[Anatomy Dashboard]
I mentioned yesterday: “Technology has fallen into a panic or a turning point.” Today, as expected, global technology stocks all experienced a retaliatory rebound. South Korea's KOSPI surged 17% in the intraday period, Samsung surged more than 20%, and SK Hynix blocked the 30% rise; the NASDAQ index rose 2.4%, and the Philadelphia semiconductor index rose sharply; A-shares were also quite strong. Both the Science and Technology Innovation Board and GEM surged by more than 3%, and the Hong Kong stock Hang Seng Index also rose sharply by 0.1% in the technology sector.
The reason for the rise is not complicated; simply put, it is extremely counterproductive. Technology stocks have indeed risen too much ahead of time, and this decline is the same, and it has indiscriminately fallen too far. Among them, all kinds of hidden funds are fueled by all kinds of hidden funds. In good times, they are continuously leveraged and continuously catalyzed; when they fall, they are also continuously withdrawn; in the end, all kinds of redemptions, and those that cannot be carried can only be thrown out unconditionally. The US also has a tragedy: a former OpenAI employee and AI genius Leopold Aschenbrenner founded a $20 billion fund because it started to do a good job. The net return for the first half of this year was 439%, and the cumulative return exceeded 2000%, then it expanded, directly adding 4x leverage to increase AI hardware (SK Hynix, SanDisk, Micron, CoreWeave, BloomEnergy) and shorted traditional software (Adobe). The subsequent trend plummeted all the way, Wednesday night There was also a stream of blood, and in the end, they were forced to clear the warehouse, sold to Citadel, and accurately hunted. Wall Street may also be behind this round of collapse, which includes South Korea. Now that the long and short chips have been converted, it is expected that another script will be launched.
On July 30, the Political Bureau of the CPC Central Committee held a meeting to analyze the current economic situation and deploy economic work for the second half of the year, and decided to hold the Fifth Plenary Session of the 20th CPC Central Committee in October this year. The conference confirmed the trend of new economic momentum and structural improvement, and emphasized the need to pay great attention to difficult challenges in operation. Although there were no new ideas, the conference focused on speeding up the construction of a modern industrial system and implementing the “Artificial Intelligence +” initiative in depth. Naturally, this is also a plus for technology.
Technology stocks that have fallen too far in the previous period are gaining strength across the board. The strongest is still PCB. Prismark, a third-party agency, released forecast data. The AI server PCB market will have a compound growth rate of 18.7% from 2024-2029. Among them, the HDI growth rate is 29.6%, and the growth rate for PCBs above 18 layers is 33.8%. Chipboard Micropack (09630) and Guanghe Technology (01989) rose more than 20%; Dingtai Hi-Tech (01377) and Dazu CNC (03200) rose more than 12%; Andeley Juice (02218) combined consumption and acquisition of PCB companies also rose more than 12%. Other Tianshu Zhixin (09903) and Bijiao Technology (06082) increased by more than 11%.
Zhongji Xuchuang (03308), which went public yesterday and fell below the issue price, also experienced a recovery, rising more than 7% today. However, the A-share storage concept Demingli (001309.SZ), which was pioneered in this round of the market, dropped the chain, rising and stopping to falling 1.06%, causing quite a few varieties to be dragged down. At the end of the day, there is still a lack of confidence in AI.
But look at the US. The US Department of Commerce made a low-key announcement this week that it will provide more than $870 million in federal incentive funds to the semiconductor manufacturing sector in exchange for minority shares in seven companies; these funds will be used for key technologies and advanced integrated photonics, as well as research and development of computational architectures and memories for computational and artificial intelligence systems. This shows that the government is actively promoting it.
Looking at overseas giant Capex, it's actually not that low. Based on current data, the total capital expenditure cap of the big four giants in 2026 is expected to be close to 750 billion US dollars, a significant increase compared to the total actual capital expenditure of 455.8 billion US dollars last year. Among them, Amazon expects capital expenditure of $220 billion in 2026, Alphabet at $19.5 billion to $205 billion, Microsoft at $175 billion, and Meta at $130 billion to $145 billion. Amazon's latest pre-market increase reached 13%. The company released financial report for the second quarter of 2026. The company's performance and profit both beat expectations, and the AWS cloud business revenue growth rate hit an 18-quarter high. The company raised its capital expenditure guidelines for the full year of 2026 and gave an optimistic judgment on AI's long-term trillion-dollar revenue space: the trend of insufficient supply of AI computing power will continue, and the supply gap may continue until 2028. Seemingly not that pessimistic.
According to market logic, it can only be understood that the capital expenditure logic has changed: the market is no longer paying for the giants' “long-term strategies,” but is instead focusing on return on investment, demanding actual improvements such as cloud revenue and orders. Simply put, whether AI can make money. For example, OpenAI has verified that corporate payment demand is still growing, and Google has verified that AI can continue to be converted into cloud revenue. For example, today's market is strengthening this logic. For example, Jinshan Cloud (03896) has risen more than 15%; cloud business support is more dependent on computing power, such as Xinyiwang Group (01686) and World Data - SW (09698), all rising by more than 7%.
There is also a stimulus point on the application side: Today, OAI cut the price of GPT-5.6LUNA (lightweight/entry-level) by 80%, and Terra (mid/workhorse) by 20% is an active response to this trend. The price reduction is particularly friendly to Maifushi (02556), because you pay according to the results, and today it has surged by more than 13%. At the same time, these skits are also exciting; see section highlights for details.
