Zhitong Hong Kong Stock Exchange Unravels | Middle East Mitigation Securities Stock Collective Changes, mRNA Theme Fermented Again

[Anatomy Dashboard]

Under the overall situation of the US midterm elections, everything else was no problem. US stocks rebounded steadily overnight. Everyone's life was relatively better. Hong Kong stocks jumped 0.56% today.

The reversal is so smooth. According to foreign media reports, the US and Iran have reached consensus on the terms of the cease-fire agreement, which includes free navigation through the Strait of Hormuz. Sources said that the US and Iran are expected to release relevant news in the next few days and begin negotiations and technical meetings based on the Islamabad Memorandum of Understanding (MoU) previously mediated by Pakistan. Iran's Deputy Foreign Minister: The reopening of the straits depends on the US fulfilling its promises. There are definitely variables, but the cooling is quite obvious, and all parties have quite a bit of tacit agreement.

The prominent highlight of today's market is the collective strengthening of securities stocks. The main speculation is performance and dividends. As of August 25, 10 listed brokerage firms have announced mid-term dividend plans, with a total proposed cash amount of nearly 17 billion yuan. Leading institutions such as CITIC Securities (06030) and Cathay Pacific Haitong (02611) plan to disburse large amounts. For example, CITIC Securities plans to disburse 4.27 yuan for every 10 shares, for a total of 6.672 billion yuan. The trend of large products was stronger, with CICC (03908), CITIC Securities (06030), and China Merchants Securities (06099) all rising by more than 6%.

There is also news that US stock trading rules are about to usher in a landmark change. The Nasdaq Stock Exchange officially confirmed a few days ago that its new “Global Trading Session” program will be launched on December 6, 2026. At that time, NASDAQ will enter a new era of 23 hours of trading 5 days a week, with the market closed for only one hour a day. At the same time, major global exchanges such as the New York Stock Exchange, the Chicago Mercantile Exchange, and the London Stock Exchange are also pushing to extend trading or launch all-weather contracts. At the end of the day, it's about stealing business; in this way, you can also trade US stocks during the day. So will the domestic community follow suit? Probably not.

Due to the expectation that the US may levy a 15% tariff on refined copper from January next year and gradually increase it to 30% in 2028, traders are transporting large quantities of copper to the US, triggering a rise in global copper prices. Copper prices hit a record high on Tuesday, and London copper prices are also approaching their highest level in history. Jiangxi Copper Co., Ltd. (00358) and China Nonferrous Mining (01258) both rose nearly 10%.

Chip giant Nvidia (NVDA.US) will announce financial results for the second quarter of fiscal year 2027 early this Thursday morning, Beijing time. The market will focus on core metrics such as Blackwell chip shipments and data center revenue guidelines. If good performance is a stimulus for technology, today it is Cambridge Technology (06166) of optical modules: net profit to the mother increased 171% year-on-year, and the company plans that the annualized production capacity of optical modules will be no less than 6 million units by the end of 2026, an increase of more than 6%.

Internet giants that are lagging behind in this round of AI are all making statements. Tang Daosheng, senior executive vice president of Tencent (00700) Group and CEO of the Cloud and Smart Industry Business Group (CSIG), responded to the question of “being slow to do AI”: it is more important to stand up for a long time than to get up early. The big model competition has just run the “first kilometer”. “We already have a large number of TOC and TO B products, each linked to real users, specific scenario requirements or business processes”. Indeed, sometimes slow is fast; Ma Yun stepped up to increase Alibaba's holdings at 099 (088)), several days With purchases of over HK$600 million, Alibaba Group Chairman Choi Chong-xin and CEO Wu Yongming have increased their total holdings by about HK$200 million for two consecutive days. Ma Yun and Ali management have recently increased their total holdings by over HK$800 million.

The mRNA topic has fermented again. Yesterday, Cansino (06185) Shanghai and Deputh (Hangzhou) Biotechnology Co., Ltd. officially signed the “Strategic Cooperation Framework Agreement for Joint Development of Personalized mRNA Therapeutic Tumor Vaccines”. The two sides will use their respective advantages in mRNA vaccine technology and the discovery and design of novel tumor antigens to jointly promote the development and commercialization of tumor vaccines for personalized mRNA therapy. The company expects to publish its semi-annual report on August 27. Today it surged nearly 26%.

The subject has finally crossed the threshold of phase III clinical success from a proof of concept. Data from Moderna and MSD suggest that tumor immunotherapy is moving from “broad-spectrum attacks” to “precise customization”, and from advanced backline to early adjuvant. There is huge room for the development of personalized mRNA vaccines. China is probably the country with the most mRNA cancer vaccine research pipeline in the world. There are about 30 candidates, the US has about 8 candidates, and the EU has about 12, but none of the domestic projects have entered Phase II. The cutting-edge Akeso (Kangfang Biology), Everest (Genting Xinyao), and Youcare (Yuekang Pharmaceutical) are all in phase 1 or early clinical trials. Depending on whether it succeeds later, the varieties mentioned above, Yuekang Pharmaceutical (688658.SH) and Kangfang Biology (09926) rose more than 6%; Genting Xinyao (01952) surged back and rose by nearly 3%.

Other improvements were in the performance category. Anta Sports (02020): In the first half of the year, the company achieved revenue of 43.51 billion yuan, an increase of 12.9% over the previous year. The company plans to pay an interim dividend of HK$1.51 per share. The two established brands, Anta and FILA, maintained steady growth, while “other brands” such as Descente and Kolon continued to be an important driving force for the Group's performance growth. The next highlight is that the proposed transaction to acquire 29.06% of PUMA SE (PUMA) shares is scheduled to be settled within the year, which will further enrich Anta's global business layout. Today's increase is over 9%.

