Hong Kong stocks close (07.03) | Hang Seng Index rises 1.28%, Yushu Technology IPO registration approved boosts robotics sector, precious metals strengthen across the board

According to Zhitong Finance APP, the U.S. June non-farm data fell far short of market expectations, easing interest rate hike fears, and the three major Hong Kong stock indices rose collectively, with the Hang Seng Index continuing its upward trend. By the close, the Hang Seng Index rose 1.28% or 295 points, reporting 23,350.03 points, with a total turnover of HKD 304.954 billion; the Hang Seng China Enterprises Index rose 1.15%, reporting 7,699.76 points; the Hang Seng Tech Index rose 1%, reporting 4,499 points.

Everbright Securities International believes that looking ahead to the second half of 2026, Hong Kong stocks are expected to return to an upward trend, giving the Hang Seng Index a target of up to 28,000 points. However, attention should be paid to global geopolitical changes, U.S. interest rate hikes, supply chain restructuring, and inflationary pressures. In terms of industry allocation, it is recommended to focus on four major sectors: artificial intelligence, innovative pharmaceuticals, power equipment, and domestic consumption.

Blue Chip Performance

Zijin Mining (02899) led the blue chips. By the close, it rose 9.01%, reporting HKD 30.72, with a turnover of HKD 4.14 billion, contributing 23.27 points to the Hang Seng Index. The U.S. June ADP and non-farm employment data continuously fell short of expectations, with COMEX gold breaking through the USD 4,200 mark. The World Gold Council released a report stating that despite experiencing a price correction in the first half of this year, gold remains one of the best-performing assets over the past 12 months. In the second half of this year, gold prices are expected to stabilize, continuing to serve as a barometer for the global macro economy.

In other blue chip stocks, Hansoh Pharmaceutical (03692) rose 7.6%, reporting HKD 33.7, contributing 5.61 points to the Hang Seng Index; BYD Company (01211) rose 7.41%, reporting HKD 84.1, contributing 32.62 points to the Hang Seng Index; SMIC (00981) fell 3.48%, reporting HKD 77.6, dragging down the Hang Seng Index by 17.98 points; CATL (03750) fell 0.81%, reporting HKD 675.5, dragging down the Hang Seng Index by 1.75 points.

Popular Sectors

On the market, Yushu Technology's IPO registration was approved, and most robotics concept stocks performed significantly higher. The unexpected "cold" U.S. June non-farm data fell far short of market expectations, leading to a rebound in precious metal assets, with both gold and copper strengthening. On the other hand, automotive stocks continued to rise, while storage, semiconductors, and chips fell again.

1. Robotics concept stocks performed brightly. By the close, Lifu Harmonic (03952) rose 44.95%, reporting HKD 94; Estun Automation (02715) rose 33.09%, reporting HKD 25.5; UBTECH Robotics (09880) rose 17.6%, reporting HKD 108.9; MicroPort Robotics-B (02252) rose 16.05%, reporting HKD 27.04; Shoucheng Holdings (00697) rose 9.09%, reporting HKD 1.68; Horizon Robotics-W (09660) rose 9.09%, reporting HKD 4.68.

According to news from the China Securities Regulatory Commission on July 2, the CSRC issued a reply agreeing to the IPO registration of Yushu Technology. Notably, from the acceptance on March 20 this year to the approval on June 1 and the registration becoming effective on July 1, Yushu Technology's IPO took only 104 days, setting the fastest review record since the implementation of the pre-review mechanism for the Sci-Tech Innovation Board. CITIC Securities pointed out that Yushu Technology's IPO marks the official start of the commercialization year for humanoid robots in 2026, with core components in the upstream supply chain, such as reducers, sensors, and servo motors, expected to benefit first from mass production, and the industry valuation center is expected to systematically rise Industry insiders have analyzed that with the support of the capital market, Yushu Technology is expected to advance in both "quantity" and "intelligence." In terms of shipment volume, it is the only standard for testing commercialization. Yushu Technology is projected to ship over 5,500 humanoid robots by 2025, with further increases expected in 2026, thereby strengthening scale effects. On the model level, Yushu Technology will invest nearly half of the raised funds into model research and development, while betting on two major technological routes: WMA and VLA, to enhance the intelligence of its "brain."

