--- title: "Zhitong Hong Kong Stock Analysis | Half-Year Settlement Combined with Apple's Price Increase Leads to Major Tech Adjustment, Newly Listed Varieties Are Speculated" type: "News" locale: "en" url: "https://longbridge.com/en/news/290969916.md" description: "Hong Kong stocks fell by 1.76%, the Shanghai Composite Index fell by 2.26%, and the ChiNext fell by 4.07%. Influenced by factors such as Apple's price increase, high interest rate expectations from the Federal Reserve, capital recovery at the end of the half-year, and geopolitical issues, technology stocks underwent significant adjustments, with supply chain stocks like COWELL experiencing sharp declines, and memory chip giants SK Hynix and Samsung Electronics being sold off" datetime: "2026-06-26T13:03:56.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290969916.md) - [en](https://longbridge.com/en/news/290969916.md) - [zh-HK](https://longbridge.com/zh-HK/news/290969916.md) --- # Zhitong Hong Kong Stock Analysis | Half-Year Settlement Combined with Apple's Price Increase Leads to Major Tech Adjustment, Newly Listed Varieties Are Speculated **【Market Dissection】** There was basically no suspense regarding today's sell-off. Let's look at what was said yesterday: "Given the current index structure and such a low 'technology' content, there is almost no hope for the index to strengthen." The biggest problem with the Hong Kong stock market is that the large-cap giants have not stopped falling. The Hong Kong stock market fell 1.76% today, but the A-share market fell even more sharply, with the Shanghai Composite Index down 2.26% and the ChiNext down 4.07%. The situation across the Taiwan Strait is not optimistic. The International Maritime Organization of the United Nations originally promoted the evacuation of ships through designated routes from the waters around the Strait of Hormuz, but this plan has been suspended after a ship was attacked near Oman. If Iran does not receive money from the other side, it needs to maintain absolute control. COSCO Shipping Energy (01138) fell 5.34% due to damaged logic. Federal Reserve's Williams: Inflation is still too high, and current interest rate policies are sufficient to suppress prices. Combined with strong U.S. employment data, high interest rates are expected to continue, widening the interest rate differential between China and the U.S., which puts pressure on overvalued tech stocks. At the end of the month, banks will undergo MPA assessments, leading to a passive withdrawal of idle funds from the short-term market; seasonal concentration of funds at the end of the half-year will result in more drastic adjustments by funds, and today is also the stock index futures settlement day, which will amplify this volatility. There are also reports that Changxin will start issuing on July 2, and the market is still worried about siphoning effects. There is also a more direct negative factor. This Friday, Apple announced a comprehensive price increase for MacBooks and iPads, raising concerns that soaring semiconductor costs will begin to affect consumer demand and overall tech spending. Apple's stock price fell more than 6% during U.S. trading hours. This directly impacted Hong Kong stocks related to Apple’s supply chain, with Cowell (01415) dropping nearly 8%. Although Micron Technology surged last night supported by strong earnings, South Korean memory chip giants faced heavy selling: SK Hynix plummeted 9.56% in the morning, and Samsung Electronics fell 8.65%. Both companies are key suppliers of DRAM and NAND storage chips in Apple's product line, and the market is worried that declining terminal demand will also backfire on storage. Additionally, in the optical communication sector, Han's Laser (002008.SZ) announced an expansion of optical fiber production yesterday, triggering a mass drop in optical fiber stocks, with Yangtze Optical Fibre (06869) falling over 12%. The tech sector is heavily impacted today. In such market conditions, there is very limited room for capital selection, and the focus can only be on innovative drugs. Yesterday, we talked about the catalyst for buybacks, and today a chief pharmaceutical analyst from a brokerage firm is also strongly advocating: although the pharmaceutical index has plummeted, roadshows are still packed. Last week and this week, nearly 30 fund company research directors have been arranged to calculate the market value bottom and space of leading stocks. Even if the current market value has dropped overseas, it is still worth it, and the pharmaceutical sector has definitely bottomed out. The market still recognizes the CXO category, which has been mentioned multiple times. Today, stocks like Tigermed (03347), Kanglong Chemical (03759), Kailai Ying (06821), and Zhaoyan New Drug (06127) have seen good growth, with increases around 3%. With tech stocks weakening, the market is returning to reality. The earnings line has naturally become a safe haven, with JinJing New Energy (01783) reporting annual earnings of approximately HKD 2.462 billion, a year-on-year increase of about 183.1%; gross profit of approximately HKD 197 million, a year-on-year increase of about 91.6%; and profit attributable to shareholders of approximately HKD 60.94 million, turning from a loss to a profit year-on-year Adjusted EBITDA is approximately HKD 97.964 million, a year-on-year increase of 118.85%; earnings per share are HKD 0.0217, with a proposed final dividend of HKD 0.01 per share. The company holds Hong Kong's first full license for power battery disposal and has an integrated recycling network (Europe, America + Southeast Asia + Hong Kong), with scarce overseas battery disposal channels; domestically, from 2025 to 2027, it will enter a large-scale retirement cycle for power batteries, with a recycling market worth hundreds of billions. The company has long-term strategic cooperation with China Resources, Zhongzi Environmental, American FMG metal giants, and Guoxuan High-Tech to secure a stable source of retired batteries. In summary, it belongs to a rare monopoly with stable profits and a complete closed loop. The upcoming catalyst is the production of Hong Kong's first battery recycling factory within 2026, covering the retirement needs of new energy vehicles in Hong Kong, becoming a second growth curve, with a surge of over 12% today. Bosideng (03998) reported annual revenue of approximately RMB 27.35 billion, a year-on-year increase of 5.6%; net profit attributable to equity shareholders is approximately RMB 3.9944 