Zhitong Hong Kong Stock Exchange Unravels | The transmission technology of the US debt crisis has been hit hard, and bank stocks have become the core stabilizer

[Anatomy Dashboard]

Global technology stocks are bloody and bloody. This wave of transmission began with US stocks. Overnight, the Philadelphia Semiconductor Index SOX fell 4.98%, and the 30 constituent stocks closed down across the board, the biggest one-day negative line since the end of July. Today, South Korea's Seoul Composite Index fell more than 6%, and the Korea Exchange immediately launched the SIDECAR mechanism to suspend programmatic sales to curb the sell-off trend. The Japanese stock market fell rapidly after opening low, and the Nikkei 225 Index fell more than 2%. A-shares were also not spared; hundreds of them fell to a standstill. Although the Hong Kong stock index still rose 0.09%, many stocks also fell unsightly.

Generally, this decline consists of many negative points. First, the Middle East has no prospects in the short term. Trump asked the negotiation team to suspend contacts with Iran. Because both sides are tough, Trump continues to brag about himself: he sent a picture to mark the Strait of Hormuz as a new US territory. The truth is that the strait is basically controlled by Iran, and it continues to be blocked. Since the US has no way to re-open the strait, the tight pattern of capacity is unresolved. The daily earnings of very large crude oil carriers (VLCCs) on the Middle East route are approaching a two-month high.

According to the chartering transaction report and shipping broker information, the oversized tanker “Mongolia Prosperity” will load crude oil from an unnamed port in the Persian Gulf and transport it to East Asia, with a shipping cost of 31 million US dollars for a single voyage. COSCO Haineng (01138) rose 3.68%; shipping performance was good. Haifeng International (01308): Profit attributable to shareholders in the interim was US$677 million, up 7.39% year on year, with a basic profit of $0.25 per share. It is proposed to pay an interim dividend of HK$1.50 per share. COSCO Maritime Control (01919), Pacific Shipping (02343), and Orient Overseas International (00316) are all trending upward.

Second, the US Treasury bonds mentioned yesterday. On Tuesday, the yield on US 30-year treasury bonds once climbed to 5.32% during the day, the highest level since June 2007; the yield on US 10-year treasury bonds once rose to 4.75%, the highest level since January 2025. As an essential “risk-free” benchmark asset in the global financial system, US bonds have established a pricing anchor for global mortgages, corporate loans, emerging market debt, private equity credit, and stock valuations. There are problems with all of these anchors, and the stock market will be quite tense, because the rise in corporate borrowing costs is a disaster for companies. However, technology stocks are more sensitive to it. Coupled with flaws in the industry itself, such as Anthropic ARR exceeding $65 billion and falling short of expectations of $70-80 billion, market concerns about a “second-order slowdown.” There are also negative aspects of large-scale IPOs between Anthropic and OpenAI.

Pressure for domestic IPOs has also surfaced. According to the official website of the Securities Regulatory Commission, Changjiang Storage Holdings Co., Ltd. recently submitted a “Report on the Completion of Counseling Work” to the Hubei Securities Regulatory Bureau, and the company's IPO counseling status was changed to counseling and acceptance. The primary market stock reform phase is valued at 160 billion dollars, and the IPO is expected to raise 30 to 40 billion dollars. A bull market is not afraid of new stocks; on the contrary, it brings growth, but it puts pressure on weak markets. Technology stocks were directly hit hard today. Huahong Hongli (01347), Zhongji Xuchuang (03308), and Cambridge Technology (06166) all fell by more than 10%.

N Yushu-W (688836.SH) was listed on the Shanghai Science and Technology Innovation Board today, and its stock price performance was outstanding. The issue price of the stock was 150.8 yuan, and at one point it surged to 1,100 yuan. However, due to excessive opening and falling quite a bit, the overall price was high and fell 460%. The overall trend was a negative impact on sector sentiment. The so-called “one whale starts, everything falls”. The superstar legend (06683) that was hyped up yesterday almost returned to its original form, plummeting more than 19%; Eston (02715) and Yuejiang (02432) all fell more than 11%.