Xiaopeng (09868): The first round of robot financing has been settled. He Xiaopeng said that the gross profit of a single humanoid robot may far exceed automobiles, and the automobile business targets monthly sales of 60,000 units in the fourth quarter. Xiaopeng's deliveries have picked up, robots have started the first round of financing, and automobiles are still the basic cash flow market. Today's increase is nearly 8%.

Zhuoyue Ruixin (02687) and Zhejiang University have officially launched the “Embodied Spatial Intelligence” course. The course covers topics such as 3D visual geometry, spatial semantic understanding, embodied decision-making, world models and simulation techniques, expanding the scope of application of artificial intelligence in higher education scenarios. The company is one of the few knowledge technology companies in the industry that also integrates the three AI ecosystems of Ali, Byte, and Baidu. High-quality proprietary data assets accumulated over 20 years are the core competitiveness. The company's Smart Tree platform brings together more than 120,000 MOOC resources and a full-modal AI technology matrix developed by itself. The self-developed “Big Understanding” model has been registered through the National Generative Artificial Intelligence Service and connected to the World Labs world model. Results came out on August 27th. Today it surged more than 15%.

[Section Focus]

August 26 - The General Office of the Shanghai Municipal People's Government issued the “Fifteenth Five-Year Plan for the Development of Strategic Emerging Industries in Shanghai”. Among them, it was mentioned to focus on key areas to strengthen the forward-looking layout and further comprehensively improve the energy level of the integrated circuit industry. Key developments: 1. High-end chips and artificial intelligence (AI) enabled design. Accelerate high-end chip development and industrialization; build chip design vertical models and agents, and reinvent design processes and accelerate simulation through AI empowerment. 2. Advanced packaging. Promote R&D and mass production applications of new technologies such as advanced packaging, and support research and development of packaging equipment and materials. 3. New devices and new architecture chips. Support the development of new material devices such as two-dimensional materials, and promote three-dimensional stacked architecture chip design and flow film.

Major Hong Kong stock products: Huahong Hongli (01347), SMIC (00981), ASMPT (00522), and Bijiao Technology (06082).

[Individual Stock Mining]

Chipboard Micropack (09630): Overseas Order Volume Begins Offshore Cycle, Performance Continues to Remain Strong

The company's 2026 semi-annual report revenue was 1.06 billion yuan, +69.0% year over year; net profit to mother was 281 million yuan, +98.1% year over year; net profit minus 277 million yuan, +104% year over year; operating cash flow was 292 million yuan, a sharp increase of 377% year on year. The gross margin was stable at 40% to 42% over a long period of time, and the net profit margin was stable at 20% +; cash flow improved dramatically, and the revenue and profit growth rate continued to be higher than the industry average.

Comment: The company's performance continues to be high, with high growth in both profit and cash flow. The rapid expansion of AI PCB production has led to an increase in upstream LDI demand. The company is the only commercial direct writing lithography equipment manufacturer in the world covering the four major scenarios of PCBs, IC carriers, advanced packaging, and mask versions. In 2025, PCB direct writing equipment accounted for 18.8% of the global market, ranking first in the world, surpassing Japan's ORC and Israel's Orbotech (a subsidiary of KLA). The company benefited from large-scale expansion of AI server high-end PCBs (high multi-layer, mSAP process) production, traditional film exposure reached the limit of the process, LDI penetration rate continued to increase, high-end models continued to be released, and the PCB business gross margin was stable at 40% +.

Second growth curve Pan-Semiconductor, the WLP2000 wafer-level direct writing lithography machine, has passed TSMC's CoWoS_ L process verification. It is a scarce large-scale advanced packaging lithography device in China. The value of a single unit is 15 to 20 million, and the gross profit margin is over 50%, which is higher than the PCB business. Entered the Shennan Circuit and Xing Sen Technology IC carrier board production line to replace domestic BT carrier boards and ABF carrier boards to speed up. Most domestic peers only make PCBs. Very few manufacturers have advanced packaging for mass production models. The racetrack competition pattern is very good, and the barriers are extremely high. The company has the largest mass production capacity in China, with an annual production capacity of 1,500 units. The delivery speed is significantly superior to overseas manufacturers, and domestic alternatives continue to seize the share of Japanese, European and American manufacturers.

Overseas orders were released, and the overseas shipping cycle began. Factory orders in Thailand and Vietnam grew rapidly, and the logic of going overseas was fulfilled. The company is full of on-hand orders, and the capacity utilization rate is high. The company's new orders in the 2026Q1 quarter exceeded 800 million yuan, a record high; the company disclosed that Q2 orders maintained high growth in the first quarter. PCB orders: Leading PCB manufacturers continue to expand production, and orders for high-end LDI equipment are full. Advanced packaging orders: More than 30 units of WLP2000 equipment are in hand, and the corresponding order amount exceeds 100 million yuan. Leading domestic packaging and testing factories continue to introduce them, and orders for IC carrier board equipment are steadily increasing. Strong demand for AI has led to increased supply constraints. As the leading domestic direct writing lithography equipment, Chipboard's products are widely used in the PCB and optical communication fields, and it is expected that it will continue to benefit from the upward trend in the industry. All of the H share overallotment rights have boosted confidence.