Zhitong Hong Kong Stock Exchange Unravels | Federal Reserve Officials Release Easy Expected Computing Power Token Loan Concept Surges

[Anatomy Dashboard]

Every time US stocks reach a critical moment, there are always two words to protect the market. Overnight, the three major stock indexes all rose more than 1%. The atmosphere was very good. Hong Kong stocks directly opened high today, closing up 1.74%, but the end of the market weakened slightly due to the influence of A-shares.

This time, US stocks are coming forward by the Federal Reserve's senior ticketing commissioner Waller: Recently, he has seen signs of de-inflation. If CPI continues to improve next August, he is inclined to support keeping interest rates unchanged in September. The three-month annualization of core inflation it is concerned about has fallen from 4.76% in February to 3.05% in July, and the PCE method revisions may further lower the year-on-year reading by a few tenths. This speech is equivalent to directly handing Walsh a step forward. As mentioned last time: first intentionally showing hawks, then suddenly switching pigeons. Poor expectations came out; on the contrary, it became a benefit.

Foreign capital is piling up in the Hong Kong stock market, and the weather vane must be mainly based on the dynamics of US stocks. After the Federal Reserve switched pigeons, expectations of related easing came into play. Real estate was the first to benefit from this direction. Looking at the industry itself, there are also conditions for a rebound. Especially after the 8.28 New Deal came out, pessimism has turned optimistic. In addition, traditionally speaking, it is the peak season for the gold, nine, and silver ten-property market, and the data is being realized during the peak season, but it is also important to note that only high-quality housing enterprises in core cities benefit; a large number of third- and fourth-tier cities and weakly qualified housing enterprises are still under great pressure. The main types that have strengthened include Longhu Group (00960), which rose more than 8%, Country Garden (02007) and Vanke (02202), which rose more than 6%, and Sunac China (01918), which surged more than 14% due to the formation of a diversified business layout in real estate, property, ice, snow, and cultural tourism. China's overseas development (00688), which also had good results, rose nearly 5%. In the direction of the industrial chain, Huaxin Construction (06655) is benefiting from the expansion of overseas production capacity to hedge against declining domestic demand. Overseas cement clinker lines such as Mozambique, Nigeria, Sagamu, and Ashaka are about to be put into operation. It can make money if it has production capacity. Today, it has risen by more than 6%.

Easing is also good for technology stocks; this is a reflection of continuing speculation on US stocks. Last night, the US stock IGV index continued +3.4% (+13.1% in the past month), Snowflake +16.6%, Palantir +7.7%, ServiceNow +6.5%, and CrowdStrike +5.7%, mainly driven by Snowflake's performance exceeding expectations. On the application side of Hong Kong stocks, Minglue Technology-W (02718), Yidu Technology (02158), Meitu (01357), and Kingdee International (00268) all rose more than 5%.

The AI skit trend is also quite popular on A-shares. In the first half of the year, Reading Text (00772) launched more than 90 short dramas, and the popularity rate of short dramas reached 4 times the market average. In total, 46 AI comics had more than 100 million broadcasts, and the playback rate of one million people reached 5 times the industry average. Dozens of works came out with data at the same time, indicating that the reading text gradually has the ability to batch screen IP, mass production content, and batch distribution and verification. Today, it has increased by more than 8%.

Recently, the Inner Mongolia branch of the Bank of China issued the Inner Mongolia Autonomous Region's first “computing power token loan” for Inner Mongolia and the Lingle New Area. As banks begin to use “token consumption” to grant credit to AI companies, a fundamental change is taking place: tokens are no longer just billing units for large models; they are becoming a general value measurement layer in the digital economy. The underlying logic is: how many tokens an AI company has burned directly reflects the activity of its products being used by the market. The steeper the token consumption curve, the more inseparable it is for customers. The advantage of Maifushi (02556), which started the card slot, came out: it is on the marketing technology circuit, giving it an opportunity to play a more scarce role: providing marketing token data to SME customers on the platform to help them obtain credit enhancement support based on business authenticity. Its core competitiveness is that it has mastered token data for marketing scenarios, which is the closest data type to commercial monetization; it also has “token → conversion” closed-loop data capabilities. As Zhitong's gold stock surged more than 13% in September.

Another paradigm of intelligence (06682): The basic AI platform business continued to grow. Revenue in the first half of the year was RMB 3,088 billion, up about 30.0% year on year. It is still the company's largest source of revenue. The number of on-hand orders reached RMB 7 billion, and the order size increased 400% year over year; API business revenue was 464 million yuan, up 860.8% year on year. This is a major highlight. It is also linked to the “Token” fee line, which surged more than 14% today.

During the YunZhisheng (09678) period, the big model token business accelerated. Revenue was close to 30 million yuan, up 760% year on year. Among them, revenue in the second quarter exceeded 25 million yuan in a single quarter, up more than 500% month-on-month, and became the company's new growth engine. Today's increase is nearly 10%.

