Zhitong Hong Kong Stock Exchange Unravels | Global focus on Nvidia (NVDA.US) investigation incident, technology still looks at the line of autonomy and control

[Anatomy Dashboard]

There was some easing after the sharp drop in US stocks. There wasn't that much panic here, but it's not a good idea. Hong Kong stocks opened higher and fell 0.13% today.

Although the US has bombed Iran, the whole thing is manageable, and the two sides are continuing discussions. Trump recently stated that he will not escalate the war in Iran, but he will make some adjustments to the cabinet.

The US non-farm payrolls far exceeded expectations in October, and added 165,000 new jobs in October, far exceeding expectations of 65,000. The third highest monthly increase since 2026, was the third highest monthly increase since 2026, with a previous value of 60,000. The unemployment rate was 4.1%, lower than expected and the previous value of 4.2%. Expectations of interest rate hikes in December are heating up again, and the market doesn't seem to be very concerned about this because they all expect interest rate hikes.

Today, the world is focusing on the news that Nvidia's board of directors has launched an independent investigation into CEO Wong In-hoon. Let's not talk about eating melons; the key is what is behind it, because it has risen to the level of so-called “security,” making it difficult to get involved in a political turmoil. The essence is that the Democratic Party will take the opportunity to push for all kinds of suppression, sanctions, and blockades against us in the field of AI. As a result, AI technology linked to overseas chains is expected to be even more difficult. Well, the domestic production line should logically be strengthened, because the outside world can no longer expect it. For example, Huahong (01347), SMIC (00981), and A-share Cambrian (688256.SH) trends were relatively strong.

Of course, considering Nvidia as the leader of global AI, if Hwang In-hoon were removed as CEO because of this incident, the consequences would be serious, because it would be difficult to find a replacement. Jeffrey Sonnenfeld, a professor at Yale University School of Management, assessed the probability of Wong In-hoon's career survival as “about five or five”, and Nvidia dropped more than 4% before the latest market. As long as Hwang In-hoon's position is maintained, it is likely that the stock price will rise, because no company has ever caused the stock price to collapse due to this kind of incident. After many similar things happened, they all went up later.

Mainly pharmaceutical stocks, McPharmaceutical-B (02335) issued an announcement. In the critical phase III clinical trial of the company's core product, MT1013, all enrolled participants have completed the follow-up procedures stipulated in the study, treatment, and all trial plans, and have already left the team. Completing the follow-up is only the end of clinical operation. If the main goal is reached after blindness detection, the market will reassess the pipeline value after submitting the NDA. Note that it has signed a domestic+Asia-Pacific commercialization license with Genting Xinyao, with a maximum milestone of 1.24 billion dollars, a sharp increase of nearly 30% today; Zaiding Pharmaceutical (09688) revealed in the 3rd Quarterly Report on November 5, 81.8% of Zoci's first-line small cell lung cancer confirmed ORR. Zoci extrapulmonary endocrine nerve cancer announced by NANETS on November 6 40.0% confirmed ORR's support at the component level, up more than 14%; BeiGene (06160): Net profit for the first three quarters of 2026 increased 432% year on year, and Q3 net profit increased 67% month-on-month. It is expected that tomorrow will be good. Other Conoa-B (02162) and Kangfang Biotech (09926) rose more than 4%.

On November 9, the Apple research team revealed HALO, an autonomous control system for humanoid robots, equipped with the Yuki G1 robot. Through visual language models and motion generation technology, the robot can independently complete tasks such as pushing boxes, chairs, and crossing obstacles in an unfamiliar environment. The success rate of 360 tests is 91%. Faced with a multi-step coherent combination of tasks, the average success rate was 70%, verifying the utility of this control framework. The biggest value of Apple's open source technology link this time is to lower the R&D threshold for autonomous control of humanoid robots and provide the industry with a complete “brain” development paradigm. HALO uses a three-tier architecture. The upper layer is responsible for task orchestration, the middle layer generates full-body movements, and the bottom layer relies on reinforcement learning to complete motion tracking. The core highlight is that it supports zero migration of simulation data to unfamiliar reality, and there is no need to scan and map the environment in advance. This will directly promote the rapid maturation of the industry's algorithm system. Large enterprises have obvious advantages, such as Premium Choice (09880) and Tianyi Telecom Terminal Co., Ltd. signed a comprehensive strategic cooperation agreement. In the next three years, the two sides will jointly push the home companion robot terminal industry to exceed one million units, and push the scale of the terminal industry such as ultra-bionic humanoid robots and wheeled humanoid robots to exceed 100,000 units, up nearly 9% today.

On November 9, the cold tide warning was lifted. Fifteen provinces cooled by more than 10℃. Rain and snow hit, and the heating sector ushered in catalysis. As of November 6, the price of 5,500 kcal thermal coal in Qinhuangdao Port had rebounded to 1,013 yuan/ton. The continuous decline ended after November 3, and the daily consumption of power plants also increased month-on-month. Shougang Resources (00639) will hold a board meeting next Wednesday to consider paying a special dividend, rising nearly 13%; Yankuang Energy (01171) is up more than 6%, and China Coal Energy (01898) and Power Development (01277) are up more than 4%.

