Zhitong Hong Kong Stock Exchange Unravels | South Korea's Deleveraging Tends to End the Big Tech Rebound and Believes in “Light” Again
[Anatomy Dashboard]
As soon as technology rose, Hong Kong stocks fell, forming a reverse trend. This is determined by internal structure. It's not that the market is bad. The Hang Seng Index fell 0.60% today.
The US has almost no recourse against Iran; it is actually soliciting innovative and unconventional pressure from within the military to punish Iran. There is no choice but to threaten again: Trump said on Monday that if Iran does not agree to reach an agreement and end the conflict between the two countries, it will face “beheading.” He said that Tehran has only one last chance to reach an agreement. By saying this, you've probably already grasped Little Khamenei's place. Iran should also pay attention. The latest news is that the US and Iran are close to reaching an agreement.
It was also said yesterday that the Korean stock deleveraging is not over. Today, there are signs of bottoming out. The trading volume of Korean semiconductor leveraged ETFs has clearly shrunk. Following SK Hynix's KODEX SK Hynix leveraged ETF, the trading volume fell to 59 million shares on Monday, the lowest level since June 4; another smaller, similar ETF linked to Samsung Electronics. Since its launch at the end of May, its trading volume has also hit a new low. Deleveraging is coming to an end, and technology is almost at its bottom.
Today's rebound in technology is a matter of course, so the funds gathered in banks earlier will loosen up. Today, bank stocks are collectively weakening, and China Construction Bank (00939), Industrial and Commercial Bank (01398), and Agricultural Bank (01288) have all fallen by more than 3%. One line of insurance and securities were all adjusted, and the Hang Seng Index went down directly.
The direction of market rebound continues to be mirrored by US stocks. It is said that Anthropic saved US stocks last time, and Cloud saved US stocks this time. Cloud's performance was really strong. Google Cloud's revenue was about 24.8 billion US dollars, up 82% year on year; revenue from Microsoft Azure and other cloud services increased 43% year over year; and Amazon AWS revenue was 42.2 billion US dollars, up 37% year on year. Google Cloud led the revenue growth rate this quarter, followed by Azure and AWS, and all three companies accelerated further compared to the previous quarter. The target for Hong Kong stocks is Jinshan Cloud (03896): With sufficient orders in hand, revenue is predicted to increase 35%/34% year on year from 26 to 27. Among them, AI public cloud business revenue increased 83%/65% year on year. Revenue from Xiaomi and Jinshan Ecology forms a highly deterministic cornerstone. In the first quarter of 2026, this portion of revenue reached 840 million yuan, a sharp increase of 68.9% year on year, accounting for about 31% of total revenue. Today it surged more than 14%.
The other is Palantir, which has an adjusted operating margin of 62% and a free cash flow of over $1.2 billion. The company raised its 2026 revenue guidance to $8.150 billion to $8.158 billion, while raising the US commercial revenue guide to $3.424 billion. The target product is Xunce Technology (03317): revenue for the first half of the year is expected to reach 967 million yuan, a year-on-year increase of 389%, a record high for the same period; net profit to mother reached 72.51 million yuan, and adjusted net profit of 67 million yuan, which significantly turned a loss into a profit compared to the same period last year. Mainly, the deployment of TokenOS and the increase in token calls brought new revenue. In the first half of the year, the company's token model accounted for more than 10% of revenue. In June, ARR of the token model increased 410% from quarter to quarter, indicating that the commercialization process of the token economy exceeded expectations. Today it surged more than 18%.
With the rapid improvement of large model agents and coding capabilities, PCBs are driven to develop in the direction of high density and high performance. Products with higher layers, higher levels, and more advanced materials are technically difficult, consume large production capacity, and continue to increase in value. Subsequent products such as orthogonal backboards, mSAP, and CoBOP will be implemented at an accelerated pace, and the PCB market space will be further opened up. Most of the performance forecasts reported by the leaders in the PCB industry chain have achieved high growth, and the industrial logic continues to be fulfilled. It is expected that the overall PCB industry chain will increase in price in the future, with the equipment side taking the lead. Chipboard (09630) surged by more than 22%, while Dazu CNC (03200), Guanghe Technology (01989), and Dingtai Hi-Tech (01377) all increased by more than 13%.
TrendForce Jibang Consulting said that due to insufficient DRAM supply and HBM4e verification survival variables, Nvidia has evaluated Rubin Ultra's various lower HBM specifications in parallel (including HBM4e 8hi, HBM4 12hi, etc.), but the decision has not yet been finalized. This means that in order to make up for the lack of video memory on a single card, clusters require more high-speed interconnection (NPO/NVL) between GPUs, and incremental improvements in optical interconnection, high-speed PCBs, connectors, memory interfaces, and high-speed SSDs. As a result, the logic of optical communication is being strengthened. The core leader Zhongji Xuchuang (03308) surged 17%, and Cambridge Technology (06166) surged nearly 20%. Changfei Optical Fiber (06869) rose more than 10%.
Other types of technology showed positive results, such as Tianshu Smart Chip (09903): China's leading provider of general-purpose GPU products and AI computing power solutions. In 2025, the revenue of general-purpose GPU products reached 923 million yuan, an increase of 149.6% over the previous year, accounting for 89.3% of total revenue. The MiniMax H3 model was officially open source, and Tianshu Zhixin completed adaptation support on the same day as the open source, up nearly 12%. The direction of computing power is Huaqin Technology (03296): The forecast results for the second quarter were better than expected. The agency expects that as cabinet-level AI projects enter mass production, the data center business will become the main performance catalyst from the second half of 2026, rising more than 6% today.
