[Anatomy Dashboard]
The global market continues to be in turmoil. Only the US stock index is still supported; all others are falling; the Korea Composite Stock Price Index fell 4.5%, SK Hynix fell 10%, the Nikkei 225 Index fell 1.6%, and the Tokyo Stock Exchange Index fell 0.4%. Japan's Kioxia fell 9%. The performance of A-shares was quite strong, while Hong Kong stocks jumped to the bottom, falling 1.49%.
Trump claims that an agreement will soon be reached; in fact, that's not the case; he just gave back blood to the stock market with his rhetoric. Iran says it is close to reaching an agreement with Oman, that the two existing waterways in the strait will be closed, and the “fee standard” is still the core difference. This is tantamount to acquiescing in principle that Iran has control. The US fought for half a day. As a result, Iran successfully completed the transfer of power, and incidentally took control of the strait. It is estimated that assets and compensation will have to be unfrozen later.
The US ADP private sector added 44,000 new jobs in July, lower than the market forecast of 75,000 people, and lower than the 95,000 people revised in June. The data was weak, and interest rate hike expectations weakened again. Combined with the intensification of the national game, gold continued to rise. Recently, in early Asian trading, spot gold broke through the 4,300 US dollars/ounce mark. For the first time since June 18, Lingbao Gold (03330) rose nearly 9%, and China Gold International (03939) rose by more than 4%; today, the price of gold in domestic brand gold stores also experienced a rare sharp rise in a single day. At 55-58 yuan/gram, Chow Tai Fu ( 01929) rose nearly 4%.
Other disturbing news: According to Caixin's August 5 report, China's tax authorities have begun levying 20% personal income tax on overseas insurance policy income. However, at present, taxation is not universal, and there are no uniform and clear implementation standards. Hong Kong insurance stocks were under pressure, and AIA (01299) fell nearly 6%. There is also a rumor from Ningde (03750) that the company's overseas Hungarian factory stopped production due to political factors. These are all unconfirmed rumors, which greatly affect sentiment. I understand the concerns behind them. Today, it fell by more than 5%.
Yesterday, China's countermeasures were quite accurate. The US felt pressured. No pain was false. Subsequent policies needed to be weighed, but this did not prevent the giants from making money. According to the Hong Kong Stock Exchange, Goldman Sachs's long holding ratio for Zhongji Xuchuang (03308) H shares increased from 11.65% to 12.19% on August 3, 2026. According to previously disclosed data, Goldman Sachs Group's shareholding ratio in Zhongji Xuchuang H shares increased from 5.95% to 11.90% on July 30. On July 31, 2026, J.P. Morgan Chase's long position ratio on Zhongji Innox H shares increased from 5.6% to 13.72%. There is a conjecture: is it a deliberate attempt to push down stock prices to attract funds? Looking at this trend, it is estimated that the two days have continued to attract money; today it has risen by more than 3%.
The competition between the two sides has already begun: Meta today launched the first beta version of the programming Agent Muse Code and the MuseSpark1.2 model, entering the market at a lower price than DeepSeek-v4-Flash. On the same day, DeepSeek issued an announcement announcing: “We plan to increase the overall pricing of API services in the near future, which is expected to increase significantly.” Other leading domestic models are also showing signs of loosening in the price war. For example, the price of the Smart Spectrum GLM model will also rise significantly after the promotion ends. Daring to raise prices is a reflection of strength. Naturally, the price increase is beneficial to the big model. MiniMax (00100) combined with the benefits of today's opening, surged by more than 17%. Lixun Precision (02475) was also transferred today, up more than 4%.
Under the game, domestic substitution continues to strengthen. Silicon carbide SiC substrates are the most difficult upstream material for third-generation semiconductors. In the past, they were monopolized by Wolfspeed, Coherent, and Japan's Roma for a long time. Domestic Tianyue Advanced (02631) has strong domestic replacement space. The company's 8-inch silicon carbide substrate market share is about 51%. Domestic: power chip companies such as Star Semiconductor, Sanan, and China Resources Micro introduced domestic substrates to reduce overseas supply chain risks; overseas: Infineon, Bosch, and Ansemi passed vehicle certification and batch procurement, and Chinese substrates entered the supply chain of international giants. A 12-inch silicon carbide substrate product has been launched. Today's increase is nearly 6%.
