Zhitong Hong Kong Stock Exchange Unravels | Recently, individual stocks included in the Hong Kong Stock Exchange's Technology 100 Index strengthened, and El Niño, the strongest in history, hit

[Anatomy Dashboard]

Currently, the market is in a phase where no direction can be found. Generally, it will be weak in this state, and Hong Kong stocks will fall by 0.93%.

There is nothing substantial about being negative; it is nothing more than the US and Iran bombarded each other back and forth, and Trump threatened to retaliate. However, the actual situation does not allow it. The US military is now quite chaotic, and internal war fatigue is on the rise. The US Army Secretary of the Army resigned on Monday, making ground combat almost impossible.

The AI application side continues to strengthen, and Yunzhisheng (09678), which was mentioned yesterday, surged more than 11%; what is in effect today is the latest addition to the Hong Kong Stock Exchange Technology 100 Index. On August 28, the first quarterly adjustment after the Hong Kong Stock Exchange announced the index preparation plan, including companies such as Minglue Technology (02718), Haizhi Technology (02706), and Insili Intelligence (03696) as constituent stocks, further highlighting their representation on the AI technology circuit. Minglue Technology (02718): Revenue from intelligent integrated services in the first half of the year was 171 million yuan, +605.7% year-on-year, and the share of revenue rose to 22.5%. The pay-for-performance commercial model went through. Overall revenue was +18%, and the operating situation improved significantly. There was also a joint announcement with Hikang Robotics to officially enter the robot “AI brain” circuit, surging more than 21% today; Haizhi Technology Group (02706): Atlas Smart's revenue increased 135.6% year over year to RMB 115 million, accounting for 38.8% of total revenue, and smart gross margin reached 52.9%; Atlas Map Solution revenue increased 45.0% year over year to RMB 181 million The smart device business has become the main source of revenue growth, rising nearly 13% today.

Insilicon Smart (03696) of AI Pharmaceuticals: Since 2026, Insilicon has nominated 9 pre-clinical candidate compounds (PCC), covering various treatment fields such as obesity, tumors, and pain relief. By the end of the reporting period, the company had nominated a total of 33 PCCs, and 6 of the targets targeted by this diverse combination were potential global firsts. Rentosertib (ISM001-055), the core pipeline that has received the most attention, is a candidate drug candidate for idiopathic pulmonary fibrosis with new targets discovered by AI and new molecules designed by AI, has officially started phase III clinical trials in China. Topline data is expected to be available in 2029, up nearly 3% today.

The strongest El Niño in history is coming. Barclays warned that this extreme weather could push up the prices of a range of commodities. In the next 18 months, palm oil and natural rubber may rise 40%, robusta coffee may rise 30%, and even copper and aluminum may rise 20%. If several major production regions in Southeast Asia experience a drought together, it is likely that not only this season will be underharvested, but even next year's harvest in Chengdu will be affected. Prices of agricultural products rose significantly. Chicago wheat futures closed up 3.1% to 784 cents/bushels on Friday, the highest since February 2023, and corn futures closed up 0.6% to 536.5 cents/bushels, a record high since July 2023.

Domestic food and agricultural products have little impact, but this does not prevent A-shares from feverishly speculating on the Jinjian Rice Industry (600127.SH). Hong Kong stocks mainly speculate on the dairy industry. Because the dairy industry has reached an inflection point, supply contraction is a major stimulant factor. There are several indicators: 1. The price of fresh milk is the core observation index for this round of the dairy industry cycle. According to monitoring data for the fourth week of July released by the Bureau of Animal Husbandry and Veterinary Medicine of the Ministry of Agriculture and Rural Affairs, the average price of fresh milk in 10 major producing provinces, including Inner Mongolia and Hebei, was 3.06 yuan/kg, up 0.3% from the previous week, up 1.0% year on year; year on year; 2. Domestic dairy production in the first half of the year was 15.184 million tons, up 5.8% year on year. The above two signals are the first signs since the raw milk cycle declined in 2021.

On the performance side, many varieties turned losses into profits. For example, Hyundai Animal Husbandry (01117) achieved revenue of 6.593 billion yuan in the first half of the year, up 8.6% year on year; net profit from home was 0.15 billion yuan, up nearly 9% today; Youran Animal Husbandry (09858) achieved revenue of 10.63 billion yuan in the first half of the year, up 3.3% year on year, and net profit of 806 million yuan, which significantly turned losses into profits today. The logic of raising pigs is similar. Pork prices are also improving. Dekang Agriculture and Animal Husbandry (02419), which has a cost advantage, has risen by more than 6%; integrated Muyuan shares (02714) have risen nearly 2%. Agricultural machinery is also expected to rise in price, with First Tractor Co., Ltd. (00038) rising by more than 2%.

On September 3, local time, Tesla will host the Cybercab closed-door press conference in Austin, Texas, for invited guests only; the Cybercab is a native L4 driverless Robotaxi two-seater model with no steering wheel or pedals, equipped with HW4.0+FSD V14 end-to-end autonomous driving, with a target price of less than 30,000 US dollars, focusing on ride-sharing fleet operation. The agency is optimistic about the valuation repair opportunities of the intelligent driving concept. The logic is: (1) Robotaxi ushered in a large-scale inflection point, and a closed loop of commercialization models can be expected; (2) the end-to-end architecture reconstructs the smart driving technology foundation and a “data flywheel” builds a first-mover barrier; (3) L4 commercialization forces value restructuring in the industrial chain, and the chip and sensor links benefit definitively. Didi's next-generation Robotaxi R2 has recently officially launched an unmanned passenger testing service. Users can call to experience intelligent travel services in some demonstration areas in Beijing and Guangzhou. Related individual stocks Black Sesame Intelligence (02533): Mid-term revenue is expected to be no less than 458 million yuan, up no less than 81% year on year, surging more than 13%; Zhejiang Shibao (01057) rising by more than 6%; Nexteer (01316) rising more than 3%.

