[Anatomy Dashboard]
All kinds of capital were playing games before the holiday season. A-shares fell a lot in the past two days and finally rebounded today, while Hong Kong stocks continued to fluctuate and closed down 0.48%.
Hong Kong stocks are on the same side as US stocks. Currently, US ten-year treasury bonds cannot be suppressed. They have broken through the 5% and 5.1% integer marks in a single day, and have gone all the way up to almost challenging the 5.3% mark. The 20-year yield reached 5.6%, and the 30-year period also reached 5.55%. These are all pretty dangerous signs. Negotiations between the US and Iran continue. Officials from the two countries said that US and Iranian officials held separate talks with the mediators on Monday to make renewed efforts to end the seven-month war. But until there are no results, the market trend will be quite complicated.
Based on this current situation, domestic policies are also seeking changes. On September 28, the State Council held an executive meeting to study macroeconomic policy efforts to improve efficiency and promote effective investment. In response to the problems that have arisen in the current operation of the economy, the conference pointed out that it is necessary to step up countercyclical adjustment of macroeconomic policies, promote continuous economic development in a new and positive direction, and strive to complete the tasks of economic and social development goals throughout the year. The conference clearly introduced a number of practical and effective incremental policies, and studied and introduced policies and measures to stabilize the real estate market and increase employment income. This means that there is a high probability that a new round of property market stabilization policies will be implemented in the future.
The national interest rate discount policy for home purchases, which the market is paying close attention to, has finally arrived today: the Ministry of Finance, the People's Bank of China, and the General Administration of Financial Supervision issued a notice. Starting October 1, China will implement interest rates on residents using newly issued commercial personal housing loans to buy homes. The financial department will give an annualized interest rate discount of 1 percentage point. According to the current interest rate level for commercial personal housing loans for the first home, the maximum interest rate discount period is 5 years. According to estimates, for a long-term commercial personal housing loan of 1 million yuan, the policy can help borrowers reduce interest payments by up to 50,000 yuan. Real estate stocks strengthened collectively. Rongxin China (03301) surged nearly 18%, Greenland Hong Kong (00337), Zhengrong Real Estate (06158), Vanke Enterprise (01233), and Times China Holdings (01233) all rose more than 10%; Greentown China (03900), Sunac China (01918), and China Jinmao (00817) all rose around 8%. There are quite a few of the varieties mentioned yesterday.
The pressure is on US stocks. Currently, the biggest problem with US stocks is technology. If technology goes down, it will be very difficult for US stocks. Next, Trump will meet with tech giants to discuss the development of AI. It's likely to be irritating again. Meanwhile, giant Nvidia is also starting to save itself: Nvidia increased its share repurchase authorization by 150 billion US dollars, bringing the total number of repurchase plans to 235 billion US dollars. The company expects to execute the buyback program by fiscal year 2028. Buybacks are the most common back-up method. According to rough statistics, Apple's cumulative repurchase amount over the past 10 years has exceeded 841 billion US dollars, all of which have been used for cancellation. The logic is simple and crude. Repurchases and cancellations reduce share capital, increase the net profit and cash flow corresponding to each share, and allow long-term shareholders to enjoy compound benefits. This is the difference. Many of our companies make money by expanding production in all kinds of ways, and even continuing to raise money or reduce their holdings at a high level. How aggressive is this Nvidia buyback? According to some statistics, in the past five years, the actual repurchase amounts completed by A-share listed companies were approximately: 120.7 billion yuan in 2021, 101.9 billion yuan in 2022, 91 billion yuan in 2023, 165.9 billion yuan in 2024, and 142.7 billion yuan in 2025, respectively. The repurchase amount of one Nvidia company is about 1.6 times the sum of the repurchase amounts of all 5,000 A-share listed companies in the past five years, and more than 6 times the highest repurchase amount in A-share history in 2024.
Stimulated by Nvidia, and at the same time, capital is also playing, Trump will strongly support AI. Therefore, the direction of technology is also rebounding today. The strongest of these is the PCB direction. As the price of upstream raw materials continues to rise, PCB (printed circuit board) manufacturers have begun to re-quote one after another. Industry giants are all showing positive trends. Shenghong Technology Thailand Phase II began production of AI verification boards, Shennan Circuit raised 4.882 billion yuan to invest in Wuxi, Pengding Holdings built 10 billion yuan in Shenzhen Third Park, and Jingwang Electronics' Zhuhai Jinwan High-end HDI Plant was put into operation in September.
