GMT EIGHT - OPPORTUNITIES IN CHINA

As the yield on 30-year U.S. Treasury bonds rises, the Treasury Secretary reassures the market, indicating that the scale of long-term Treasury repurchases may exceed $4 billion.

U.S. Treasury Secretary Yellen stated on Thursday that the U.S. Treasury may further expand the scale of long-term U.S. Treasury bond repurchases, with the actual repurchase amount possibly exceeding the previously announced $4 billion for each issue.

The Russian central bank continues to reduce its gold holdings, decreasing by 1.6 million ounces this year, with reserves dropping to their lowest level in more than six years.

As of the end of July, Russia's official gold holdings have fallen to their lowest level in over six years, indicating that as fiscal revenues are under pressure, the Russian government continues to utilize gold and foreign exchange assets to help bridge the budget gap.

KINGFARPROPERTY (01354) will distribute an interim dividend of 0.2 yuan per share.

Hengfa Property (01354) announced that it will distribute an interim dividend of 0.2 yuan per share for the six months ending June 30, 2026.

Lianyi Rong (09959) Mid-term Results for 2026: The Effect of the "AI + Industrial Finance" Strategic Transformation is Released, Achieving Breakthrough Growth in Revenue.

In the first half of the year, Lianyi Rong achieved revenue and income of 579 million yuan, a significant increase of 55% compared to the same period last year; the company's net profit attributable to shareholders reached 24 million yuan, a substantial improvement of 106% year-on-year, successfully turning losses into profits.

KINGFAR PROPERTY (01354) announced its interim results with a shareholders' profit of 32.758 million yuan, an increase of 6.17% year-on-year.

Jingfa Properties (01354) announced its interim results for the six months ending June 30, 2026, with revenue of 589 million yuan, an increase of 24.83% year-on-year; profit attributable to shareholders of 32.758 million yuan, an increase of 6.17% year-on-year; basic earnings per share of 0.49 yuan. A midterm dividend of 0.2 yuan per share is proposed.

SIMCERE PHARMA (02096) announced its mid-term results, with adjusted net profit of approximately 964 million yuan, an increase of 48.7% year-on-year.

Sino Biopharmaceutical Limited (02096) announced its mid-year results for 2026, achieving revenue of 4.58 billion yuan, a year-on-year increase of 27.8%; the revenue from innovative drug business was 3.88 billion yuan, accounting for 84.9% of total revenue, with a year-on-year growth of 34.1%. The profit attributable to equity holders of the company was 829 million yuan, a year-on-year increase of 37.9%; the adjusted profit attributable to equity holders of the company was 964 million yuan, a year-on-year growth of 48.7%.

CHONGQING M&E (02722) announced its interim results, with a profit attributable to shareholders of 577 million yuan, an increase of 31.09% year on year.

Chongqing Machinery and Electric (02722) announced its performance for the six months ending June 30, 2026. During this period, the group achieved revenue of RMB 5.399 billion, an increase of 15.92% year-on-year; the profit attributable to the companys owners was RMB 577 million, representing a year-on-year increase of 31.09%; the basic earnings per share was RMB 0.16.

CHINASOFT INT'L (00354) released its interim results, with attributable profit to shareholders reaching 350 million yuan, an increase of 11% compared to the same period last year.

China Software International (00354) announced its interim results for the six months ended June 30, 2026, reporting revenue of RMB 8.948 billion, a year-on-year increase of 5.2%; profit attributable to owners of the company was RMB 350 million, a year-on-year increase of 11%; basic earnings per share were 13.87 cents.

SDITC (01697) issued a profit warning, expecting a net loss of approximately 119 million yuan for the interim period, a year-on-year shift from profit to loss.

Shandong Guoxin (01697) announced that it expects the Group to incur a net loss of approximately RMB 119 million for the six months ending June 30, 2026, compared to a net profit of RMB 167 million for the six months ending June 30, 2025. The Board expects a reversal from profit to loss during the reporting period compared to the same period in 2025, mainly due to fair value changes resulting in losses from financial assets measured at fair value with changes recognized in profit or loss for the period (primarily certain securities investments) held by the company during the reporting period. These losses are unrealized and are non-cash items, which will not affect the cash flow of the company's operating activities.

US Stock Market Move | Storage chip concept stocks rose against the trend, with Seagate Technology Holdings PLC (STX.US) up more than 4%.

