Zhitong Hong Kong Stock Analysis | Early Release of Selling Pressure Does Not Change Upward Trend, Rumors Ignite Collective Surge of Robots

[Market Dissection]

Both markets in the two regions adjusted today, with Hong Kong stocks slightly down by 0.47%. This is not a bad thing, as it effectively releases selling pressure in advance.

Tomorrow (September 3rd), the world will focus on the 80th anniversary of the victory of the Chinese People's Anti-Japanese War and the World Anti-Fascist War. The parade will be conducted in two steps: the ceremonial parade and the column formation, lasting about 70 minutes. The weapons and equipment showcased in this parade are all selected from domestically produced active main battle equipment, with a significant proportion of new equipment making its debut. Both ground and aerial equipment will be organized in a system formation and mixed grouping, with some strategic heavy equipment from land, sea, and air bases, as well as hypersonic precision strikes, unmanned, and anti-unmanned equipment, also being showcased for the first time. There are many highlights, focusing on demonstrating national defense strength. The debut of the most advanced new weapons will greatly boost confidence, as fairness and justice will only have a place in the face of absolute strength.

Today's adjustment is mainly due to profit-taking, particularly in the AI sector. The cooling trend had already begun last Friday, and Alibaba (09988) continued to decline.

Gold and metal stocks have shown better sustainability. On September 1st, the COMEX gold price peaked at $3,557.1 per ounce during trading, breaking the historical high of $3,534.1 per ounce set in early August; spot gold is approaching the historical record of $3,500 per ounce set in April this year.

The prices of gold jewelry from several domestic brands have once again exceeded 1,000 yuan per gram, with the gold jewelry price in Shenzhen's Shuibei market also breaking through 800 yuan per gram. A-share gold stocks continue to strengthen, with ZHAOJIN MINING (01818) rising over 2% in September, and the new stock MONGOL MINING (00975) is being explored for its Mongolian gold mine theme, expected to start producing gold in the third quarter of 2025. Additionally, with Mongolian leaders visiting Beijing, the stock surged over 20% today. Jewelry stocks like Lao Pu Gold (06181) and Chow Tai Fook (01929) both rose by 2%. Chow Sang Sang (00116) had a strong rise yesterday and is consolidating strongly today.

Among metals, copper has performed strongly. According to SMM's forecast, China's electrolytic copper production in September may significantly decrease by 50,000 tons month-on-month, mainly due to smelter maintenance and tight anode copper supply, a situation that may continue until the end of the year. China Nonferrous Mining (01258), mentioned in yesterday's stock picking, rose nearly 6% today. The tungsten sector, highlighted yesterday, saw Tungsten Jiaxin International Resources (03858) perform strongly in the morning but later adjusted due to market drag.

The robotics sector mentioned yesterday exploded today. In the early hours of today, Tesla officially released the complete document for the fourth chapter of its "Master Plan." The cover image features an Optimus robot opening a car trunk. Musk reiterated the strategic position of the robotics business within Tesla, stating that in the future, about 80% of Tesla's value will come from the Optimus robot.

There was also a rumor boosting the market, as some information circulated by institutions indicated that a leading robotics listed company held a meeting with Tesla, where Tesla requested the company to prepare for capacity ramp-up in the first quarter of next year, with weekly production capacity potentially reaching 10,000 units by the third quarter of next year. The rumored company, Zhejiang Rongtai (603119.SH), saw its stock surge, but the company responded that it could not confirm the accuracy of the information The funding is so crazy because this guideline is far beyond expectations. With a weekly production capacity exceeding 10,000, isn't the annual figure too "terrifying"? Regardless of its authenticity, funds are speculating first. The founder, chairman, and CEO of the leading company UBTECH (09880), Zhou Jian, stated that based on the orders from potential customers in the first half of the year, it is expected that the delivery of industrial humanoid robots will exceed 500 units this year, with an annual production capacity exceeding 1,000 units. Just yesterday, they received support from a Middle Eastern consortium, directly stepping into the windfall, and today the stock rose over 5%.

MicroPort Scientific Corporation-B (02252): On July 10, led by Sun Jiayuan, the deputy director of Shanghai Chest Hospital, the team successfully conducted the world's first 5G remote "autonomous driving" robotic bronchoscopy cryoablation animal experiment in collaboration with the First Affiliated Hospital of Shihezi University, covering a distance of 4,000 kilometers. The experiment used a new bronchoscope robotic system developed in collaboration between MicroPort Scientific Corporation's Shanghai MicroPort Robotics Co., Ltd. and Shanghai Chest Hospital. If this successful case is promoted, the prospects are quite broad, and today the stock surged over 12%.

First Journey Holdings (00697) collaborated with its invested enterprise Wanxun Technology to launch the country's first publicly accessible "Robot+" automatic charging flash experience station at the Chengdu Huamao ICD underground parking lot. The company is leveraging parking scene resources to promote the large-scale application of robotic innovation technology in parking and park scenarios, and today the stock rose over 8%.

More and more companies are entering the robotics field, such as Lijin Technology (00558): originally engaged in integrated die-casting for automobiles, it is now also entering the robotic die-casting sector, signing a strategic cooperation agreement with four companies specializing in magnesium alloy and humanoid robot research and development to officially launch a joint research project for magnesium alloy humanoid robots. Today, the stock surged over 10%. Delta Electronics Holdings (00179) has joint ventures with Shanghai Mechanical and Electrical to enter the humanoid robot joint field. Today, the stock rose nearly 9%.

Midea Group (00300): Acquired German KUKA in 2017, entering the industrial robotics field, with revenue from the robotics and automation sector exceeding 30 billion yuan. The self-developed industrial humanoid robot "Mei Luo" has been implemented in Midea's Jingzhou factory for tasks such as handling, 3D quality inspection, patrol inspection, and equipment maintenance; it collaborates with KUKA's collaborative robots and AMR, improving factory efficiency by over 80% on average, and today the stock rose over 3%.

