Zhitong Hong Kong Stock Early Knowledge | Memory shortage may last until 2027, SpaceX's market value evaporates by $225 billion

【Today's Headlines】

Memory shortage may last until 2027, Samsung, SK Hynix, and Micron's production capacity sold out in advance

According to technology media reports on Tuesday, the supply tightness of memory chips is expected to continue until 2027. Industry insiders revealed that the three major memory manufacturers have basically completed capacity allocation negotiations for next year. In short, the expected memory supply from Samsung, SK Hynix, and Micron for 2027 has been fully sold out, with no new capacity plans in place.

The report states that the three major suppliers have allocated all DRAM and HBM capacity for 2027. The final allocation received by customers is only 60% to 70% of their initial requests. Industry insiders pointed out that 2027 will enter the most severe phase of memory shortage. The allocation quantity has now been basically finalized, but the final shipping prices will be determined closer to the delivery date.

According to the latest storage spot price trend report released by TrendForce, the upward momentum of DRAM spot prices has weakened since late July, with slight increases in prices for 4Gb DDR4 and 2Gb DDR3 amid limited trading volume. This involves the Hong Kong stock market's storage chip sector.

【Market Outlook】

U.S. large tech stocks mixed, SpaceX's market value evaporates by $225 billion

As of the close of trading overnight, the Dow Jones Industrial Average rose 263.24 points from the previous trading day, closing at 54,349.12 points, an increase of 0.49%; the S&P 500 index fell 12.97 points, closing at 7,723.55 points, a decrease of 0.17%; the Nasdaq Composite Index fell 221.55 points, closing at 26,363.44 points, a decrease of 0.83%.

Large tech stocks were mixed, with SpaceX down over 13%, its market value evaporating by $225 billion, surpassed in total market value by Meta. AMD fell over 7%, Google fell over 4%, while NVIDIA rose over 3%, marking a five-day consecutive increase and reaching a new high since early June, with a total market value exceeding $5.3 trillion.

Oil and gas stocks fell broadly, with EOG Resources down over 6%, ConocoPhillips and Occidental Petroleum down over 2%. Mining stocks surged, with Eagle Materials up nearly 10%, Jin Tian up over 9%, and Kinross Gold up nearly 9%. Solar stocks plummeted, with SolarEdge down over 30% and SunPower down over 10%.

Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 1.09%. The Hang Seng Index ADR fell, closing at 25,717.11 points, down 198.71 points or 0.77% compared to the Hong Kong close.

WTI crude oil futures for the current month fell by $0.69, closing at $75.08 per barrel, a decrease of 0.91%. COMEX gold futures for the current month rose by $155.40, an increase of 3.74%, closing at $4,308.0 per ounce.

【Hot Topics Ahead】

Shanghai Stock Exchange: MINIMAX-W (00100) and others added to the Hong Kong Stock Connect list

According to Zhitong Finance APP, on August 5th, the Shanghai Stock Exchange announced that, in accordance with the relevant provisions of the "Shanghai Stock Exchange Hong Kong Stock Connect Business Implementation Measures," the list of stocks under the Hong Kong Stock Connect (hereinafter referred to as Hong Kong Stock Connect) has been adjusted, with MINIMAX-W (00100), Luxshare Precision (02475), and Sanhua Group (06951) added, effective from the next trading day of Hong Kong Stock Connect Kangfang Biologics (09926): The International Phase II/III Study of Evoris Combined with Pfizer's Atezolizumab for First-Line Treatment of UC Has Started

On August 5, Kangfang Biologics announced that its overseas partner Summit Therapeutics will initiate an international Phase II/III multicenter registration clinical study comparing Evoris combined with Atezolizumab to Pembrolizumab combined with EV for first-line treatment of locally advanced or metastatic urothelial carcinoma. Currently, the Chinese research portion of HARMONi-GU1 is being advanced by Kangfang Biologics, while Summit is responsible for conducting the overseas research portion of HARMONi-GU1, including in the United States and Europe.

Muyuan Foods (02714) Reports July Sales Revenue of Approximately RMB 8.897 Billion, Down 23.56% Year-on-Year

According to Zhitong Finance APP, Muyuan Foods (02714) announced that in July 2026, the company sold approximately 6.66 million pigs, an increase of 4.82% year-on-year; the average selling price of pigs was approximately RMB 10.64 per kilogram, a decrease of 25.59% year-on-year; the sales revenue from pigs was approximately RMB 8.897 billion, a decrease of 23.56% year-on-year. The significant year-on-year decline in pig sales prices and revenue was mainly affected by fluctuations in the pig market.

