Zhitong Hong Kong Stock Exchange Cancellation | Let's wait and see if the US Treasury sanctions tomorrow, individual consumer stocks are being sought after
[Anatomy Dashboard]
The news over the weekend was very unfriendly. Concerns prevailed. Today, Hong Kong stocks jumped low and smashed downward, closing down 1.89%.
The actions of the US Treasury failed to achieve results, and US bond yields have risen again. Trump said, “The ultimate means of intervention is our military. If we had to use the military, we would. ” Currently, the largest holders of US debt are mainly Japan, the United Kingdom, and China. Leaving aside Japan and Britain's two allies, did the US military launch aircraft carriers to force us to buy US debt? Or are you trying to force global capital to buy US debt by attacking Iran? According to previous traditions, anyone who has this ability won't say more nonsense.
But the biggest concern is still in the Middle East. US Treasury Secretary Bessent said on social media on the evening of the 23rd that the war between the US and Iran is “coming to an end,” threatening to cut off “every economic lifeline” of the Iranian regime until Tehran is “isolated and helpless.”
At the same time, it threatens that any country providing financial support to the Iranian regime will face equal isolation. Specific measures are expected to be announced on August 24, local time. Iran's Supreme National Security Council Secretary Rezai made a tough response: if the US fights an economic war, the Strait of Hormuz and the Persian Gulf will no longer export oil, and any country participating in or supporting the economic war waged by the US against the Iranian people will be treated as an act of war. Both sides are adamant to see what specific measures the US side will take tomorrow, and the second-level sanctions are also a concern. What Iran does next is also quite critical. Today, much of the market's capital is withdrawing from the sidelines.
The situation is tense, and international oil prices are bound to rise. Sinopec (00386) achieved operating income of 1.44 trillion yuan in the first half of the year, an increase of 2% over the previous year; net profit attributable to shareholders of the parent company was 25.6 billion yuan, an increase of 19.3% over the previous year. This is Sinopec's biggest increase in net profit in half a year since 2022. The refining sector achieved operating revenue of 17 billion yuan, an increase of 381.5% over the previous year. Strong results, up nearly 6% today.
At this stage, the safe-haven properties of gold were once again revealed. Spot gold surpassed 4,600 US dollars/ounce and hit a three-month high. World Gold Group (03939): Its Jinling Gold Mine in Solomon Islands has become the core engine for the company's resource expansion and gold production capacity. The mine has excellent resource endowments. By the end of 2025, the total amount of gold resources reached 403.4 tons, an increase of 79.7% over the end of 2024; reserves were 241.9 tons, an increase of 550.1%. Today's increase is over 5%.
Energy-strapped coal is also soaring as an alternative. In terms of price, the CIF price of European ARA port coal (6000K) is 127.25 US dollars/ton, up 5.75 US dollars/ton (+4.73%) from last week; Newcastle port coal (6000K) FOB price is 131.50 US dollars/ton, up 2.25 US dollars/ton (+1.74%) from last week; IPE has settled at 110.50 US dollars/ton per ton (+0.05%) from last week. The main coking coal contract rose by more than 2% during the day, hitting 1,600 yuan/ton, a new high since October 2024. Yi Dazong (01733), Yancoal Australia (03668), and China Coal Energy (01898) all increased by more than 3%.
