[Anatomy Dashboard]
At the critical moment, US stocks always had bailout measures in place to rescue them. South Korea also had Hynix buybacks, temporarily getting rid of the panic. A-shares are also generally rising. Hong Kong stocks jumped 0.80% today.
In the past, US stocks looked more at the Federal Reserve. Now the situation has changed. The US Federal Reserve led by Walsh is not the same as before. It doesn't give forward-looking guidance, reduces intervention, and allows the market to set its own prices, which is a bit like the meaning of “doing nothing to fix.” Like the latest minutes of the Federal Reserve's July meeting, I can't see any fame. It is definitely not OK to continue like this. For example, US Treasury bonds, especially long-term bonds, are largely anchored by short-term policy interest rates. If the Federal Reserve cannot give a clear guide, investors will definitely have no bottom of heart; any kind of hype will trigger a sell-off.
At a dangerous time when interest rates on long-term bonds continue to rise, it still depends on the Ministry of Finance. Bezent made a quick move on Wednesday morning: it will drastically increase the scale of government bond purchases in the current repurchase plan. The strategy paid off immediately: just a few hours after the news was announced, the 30-year US Treasury yield fell rapidly by nearly 10 basis points. Meanwhile, the three major US stock indexes closed higher across the board. The S&P 500 Index, the Dow Jones Industrial Average, and the Nasdaq Composite Index all ended the previous few consecutive days of decline.
However, the core of the operation of the US Treasury is to save falling bonds and thereby stabilize the stock market, but the Treasury Department, as a department that spends money, either uses its own reserves to buy back long-term bonds or issues short-term bonds to buy back long-term bonds. Either way, it requires money; in the end, it will point to the Federal Reserve opening a banknote printing machine. This is actually a vicious cycle; it has only been extended. It is unlikely that the fundamental problem can be solved through such a purchase from the Ministry of Finance. As a result, the value of gold will continue to be highlighted. The capital market has already reacted. Spot gold once surged 4.35%, breaking the two major markets of 4,400 US dollars and 4,500 US dollars continuously during the intraday period, closing at around 4,521 US dollars, a record high since June 2.
The price of gold jewelry from many domestic brands also soared overnight. Compared with the highest point of 1,700 yuan/gram this year, it fell by more than 350 yuan/gram during the year. Among them: Zhou Shengsheng (00116) pure gold jewelry reported 1,359 yuan/gram, surging 46 yuan in a single day; Laomiao gold and gold jewelry reported 1,355 yuan/gram, surging 44 yuan in a single day; and Lao Fengxiang's pure gold jewelry reported 1,352 yuan/gram, a sharp increase of 37 yuan in a single day. Related gold jewelry category Zhou Shengsheng (00116) surged more than 10%; old store Gold (06181) and Lukfook Group (00590) rose more than 7%; Zhitong's August gold stock Zijin Gold International (02259) surged more than 11%.
The latest LPR was introduced: 3.0% for 1 year and 3.5% for 5 years or more, all unchanged. The market is quite disappointed, but a remedy has been made. On August 20, the six departments of Shanghai jointly issued a new real estate policy, which will take effect on August 21, 2026. The “Notice” mainly includes 8 policies and measures in 5 areas, including optimizing the withdrawal of housing provident funds, optimizing personal housing credit, implementing “trade-in” housing purchase subsidies, implementing housing ticket placement, and promoting the acquisition of second-hand housing. The overall idea is mainly to eliminate inventory outside the outer ring, including reducing the down payment ratio and trade-in, etc., but there are limits such as quotas and time limits. Like other cities, it uses local financial support, and no interest rate discounts. Intraday news came out. The policy direction was clear. Core products such as Longhu Group (00960), China Jinmao (00817), Vanke Enterprise (02202), Greentown China (03900), and China Resources Land (01109) all increased by more than 4%.