Against the backdrop of a sharp decline in technology, the Hang Seng Index did not fall. The main reason is that banks and insurance have stabilized the index. In August, the semi-annual reports of A-share listed banks were intensively disclosed. As of August 18, five banks, Ping An Bank, Pudong Development Bank, Bank of Jiangsu, Bank of Chongqing, and Agricultural Commercial Bank, have released their 2026 semi-annual performance reports or performance reports. On August 18, the Bank of Nanjing immediately handed over its semi-annual report — revenue of 31,596 billion yuan, up 10.94% year on year; net profit to mother of 13.65 billion yuan, up 8.17% year on year. The common data of the five banks is that both revenue and net profit achieved positive growth in the first half of the year, and the year-on-year revenue growth rate all increased compared to the same period last year. This is the first time since 2022 that the banking industry has collectively handed over a “double increase in revenue and profit” semi-annual reports.

Currently, net interest spreads are the main catalytic factor in maintaining performance. Commercial banks' net interest spreads in the second quarter were 1.41%, up 0.01 percentage points from 1.40% in the first quarter. This is the first quarterly increase since 2022. Net interest spreads for major state-owned banks rose from 1.29% to 1.31%, urban commercial banks rose from 1.38% to 1.40%, and agricultural and commercial banks increased from 1.58% to 1.59%. When non-interest income starts to become an engine for profit growth, banks can truly break out of the comfort zone of “eating with interest spreads.” Note that August 29 was the peak for nearly 20 banks to hand over their semi-annual reports. Among the four major banks, Agricultural Bank (01288) had the strongest trend, rising more than 2%. Others include China CITIC Bank (00998), China Merchants Bank (03968), and Postbank (01658), which rose more than 1.5%. Among insurance stocks, China Financial Insurance (02328) rose more than 3%.

Xiaomi (01810) is considered one of the few hot spots today. The semi-annual report was released, with total revenue exceeding 200 billion dollars. In the second quarter, Xiaomi Group's total revenue was 108.922 billion yuan, up 9.9% month-on-month, and adjusted net profit was 6.219 billion yuan. However, the previous stock price is already fully in reality, and the highlight seen by the market is that the IoT and consumer products sector is increasing: the revenue of the sector is 31.3 billion yuan, +14.2% compared to the same period; there is also the Internet service, which is the group's high-margin ballast stone, with revenue of 9 billion yuan, gross margin of about 76%, and monthly active users reaching a record high. The direction of smart electric vehicles is also good. The Q2 car segment generated revenue of 23.9 billion yuan and delivered 10,4,199 units, +28.2% over the same period last year, and the delivery scale continued to rise. Later, we mainly look at the sales performance of new cars by Pengcheng, and whether the gross margin of mobile phones bottomed out and rebounded after the price of memory chips fell. Today's increase is 4.81%.

The pharmaceutical direction is still steady. According to media reports, major European and American pharmaceutical companies are still “addicted” to introducing innovation pipelines from Chinese biotech companies, and large licensing deals have broken out. Among the top ten global licensing deals in the first half of 2026, 8 sellers were Chinese pharmaceutical companies; Pfizer, BMS, Eli Lilly, AstraZeneca, and GSK concentrated on their efforts, leading to multiple $10 billion framework agreements. Continuing to strengthen, Zaiding Pharmaceutical (09688) and Kingsley Biotechnology (01548) rose more than 4%.

At 2:00 a.m. on Thursday, Beijing time, the Federal Reserve will release the minutes of the July monetary policy meeting; at a time when the sell-off of US treasury bonds is intensifying, the importance of these minutes is becoming more and more prominent. At the July meeting, Federal Reserve officials voted to keep interest rates unchanged in the 3.5% to 3.75% range. However, 3 of the 12 voting members voted against and advocated interest rate hikes. Focus on market feedback. In addition, South Korea's SK Hynix offered a 40 trillion won repurchase to see if it could stimulate a recovery in stock prices.

[Section Focus]

On August 18, mainstream independent coking companies in Hebei and Shanxi collectively issued price adjustment letters. Wet coke quenching was raised by 50 yuan/ton, dry coke was raised 55 yuan/ton, and implemented at 0 o'clock on August 20. The reason for the price increase is that the cost of coking coal is rising, and the coking plant continues to lose money in the early stages. However, at present, only the coking company has sent a letter, and the steel mills have yet to collectively confirm acceptance.

