Zhitong Finance Hong Kong Stock August Investment Strategy and Top Ten Gold Stocks

Compared to other global stock markets, Hong Kong stocks surpassed expectations quite a bit in July; they rose almost unilaterally, breaking out of the trend of “five poor, six, seven, seven.”

The Hang Seng Index runs at 22953.70-25971.63.

Other than the removal of the World Cup spell, the general environment is actually not good. For example, the US and Iran are not stable, and technology is falling globally, but there are still some differences. For example, the A-share listing of Big Mac Changxin Technology is not only a problem of drawing huge amounts of blood, but there is also valuation pressure. Hong Kong stocks have no problems in this regard. At the same time, there are two additional points: the US lifted restrictions on investment in Hong Kong over the years, and US assets have returned. There is also strong support from the central bank: supporting the prosperity and development of Hong Kong's capital market; supporting Hong Kong's development of diversified financial markets; consolidating Hong Kong's position as a hub for offshore RMB business; and firmly maintaining Hong Kong's financial stability and financial security.

The core reason for the strengthening of Hong Kong stocks is that the “content” of the index itself is small. So, under the global impact of technology, Hong Kong stocks have had little impact on the index. On the contrary, old stocks, which have been falling for several months, have been favored by capital due to the advantage of undervaluation. Investors have withdrawn from crowded overseas AI hardware and Korean chip stocks, and Hong Kong stocks have taken over global rebalancing funds.

Under the slump of technology, capital evaded high-volatility growth stocks and allocated dividend assets, while bank stocks, which are stable varieties with high dividends, have been continuously boosted by capital, and the Agricultural Bank (01288), China Construction Bank (00939), and Industrial and Commercial Bank (01398) have all reached record highs. Second, platform Internet leaders that have been dormant for a long time have all emerged from better markets, such as Meituan-W (03690) and Alibaba (09988), which are expected to improve delivery in the automobile business; (01810); Innovative drugs are also available Quite a bit of stimulus, in addition to strong support from national policies, including collection and approval, etc., there are also many individual stocks that have continuously revealed BD news. Clinical data on various pipelines surpassed expectations, and the outstanding performance was King's Rui Biotechnology (01548); the excellent physical AI Ruixin (02687); the consumer direction is geographically tight combined with improving margins in the industry (01117); and Liwen Paper (02314), which has increased prices. Finally, US employment data weakened, and the market lowered expectations of the Federal Reserve's interest rate hike; the geographical conflict heated up, and the gold category where capital allocation was safe was such as Everest Gold (03340).

After breaking out of the upward channel in July, the market's expectations for the August market are much better than in July, but if you look closely, it may be difficult to break out of the July unilateral rise. It is likely that it will embark on a strong volatile trend.

First, it is important to be clear that some basic problems have not been effectively addressed. For example, the Strait of Hormuz issue, in the final analysis, whether fighting or talking between the US and Iran, this strait is the key, because it is the lifeblood of the global economy. The latest situation is not optimistic. With Israel's participation, this fire cannot be stopped at all. It is likely that the strait will continue to be blocked. Worse still, the Yemeni Houthis will also be involved, and the Mander Strait in the Red Sea may also be blocked. Saudi crude oil exports are facing great difficulties. This will exacerbate the energy tension between Japan and South Korea. There is also the Russian-Ukrainian line. Ukraine continues to use drones to attack Russia's hinterland. The war between the two sides extends to the civilian sector, and the Black Sea and Caspian Sea are not very peaceful. We should pay attention to whether the Black Sea line will also be blocked. Once the situation is out, it will exacerbate the global food crisis. The latest situation is that in July, the Russian military continued to attack Ukrainian Black Sea ports and attack neutral grain merchant ships. A number of shipping companies suspended operations, and the monthly export volume of Ukrainian Black Sea grain fell from 6 million tons to about 4 million tons.

The Jackson Hole Global Central Bank Annual Meeting will be held on August 27-29. Jackson Hole is a global central bank weather vane. There have been many major changes in monetary policy in history. The two main lines of focus in 2026 are: 1. Main line of monetary policy (the biggest source of market fluctuations): how Walsh can set inflation prospects and whether to maintain “data dependency”; unlocking clues about whether interest rates can be cut in September and how many times during the year. 2. Featured topics of this conference: financial innovation, topics focus on: CBDC central bank digital currency, stablecoins, new payment systems, etc.

