GMT EIGHT - OPPORTUNITIES IN CHINA

The Hang Seng Index has risen over 1%, currently reported at 25,370.010 points; the Hang Seng Tech Index has increased by 1.458%.

The Hong Kong Hang Seng Index opened up 0.7% at 25,303.41.

The People's Bank of China: According to the demands of primary dealers in the open market operations, the volume of the 7-day reverse repurchase operation on August 17, 2026, is zero.

The European freight index futures continuous main contract rose 8% during the day, currently reported at 1716.50 points.

Commodity futures market opens.

Butadiene rubber has risen continuously by 2.96%, the container shipping index for European routes has risen continuously by 2.93%, polysilicon has risen continuously by 2.78%, ethylene glycol has risen continuously by 2.75%, paraxylene has risen continuously by 2.41%, low-sulfur fuel oil has risen continuously by 2.33%, platinum has risen continuously by 2.32%, coke has risen continuously by 2.24%, benzene has risen continuously by 2.18%, and styrene has risen continuously by 2.13%.

Spot gold has broken through $4,400 per ounce, rising 0.56% for the day.

The financing balance of the two markets decreased by 1.841 billion yuan.

As of August 14, the financing balance on the Shanghai Stock Exchange is reported at 1,354.998 billion yuan, a decrease of 1.311 billion yuan from the previous trading day; the financing balance on the Shenzhen Stock Exchange is reported at 1,284.53 billion yuan, a decrease of 0.53 billion yuan from the previous trading day; the total for both exchanges is 2,639.528 billion yuan, a decrease of 1.841 billion yuan from the previous trading day.

The global asset allocation is entering a "de-crowding" moment! Bank of America is shifting from AI computing power to value, biotechnology, and commodities in search of "non-consensus alpha."

Bank of America urges investors not to focus solely on crowded AI trades, but rather to pay more attention to value stocks, biotech stocks, regional banks, selective credit, and commodities.

New Stock News | Hunan Yuneng New Energy Battery Material (301358.SZ) has submitted its application to the Hong Kong Stock Exchange, ranking first among global suppliers of phosphate cathode materials for six consecutive years.

According to the Hong Kong Stock Exchange's disclosure on August 17, Hunan Yunan New Energy Battery Materials Co., Ltd. (301358.SZ) (hereinafter referred to as "Hunan Yunan") has submitted its application for the main board of the Hong Kong Stock Exchange, with CITIC Securities International and HSBC as joint sponsors.

Shanghai Fosun Pharmaceutical (02196) subsidiary HENLIUS has signed a framework cooperation agreement and reached a licensing agreement with Sandoz AG.

Fosun Pharmaceutical (02196) announced that its controlling subsidiary, Hanzhou Hanhai, has signed a "Cooperation Framework Agreement" with Sandoz AG, which will allow for licensing cooperation in the registration, commercialization, development, and production of up to 10 monoclonal antibody (mAb) and/or antibody-drug conjugate (ADC) biosimilar products or components (referred to as "cooperative products") in relevant overseas regions with Sandoz AG. The specific commercial terms have been reached for the first three cooperative products (namely HLX05-N, HLX16, and the biosimilar Beicuyou), and an option has been granted to Sandoz AG for one potential cooperative product (namely HLXTE-HAase1001).

INSILICO (03696) has been included in the MSCI Global Small Cap Index.

InSilicon (03696) announced that it will be included in the MSCI Global Small Cap Index, which aims to reflect the performance of small-cap companies across various diversified sectors in both developed and emerging markets. This inclusion will take effect after the market closes on Monday, August 31, 2026.

HUTCHMED (00013): The combination therapy of Voreloxin and Tazemetostat showed statistically and clinically significant improvements in progression-free survival and overall survival in patients with MET-driven EGFR mutant lung cancer after disease progression on Tazemetostat.

Hutchison China MediTech Limited (00013) announced that the combination therapy of Savolitinib (ORPATHYS) and Osimertinib (TAGRISSO) has achieved positive topline results in the SAFFRON Phase III study compared to platinum-based doublet chemotherapy for the treatment of patients with non-small cell lung cancer (NSCLC) harboring epidermal growth factor receptor (EGFR) mutations. The results demonstrate a statistically and clinically significant improvement in progression-free survival (PFS) and overall survival (OS). The tumors of patients in the study exhibited high levels of MET overexpression or amplification, and they had previously experienced disease progression after treatment with TAGRISSO.

A-shares Pre-market Report | The National Team Exits Moutai, Consumer Stocks Under Pressure, Guangdong "Token Loans" Become Popular

As of the end of the second quarter, Central Huijin and the China Securities Finance Corporation have both exited the list of the top ten shareholders of Kweichow Moutai.

