The Zhitong Finance App learned that Hong Kong stocks failed to continue yesterday's rebound. The three major indices collectively fluctuated and declined. By the close, the Hang Seng Index fell 0.34% or 87.23 points to 25565.74 points, with a full day turnover of HK$233,515 billion; the Hang Seng State-owned Enterprises Index fell 0.51% to 8490.31 points; and the Hang Seng Technology Index was 0.13% to 4620.29 points.
Everbright Securities believes that the current market's response to negative factors is sufficient, such as the ongoing escalation of the US-Iran geopolitical conflict and the pressure on AI sector valuations, etc., but the intensity of economic recovery and the sustainability of corporate profits still need more data verification, and the market lacks the most critical driving force to drive trending markets. Currently, the Hong Kong stock market, especially the Hang Seng Technology Index, is in a complicated phase of bottoming out.
Blue-chip stock performance
Baidu Group-SW (09888) rose throughout the day. At the close, it rose 5.34% to HK$95.75, with a turnover of HK$3,049 billion. Contributed 11.22 points. Baidu Group announced that it will voluntarily change its secondary listing status on the Hong Kong Stock Exchange to a major listing. The conversion will take effect on September 1. According to the analysis, referring to past precedents, if Baidu can complete the conversion and take effect before the September 3 inspection day, it is expected to take advantage of this round of the Hong Kong Stock Connect adjustment window and be officially incorporated as soon as September 7.
In terms of other blue chips, Hanson Pharmaceuticals (03692) rose 16.01% to HK$38.62, contributing 11.91 points; China Resources Electric (00836) rose 3.86% to HK$19.38, contributing 2.28 points to the Hang Seng Index; China Resources Beer (00291) fell 3.18% to HK$19.77, dragging down 1.63 points; Luoyang Molybdenum (03993) fell 3.1% to HK$17.53, dragging down the Hang Seng Index by 3.18 points.
Popular sector aspects
On the market, large science and network stocks had mixed ups and downs. Baidu expects the entry stock price to rise by more than 5%, Tencent to rise 0.54%, and Alibaba to drop nearly 1%. Nvidia's performance and guidance both surpassed expectations, and AI hardware stocks such as storage and optical communications generally strengthened; some construction machinery stocks improved, and Sinotruk's performance rose after that; the big model concept and innovative drug performance were impressive. On the other side, trends in tea, beer, auto stocks, etc. are weak.
The concepts of storage, optical communication, and PCB have soared. At the close, Changfei Optical Fiber Cable (06869) rose 10.31% to HK$179.8; Jiantao Laminate (01888) rose 10.51% to HK$43.94; Shenghong Technology (02476) rose 6.93% to HK$253; and Zhongji Xuchuang (03308) rose 3.05% to HK$1,046.
Nvidia's second-quarter earnings report fully exceeded expectations, with single-quarter revenue of US$96.2 billion, up 106% year on year; data center revenue of US$89 billion, up 117% year on year; net profit of over US$53.9 billion, up 118% year on year, exceeding consistent expectations of about 6%. For the first time, the company gave a guideline of revenue growth of about 70% for FY2028, which is significantly higher than the market's previous expectations of about 45%, and the restrictions point to supply chain production capacity rather than downstream demand, confirming that the main line of AI infrastructure investment has not been falsified. Meanwhile, Nvidia revealed that Vera Rubin is now in full production.
It is worth mentioning that the National Bureau of Statistics today released profit data for industrial enterprises above the national scale for January to July 2026. From January to July, profits in the electronics industry increased 1.1 times year on year, driving the profits of industrial enterprises above all sizes to increase by 9.3 percentage points, which is the main support for the relatively rapid profit growth of industrial enterprises above scale. Among them, the profit of the integrated circuit industry, represented by computing power chips and memory chips, increased 18.5 times year-on-year, contributing more than 80% to the profit growth of the entire electronics industry.
The big model duo performed brilliantly. At the close, Smart Spectrum (02513) rose 12.62% to HK$1,160; MINIMAX-W (00100) rose 3.83% to HK$314.6.