The core of this meeting is actually looking at the Federal Reserve's statement. On Friday, August 7, the US non-farm payrolls report for July. This is the first complete employment data since the FOMC was put on hold in July, and will determine the pricing direction of the market's interest rate expectations for September.

On July 30, the Political Bureau of the CPC Central Committee held a meeting to analyze the current economic situation and deploy economic work for the second half of the year, and decided to hold the Fifth Plenary Session of the 20th CPC Central Committee in October this year. The conference confirmed the trend of new economic momentum and structural improvement, and emphasized the need to pay great attention to difficult challenges in operation. The conference focused on speeding up the construction of a modern industrial system, thoroughly implementing the “Artificial Intelligence +” initiative, and proposed deepening comprehensive capital market investment and financing reforms to enhance market resilience and confidence. No strong stimulus policies have been introduced. Because the economy is generally manageable, China's GDP grew 4.7% year on year in the first half of the year and 4.3% in the second quarter. However, it is not ruled out that the second half of the year will adjust according to the international and domestic situation and adopt an active moderate easing policy, and the incremental policy will be used well and sufficiently.

Overall, after the large-scale lifting of the ban on Hong Kong stocks in July, the pressure on technological adjustments has abated. Stock markets in various countries are now competing for resilience. Whichever is better able to handle all kinds of pressure, capital will go in which direction. In the case of South Korea, it is either constantly rising or falling off. Obviously, the biggest problem in the Japanese market right now is that the yen is depreciating too much. Although depreciation is good for exporters, the biggest negative impact is that it will cause capital flight. Another point is that Japan now has a large amount of US debt, and if the yen doesn't rise, it may throw off US debt to buy back the yen. This is also something the US is very worried about. Therefore, US Treasury Secretary Bessent emphasized that the yen is undervalued. Obviously, they want to stimulate the yen to preserve the US debt.

2026/08 Investment Strategy: Finding Balance in Style Changes

Zhitong Finance's July gold stock outperformed the market. The biggest increase in the Hang Seng Index during the same period in July was 13.5%; the average biggest increase of the top ten gold stocks in July was 2.7%. The biggest monthly gains of the top ten gold stocks are as follows: Eston (02715) up 40.2%, CICC (03908) up 9.3%, National Technology (02701) up 6.2%, Chuangke Industrial (00669) up 5.2%, Ganfeng Lithium (01772) up 3.7%, SMIC (00981) -2%, Lanqi Technology (06809) -5.3%, Cambridge Technology (06809) -7.2%, Guanghe Technology (01989) -8.1%, Libang Pharmaceuticals (09637) -15%.

I didn't expect technology to plummet in July, and many varieties were hit by thunder. This is a relatively rare situation, and the fall in technology stocks this time has also refreshed history. As a weather vane for science and technology, Korea often falls and fuses have taken a bad lead.

This is also a lesson. Don't put too much pressure on one direction; it's fine if you bet right; if you press the wrong one, you're very passive. Therefore, the August investment will be more balanced, so that it can play a hedging role. The whole thing is: finding balance in style changes.

Technology still cannot be circumvented. After all, the global market has gone through a month and a half of intense washing and deep adjustments in the AI hardware sector. However, the AI supercycle is far from over, and competition between China and the US over AI will continue to intensify. The US Department of Commerce announced last week that it will provide more than 870 million US dollars in federal incentive funds to the semiconductor manufacturing sector in exchange for minority shares in seven companies. It shows that the government level is still actively promoting it. Looking at CAPEX, the combined capital expenditure upper limit of the big four US companies in 2026 is expected to be close to 750 billion US dollars, a significant increase compared to the total actual capital expenditure of 455.8 billion US dollars last year. Meanwhile, China's AI has adopted a differentiated path: moving from a single chip to a system-level hyperscale cluster to make up for shortcomings in computing power through system architecture advantages. The latest logic has changed: instead of paying for the giants' “long-term strategies,” the market is focusing on return on investment, demanding actual improvements such as cloud revenue and orders. Simply put, it just depends on whether AI can make money. The US stock company OpenAI has verified that corporate payment demand is still growing, and Google (GOOGL.US) has verified that AI can continue to be converted into cloud revenue, so it is a more viable method for applications to feed back hardware.