Goldman Sachs dissects the U.S. stock market's second-quarter reports: AI infrastructure rakes in profits, while profitability on the application side still feels like "a pie in the sky."

Goldman Sachs strategist Ben Snyder pointed out that companies are dramatically increasing their investments in artificial intelligence (AI) at an unprecedented pace, yet for most companies, this technology has yet to substantial profit improvements.

New Stock News | Hunan Yuneng New Energy Battery Material (301358.SZ) submits application to the Hong Kong Stock Exchange.

According to the disclosure by the Hong Kong Stock Exchange on August 17, Hunan Yuneng New Energy Battery Materials Co., Ltd. (301358.SZ) (hereinafter referred to as "Hunan Yuneng") has submitted an application for the main board of the Hong Kong Stock Exchange, with CITIC Securities International and HSBC as joint sponsors.

NIMBLE HOLDINGS (00186): EMERSON RADIO CORP. reported a net loss of $566,000 in the first quarter, a year-on-year decrease of 50.35%.

Agile Holdings (00186) announced the financial performance of its subsidiary EMERSON RADIO CORP. for the three months ending June 30, 2026, reporting a net income of $1.054 million, a year-on-year decrease of 37.07%; a net loss of $566,000, a year-on-year reduction of 50.35%; and a basic net loss per share of $0.03.

Brokerage Morning Meeting Highlights | The focus of AI pricing will shift from "price increase" to "volume increase"

In today's brokerage morning meeting, Guotou Securities believes that the focus of AI pricing will shift from "price increases" to "volume growth."

The bull market is back, and market speculation has returned! As the semiconductor sector rebounds and reignites the main upward trend in the stock market, FOMO may trigger significant fluctuations.

The calmness of the stock market masks a rapid shift in investor sentiment. Hidden behind bullish indicators is the potential for instability, as the market recently experienced a sharp reversal, transitioning from a widespread pursuit of index volatility and skewness to a demand for call options driven by FOMO sentiment.

China Securities Co., Ltd.: LME spot prices surge strongly, with copper prices approaching historical highs.

Gold prices are currently under temporary pressure around the $4,500 mark, but employment and inflation data have reduced the likelihood of interest rate hikes before the midterm elections, keeping gold prices in a favorable situation.

Hong Kong Stock Concept Tracking | The "Micro-Short Drama Development Management Measures" will be implemented starting September 1. The iteration of the Wen Sheng video model drives a reassessment of the full-chain value of content (including concept stocks).

The National Radio and Television Administration officially announced Order No. 16, the "Regulations on the Development and Management of Micro Short Dramas." The regulations were reviewed and approved by the administrative meeting of the National Radio and Television Administration on July 27, 2026, and will take effect from September 1, 2026.

GF SEC September Hong Kong Stock Connect and Hengkang Portfolio Adjustment List Prediction: 38 companies may be included in the Hong Kong Stock Connect, ILUVATAR COREX (09903) is expected to be included in Hengkang.

September Hong Kong Stock Connect & Hang Seng Technology Index Rebalancing Rule Calculation: According to the current rules, it is estimated that a total of 38 companies will qualify for trading under the Hong Kong Stock Connect this round, and Tianze Zhixin is expected to be included in the Hang Seng Technology Index.

U.S. stocks welcome "Retail Earnings Week": Walmart Inc. (WMT.US) takes the lead, with the market betting that the Federal Reserve has a greater than 70% probability of maintaining its current policy in September.

The financial reports of large comprehensive supermarkets and other major retailers, along with a wealth of manufacturing data, will become the focus of the market.

Chen Maobo: The exhibition economy in Hong Kong is driving the growth of visitors to the city, and its status as an aviation hub continues to be strengthened.

He stated that the government will further consolidate and enhance Hong Kong's status as an international aviation hub, injecting new vitality into the interconnected development of other relevant economic sectors.

Payment giant Stripe has finalized a deal worth over $7 billion to acquire the AI large model aggregation platform OpenRouter.

According to informed sources, Stripe Inc. has reached a final agreement to acquire the artificial intelligence (AI) startup OpenRouter Inc. for over $7 billion. The latter focuses on helping businesses flexibly switch between different AI models.

New Stock News | Meikaman De has passed the Hong Kong Stock Exchange hearing. Global AI + 3D vision guides Siasun Robot & Automation to rank first in components.

According to the disclosure by the Hong Kong Stock Exchange on August 16, Mech-Mind Robotics (Xiong'an) Co., Ltd. (abbreviated as: Mech-Mind) has passed the listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC Securities and CITIC International serving as its joint sponsors.

HAITONG INT'L: Layout for the autumn market, embracing a new logic and two main lines.