billion, a year-on-year increase of 13.7%. Thus, Bosideng has achieved a dual increase in revenue and net profit for the ninth consecutive fiscal year, with both core indicators reaching historical highs for the same period. The company will distribute a final dividend of HKD 0.25 per share on September 15, 2026. In simple terms, the company has broken the seasonal constraints, offering lightweight down jackets and four-season outdoor functional clothing, with products available for sale in spring, summer, autumn, and winter. It has multiple revenue streams: own multi-brands + B-end OEM + overseas staggered markets, providing multiple incremental hedges against winter's single reliance; channels: through a dual-line layout of traditional e-commerce and content e-commerce, achieving high-quality growth in all online businesses. Today, it rose over 8% from the bottom. Luk Fook Holdings (00590) reported a year-on-year increase in net profit of 86%, with the final dividend rising to HKD 1.02. The company's sales in mainland China and Hong Kong-Macau markets grew strongly, with revenue in mainland China increasing by 40.8% year-on-year, and segment profit growing by 59.3%. Profit in the Hong Kong-Macau and overseas markets increased by 91.3%. Benefiting from rising gold prices and an increase in the proportion of sales of priced jewelry products, the overall gross profit margin improved by 3.6 percentage points to 36.7%. Today, it rose over 6%. Short-term funds are speculating on newly listed varieties today, among which Chipbond Technology (09630) surged nearly 104% on its first listing. The company is the world's largest supplier of PCB direct imaging equipment, ranking fourth among global direct-write lithography equipment suppliers by 2025 revenue, with a market share of 9.4%. The A-share price is RMB 527. Today, it surged nearly 104%; leading smart parking space operator Keta Co., Ltd. (02272) rose 203% from the issue price of HKD 39.55, with a public offering subscription rate of 2115.21 times, indicating strong investor enthusiasm. **【Sector Focus】** The third batch of RMB 62.5 billion ultra-long-term special government bonds to support the replacement of consumer goods has recently been issued. According to reports, since the beginning of this year, the National Development and Reform Commission, in conjunction with the Ministry of Finance and other departments, has issued ultra-long-term special government bonds to support the replacement of consumer goods in quarterly batches, promoting a more stable rhythm for the replacement of consumer goods, with balanced and orderly fund usage, and the policy effect continues to emerge. As of June 20, 2026, the consumer goods replacement program has benefited 136 million people, driving sales exceeding RMB 1 trillion, with the leverage ratio of subsidy funds increasing from 1:7.8 in 2025 to 1:10.3, meaning that every RMB 1 of subsidy funds invested drives RMB 10.3 of household consumption In the window of technological adjustment, consumer sectors may attract funding attention. The Hong Kong stock market mainly focuses on the electrical appliance sector: such as Midea Group (00300), Hisense Home Appliances (00921), TCL Electronics (01070), and Aux Electric (02580). **【Stock Picking】** **Midea Group (00300): Strong growth in ToB business, high dividends, and continuous large-scale share repurchase** The company's first-quarter performance showed steady growth, with main revenue of 131.581 billion yuan, an increase of 2.45% year-on-year; net profit attributable to the parent company was 12.675 billion yuan, an increase of 2.03% year-on-year. The profit distribution for A-shares in 2025 will be a dividend of 38 yuan for every 10 shares, totaling 25.92 billion yuan. Comment: By the first quarter of 2026, Midea's entire product line will have over 500 million appliances capable of being connected to the internet, achieving over 140 million smart appliances connected globally, with more than 150 million smart users, completing AI layout for over 150 categories of home appliances. The company's technological transformation has been successful, evolving from a home appliance company to a technology group, focusing on three tracks: AI, robotics, and new energy. ToB explosion: A second curve worth hundreds of billions, with growth significantly higher than ToC and higher gross margins. Dual-driven (ToC + ToB), ToC (67%): air conditioning market share of 35%; high-end brands COLMO + Toshiba, with high-end revenue exceeding 20 billion yuan in 2025, accounting for over 15%. ToB (33%, high growth): revenue of 122.8 billion yuan in 2025 (+17.5%); Q1 2026 building technology 10.8 billion (+10.1%), robotics 8.2 billion (+11.8%). The company has a global layout, with 29 overseas R&D centers and 43 manufacturing bases covering 50 countries; overseas revenue in 2025 is expected to be 195.9 billion yuan (+16%), accounting for 43%. Full industry chain: core components such as compressors, motors, and controllers are self-researched and produced, with costs 10%-15% lower than peers and shorter delivery cycles. Lighthouse factories: 6 (the first in the home appliance industry), with the Chongqing building technology factory being the world's first full-process AI lighthouse factory in the central air conditioning industry. Robotics: KUKA + self-developed humanoid robots have orders exceeding 2 billion, with concentrated delivery in H2 2026. New energy vehicle components: orders exceeding 5 billion, supporting leading automotive companies. AI + high-end: AI appliance penetration rate target of 40% by 2026; COLMO stores exceeding 2000, with high-end revenue accounting for over 20%. The company's globalization is deepening, with OBM self-owned brands going overseas, experiencing high growth in Southeast Asia, North America, and the Middle East. Midea Group's business has covered over 200 countries and regions. Strong growth in overseas and ToB businesses, with Midea Group's ToB business growth expected to exceed that of ToC. Recently, Midea Group and Alibaba Group's first cooperation point is to jointly build core capabilities for whole-house intelligence, focusing on three major directions: family AI brain, IoT ecosystem and life service scenario interconnection, and popular smart hardware. The company offers high dividends and large-scale repurchases. The company returns 100% of net profit (dividends + repurchases), with an expected dividend yield of approximately 5% in 2026. 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