According to reports from RIA Novosti and TASS on September 2, Russia and China have signed a memorandum on the construction of the "Power of Siberia-2" gas pipeline. Once completed, Russia will transport up to 50 billion cubic meters of gas to China annually via Mongolia. The pipeline operator Shandong Molong (00568) saw movement today, rising over 3%, along with other beneficiaries such as major importers and pipeline construction companies like China National Petroleum (00857), gas distributor China Gas (00384), China Resources Gas (01193), and Xinao Energy (02688).

In August 2025, there were 2.65 million new accounts opened in the A-share market, a year-on-year increase of 165% compared to the 1 million new accounts opened in August 2024, far exceeding the level of new accounts in the same period last year. Considering the full-year account data for 2024, the 2.65 million accounts are higher than the 10-month figure from last year. The securities industry saw a net profit increase of over 40% year-on-year in the first half of the year, with market transaction volumes continuing to rise in the second half, and brokerage business is expected to continue growing Let's see if the securities stocks can start tomorrow.

【Sector Focus】

Huafu Electric New Photovoltaic View Update: Silicon Material Prices Significantly Rise, Leading Silicon Material Enterprises Expected to Show Excess Profits

Today's main three pieces of information: 1) According to SMM and industry research feedback, silicon material prices significantly rose in September, with the mainstream price of rod silicon rising to 55 yuan/kg and granular silicon priced at 49 yuan/kg.

1. Production restrictions continue, which will impose corresponding limits on the overall output from September to December (the overall idea is to anchor demand).

2. The Silicon Industry Association plans to hold a seminar on standard work in the silicon field on September 12, mainly discussing the revision of mandatory national standards for "Energy Consumption Limits for Silicon Polycrystalline and Germanium Unit Products," "Energy Consumption Limits for Silicon Monocrystalline Unit Products," and "Energy Consumption Limits for Industrial Silicon and Magnesium Smelting Unit Products." We believe that the upward trend in polycrystalline silicon prices is a certain event. Before the integration of the polycrystalline silicon industry is realized, polycrystalline silicon prices are expected to show a fluctuating upward trend (transaction prices are expected to gradually rise from the current 45 yuan/kg to the 50 or even 50-55 range), and after the integration is realized, a price range of 60-80 yuan/kg is anticipated, thus opening up profit space for leading silicon material enterprises.

Main Hong Kong Stock Varieties: Xinte Energy (01799), GCL-Poly Energy (03800), Xinyi Solar (00968), Flat Glass Group (06865).

【Stock Picking】

BYD Company Limited (01211): Steady Sales Growth, Continuous Progress in Overseas Expansion

The company announced that by August 2025, the production of new energy vehicles is expected to be about 353,000 units; sales are expected to be about 373,600 units. From January to August, the production of new energy vehicles was about 2.808 million units, a year-on-year increase of 21.04%; sales were about 2.8639 million units, a year-on-year increase of 23.00%. In Q2 2025, the company's revenue was 200.92 billion yuan, with a year-on-year and quarter-on-quarter increase of +14.0%/+17.9%, and net profit attributable to the parent company was 6.36 billion yuan, with a year-on-year and quarter-on-quarter decrease of -29.9%/-30.6%. The net profit excluding non-recurring items was 5.43 billion yuan, with a year-on-year and quarter-on-quarter decrease of -36.6%/-33.6%.

Comment: The company's sales in August showed steady growth. The Seal and Sea Lion models performed well, with monthly sales exceeding 50,000 units each, becoming important drivers of sales growth. The introduction of new technologies temporarily affected the company's Q2 profit per vehicle. BYD is deepening its globalization strategy, and the overseas expansion process is continuously advancing. In the first half of 2025, the company's overseas sales reached 470,000 units, a year-on-year increase of 132%; in July, the monthly overseas sales reached 80,000 units, a year-on-year increase of 159.5%.

The reasons for the company's overseas success mainly include: 1) Expansion of overseas markets: The company's products are now present in over 110 countries and regions, especially in Western Europe, where the company saw a year-on-year increase of 299% in local sales to 16,000 units in the first half of 2025; 2) Introduction of new products: The Dynasty and Ocean high-cost-performance models have successively gone overseas (such as the Seal 06 going overseas in 2025, and the Sea Lion 07 landing in Finland), with the Tengshi and Yangwang brands gradually appearing in multiple overseas markets such as Indonesia; 3) Release of production and transportation capacity: In July, the Brazilian passenger car factory achieved its first vehicle off the line; the eighth roll-on/roll-off ship has completed seaworthiness and is about to be delivered In the first half of this year, BYD's overseas sales have already surpassed the total for the entire last year, with pricing for models in major markets such as Germany, Brazil, Israel, Australia, and Thailand generally higher than domestic levels, driving profitability in overseas markets. The company revealed that the Tengshi D9 will be launched in Europe in the fourth quarter, and models such as the Tengshi Z9GT will also be introduced to overseas markets subsequently.

In terms of electrification, the company continues to promote "megawatt fast charging," with the first batch of approximately 500 stations having been put into operation in early April. In terms of premiumization, thanks to deepened channel reforms and the launch of new vehicles such as the Tengshi N9, the company's sales for Q2 2025 reached 47,000 and 42,000 units for Tengshi and Fangchengbao, respectively, with a quarter-on-quarter increase of 43% and 116%. Looking ahead, with the company's efforts and the expansion of product categories (such as the Ti7 and Tengshi Z7), the volume and sales of the company's premium brand are expected to achieve a double increase