The autumn market will be the spread of the AI bull market, embracing an application-led new logic for AI, unfolding a structural market along two new main lines.

BOC International: The conditions for the hard technology sector in A-shares to transition from an oversold recovery to a trending market are accelerating in maturity.

Overall, the strong earnings reports from major cloud companies in this round have further solidified the logical chain from AI orders to capital expenditures and finally to revenue conversion. The narrative of AI infrastructure is accelerating its maturation from a rebound theme trading back to the mainline of rising capital expenditures.

Chen Guo: The non-bank financial sector is currently significantly undervalued.

The PB-ROE framework, along with the previously mentioned profit revision-stock price divergence framework, jointly confirms the current significant undervaluation of the non-bank financial sector.

Where is the way out? Central banks in multiple countries are trapped in a cycle of "firefighting - leveraging - and firefighting again."

Huw Pill, chief economist of the Bank of England, warned that the rescue mechanisms launched by central banks to prevent market collapse are unintentionally subsidizing government borrowing, driving up systemic leverage, and potentially disrupting the transmission of monetary policy. The amount of U.S. Treasury bonds held by hedge funds has ballooned from $600 billion a decade ago to $2.4 trillion. Currently, there is no recognized solution to this cycle of "firefighting-leverage-firefighting."

NEW VISION CO (02632) issued a profit warning, expecting a mid-term loss attributable to the parent company of approximately 404 million to 424 million yuan, an increase of 60.9% to 68.8% year-on-year.

Zhejiang Holdings (02632) announced that it expects the group to report a pre-tax loss of approximately RMB 402 million to RMB 422 million for the six months ending June 30, 2026 (the reporting period), an increase of 65.9% to 74.2% compared to the same period in 2025; and a loss attributable to owners of the parent company of approximately RMB 404 million to RMB 424 million under international accounting standards, an increase of 60.9% to 68.8% compared to the same period in 2025.

Guojin Strategy: The market rebound may gradually enter a plateau phase, and the elasticity of physical assets will also become apparent.

After the drive force on the denominator side weakens, AI assets and non-AI related physical assets gradually enter a plateau phase.

SENSETIME-W (00020) issued a profit warning, expecting a mid-term profit of approximately 500 million to 700 million yuan, turning from loss to profit year-on-year.

SenseTime-W (00020) announced that (a) the Group expects to achieve a profit of approximately RMB 500 million to RMB 700 million for the six-month period ending June 30, 2026 (the first half of 2026), compared to a loss of approximately RMB 1.48927 billion for the six-month period ending June 30, 2025 (the first half of 2025).

How much longer can storage prices rise?

In the mainstream DRAM and NAND markets, contract prices for products are still on the rise. However, the spot market for some consumer-grade storage is stabilizing, and in some cases, has slightly declined due to inventory buildup. The trends for high-end storage and consumer-grade storage are beginning to diverge.

BASECARE-B (02170) expects mid-term revenue of approximately 126 million to 131 million yuan, an increase of about 24.0% to 29.0% year-on-year.

Beikang Medical-B (02170) announced that (i) revenue growth: for the six months ending June 30, 2026, it is expected to generate revenue of approximately RMB 126 million to RMB 131 million, representing a year-on-year increase of approximately 24.0% to 29.0% compared to RMB 101 million for the six months ending June 30, 2025.

ZIJIN GOLD INTL (02259) will distribute a mid-term dividend of HKD 1.5 per share on September 24.

Zijin Mining International (02259) announced that the company will distribute an interim dividend of HKD 1.5 per share for the six months ending June 30, 2026, on September 24, 2026.

ZIJIN GOLD INTL (02259) announced its interim results, with a net profit attributable to shareholders of $1.451 billion, a year-on-year increase of 178.83%.

Zijin Mining International (02259) announced its interim results for the six months ended June 30, 2026, reporting revenue of $3.987 billion, an increase of 99.67% year-on-year; profit attributable to equity holders of the parent was $1.451 billion, up 178.83% year-on-year; earnings per share were $0.54; and a proposed interim dividend of HK$1.50 per share.

SINOPEC SEG (02386) will distribute an interim dividend of 0.127 yuan per share on October 30.

Sinopec Engineering (02386) announced that it will distribute an interim dividend of RMB 0.127 per share for the six months ending June 30, 2026, on October 30, 2026.

GenScript BIO (01548) released its mid-term results, with a shareholder loss of $129 million, narrowing by 29.25% year-on-year.

King's Ray Bio-Tech (01548) announced its interim results for the six months ending June 30, 2026, reporting revenue of $404 million, a year-on-year increase of 27.35%; the loss attributable to equity holders amounted to $129 million, a decrease of 29.25% year-on-year; loss per share was 5.92 cents.

