Zhitong Hong Kong Stock Early Knowledge | The U.S. considers delaying tariffs on polysilicon-related products, and the Congo bans the export of copper concentrate and cobalt concentrate

【Today's Headlines】

Thermal Coal Price Index Rises Across the Board; Institutions Warn of Potential Severe Supply-Demand Mismatch

On August 5th, the thermal coal price index rose across the board, with the 5500 kcal price reported at 839 yuan/ton, an increase of 5 yuan/ton. It is reported that the supply side remains tight, and Changcheng Securities pointed out that the comprehensive operating rate in Shanxi, Shaanxi, and Inner Mongolia has continued to decline since the Shanxi coal mine explosion on May 22nd. The operating rate in Shanxi has a significant impact, and attention should be paid to the potential severe supply-demand mismatch that may occur in the summer.

Changjiang Securities noted that the coal industry will face a window period for capacity reduction in 2026, with the effective supply of thermal coal expected to decrease by 1.9% year-on-year to 3.806 billion tons, putting short-term supply under pressure; at the same time, the policy side continues to "counter internal competition," promoting coal price stabilization through overproduction checks. In the first half of 2026, the average price of thermal coal at Qinhuangdao Port is expected to rise by 13.2% year-on-year to 767 yuan/ton.

Involved in the Hong Kong stock coal sector: China Shenhua (01088), Mongolian Energy (00276), Power Development (01277), Yanzhou Coal (01171), China Coal Energy (01898), and Yida Commodity (01733), among others.

【Market Outlook】

Dow Jones Index Ends Five-Day Winning Streak; Storage Chips Open Low and Rise High

Overnight, the U.S. stock market closed with the Dow Jones Industrial Average down 464.02 points from the previous trading day, ending a five-day winning streak at 53,885.1 points, a decline of 0.85%; the S&P 500 index fell 13.59 points to 7,709.96 points, a decline of 0.18%; the Nasdaq Composite Index dropped 15.09 points to 26,348.35 points, a decline of 0.06%.

Large tech stocks showed mixed results, with SpaceX rising over 6%, regaining a total market value of over $1.5 trillion, Microsoft up more than 2%, and Apple and Meta slightly up; Google, Amazon, Netflix, and Tesla saw slight declines. Storage chips opened low and rose high, but most closed significantly down, with Western Digital down over 13%, SanDisk down nearly 7%, and SK Hynix down nearly 5%. AI application software stocks plummeted, with Datadog and Applovin down over 19%.

Popular Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index up 0.27%, and Zai Lab up over 13%. The Hang Seng Index ADR fell, closing at 25,568.36 points, up 38.08 points or 0.15% compared to the Hong Kong close.

WTI crude oil futures for the current month rose by $3.01, closing at $78.23 per barrel, an increase of 4.00%. COMEX gold futures for the current month fell by $6.50, a decline of 0.15%, reported at $4,298.7 per ounce.

【Hot Topics Ahead】

U.S. Considers Delaying Tariffs on Polysilicon-Related Products

Officials from the Trump administration are considering delaying the tariffs originally planned for solar panels and other polysilicon-containing products for several months. Sources say that U.S. President Trump may issue an order to implement the related tariffs as early as Thursday, but officials are considering setting a transition period of 90 to 120 days. It is reported that this arrangement may encourage companies participating in U.S. renewable energy projects to accelerate imports before the tariffs are officially imposed World Gold Council: Global Gold ETF Net Inflow of $3 Billion in July

The World Gold Council released a report showing that global gold ETFs recorded a net inflow of $3 billion in July, ending a two-month streak of outflows. Driven by the influx of funds and rising gold prices, the total assets under management of global gold ETFs rose to $530 billion, an increase of 1% from the previous month; gold ETF holdings increased by 23 tons to 4,068 tons.

DeepSeek Plans to Raise API Service Pricing

DeepSeek announced: "We plan to raise the overall pricing of DeepSeek API services in the near future, with significant increases expected. Please arrange your usage accordingly. The specific plan will be subject to formal notification." This involves the Hong Kong stock AI large model sector.

Alibaba (09988) Video Generation Large Model Wan 3.0 Begins Public Testing

According to Zhitong Finance APP, on August 6, Alibaba (09988) launched public testing for its video generation large model Wan 3.0. Wan 3.0 has been comprehensively upgraded in terms of generation duration, universal creation, all-around reference, and realism: it can generate a 30-second video in a single instance, fully expressing creative intent; in addition to text, images, audio, and video, it now supports document formats such as doc, xls, ppt, pdf, and md for input; it aims to accurately replicate the real world—people are unique, and each frame is both realistic and credible.

Hengrui Medicine (01276): Injection of Rukang Trastuzumab Approved for Third Indication

Currently, Rukang Trastuzumab has 11 indications included in the list of breakthrough therapeutic varieties, covering non-small cell lung cancer, breast cancer, gastric or gastroesophageal junction adenocarcinoma, colorectal cancer, biliary cancer, and gynecological malignancies.