There are many problems with technology. Although Samsung, the weather vane, has launched the largest shareholder return plan in history, and plans to return 79 billion US dollars this year, most of it is a cash dividend, and the 15 trillion won repurchase was used to issue shares. Many were cancelled, and today it fell close to 9%. Looking at the performance side, overall, Zhongji Xuchuang (03308) was quite good, but the month-on-month growth rate in the first quarter was 56.5%, falling to 38% by the second quarter. It shows that the later growth rate is slowing down. The market now has a very low fault tolerance rate. If there are flaws, vote with your feet. Today, it has dropped by more than 11%. There is also continuous financing. On August 23, Alibaba (09988) raised a huge amount of financing and plans to place 770 million new shares, a net raise of about 79.7 billion Hong Kong dollars. The placement price is HK$112.70. It almost fell to this position today, closing at HK$112.5. According to media reports, the placement was oversubscribed less than an hour after it started. In the end, the share of the placement was dominated by high-quality long-term investors such as sovereign wealth funds. CICC, HSBC, Morgan Stanley, and UBS participated in this round of the IPO. Major sovereign funds from the Middle East, Europe, Asia and other regions participated actively in this subscription. Although this financing went very well, if the institution had to spend so much money, it could only sell other stocks. Next, A-share Changjiang Storage will also be listed. On the Hong Kong stock side, Xiyin (00625) will officially launch a global sale on August 24. They are all at the level of 10 billion dollars, and the overall funding level continues to be under pressure.
The market is shifting to the consumer level. In September 2026, Apple's first folding screen iPhone will be released on the same stage as the iPhone 18 Pro series. The starting price of the Bank of China is expected to be 14,999 yuan, the top package will exceed 20,000 yuan, and the first year's preparation target will be raised to 10 million units. UTG is a new core incremental step for folding iPhones, and the value of stand-alone devices has jumped dramatically. Lansi Technology (06613) is the core supplier of the UTG process, accounting for the majority of the share. Company Interaction Easy has confirmed that it has delivered folding screen-related components in batches to major North American customers at the end of the second quarter, and today it has increased by more than 5%.
Oriental Selection (01797)'s fiscal year 2026 revenue was 5.701 billion yuan, up 29.8% year on year; net profit to mother was 544 million yuan, up 9377.8% year on year. Operating profit changed from loss of 110 million yuan in the previous fiscal year to profit of 663 million yuan, and adjusted net profit increased 262.2% year on year to 629 million yuan. In the context of leading anchors leaving their jobs one after another, the company was able to achieve such great results, showing that the company has developed a new route, which is to build a large-scale anchor matrix and switch to the company's own brand retailers. The GMV of proprietary products was 5.4 billion yuan, accounting for about 52.6%, and a total of 1009 self-operated products were launched; the comprehensive gross margin increased 3.8 percentage points year-on-year to 35.8%, and proprietary products became the core source of growth. Offline physical stores are another highly anticipated new variable. Today's increase is nearly 8%.
Andeley Juice (02218) announced that the shareholding structure of Shandong Andeli Group Co., Ltd., the controlling shareholder of the company, changed. Wang An, one of the actual controllers, transferred 45% of his shares to Queen Meng, and shareholder Yang Yuhua transferred 10% of his shares to Wang Shujuan. This move is the company's gradual transition to “post-80s” Wang Meng. Because of his many years of experience in financial investment and corporate management, the market is looking forward to diversification or success across borders. Today's increase is over 8%.
Michelle Group (02097) will announce its mid-term results on August 27 (Thursday). Market capital may be laid out ahead of schedule before financial reports. Recently, flagship stores across the country have been quite successful. Its popular demonstration effect will attract more members. The company's model of selling materials and collecting franchise fees is expected to work. Today, it is up nearly 8%. Of course, it is more critical to see the results announced later.
[Section Focus]
The peak season for lithium batteries has surpassed expectations at the end of the year. Export tax rebates are currently 6%, and 0% in '27. Single wh is extremely sensitive. Furthermore, various subsidies for electric heavy trucks and passenger cars will also expire at the end of December, and there is great uncertainty in '27. Combined with the wave of domestic energy storage installations at the end of the year, production schedules are expected to continue to rise until December, and battery profits will improve with the scale effect. On 8.23, Jianxiawo Lithium Mine announced the first EIA information announcement. According to this pace, uncertainty about resuming production during the peak season increased, and lithium carbonate broke through MA60 resistance and continued to rise. It seems that the valuation of lithium iron during the year was less than 10x. Q3 iron phosphate also achieved a sharp increase in price, and profits improved along with the scale effect. Direct benefit from lithium carbonate-lithium iron, 6F.
