Zhitong Hong Kong Stock Exchange Unravels | US Treasury Yields Are Rising Again, Concerned That US Stocks Are Breaking, Southbound Capital Continues to Invest in Individual Stocks
[Anatomy Dashboard]
Leaving aside Middle Eastern factors, what the market is most worried about now is US bonds. The 10-year US bond yield hit 4.836% intraday, the highest since October 2023. The 30-year US Treasury yield was 5.285%, approaching the 20-year peak of 5.30% hit last month. Under these circumstances, US stocks are more dangerous. The Dow has broken ground, and once it falls, other indices are difficult to resist. Hong Kong stocks are running underwater all day today, falling 1.27%.
Recently, there has been a lot of talk about the news that Bezent is trying his best to increase the yen. He said, “I am a bookmaker now, so when we intervene in the yen, I know everything about the Japanese, the Bank of Japan, and the Japanese decision makers. If you want to gamble with me, feel free to come.” It is indeed very strong. The US and Japan joined forces, and the yen exchange rate is steadily rising. However, the original intention was not achieved: to raise the yen to save the US debt. Bezent also did his best. On Wednesday, the US Treasury announced that it would raise the upper limit of a single long-term treasury bond repurchase to 6 billion US dollars, triple the original size last month, in an attempt to suppress long-term yields. However, the market thought that it fell short of expectations; it thought there were 10 billion dollars, causing US bond yields to rise instead of falling, which is very embarrassing.
If the market is not good, it can only follow the individual stock market. At the Shanghai Bund Conference on September 9-10, Zhida Technology (02650) demonstrated a fully automatic household blade charging robot (Pioneer Robot), which can automatically identify, automatically plug and unplug guns, and connect with Alipay's home energy ecosystem. This pioneer robot is expected to land first on the B-side, such as demonstrations at various car company experience centers, high-end real estate, villa model rooms, unmanned charging stations, etc., and as Tesla Cybercab continues to expand, European unmanned vehicle fleets will rise, or bring in large robot charging orders; C The end corresponds to the European villa garage market. In the future, after autonomous driving is very mature, there will be a large number of C-side household purchases. Currently, the company mainly earns money from ordinary charging piles, focusing on overseas markets. Total overseas business revenue: 122.6 billion yuan, +70.5%, accounting for 17.1% of total revenue. Overseas exports of ordinary charging piles: 102,500 units. The main markets include Thailand, Brazil, the United Arab Emirates, Malaysia and other Southeast Asia, Latin America, etc., and the company's German factory will be put into operation in January 2027, mainly energy storage+charging systems and charging robots for European car companies, Robotaxi operating fleets and industrial parks. Today it surged more than 107%.
Foreign investors feel that nothing has been done recently, while south-bound capital has been active. The direction is that it continues to target newly imported varieties, and Yoyangmei (06658) is being hyped up again. The A-share red cotton stock (000523.SZ) once again followed a pattern today, which gave a strong demonstration effect. The red cotton brown sugar business was developed by the subsidiary Guangzhou Huatang Food Co., Ltd. The business model is to purchase raw sugar and ordinary grade white sugar as raw materials and then sold after refining and processing. From a logical point of view, it does not directly produce sugar itself; it earns a processing fee. Yoyo Ume is even more edgy. It specializes in dried plum snacks, prune products, and plum jelly. In 2024, China's fruit snack industry ranked first in retail sales. It is estimated that the processing of this type of snack requires a large amount of sugar. It is estimated that they inflate expectations of price increases, or sales will sell better. Today's increase is over 9%.
In the past two days, it has been rumored that the regulatory authorities intend to tighten the listing threshold for humanoid robot companies. According to people familiar with the matter, companies must prove that they can generate recurring revenue, are gradually reducing losses, or achieve real innovation before they can be considered for approval. The market believes that for leading targets that have already been listed and have the characteristics of narrowing recurring revenue and losses, supply-side constraints in the industry have instead strengthened their scarcity. Xiangong Intelligence (06106): In the first half of the year, shipments of “robot brains” exceeded 8,000 units, an increase of more than 80% over the previous year. The gross margin reached 46.6%, corresponding to gross profit of about 123 million yuan, an increase of about 72% over the previous year. Over the same period, it received more than 467 million yuan in new orders, an increase of more than 60% over the previous year. It is a scarce “robot brain” track target. It is also a variety that was just introduced on September 7, and today it surged more than 14%.
On September 10, the Information Office of the State Council held a press conference on the theme of the “Getting Started” series at 3 p.m. today. The Central Bank, the General Administration of Financial Supervision, and the Securities Regulatory Commission made the latest statements. Central Bank: It will firmly maintain currency stability, pay more attention to the role of interest rate regulation tools, and basically establish a modern financial system with Chinese characteristics that is highly adaptable, competitive, and inclusive by 2035; Securities Regulatory Commission: The average review cycle for IPOs in Shanghai and Shenzhen has been shortened to more than 6 months, and the refinancing reviews of some high-quality companies are less than 1 month. Further strictly regulate acts such as reducing holdings by controlling shareholders and actual controllers. Overall, there are no outstanding benefits; it is necessary to maintain stability. The Securities Regulatory Commission is putting pressure on capital by speeding up the IPO, but it is beneficial to strictly control the reduction of holdings. Related banks such as Minsheng Bank (01988), Bank of Chongqing (01963), and Bank of Communications (03328) rose more than 2%; China Life Insurance (02628) rose more than 2%.