Innovative drugs are once again driven by events: mRNA vaccine giant Modena announced yesterday that the phase III clinical trial of the personalized mRNA cancer vaccine developed in collaboration with MSD obtained initial positive results, which means that mRNA anti-cancer technology is taking another big step towards commercialization. The company surged 177% that night, spurring the Nasdaq Biotech Index to rise sharply. mRNA concept stocks were moved by the news. On the A-share side, companies such as Watson Biotech (300142.SH) and Cansino (688185.SH) rose and stopped;
On the Hong Kong stock side, there are ideas for targeting Moderna therapeutic tumor mRNA varieties Di Pharmaceuticals (01244): the generic tumor mRNA vaccine 3D124 is scheduled to double report IND in 2026, all are in the pre-clinical stage, with no clinical data output, up nearly 57% today; Genting Xinyao B (01952): autonomous AI‑mRNA platform, focusing on therapeutic tumor mRNA vaccines; EVM14 has already received IND from China and the US. The EVM16 personalized novel antigen mRNA tumor vaccine has completed the first case administration, and is one of the few that have entered the clinical stage Tumor mRNA vaccine pipeline. Today's increase is over 38%;
Jietai Technology-P (07666): The pipeline covers the HPV tumor mRNA therapy MTS-107, and also exports LNP delivery technology (shovel) to the outside world, and multiple mRNA pipelines have entered the clinical stage. Today's increase of more than 30%; the main types of preventive mRNA vaccines include Cansino Biotech (06185), which rose more than 36%, the Aimei vaccine (06660), which rose nearly 15%, and Shiyao Group (01093), which rose more than 9%; and the upstream raw material CDMO, Kingsley Biotech (01548), rose nearly 14%.
Note that Moderna is an overseas breakthrough, and all domestic ones are still in the pre-clinical or early clinical stages, far from commercialization. Therefore, it is normal for the vast majority to rise and fall back. We will see actual performance and pipeline progress later.
Insili Intelligence (03696) announced on August 20 that it has officially reached a research and development cooperation with Byterna Therapeutics (Byterna Therapeutics), which focuses on the development of next-generation RNA innovative drugs. The two sides will focus on AI new antigen prediction and sequence design, cyclic mRNA, targeted delivery, automated experiments, and intelligent manufacturing to jointly build a next-generation mRNA AI native R&D engine to explore individualized tumor vaccines and related innovative therapies. This announcement came at the right time; today it has risen by more than 12%.
Other indicators of going overseas include Palantir's revenue soaring 94% year-on-year in the second quarter of this year, and the company drastically raised its annual sales forecast to US$8.16 billion, far exceeding market estimates. Analysts believe that the successful implementation of Palantir's “ontology+FDE” model confirms that industrial AI and “sovereign AI” are the core future directions. The market generally refers to Haizhi Technology Group (02706) as the “Chinese version of Palantir”. The two are highly compatible with the underlying technology and the business model of government and enterprise services. Palantir's high growth and high profit financial report directly verifies the long-term prosperity of the “map+controllable AI” industry route, opening up room for imagination in the valuation of similar domestic companies. Today, Haizhi Technology Group (02706) rose more than 15%.
Today, there has been a rebound in the overall direction of technology, but the rebound was Cambridge Technology (06166), which had a strong performance, rose by more than 6%; capital was transferred to the AI application side, and Maifushi (02556) came out. The company's reported profit growth rate of 466.1% and the AI business increased by 123.7%, becoming the core engine for strong performance growth. Customer structure: number of customers+ARPU increased at the same time, not only driven by a few large orders. Operating cash flow changed from huge losses to a net inflow of 500 million dollars, and quality was greatly improved. Today's increase is over 7%; the agency Xunce (03317), which has a similar subject, predicts that it is expected to be included in the Hang Seng Technology Index, which is up nearly 8% today. Kingdee International (00268), which is developing rapidly in other AI directions, rose more than 7%.
[Section Focus]
According to the July automobile production and sales data disclosed by the China Association of Automobile Manufacturers, automobile exports in July were 1.043 million units, up 0.6% month-on-month, with a year-on-year increase of 81.3%, with exports exceeding 1 million units for two consecutive months; in July, NEVs accounted for more than 60% of monthly new vehicle sales for the first time. In January-July, the national automobile production and sales reached 17.567 million units and 17.60.2 million units respectively, further narrowing the year-on-year decline compared to the first half of the year.