The main varieties of Hong Kong stocks: Ganfeng Lithium (01772), Tianqi Lithium (09696), Ningde Times (03750), China Airlines (03931).
[Individual Stock Mining]
Hongqiao, China (01378): The layout of the entire industry chain is steadily advancing, and the performance is impressive in mid-report performance growth
Recently, Norwegian Hydro announced that the company's Alunorte plant in Brazil has cut alumina production to 50% of production capacity due to “gas supply” issues. The company early redeemed the US$330 million 7.05 percent senior unsecured notes due in 2028, demonstrating the strength of its balance sheet. The 2026 mid-year report revenue was 87.506 billion yuan, +8% year on year; net profit to mother was 17.210 billion yuan, +39.2% year over year; gross margin increased significantly, with an overall gross profit margin of 31.5% (+5.8% year over year).
Comment: Aluminum prices strengthened in the first half of the year, and profits in the electrolytic aluminum sector exploded across the board. The company's mid-report performance was impressive, mainly driven by the rise in sales prices of aluminum alloy products, increased sales, and the release of profits throughout the entire industry chain. The large production capacity is superimposed on a dual regional layout, and the share continues to increase. The company's compliant electrolytic aluminum production capacity is 6.46 million tons (14.8% nationwide, 9.4% global), 21 million tons of alumina, and 970,000 tons of aluminum deep processing, with a capacity utilization rate of over 97% year-round. The company's joint venture mine in Guinea mines 50-60 million tons of bauxite per year, builds its own port for shipping logistics, and is 100% self-sufficient for bauxite; Indonesia has a 2 million ton overseas alumina plant with a total domestic alumina production capacity of 21 million tons, a self-sufficiency rate of over 150%, and the surplus alumina is exported worldwide. The Shandong base is equipped with its own coal-fired electricity, and Yunnan lays out hydropower aluminum (accounting for 31% of hydropower production capacity), with self-built photovoltaics 2 GW; self-owned electricity makes the cost of electricity per ton of aluminum more than 800 yuan lower than that of its peers. Demand for new energy has opened up room for long-term growth. The amount of aluminum used in bicycles for new energy vehicles has increased by more than 30% compared to fuel vehicles; the amount of photovoltaic frames, energy storage battery foil, and UHV cables continues to be released; the company has expanded production of aluminum foil for batteries and aluminum sheets for automobiles, and the gross margin of high-end processed products is 10-15 points higher than that of raw aluminum.
Overseas orders continued to increase. Overseas electrolytic aluminum factories in Southeast Asia and the Middle East signed annual long-term agreements to export 6.4 million tons of alumina in 2025 (+16% year over year). Large domestic traders and processing enterprises of electrolytic aluminum lock prices for long orders every year, lock in more than 70% of basic sales volume, and sell only 30% in stock flexibly. High-end deep processing is in short supply, 1) Food aluminum cans: All leading domestic packaging companies cooperate for a long time, production capacity is full, and the order schedule is 3 to 6 months. 2) Lightweight aluminum for automobiles: The annual framework supply agreement between BYD and Tesla supports the continuous expansion of production of body panels and structural parts. 3) Photovoltaics and energy storage aluminum: Domestic leading components and framework orders from energy storage companies increase year by year with PV installed capacity. 4) Power battery aluminum foil: From 2025 to 2026, additional production capacity will be gradually released to meet the long-term supply demand for lithium battery faucets. The company has continued to pay dividends every year since its listing, with a cumulative dividend of 50.4 billion yuan from 2011 to 2025, with an average annual dividend rate of 36%, and a dividend rate of 63% in 2025; operating cash flow of 39 billion yuan in 2025, abundant monetary capital in accounts, continuous share repurchases, and stable shareholder returns. Bulk raw aluminum depended on annual growth, and deep-processed high-value-added products were in short supply. The company's new energy sector orders are increasing year by year, which is the core source of performance growth over the next 3 years.