2. Gold stocks are all on the rise. As of the close, Chifeng Jilong Gold Mining (06693) rose 19.13% to HKD 30.26; Lingbao Gold (03330) rose 16.21% to HKD 15.77; Zhaojin Mining (01818) rose 10.24% to HKD 19.17; China Gold International (02099) rose 5.05% to HKD 143.4.

On the evening of July 1, Federal Reserve Chairman Waller delivered a "dovish" speech at the European Central Bank Central Banking Forum, reiterating that there would be no forward guidance on future interest rate policies and noting that inflation risks have decreased, with inflation expectations also showing a downward trend over the past four weeks. Waller stated that the Federal Reserve would "open a new policy path," hoping for a full discussion among all parties at the July meeting. Guangzhou Futures pointed out that U.S. manufacturing and employment data both fell short of expectations, coupled with Waller's "dovish" remarks on reduced inflation risks, which temporarily alleviated market concerns about interest rate hikes and pushed precious metal prices to rebound slightly.

3. Copper stocks lead in gains. As of the close, China Nonferrous Mining (01258) rose 10.02% to HKD 12.52; Zijin Mining (02899) rose 9.01% to HKD 30.72; Minmetals Resources (01208) rose 5.65% to HKD 7.29; Jiangxi Copper (00358) rose 3.73% to HKD 31.72.

Guojin Securities pointed out that the current pullback in copper stocks mainly stems from valuation mispricing, while the profit and commodity sides have not yet confirmed a downturn. Historically, the recovery of copper stocks after mispricing can be divided into three categories: risk appetite recovery, commodity stabilization and recovery, and strong commodity catalysts, with the latter having the greatest elasticity. Currently, disturbances at the mining end and insufficient capital expenditure constrain supply, while smelting processing fees remain low, putting pressure on smelter profits and continuously consuming inventory. If Q4 smelter inventory bottoms out and triggers passive production cuts, copper prices are expected to break through high-level platforms, driving copper stocks from valuation recovery to a resonance market of EPS upgrades and PE recovery.

Popular Active Stocks

Lai Fu Harmonic (03952) recovers its IPO price. As of the close, it rose 44.95% to HKD 94.

The prospectus shows that Lai Fu Harmonic is a core component provider for precision transmission in robots in China. By the end of 2025, Lai Fu Harmonic is one of only two manufacturers in the country that have delivered harmonic reducers for humanoid robots and entered the mass production stage. Public information indicates that by 2025, the revenue share of the company's top five customers will account for 42.3%, with the largest customer accounting for 12.1%. The stringent supplier certification system of leading robot companies itself serves as a testament to the quality and delivery reliability of Lai Fu's products, and the resulting benchmark effect is accelerating the volume growth of small and medium-sized customers Yidu Technology (02158) continues to show impressive performance after earnings. As of the close, it rose 6.16%, reported HKD 5.17.

Yidu Technology recently released its performance for the fiscal year ending March 2026. The company achieved its first annual profit, with an annual profit of RMB 78.766 million, exceeding the previous profit forecast range of RMB 55 million to 70 million; the net profit attributable to the parent company reached RMB 72.709 million, approximately 30% higher than the upper limit of the forecast range of RMB 56 million. Yidu Technology co-founder and CEO Xu Jiming stated at the earnings release conference that the fiscal year 2026 is an important milestone for the company as it transitions from long-term capability building to commercial realization, with the same intelligent foundation continuously releasing value across multiple scenarios including medicine, pharmaceuticals, insurance, and patients.

Poly Property Group (00119) issues a profit warning. As of the close, it fell 5.59%, reported HKD 1.52.

On July 2, Poly Property Group announced that it expects a loss of RMB 700 million to 800 million in the first half of the year, compared to a profit of RMB 208 million in the same period last year, marking a year-on-year shift from profit to loss. This expected loss is mainly due to a decrease in revenue recognition, as the real estate industry continues to face pressure, leading to a decline in gross profit margin