On the evening of August 26, Smart Spectrum announced the launch and open source of GLM-5.3-Flash (320B-A18B). It is the first native multi-modal model in the GLM-5 series. The price is 1/10 of GLM-5.3. The price is 1/20 of GLM-5.3 and 1/40 of Opus 4.8 within the limited-time discount. Previously, GLM-5.3-Flash conducted large-scale tests on OpenCode and OpenRouter using the anonymous model Ox-Alpha (known as Niulai in the Chinese community), setting a new high number of calls on both platforms, and all of these request traffic was supported by domestic chips.
Meanwhile, MiniMax announced interim results. In the first half of this year, the company's total revenue increased 283.1% year on year to about 120 million US dollars, reaching 1.5 times the full revenue of 2025 in just half a year. Among them, B-side revenue increased 703.1% year-on-year to US$73.9 million, accounting for 63.4% from 30.3% in the same period last year, making it the company's largest source of revenue. The company revealed that in July, MiniMax's word consumption reached 20 times that of January; ARR exceeded 800 million US dollars in August.
Beer stocks weakened throughout the day. At the close, Tsingtao Brewery (00168) fell 3.45% to HK$41.38; China Resources (00291) fell 3.18% to HK$19.77; and Budweiser Asia Pacific (01876) fell 3.0% to HK$6.145.
Tsingtao Brewery released interim results. Revenue for the first half of the year was 19.655 billion yuan, down 4.08% year on year; net profit to mother was 3.92 billion yuan, a slight increase of 0.4%. Among them, the second quarter achieved operating income of 9.37 billion yuan, a year-on-year decrease of 6.7%; net profit to mother was 2.12 billion yuan, a decrease of 3.4% year-on-year. Xiangcai Securities believes that it is no longer appropriate to just talk about high-end beer. Brand upgrading is still important, but what can now further widen the profit gap is organizational reform, cost efficiency, and loss reduction in weak markets.
Popular exotic stocks
Hanson Pharmaceuticals (03692) strengthened after the results. At the close, it was up 16.01% to HK$36.82.
Hanson Pharmaceuticals achieved revenue of RMB 8.304 billion in the first half of the year, an increase of 11.71% over the previous year; profit attributable to the owner of the parent company was RMB 4.258 billion, an increase of 35.82% over the previous year. In the first half of the year, revenue from innovative drugs was approximately RMB 7.092 billion, accounting for about 85.4% of revenue, which has become the core driving force for the sustainable growth of the company's performance.
Guangdong-Hong Kong Bay Intelligent Computing (01396) has risen significantly. At the close, it was up 10.27% to HK$11.49.
Nvidia's latest performance surpassed expectations and gave performance guidance one year ahead of schedule for the first time. It is expected that revenue will increase by about 70% in the 2028 fiscal year. Hwang In-hoon said that actual market demand was even higher than this forecast. Chief Financial Officer Colette Kress said that supply is expected to remain a bottleneck limiting growth until at least FY2028. Analysts believe that Nvidia's higher-than-expected results and phone calls indicate that demand for computing power will be difficult to slow down in the short term.
Weisheng Holdings (03393) dived in the afternoon. At the close, it was down 13.77% to HK$14.91.
Weisheng Holdings achieved revenue of 5.389 billion yuan in the first half of the year, an increase of 22.75%; other losses in the first half of the year were RMB 30.16 million, mainly including net foreign exchange losses, changes in expected redemption amounts, and fines paid to customers due to delays in product delivery; the owner of the parent company should have accounted for profit of 446 million yuan, an increase of 1.41% over the previous year.
Rantu Motors (07489) came under pressure after the results. At the close, it was down 11.25% to HK$2.485.
Rantu Auto achieved revenue of RMB 18.159 billion in the first half of the year, up 42.4% year on year; due to the rise in raw materials such as lithium carbonate and memory, net loss for the first half of 2026 was 390 million yuan, compared to net profit of 460 million yuan for the same period last year; gross margin was 17.7%, down 3.7 percentage points year on year.
The stock price of Haitian Flavors (03288) fell sharply. At the close, it was down 11.21% to HK$29.
Haitian Flavor's performance slowed marginally in the second quarter of this year, achieving operating income of 7.12 billion yuan, up 2.9% year on year; net profit to mother was 1.75 billion yuan, up 2.0% year on year; net profit after deducting non-return to mother was 1.61 billion yuan, down 3.4% year on year. Revenue from soy sauce, oyster sauce, sauce, and other products increased by 1.07%, 0.12%, 1.27%, and 6.31%, respectively.