The PCB concept sector, which has been mentioned repeatedly, continues to be strong in the market. Shenghong Technology (02476), which was mentioned yesterday, has a large number of research reports published today. The content is about the same as the one mentioned yesterday, and today it has once again risen by more than 4%. Other core products, Dingtai Hi-Tech (01377), rose more than 2%.
Coal stocks have risen to prominence today. Extremely hot weather is a strong stimulus. Currently, the market has entered an active storage channel, and supply contraction continues to ferment. On the supply side, as of August 4, a total of 61 coking coal mines were shut down in major coking cities in Shanxi, involving a production capacity of 65.2 million tons. Most of the mines only maintained an operating rate of 50% to 70%. The pace of regional resumption of production was uneven, and the hard gap on the supply side was difficult to make up for in the short term. Starting at 18:00 on August 5, all types of coal on the Batuta platform in Inner Mongolia increased by 12 yuan/ton. The starting prices of the “Three Musketeers” large-scale coal mines in Shaanxi were all raised by 20-35 yuan/ton. In terms of thermal coal, the CCTD Bohai Rim Thermal Coal Spot Index has been rising for three consecutive days. This is the first time that there has been a continuous rise after ten days of sideways trading in July. The price of thermal coal in Qinhuangdao Port rose to 823 yuan/ton from month to month. Coal prices are expected to rise in August and September, with Power Development (01277) and Yankuang Energy (01171) rising by more than 6%.
Hong Kong stocks have always favored individual stocks with large dividends. Today, Jiulong Cang Real Estate (01997) announced a 6% increase in medium-term basic net profit to HK$3,311 billion. The board of directors decided to raise the dividend ratio from 65% of the recurring core net profit to 90% starting in 2026, driving a 38% increase in the underlying dividend. The first interim dividend was HK$0.94 per share, an increase of 42% over the same period in 2025. The total dividend payout was HK$2,854 million, accounting for 90% of the underlying net profit of Hong Kong's investment properties and hotels. Dividends will be paid on September 10, 2026. The mid-term class is so high, far superior to depository banks. Today, it surged more than 14%. If the markets all make money this way, they generously share money with investors. Why worry about capital not coming to the stock market. There are quite a few that never pay dividends, even those that make money, have very little share. If listed companies all make money rather than create wealth for shareholders, this is very bad.
Another lady from Shanghai (02589), who has been quite active recently, had a good dividend. The dividend for the mid-year '26 was 210 million yuan, with a dividend rate of 65.5%. It was only 35% for the same period last year. The dividend was paid on September 29, with a dividend of 2 yuan per share.
Innovative drug performance was indeed strong. In the first half of the year, BeiGene (06160) revenue increased 32.3% year over year to US$3.19 billion, and adjusted net profit increased 110.7% year over year to US$820 million, all higher than market expectations. Kingsley Biotech (01548) plans to hold a board meeting on August 15 to approve the interim results. Today's increase is more than 5%, and it is estimated that gaming performance has exceeded expectations; Kolumbotai (06990): The new clinical trial application for SKB565, a novel dual-load ADC drug, was approved to treat advanced solid tumors, and today it has risen more than 3%.
Yesterday, I mentioned Jin Jing Xinneng (01783): The company has many topics, such as the first power battery treatment plant recently officially completed. The project uses advanced German patented technology, combined with automation and intelligence, to efficiently transform decommissioned power batteries into recyclable raw materials. Once built, there is no need to ship it overseas for processing, directly improving efficiency and profits; there is no shortage of supplies. It has a global recycling network, 70+ service outlets, covering 28 countries, and has a very nourishing life by dismantling black powder and making hierarchical energy storage PACK sales and recycling and disposal service fees. Another theme of the company is that it plans to acquire Shanghai Youfu Cloud for 2.5 billion yuan to enter the AI computing power leasing field. The target company is qualified to purchase high-efficiency GPUs and can build a “green energy+digital infrastructure” business model. The operating company has established extensive networks and contacts in the field of Internet data centers and cloud computing. It has signed a 5-year service agreement with a Chinese technology company, with a total contract value of not less than 2.4 billion yuan. Scarcity, monopoly, stable performance, and AI computing power topics are not surprising. Today, it is once again up more than 8%.