On Thursday, storage chip concept stocks rose against the trend, with SK Hynix (SKHY.US) up nearly 5% and Seagate Technology (STX.US) up over 4%.

GUOXIA TECH (02655) released its interim results, with profit attributable to shareholders reaching 60.547 million yuan, a year-on-year increase of 986%.

Guoxia Technology (02655) announced its performance for the six months ended June 30, 2026, with total revenues of RMB 1.4274 billion, a growth of 106.5% compared to the previous period; of which, domestic business revenue was approximately RMB 1.1399 billion, an increase of 101.7% over the previous period, while overseas business revenue was about RMB 287.5 million, representing a growth of 127.9%. The overall gross profit margin was 19.2%, up 6.7 percentage points from the previous period, indicating simultaneous improvement in profit quality and operational efficiency. The profit attributable to the parent company amounted to RMB 60.547 million, a year-on-year increase of 986%; basic earnings per share were RMB 0.12.

HANKING GOLD (03788) announced its interim results, showing a loss attributable to owners of the company of 52.024 million yuan, compared to a profit in the same period last year.

Hap King Gold (03788) announced its interim results for 2026, with revenue of approximately 912 million yuan, a year-on-year decrease of 35.13%; the loss attributable to the owners of the company was 52.024 million yuan, turning from profit to loss year-on-year; and the loss per share was 2.4 cents.

DIT GROUP (00726) issued a profit warning, expecting a mid-term net loss attributable to shareholders of approximately HK$270 million to HK$300 million, a year-on-year increase.

Zhu You Zhi Zao Technology (00726) announced that, compared to an estimated net loss attributable to the shareholders of approximately HKD 271 million for the six months ending June 30, 2025, the Group expects to record a net loss attributable to the shareholders of between approximately HKD 270 million and HKD 300 million for the six months ending June 30, 2026.

LINKLOGIS-W (09959) released its interim results, with a net profit attributable to shareholders of 23.936 million yuan, marking a year-on-year turnaround from loss to profit.

Lianyi Rong Technology-W (09959) announced its interim performance for 2026, achieving main business revenue and earnings of RMB 579 million, a year-on-year increase of 54.6%; the profit attributable to shareholders of the company was RMB 23.936 million, compared to a loss of RMB 380 million in the same period last year; earnings per share were RMB 0.01.

LUYE PHARMA (02186) is set to launch II phase clinical trials in China for its mRNA vaccine LY01620, intended for the treatment of cervical precancerous lesions and HPV-related tumors.

Green Leaf Pharmaceutical (02186) announced that the group's independently developed messenger RNA (mRNA) vaccine LY01620 is about to commence Phase II clinical trials in China. The study aims to enroll patients with histologically confirmed high-grade squamous intraepithelial lesions (HSIL) positive for human papillomavirus 16 (HPV16) to further evaluate the efficacy and safety of LY01620.

CHINA POWER (02380) achieved strong growth in its hydropower segment in the first half of the year, with clean energy installed capacity accounting for over 80%.

China Power (02380) announced its mid-term results for 2026, with revenue of approximately 22.457 billion yuan. The profit attributable to equity holders of the group is about 1.508 billion yuan, while the profit attributable to ordinary shareholders of the company is around 1.273 billion yuan, resulting in a basic earnings per share of 0.1 yuan. Benefiting from favorable hydrological conditions, the hydropower segment experienced strong growth, with profits increasing by approximately 148.93% year-on-year.

3SBIO (01530) released its mid-term results, with a net profit attributable to shareholders of 1.147 billion yuan, a decrease of 15.58% year-on-year.

Sangfor Pharmaceuticals (01530) announced its mid-term results for 2026, reporting revenue of 4.526 billion yuan, a year-on-year increase of 3.91%; the profit attributable to equity shareholders amounted to 1.147 billion yuan, a year-on-year decrease of 15.58%; and the basic earnings per share stood at 0.45 yuan.

CHINA NEWCITY (01321) released its interim results, with a profit attributable to shareholders of 92.723 million yuan.

China New Town Development Company Limited (01321) announced its results for the six months ending June 30, 2026, with revenue of 366 million yuan, maintaining the same level as last year; profit attributable to shareholders of the parent company was 92.723 million yuan, compared to a loss of 35.522 million yuan in the same period last year; basic earnings per share were 5.03 cents.

ZhongAn Service (02271) announced its interim results, with a profit attributable to shareholders of 8.85 million yuan, a decrease of 22.5% year-on-year.