Regarding Oriental Selection (01797), as mentioned earlier, all new companies selected from Dongfang, whether they are leading anchors or new companies started by former CEOs, as long as they do a good job, will be a bonus item for Oriental Selection. Former CEO Sun Dongxu's new company, “Beautiful Tomorrow,” is also very popular. In August of this year, the “Beautiful Tomorrow” account launched its first live broadcast on Douyin. Within half an hour of the broadcast, the live broadcast room had more than 100,000 online viewers. The real-time popularity surpassed “Walking with Hui” and Oriental selected main accounts for the live broadcast during the same time period. Since then, “Beautiful Tomorrow” has started live broadcasts on location in Qiqihar and other places. According to Douyin data, “Beautiful Tomorrow” has currently been livestreamed 17 times and has 1,021,000 fans. This is an ecosystem concept. It has formed a pattern of prosperity and prosperity. It can also be understood as building a moat for live e-commerce. Currently, there is no second e-commerce with such high popularity and popularity. In addition, Oriental Selection itself has an advantage in its own operation and supply chain. To some extent, it is a scarce variety. Today, Oriental Selection (01797) rose more than 6%.

Anke Innovation (00668)'s latest focus has shifted from overseas charging hardware to end-side AI and physical intelligence. Looking at the near end, high-end mobile charging, consumer-grade energy storage, balcony optical storage, smart security, 3D UV printing, and Soundcore AI headsets all support growth; in the medium to long term, integrated memory and computing chips, home agents, sweeping robots, and security robot dogs point to a closed loop of “perception-planning-control”, which is up more than 5% today.

[Section Focus]

The first domestic AIGC drama “Journey to the West” was broadcast on August 31. The drama was also the first “broadcast while reviewing” series in the country after “21 Rules of Radio and Television” was released. It adopted an innovative model of production, review, and broadcast at the same time. The core breakthrough of “Journey to the West” is the full-process AIGC industrial production process. It is the first AIGC long series to actually be commercialized in China. The drama only took less than five months from filing to broadcast. Production efficiency was increased several times, and content production costs and iteration cycles were greatly reduced, confirming the viability and industrialization potential of AIGC technology in the field of long video. According to data, the domestic AI skit market is expected to hit the 40 billion yuan mark in 2026, with a year-on-year increase of more than 130%. The number of users in the industry has exceeded 600 million, and the growth potential of the racetrack continues to be unleashed.

The key to the launch of “Journey to the West” was to open up a new channel for AI commercial monetization. The relevant benefits include Material and IP Reading Group (00772), paradigm intelligence such as large model API scripts (06682), Meitu (01357), video tools MiniMax (00100) and Kuaishou (01024), and copyright Fubo Group (03738).

[Individual Stock Mining]

First Tractor Co., Ltd. (00038): Rapid growth in export sales, steady increase in market share

The company's interim results: total revenue of 7.886 billion yuan, up 13.84% year on year; attributable to net profit of 782 million yuan, up 1.72% year on year; in the second quarter, the company achieved revenue of 3.22 billion yuan, up 35.7% year on year; net profit to mother of 220 million yuan, down 8.2% year on year; net profit after deducting non-net profit of 290 million yuan, up 77.6% year on year.

Comment: The report's performance was quite strong, and both domestic sales and exports of the stock accelerated. 26H1, the company's net cash flow from operating activities was 1.06 billion yuan, +167% year-on-year, mainly due to increased sales volume of leading products and increased sales repayments. 26H1, agricultural machinery business revenue was 6.95 billion yuan, +11% year-on-year, accounting for 88% of total revenue; sales volume of tractor products was 501,000 units, +17.1% year over year, higher than the industry growth rate of 11.6 pcts, and the market share increased 2.8 pct year over year. Accelerate the construction of a complete product portfolio of Dongfanghong agricultural equipment integrating “maintain+agricultural tools”; a variety of high-horsepower high-end intelligent and new energy tractors have completed spring farming operations tests.

In terms of international business, 26H1 focuses on South America, Central Asia and other regions, promotes the localization and upgrading of overseas assembly plants, and launches special model products that meet specialty planting scenarios such as coffee, forest fruit, and tobacco. Overseas business ushered in rapid development, with export sales of 8006 units in the first half of the year, an increase of 47% over the previous year. Key markets in America and Asia have grown significantly, and the share of exports in large and medium exports continues to rise. 26H1, power machinery business revenue was 940 million yuan, +45% year-on-year, accounting for 12% of total revenue; sales volume of diesel engine products was 112,600 units, of which 65,500 units were exported, and the share of export sales increased by 5.1 pct. The company has developed nearly 500 variants for external mainframe manufacturers. The market competitiveness of non-road diesel engine products in the small to medium power range has been further strengthened, and the market share has steadily increased, and many breakthroughs have been achieved in supporting markets such as machinery, construction machinery, and ship power units.

In summary, 26H1, the main agricultural machinery business of Yituo Co., Ltd. achieved steady growth. The sales growth rate significantly outperformed the industry. Export sales achieved rapid growth, and some emerging markets gradually achieved breakthroughs; power machinery revenue increased rapidly, and market share increased steadily. The two main businesses, two-wheel drive, have driven the company's revenue and profit to achieve relatively rapid growth.