GMT EIGHT - OPPORTUNITIES IN CHINA

A-share midday | Three major indexes collectively adjusted, agriculture and digital currency surged against the trend

The A-shares market experienced weak fluctuations in the morning session, presenting a differentiated pattern of "collective index pullback, widespread gains in individual stocks, and a continuation of structural hotspots."

Lianyi Rong (09959) 2026 Mid-Year Report Observation: High Revenue Growth, Quality Change in Profit, Value Restructuring at the Right Time

In the second half, with the continuous increase in the penetration rate of the Bee Link AI Agent and the large-scale replication of the Unloq overseas benchmark project, the compounding effect of growth has just begun to manifest.

The second draft of the Agricultural Law amendment aims to improve measures that support the development of agriculture and the rural economy.

The revised draft of the Agricultural Law was submitted to the 24th session of the Standing Committee of the 14th National People's Congress for review on the 25th. The draft aims to improve measures that support agricultural and rural economic development.

Musk: The launch date for the first batch of AI satellites equipped with Nvidia chips has been set.

Musk previewed on social media platform X that the first batch of AI satellites equipped with NVIDIA chips from SpaceX will be launched in the fourth quarter of next year, aiming for large-scale deployment by 2028.

Bitcoin returns to $80,000 after three months! The devaluation trading logic is reactivated, but the sustainability of demand remains in doubt.

Bitcoin surged 2.5% during the Asian session on Tuesday (August 25) to $80,908, marking its first return above $80,000 since May 15.

The Hong Kong interbank offered rate continues to rise across the board, with the one-month HIBOR up 8.804 basis points to 2.78256%.

On August 25, the Hong Kong dollar interbank offered rate continued to rise across the board, with the one-month rate related to mortgage loans reported at 2.78256%.

National Energy Administration: As of the end of July, the cumulative installed power generation capacity in the country reached 4.08 billion kilowatts, a year-on-year increase of 11.0%.

On August 25, the National Energy Administration released the national electricity statistics data for January to July.

As the Hong Kong Stock Connect allocation window approaches, with revenue of 3.588 billion and net profit of 430 million, HENLIUS (02696) solidifies the sustainability of its growth in the mid-term report.

Behind the positive financial figures lies the global systematic advantages of Junshi Biosciences, which are built upon its own innovation and research and development, clinical trials, drug regulatory approvals, production quality, and commercialization. This drives the continuous realization of its intrinsic growth logic of "accelerating innovationglobal monetizationperformance validation."

Goldman Sachs partners warn: Outsourcing reasoning to AI may lead to the next generation of bankers experiencing a "cognitive crisis."

A partner at Goldman Sachs, who is leading the firm's core artificial intelligence project, has issued a warning: as AI rapidly infiltrates Wall Street, there is a risk that the independent thinking ability of the next generation of financial professionals may be weakened.

Central Securities Depository: Reduction of Some Main Business Service Fees

The preferential measures are valid from September 1, 2026, to December 31, 2028. Any subsequent adjustments will be notified separately by the central clearing company.

The US stock market experiences a major rotation: AI tech stocks ebb, while financial and consumer sectors take the lead in gains.

The strongest performing stocks this year have encountered selling pressure, while other sectors have remained resilient, with sector rotation characteristics becoming increasingly evident.

Fitch: Trump's tariffs on Canadian automobiles could impact approximately $45 billion in imports.

Fitch Ratings estimated on Monday that U.S. President Trumps latest push to raise tariffs on imported automobiles and automotive parts from Canada could impact approximately $45 billion worth of goods.

ABBISKO-B (02256) Mid-Year Report Observation: MNC Continues to "Place Orders," Accelerating the Realization of Innovative Platform Value

Looking at HeYu's performance in the first half of 2026, a clear development path is forming: realization of core asset value continuous validation of MNC collaboration multi-level pipeline advancement reserve of next-generation innovative assets.

The revised draft of the Road Traffic Safety Law adds a special chapter on autonomous vehicles.

The revised draft of the Road Traffic Safety Law adds specific provisions regarding autonomous vehicles.

The repurchase of U.S. Treasury bonds has ignited the revival of "dollar depreciation trades," with gold aiming for $4,700 to reach a new three-month high.

Traders weigh the movements of U.S. Treasury bonds, while gold prices remain near a three-month high.

A-share Opening Express | Shanghai Composite Index opens down 0.48%, computing hardware continues to adjust

On August 25, the four major indices of the A-shares opened lower, with the Shanghai Composite Index opening down 0.48% at 3863.37 points, and the Sci-Tech Innovation 50 opening down 1.11%, leading the decline.

