Zhitong Hong Kong Stock Exchange Unravels | Trading Trump's full range of TACO Technology products continues to be ignited by capital
[Anatomy Dashboard]
The whole world breathed a sigh of relief when interest rate hikes were implemented. US stocks themselves are rebounding. What did Hong Kong stocks say was simply a short jump, but there was some softening at the end of the market, and closed up 0.60%.
The root of the rebound is that the market is also betting on Trump's TACO. He said that next week they will meet with various Middle Eastern lords. He believes that this seven-month war may soon come to an end. Whether there will be an immediate cease-fire or not, it is fine if there is an expectation; it is fine if the stock market rises.
On September 18, Foreign Ministry Spokesman Guo Jiakun said, “China and the US are maintaining communication on the arrangements for interaction between the heads of state during the year.” There is no accurate information about the summit meeting between China and the US yet, but it is not ruled out that they will meet, and communication through channels is relatively smooth. Considering that Trump himself still has many issues unaddressed, the September meeting should be very difficult; it is relatively likely that they will meet at the APEC meeting in November. It would also be great news if it could come. This time, a bit of goodwill has finally been shown: the US has returned two batches of Chinese cultural relics, including the Buddha statue that was looted more than 100 years ago.
Another confidence booster is that in the context of the US interest rate hike, the onshore and offshore renminbi both rose above the 6.7 mark against the US dollar on September 18, hitting a new high since 2023. There are many reasons behind it. Among them, the foreign trade boom is compounded by current account surpluses, and the continuation of settlement resilience, etc. The final feedback on the exchange rate is a country's overall strength.
The rebound in US stocks is also driven by AI technology. Nvidia stated that chip sales will double next year, and the global computing power arms race is expected to heat up. Overnight, SanDisk rose more than 6%, Micron Technology rose more than 5%, SK Hynix rose more than 4%, and Hong Kong stock storage direction: GigaYi Innovation (03986) rose nearly 10%.
The Chinese cow is still a big model. At the application level, the Chinese big model is very cost-effective, and new progress has also been made in international marketing. MiniMax (00100) was invited to participate in the joint construction of the Singtel AI subscription package in Singapore. Many of its AI products will be used for AI skills training for Singaporean citizens. Earlier, Humain, an AI company under the Saudi Public Investment Fund, released HUMAIN M3, a large Arabic model developed based on the MiniMax M3, and opened up research previews. In the first half of the year, MiniMax accounted for about 60% of overseas revenue. Today it rose again by nearly 19%.
Yesterday, I mentioned that the Smart Spectrum (02513) model has begun to evolve. Today, we announced the launch of the GLM-5.3-FlashX model, and the API will be fully opened simultaneously. The inference speed of the new version can reach up to 200 words per second, which is 5 times higher than the current model GLM-5.3-Flash, and the pricing is 2.5 times higher than the original version. Daring to raise prices so drastically shows that the model is strong and has strong pricing momentum. The company has recently signed revenue sharing agreements with leading cloud service providers at home and abroad, and related revenue will be confirmed from October. As the company expands its computing power once again, the inference cluster composed of 100,000 domestic chips will be filled up as soon as it goes online, and performance will grow rapidly after the price increase. Today, it is once again up more than 5%.
The strengthening of the big model was driven not only by individual TOKEN business stocks, such as Maifushi (02556), which rose by more than 11% and Paradigm Intelligence (06682), which rose nearly 10%; there were also a number of individual stocks on the computing power side, such as domestic cloud AI GPU wall technology (06082) and Tianshu Zhixin (09903), which rose more than 12%; and Optical Interconnect Xizhi Technology-P (01879), which rose more than 22%. Lenovo Group (00992) for complete AI servers rose more than 9%, and Lenovo Holdings (03396) rose more than 11%.