Recently, the Haizhi Xingtu Academician Expert Workstation under Haizhi (02706) was approved by the Beijing Association for Science and Technology to complete a strategic upgrade. The R&D focus is on the cutting-edge field of integrating knowledge maps and big models. The workstation is led by Zheng Weimin, an Academician of the Chinese Academy of Engineering and chief scientist of Haizhi Technology. Since its establishment in 2021, the workstation has been deeply involved in the localization of high-performance graph computing. This upgrade marks a key breakthrough in domestic basic software in the field of implementing trusted AI and optimizing computing power efficiency. The company's core knowledge map and graph database can solve the “illusion” problem of large models. It is the core foundation of B-side trusted AI. Furthermore, Harness defines the ability to land against Palantir, and deeply embeds customer business processes through the map base and the execution layer of the smart body to form high migration costs and customer stickiness. Atlas has a customer conversion rate of over 68% to agents, and there are few profitable ToB AI companies. Going deep into the localization and substitution of banks and energy central enterprises, there are few competitors in the domestic map database. Today, it has surged more than 80%.
MiniMax (00100) also officially released MiniMaxH3, which supports unified understanding of multi-modal contexts composed of text, images, video, and sound, can output audio and video with native dual channels, and can support up to 15s2k resolution. MiniMax plans to open model weights within the next few days. Note that MINIMAX was listed on the Hong Kong Stock Exchange on January 9 this year and is expected to be included in the Hong Kong Stock Connect in early August this year due to the additional requirement of 6 months of listing and 20 trading days. Today's increase is over 13%.
Yushu Technology landed on the A-share Science and Technology Innovation Board. The latest issuance schedule: initial inquiry on August 5, online subscription on August 10, listing in late August, mainly benefiting from Sagiteng Juchuang (02498) lidar supplier, supporting Yushu H1/H2 humanoid robot; robot “vision sensor” core hardware, which rose nearly 8% today; Superstar Legend (06683) and Yu Shu set up a joint venture (50% each) Yuxing Entertainment, which develops performing arts IP robots and consumer interactive robots, up more than 6% today; first-time holding shares ( (00697): Indirect shareholding through the Robotics Industry Fund is about 3.4% to 3.8%. Among Hong Kong stocks, targets that rely solely on Tier 1 equity benefits have risen by more than 3%.
[Section Focus]
In the past two months, the AI skit industry ushered in a number of blockbusters, unbeaten by the star-making ability and astonishing number of broadcasts of reality dramas, allowing everyone to see the potential for growth in AI content creation. According to data from native AI skits on Douyin, a total of 221,900 AI skits were added from January to June of this year, of which 1,055 had more than 100 million views and 515.738 billion new plays. The monthly broadcast growth in June climbed to 155.78 billion, the highest since the second half of the year. The first AI drama “Distributing the Border, Raising God of War”, which had over 2 billion broadcasts on the Douyin platform, increased by 2.127 billion dollars in a single month in June, confirming that the market penetration of leading AI dramas is no less than that of leading live action skits.
The main advantages of Hong Kong stocks. Production side: Kuaishou (01024), MiniMax -W (00100); content side: Reading Group (00772); copyright side: Fubo Group (03738); overseas distribution side: Chizicheng Technology (09911); advertising side: Huiliang Technology (01860).
[Individual Stock Mining]
Kingdee International (00268): Cloud computing boom continues to increase subscription revenue
At the WAIC World Artificial Intelligence Conference on July 19, Kingdee International focused on showcasing the “spiritual foundation” of enterprise AI operating systems and proposed the digital employee concept of “people set goals, AI implemented”. The company drastically reversed losses in the first half of the year, with estimated total revenue of 36.08 to 3,639 billion yuan, +13% to 14%; net profit to mother of 40 million to 60 million yuan, loss of 98 million yuan in the same period last year, and adjusted net profit of 105 million to 125 million yuan.
Comment: The boom in cloud computing continues, the increase in the traffic of large domestic models is driving an increase in commercial monetization capabilities, and the AI smart device industry has entered a period of rapid growth. Kingdee ranked first in the domestic AI-enhanced public cloud ERP market share. For 21 consecutive years, IDC's growing enterprise application software market share had the highest market share, and the customer base was huge. The company's profitability continued to improve, and continued to invest in subscription transformation for many years. Losses were officially reversed throughout 2025, and the scale effect was gradually realized. Subscription revenue continued to rise, with Cangqiong/Xinghan's high-end product line growing the fastest, with revenue of 1.94 billion yuan (+28% year over year) in 2025, with subscription revenue growth of 35.4%; AI-related orders accelerated, and the AI native kit contract scale in the first half of 2026 was significantly higher than the same period last year; subscription ARR reached 4.22 billion yuan, an increase of 19% year on year; AI native kit contract amount reached 230 million yuan, equivalent to 65% of the annual AI contract rate, and commercialization accelerated.
Cloud and Starry Sky orders for medium-sized enterprises are stable and continue to absorb the digital needs of small and medium-sized enterprises. Medium-sized manufacturing (Starry Sky) provides a stable basic market; Sky and Star Han seize high-end orders of 10 billion dollars, opening up the growth ceiling; AI ERP creates a second growth curve. AI is deeply embedded into the ERP business. In 2025, AI orders are 356 million yuan, and the 2026Q1 AI order is 230 million yuan in a single quarter. The volume is accelerated, and deep collaboration with HUAWEI CLOUD, Alibaba Cloud, and Volcano engines is in deep collaboration to adapt to the domestic computing power ecosystem. Lingji is natively integrated with Golden Butterfly SaaS, deeply embedded in enterprise core processes, and open link capabilities to support access to other enterprise business systems. Lingji marks the upgrading of the company's AI layout from enhanced application functions to platform-based construction, which is expected to promote the further implementation of AI capabilities in enterprise management scenarios. The company's continued repurchase of shares combined with Xiaomo's nearly HK$100 million increase in holdings is a recognition of the company's confidence in its future development prospects and intrinsic value.