--- title: "Zhitong Hong Kong Stock Analysis | SiC has become a severely overlooked core main line, exploring AI to B application scenarios" type: "News" locale: "en" url: "https://longbridge.com/en/news/287767137.md" description: "Today, the market fell sharply, with the Shanghai Composite Index down 1.25% and Hong Kong stocks down 1.06%. The Federal Reserve Chairman stated that inflation risks need to be monitored, leading to heightened market expectations for interest rate hikes. Hong Kong banks are requiring clients to re-sign declarations of the legal source of funds, impacting investment transactions. Technology stocks performed strongly, with SiC seen as a core theme in the AI sector, expected to account for 50% of the market by 2030" datetime: "2026-05-27T12:03:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287767137.md) - [en](https://longbridge.com/en/news/287767137.md) - [zh-HK](https://longbridge.com/zh-HK/news/287767137.md) --- # Zhitong Hong Kong Stock Analysis | SiC has become a severely overlooked core main line, exploring AI to B application scenarios **\[Market Dissection\]** Today, the market fell quite dramatically, especially the A-shares, with the Shanghai Composite Index down 1.25%, and the Hong Kong stock market also down 1.06%. Yesterday, we mentioned some small movements between the U.S. and Iran. The U.S. launched strikes in Iran's southern Hormozgan Province, stating that the strikes were defensive in nature, targeting missile launch sites and ships attempting to lay mines. The market is concerned about the escalation of the situation. The Federal Reserve has again taken a hawkish stance. Minneapolis Federal Reserve President Neel Kashkari stated on Wednesday that the Fed must focus on curbing the accumulating inflation risks. However, he believes it is still "too early" to predict the timing of the next interest rate adjustment, although the market is betting that the central bank may raise rates in October. According to media reports, banks in the Hong Kong region and some of their clients have learned that starting from yesterday (May 26), there are new requirements for the documents provided by clients to open investment accounts offline through banks in Hong Kong. Clients are required to sign a declaration of the legal source of funds. Existing clients must complete a supplementary signing process, and before this is completed, investment trading functions will be suspended. Accounts will not be canceled, and existing positions and assets will not be affected, but new buying transactions will be temporarily unavailable. The inability to buy while being able to sell will have some impact on the market. However, after the market closed, there was some good news: According to CCTV News, on the 27th local time, a member of Iran's National Security Council, Broujerdi, stated that based on a preliminary draft agreement reached between Iran and the U.S., the U.S. would commit to a comprehensive ceasefire for 60 days on all fronts in the first phase, particularly within Lebanon; at the same time, the release of a significant portion of Iran's frozen assets and the end of maritime blockades were also included in the agreement. It feels like the market fell for no reason. The market continues to reflect the U.S. stock market, with technology stocks led by Micron rising sharply, driving the Nasdaq to continue its upward trend. Today's main focus is on SiC. Citrini clearly identified SiC as a severely overlooked core line in the AI field. By 2030, AI power supplies are expected to account for 50% of the SiC power supply market, with substrate and equipment demand expected to grow nearly tenfold. TSMC Chairman and CEO C.C. Wei revealed that they are building a pilot production line for CoPoS packaging technology, which is expected to enter mass production in a few years. The iteration of TSMC's CoWoS technology has opened a second growth curve for SiC in advanced AI packaging, with the application scale of SiC in CoWoS advanced packaging expected to exceed that of the power supply market. Industry leader Tianyue Advanced (02631) leads the market with an 8-inch silicon carbide substrate market share of 51.3%, while other manufacturers have a market share of 15% or less for 8-inch silicon carbide substrates. Today, it surged over 16%. Times Electric (03898), which has an 8-inch SiC industrialization base, rose over 5%; in the AI power direction, there is optimism about NVIDIA's Blackwell/Rubin exceeding expectations. Innoscience (02577) is the only Chinese GaN supplier in its 800V HVDC power alliance, and the incremental growth in this area is worth looking forward to, with a rise of over 8% today. Naxin Micro (02676), which provides AI power chips, rose nearly 7%. Megvii Technology (03268), the global leader in high-performance intelligent modules, is expected to have a 29% market share in 2024, and is the global leader in 5G vehicle-mounted modules. The core catalyst is the company's recent