[Anatomy Dashboard]
While all other markets are rising, Hong Kong stocks are weakening. Today, they are down 1.10%. The reason is internal. On the one hand, the continued rise in the previous period needed to be digested. For example, bank stocks were being adjusted; on the other hand, it was a structural problem.
In the Middle East, Iran is getting tougher, especially after replacing senior personnel. Iran and the US have had such a long exchange, and have seen America's weakness. For example, now Trump is busy with the midterm elections and has no time to consider Iran. Iran warned that if the US uses nuclear weapons or global bases, it will become a target, refuting Trump's claim that Iran has complete control of Hormuz. Gold stocks took advantage of the rebound, driven by performance. China Gold International (02099): Record the best results in the second quarter and first half of the year, with net profit of $512 million in the first half of 2026 up 153 percent year over year, and sales revenue in the second quarter increased 50% year on year to 461 million US dollars. The average price of gold rose 52% year on year to 4,703 US dollars per ounce, and the average price of copper increased 73% year on year to 4.66 US dollars per pound, driving the performance to a record high. At the same time, the company announced approval to advance the next phase of the development plan for the Jiama mine. It plans to expand the joint processing capacity of mineral processing from the current design capacity of 50,000 tons/day to about 160,000 tons/day, and shift to a “large-scale open pit mining” strategy. The long-term production growth forecast is clear. Today it surged more than 14%; Lingbao Gold (03330) rose more than 4%.
The blockade of this part of the strait is a huge suppression for the global economy. The pressure on the market at the performance level is gradually showing. A typical example is the Changhe system. Although the profit attributable to Changshi (01113) shareholders surged 38%, it mainly came from the one-time proceeds (approximately HK$9.787 billion) obtained from the sale of the British joint venture. If such non-recurrent items are excluded, the underlying profit, which reflects the profitability of the main business, increased only slightly by 5% (HK$6.64 billion). In addition, although Changshi's development property sales revenue increased sharply by more than 190% in the first half of the year, revenue fell sharply by about 57% year on year, and gross margin was as low as an unusual 3.5%. It shows weak growth. Coupled with no dividends in the medium term, it directly fell by more than 6% today; another highly global integrated enterprise, Changhe (00001)'s core business, such as ports, retail, infrastructure, and telecommunications, was clearly heavily impacted by peripherals. The net basic profit for the first half of the year only increased slightly by 6.4%, but the good news was that the mid-term interest rate was HK$0.7455 per share, so the decline was a little smaller, falling more than 3%.
There is also a positive aspect. The technology sentiment is pretty good. The Philadelphia Semiconductor Index rose 0.46%. Among them, storage stocks surged across the board. Western Digital and Hynix rose more than 7%, Seagate Technology rose nearly 5%, Micron Technology rose more than 4%, and SanDisk rose more than 13%. SanDisk's forward-looking guidance is also strong: the goal is to achieve medium to high double-digit revenue growth in the 2028-2030 fiscal year. Non-GAAP gross margin is expected to be around 80%, and the non-GAAP operating margin is expected to be around 75%. SanDisk promises to return 100% of the remaining cash to shareholders after completing the investment in the business. SanDisk anticipates that demand for storage in AI data centers will increase dramatically, and the total usable market for flash memory in enterprise data centers is expected to reach 1.2 zettabytes by 2030.
Meanwhile, SK Hynix Chairman Choi Tae-won was interviewed by the media at the company's Korean headquarters. In the interview, he once again emphasized the explosive growth in storage demand and said that the worst “storage shortage” will occur next year. Zhaoyi Innovation (03986) and Lanqi Technology (06809) both increased by more than 2%.
On August 14, Nvidia announced that Spectrum-X Ethernet Photon ics has entered full mass production to support the next generation of massively expanded network infrastructure for AI factories. This product is manufactured, packaged and assembled by supply chain partners such as TSMC, Silicon Products, Lumentum, Tianfu Communications, and Hon Hai. Demand for optical modules in this architecture will increase significantly. The agency LightCounting predicts that the global digital optical module market is expected to reach US$22.8 billion by 2026, and the overall market size is expected to grow to US$41.4 billion by 2030. The core products Cambridge Technology (06166) and Zhongji Xuchuang (03308) increased by more than 9% and 2% respectively.
Yesterday's section focused on the two major chip-making giants, SMIC (00981) and Huahong Hongli (01347), both had record highs in the second quarter; however, the trend of the two was quite different. The reason was that not only did SMIC's gross margin for the second quarter significantly higher than the guideline, but the gross margin for Q3 continued to rise by 26-28%. The upward trend was confirmed by Huahong's second quarter; the Q3 gross profit margin was almost 16-18%, with almost no increase from month to month. In contrast, the capital will choose a better SMIC and reduce its position in Huahong. However, judging from the overall boom of the two giants, the direction of AI is not weakening as everyone feared. Nanochip (02676): The announcement estimates revenue for the first half of 2026 to be approximately RMB 2.54 billion, an increase of about 66.70% over the previous year. Net profit attributable to mother is approximately RMB 67.0 million. Compared with the same period last year, it will increase by about RMB 145 million, turning from loss to profit. Today it surged nearly 10%.