The United States fully upgrades sanctions against Iran: involving five major areas including aviation and gold, Iran responds!

Besant announced a new round of sanctions aimed at "economic isolation" of Iran, initiated by the United States on the same day, in order to further increase pressure on Iran.

Growth exceeds 130%! What makes Micron Technology "impossible to ignore" in the Hong Kong stock market?

Recently, Maiketian Medical, which went public in Hong Kong, has precisely positioned itself at the intersection of "going global" and "innovation."

New Stock Debut | Ingenic Semiconductor (03223) Listed Today with Flat Opening in Early Trading The company positions itself as a provider of "storage + computing + analog" chips.

Junzheng Group (03223) has officially listed, with an announcement indicating a share price of HKD 100 per share, a total issuance of 31,287,300 shares, and a minimum trading unit of 100 shares. The net proceeds are approximately HKD 3.055 billion. As of the time of writing, there are no fluctuations, remaining at HKD 100 with a transaction volume of HKD 135 million.

U.S. Treasury Secretary says the national debt refinancing plan will remain unchanged.

The U.S. Treasury has not purchased any government bonds under the expanded bond buyback program.

AI commercialization realization + B-end industry empowerment Keep (03650) growth logic fully switched.

Reconstruct the underlying logic of sports services with AI technology, solidify the commercial foundation with high-margin consumer goods, and leverage specialized large models to export industrial capabilities.

Corporate profit expectations and economic fundamentals are strong! Cantor bets on the AI boom driving a further increase in U.S. stocks.

Analyst Eric Johnston from the investment bank Cantor Fitzgerald remains optimistic about the U.S. stock market as the year comes to an end and expects technology stocks to lead the market further upward.

The macro shift has triggered a comprehensive rebound in cryptocurrency assets, with Bitcoin soaring over 20% in three days, marking the largest increase of 2023.

On Monday, Bitcoin and stocks related to cryptocurrencies continued the upward trend from last week. As concerns about inflation and fiscal deficits intensified among investors, the flagship cryptocurrency broke through its previous trading range and continued to rise in price.

Geopolitical dividends? Trump's oil and gas holdings could realize a profit of up to $15.5 million within the year. The Democratic Party plans to investigate his trading activities after regaining control of Congress.

Donald Trump's oil and gas stock holdings may appreciate by as much as $15.5 million this year.

CICC: It is expected that Waller will reiterate inflation risks and retain the option for interest rate hikes to rebuild credibility.

CICC believes that the concept of "balance sheet reduction + interest rate cuts" has not been abandoned by Waller, but the conditions upon which it was established are misaligned with the current reality, requiring coordination and clearer expression.

Brokerage Morning Meeting Highlights | Positive Signals from Bank Semi-Annual Reports, Absolute Return Space Expected to Continue

CITIC Securities believes that the signals from bank interim reports are positive, and the absolute return potential is expected to continue; Galaxy Securities asserts that the interim reports exceed expectations, coupled with enhanced incentive guidance, indicating long-term strong demand for optical modules; Huatai Securities thinks that the effectiveness of Beisente's intervention in the bond market is unclear, and the consequences are concerning.

The Trump administration is urgently seeking key mineral projects, aiming at the security of the defense supply chain.

The Trump administration is seeking investment proposals from U.S. manufacturers, focusing on metals used for producing equipment such as fighter jets, night-vision goggles, and tank armor.

TUYA-W (02391) released its interim results, with a net profit of 34.40 million USD, an increase of 45.8% year-on-year.

Tuya Smart-W (02391) announced its interim results for the six months ended June 30, 2026. During the period, the group achieved a total revenue of $174 million, representing a year-on-year growth of approximately 12.3%. The net profit was $34.4 million, an increase of 45.8% compared to the previous year. The basic net profit per share attributable to ordinary shareholders was $0.06.

New Stock News | Yixin Communications has once again submitted an application to the Hong Kong Stock Exchange, ranking third in the global cellular communication chip market.

According to the Hong Kong Stock Exchange's disclosure on August 24, Shanghai Yixin Communication Technology Co., Ltd. has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Construction Investment International as the sole sponsor.

The weakness of the yen is forcing the Bank of Japan to take action! Former committee member: an interest rate hike is likely in September, and another one may follow in January next year.

Former Bank of Japan policy board member Seiji Adachi stated that the Bank of Japan is likely to raise interest rates next month, thereby confirming widespread market expectations, and may increase rates again as early as January next year.

