Markets: Hong Kong
Indexable titles and thesis summaries. Interactive reading (charts, FX) lives in the reader app.
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1070.HK TCL Electronics: global brand sets and panel-set synergy
TCL Electronics is the Cayman-incorporated HK listco for TCL-branded sets, not a TCL Technology subsidiary. FY2025 revenue HK$114.583B (+15.4%), parent NI HK$2.495B (+41.8%); H1'26 revenue HK$63.763B (+16.4%), parent NI HK$1.529B (+40.2%). Thesis: globalisation + mid/high-end TV + high-GM internet + pending Sony JV / AC deal.
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Robotaxi industry deep-dive | US–China commercialization (2026H2)
Waymo remains paid-scale anchor; China Apollo/Pony/WeRide grow fleets & overseas faster. Sleeve: GOOGL/BIDU/TSLA options + UBER/BYD shovels + PONY/WRD satellites. See freight.
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Autonomous freight industry | Line-haul × city logistics (2026H2)
Aurora (AUR) runs U.S. commercial driverless line-haul; China skews hubs/city logistics & JD/Meituan cost options. Sleeve: NVDA shovels + AUR β + logistics. See Robotaxi.
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1398.HK/601398.SH Industrial and Commercial Bank of China: bank §A snapshot
Industrial and Commercial Bank of China FY2025: op. income ¥8382.70B (+2.00%), parent NI ¥3685.62B (+0.70%); NIM 1.28%, NPL 1.31%.
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0005.HK HSBC: rates, wealth, CET1 rebuild
HSBC Holdings FY25 revenue $68.3B (+4%), PBT $29.9B; CET1 14.9%, DPS $0.75.
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601166.SH/3968.HK Industrial Bank: bank §A snapshot
Industrial Bank FY2025: op. income ¥2127.41B (+0.24%), parent NI ¥774.69B (+0.34%); NIM 1.71%, NPL 1.08%.
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0939.HK/601939.SH China Construction Bank: bank §A snapshot
China Construction Bank FY2025: op. income ¥7408.71B (+1.69%), parent NI ¥3397.90B (+1.04%); NIM 1.34%, NPL 1.31%.
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3988.HK/601988.SH Bank of China: bank §A snapshot
Bank of China FY2025: op. income ¥6598.66B (+4.28%), parent NI ¥2430.21B (+2.18%); NIM 1.26%, NPL 1.23%.
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1288.HK/601288.SH Agricultural Bank of China: bank §A snapshot
Agricultural Bank of China FY2025: op. income ¥7251.31B (+1.90%), parent NI ¥2910.41B (+3.18%); NIM 1.28%, NPL 1.27%.
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2269.HK WuXi Bio: H1'26 RMB 11.79B (+18.4%) — $25.1B backlog
WuXi Biologics printed H1 on 2026-08-25: revenue RMB 11.787B (+18.4%, +23.4% USD/cc), IFRS GM 46.2%, adj. parent NI RMB 3.306B (+38.4%), backlog $25.1B. FY26 revenue raised to +15–18% RMB / +20–23% cc. Separate from WuXi AppTec.
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603259.SH / 2359.HK WuXi AppTec: H1'26 guide raise, RMB 66.4B backlog
WuXi AppTec H1'26 revenue RMB 28.90B (+38.9%), backlog RMB 66.43B; FY26 guide RMB 58.5–60.5B. A+H cap ~RMB 502.6B. See WuXi Bio, BeOne.
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1801.HK Innovent: post-profit CVM acceleration
Innovent 2025 revenue RMB 13.04B, IFRS NI RMB 0.81B; H1'26 product >RMB 8.2B. See BeOne, Hengrui.
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6160.HK / 688235.SH BeOne: BRUKINSA $1.2B quarter
BeOne Q2'26 revenue $1.705B (+30%), BRUKINSA $1.2B; FY26 guide $6.6–6.8B. See Hengrui, Innovent.
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000333.SZ / 0300.HK Midea: appliance cash + overseas + a limited robotics option
Midea 2025 revenue ~¥458.5B (+12%), parent NI ¥43.95B (+14%); overseas ¥195.9B (+15.9%, 42.7% mix); robotics ¥31.0B (+8%). 2026Q1 revenue +2.6%. A-share ~¥82.9 / mkt ~¥631B. Channels: JD / Alibaba / Meituan.
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0857.HK / 601857.SH PetroChina: integrated oil & gas, dividend resilience
PetroChina FY2025 revenue ¥2.8645T (−2.5%), parent NI ¥157.318B (−4.5%); OCF ¥412.5B, FCF ¥120.2B. 2026Q1 revenue ¥736.4B (−2.2%), parent NI ¥48.3B (+1.9%). A-share ~¥10.92 / mkt ~¥2.00T; TTM PE ~12.6x, yield ~4.3%. See CNOOC, Sinopec, Shenhua.
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0433.HK North Mining: pure Mo mine after restructuring clean-up
North Mining is a Luonan Mo platform post liquidation–resumption–restart–disposal. 2025 continuing revenue ~HK$1.155B, attributable profit ~HK$229M; PE ~3.5x / PB ~2.5x (2026-08-11). Discount reflects liquidity, customer concentration, going-concern emphasis. See nonferrous.
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03931.HK CALB: EV+ESS dual curve, share catch-up
CALB 2025 revenue ¥44.4B (+60%), profit ¥2.095B (+148%), GM ~16.7%; EV cells ~68%, ESS ~32%. See CATL, battery competition.