Chinese products have captured the top five largest model calls in the world, and ByteDance launched the Seedance 2.5 model: Generating 30 seconds of high-quality video clips at a time: DeepSeek-v4-Flash official running score report: The AI single task cost is about 60% lower than GPT-5.6 Luna. As a result, OpenAI reduced the price of GPT-5.6 LUNA (lightweight/entry-level) by 80%, and Terra (mid/main level) by 20%. The token price reduction brought catalytic effects to related advertising businesses. The rapid iteration of large models was also a stimulus for computing power. The application-side AI skit industry ushered in many popular works. Phenomenal works have created “AI stars” with hundreds of thousands of fans, and short drama production tools are expected to catalyze.

There is a lot of news about robots. Yushu Technology's initial public offering of shares and is listed on the Science and Technology Innovation Board. The initial inquiry date is August 5, and the online and offline subscription date is August 10; the 2026 4th China Embodied Intelligent Robotics Industry Conference and Exhibition (Shanghai) will be held from August 12 to 14 at the Shanghai New International Expo Center; and the 2026 World Robotics Conference will be held in Beijing on August 19 and 23. Focus on concepts related to Yuki.

The consumer side mainly looks at the gaming category, where fundamentals have ushered in the peak summer season; at present, the automobile category is also undervalued, and continuous promotion of new products plus expansion outside of Shanghai can easily attract capital intervention. Machinery exports are booming.

The geopolitical game will continue, and individual shipping stocks are expected to continue to be tense. Gold is used as a safe haven. In the direction of innovative medicine, they chose the shovel category, which had a relatively small increase.

Specific varieties:

Software: China Software International (00354)

Advertisement: Huiliang Technology (01860)

Model: MiniMax (00100)

Automobile: BYD Co., Ltd. (01211)

Shipping: Pacific Shipping (02343)

Gaming: MGM China (02282)

Perception: Suteng Juchuang (02498)

Machinery: China Longgong (03339)

Medicine: Biosetu-B (02315)

Gold: Zijin Gold International (02259)

The detailed list is as follows:

1. China Software International (00354)

In 2025, the company recorded revenue of RMB 17.027 billion, up 0.5% year on year, and service revenue increased 2.3% year on year. Among them: The full-stack full-scenario AI product and service business sales reached 2.0 billion yuan, an increase of 109.2% over the previous year, marking the company's successful shift to a new role as an enterprise agentiAI architect and integrator. Due to personnel optimization and goodwill impairment losses, profit attributable to company owners fell 37.3% year over year to RMB 321 million. The adjusted profit before tax increased by 0.2% year on year, reflecting that the profitability of the company's core business remained stable. As the PhysicalAL part of the “One, Two Wings” strategy, AI Hongmeng's business is positioned as the foundation for enterprise AI to enter the physical world, and aims to provide high-quality data support for AI platforms. Relying on the dual advantages of KaiHongos and Meta (META.US) platforms, the company adheres to the integrated software and hardware development strategy, and is deeply involved in the large-scale implementation of Hongmeng City. The company is making every effort to promote the development of allmeta, an enterprise intelligent business operating system. AllMeta's product system includes allMetaEcore, allMetaontology, and allMetaAgentic. Through a three-tier system of “foundation, one perception, one execution”, it realizes a dead cycle of data nourishing the body, ontology-driven action, and action feeds back data, giving the enterprise the ability to self-evolve like a living body, and building core competitiveness for the enterprise. The company enters the energy, electricity, and finance industries through allmeta, creates digital employees for customers to adapt to all B-side scenarios, and converts computing power into tokens, thereby upgrading the business model. In summary, in the future, the company can, on the one hand, open up room for revenue growth by speeding up the expansion of AI software and hardware business; on the other hand, the company is exploring upgrading the business model to transform computing power into tokens. As a result, the company's future revenue and profit growth room is flexible.

