Zhitong Hong Kong Stock Exchange Unravels | Sino-US Trade Truce Extended, AI Agents Continue to Ferment

[Anatomy Dashboard]

Pre-holiday trading itself was lackluster. Hong Kong stocks traded less than 160 billion dollars today. Plus, there was no advantage in the intraday market, so they followed the US stock market. Overnight, the three major stock indexes all fell, and the Hang Seng Index also fell 0.29%.

According to Xinhua News Agency, on the afternoon of September 23 local time, Chinese leaders arrived in Washington by special plane to pay a state visit to the US at the invitation of the US President. When they arrived at Andrews Air Force Base in Washington, the US president and his wife were warmly greeted. This welcoming ceremony broke with America's 60 years of diplomatic practice and sent a strong signal that the US side has great respect for Chinese leaders. They are all mutual. The US president was also warmly received during his visit to China in May. This high-standard visit to the US also highlights China's weight. According to the US president, it is the “G2” era. The US president revealed that a banquet will be held to welcome Chinese leaders and their wives. He said, “People from all walks of life want to come. Arguably, leading figures from the entire tech world, financial banking, and many other fields will be present. The only regret is that there aren't enough seats. It can be seen that China and the US are already highly tied up at the economic level; they all want to do business; it is an honor to be able to attend.

Newly revealed results: US Treasury Secretary Bessent said that China and the US have agreed to extend the trade truce until January 10 next year. Although it's not been a year since signing (the signing is too long, and it's not easy to explain within the US), the extension itself is an attitude. Having a channel of communication and renewing the subscription when the time comes is considered a reassurance pill.

On the other side, Iran's President made a statement to the General Assembly: Willing to negotiate but not accepting threats from power, Hormuz cannot be “freely used.” As mentioned earlier, the talks between the US and Iran were good; apparently, at this point, Trump is busy meeting with the heads of state. After the talks are over, he will look back and see how to talk with Iran. International oil prices have risen again today.

The real problem is that the initial value of the US composite PMI for September greatly exceeded expectations and hit a five-year high. The rate of expansion of new orders was the fastest since April 2022, the manufacturing recruitment intensity peaked since February 2021, and the enterprise investment cost index was the highest since October 2022. This data also provides a reason for interest rate hikes. On Wednesday local time, Federal Reserve Governor Michael Barr said that further interest rate hikes may be needed to bring inflation back to the Fed's 2% target; New York Federal Reserve Chairman Williams said that inflation needs to be brought back to the target level in a timely manner, and it is reasonable to raise interest rates again before the end of this year. Due to multiple factors, the sell-off of US bonds intensified. The 5-year yield broke 5% for the first time since 2007, and the 10-year term stood at 5.1%. The “explosion” of the 5-year treasury bond bid “exploded”, making the bond market worse. Goldman Sachs recently predicted that the Federal Reserve will complete the last rate hike of the year at the interest rate meeting on October 27, after which the current round of the Federal Reserve's interest rate hike cycle may come to an end. If the US and Iran don't break the game, there is a real possibility that they will add it again in October.

Yesterday, the direction of stronger technology was adjusted again. CEO of Anthropic: Due to safety, the company will slow down AI research and development progress; financing for the world's largest data center was blocked, SoftBank's SB Energy IPO was postponed, and the $50 billion valuation was questioned. However, there are also increases, such as the new shares of True Technology (09856) mentioned yesterday. According to some agencies, the optical chip business is very valuable. Full stack LDM is scarce. Next year's optical chip performance of 500 million yuan is less than 9X next year, which is clearly underestimated. Today, it has risen by nearly 5% again. IPOs are still good. There is no pressure on them. As long as the fundamentals are strong, they can easily be boosted.

Recently, the popular smart device concept continues to ferment. The recently mentioned multi-point digital intelligence (02586) has once again risen by more than 15%. The other one is Telecom (02342), which also has this concept. Its base station has a built-in AI agent solution, and local AI agents are deployed on the cloud station side, which can carry localized AI services on the base station side, which fits the main line of current smart devices; other companies showcased 5G-A and passive IoT integration solutions at the GTI Forum. The recent increase in majority shareholder holdings was also a plus, up more than 14%.

Yesterday's section focused on Tesla CEO Musk's prediction in an exclusive interview with CCTV Finance that there will be at least 1 billion humanoid robots within 10 years, and it may reach 100 billion in the next 20 years. This news has given some impetus to the robotics sector. Other mentioned Mecamander robots (09615) rose nearly 4%, and Youji robots (03231) rose more than 2%. Another is Tesla's factory inspection concept. It was previously rumored that Tesla is promoting a new round of humanoid robot supply chain audits in China's Yangtze River Delta. It is said that the first stop was Junsheng Electronics (00699). It is said that the head assembly factory approved the factory. New orders for 5000-6000 units per month have been quite active recently, and today it has risen by more than 3%.

The other strong trend is the individual stock market. Tourover-W (09690) announced that it plans to acquire Australia's largest tire, car service and maintenance chain for 403 million Australian dollars (equivalent to about HK$2.25 billion). The main focus is on 279 stores across the country to advance its international expansion strategy. Today, it has risen more than 11%.

The real estate direction is mainly adjusted today, but Evergrande Property (06666): The share sale has ushered in the latest developments. Recently, it was reported that Taimeng Investment Group (PAG), Huaping Investment, and Xinchen Capital are preparing to bid for Evergrande properties. According to reports, in April of this year, the liquidator claimed to have signed an exclusive agreement with a potential buyer; in June, the liquidator of Evergrande Property announced the end of negotiations with the first finalized potential buyer; in July, the liquidator announced the restart of the share sale and plans to invite potential buyers to conduct due diligence on the group. Today's increase is over 7%.