Once again, the Nvidia M10 next-generation high-frequency copper-clad plate CCL officially launched full-process testing. The AI platform's orthogonal backplane M10 material is aimed at Rubin Ultra and Feynman, breaking the M9 era's exclusive supply pattern. Three mainland manufacturers, Shengyi Technology (600183.SH), Nanya New Materials (688519.SH), and Shanghai Electric Power Co., Ltd. (002463.SZ), have entered the core test list; verification will be completed within 2026, and large-scale mass production will begin in the second half of 2027 A new cycle of PCB material upgrades. Jiantao Group (00148) rose more than 4%; performance direction, Guanghe Technology (01989): In the first half of 2026, the company achieved revenue of 4.388 billion yuan, an increase of 80.98% over the previous year, and achieved net profit of 956 million yuan, an increase of 94.39% over the previous year. Both key performance indicators have nearly doubled. It's up nearly 5% today.
The Maifushi (02556) mentioned by Individual Stock Nuggets yesterday was very powerful. In the first half of the year, the Group achieved total revenue of RMB 1.96 billion, an increase of 111.2%; revenue from the AI application business was RMB 1.13 billion, up 123.7% year on year; and net profit was RMB 200 million, up 466.1% year on year. Profit growth far exceeds revenue growth, and profitability optimization and operating leverage effects are extremely strong; operating cash flow is strong and positive inflows of RMB 5.0 billion, with spontaneous “hematopoiesis” capabilities, and the business model is supported by real cash reconciliation. Achieving a perfect closed loop, surging more than 15% today.
[Section Focus]
Guangdong Province's first economic special financial product “Token Loan” was released in Haizhu District, Guangzhou. Taking the Guangzhou branch of the Bank of China as an example, Haizhu Computing Power has targeted the development of an exclusive financing product for micro, small and medium-sized enterprises, the computing power token loan. The amount is approved according to the contract token consumption amount. It can also provide guarantee methods mainly based on credit, accounts receivable pledge, and order financing. Combined guarantees such as guarantees and mortgages can also be combined to further expand the amount. A new company can also apply for financing on an order basis if the original operating enterprise provides supporting documents or guarantees for continuous operation. According to reports, the Bank of China's initial trial credit fund has reached 28 million yuan.
This is equivalent to directly transfusing blood to a computing power company, once again strengthening computing power concept stocks, such as Guangdong-Hong Kong Bay Intelligent Computing (01396) and Universal Data 1S (09698); the “Token” concept itself will also be strengthened, such as Maifushi (02556) and Xunce (03317).
[Individual Stock Mining]
Huiliang Technology (01860): Technology investment drives continued growth in performance and buy-back plans boost confidence
The company announced that it plans to use up to HK$300 million to implement share repurchases. The 2026 quarter reported revenue of US$581 million, +32.2% year over year, and maintained steady growth. Net profit to mother: US$342.25 million, +72.1% YoY: Adjusted net profit of US$24.21 million, +10.6% YoY.
Comment: The company's share repurchase and equity incentive goals show the company's confidence in development in the auto-pilot era. The company is an advertising and marketing technology service provider for the overseas mobile application ecosystem. Mintegra is driving performance into a period of acceleration. Revenue in 2025 was US$2,047 million, up 35.7%, and net profit to mother was US$62 million, up 291.5%; 2026Q1 net profit to mother continued to increase 60.6%, and operating efficiency continued to be unleashed. Global mobile advertising and programmatic purchases are still booming: in 2025, the global online advertising scale reached US$799 billion, and mobile advertising reached US$586.6 billion, accounting for 73% of online advertising; in 2025, the global mobile programmatic advertising market was about US$299 billion, accounting for 85%-90% of MAA. The scale of independent overseas third-party programmatic advertising platforms is growing at an accelerated pace: Open networks account for about 29% of the US programmatic advertising market, providing long-term growth space for independent third-party platforms.
AI is further opening up the supply side of the app ecosystem: Alcoding reduces the development and operation costs of small to medium applications, and the AI multi-modality promotes the expansion of entertainment content such as short dramas and casual games. In May 2026, the number of downloads of overseas short drama apps reached 250 million times, an increase of about 76% year on year, and the distribution of global MAA materials on entertainment tracks increased 15% year on year, driving a simultaneous increase in purchasing volume and monetization demand. In the competitive landscape, giant platforms still have data and brand advantages, but the increased ROAS sensitivity of advertisers is driving independent platforms to break through at an accelerated pace, forming a pattern where AppLovin is superior, Mintegral, UnityAds, Liftoff, and Moloco are at the same time. The core focus of the company's transformation capabilities is the emergence of IAPROAS capabilities and the iteration rate of the intelligent bidding system. In 2023-2025, the company continuously launched TargetRoas products such as IAA, IAA+IAP, and TargetCPE capabilities, and continued refining the intelligent bidding product system in 2024, driving 2024H2Mintegral's revenue growth of 39% month-on-month and 64% year-on-year growth.
At the same time, the company is speeding up the Alinfra upgrade, with cloud spending exceeding $100 million for the first time in 2025. The next-generation infra is expected to be launched in October 2026, which is expected to drive the evolution of organizational workflows to a higher level of automation. On the business flywheel side, the number of apps accessing MintegralSDK increased from 17,000 to 117,000 in 2022, and the number of ad requests from the SDK increased from 16 billion to 148 billion. The entire chain of the company's advertising transactions is driven by AI, with intelligent bidding accounting for more than 90% of traffic, millisecond real-time bidding decisions, and high algorithm barriers.