In terms of people's livelihood, raw milk has already “risen”. On July 16, the average price of fresh milk in the main production areas was 3.05 yuan/kg, up 0.3% year on year. This was the first time in nearly 5 years that the year-on-year growth rate was corrected. As of October, the average price of fresh milk in main production areas had further increased to 3.1 yuan/kg, up 2% year on year. Youran Animal Husbandry (09858) and Modern Animal Husbandry (01117) both rose by more than 6%.

The acquisition concept is good today. On the evening of October 30, Liangqing Holdings (03774) and Shengzhan International announced. The latter purchased about 56.93% of the company's shares from Equal Joy Holdings Limited on October 23, with a cash consideration of about HK$350 million. Equivalent to HK$0.75 per share. The purchase price was discounted by approximately 98.06% from the closing price of HK$38.70 per share on October 23. The company has applied for the resumption of trading at 9:00 a.m. on November 2. Today it surged more than 27%.

Another Evergrande Property (06666) also announced on October 30 that Taimeng Investment plans to acquire 51.016% of Evergrande Property's controlling interest from the liquidator at a total cost of HK$4,026 billion. After the transaction is completed, Taimeng Investment will become the new controlling shareholder of Evergrande Property and will launch a comprehensive takeover with other shareholders of Evergrande Property, with a maximum total amount of approximately HK$9.037 billion. Calculating the unit price of HK$0.83, the purchase price is constantly discounted compared to the secondary market. Evergrande Property itself has good qualifications, stable income and cash flow, and is an attractive platform that can create long-term value. With the management of the Pacific League, it should develop well in the future. Today it is up more than 6%.

[Section Focus]

On the 9th, the “Nebula Constellation Plan” was released at the 2026 Space Cloud Industry Ecological Conference, marking the shift of China's “space cloud” ecological construction from technical verification to industrialized layout. The plan was jointly developed by the Institute of Aerospace Information Innovation of the Chinese Academy of Sciences and domestic science and innovation enterprises. It covers the entire industry chain from domestic computing power chips to satellite applications. It will establish a “Tiandi Collaboration” unified computing power network to provide global space computing power services for natural resources, disaster prevention and emergency response, and low-altitude economy scenarios. In the future, space will be seamlessly integrated with terrestrial computing power and unified dispatch, and become a first-level computing power node with equal status and complementary capabilities on the ground.

Individual stocks related to Hong Kong stocks: Junda Co., Ltd. (02865), Lingyi Intelligent Manufacturing (01688), Asia Pacific Satellite (01045), China Tower (00788).

[Individual Stock Mining]

Jiangnan Clothing (03306): Emerging brands are growing rapidly, profits are steady, and dividends exceed expectations

FY2026's revenue was 6.046 billion yuan/+9.0%, operating profit and net profit attributable to mother were 1,334 million yuan/ +11.4%, and 997 million yuan/+11.7% respectively; the net cash flow from FY2026 operating activities was 1,433 million yuan/+26.5%, respectively. The company declared a final dividend of HK$1.06 per share and a special dividend of HK$0.75 per share, together with an interim dividend of HK$0.52, and a full year dividend of HK$2.33 per share, with a corresponding dividend ratio of approximately 110%.

Comment: Jiangnan Cloth is a leading domestic designer women's clothing leader. The profit is steady and the dividend exceeds expectations, and the style recognition is very strong. Users agree with aesthetics rather than simply buy the style. The premium capacity is strong, the gross profit margin is 66.6% (+1pct year on year), and the net profit margin is 16.5%. It has stabilized above 15% for many years, significantly higher than popular women's clothing peers, and the profit quality is very strong. FY26H2's revenue grew faster, online channels + offline stores drove revenue growth, JNBY increased steadily, and LESS grew faster. FY2026's revenue was 6.046 billion yuan/+9.0%, and achieved steady growth under pressure from the garment industry. Corresponding to FY26H1 and FY26H2 revenue was 3.376 billion yuan/+7% and 2.67 billion yuan/+11.6%. Multiple brands are growing at an accelerated pace. Comparatively, same-store sales increased by 2.4%. Stores: net increase of stores, with a total of 2,118; same-store sales maintained positive growth, not simply due to store opening revenue. Channel growth: The online growth rate was significantly higher than offline. The share of online channel revenue increased to 24.0%, and the growth rate was 20.5%, contributing about half of the revenue increase. The growth rate of emerging brands is impressive. Pengma and JNBY maintained steady growth of 7.6%, consolidating the basic revenue market. Onmygame accelerated growth, and B1OCK buyer gathering stores; in the 2026 fiscal year, the revenue of emerging brands was +32.2% year-on-year, the fastest growth rate, opening a second growth curve.

On the member side, members contributed > 80% of retail sales, and the number of active members increased by 50,000 to 610,000 over the same period last year. High-value members spent more than 360,000 yuan a year, and spent 14,400 yuan per capita, accounting for more than 60% of offline turnover. Repurchases are stable, and the ability to resist cycles is stronger in a weak economic environment. The company continues to strengthen the connection between brands and consumers through data-driven and refined operations, and achieve continuous deepening of user stickiness. The company's net inventory of FY2026 was $91 million/2.9%, and the number of inventory turnover days was 166.3 days, an increase of 5.4 days over 160.9 days in the same period last year, which is in a healthy range. The company's book capital is sufficient, and the dividend style is aggressive.