Zhong An Intelligent Life (02271) announced its interim results for the six months ended June 30, 2026. The group achieved revenue of RMB 238 million, an increase of 10.9% year-on-year; gross profit was RMB 60.971 million, a decrease of 6.9% year-on-year; profit attributable to shareholders of the parent company was RMB 8.85 million, a decrease of 22.5% year-on-year; earnings per share were 1.66 cents.

NT PHARMA (01011) released its interim results, reporting a loss attributable to shareholders of 18.433 million yuan, an increase of 9.03% compared to the same period last year.

Tailin Pharmaceutical (01011) released its mid-term results for 2026, showing a revenue of 23.665 million yuan, an increase of 97.29% year-on-year; the loss attributable to company owners was 18.433 million yuan, an increase of 9.03% year-on-year; and the loss per share was 2.24 cents.

Pharmaron Beijing (03759) released its interim results, showing a profit attributable to shareholders of 750 million yuan, an increase of 7% year-on-year.

Kanglong Chemical (03759) announced its interim results for the six months ended June 30, 2026, during which the group achieved revenue of 7.595 billion RMB, an increase of 17.9% year-on-year; profit attributable to the owners of the parent company was 750 million RMB, a year-on-year increase of 7%; basic earnings per share were 0.4138 RMB.

A-shares Evening Highlights | Is "Market Rescue" Just a Temporary Breather? U.S. Long-Term Bond Yields Rise Again, U.S. Stocks Drop, Gold and Silver Plunge

The U.S. Treasury has launched a long-term bond incremental repurchase program, which briefly boosted market sentiment but quickly lost its effect. Rising oil prices have brought inflation risks back into investors' sights, leading to a new increase in long bond yields, a decline in U.S. stocks, and a simultaneous drop in gold and silver prices.

CNBM (03323): Beijing New Building Materials Public (000786.SZ) reported a net profit attributable to shareholders of approximately 1.375 billion yuan for the first half of the year, a decrease of 28.72% year-on-year.

China National Building Material (03323) announced the mid-term performance of BEIXIN Building Materials (000786.SZ) for 2026, with operating revenue of approximately 12.631 billion yuan, a year-on-year decrease of 6.84%; net profit attributable to shareholders of BEIXIN Building Materials of approximately 1.375 billion yuan, a year-on-year decrease of 28.72%; and basic earnings per share of 0.808 yuan.

Jl Mag Rare-Earth (06680) will distribute an interim cash dividend of 2.5 yuan for every 10 shares on November 23.

Jinli Yongci (06680) announced that it will distribute a mid-term cash dividend of 2.5 yuan for every 10 shares for the six months ending on June 30, 2026, on November 23, 2026.

HYBRID KINETIC (01188) has entered into a memorandum of understanding with Hengwan New Energy (Qianshan) Co., Ltd.

Zhengdao Group (01188) announced that on August 20, 2026, the company entered into a memorandum of understanding with Hengwan New Energy (Qiankou) Co., Ltd. The memorandum outlines a framework for the parties to explore potential cooperation opportunities, aimed at establishing long-term strategic collaboration and mutually beneficial business interests.

PHOENITRON HOLD (08066) issues a profit warning, expecting a net loss attributable to shareholders of approximately HKD 10.9 million for the first half of the year, compared to a profit in the same period last year.

PineBridge Holdings (08066) announced that the group expects to report a net loss attributable to shareholders of approximately HKD 10.9 million in the first half of 2026, compared to a net profit attributable to shareholders of approximately HKD 40.4 million in the same period of 2025.

WECON HOLDINGS (01793): Abnormal fluctuations in stock price, controlling shareholder may sell 75% of the company's shares, resuming trading on August 21.

Weigong Holdings (01793) announced that the Board of Directors has noted unusual price movements of the company's shares on the Hong Kong Stock Exchange recently. After making reasonable inquiries under the circumstances, the Board confirms that, except for the information disclosed below, it is not aware of any reasons for the share price fluctuations, or any information that must be announced to avoid creating a false market, or any inside information that must be disclosed under Part XIVA of the Securities and Futures Ordinance.

EMPEROR INT'L (00163) plans to sell its properties in Macau.