The 29th Chengdu International Automobile Exhibition will be held at the Western China International Expo Center from August 21 to 30, 2026. As the first A-class auto show in the second half of the year, the Chengdu Auto Show will bring together independent brands, luxury brands, mainstream joint venture brands and new energy vehicle brands to showcase the latest progress in electrification, intelligence, and high-end China's automobile industry, which is expected to generate new incentives for car companies.
Major Hong Kong stock products: Ideal Automobile-W (02015), Rantu Auto (07489), Xiaopeng Group-W (09868), BYD (01211), Zero Sports (09863), Geely (00175).
[Individual Stock Mining]
BYD (01211): Fangchengbao's new products boost the mid-range off-road market, overseas energy storage capacity is in short supply
On August 20, BYD officially released, and the new Equation S and Equation S GT models in its Equation series officially opened nationwide pre-orders. Priced at 23-280,000, a brand-new mid-size hardcore SUV. The company's revenue for the first quarter of 2026 was 15.225 billion yuan, down 11.8% year on year; net profit to mother was 4,085 billion yuan, which was under pressure in the short term, but gross margin rebounded to 18.81%.
Comment: BYD Co., Ltd. is expanding its Equation Panther product line, mainly to boost the mid-range off-road market. The company's global penetration rate of new energy continues to increase. Energy storage is a trillion-level incremental track, and the company also occupies a leading position on two booming racetracks.
BYD New Energy accounts for 80% + of passenger vehicle revenue. Dynasty, Ocean, Tense, Equation Bao, and Yew look forward to full price coverage. Hybrid+pure electric dual lines run in parallel, leading the world in new energy sales. The energy storage system is the company's second growth curve. Haohan (Haohan) energy storage is integrated with power grid-side/household optical storage. Overseas high gross profit has exploded, and the company's overseas bicycle gross profit is significantly higher than domestic. In 2026, overseas business is expected to contribute nearly 80% of the vehicle's net profit, which is the core increase in profit. Energy storage is simultaneously deployed globally in the Middle East, Europe, and Latin America, and the unique advantages of integrated optical storage solutions are obvious.
Ongoing orders are plentiful, energy storage orders: 2026 is a major overseas order, with the strongest certainty, 1) The UAE's Masdar 11.275GWh energy storage system was launched in July 2026, the world's largest single energy storage procurement contract, supporting 5.2 GW photovoltaic power plants. The industry estimates that the contract size is 44-10.9 billion yuan, delivered in 2027-2028; the battery capacity is equivalent to the battery capacity of 186,000 new energy vehicles. 2) Poland's 600 MW/2.4 GWh energy storage project, the largest lithium battery energy storage power plant in Polish history. Construction began in 2026Q3 and connected to the grid at the end of 2027. European benchmark orders opened up space in the EU energy storage market. 3) Saudi Arabia's 12.5 GWh grid-side energy storage project, previously launched a giant energy storage project in the Middle East, establishing a leading position in the Middle East market.
Vehicle orders: 1) Domestic: Orders for Dynasty, Ocean, Formula Bao, and Tension models are full. The number of second-generation fast charging models arriving in stores has picked up significantly, and the domestic market share is expected to rise to 23%-27% by the end of the year. 2) Overseas vehicles: 792,200 vehicles were delivered overseas in the first half of 2026 (+71% year over year), and the agency expected annual overseas sales volume of 1.5 to 1.8 million units, impacting 2.5 million units in 2027; long-term orders from overseas dealers were locked in, and production capacity in Hungary and Thailand climbed to match delivery demand. 3) Battery external supply: Long-term supply of Tesla, Toyota, Renault, and overseas car companies have stable annual framework agreements, and external supply continues to increase.
The company's 2026 sales agency predicts that new energy vehicles will hit 5 million units and 1.7 million overseas vehicles for the whole year. BYD's overseas markets are growing rapidly, and it has achieved a leading position in markets such as the UK, showing strong long-term competitiveness. Huge orders for energy storage have brought in a definite amount of revenue.