Zhitong Hong Kong stock trading unravels | Core AI varieties, weak markets are sought after, startup drug BD is the next city
[Anatomy Dashboard]
The global market is once again in full decline. The A-share Shanghai Index also fell quite a bit today, but Hong Kong stocks were quite strong, closing down slightly by 0.07%. Mainly bank stocks were backing them up.
Early this morning, the US military launched a round of air raids, which lasted about six and a half hours, to strike Revolutionary Guard targets on Iran's southern coast: air defense radars, communication stations, and offshore minefields. The US Central Command has announced that this round of attacks has been completed. The Iranian military said it attacked the US military base in the UAE on Wednesday morning. I feel that the Capitol Hill has ambush many oil orders this time, then they have taken action and announced the end after profiting. The war has become a tool for a small number of capitals to profit. Shandong Molong (00568) rose nearly 5%.
Federal Reserve officials are also sending “hawkish” signals. Federal Reserve Governor Michael Barr said that current US inflation has continued for more than five years, and if inflation is not mitigated to a sufficient extent, it will support interest rate hikes. According to data from the CME Federal Reserve Interest Rate Watch Tool, the probability that the Fed will raise interest rates in September has risen to 66.9%. There are always people who release all kinds of smoke bombs.
Yields on major global treasury bonds continued to rise, and the yield on UK 10-year treasury bonds rose 7 basis points to 5.29%, the highest level since August 2007. German 10-year bond yields rose 5 basis points to 3.39%. The yield on Italian two-year treasury bonds once hit the highest level since 2024 and is now at 3.22%. The US 10-year Treasury yield rose to 4.816%, continuing its highest level since the end of 2023. There is no way; they all follow the US debt.
The current market is still chaotic, with no clear sector direction. It continues to speculate on individual stocks. The core product of AI education, Zhuoyue Ruixin (02687), performed brilliantly today. The interim report showed a main revenue of 328 million yuan, +34.7% year over year; the highlight is: on-hand orders of 505 million yuan, +34.7% year over year. The order growth rate is far higher than the revenue growth rate, which is a strong leading indicator; 2) AI intelligence business contract amount +62.3%, gross profit margin is 70.7%; although the absolute revenue base is still small, the gross margin is extremely high, proving that once this business is scaled up, the profit margin It will greatly improve the overall company; 3) The overall gross margin will rise to 50.4%, and the product structure is shifting to a high-margin AI business. The potential for later stages lies in whether orders can sink to higher vocational and local applied undergraduate schools; it is clear whether the V5 multi-agent Polymer platform can be adopted on a large scale, and whether there is an increase in other research institutes and medical fields. Overall, the probability of subsequent increases is high; today's increase is over 11%.
Recently, there have been many examples of AI applications making money. In fact, companies are also starting to make money in the direction of computing power. For example, Xinyi.com Group (01686), the largest neutral data center in Hong Kong: annual results showed that shareholders should account for profit of HK$1,146 billion, up 16.96% year on year; total revenue of HK$3.117 billion, up 6.09% year on year. Among them, the recurring revenue from the data center and IT facilities business was HK$2,856 billion, an increase of 8%, showing that the key to the healthy development of the main business is dividends, with a profit of HK$28.07 cents per share and HK14 cents at the end of the year. Note that the net removal date is November 6, 2026, and the dividend date is November 24, 2026. There is a shortage of AI computing power cabinets in Hong Kong. Land and electricity quotas are the biggest barriers to Hong Kong IDC. The company has an obvious advantage. The MEGA-IDC Phase 1 50MW contract is expected to increase to 70%. Subsequent catalysis: MEGA-IDC Phase II and Phase III are being expanded. After the new submarine optical cables ALC and SEA-H2X are launched, it will attract large overseas models and cloud vendors to place the AI inference stage in the company's computer room, which has surged more than 15% today.
The strongest hardware is PCB. On August 28, Jiantao Laminate (01888), the world's leading copper-clad board company, issued the 7th price increase letter to customers during the year: a uniform price increase of 10% for FR-4 copper-clad sheets, and a maximum price increase of 20% for PP semi-cured sheets. The price increase of the faucet quickly attracted follow-up from peers. Panasonic announced an increase in the price of copper clad plates starting September 1, with an increase of up to 30% for some products. South Asia Plastics followed suit, with an increase of 20% to 25%. According to the latest foreign exchange feedback from the management of Jiantao Laminate, due to the extension of the delivery period from the previous 7 to 10 days to 1 to 2 months, there is a 1-2 month lag in the impact of the increase in copper clad plate prices on profits, and the price increase in July-August will be reflected in the profit for August/October. The chairman of the company is confident that it will achieve a profit of HK$10 billion in 2026, which means that the profit in the second half of the year will exceed HK$7 billion. As Zhitong's September gold stock rose more than 3% today.
Optical fiber is also booming. According to CCTV financial reports, an enterprise leader explained that since this year, all production lines in the optical fiber factory have been operating at full capacity. Sales of some models have soared 3 to 5 times over the same period last year. The newly built intelligent manufacturing base has just been capped, and production capacity will double. Currently, some orders have been scheduled to be placed a year later. According to the agency, the total global demand for optical fiber is expected to exceed 670 million core kilometers in 2026, an increase of more than 10% over the previous year. Among them, demand for optical fiber related to data centers is growing 69% year on year, which has become the main source of growth for the industry. Changfei Optical Fiber Cable (06869) rose more than 3%.