Yesterday, Kang Fang Biotech (09926) announced the news that the Ewasi and K drug head study had significant positive results, but yesterday's stock price performance was relatively lackluster. The reason was that the results were qualitatively favorable, but there was a lack of quantitative data (HR, median OS). Today, a large number of researchers reported that the head-to-head K drug was both positive for PFS+OS at the same time. This was a landmark event, so the price was re-priced. It will depend on how much HR actually was, and whether the benefits were small or large; whether the TPS 1-49% and TPS ≥ 50% subgroups all benefited from OS; another point is that among Chinese patients, evossi not only delays the progression of the disease, but also actually proved that it can make patients live longer. Today, it has surged by more than 11%. As long as innovative drugs are beneficial, sales of shovels will generally catalyze. Insili Intelligence (03696): Chairman of the Board of Directors Aleksandrs Zavoronkovs plans to increase his shareholding. The share purchase will be carried out within September 2026, with an estimated total of up to HK$16 million. Personally, this signal has given a significant boost to market confidence. Today it rose again by more than 4%.

Prior to the Federal Reserve meeting on September 16, the market now had the last non-farm payrolls and the last CPI data left. Tonight at 20:30 Beijing time, the US Bureau of Labor Statistics (BLS) will release the high-profile August non-farm payrolls report. Currently, mainstream market expectations are that new non-farm payrolls in the US will rebound from a low of 23,000 in July to an increase of 55,000. The unemployment rate is expected to remain at 4.1%, and the average hourly wage growth rate will rise to 0.3% month-on-month. The overall view is that bad data is good news.

[Section Focus]

Currently, the current spot price of 3 yuan outside of raw pigs is 11.11 yuan/kg. The industry is in the triple critical window of losing money, policies speeding up capacity removal, and cycle reversal. The Ministry of Agriculture and Rural Affairs revised the comprehensive regulation and control plan for pig production capacity, reducing the normal number of sows that can reproduce nationwide to 37.5 million heads. Many provinces have implemented supporting rules requiring that the task of reducing production capacity be completed by the end of September. The signal for clear production capacity at the policy level is clear. The industry continues to lose deeply, farming enterprises continue to consume cash flow, market-based active capacity removal and superposition policies guide passive removal, and the pace of production capacity clearance continues to accelerate. The allocation of partial equity funds to the animal husbandry sector has been low for nearly ten years, and sector valuations have sufficient safety pads.

The main varieties of Hong Kong stocks: Muyuan (02714), Dekang Agriculture and Animal Husbandry (02419), and COFCO Jiajiakang (01610).

[Individual Stock Mining]

Le Comfort (02698): Profitability is growing steadily, and the share of the Latin American market continues to rise

The company's revenue for the first half of 2026 was US$333 million, up 30.7% year on year; net profit to mother: US$76 million, +46.0% year on year; adjusted net profit of US$79 million, up 53.1% year on year; earnings per share were 12.2 cents, with an interim dividend of 8 cents per share; generous dividends, with an interim dividend of 65.5% in 2026.

Comment: The company's profitability grew steadily in the first half of the year, and gross margin continued to rise. The gross profit margin was 35.8%, +1.6 pct year on year; the adjusted net interest rate was 23.6%, driven by a sharp rise in volume and price. The debt is very low, the debt ratio is only 15.5%, and the cash flow is good.

The company's baby diapers are the basic market, accounting for 78.7% of revenue; baby care is 262 million US dollars, +31.7%; women's care is 56 million US dollars, +21.6%; and wet wipes are US$15 million, +52.5%. Sanitary napkins and wet wipes are growing rapidly, and home care wipes are growing the fastest, and multiple categories are driving revenue together. Covering more than 30 countries in Africa, building huge local dealers and sinking terminal outlets, and promoting channel digitalization. According to 2024 sales, the African baby diaper market accounts for 20.3% and sanitary napkins for 15.6%, ranking first in sales, surpassing international giants P&G and Kimberly.

The company's second growth curve is the Latin American market, replicating Africa's successful model and entering Latin American countries such as Peru and El Salvador. El Salvador will be put into operation 2025-08, covering distribution in countries surrounding Central America. Peru's new 2026-04 plant was officially put into operation. It is the core fulcrum in South America, covering neighboring Andean countries such as Ecuador and Bolivia. In 2025, Latin American revenue was +134.3% year-on-year, and the share continued to rise, opening up new room for growth.

Production capacity: The IPO fund-raising focuses on expanding production in Africa and Latin America, intelligently upgrading production lines, continuing to build new and renovated factories to match sales expansion, and rolling production capacity in line with market demand. The company's delivery cycle was shortened from 2 to 3 months to half a month by sea, and the response was fast. High tariffs have been avoided, and transportation costs have been drastically reduced. It quickly adapts to local consumption and is a “one country, one policy” customized product, with rich SKUs.

The company's basic market in Africa is stable and profitable. As the second growth curve, Latin America continues to optimize production capacity layout in key regions such as Africa and Latin America to achieve steady growth in business scale and profitability.