Yangtong varieties continue to gain strength. In 2024, Yaoyao Mei (06658) ranked first in retail sales in China's fruit snack industry, with a market share of 45.7% for natural jelly, and a diversified online and offline sales network. It is unique in the food sector. It has caught up with the trend of natural additive-free snacks. Unlike all categories such as Three Squirrels and Liangpin Shop, under traditional dried plums as the main business, they are deeply cultivating the two major varieties of plum jelly and prunes, which have become a new engine of growth. Together, the two major new products contributed more than half of the revenue, completing the transformation from a single plum snack to a diversified fruit snack platform. As the Mid-Autumn Festival National Day peak season approaches, the market surged by more than 20% today. Its strengthening also led Andeley Juice (02218) to surge by more than 11%, Yasui Foods (02648) by more than 7%; and Yingxing Holdings (01440) as an IP derivative. The group is exploring the establishment of its AI infrastructure and software-as-a-service (SaaS) capabilities to support its AI-driven business plans, up more than 11%.
If there is news that can be used at the bottom, there will be financial ignition. Yunji (02670) company official Weiwei said that for the first time, its complex polymorphic robot UP achieved large-scale implementation of 100 units in medical scenarios, and entered the top three hospitals, including the Guanggu Campus of Tongji Hospital, to undertake drug distribution tasks. The company's robots focus on the hotel scene, with a market share of 13.9% in 2024, ranking first. Entering the more demanding hospital scene this time has undoubtedly opened up new growth space. This can all be replicated. It is expected that there will continue to be more than 28%; Yingpai Pharmaceutical-B (07630) Hong Kong stock's scarce synthetic lethal platform-based Biotech, the core commercial product Senapali has been officially included in the national health insurance catalogue since the beginning of 2026, and subsequent ESM0 conferences will also reveal the latest clinical data from multiple pipelines, which is expected to continue to bring catalysts. Previously, Director and CEO Choi Sui-hung purchased a total of 100,000 shares of the company's common shares on the open market at an average price of about HK$14.6105 per share. Today it's up nearly 16%.
AI pharmaceuticals are once again fermenting. Major overseas pharmaceutical companies are now not “want AI,” but “if they don't embrace AI, they find that they can't bear the cost.” Eli Lilly, Schweier, and Takeda have signed a partnership with leading company Insilicon Intelligence (03696), indicating that MNC is willing to pay for early assets discovered by AI. Today, it surged more than 13%; Jingtai Holdings (02228) recently reached a strategic cooperation with LLY.US (LLY.US) for an AI-enabled dual-antibody platform with a total value of up to US$345 million, including tens of millions of dollars in advance payments and milestones, up more than 16%; Jettech Technology-P (07666) is the world's first AI-driven drug delivery platform listed company, and the core platform NanoForge integrates a 10-million-level ionizable lipid bank, covering the three major solutions of aILnP, airNA, and aiTEM. On September 8, a strategic cooperation was reached with Luye Pharmaceutical for AI drug delivery, and on September 9, a joint venture was established with Zhaobian Biotech to build an mRNA CDMO platform. In June, a US$1.6 billion pre-clinical TCE authorization agreement was reached with Deerfield. Up more than 12%.
Earlier, I mentioned the decline in the Ningde era (03750). Recently, Ni Jun, the chief manufacturing officer of Ningde, responded: if you can build a car, you won't necessarily make a battery. This tough attitude is not good for the senses; it offends a number of car manufacturers. If you had to say this, BYD (01211) would do both. Today's general environment is not good. We should have gone through the difficulties together, not that all profits are being earned by a single battery factory. With the exception of high-end models, the introduction of second-tier battery manufacturers in the mid-range and below seems to be the general trend, because there is no generational crushing in technology. Moreover, there are car companies that cooperate to integrate their various technologies with battery manufacturers, so it should be no different. Among alternative manufacturers, Chuangchuang Airlines (03931) once again surged more than 10%.
[Section Focus]
Recently, Onsemi (onsemi) issued the latest price adjustment notice, announcing that price adjustments will be implemented for a wide range of product lines, and the new prices will take effect on October 10, 2026. This is already the second round of price increases this year (last time on April 1). It is worth noting that not only is global power leader Ansemi entering a cycle of price increases, but power companies in mainland China and Taiwan are also booming. In September of this year, leading power companies in mainland China are also planning to raise prices; in October of this year, Taiwanese manufacturers (Qiangmao, Taihan, etc.) plan to raise the spot price by another 10%-15% in October.