JinJing New Energy (01783) Invests HKD 1.2884 Billion to Purchase High-Performance Servers, Strengthening Cloud Computing and Intelligent Computing Layout

According to previous disclosures, JinJing New Energy plans to acquire target equity from seller Yovole Cayman (i.e., all issued share capital of target company YV CLOUD Limited and operating company Shanghai Youfu Cloud Computing Co., Ltd.), with a maximum price not exceeding HKD 2.5 billion. The acquisition of the target group, which mainly provides cloud computing capability services, marks a strategic expansion of the group's business into the intelligent computing field.

Pharmaron-B (02617): Jieentai® (Tengotini Tablets) Approved for Market by National Medical Products Administration

Pharmaron-B (02617) announced that its self-developed Class 1 new drug Jieentai® (Tengotini Tablets) has received conditional approval for marketing from the National Medical Products Administration (NMPA) for the treatment of adult patients with advanced, metastatic, or unresectable cholangiocarcinoma who have previously received systemic therapy and FGFR inhibitor treatment, and have fibroblast growth factor receptor (FGFR) 2 fusion or rearrangement. Previously, this therapy was included in the NMPA's priority review and breakthrough therapeutic varieties.

Congo Bans Export of Copper Concentrate and Cobalt Concentrate; Luoyang Molybdenum (03993): The Company's Local Products are Cathode Copper and Cobalt Hydroxide Recently, the government order signed by the Congolese government at the end of June prohibiting the export of copper-cobalt concentrates has disturbed the capital market. In response, a relevant person from Luoyang Molybdenum released a WeChat moment stating that the products from the company's two major mines in Congo, TFM and KFM, are cathode copper and cobalt hydroxide, not concentrates. An industry insider introduced that Luoyang Molybdenum's local mines in Congo integrate mining, selection, and smelting, using an electrolysis process for refining, and the end product is indeed cathode copper, so the ban has little impact on the company.

MGM China (02282) announces interim results with a profit attributable to owners of approximately HKD 1.9 billion, a year-on-year decrease of 20.24%

MGM China (02282) announced its interim results for 2026, with operating revenue of approximately HKD 17.392 billion, a year-on-year increase of 4.39%; the profit attributable to owners for the period is approximately HKD 1.9 billion, a year-on-year decrease of 20.24%; basic earnings per share are HKD 0.501, with an interim dividend of HKD 0.25 per share.

New stock dark market | Nansen Technology (02261) dark market closes up over 60%, earning HKD 628 per lot

Nansen Technology (02261) will be listed in Hong Kong on August 7 (Friday). As of the close, dark market trading shows a price of HKD 16.7, up 60.27% from the offering price of HKD 10.42, with each lot of 100 shares earning HKD 628, excluding fees.

MONGOL MINING (00975) issues earnings surprise, expects to achieve a comprehensive net profit of approximately USD 100 million to 110 million in the first half of the year, turning losses into profits year-on-year

The group expects to achieve a comprehensive net profit of approximately USD 100 million to 110 million in the first half of 2026, compared to a comprehensive net loss of USD 19.9 million in the first half of 2025. The profit is mainly due to increased sales of washed coking coal and higher average selling prices, leading to increased revenue during the reporting period compared to the same period in 2025, as well as income from gold mine production and other net income.

Biossance-B (02315) issues earnings surprise, expects net profit attributable to parent company of RMB 236 million to 246 million in the first half of the year, a year-on-year increase of 391.87% to 412.71%

It is expected that the net profit attributable to the parent company, excluding non-recurring gains and losses, will be RMB 192 million to RMB 202 million for the first half of 2026, an increase of RMB 164 million to RMB 174 million compared to the same period last year, representing a year-on-year increase of 574.02% to 609.04%.

【Stock Highlights】

Pacific Shipping (02343): Shareholders' attributable profit of USD 105 million, a year-on-year increase of 310.35%

According to Zhitong Finance APP, Pacific Shipping (02343) released its interim results for the six months ending June 30, 2026, with a turnover of USD 1.105 billion, a year-on-year increase of 8.52%; shareholders' attributable profit of USD 105 million, a year-on-year increase of 310.35%; basic earnings per share of USD 0.0206; proposed interim dividend of HKD 0.155 per share.

The announcement stated that in the first half of 2026, the group's core business contributed USD 124 million (excluding management expenses), an increase of 144% compared to the first half of 2025. The daily average income of the group's small handy and super handy bulk carriers under time charter contracts was USD 14,200 and USD 16,600, respectively, exceeding the market index by USD 1,950 and USD 2,370 This outstanding performance highlights the value of the group's integrated platform and continues the group's long-standing record of outperforming the freight market benchmark. The group optimizes trade models by combining rare backhaul freight with more common headhaul freight, reducing empty leg segments and improving vessel utilization. At the same time, the group makes good use of high-value less-than-container-load (LCL), deck cargo, and other bulk cargo businesses to further enhance utilization rates, average daily income in line with time charter benchmarks, and returns