Jingwang Electronics (03228) debuted in Hong Kong today and broke at the opening, but soon rebounded under the steady growth of A-shares. The company is the world's largest automotive electronics PCB supplier, accounting for 10.6% of the market share, and ranked 11th among global PCB suppliers, accounting for 2.5% of the market share. Eight of the world's top ten Tier 1 automotive suppliers are the company's customers, and the company's PCB products have been widely used in the automotive products of the top ten global automobile groups. On September 28, the Shanghai Stock Exchange issued the “Notice Concerning the Adjustment of the Hong Kong Stock Exchange Standard under the Shanghai-Hong Kong Stock Connect”. It was transferred to Jingwang Electronics (03228) and will take effect from the next Hong Kong Stock Connect trading date. With southbound capital support, the stock closed up more than 10%. Guanghe Technology (01989) rose more than 9%, while Jiantao Group (00148) and Dingtai Hi-Tech (01377) rose more than 4%. Changfei Optical Fiber (06869), Bizao Technology (06082), Changguang Chenxin (03277), and Aixin Yuanzhi (00600), which declined passively yesterday, all rebounded by more than 6%.
Innovative drugs also welcome catalysis: On September 29, AstraZeneca announced a $2 billion investment in the US pharmaceutical company Summit to buy the overseas sales rights for Kangfang Biotech (09926) anti-cancer drug Ewassil. Evosil is the world's first PD-1/VEGF bispecific antibody completely independently developed by Kangfang Biotech. It is the world's first new dual-antibody drug approved for marketing with a “tumor immunity+antiangiogenesis” coordination mechanism. It is also the first drug in the world to obtain a positive result compared to “drug king” pabolizumab in a phase III study. Evosi's US listing application was accepted by the FDA in January 2026, and the review deadline (PDUFA date) is November 14. Today it surged more than 15%; this afternoon, Hengrui Pharmaceutical (01276) announced that it had reached an exclusive license agreement with Novo Nordisk A/S (Novo Nordisk A/S) for HRS-1596. Novo Nordisk made a down payment of 300 million US dollars and a potential total of up to 2.6 billion US dollars to buy Hengrui (01276)'s interest in an oral GLP-1/GIP dual-target agonist outside of Greater China. The agreement still has to pass review related to the US “Hart Scott Rodino Antitrust Improvement Law”, and is expected to be completed in the fourth quarter of 2026. Innovative drugs such as Connoa-B (02162), Lepu Biotech (02157), and Cornerstone Pharmaceutical-B (02616) increased by more than 8%.
The “15th Five-Year Plan for the Development of the New Battery Industry” jointly formulated by seven departments including the Ministry of Industry and Information Technology was officially released on September 28. According to the “Plan”, the goal is to achieve steady growth in the scale of China's new battery industry by 2030; all-solid-state batteries will initially be used on a large scale, the cycle life of long-life lithium batteries will reach 15,000 cycles, and the product defect rate of leading companies will reach the PPB (fraction per billion) level. The period 2027 to 2028 is expected to usher in a small-scale introduction window for all-solid-state battery passenger cars. In addition to car tracks, emerging scenarios such as humanoid robots and low-altitude aircraft have also become important testing grounds for solid-state batteries. Large-scale mass production of all-solid-state batteries is inseparable from collaborative efforts in materials, equipment, and processes. Among them, special equipment such as thermostatic pressure is seen as a key gripper for solving the solid-solid interface contact problem. Equipment vendors such as Pilot Intelligence (00470) have already shipped thermostatic pressure equipment, an increase of more than 7%.