Major varieties of Hong Kong stocks: InnoSec (02577), Tianyue Advanced (02631), basic semiconductors (09971); power semiconductor foundry Huahong Semiconductor (01347).
[Individual Stock Mining]
Chipboard Micropack (09630): Accelerated delivery of high-end PCB equipment orders, increased production expansion, increased LDI demand
The company's second phase base, which was put into operation in 2025Q3, entered the production capacity climbing stage in 2026H1, and the overall design capacity reached more than double that of the first phase. The company's 2026 semi-annual report revenue was 1.06 billion yuan, +69.0% year on year; net profit to mother was 281 million yuan, +98.1% year on year; deducted non-net profit of 277 million yuan, +104% year over year; operating cash flow was 292 million yuan, a sharp increase of 377% year on year. The gross margin was stable at 40% to 42% over the long term, and the net margin was stable at 20% +.
Comment: The company's performance in the first half of the year was impressive, with high growth in both profit and cash flow. The rapid expansion of AI PCB production has led to an increase in demand for upstream LDI. Chipboard has sufficient orders on hand, and orders for high-end PCB equipment have accelerated. The company is the only commercial direct writing lithography equipment manufacturer in the world covering the four major scenarios of PCBs, IC carriers, advanced packaging, and mask versions. In 2025, PCB direct writing equipment accounted for 18.8% of the global market, ranking first in the world, surpassing Japan's ORC and Israel's Orbotech (a subsidiary of KLA).
The company benefited from large-scale expansion of AI server high-end PCB (high multi-layer, mSAP process) production. Traditional film exposure reached the limit of the process, LDI penetration rate continued to increase, high-end models continued to be released, and the PCB business gross margin was stable at 40% +. The second growth curve Pan-Semiconductor, the WLP2000 wafer-level direct writing lithography machine, has passed TSMC's CoWos-L process verification. It is a scarce large-scale advanced package lithography device in China. The value of a single unit is 15 to 20 million, and the gross profit margin is over 50%, which is higher than the PCB business. Cut into the Shennan Circuit and Xing Sen Technology IC carrier board production line to replace domestic BT carrier boards and ABF carrier boards to speed up. Most domestic peers only make PCBs. Very few manufacturers have advanced packaging for mass production models. The racetrack competition pattern is very good, and the barriers are extremely high.
The company has the largest domestic mass production capacity, with an annual production capacity of 1,500 units. The delivery speed is significantly superior to overseas manufacturers, and domestic alternatives continue to seize the share of Japanese, European and American manufacturers. Overseas orders were released, and the overseas shipping cycle began. Factory orders in Thailand and Vietnam grew rapidly, and the logic of going overseas was fulfilled. The company is full of on-hand orders, and the capacity utilization rate is high. The company's new orders in the 2026Q1 quarter exceeded 800 million yuan, a record high; the company disclosed that Q2 orders maintained high growth in the first quarter. PCB orders: Leading PCB manufacturers continue to expand production, and orders for high-end LDI equipment are full. Advanced packaging orders: More than 30 units of WLP2000 equipment are in hand, and the corresponding order amount exceeds 100 million yuan. Leading domestic packaging and testing factories continue to introduce them, and orders for IC carrier board equipment are steadily increasing. Strong demand for AI has led to increased supply constraints. The company's rapid expansion of AIPCB production has led to high performance growth. WLP2000 wafer-level direct writing lithography equipment has received repeated batch orders, and shipments of advanced packaging equipment have accelerated. The company's full-cycle capacity utilization rate remained high in the first half of the year. Orders for a full range of equipment were on hand. The number of new orders signed in the first quarter of 2026 exceeded 800 million yuan, and continued its high trend in the second quarter. Among them, orders for high-end equipment with advanced pan-semiconductor packaging and IC boards grew rapidly.
As a leader in direct writing lithography equipment in China, Chipboard's products are widely used in the PCB and optical communication fields, and it is expected that it will continue to benefit from the upward trend in the industry. All of the H share overallotted rights have boosted confidence.