Zhitong Hong Kong Stock Exchange Unravels | The existing variables of the US-Iran problem have declined, and MetaAI intelligence has spurred new hot spots

[Anatomy Dashboard]

Due to the first meeting between China and the US dollar, market sentiment was good yesterday. Inertia is strengthening today, but the issue between the US and Iran is still variable, so the end of the market declined. Hong Kong stocks rose slightly by 0.18% at the close.

Trump's poll fell further to 32%, a record low. Taking advantage of Trump's busy midterm elections and declining public opinion polls, Iran proposed 7 “preconditions for starting negotiations,” saying that if the US lifts the blockade, it will reopen the Strait of Hormuz within 7 days. Iranian President Pezzahizyan flew from Tehran to New York today on a special plane to attend the 81st United Nations General Assembly High Level Week event. He is expected to deliver a speech at the general debate of the General Assembly tomorrow evening Beijing time. Everyone is waiting for Trump to meet with Gulf leaders tonight during the UN General Assembly in New York to discuss next steps in the war against Iran.

Muse, a personal AI agent owned by Meta, has only been online for 6 days, with over 900,000 downloads, directly topping the US AppStore free list, leaving ChatGPT, Gemini, and Claude behind. Muse's core breakthrough is to deeply integrate the user's social context (read Facebook Marketplace and Instagram content), and connect third-party services and web browsers such as Gmail, System Calendar, and OpenTable to enable cross-platform calling and execution. Meta's chief artificial intelligence officer, Alexandr Wang, claims that Muse can almost instantly “save $1,000” for users.

Tencent (00700) has a natural card slot advantage on the consumer agent track. WeChat is equivalent to the domestic version of WhatsApp. It has a complete closed loop of applets, payments, social networking, and public accounts. Institutions are re-evaluating Tencent Agent commercialization prospects. If WeChat “Xiaowei” can further improve long-lasting memory, security authorization, and cross-service scheduling capabilities, Tencent is expected to establish a closed loop of consumer-grade agents throughout the domestic “interaction-distribution-payment-fulfillment” process. Additionally, the company spent HK$101 million on September 21 to buy back 235,000 shares, up 4.65% today.

Multipoint Digital Intelligence (02586) began implementing AI applications in 2025, and has a complete retail AI application matrix, including AI premium products, AI fresh calculation, AI pricing, AI cabling, AI loss prevention, AI duty, AI vision, AI replenishment, etc. In 2026, it will be further upgraded to product agent clusters, store agent clusters, etc., covering all retail scenarios such as product selection, processing estimation, dynamic pricing, transportation scheduling, risk prevention and control, store operations, replenishment forecasting, and data insight. The company took the lead in connecting to the bean bag ecosystem and recently launched a “multi-point flash sale”, which has now completed closed testing. Today it is up more than 6%.

The AI agent Muse ignited the CPU market. As AgenticAI drives an increase in the number of request links and tool calls and significantly increases CPU load, the CPU:AI chip ratio may gradually increase to 1:1. Yesterday, Nvidia announced that next year's CPU business will reach an inflection point and is expected to more than double its revenue growth in the 2028 fiscal year. Lanqi Technology (06809) PCle Retimer streaming volume has been fully implemented in the server scenario. Generally, general-purpose servers are equipped with 2-4 stand-alone devices, and their usage in AI servers has increased dramatically with the GPU configuration scale. The company developed a new Switch chip, which opened up more room for growth, with an increase of more than 8%. Another Guanghe Technology (01989): It ranked first among domestic CPU motherboard PCB (for computing power servers) manufacturers, and third in the world, with an increase of nearly 7%.

The 2026 Yunqi Conference was held in Hangzhou from September 22 to 24. The core anchor of this conference is Agentic AI, which promotes AI from big model competition to landable smart devices, opens up a complete full-stack technology link of “chip-cloud infrastructure-big model-smart application”, turns intelligence into the ability to be supplied on a large scale, and realizes the transformation of technology to industrial value. At this year's Yunqi conference, Ali Pingtou unveiled the most powerful domestic AI chip, the Zhenwu V900, which increased the computing power to 3 times that of Zhenwu M890. A single cluster built on it can be expanded to 500,000 cards, which can support training and inference of cutting-edge models. Alibaba (09988) rose nearly 2%, while Lenovo Group (00992) and Lenovo Holdings (03396) continued to rise more than 2%.

Individual stocks are leading the way every day. Yingxing Holdings (01440) is trending quite strongly. Today, the highest rise of more than 14% hit a record high, and the stock price has risen 1.3 times in the past two weeks. The key to this variety is imagination. There are two themes. One is an IP derivative. This business actually makes money. If you can sign a big top-tier IP later, it will be easy to achieve results, and the other part is an AI financial strategy investment. The interim report shows a profit of 27.3 million. In the future, if it invests in profitable AI companies, or cuts into AI computing power, supply chain SAAS, etc., and forms revenue, the performance-side reports will be expected. So, this is a flexible sentiment vote, and is also imaginative. Today, it has once again risen by nearly 10%.

Zhonghuan New Energy (01735) is on the AI line. Relying on its own clean electricity and energy storage infrastructure, the company plans to build an AI computing power center. At the SNEC2026 exhibition held in June, Zhonghuan New Energy officially unveiled photovoltaic modules for the Central “Huanxi-AIDC” AI data center. The company achieved revenue of approximately HK$6.33 billion in the first half of 2026, an increase of 56.3% over the previous year; revenue from the AI computing power business reached 1,047 billion yuan, accounting for 16.5%, resulting in a composite business growth of new energy and computing power. Today it surged more than 10%.