2. Huiliang Technology (01860)

The company is an advertising and marketing technology service provider for the overseas mobile application ecosystem. It started with an advertising network, switched to an AI-driven programmatic platform after 2016, and expanded to a SaaS toolkit in 2020 to form a “advertising placement - monetization - data analysis - creative production - optimization and cost reduction” service system. Among them, Mintegral's programmatic advertising revenue share remained at 96% since 2024. More than 70% of the company's revenue comes from gaming customers, and traffic reaches more than 250 countries and regions. Mintegral drove performance into a period of acceleration. Revenue of 2025 was US$2,047 million, an increase of 35.7%; net profit to mother was US$62 million, up 291.5%; net profit to mother continued to increase 60.6% in 2026Q1, and operating efficiency continued to be released. Global mobile advertising and programmatic purchases are still booming: in 2025, the global online advertising scale reached 799 billion US dollars, and mobile advertising reached 586.6 billion US dollars, accounting for 73% of online advertising; in 2025, the global mobile programmatic advertising market was about 299 billion US dollars, accounting for 85% to 90% of the MAA. Overseas independent third-party programmatic advertising platforms are 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% over the previous 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 juxtaposition of AppLovin (APP.US), Mintegral, UnityAds (U.US), Liftoff, and Moloco. 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 US dollars 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 connected to Mintegral SDK 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 company's operations have always maintained strategic strength, and insisted on long-term theology+technological investment to drive sustainable performance growth. The equity incentive target shows the company's confidence in development in the auto-pilot era. In summary, the company is in the first tier of overseas programmatic advertising, IAP capabilities will soon be released, and operating leverage will continue to be optimized.

3. MiniMax (00100)

The company was founded in 2021 by Yan Junjie, former vice president of Shangtang Technology. The founder and company have several distinct genes: (1) a full-modal technical undertone. (2) A12C, direct service users. Proposing “Intelligence with Everyone,” MiniMax is one of the few companies in the industry that makes models and products at the same time. (3) Internationalization, born from a global overseas gene. At present, the company has built a full-modal product matrix covering 100+ countries around the world. The ToC side has built an AI native product matrix, and the ToB side open platform has become the core driving revenue volume. In 2023-2025, the company's revenue increased from US$0.3 billion to US$79 million, of which the year-on-year growth rate in 2024/2025 was 782.2%/159.0%, respectively, and the revenue scale achieved continuous growth. The company proposed “platform value = intelligent density x token throughput”, and the company has accurate technology path selection and extremely high execution efficiency. Summarizing the company's past technology route is a technical route that prioritizes cost considerations. Under the premise of limited resources, it uses smarter methods to optimize, and uses fewer chips to reach AGI. Every technology choice is to find a triangular balance of quality, speed, and price under limited resources. After entering the M2 series, model iteration speed and model progress were remarkable, and benefiting from the advantage of inference costs, model pricing broke through the price bottom line of European and American models, and became the preferred model for developers seeking cost performance. By choosing the path of “global market+vertical scenarios+extreme cost performance”, the company has constructed a competitive logic different from that of large manufacturers. Instead of pursuing general traffic, the company is deeply involved in high-value productivity scenarios to further build an ecological moat with technical efficiency and cost advantages. This strategy has given the company a unique space for survival and development during the window period where the current large model market pattern has not yet been solidified. In terms of layout, the three strategic directions the company will focus on in the future are worth focusing on: (1) coding: (2) office; (3) multi-modality. In summary, I am optimistic that API revenue will grow rapidly under the accelerated commercialization of AI applications and the rapid growth of API revenue driven by the company's own inference cost advantage. At the same time, the profit improvement path is clear, and scale effects are gradually showing: the continuous progress of C-side native AI products along with the model is expected to achieve an increase in product power, leading to a further acceleration in the number of users and payment rates.