ANTENGENE-B(06996): ATG-201 has received HREC approval in Australia for the I phase ATTRACT study for the treatment of B cell-mediated autoimmune diseases.

Deqi Medical-B (06996) announced that the Board of Directors is pleased to declare that the Phase I ATTRACT study of ATG-201 (a CD19/CD3 bispecific T cell engager antibody developed by the group for the treatment of B cell-related autoimmune diseases) has obtained approval from the Human Research Ethics Committee (HREC) of Australia, and the process of submitting the Clinical Trial Notification (CTN) to the Therapeutic Goods Administration (TGA) has been completed.

New Stock News | Zhejiang Rongtai Electric Material (603119.SH) has submitted another application to the Hong Kong Stock Exchange. It ranks first in the global and Shanxi Guoxin Energy Corporation mica products market.

According to Frost & Sullivan, the market size for mica products in the global and Chinese new energy sectors is expected to reach 4.7 billion yuan and 3.9 billion yuan respectively by 2025. In the mica products market of the global and Chinese new energy sectors, Zhejiang Rongtai ranks first in revenue for 2025, with market shares of 22.7% and 12.7% respectively.

LEADS BIOLABS-B(09887): The Phase II clinical study of VeliXin (Opalizumab, a PD-L1/4-1BB bispecific antibody, LBL-024) as first-line treatment for ESCC has entered the expansion stage.

ViliZhiBo-B (09887) announced that its independently developed investigational drug ViliXin (Opatamab, a PDL1/4-1BB bispecific antibody, LBL-024) has entered the expansion phase of its Phase II clinical study for the first-line treatment of locally advanced or metastatic esophageal squamous cell carcinoma (ESCC) after completing the safety lead-in period, based on observed positive efficacy signals and good safety and tolerability.

Luxshare Precision Industry (02475) has issued a profit warning, expecting net profit attributable to shareholders for the first three quarters to be approximately 13.25 billion to 14.4 billion RMB, representing a year-on-year growth of about 15% to 25%.

Luxshare Precision Industry Co., Ltd. (02475) announced that, according to the preliminary assessment by the company's finance department, the net profit for the group for the nine months ending September 30, 2026 (the current period) is expected to increase compared to the nine months ending September 30, 2025 (the same period last year). It is anticipated that: (i) the net profit attributable to shareholders of the company for the current period is expected to be approximately RMB 13.25 billion to RMB 14.40 billion, while it was RMB 11.52 billion for the same period last year, representing an expected growth of approximately 15% to 25%.

New Stock News | Youdi Siasun Robot & Automation passes Hong Kong Stock Exchange hearing, with cumulative losses exceeding 500 million yuan over the past three years.

According to the Hong Kong Stock Exchange disclosure on August 24, Youdi Robotics (Wuxi) Co., Ltd. (referred to as: Youdi Robotics) has passed the listing hearing for the main board of the Hong Kong Stock Exchange, with Yin Feng as its sole sponsor.

CONTIOCEAN (02613) recommends acquiring such assets located in Jiangsu through public bidding.

Hui Ge Environmental Protection (02613) announced that the company will submit a bid on August 25, 2026, for the proposed acquisition of assets to be sold by the seller Shanghai Electric Yantong (Rugao) Construction Technology Co., Ltd. through public tender (i.e., the proposed acquisition matter).

Luxshare Precision Industry (02475) will distribute a mid-term dividend of 1.1 yuan for every 10 shares on October 22.

Luxshare Precision (02475) announced that it will distribute an interim dividend of 1.1 RMB for every 10 shares on October 22, 2026.

New Stock News | Yixin Communication Resubmits Application to the Hong Kong Stock Exchange

According to the Hong Kong Stock Exchange's disclosure on August 24, Shanghai Yixin Communication Technology Co., Ltd. has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor.

Broadcom Inc. (AVGO.US) stepping in for massive AI financing has raised market concerns, with credit risk indicators climbing. Wall Street warns that "invisible leverage" is accumulating.

As the scale of financing for artificial intelligence infrastructure continues to expand, the bond market is beginning to reassess the potential credit risks undertaken by Broadcom.

Wall Street collectively doused with cold water as the U.S. Treasury's expanded bond repurchase fails to suppress long-term yields; Goldman Sachs states it cannot address the root cause of the sell-off.