completion of comparative testing for Hermes and OpenClaw on its two flagship platforms, SNM983 (Q-9075) and SNM970 (Q-8550) The results show that Hermes' four-layer memory architecture effectively avoids process memory bloat, reducing maximum memory usage by 72.7% compared to OpenClaw, making it suitable as a long-term low-power resident personal assistant and for deployment on low-memory edge devices. The company recently completed large-scale production delivery of the SNM980 with a powerful AI computing power of 77 TOPS. Today it rose over 8%. The application side is also quite strong, mainly focusing on AI to B landing scenarios. On May 26, Dipu Technology (01384) announced that it has recently signed a strategic cooperation agreement with Hong Kong's leading IT and technology solutions provider, Lenovo Telecommunications and PCCW Enterprise Solutions. The two parties will target the Greater Bay Area and Southeast Asian markets, launching the DeepexiOS, a combination of the Deepexi ontology large model and the FastAGI enterprise intelligent agent platform, providing industrial solutions under the AgentOS category. Serving nearly 400 leading enterprises in implementing AI, this is a relatively rare AI company that can achieve practical results. Today it surged nearly 18%. Also mentioned yesterday, Botai Car Networking (02889): deeply binding with Huawei HarmonyOS and Qualcomm's dual ecosystems as a core supplier for smart cockpits. It has received a notification for a new generation of intelligent models from a leading OEM new energy vehicle company. The company is also collaborating with project partners to explore cutting-edge scenarios such as "physical AI," "AI intelligent agents," and "AI emotional intelligent agents," and is exploring innovative business models such as computing power charging and in-car Tokens billing. This is also a company with visible profit models, rising over 15% today. The production data for the lithium battery industry chain in May has just been released—according to information statistics, the total production capacity of China's lithium battery market in May 2026 is approximately 249 GWh, setting a monthly record, with energy storage cell production accounting for 42.3%. Contemporary Amperex Technology Co., Limited (03750): successfully connected to the grid a 601 MWh large-scale energy storage project built in cooperation with Eastern European company Solarpro Holding in Bulgaria. May production has broken through 100 GWh for the first time, setting a historical high, and annual production is expected to significantly exceed expectations. Today it rose over 6%. Pay attention to varieties with positive changes in fundamentals. On the evening of May 18, Lens Technology (06613) announced the acquisition of a 27.81% stake and half of the voting rights in Juteng International (03336) for over 600 million yuan. This transaction is very cost-effective, with a price of HKD 2.2, nearly half of the highest price of HKD 4.17 before the acquisition. Juteng International is a global "laptop shell" manufacturer and has incurred losses for three consecutive years, making it the best time for acquisition. After the acquisition, it can quickly enter the AIPC and server structural component track and directly obtain a base in Vietnam, effectively avoiding trade friction risks, further strengthening the company's capabilities in embodied intelligence, AI servers, and commercial aerospace. Today it rose over 6%. Another one, Zhiyuan Holdings (00990) recently made a move in the computing power infrastructure track. The company, through its wholly-owned overseas subsidiary, Jidian (Shanghai) International Trade Co., Ltd., officially invested in Superfast Intelligent Computing (Beijing) Technology Co., Ltd., which previously won a super-large-scale computing power card equipment leasing project worth 8.434 billion yuan. This means Zhiyuan Holdings is entering the AI computing power track, forming deep industrial synergy with its existing bulk commodities and new energy resources business Today it rose again by over 6%. The restaurant stock Little Garden (0999) has performed well in the past two days. Last night it announced plans to repurchase up to 1.5% of its shares, and its fundamentals are also improving. In August 2025, Little Garden's founder and chairman Wang Shugang announced that from then on, Little Garden would no longer participate in any discounts on delivery platforms, directly boosting profits. At the same time, it launched a targeted annual membership program "88 VIP," which increased the repurchase rate within four months, with a cumulative repurchase rate of 46.48%. This move has been very successful; by the end of April, Little Garden's same-store dining traffic increased by 450,000 people. Today it rose again by over 4%. This model may be emulated by large restaurants, but it requires strong supply chain and scale support. This is relatively negative for the platforms. The coal stock