CXO leader drug Ming Kangde (02359)'s performance report: The company's revenue for the first half of the year was 28.897 billion yuan, up 38.93% year on year. Among them, revenue for the second quarter was 16.462 billion yuan, up 47.71% year on year, setting a new high in a single quarter. All three business segments have maintained double-digit growth, and there are upward performance guidelines. Not only will the annual revenue target for 2026 be raised from 51.3 billion yuan to 53 billion yuan to 58.5 billion yuan to 58.5 billion yuan, but the target growth rate for continuing business revenue will also be raised from 18% to 22% to 35% to 39%; capital expenditure will increase from 6.5 billion yuan to 7.5 billion yuan to 7.5 billion yuan to 8.5 billion yuan. Today's increase was over 11%, directly catalyzing a rise of more than 11%; Kanglong Chemical (03759), Gloria Ying (06821), and Pharmaceuticals (02268) have risen by more than 6%. Zhitong's August Gold Stock Exchange (02315), which sells shovels, also directly benefited. The company received 556,500 additional shares from Wells Fargo Fund at a price of about HK$51.81 per share, which surged nearly 10% today.
[Section Focus]
August 4 - Castle Securities predicts that by 2028, technology companies will also finance more than 500 billion US dollars of debt in the open market and private equity markets to fund the chips needed to build an artificial intelligence park. Jeff Eason, chief analyst at Castle Securities's investment-grade bond division, predicts that most of the bonds issued will have a shorter term, about three to five years, to match the useful life of the chips, and some of them may be issued in the form of 144A private placement.
On August 4, according to reports, Shenyang Zhengxin Semiconductor Technology Co., Ltd. recently underwent business changes, adding the SDIC New (Beijing) Equity Investment Fund (limited partnership) and Jinshi Growth Equity Investment (Hangzhou) partnership (limited partnership) under the third phase of the National Capital Fund as shareholders. At the same time, the registered capital increased from RMB 100,000 to about RMB 11.34 million.
As the cornerstone of AI, chips will continue to receive financial support. The main types of Hong Kong stocks are: Huahong Semiconductor (01347), SMIC (00981), and ASMPT (00522).
[Individual Stock Mining]
Eston (02715): Industrial robot share continues to rise, mid-report expectations are high, boosting confidence
The company predicts net profit of 150 million to 180 million yuan in the first half of the year, an increase of more than 21 times over the previous year. Product structure optimization and cost reduction and efficiency led to a significant increase in gross margin. In the intelligent production workshop, the heavy-duty robot is closely cooperated with the assembly robot, and a robot base can be accurately assembled in just 20 minutes. This intelligent factory that uses “robots to make robots” is called “ESTUN” in English.
Comment: The “robot manufacturing robot” production line capacity of Eston Nanjing Jiangning Intelligent Chemical Factory and the breakthrough path of high-margin self-development from local leaders impacting the world's top three. The significant improvement in the company's performance is mainly due to the company's continued promotion of high-quality development strategies and the benefits brought by the asset restructuring of participating companies.
Industrial robots welcomed industrial demand. Industrial robot shipments ranked first in the domestic market in the first quarter, and profitability increased. Net profit in a single quarter exceeded the full year of 2025, and gross margin increased by 7.52% year-on-year. Overseas business has grown dramatically, with Europe as the core engine. Growth continued in Europe and Southeast Asia at the beginning of 2026. The overseas gross profit margin is 30% +, which is significantly higher than domestic, and is the main source of profit growth for the next 2-3 years. The company's share of industrial robots continues to rise, and production continues to increase. In 2025, 33,400 units were shipped, accounting for 10.6% of the market. For the first time, it surpassed the big four foreign-owned families (Fanuc, Yaskawa, etc.), ranked first in domestic production for 8 consecutive years, and entered the list of the world's leading auto parts suppliers.
Ongoing orders are sufficient. The latest order data (February to March 2026 caliber) shows that on-hand orders are about 8.5 billion yuan, +67% year over year, and robot orders are about +50% year over year. The boom continues, and order quality is stable. Order structure and delivery, downstream: automobiles (including new energy), 3C, photovoltaic/lithium batteries > 70%; large orders: BYD 12,000 robot contracts (delivery until 2026Q1); 80 million + overseas Salis single projects; 150 million orders are expected in 2026. Production schedule: Capacity utilization rate is 90% +; on-hand orders are scheduled to 2026Q2-Q3. Heavy-duty models have a longer schedule, full orders, and tight delivery.
The global layout took shape, A+H listed (Hong Kong stock listing in March 2026), the first A+H industrial robot in China. Merged and acquired German Cloos (welding) and British TRIO (motion control); Europe/Poland factories were launched, and services covered 75 countries.
The company's entire industry chain is self-developed, 95% of the core components are autonomous and controllable, self-developed iER.OS intelligent ecosystem, Juliet robot language, rapid deployment of collaborative robots (Cool Zhuo), covering 107+ scenarios, and rapid electronics/lithium-battery/medical expansion. The core components of the 1200kg heavy-duty robot are 100% domesticated, and the first set certified at the national level.
The company's share of collaborative robots has increased, overseas business is growing, orders are full, and gross margin is significantly higher than domestic (difference of about 10 pct), which is the core of future profit flexibility. The robotics sector continued to pick up, and the company's mid-report performance expectations boosted confidence.