Zhitong Hong Kong Stock Exchange Unravels | The US Slows Down AI, Another Mysteries WCLC Conference Once Again Catalyzes Innovative Drugs

[Anatomy Dashboard]

The US core CPI rose 0.3% month-on-month, higher than market expectations of 0.2%. After the data was released, traders expected the probability that the Federal Reserve would raise interest rates at about 90%. However, Hong Kong stocks were not alarmed. They bottomed out and rebounded today, and closed up 0.45%.

Analyzing the rebound in US stocks last Friday, some think it's a bad spot; others think interest rates will be raised once at the end of the year, but few people say they won't raise interest rates; in fact, all kinds of situations are possible. Judging from market feedback, gold hasn't dropped much either. The hardest hit area was technology stocks. The weakening of technology stocks is related to the rare joint call of Anthropic, OpenAI, and SpaceX to slow the pace of AI development. The reason is that the safety of top models is not guaranteed, they are prone to problems, and can even endanger humans.

There are several reasons behind it: 1. Lack of money. Anthropic has selected Nasdaq as the listing site. The company plans to raise no less capital than SpaceX in this IPO, and the listing period can be as early as October of this year. Under massive financing, capital is quite scarce, and US debt cannot be suppressed. Where does the money come from, I can only urge everyone not to invest too much for the time being; 2. Using this security issue, several major US giants will formulate relevant regulatory guidelines, raise the threshold for the AI model, and monetize it to form a monopoly. Looking at it now, market feedback is number one. The reduction in investment has had a big impact on technology. It is true that many Chinese technology companies are rising by supporting giants. This logic is lethal in the short term, but medium- to long-term AI cannot be stopped, and domestic AI is also unlikely to be affected. Cambridge Technology (06166) and Zhongji Xuchuang (03308) both fell by more than 8%.

On the last trading day, I mentioned that Southbound Capital pursues the Physical AI circuit. The market continues to explore and adjust the entry varieties. The first physical AI source is Haiqing Zhiyuan (01392): By collecting infrared heat radiation emitted by overheating equipment and ultraviolet arcs generated by fault discharge, the hidden risks hidden in the industrial environment are translated into data that can be analyzed by AI, which is equivalent to installing a pair of eyes beyond the human eye. Its three-channel ultraviolet, visible, and infrared spectral signals are simultaneously fused + massive arc/weak discharge labeling data set + special multi-spectral large model. This is the core competitiveness. It has a first-mover advantage in the vertical segment of IDC, energy storage, and electricity hazard warning. In terms of performance, multi-spectral AI large model service revenue surged to 320 million yuan, surging 382.5% year over year, and the revenue share directly soared from 29.8% to 78%. The new scenario is an incremental collaboration with robot dogs deep in the cloud. Inspection robot dogs are used for mobile inspection of energy storage and substations, which has become the second growth curve. Today it surged nearly 30%. Another one with good sustainability is Yingxing Holdings (01440): The company achieved profits in the first half of the year by participating in AI companies and has an IP business. It also has an IP business that sells peripheral products under the license of well-known overseas IPs, and has set up a pop-up store in a shopping center in Hong Kong. Currently, the most popular IP is “Stranger Stories”. The next step is to see if it can sign a top IP. Today, it has surged by nearly 14%.

The World Lung Cancer Conference (WCLC) was held in Seoul, South Korea from September 12 to 15. Chinese pharmaceutical companies such as Kang Fang Biotech (09926), Hanson Pharmaceuticals (03692), Yilian Biotech, and Baili Tianheng (688506.SH) centrally released core pipeline data. At this WCLC conference, China's new drugs performed brilliantly, and were selected for 19 oral reports (Oral) studies and 45 mini oral reports (Mini Oral), setting a new historical record; Hanson Pharmaceuticals' B7-H3 ADC phase III study on small cell lung cancer and the phase III study of Yilian Biotech's B7-H3 ADC were all selected for a special report by the Chairman of the General Assembly with the highest specifications. The agency believes that IO2.0 and ADC are still the protagonists of the 2026 WCLC conference. The standard treatment paradigm in the field of lung cancer, especially 1L non-small cell lung cancer, is on the eve of iteration, and the progress of domestic dual antibodies and ADCs is leading the world. The EGFR/HER3 ADC in collaboration with BMS and the IO2.0+ ADC of Yingen Biotech (09606) and BioNTech will also disclose the first global data. Yingen Biotech (09606) surged more than 10%.

ADC is entering the frontline pan-tumor market, and phase III studies related to first-line treatment of TROP2 ADC combined with K drugs have confirmed the certainty of “ADC+IO” on the frontline of lung cancer. The latest results of AK112 compared to K drugs published by Kangfang Biology (09926) showed that after 36 months of follow-up, the median overall survival period reached 30.8 months, the control group was 22.6 months, and the risk of death was reduced by about 27%; in patients with squamous cell carcinoma and high PD-L1 expression, the benefits were more obvious.

Global sales of zebutinib from BeiGene (06160) were 161 billion yuan (+28.7%), and Cinda Biotech (01801) product revenue exceeded 8.2 billion yuan (+55%); CXO orders verified that the market was transmitted, Pharmacomingkant (02359) placed orders of 66.4 billion yuan (+25%), and Gloria Ying (06821)'s on-hand orders were +54% year-on-year. Milestone payments and commercialization shares for authorized varieties are becoming the second curve for innovative drug companies to realize value. Gloria Ying (06821) surged more than 14%.