Main varieties of Hong Kong stocks: China Xuyang Group (01907): China's Xuyang Group (01907): largest independent coking leader, with the largest scale of coke production capacity; Hebei local enterprises, which is the main area for this round of growth; Shougang Resources (00639): Mainly produces fine coking coal, mainly metallurgical coking coal, which has been predicted to improve performance in the interim report; MONGOL MINING (00975): Coking coal imported from Mongolia, mainly for coking in domestic steel mills. The price of coking coal is highly elastic.

[Individual Stock Mining]

Midea Group (00300): Subsidiaries and Black Sesame Intelligent Cooperation to Strengthen the Robotics Business and Promote Multiple Businesses Globally

Black Sesame Intelligence (02533) and Guangdong Meichuangxi Technology Co., Ltd. formally signed a framework agreement to cooperate with chip suppliers, focusing on deepening collaboration on robot tracks, while also covering chip needs in the field of home appliances, and jointly promoting large-scale application and technology iteration of domestic chips.

Comment: Guangdong Mechuangxi is a subsidiary of Midea. This cooperation between the two parties is a win-win pattern. Directly strengthen the strength of the company's robotics sector. Recently, the main highlight is that the company's air conditioning sales have exploded in Europe, and overseas air conditioning orders have continued to grow.

Since this year, PortasSplit's sales volume has doubled compared to the full year of last year, and has shipped more than 200,000 units. In the first quarter of 2026, more than 500 million household appliances in all categories of Midea already have networking capabilities. Globally, more than 140 million smart home appliances have been connected, more than 150 million smart users have been connected, and the AI layout of more than 150 categories of home appliances has been completed. The company's technological transformation was successful. From home appliances to technology groups, the three tracks of AI+robot+new energy are gaining strength.

ToB outbreak: Second curve at the 100 billion level. The growth rate is significantly higher than ToC, and the gross profit is higher. Two-wheel drive (ToC+ToB), ToC (67%): Air conditioning market share 35%; high-end brand COLMO+ Toshiba has high-end revenue of 20 billion yuan+ in 2025, accounting for more than 15%. ToB (33%, high increase): 2025 revenue of 122.8 billion yuan (+17.5%); 2026Q1 Building Technology 10.8 billion (+10.1%), robotics 8.2 billion (+11.8%).

The company has a global layout, with 29 overseas R&D centers and 43 manufacturing bases, covering 50 countries; in 2025, overseas revenue was 195.9 billion yuan (+16%), accounting for 43%. The whole industry chain: core components such as compressors, motors, and controllers are self-developed and produced. The cost is 10%-15% lower than that of peers, and the delivery cycle is short. Lighthouse factories: 6 (No. 1 in the home appliance industry). The Chongqing Building Technology Factory is the first full-process AI lighthouse factory in the global central air conditioning industry. Robots: KUKA+ self-developed humanoid robots are receiving orders of 2 billion + and centralized delivery by 2026H2. New energy vehicle parts: orders of 5 billion +, supporting leading car companies. AI+ high-end: the penetration rate of AI appliances is 40% in 2026; COLMO stores are 2000+, with high-end revenue accounting for 20% +.

The company's globalization deepened, OBM's own brand went overseas, and there was a surge in Southeast Asia, North America, and the Middle East. The company acquired European HVAC leaders and established the MBT Climate European HVAC Alliance to open up the European ToB incremental market for energy storage, heating and refrigeration equipment. The second growth curve is favorable in the medium to long term. Midea Group's business has covered more than 200 countries and regions. Overseas and ToB businesses are growing strongly, and the growth rate of Midea Group's ToB business is expected to be higher than the ToC business.

Recently, the first point of cooperation between Midea Group and Alibaba Group is to jointly build the core capabilities of whole-house intelligence, and carry out in-depth cooperation in the three directions of home AI brain, IoT ecosystem interconnection with life service scenarios, and popular smart hardware. The company has high dividends and large repurchases. The company's 100% return on net profit (dividend+repurchase), with an expected dividend rate of 1.95% in 2026. The company continued to repurchase large amounts of shares, strong profit growth, and an active shareholder return policy, which significantly boosted investor confidence.