4. BYD shares (01211)

The company's overall sales volume in June was 403,000 units, +5.5% YoY, +5.2% month-on-month, and passenger car sales volume was 397,000 units, +5.2% YoY and +5.4%. By brand, Ocean Dynasty/Equation Leopard/Tension sold 34.1/3.6 million units in June, respectively, and +3.2%/+18.0%/+24.8% month-on-month respectively. Overseas sales continued to increase month-on-month, with export sales of 175,000 units in June, +95.0% year over year and +9.2% month over month, hitting a new monthly high. Total sales volume from January to June 2026 were 1,809/789,000 units, respectively; total sales volume and overseas sales volume in 2026Q2 were 1.10.8/470,000 units, respectively, +58.2%/+46.9% month-on-month. With the upgrade of flash charging+smart driving, the company ushered in a strong technology and model cycle. With the increase in second-generation blade battery production capacity, it is expected to support a recovery in domestic sales, maintain a high boom in combined overseas sales, and sales are expected to continue to rise. Overseas market development and localized production are accelerating the global electrification transformation. Currently, it has formed several overseas factories in Thailand, Uzbekistan, Brazil, Hungary, etc., and overseas sales continue to reach new highs. As the overseas model matrix continues to be rich, superimposed hybrid models are launched overseas, and monthly export sales continue to increase. In terms of high-end technology, with the launch of intensive models such as the Z9GT, 29, Panther 8, N9, and N8L, it is expected to open up the high-end market and increase the profitability of bicycles. BYD's major affordable and intelligent strategy was launched, leading the high-speed NOA down to the 100,000 level. Intelligent transformation is firm, and smart driving upgrades help the high-end market expand. At the same time, it is also conducive to accumulating massive amounts of data and feeding back the improvement of smart driving standards. Supported by BYD's next-generation flash charging technology, pure electric technology has ushered in major innovations and continues to consolidate the advantages of electrification technology. Currently, BYD's 2026 new car matrix is gradually being sold, and the decentralization of new technology is expected to enhance product competitiveness and boost domestic sales. At the same time, under the intelligent strategy, the transformation of smart driving is firm. Tension, Looking, and Equation are rich in model reserves, speeding up the expansion of the high-end market. Overseas travel continues to gain strength, and overseas channels and model matrices will be further improved. Profitability is expected to continue to increase with overseas expansion and high-end sales.

5. Pacific Shipping (02343)

The company announced its 2025 results: revenue of US$2,081 billion, and net profit of US$58 million, corresponding to basic earnings of 1.14 cents per share, or -56% year-on-year. Performance was lower than expected, mainly because the company achieved TCE lower than expected. Affected by industry freight rates, the company achieved year-on-year declines in freight rates throughout the year, but they are still better than the industry average. In 2025, the average daily revenue of the company Xiaoling Express and Chaoling Express was 11,490 US dollars/day and 12,850 US dollars/day, respectively. Affected by declining market freight rates, the company's fleet freight rate fell 11% and 6% year on year, respectively, but they were still 9% and 10% higher than the market index, respectively. In 2025, the company paid a cash dividend of US$50.5 million, accounting for 100% of the company's net profit after deducting the company's ship sales proceeds. In 2026, the company revised its dividend policy to distribute at least 50% of net profit after deducting cargo ship revenue as dividend. If net cash is achieved at the end of the year, the maximum dividend rate will increase to 100% of net profit after deducting cargo ship revenue. Assuming a dividend rate of 50%/100% in 2026, based on current profit assumptions, the 2026 dividend rate is 4.3%/8.6%. Furthermore, in 2026, the company will continue to repurchase, with a maximum repurchase amount of 40 million US dollars. According to Clarksons, as of March 2026, orders for Dalingbian and Xiaolingbian ships were 11.7% and 8.5% respectively, while ships aged 20 and over accounted for 13% and 14% of capacity, respectively. The new ships were mainly used to upgrade old ships. On the demand side, there is a high correlation between small ship freight rates and large ship freight rates. If subsequent large-scale ship demand-side catalytic implementation (the Simandou project is put into operation, etc.), it is expected that the small boat supply and demand pattern will be further improved. In December 2025, the company announced the acquisition of four newly built Xiaoling ships, which are expected to be delivered in 1H28, enhancing the long-term competitiveness of the fleet.

6. MGM China (02282)

MGM China announced 2Q26 results: net revenue of HK$8.625 billion, a year-on-year decrease of 2%, and recovered to 156% of 2Q19; adjusted EBITDA was HK$2,327 billion, down 7% year on year, down 5% month on month, and recovered to 160% in 2Q19, which is roughly in line with VisibleAlpha's agreed expectations of HK$2,386 billion, and better than the forecast of HK$2,251 billion. MGM China's performance was mainly driven by an increase in total gaming revenue market share (16.4% in 2Q26, 15.5% compared to 1Q26), particularly MGM Cotai (10.1% in 2Q26, compared to 9.3% in 1Q26). The business volume performance was steady in April and May 2026, but the 2026 World Cup had a negative impact on the business volume in June and July, which is expected to be a short-term disturbance; management pointed out that with the end of the World Cup at the end of July 2026, business volume quickly rebounded and exceeded the 1Q26 level. The current trend continues, and the company's market share is expected to remain at the mid-teens level. The Macau market has always been fiercely competitive, and MGM's strategy focuses on achieving differentiation through product quality, service, and product portfolio rather than relying on rebates. This strategy, along with the company's active revenue management of gaming tables and slot machine deployments, helps support stable and strong EBITDA profit margins; management's ability to respond quickly and effectively to market changes in service and product supply is MGM's long-term structural advantage.