Several large financial institutions on Wall Street believe that the recent expansion of the long-term Treasury bond buyback program by the U.S. Treasury can improve market liquidity and alleviate the selling pressure on long-term U.S. Treasuries in the short term. However, they find it difficult to fundamentally reverse the upward trend of long-term yields.

Overnight US stocks | The three major indices showed mixed results, with Bitcoin and gold continuing last week's gains, while NVIDIA Corporation (NVDA.US) fell nearly 3%.

As of the closing, the Dow Jones Industrial Average rose 140.14 points, an increase of 0.26%, closing at 53,417.16 points; the S&P 500 index fell 21.51 points, a decrease of 0.28%, closing at 7,652.86 points; the Nasdaq composite dropped 200.26 points, a decline of 0.76%, closing at 25,980.19 points.

Is lowering U.S. Treasury yields counterproductive? Citadel warns the U.S. Treasury that "financial repression" may weaken the dollar and fuel inflation.

The U.S. Treasury Department has recently lowered long-term financing costs by expanding the scale of long-term bond repurchases, but this approach is raising warnings from Wall Street institutions about potential side effects.

US Stock Market Move | In the first half of the year, losses surged, and XPeng Group (XPEV.US) fell by nearly 7%.

On Monday, Xiaopeng Motors (XPEV.US) opened with a continuous decline, and as of the time of writing, the drop was about 7%.

US Stock Market Move | The core executives have stepped in to increase their holdings as the decline in Alibaba Group Holding Limited Sponsored ADR (BABA.US) has narrowed to 0.23%.

On Monday, Alibaba (BABA.US) opened lower, with the maximum intraday decline nearly 2%. As of the time of writing, the decline had narrowed to 0.23%.

CNGR Advanced Material (02579) announced its interim results, with profit attributable to equity holders of the parent company approximately 1.3114 billion yuan, an increase of about 78.4% year-on-year.

Zhongwei New Materials (02579) announced its mid-year results for 2026, achieving operating revenue of approximately 33.584 billion yuan, an increase of about 57.5% year-on-year; the profit attributable to the parent companys owners was approximately 1.3114 billion yuan, representing a year-on-year increase of about 78.4%; the basic earnings per share were 1.24 yuan, with a proposed cash dividend of 3.8 yuan (including tax) for every 10 shares.

JIAXIN INTL RES(03858) subsidiary ZV has entered into a construction contract for the Bakuta mining project with CCECC Kazakhstan Branch.

Jiaxin International Resources (03858) announced that on August 24, 2026, its subsidiary ZV (an indirectly non-wholly-owned subsidiary of the company) entered into a mining construction contract with CCECC Kazakhstan Branch through a public tender. The subsidiary ZV will procure the expansion project of Tailings Pond No. 1 for the Bakuta tungsten mining project from CCECC Kazakhstan Branch, with a contract price of RMB 256.9 million (including tax) (subject to adjustment).

CNGR Advanced Material (02579) will distribute an interim dividend of 3.8 yuan for every 10 shares on October 30.

Zhongwei New Materials (02579) announced that it will distribute a mid-term dividend of 3.8 yuan for every 10 shares for the six months ending June 30, 2026, on October 30, 2026.

TK GROUP HLDG (02283) will pay an interim dividend of HKD 0.011 per share on September 28.

Dongjiang Group Holdings (02283) announced that it will distribute an interim dividend of HKD 0.011 per share for the six months ending June 30, 2026, on September 28, 2026.

KINETIC DEV (01277) will distribute the second interim dividend of HK$0.025 per share on November 13.

Power Development (01277) announced that the company will distribute the second interim dividend of HKD 0.025 per share on November 13, 2026.

SIGENERGY Source (06656) 2026 Mid-Year Report: Revenue Soars Over 260%, Profitability Continues to Improve, Powered by AI to Drive Global Energy Transition as a New Engine

S (Shanghai) Co., Ltd. officially announced its interim performance for the six months ending June 30, 2026.

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Citigroup: Initiates "Buy" rating for Zijin Mining International (02259), optimistic about production growth and gold price outlook.

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Ganfeng Lithium: Progress on Subsidiary's Involvement in Investment Limited Partnership Matters

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Zhichun Technology (603690.SH) plans to transfer part of its shares in the affiliated company Weidun Crystal Phosphate for 20 million yuan.

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Xiamen Releases Twelve Measures to Promote Exchange and Cooperation with Taiwan

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Yuncong Technology: The company is deeply involved in the national standardized pilot project "Shanghai Virtual-Real Integration Embodied Intelligence Training Ground" and the "Humanoid Robot Qilin Training Ground" project.

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