CITIC SEC: The market is awaiting the emergence of a new narrative for AI futures, and investors need to return to reasonable expected returns.

Market opportunities may increasingly manifest as valuation corrections supported by performance-backed varieties. The subsequent process of market volatility reduction is also a process of optimizing chip structure and repricing quality assets, laying a solid foundation for the continuation of the medium to long-term market trend.

CAPITAL REALM (00204) had a net asset value per share of approximately HKD 1.630 at the end of July.

Capital (00204) announced that as of July 31, 2026, the unaudited consolidated net asset value per share of Capital is approximately HKD 1.630.

160 HEALTH (02656) announced a profit warning, expecting a mid-term net profit of approximately 1 million to 3 million yuan, turning a profit compared to the same period last year.

Health 160 (02656) announced that the Group expects to achieve a net profit ranging from approximately RMB 1 million to RMB 3 million for the six months ending June 30, 2026, compared to a loss of RMB 19.6 million for the six months ended June 30, 2025 (same period last year).

SINOPEC SEG (02386) announced its interim results, with a profit attributable to shareholders of 1.137 billion yuan, a year-on-year decrease of 18%.

Sinopec Engineering (02386) announced its interim results for the six months ending June 30, 2026, reporting revenue of RMB 35.624 billion, a year-on-year increase of 12.7%. The profit attributable to equity holders of the company was RMB 1.137 billion, a year-on-year decrease of 18%. The basic earnings per share were RMB 0.26. The company intends to declare an interim dividend of RMB 0.127 per share.

CANSINOBIO (06185): The new drug application for Td5cp for adolescents and adults has been accepted.

CanSino Biologics (06185) announced that its new drug application (NDA) for the acellular pertussis combined vaccine (5-component) for use in individuals aged 6 and above (Td5cp for adolescents and adults) has recently received an Acceptance Notice from the National Medical Products Administration of the People's Republic of China.

In one week, there were two investments, with the first days floating profit exceeding 460 million! Changjiang Storage's investment fund has made four moves in 2026.

Changcun Industrial Investment Fund has a cumulative investment cost of 270 million yuan, with the latest share value of 1.21 billion yuan, resulting in a current book return multiple of 4.48 times. Changcun Hongtu Fund has a cumulative investment cost of 232 million yuan, with the latest share value totaling approximately 1.574 billion yuan, leading to a current book return multiple of 6.78 times.

Bullish confidence on Wall Street soars: S&P 500 earnings growth hits a 30-year high.

In the second quarter, the S&P 500 saw a year-on-year earnings growth of 31%, the strongest growth rate since tracking began in 1992, excluding recession recovery periods, far exceeding the expected 23%. AI-driven profit margins surged from 14% to nearly 16%, and valuations reset from 26 times down to below 22 times. Earnings expansion has spread to mid and small-cap stocks as well as markets in Europe and Asia-Pacific.

Why has the core product behind faced commercialization obstacles in the US, and how did the stock price of ACOTEC-B (06669) plunge before reversing?

On August 12, after market hours, Sunruida Medical-B (06669) disclosed its earnings warning announcement for the first half of the 2026 fiscal year. The company stated in the announcement that it expects a net loss of not more than RMB 80.9 million for the six months ending June 30, 2026, compared to a net profit of approximately RMB 88.6 million for the same period last year, reflecting a year-on-year transition from profit to loss.

Yushujing Technology (688836.SH) IPO Heat and the Noise: The Dark Pool Trading Rumors Are Groundless, and the Risks Behind Should Not Be Underestimated.

Regarding the recent situation of Yushu Technology involving "dark trading," reporters have verified this with several investment institutions, private equity firms, and wealth management departments of brokerage firms. All parties reported that "they have not heard about it, and it basically does not exist."

Three senior professionals joined the independent director lineup, and FU SHOU YUAN (01448) has a clearer path to resumption.

The resume of the new independent director adds weight to this appointment.

In the first seven months, state-owned enterprises in Hunan exported 800 million yuan worth of rail transit equipment, a year-on-year increase of 58.7%.

In the first seven months, Hunan state-owned enterprises exported 800 million yuan worth of rail transit equipment, an increase of 58.7%, accounting for 82.9%.

NVIDIA Corporation (NVDA.US) plans to invest $3 billion to enter the SB Energy market: from selling chips to securing the "power-park-computing" chain with OpenAI.

Analysts point out that Nvidia may be able to intervene early in a crucial aspect that determines whether GPU orders can be fulfilled by investing in the data center developers serving OpenAI.

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Non-banking financial institutions in India will urge the Reserve Bank of India to reconsider the measures for regulating cyclical credit.

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