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600028.SH / 0386.HK Sinopec: integrated refining + dividend resilience
Sinopec 2025 revenue ¥2.784T (−9.5%), parent NI ¥31.809B (−36.8%); OCF ¥162.5B (+8.8%). FY DPS ¥0.20; payout incl. buybacks ~81%. Refining EBIT improved; chemicals still loss-making; marketing hit by EV penetration. 2026Q1 revenue ¥706.7B (−3.9%), NI ¥17.0B (+28%). A-share ~¥5.10 / mkt ~¥617B (≈2026-08-07). See CNOOC, Shenhua.
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x86 vs Arm vs RISC-V: status, competition & investable map | 2026
Q1’26 server rev ~52% x86 / ~46% Arm; AI hosts ~60% Arm. Scenario-layered ISA map + investable names. See CPU industry.
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1810.HK Xiaomi: smartphone×AIoT + EV innovation
Xiaomi 2025 revenue ~¥457.3B (+25%); EV/AI innovation ~¥106.1B (+224%) is the narrative—phone margins and EV scale/GM decide if valuation digests.
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0981.HK / 688981.SH SMIC: mature-node foundry + domestic compute base
SMIC China’s leading foundry (A+H); advanced nodes constrained by controls—mature/specialty nodes monetize localization. Valuation embeds strategic premium.
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9999.HK NetEase: games franchise + innovation bets
NetEase Game R&D/publishing supports high-margin cash flow; innovation segments improving. Trades at a discount to Tencent—watch new-title grossing and regulation.
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3690.HK Meituan: local services network + instant retail
Meituan In-store + delivery network effects intact; competition/subsidies swing margins. Instant retail and overseas extend the story—watch core local commerce op. profit and new-business
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9618.HK JD.com: self-operated retail + logistics tech
JD.com Self-operation + logistics network create trust/fulfillment moat; competition/subsidies pressure margins—watch retail op. profit, 3P logistics, and new-business discipline.
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002594.SZ / 1211.HK BYD: vertical integration and battery spillover
BYD Vertically integrated EV leader; PHEV mix lifts units but cuts kWh/vehicle, pressuring battery install share—third-party battery supply and exports are the fix. See [[article:china
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9988.HK Alibaba: commerce base + cloud/AI second curve
Alibaba Taobao/Tmall + international commerce fund the cash engine; cloud/AI is the valuation lever after non-core exits—watch AI monetization and domestic share defense.
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2513.HK: Foundation models + B2B AI apps (HK)
Zhipu/Z.AI foundation models + B2B AI.
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09880.HK UBTECH: H1'26 humanoid ramp
UBTECH H1'26 revenue ¥1.28B (+64%), net loss ¥0.32B (narrowed). Walker mass production and cash runway remain disconfirm signals.
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601088.SH / 1088.HK China Shenhua: coal-power, high dividend
China Shenhua 2025 revenue ¥294.916B (−13.2%), parent NI ¥52.849B (−5.3%). A-share ~¥45.7 / mkt ~¥991B. Soft top/bottom line from coal prices, but still high earnings and cash; thesis is integrated coal-power + high dividend defense.
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600362.SH / 0358.HK Jiangxi Copper: smelting giant, Cu beta
Jiangxi Copper 2025 revenue ¥544.623B (+5.42%), parent NI ¥7.130B (+2.41%), adj. NI ¥9.148B (+11.30%). A-share ~¥43.3 / mkt ~¥149.9B. Huge revenue base; profits sensitive to Cu and TC/RCs. Adj. NI > parent NI points to one-offs. Sector: nonferrous metals deep-dive.
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601919.SH / 1919.HK COSCO: freight soft, dividend + Q1 check
COSCO 2025 NI ¥30.868B (−37%); Q1'26 rev ¥51.797B, NI ¥5.877B (−49.75%), leverage ~40.9%. Thesis: freight beta + shareholder returns.
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0883.HK / 600938.SH CNOOC: low-cost barrels, dividend resilience
CNOOC 2025 revenue ¥398.220B (−5.3%), parent NI ¥122.082B (−11.5%); net production 777.3 mmboe (+7%), all-in cost ~$27.9/boe; 2026 target 780–800 mmboe. HK ~HK$23.8. Low-cost + dividend; see Sinopec.
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603993.SH / 3993.HK CMOC: H1 profit surge + Cu–Au dual-pole
CMOC H1'26 rev ¥135.320B (+42.78%), NI ¥16.152B (+86.27%); Cu–Au dual-pole + Brazil gold. A-share ~¥18.00 / mkt ~¥385.1B.
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601600.SH / 2600.HK Chalco: steady primary Al profits
Chalco 2025 revenue ¥241.125B (+1.69%), parent NI ¥12.674B (+2.25%), pretax profit ~¥25.84B. As of 2026-08-05, A-share ~¥9.74 / mkt ~¥167.089B. Al price and power cost drive profits; capacity caps favor steady cash over hypergrowth. Sector: nonferrous metals deep-dive.
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0700.HK Tencent: games + ads flywheel, AI medium-term
Tencent 2025 revenue ¥751.8B (+14%), IFRS owner earnings ¥224.8B (+16%); Non-IFRS owner earnings ¥259.6B (+17%). Games ~¥241.6B (China +18%, overseas +33%). HK ~HK$475 / mkt ~HK$4.37T. Near-term still ads + games; AI is a medium-term efficiency narrative.
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601899.SH Zijin: mined-copper quarters vs overseas majors
Zijin H1'26 mined Cu 534 kt (−6%); plan 1.20 Mt (2026) → 1.50–1.60 Mt (2028). Six-quarter volumes vs BHP/Codelco/FCX/Glencore; Julong/Zhuno/Kamoa drive the catch-up. See nonferrous.