According to Nuocheng Jianhua (09969)'s official WeChat account, the new dual-antibody ADC drug ICP-B381, which targets PSMA and STEAP1 independently developed by the company, was approved by the National Drug Administration (NMPA) Drug Evaluation Center (CDE) to conduct clinical trials to treat solid tumors such as prostate cancer. This is the company's first dual-antibody ADC approved clinically, and it is also the third time that the company's innovative ADC drug has entered clinical trials. Today it surged more than 14%.

Auto stocks, which have been dormant for a long time, ushered in a favorable restructuring. According to reports, FAW Group is moving ahead with plans to join GAC Group (02238). Sources revealed that under the impetus of the competent authorities, the FAW Group may obtain shares in the GAC Group through asset transfers, etc., and the two companies will form a joint venture relationship.

On September 11, nine departments including the Ministry of Industry and Information Technology jointly issued the “15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry”, which proposes that by 2030, new energy passenger vehicles and commercial vehicles will account for 70% and 40% of sales, respectively, and that vehicles with autonomous driving functions will achieve large-scale applications. Zero Sports Auto (09863): Today, it was announced on Weibo that from January to August 2026, the total number of overseas exports reached 132,118 units, making it a leading position among China's new forces in overseas exports. The Zero Run B10 continues to explode, with exports of nearly 12,000 units in August, becoming the core model driving overseas growth, up more than 4% today; Xiaomi Group-W (01810): Xiaomi Pengcheng welcomed the first batch of car owners in Shanghai. Lei Jun, founder, chairman and CEO of Xiaomi, delivered new cars to the first batch of 30 car owners and families. Today's increase was more than 3%; other Geely Auto (00175), Ideal Auto (02015), and Great Wall Motor (02333) all rose more than 2%.

[Section Focus]

European gas prices followed the rise in oil prices, and concerns about long-term supply disruptions in the Middle East dominated the market. Benchmark futures once surged 5.9% to their highest level since December 2022, and the current round of gains continued after a brief decline in the previous trading day. As the Middle East conflict shows no sign of abating, European gas prices have nearly tripled so far this year. Europe has little time left to rebuild its abnormally low gas stocks before winter hits. If global supply continues to be tight, Europe will have to compete more fiercely for supply during the heating season.

According to the current situation, the gas tension will continue for a long time. The main types of Hong Kong stocks are: Kunlun Energy (00135), China Resources Gas (01193), and Xinao Energy (02688).

[Individual Stock Mining]

Haier Smart Home (06690): Large share buybacks boost confidence and high growth in domestic and international orders

The company has repurchased a total of 1.076% of its shares, at a cost of about 2.1 billion yuan. In the first half of 2026, the company had revenue of 152.115 billion yuan, net profit of 10.316 billion yuan; Q2 revenue of 78.428 billion yuan, +1.36% year over year; net profit to mother of 5.665 billion yuan, +21.78% month-on-month; gross profit margin of 27.23%, a slight increase of 0.36 pct year-on-year.

Comment: A large share buyback boosts confidence. Haier is a domestic benchmark for high-end white electricity. The Casadi market accounts for more than 40% of refrigerators over 10,000 yuan, and high-end washing machines dominate. The company's domestic orders are fully produced during peak season, and high-end orders are prioritized for production. Casadi terminal shipments increased by double digits, accounting for 75% of packaged products, +26.5pct compared to the previous year. The retail sales ratio of Haier's mid-range Seeker and Mailang high-end packages was +44% year-on-year in 2026. High-end products raised the overall gross profit margin and hedged the industry's price war. Haier ranks first in the global smart home sales industry. There are 130 million+ registered smart home users worldwide, 13 million+ monthly active apps, and more than 20 million overseas smart users. The Tri-Wingbird Scenario brand's daily activity exceeds 10 million. With the integration of home improvement+home appliances, the customer unit price and gross margin are far higher than that of single products; the gross margin of package orders is 8-12 pcts higher than that of a single product, which has become the core gripper for increasing profits.

Overseas emerging markets are growing rapidly. Factories in Southeast Asia, India, Egypt, and the Middle East and Africa are at full capacity; overseas production capacity increased by a net of 2 to 2.5 million units in 2026. Brazil has implemented a full range of high-end smart home appliances, opening up room for growth in Latin America. L4 autonomous smart home appliances were launched, and AI Eye 2.0 unmanned household appliances were launched in batches. New smart washing and kitchen robot products were +500% year-on-year in terminal retail sales in 2026, and AI hardware became the second growth curve. The company's domestic orders are fully produced during peak season, and high-end orders are prioritized for production. High-end Casadi orders of 10,000 yuan or more are full, accounting for 45% +; washing machines are scheduled to be produced at a high load simultaneously, and package orders continue to increase. Air conditioning is the core of the peak season. Domestic sales orders are plentiful, and the entire factory is in full production. Overseas orders are divided regionally, and local factories are accepting incremental orders. The second phase of refrigerators in Egypt and the Pune base in India received orders at full production. 2026Q4 Egypt added 300,000 new refrigerator production capacity, locking in the Middle East and Africa for fall and winter preparation orders ahead of schedule. The company's multiple factories in Southeast Asia, India, and the Middle East were put into operation from 2026-2027. The proportion of overseas production was further increased to avoid global trade barriers. The share of overseas revenue is expected to exceed 52%, and emerging markets will become the second growth engine.

The company continues to repurchase shares in large amounts, and the repurchased shares are intended to be used in subsequent equity incentive plans. The dividend ratio was raised to 55% in 2025 (48% in 2024), and the target dividend for the next three years was raised to 60%, which is a recognition of confidence in the company's future development prospects and intrinsic value.