Dacheng Fund: Its Funds Will Invest in Related Party Everbright Securities (06178) and Zhongtai Securities Stocks

Dacheng Fund announced that its Dacheng CSI All Share Securities Company ETF primarily adopts a full replication method for investment, with the constituent stocks Everbright Securities and Zhongtai Securities being stocks issued by the fund manager's shareholders and the fund custodian. To reduce tracking errors and protect the rights of holders, the aforementioned stocks will be included in the investment targets after negotiation and procedural compliance, and will be managed according to regulations for daily investment management and periodic reporting.

Yuejiang (02432) Launches the Embodied All-Scenario Humanoid Robot Yuejiang Luming

Yuejiang Technology officially launched its first embodied all-scenario humanoid robot, Yuejiang Luming. This robot stands nearly 1.3 meters tall and is equipped with its fully self-developed AI model, achieving multimodal emotional perception, three-dimensional spatial understanding, proactive action, as well as autonomous learning and long-term evolution. Additionally, Yuejiang Luming provides an embodied intelligent teaching and development platform, supporting secondary development, and can be used for embodied intelligence course teaching and research projects.

Shiyao Group (01093) Receives $10 Million Milestone Payment from AstraZeneca Under Strategic R&D Cooperation Agreement

According to Zhitong Finance APP, Shiyao Group announced that it has signed a joint venture contract with AstraZeneca to establish a joint venture company to build a next-generation biopharmaceutical production base in Shijiazhuang, China, to further deepen strategic cooperation. According to the announcement, Shiyao Group and AstraZeneca will invest in the joint venture company with equity ratios of 51% and 49%, respectively, and will jointly manage the construction and daily operations of the joint venture. The initial business of the joint venture will focus on producing and supplying biopharmaceutical drug substances (DS) agreed upon for the global market China Spring (01969) plans to acquire Dublin Business School for $127.5 million to expand its overseas higher education footprint

Before the share purchase agreement date, a notification regarding the acquisition was submitted to the Irish Department of Enterprise, Trade and Employment in accordance with Irish foreign direct investment law. On July 30, 2026, the department confirmed that the acquisition does not require review and can be completed.

Rongchang Biologics (09995) expects a net profit attributable to shareholders of approximately RMB 4.7 billion for the mid-2026 period

According to Zhitong Finance APP, Rongchang Biologics (09995) announced that it expects its operating revenue for the mid-2026 period to be approximately RMB 5.85 billion, an increase of about 433% year-on-year. It is expected that the net profit attributable to the parent company's owners for the mid-2026 period will be approximately RMB 4.7 billion, achieving a turnaround from loss to profit compared to the same period last year.

Uni-President Enterprises China (00220) releases mid-term results with a profit attributable to shareholders of RMB 1.402 billion, an increase of 8.99% year-on-year

According to Zhitong Finance APP, Uni-President Enterprises China (00220) released its mid-term results for 2026, reporting revenue of RMB 17.321 billion (same unit), an increase of 1.37% year-on-year; the profit attributable to equity holders of the company was RMB 1.402 billion, an increase of 8.99% year-on-year; basic earnings per share were 32.47 cents.

[Stock Highlights]

BeiGene (06160): Raises revenue and performance forecast range for 2026

According to Zhitong Finance APP, BeiGene (06160) announced that its product revenue for the first half of 2026 was RMB 21.797 billion, a year-on-year increase of 25.6%; total operating revenue for the first half of 2026 was RMB 22.220 billion, a year-on-year increase of 26.8%; net profit attributable to the parent company's owners for the first half of 2026 was RMB 3.271 billion, a year-on-year increase of 627.1%. The growth in product revenue was mainly driven by the sales growth of Brukinsa® (Zebutinib), as well as Amgen's licensed products and Tislelizumab.

After excluding the impact of non-cash items such as share-based payment expenses, depreciation, and amortization, the adjusted operating profit for the first half of 2026 was RMB 6.508 billion, a year-on-year increase of 101.9%; the adjusted net profit for the first half of 2026 was RMB 5.863 billion, a year-on-year increase of 127.0%. At the end of the reporting period, the company's total assets were RMB 62.499 billion, an increase of 9.1% compared to the beginning of the period; the equity attributable to the parent company was RMB 35.427 billion, an increase of 15.6% compared to the beginning of the period.

Based on strong performance, BeiGene raised its full-year performance guidance for 2026. The company expects full-year operating revenue to be adjusted to between RMB 44.9 billion and RMB 46.2 billion. The full-year operating revenue, excluding operating costs, research and development expenses, selling and administrative expenses, taxes, and additional charges ("operating cost expenses"), will be adjusted to between RMB 6.5 billion and RMB 7.1 billion; the operating revenue, excluding adjusted operating cost expenses, will be adjusted to between RMB 11.5 billion and RMB 12.2 billion