Innovative drugs are once again beneficial. Yesterday, Roche won exclusive global rights from Xiansheng Pharmaceutical (02096), a three-specific antibody targeting CD79a/CD19/CD3, with a total transaction payment of up to 1.53 billion US dollars. Under the agreement, Roche will receive exclusive rights for the development, production and commercialization of SIM0660 on a global scale. Xiansheng will be eligible to receive a total transaction payment of up to $1.53 billion, including a down payment of $75 million. Based on future net sales, Xiansheng may also be entitled to charge tiered royalties of up to double digits. This is the 6th time that Xiansheng Pharmaceutical has authorized an external license. Today's increase was over 7%; Zaiding Pharmaceuticals (09688) and Gloria Ying (06821) were driven by an increase of more than 4%.
Meanwhile, Biosetu (02315), which sells shovels, also rose at the same time. According to the latest data from the Hong Kong Stock Exchange, on August 28, Wells Fargo Fund Management Limited increased its holdings of 536,000 shares of Baiao Setu (02315), at a price of HK$60.1705 per share, for a total amount of about HK$32.2514 million. After the increase in holdings, the latest number of shares held was approximately 9.1861 million shares, and the latest shareholding ratio was 8.29%. The fund has greatly increased its holdings and its total holdings are so high. It can be seen that it is quite optimistic. Today, it once again surged by more than 11%.
As one of the most influential exhibitions in the field of consumer electronics and household appliances in the world, this year's IFA (Berlin International Consumer Electronics Show) will officially open from September 4 to 8. With the theme of “The future is now”, the exhibition gathers more than 11 themed exhibition areas, covering various fields such as AI, smart home, robotics, consumer electronics, computing, audio, and mobility. The Anke Innovation (00668) mentioned yesterday fits this direction, because the company's development direction is all related to this. Currently, the core charging and energy storage and intelligent innovation/smart video categories maintain the fastest growth in the North American market. The M8 sweeper is expected to grow at a rate of 25% this year. Today, it has risen again by nearly 7%, while reaching a record high.
[Section Focus]
CITIC Securities said that the Macau gaming industry's GGR fell 1.2% year on year to MOP 21.89 billion in August, slightly lower than market expectations, driving the industry's GGR to increase 3.7% year on year to MOP 169.05 billion in January-August 2026. September is the traditional low season before Macau's National Day Golden Week, but the agency expects rich performing arts activities and a low comparable base (disrupted by typhoons in the same period last year) to support the industry's GGR growth rate of 10% throughout September. Currently, the overall EV/EBITDA valuation of the Macau gaming sector is less than 9x. The industry's leading dividend ratio is already in the 6%-7% range, and the valuation advantage is remarkable.
The current stock price has reported back on the slump in September. Looking ahead to the National Day Golden Week in October, the data should improve after gaming, and the market is playing ahead of schedule. Main varieties: Aobo Holdings (00880), Galaxy Entertainment (00027), Sands China (01928), Aobo Holdings (00880), and Wynn Macau (01128).
[Individual Stock Mining]
Lingyi Intelligent Manufacturing (01688): Apple's new folding screen will be unveiled for high-speed release of auto parts
Apple's new CEO will be unveiled with a folding screen. As of August 31, 2026, the company spent 439 million yuan to buy back 232.758 million A-shares, total revenue for the 2026 semi-annual report of 25.149 billion yuan (+6.45%), net profit to mother of 764 million yuan (YoY--- 17.88%), net profit after deducting non-net profit: 389 million yuan (YoY--- 35.83%), overall gross profit margin: 16.73%, up 1.65 pcts year-on-year.
Comment: The company has the largest market share of consumer electronics precision functional parts in the world. Apple's core supply chain, the core supplier of titanium alloy/carbon fiber structural parts for folding screens, the value of folding stand-alone machines has increased significantly.
The company's R&D investment increased rapidly, with 1,442 billion yuan in the first half of 2026, or +27.86% year-on-year; the focus is on liquid cooling and cooling, server power supplies, robots, and folding screen hardware. AI hardware (consumer electronics+computing power cooling power) was 20.464 billion, accounting for 81.37%; of these, thermal management was 2.92 billion, +43.46% year over year. Computing power cooling was the strongest growing sector; battery power was 3,928 billion, +12.73% year over year. The automobile and low-altitude economy was 3,528 billion, accounting for 14.03%, +198.26% year-on-year, with a gross profit margin of 14.08%.
The automobile business rapidly transformed, and the company acquired Zhejiang Xianglong and Jiangsu Keda; products covered drive shafts, interior and exterior parts, and new energy battery modules; customers include BYD, Ideal, NIO, Volkswagen, Toyota, etc., and the automotive sector's revenue in the first half of 2026 was 3,528 billion yuan, a significant increase of 198.26% over the previous year. There are plenty of orders in hand. The main consumer electronics industry has long-term stable orders for Apple folding, mobile phones, wearables, and iPad-related structural parts and power modules; new folding screen products continue to rise. A number of long-term frameworks for auto parts are gradually increasing along with the expansion of production of new energy vehicles.
AI server liquid cooling. The company issued a performance guarantee and undertook liquid cooling frame orders from top computing power customers in North America. The agency estimates that the maximum annual frame size is about 30 billion; the product is compatible with the GB200/GB300/Rubin platform, and the order is scheduled to be produced until 2027; Dongguan and Suzhou cold plates have a monthly production capacity of 50,000 sets, with a yield of 99%; completed Google's factory audit and entered the Google AI server liquid cooling supply chain. The humanoid robot has received ODM orders for more than 100 complete machines from leading customers; thousands of sets of parts and joint modules have been delivered; it is planned that the assembly capacity of the whole machine will be at the level of 100,000 units in 2028. Currently, it is still in the early stages of mass production, and the overall order volume is not large.
The company's traditional fruit chain is stable. AI server liquid cooling is the core and second growth curve. It is ready to obtain frame production capacity from major North American customers; auto parts are released at a high speed.