[Section Focus]
According to reports, Nvidia is urgently looking for an AI base station supplier in China to develop a 6GAI-RAN base station (a base station that is responsible for both communication connections and Al computing). We learned from key people in the communications industry chain that Nvidia is speeding up its entry into the telecom operator market and is looking for base station manufacturer partners in China to develop 6G base stations that meet the requirements of overseas markets. According to the above sources, the pace at which Nvidia is promoting this project is “quite urgent” and hopes to enter the test network in 2027 or 2028.
Related Hong Kong stock companies: ZTE (00763), Zhongji Xuchuang (03308), Hongteng Precision (06088), ASIX (01675).
[Individual Stock Mining]
Minmetals Resources (01208): Rising copper prices drive profit growth and continuous expansion of production capacity
Minmetals Resources' copper production in the second quarter was 137,800 tons, up 8% from the previous quarter. The company's revenue for the first quarter of 2026 was US$2.28 billion, +45.2% year-on-year; net profit to mother was US$420 million, a sharp increase of 218.3% year-on-year.
Comment: Minmetals Resources performed well, benefiting from rising copper prices, stable mine production, and significant increases in returns from cobalt and precious metals by-products. The company is the flagship platform for central enterprises overseas copper mining. It lays out mines in Peru, the Democratic Republic of the Congo (DRC), and Australia. The copper business accounts for about 80% of revenue. Ace Asset - Peru's Las-Bambas World-Class Open Pit Copper Mine (62.5% shareholding) is one of the top ten largest copper mines in the world.
The multi-mine production capacity hierarchy was improved, and the Congolese gold Kinseever copper mine (wholly-owned) sulfide mine was expanded to produce 80,000 tons of copper and 4,000 tons of cobalt in 2026; a new copper mine was built in Khoemacau, South Africa, and two zinc-lead polymetallic mines in Australia, and production capacity was released in batches.
The company has rich resource reserves, with total resources of 82 million tons of copper, 15 million tons of zinc, 130,000 tons of cobalt, and sufficient long-term production capacity. Las‑Bambas's 2026 production target is 38-400,000 tons of copper, and production in a single quarter exceeded 100,000 tons in a single quarter. Kinseever expanded the climbing slope, impacting 80,000 tons of cathode copper production capacity during the year, and export sales of cobalt by-products. Australia's Dugald‐River zinc mine and Rosebery polymetallic mine produce stable zinc, lead, and precious metals to supply overseas markets.
The mine ushered in the longest stable production cycle; the mine's life span is until 2041, with only 17% of mineral rights exploration, and there is huge room for subsequent storage growth; mining costs are in the top 20% range of global copper mining, and C1 mining costs were as low as 0.55 US dollars/pound in the first half of 2026, with molybdenum, gold and silver sharing production costs. The total production of zinc (zinc concentrate containing zinc) was 55,538 tons, all about the same as the same period in 2025.
Las Bambas, a subsidiary of Minmetals Resources, produced 109,000 tons of copper concentrate in the second quarter of this year, in line with annual production guidelines of 38,000 to 400,000 tons. The Khoemacau mine produced 22,000 tons in the first half of the year, accounting for 42% to 46% of the annual guideline. Production is expected to increase in the second half of the year as equipment utilization increases, new mining equipment investment and higher ore grades. The company's mining operations will be relatively stable in the second half of the year, and Las Bambas production is expected to reach the annual guideline limit. Coupled with easing social stability concerns after Peru's presidential election, improvements in production and costs will continue to drive profit growth.