Yancoal Energy (01171), identified by yesterday's stock picking point, rose against the trend by over 3% today, while the coal-related Shougang Resources (00639) rose by over 4%. **【Sector Focus】** The Hang Seng Tech Index will update its calculation method, adding Space Exploration Technologies Corp (SpaceX) to the list of designated U.S. listed component stocks. This change will take effect upon SpaceX's confirmation of its listing, at which point the weight of the eight U.S. listed component stocks will be readjusted to equal weight. U.S. commercial space stocks continued to rise in pre-market trading, with Momentus rising another 33% after a 109% increase yesterday, Redwire rising over 23%, and AST Space Mobile and Rocket Lab rising over 6%. NASA announced a three-phase roadmap for lunar base construction, further detailing the development goals and implementation paths for building long-term facilities in the lunar south pole region. China is simultaneously advancing Chang'e 7 (2026), manned lunar landing (2030), and the International Lunar Research Station, among others. This is expected to stimulate related Hong Kong stocks: Asia Pacific Satellite (01045), Puxin Technology (07688), and Aerospace Holdings (00031). **【Stock Picking】** **China National Heavy Duty Truck Group (03808): Strategic signing of 100 new energy mixer trucks, new energy heavy and light trucks become new highlights** On May 27, China National Heavy Duty Truck Group held a grand ceremony for the strategic signing of 100 new energy mixer trucks and the first batch delivery of HOWO TX new energy mixer trucks in Tianjin. This delivery event, themed "Green Movement of HaiJin HOWO Concrete," marks a new peak in the large-scale implementation of new energy commercial concrete transportation in the Beijing-Tianjin-Hebei region. **Comment:** The first batch of 50 HOWO TX new energy mixer trucks delivered is a benchmark product specially designed by China National Heavy Duty Truck Group for commercial concrete transportation scenarios. The vehicles are equipped with lithium iron phosphate batteries, which can meet daily operational needs with a fast charge of half an hour, and the actual working range can fully cover the urban commercial concrete transportation radius. Compared to traditional fuel vehicles, they save over 35% in energy and can save more than 150,000 yuan in operating costs annually, truly achieving a "dual harvest of cost reduction and efficiency increase." This signifies a major breakthrough for the company in the direction of new energy heavy trucks. By 2025, the company's heavy truck sales are expected to reach 304,900 units, with a market share of 26.6%, not only maintaining the domestic industry leader position for four consecutive years but also ranking first in global heavy truck sales for the first time, further consolidating its leading position in the industry The company has sufficient orders on hand, and production and sales maintain a good growth momentum. The company's export performance is strong, with export sales accounting for more than half of total sales from January to April. The market share continues to rank among the top in the industry, and product exports maintain a good trend, mainly covering key regions such as Africa, Southeast Asia, Central Asia, and the Middle East, while also making continuous progress in emerging markets, with stable growth expectations in overseas markets. In the new energy sector, the domestic new energy heavy truck industry saw a significant year-on-year sales increase of 75.5% from January to March 2026. The new energy heavy truck sector has become the biggest highlight, achieving three consecutive months of year-on-year growth. China National Heavy Duty Truck Corporation continues to benefit from high export prosperity, and in March, it claimed the title of domestic new energy heavy truck monthly sales champion. The sales growth rate exceeds the revenue growth rate. In the light truck segment, the company, in collaboration with Weichai Power, launched a new generation of high-end light truck power products, including traditional energy power such as WP2.5T, WP2.5N, WP3N, WP3NNG, WP5N, WP5H, as well as new energy light truck power. Additionally, it jointly released the AI-V intelligent unmanned transfer vehicle with Shandong Port. The company is a leader in heavy truck exports, and its overall market share has increased to around 25% due to growth in overseas exports. The company has always placed a high emphasis on shareholder returns, with the dividend payout ratio further increased compared to previous years, accounting for 55% of the net profit attributable to the parent company in the first half of the year. As the industry's prosperity continues to rebound and favorable policies are released, China National Heavy Duty Truck Corporation will benefit from the warming of domestic sales and sustained growth in overseas exports. 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