On September 24, Qijing Auto announced today that it has reached 15,318 units within 18 hours of the launch of the Qijing GX7. Nationwide delivery has begun one after another, with a limited-time equity price range of 229,900 to 291,900 yuan. As GAC (02238) teamed up with Huawei Gankun to build a high-end smart car brand, the Qijing GX7 is equipped with seven major Huawei intelligent automotive solutions: Huawei Gankun Smart Driving, Hongmeng cockpit, Huawei Gankun Chitu platform, Huawei Gancun Car Cloud, Huawei Whale Fin Communications, and Huawei Smart Drive. Huawei's appeal is still very strong. Depending on the order situation, it has risen by more than 6% today.

On September 23, according to media reports, Daikin Heavy Industries (01081) signed a new generation ULSTEIN HX122 offshore foundation installation ship design contract with Norwegian ship design company Ulstein during the WindEnergy Hamburg 2026 exhibition on September 22. Combined with Germany's introduction of a CFD mechanism and the integration of the Waterekke offshore project, Sea Breeze is worth paying attention to. Today, it has risen by nearly 4%.

[Section Focus]

On September 23, Meta Connect 2026 was held. The main theme of the conference changed from the metaverse to “personal superintelligence”, and the Muse intelligence became the unified core of software and hardware. The conference uses Muse to unify software and hardware: glasses, VR, and Muse Charm as portable entrances to smart devices. Muse opens up a “demand, one decision, one transaction” link through transactions to form a monetization path other than advertising; glasses are covered in layers according to audio, shooting, and display, and no camera models respond to privacy concerns; VR management said they will reduce models and launch new products only when technology breaks through, and RealityLabs investment is becoming more focused.

It is expected to bring new expectations for related consumer terminals. Major Hong Kong stocks include Ruisheng Technology (02018), Sunyu Optics (02382), Conet Optics (02276), and TCL Electronics (01070).

[Individual Stock Mining]

Ruisheng Technology (02018): Joined Intel's China Liquid Cooling Innovation Acceleration Program to deliver large quantities of ultra-thin VC heat sinks

The company officially joined Intel's China Liquid Cooling Innovation Acceleration Program. The company achieved revenue of 14.506 billion yuan in the first half of 2026, up 8.9% year on year; adjusted net profit for the current period increased 37.4% year on year; gross margin for the same period was 22.4%, up 1.7 percentage points from the same period last year.

Comment: Being able to enter Intel's supply chain means that the company's liquid cooling business will bring new expectations. The company is a global leader in integrated perception and experience solutions. New business products are growing rapidly, and it continues to expand in the high-end smartphone market. Demand in the smart cockpit market has increased, and the company has deepened cooperation with leading car companies to drive overall performance upward. At various business levels, Ruisheng Technology's 2026H1 acoustics and electromagnetic transmission revenue is about 6.012 billion yuan, gross margin of about 28.6%; precision structural parts and cooling revenue is about 3.25 billion yuan, gross profit margin of 23.1%; optical revenue is about 2.05 billion yuan, gross profit margin of 10.2%; sensor and semiconductor revenue is about 860 million yuan, gross margin of about 14.6%; vehicle acoustics revenue is about 2.24 billion yuan, gross margin of about 20.1%.

End side: Diversified business capabilities, actively developing new products. In terms of consumer electronics cooling, Ruisheng Technology has a stable position as the leading consumer electronics cooling leader. The company shipped more than 140 million VC heat plates in 2025, which is a significant increase. Mobile phone side: The main supplier of iPhone 18 Pro ultra-thin VC heating panels, the value of stand-alone devices has increased dramatically; folding phone VC was introduced simultaneously. Ultra-thin VC heat emitters were delivered in large quantities, and the Changzhou base continued to deliver; the acoustic and X-axis motors continued to be fixed. The overall yield of the iPhone Duo is still climbing, with a total of 6 million to 8 million units in stock. The VC module itself has been verified and shipped in batches. The company expects 180 million units by 2026. Vehicle: A number of NEV companies have fixed cockpit acoustic systems, including multi-channel amplifiers and headrest audio. The order cycle is long and the revenue continues to be paid out year by year. AI liquid cooling: batch delivery of centralized liquid cooling CDU for the company's servers, joint promotion of data center liquid cooling solutions with Intel, and sample delivery for verification by leading overseas optical communication vendors. The estimated revenue for the CDU liquid cooling business is about 200 million yuan for 2026, and the CDU target for 2027 is 600 million to 800 million yuan. Combined with cold plates and joints, the total target for the liquid cooling sector is close to 1 billion yuan. Humanoid robots: Major mobile phone manufacturers have fixed rope-driven joint motors and dexterous hand connecting rod solutions for commercial robots, and some have entered mass production and delivery.

The company is actively developing optical communication heat dissipation, and is focusing on promoting advanced heat dissipation technology represented by forged housings, high-performance VC, and liquid cooling plates to promote and send samples to many leading optical communication manufacturers. In terms of data center liquid cooling, Ruisheng Technology previously reached a holding acquisition agreement with Yuandi Technology. Ruisheng Technology's WLG wafer-level glass molding technology has the advantages of high accuracy, good consistency, and large-scale mass production, which lays a solid foundation for the company to later implement high-precision microlens arrays and optical fiber V-slots. The company expects double-digit revenue growth throughout the year, and the overall scale of the new AI business is expected to become the Group's core growth engine.