Emperor International (00163) announced that on August 20, 2026, the seller, (an indirect wholly-owned subsidiary of the company), has entered into an agreement with the buyer, . The seller has conditionally agreed to sell and the buyer has conditionally agreed to purchase the property for a price of HKD 106 million (with reference to the valuation of the property as of July 31, 2026, being HKD 106 million).

YUNJI (02670) released its interim results, with revenue of 188 million yuan, an increase of 71.6% year-on-year.

Yunji (02670) released its interim results for the six months ended June 30, 2026, reporting revenue of 188 million RMB, an increase of 71.6% year-on-year; gross profit of 65.76 million RMB, an increase of 47.55% year-on-year; loss attributable to equity shareholders of 111 million RMB, narrowing by 22.17% year-on-year; and a loss per share of 1.59 RMB.

US Stock Market Move | The cryptocurrency concept stocks rise against the trend, with Strategy (MSTR.US) up nearly 7%.

Bitcoin surged over 3.5% to $71,735; Ethereum rose over 1.4% to $2,283.

APEX ACE HLDG (06036) announced its interim results, with a profit attributable to shareholders of HKD 134 million, an increase of 1149.28% year-on-year.

GloLi Technology (06036) announced its mid-term results for the six months ending June 30, 2026, reporting revenues of HK$4.973 billion, a year-on-year increase of 126.25%; the profit attributable to shareholders was HK$134 million, a year-on-year increase of 1149.28%; basic earnings per share were HK$0.1271.

CHONGQING M&E (02722) will distribute a mid-term dividend of 0.02 yuan per share on December 21.

Chongqing Mechatronics (02722) announced that it will distribute a mid-term dividend of 0.02 yuan per share on December 21, 2026.

Jl Mag Rare-Earth (06680) announced its interim results, reporting a net profit attributable to shareholders of 462 million yuan, an increase of 51.58% year-on-year.

Jinli Permanent Magnet (06680) announced its interim results for 2026, reporting operating revenue of 4.649 billion yuan, an increase of 32.57% year-on-year; net profit attributable to shareholders of the listed company was 462 million yuan, a year-on-year increase of 51.58%; basic earnings per share stood at 0.34 yuan.

US Stock Market Move | Hesai (HSAI.US) rose over 7%, with Q2 net profit increasing by 60% year-on-year.

On Thursday, Hesai (HSAI.US) rose more than 7%, closing at $19.15.

ZYLOXTB (02190) 2026 mid-term performance: revenue of 632 million yuan, net profit growth of nearly 50%, overseas revenue increase of 349%.

In the first half of 2026, the company achieved operating revenue of 632 million RMB, a year-on-year increase of 31.1%; net profit was 179 million RMB, a year-on-year increase of 47.8%.

ZGC TEC LEASING (01601) has entered into a partnership agreement for a fund with a registered capital of 415 million yuan.

Zhongguancun Technology Leasing (01601) announced that on August 20, 2026, the Group will enter into a partnership agreement with fund partners to establish and operate a fund with a registered capital of RMB 415 million (Beijing Zhongfa Zhongnuo Hu Yang Jichun Venture Capital Fund Partnership (Limited Partnership)), of which RMB 205.425 million is subscribed by the Company, accounting for 49.5% of the total committed capital of the fund. RMB 125 million is subscribed by Beijing Zhongnuo, accounting for 0.3% of the total committed capital of the fund.

US Stock Market Move | SK Hynix (SKHY.US) rose by over 5% as Goldman Sachs Group, Inc. predicts a shareholder return rate of up to 8% by 2027.

On Thursday, SK Hynix (SKHY.US) rose by over 5%, reaching $164.77.

Besenet's buyback struggles to alleviate pressure on long-term bonds, while US bond yields pose the biggest challenge to US stocks.

Tyler Richey, the editor of Sevens Report Technicals, stated in an interview that the rise in U.S. Treasury yields is the "elephant in the room" threatening the stock market.

ZYLOXTB (02190) announced its interim results, with shareholders' profit attributable to them amounting to 182 million yuan, an increase of 49.93% year-on-year.

Guichuang Tongqiao (02190) announced its interim results for the six months ending June 30, 2026, with revenue of 632 million yuan (RMB, same below), an increase of 31.1% year-on-year; gross profit of 464 million yuan, an increase of 35.2% year-on-year; profit attributable to shareholders of 182 million yuan, an increase of 49.93% year-on-year; and basic earnings per share of 0.57 yuan.

AI has "infiltrated" the Federal Reserve! The minutes from the July meeting referenced it multiple times, penetrating all aspects from inflation to employment.