Also, the Hong Kong Monetary Authority, Hong Kong Exchanges and Clearing Limited, the Dubai Financial Services Authority and Nasdaq Dubai today (September 10) jointly announced the establishment of a strategic working group to strengthen the financial market links between Hong Kong and the Dubai International Financial Center. Yunfeng Finance (00376): It has a license 1/4/9 from the Hong Kong Securities Regulatory Commission and has established RWA and virtual asset compliance services. It is the target of a small number of Hong Kong stocks that are licensed to do digital finance. This is also a new type introduced on September 7, up nearly 16% today.
The US Producer Price Index (PPI) for August released at 20:30 p.m. Beijing time on Thursday. Wholesale prices reflect the cost of raw materials purchased by companies to produce goods and provide services. Let's take a look at the data. UBS Wealth Management (CIO) published an institutional opinion that the data released on Friday showed that employment growth in the US is accelerating. The previously announced July personal consumption expenditure (PCE) inflation rose 3.7% year on year, which was also higher than expected, driving the Federal Reserve to take a more hawkish stance. Currently, the probability that market prices will implicate an interest rate hike in September has risen from about 50% to about 60%.
[Section Focus]
On the 10th, MLCC leader Murata Manufacturing officially issued an official notice announcing that it will launch product line optimization in the 2026 fiscal year, discontinue production of some MLCC products and expand other production capacity, inform customers to complete written responses by the end of 2027, and complete final orders by the end of March 2028. The scope of this discontinuation covers specific part numbers in consumer-grade conventional series and automotive specification series, including GRM, GRJ, GRT, GXM, GXT, GCM, GCJ, GCG and ZRA series.
Murata Manufacturing is expected to accept the share of some generic parts that have been discontinued by domestic companies. The main product is the Sanhuan Group (06951), and the other is Tianli Holding Group (00117).
[Individual Stock Mining]
China Heart to Heart Fertilizer (01866): New production capacity continues to be implemented, and export orders are in strong demand
Since September 7, China Heart Link Chemical Fertilizer has been officially included in the Hong Kong Stock Connect. The company achieved revenue of about 15.740 billion yuan in the first half of the year, +24% year on year; net profit to mother was about 921 million yuan, +54% year on year; net profit of 1,229 million yuan, +62.36% year over year; close to the net profit level for the full year of 2025.
Comment: Generally, as long as the fundamentals are good, they can easily be favored by capital. The company's sharp increase in profit in the first half of the year was mainly due to a marked increase in gross margin driven by increased sales of urea and synthetic ammonia and lower costs, as well as an increase in gross margin driven by rising prices of self-produced chemicals such as methanol, DMF, and melamine. The company is a domestic single urea leader. The coal water slurry clean gasification process is about 10% lower than the industry average; after the second phase of production in Jiujiang, Jiangxi, was put into operation, the cost of a ton of urea was reduced by another 80 yuan. The company sold 2.34 million tons of urea, +21% over the same period; the gross profit margin of urea was 26.9%, a sharp increase of 66% over the previous year; melamine and DMF boomed, and melamine exports increased sharply in the first half of 2026, with a gross margin of close to 49%.
With a multi-base layout across the country, the company currently has three bases: Xinxiang, Henan, Jiujiang, Jiangxi, and Manas in Xinjiang. At the end of 2025, urea production capacity is 5.05 million tons, and compound fertilizer is 4.48 million tons; after all production is put into operation in 2027-2028, urea production capacity is expected to reach 8.05 million tons and 5.98 million tons of compound fertilizer, with a sharp jump in total production capacity. The Xinjiang base is close to coal resources, and the Guangxi base relies on leveling the land canal to reduce raw materials and logistics costs. Production capacity expansion continues to be released. The Xinxiang base's new chemical material high-efficiency fertilizer project was put into operation on September 4. The large-scale project at the Zhundong base in Xinjiang is expected to be completed and put into operation in the fourth quarter; the large-scale project at the Guangxi base is also progressing steadily according to the plan, and is expected to be completed and put into operation in the third quarter of 2027. Ongoing orders are sufficient. Domestic fertilizer was prepared in advance downstream in 2026Q1. Inventory fell 19% year on year, and urea production and sales were strong; compound fertilizer distribution orders were stable, and orders for efficient slow release fertilizer increased significantly.
Overseas orders: Export orders for melamine and urea are strong, demand is growing in Southeast Asia and the Middle East. Overseas orders increased significantly in 2025, and the share of overseas revenue increased by 4 percentage points; the Thai demonstration base model can be replicated to expand the Vietnam and Laos markets. Chemicals: melamine and DMF are combined with Changxie+spot, and overseas Changxie orders account for a relatively high share. The company plans to repurchase up to HK$200 million in 2026. The management continues to increase its holdings, the majority shareholders hold 32.7% of the shares, and shareholders are willing to return. Overseas orders are growing, and exports hedge against domestic cycle risks. The expansion of urea and compound fertilizer production and sales will drive the company's profits to continue to grow over the next 2 years.