7. Suteng Juchuang (02498)

With 2026Q1, the company achieved revenue of 459 million yuan, an increase of 39.9% over the previous year. For 2026Q1, revenue from sales of products was 441 million yuan, +45.9% year-on-year, revenue from sales solutions was 9.964 million yuan, and revenue from services and other items was 7.663 million yuan, +91.2% year-on-year. On the vehicle side, benefiting from the rapid development of ADAS and advanced intelligent driving, the company has plenty of orders. On the product side, on TechDay 2026, the company released the SPAD-SOC chip-level solution platform “Genesis” architecture, and launched the world's first single-chip integrated native 2160 line automotive-grade SPAD-SOC “Phoenix” chip and the industry's first 640×480 resolution all-solid-state large-surface SPAD-SoC “peacock” chip that can be mass-produced. Among them, the “Thousand-Line” digital lidar customized based on the “Phoenix” chip completed its “launch” debut at the Beijing Auto Show, enabling self-developed chips to “go on the car as soon as they are released.” The “Peacock” chip will be officially mass-produced in 2026. On the customer side, as of March 31, 2026, the company has been designated for a total of 177 models from 36 car companies and Tierl. The company's on-hand order reserves in the ADAS field have exceeded 9 million units. The company's all-solid-state blindness lidar is used by almost all leading L4 autonomous vehicle companies in the world, and the “EM4 main radar+E1 blindness repair radar” digital combination is favored by more than 90% of the world's leading companies in the industry. As of April 15, 2026, the company's all-solid-state digital lidar E platform products (including E1 and EIR) have delivered more than 300,000 units. On the robot side, the company relies on hardware, chips, AI and other technologies to provide incremental components and solutions for robots. Relying on leading sensing hardware products driven by self-developed SPAD-SoC and 2DVCSEL digital chips, the company has helped Yushu, Zhiyuan, Zhongqing, Galaxy GM, Yuejiang and other partners launch humanoid robot products one after another. The company's ActiveCamera solution received a batch order from a leading European humanoid robot manufacturer.

8. China Dragon Gong (03339)

China Longgong achieved operating income of 11.22 billion yuan in 2025, an increase of 9.8% over the previous year; realized net profit of 1.3 billion yuan to mother, an increase of 27.7% over the previous year. Earnings per share were $0.30. Gross margin was 21.4%, up 1.8 percentage points year on year; net profit margin was 11.6%, up 1.6 percentage points year on year. The company plans to pay a dividend of HK$0.20 per share, with a dividend ratio of 58% and a dividend ratio of about 6.5% (based on the stock price on March 27, 2026). In 2025, the company achieved revenue of 4.60 billion yuan, up 16.9% year on year, which is the core driving force for the company's revenue growth; excavators achieved revenue of 1.69 billion yuan, up 60.1% year on year, mainly driven by policies such as equipment renewal and infrastructure investment; forklifts achieved revenue of 3.46 billion yuan, down 7.0% year on year, but gross margin rose to 21.3%. The company's electric forklift penetration rate is lower than the industry average. In the future, as the company accelerates the electrification of forklifts and overseas expansion, the company's forklift revenue is expected to recover. In 2025, the company achieved overseas revenue of 3.81 billion yuan, an increase of 19.3% over the previous year, and the share of overseas revenue reached 33.9%, an increase of 2.7 percentage points over the previous year. In 2026, China's construction machinery exports will face opportunities such as increased demand for infrastructure and mining machinery in Southeast Asia, Africa, and South America, as well as increased penetration in high-end markets in Europe and the US. As the company continues to advance its global expansion strategy and continuous improvement in product competitiveness, the company's overseas revenue is expected to continue to grow. From January to February 2026, China's electric loader industry sold 5,132 units, a year-on-year increase of 112.7%; the electrification rate reached 24.1%, an increase of 9.6 percentage points over the previous year. The 2026 government work report proposed speeding up the elimination of backward production capacity and supporting innovative applications of green and low-carbon technology and equipment. The company accurately predicted the development trend of electric loaders and laid out electric loader tracks in depth. As the penetration rate of electric loaders continues to increase and the competitive landscape of the industry continues to be optimized, the company is expected to benefit deeply as a leading electric loader company. In summary, the company continues to advance its global expansion strategy, and overseas revenue is expected to continue to grow. The company is expected to benefit deeply from the recovery of the domestic construction machinery industry and the trend of internationalization and electrification of construction machinery.