From ordinary workers worried about unemployment to investors warning of financial bubbles, the anxiety triggered by artificial intelligence is omnipresent.

HENG HUP (01891) issued a profit warning, expecting that the comprehensive profit attributable to shareholders for the first half of the year will decrease by approximately 60% to 90%.

Xinghe Holdings (01891) announced that, compared to the six months ending June 30, 2025 (the first half of 2025), the Group's profit attributable to owners of the Company is expected to decrease by approximately 60% to 90% in the first half of 2026.

Pak Tak Int'l (02668) issued a profit warning, expecting mid-term losses attributable to shareholders to narrow to approximately HKD 82 million to HKD 102 million year-on-year.

Baide International (02668) announced that the Group expects a significant decrease of approximately 60% in revenue for the six months ending June 30, 2025 (the corresponding period). Despite this decrease in revenue, it is anticipated that the company will incur a loss attributable to equity shareholders ranging from HKD 82 million to HKD 102 million for the six months ending June 30, 2026, compared to a loss of HKD 114 million for the corresponding period.

The number of initial jobless claims in the United States unexpectedly dropped to 206,000, which adds support for the Federal Reserve to hold steady in September.

The number of initial unemployment claims in the United States has declined slightly, indicating a stable job market.

LI NING (02331) announced its interim results, with net profit attributable to equity holders reaching 1.816 billion yuan, an increase of 4.53% year-on-year.

Li Ning (02331) announced its mid-year results for 2026, with revenue rising by 2.8% to 15.235 billion yuan, and a gross profit margin increase of 0.9 percentage points to 50.9%. The net profit attributable to equity holders was 1.816 billion yuan, a year-on-year increase of 4.53%. Basic earnings per share were 70.40 cents, and the interim dividend was 35.12 cents per share.

Pak Fah Yeow (00239) will distribute a special interim dividend of HK$0.06 per share on December 4.

White Flower Oil (00239) announced that it will distribute a special interim dividend of HK$0.06 per share for the six months ending June 30, 2026, on December 4, 2026.

PAK FAH YEOW (00239) will distribute an interim dividend of HKD 0.03 per share on December 4.

White Flower Oil (00239) announced that the company will distribute an interim dividend of HKD 0.03 per share for the six months ending June 30, 2026, on December 4, 2026.

BJ ENERGY INTL (00686) subsidiary plans to invest 236 million yuan to construct a comprehensive energy social investment cooperation project at Beijing University of Technology.

Beijing Energy International (00686) announced that on August 20, 2026, Beijing University of Technology, as the client, signed this agreement with Jingneng Smart Energy, an indirectly wholly-owned subsidiary of our company (as the contractor and service provider). According to the agreement, Jingneng Smart Energy will be responsible for the investment, financing, design, and construction of the comprehensive energy system for the new campus of Beijing University of Technology (Phase I of the Fangshan New Campus), which includes the heating and cooling systems, photovoltaic power generation system, bathing hot water heating system, and comprehensive energy management platform, as well as the operation and management of the comprehensive energy system for a period of 20 years. The total construction investment that Jingneng Smart Energy will contribute to this project amounts to RMB 236 million.

PAK FAH YEOW (00239) published its interim results, with a net profit of HKD 47.352 million, a year-on-year increase of 19.1%.

White Flower Oil (00239) announced its interim results for the six months ended June 30, 2026, with a revenue of HKD 101 million, a year-on-year increase of 6.7%; net profit of HKD 47.352 million, a year-on-year increase of 19.1%; basic earnings per share of HKD 0.152. The company intends to declare an interim dividend of HKD 0.03 per share and a special interim dividend of HKD 0.06 per share.

LI NING (02331) will distribute an interim dividend of 0.3512 yuan per share on September 16.

Li Ning (02331) announced that it will distribute an interim dividend of HK$0.3512 per share for the six months ending June 30, 2026, on September 16, 2026.

DONGYUE GROUP (00189) released its interim results, with shareholders' net profit for the period amounting to 1.027 billion yuan, an increase of 31.84% year-on-year.

Dongyue Group (00189) released its mid-year results for 2026, reporting revenue of 8.06 billion RMB, an increase of 8% year-on-year; profit attributable to the companys owners for the period was 1.027 billion RMB, up 31.84% year-on-year; basic earnings per share were 0.6 RMB.

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