios, and rapid electronics/lithium-battery/medical expansion. The core components of the 1200kg heavy-duty robot are 100% domesticated, and the first set certified at the national level. The company's share of collaborative robots has increased, overseas business is growing, orders are full, and gross margin is significantly higher than domestic (difference of about 10 pct), which is the core of future profit flexibility. The robotics sector continued to pick up, and the company's mid-report performance expectations boosted confidence.