9. Baiosetu-B (02315)

Relying on the world's leading gene-editing technology platform, the company has built a rich and unique library of gene-editing animal models, and is in a leading position in the world in the field of targeted humanized mice. With the rapid development of complex molecules such as ADC, dual antibodies, and multiple antibodies, the demand for high-quality pre-clinical models continues to rise, and the company is expected to continue to benefit from industry expansion and market share growth with leading technology and first-mover advantages. After years of accumulation, the company has built an antibody asset library covering a large number of targets, and has upgraded the model from traditional “customized research and development” to “shelf supply”, which can significantly improve the efficiency of early R&D of pharmaceutical companies. Through multi-level revenue models such as down payment, milestone payment, and sales share, the company is expected to continue to share the rewards brought about by the increase in the value of downstream innovative drug projects, and the business will have strong growth elasticity. The company has formed a “model animal+antibody asset” dual platform collaborative ecosystem. On the one hand, it obtains customers and data accumulation through model animal business, and on the other hand, realizes high added value licensing and monetization through the antibody platform, forming a value upgrade from tool platform to asset platform. This model combines the stability of R&D services with the growth of innovative drug assets, and is highly scarce in the global innovative drug industry chain. In summary, the company's “one thousand enemies” business model is sustainable, and it is expected that it will use data advantages to break through in AI applications.

10. Zijin Gold International (02259)

The company is the integrated core operating platform for Zijin Mining's overseas gold industry. It has 9 gold mines in production across the four core gold producing regions of South America, Central Asia, Oceania and Africa. The company leads the industry in indicators such as total maintenance cost (AISC) and mine operation efficiency. Against the backdrop that the average grade of global gold mines continues to decline, the company's mining technology system adapted to complex mineral resources can efficiently revitalize medium and low grade gold reserves. At the same time, based on years of deep accumulation of overseas mine operations, it can steadily obtain high-quality mineral sources, and further dilute unit costs through fine control, thus constructing differentiated resource development barriers. On the endogenous side, the company continues to promote deep development and mineral processing system transformation at major mines such as Buritika, Rosebel, Norton Goldfield, Akim, and Regaldo, to fully release the production capacity of existing mining areas. As various technical improvement projects are put into operation one after another, the annual processing scale and metal output of our own mines will steadily increase, achieving stable endogenous growth based on existing resources. On the epitaxial side, the company plans to acquire the Canadian listed company United Gold in full cash to acquire its ongoing gold mines in Mali and Côte d'Ivoire and the Kurmuk gold mine under construction in Ethiopia. After the transaction is completed, the company will add stable production capacity and high-quality reserves. Over the long term, the incremental production capacity brought about by internal reserves and mergers and acquisitions will continue to expand the company's total mineral gold and global resource reserves, and steadily enhance its position among global gold producers. The medium- to long-term support logic for gold prices is stable, and the company is expected to fully benefit from rising prices in the short term and the Federal Reserve's monetary policy bias to suppress the price fluctuation. However, in the medium to long term, the logic that central banks around the world continue to buy gold and weaken dollar credit remains unchanged, and the gold price center has upward momentum. The flexibility of the company's performance is directly tied to the trend of gold prices. Combined with mergers and acquisitions, production increases. If gold prices remain high in the medium to long term, revenue and profit are expected to continue to grow.

By Wan Yongqiang (Director of Zhitong Finance Research Center)

Disclaimer: The shares in the article are for shareholder discussion only and must not constitute investment suggestions. The stock market is risky, so you need to be careful when investing