[Section Focus]
The People's Bank of China decided to further adjust and improve several monetary policy instruments: the first is to lower the mortgage supplementary loan (PSL) interest rate by 0.25 percentage points. Interest rates on one-year mortgage supplements have been reduced from 1.75% to 1.5%, providing better incentives for policy banks to support the real economy and serve the national strategy. The second is to expand the area of mortgage supplementary loan support. Integrate “six networks” construction such as water grids, new power grids, computing power networks, next-generation communication networks, urban underground pipelines, and logistics networks into the field of mortgage supplementary loan support, guide policy banks to increase financial support for the “six networks” construction, help expand effective investment, and further tap the potential of domestic demand. The third is to increase the reloan amount for scientific and technological innovation and technological transformation by 200 billion yuan, and uniformly increase the support ratio for this reloan from 60% to 100%. After the increase, the reloan amount for scientific and technological innovation and technological transformation increased from 1.2 trillion yuan to 1.4 trillion yuan, and the support ratio was higher, which helped guide banks to increase loan investment in small and medium-sized technology enterprises and better support enterprises to expand investment in equipment renewal in key areas. Fourth, the amount of small reloans to support agriculture was increased by 500 billion yuan, of which the reloan amount for private enterprises was increased by 300 billion yuan.
The core of this is Article 2. The “Liuzhang Network” is included in the field of supplementary mortgage loans. The main ones involved are: China Liansu (02128), Weisheng Holdings (03393), China Communications Services (00552), China Energy Construction (03996), Guangdong Investment (00270), JD Logistics (02618), and Guangdong-Hong Kong Bay Intelligent Computing (01396).
[Individual Stock Mining]
Daikin Heavy Industries (01081): The share of European orders continued to rise, and net profit in the first half of the year reached a record high for the same period
Recently, the KING Series No. 3 large deck carrier, KING THREE, which was independently designed and fully built by Daikin Heavy Industries, was officially delivered at Daikin Heavy Industries' Panjin base. Recently, the company and Ulstein, a well-known Norwegian ship design company, officially signed a design contract for a new-generation Ulstein HX122 with U-STERN® offshore foundation installation vessel. Revenue for the first half of 2026 was 3.253 billion yuan, +14.48% year on year; net profit to mother was 601 million yuan, +9.89% year over year, making it the best half-year profit for the same period in history; excluding exchange disturbances, net profit increased by more than 50% year on year.
Comment: The entire Daikin Heavy Industries KING series has completed its own ocean transport fleet. The company is the European export leader among domestic Seabreeze manufacturers. Centralized European Seabreeze delivery brought about a performance explosion. Net profit in the first half of the year reached a record high of the same period, and gross margin increased sharply. The gross profit margin for wind power equipment was 35.90%, an increase of 10.37 percentage points over the previous year. The core is that the share of high-margin European orders continues to rise, with an overall gross profit margin of 37.53%. Cash flow improved significantly, with net operating cash flow of 1,533 billion yuan, a significant increase of 544.06% over the previous year.
Core highlights: 1) The gross margin of overseas orders is much higher than that of domestic tower peers. 2) The whole chain is closed loop (manufacture+own transport ship+European home port), the cost is controllable, and the delivery is highly competitive. 3) Shipbuilding's second growth curve has been implemented, and 10 billion ship orders will lock in revenue for the next few years and open up a new track. 4) Cash flow has been significantly restored, and the share of high-margin overseas business continues to rise.
The company is full of orders, offshore wind power equipment orders: overseas sea wind orders are concentrated in Europe (UK, Germany, France), and large long-term orders are mainly delivered from 2026 to 2027. The agency estimates that about 250,000 tons of sea breeze will be delivered in 2026. Shipbuilding orders are the company's second growth curve, with a cumulative total of 24 ship orders, with a total amount of about 12 billion yuan. The delivery period is 2027-2030, and 3+1 bulk carriers from Greek shipowners, totaling 2.1 billion dollars; 4 bulk carriers from Norwegian shipowners. The shipping business has a large order volume, but the delivery cycle is long, and the performance will gradually be realized after 2027.
The company built its own King/Emperor series heavy-duty carriers and no longer rent high-priced ships to control ocean transportation costs and ensure delivery timelines. We have 4 European home ports in Germany, Spain, and Denmark, covering the North Sea and the Baltic Sea. Overseas terminal assembly, warehousing, operation and maintenance, and one-stop delivery solutions for overseas customers. The company's gross margin of European Sea Breeze orders was significantly higher than that of domestic projects, accounting for 82.25% of overseas revenue.
The company benefits from Europe's profound ocean wind trend; it also enters high-value-added ships such as special ships, and is not limited to ordinary bulk carriers. The shipbuilding sector entered leading international shipowners, opening a second growth curve.