Meta Connect 2026 will be held on September 24, Beijing time. The market is paying close attention to its new consumer-grade AI smart glasses (lightweight, end-side agent, camera translation, spatial AI). Meta Muse has already exploded, and the market expects the eyewear hardware+AI smart device to be fully opened; rumors will announce hardware pricing, shipping schedules, and cooperative OEM supply chains. Connett Optics (02276), the core product of the Hong Kong stock market: XR revenue increased rapidly, and 26H2 entered a critical period of commercialization. The company has cooperated with about 20 leading smart glasses manufacturers at home and abroad on more than 40 projects. Among them, 2 domestic customers have obtained exclusive supply projects, 1 key overseas customer has entered the mass production preparation sprint stage, and 2 leading overseas customers have completed preliminary verification and entered small-batch trial production and mass production preparations. Today, an increase of more than 9%.

J.P. Morgan Chase called China Merchants Securities (06099), believing that it has the highest exposure of Changxin Technology among Chinese brokerage firms, involving about RMB 27 billion in unrealized earnings. Currently, only part of the value is reflected in the stock price. It is estimated that as brokerage firms begin to confirm relevant investment returns after Changxin Technology's listing in July, China Merchants Securities's profit for the third quarter is expected to increase by about 190% year-on-year, clearly outperforming its peers. Today it's up almost 2%.

China Industry and Information Technology News, a media outlet under the Ministry of Industry and Information Technology, published an article on the 22nd “Is the “Dehua in Ningxia” argument necessary? If public opinion often advocates “de-assimilating” and artificially antagonizing leading local enterprises with other enterprises in the industrial chain, it is not in line with the stage of development in China's automobile industry today. What a mature industry really needs is not to cut peaks and fill valleys, let alone “weaken whoever is ahead”; rather, it is necessary not only for more outstanding companies to grow, but also for companies that have already formed global competitiveness to continue moving forward. It doesn't matter what you say; it all depends on the market. The Ningde era (03750) rebounded slightly.

[Section Focus]

Starting October 1, on-demand rents for leading overseas computing power platforms will be fully raised for the second time, with a cumulative increase of about 56% over the course of B300; large domestic billion-level computing power orders have been implemented intensively, and the long term is already scheduled to reach 2028.

Nebius, a major European AI computing power service provider participating in Nvidia, revealed plans to raise GPU computing power rental prices starting October 1, with hourly rent increases of 17-21% for H100, H200, B200, and B300. The Nvidia Blackwell series resource premium continues to rise, reflecting the fact that overseas high-end GPU resources are still tight.

The main varieties of Hong Kong stocks: Universal Data (09698), Xinyiwang Group (01686), Guangdong-Gangwan Intelligent Computing (01396), and Ling Xiong Technology (02436).

[Individual Stock Mining]

China's Nonferrous Mining Industry (01258): Copper production increased steadily, net profit surged, and performed well

The company achieved revenue of US$2,261 billion in the first half of the year, up 29% year on year; total profit of US$892 million, up 68% year on year; net profit to mother of US$434 million, up 65% year on year; and comprehensive gross profit margin of 42%, up nearly 10 percentage points from the same period last year, increasing profitability significantly.

Comment: The company's performance in the first half of the year was impressive, reaching a record high, mainly due to rising copper and sulfuric acid prices. The unit sales price of 2026H1, crude copper and anode copper was 1,1932 US dollars/ton, up 36.0% year on year; the unit sales price of cathode copper was 11993 US dollars/ton, up 38.3% year on year; sales unit price of sulfuric acid was 370 US dollars/ton, up 64.4% year on year. The sharp rise in core product prices led to gross profit growth of about US$959 million, an increase of 68.12% over the previous year. Among them, due to rising copper prices, the cost of outsourced copper concentrate increased year-on-year, and the sales cost per ton of crude copper and anode copper increased to 8888 US dollars/ton (+24.8% YoY); the sales cost of a single ton of cathode copper was 4,964 US dollars/ton (+5.6% YoY), mainly due to the increase in outsourced mine costs; and the sales cost per ton of sulfuric acid sales was 68 US dollars/ton (-19.1% YoY).

The target for its own copper production capacity has doubled. The company's own mine copper production is currently about 140,000 to 150,000 tons, and the target is to reach around 300,000 tons by 2030. The company's medium- to long-term copper production capacity is expected to increase by 193,000 tons. Cathode copper production in China's Luanxia and Gangbov mining has increased steadily, and profits have increased dramatically. The Luanxia New Mine shallow project is expected to be put into operation in 2027, with an additional copper production capacity of about 12,000 tons; the Gangbov Mining Msesa ore is expected to be completed and put into operation by the end of 2028, adding about 15,000 tons of copper production capacity; the Luanxia New Mine Deep Project, the Qianbi Humidity Samba Copper Mine and Benkara Project are expected to be put into operation in 2029, contributing a total increase of about 108,000 tons of copper production capacity; the Southeast Africa Ore Phase II is expected to be completed and put into operation in 2030, adding about 12,000 tons of copper production capacity; the third phase of the Middle East Africa ore body is expected to be completed and put into operation Production will be put into operation after 2032, and additional copper production capacity will be added after production 46,000 tons.

The projects under construction are progressing smoothly. The new Luanxia mine, the Gangbov Msesa, Samba copper mine, the second phase of the Chambisi Southeast Ore, and the Benkara Project in Kazakhstan will be put into operation in batches from 2027 to 2030. The company completed the issuance of 300 million US dollars convertible bonds on September 2. All of the funds raised will be used for the construction of the Luanxia No. 28 shaft sulphide mine project in Zambia. The total investment of the project is about 530 million US dollars, and production expansion capital is guaranteed. It is one of the company's core production expansion projects during the “15th Five-Year Plan” period. The company paid a dividend of HK$0.087,154 per share, which was paid on September 17, 2026. The high dividend dividend boosted the confidence of all shareholders.