Zhitong Hong Kong Stock Early Knowledge | The State Council's largest revision of the housing provident fund regulations in nearly 20 years, the Ministry of Industry and Information Technology launches sodium battery puncture testing

[Today's Headlines]

Li Qiang Signs State Council Order Announcing the "Decision on Amending the Regulations on the Management of Housing Provident Fund"

Premier Li Qiang recently signed a State Council order announcing the "Decision on Amending the Regulations on the Management of Housing Provident Fund" (hereinafter referred to as the "Decision"), which will take effect on September 20, 2026. The "Decision" consists of 20 articles.

This reform is the most significant adjustment to the "Regulations on the Management of Housing Provident Fund" in nearly 20 years, aimed at adapting to the new phase of the real estate market's transition from "incremental expansion" to "quality improvement of existing stock," better meeting the people's demand for livable housing. It involves listed companies related to real estate, urban renewal, decoration, and property management.

[Market Outlook]

As of last Friday's close, the Dow Jones Industrial Average fell 116.38 points from the previous trading day, closing at 53,343.4 points, a decrease of 0.22%; the S&P 500 index dropped 53.3 points, closing at 7,691.76 points, a decrease of 0.69%; the Nasdaq Composite Index fell 355.2 points, closing at 26,289.71 points, a decrease of 1.33%.

Sectors such as storage, optical communication, and AI cloud services saw significant declines, with SanDisk, SK Hynix, and Seagate Technology dropping over 9%, and Western Digital and Micron Technology falling over 7%; Coherent fell over 12%, Lumentum dropped over 9%, and Corning decreased over 7%; CoreWeave fell over 12%, Nebius dropped over 7%, and Applied Optoelectronics fell over 15%. Energy stocks rose, with the S&P 500 Energy Index closing up 1.8%, reaching a new high since March.

The Nasdaq China Golden Dragon Index fell 1.01%, JD.com rose 1.12%, and the Hang Seng Index ADR declined, closing at 25,386.43 points, down 84.72 points or 0.33% compared to the Hong Kong close.

WTI crude oil futures for the current month rose by $0.68, closing at $84.42 per barrel, an increase of 0.81%. COMEX gold futures for the current month fell by $84.20, a decrease of 1.88%, closing at $4,389.5 per ounce.

[Hot Topics Ahead]

The Ministry of Industry and Information Technology's Battery Working Group Launches Sodium Battery Puncture Testing for Further Acceleration of Industrialization

In recent years, the industrialization process of sodium-ion batteries in China has accelerated, with rapid industry development. As battery safety standards continue to evolve, puncture testing, which simulates mechanical abuse and verifies the risk of internal short circuits in battery cells, has become a key indicator for the safety assessment of power batteries. This involves the sodium battery industry chain sector.

CaiKe New Energy (01986) Announces Interim Results, with Profit Attributable to Shareholders of 94.334 million Yuan, a Year-on-Year Increase of Approximately 912.7%

The announcement stated that the overall gross profit increased year-on-year mainly due to the significant increase in sales volume and average unit price of the group's main product, lithium iron phosphate, in the first half of 2026, driven by sustained growth in downstream market demand compared to the same period in 2025 China Power (02380) plans to sell a 24.8726% stake in QiYuan XinDong to CATL for 2.2557 billion yuan

After the sale is completed, the company will no longer hold any equity in QiYuan XinDong. QiYuan XinDong is a limited liability company established in China in October 2020, primarily engaged in the construction and operation of charging and battery swapping stations for heavy electric vehicles, the sale and leasing of vehicle batteries and related equipment, as well as providing digital platform services to support the battery swapping ecosystem in China.

Longpan Technology (02465) plans to increase capital by 1.4 billion yuan to Changzhou Lithium Source

After the capital increase is completed, the financial condition and competitiveness of Changzhou Lithium Source will be strengthened. Changzhou Lithium Source will be better positioned to support the group's development plans for (i) an 110,000-ton cathode material project (which involves the construction of a new high-performance phosphate cathode material production line with a capacity of 110,000 tons) and (ii) an 85,000-ton cathode material project (which involves the construction of a new high-performance phosphate cathode material production line with a capacity of 85,000 tons).

ZTO Express-W (02057) reports a net profit attributable to shareholders of 3.051 billion yuan in Q2, a year-on-year increase of 57.4%

In Q2, the basic net earnings per share were 3.99 yuan; net profit was 3.078 billion yuan, a year-on-year increase of 56.7%. For the six-month interim results ending June 30, 2026, revenue was 27.832 billion yuan (RMB, the same below), a year-on-year increase of 22.5%; net profit was 5.234 billion yuan, a year-on-year increase of 30.7%; net profit attributable to ordinary shareholders was 5.169 billion yuan, a year-on-year increase of 31.5%; adjusted basic earnings per American Depositary Share attributable to ordinary shareholders were 7.01 yuan.

In the second quarter, the parcel volume was 10.486 billion pieces, a year-on-year increase of 6.5%; the number of collection/delivery points was over 31,000; the number of direct network partners was about 6,000; the number of self-owned trunk vehicles was over 10,000; the number of trunk routes between sorting centers was over 3,600; and there were 92 sorting centers, of which 87 were operated by the company and 5 by the company's network partners.

Hong Kong and China Gas (00003) announces interim results, with profit attributable to shareholders increasing by 23% to HKD 3.64 billion, and a dividend of 12 HKD cents per share

As of June 30, 2026, Hong Kong's gas sales volume was 144.14 billion megajoules (equivalent to about 410 million cubic meters of natural gas), a year-on-year decrease of 3.5%. The number of customers was approximately 2.07 million, an increase of nearly 15,000 households compared to the end of 2025.

Pacific Basin Shipping (00327) releases interim results, with profit attributable to shareholders of HKD 518 million, an increase of 32.6% year-on-year

Basic earnings per share were HKD 0.488; interim dividend per ordinary share was HKD 0.08. The announcement stated that revenue growth was recorded in all regions, particularly in the USCA and LACIS regions. This growth was mainly driven by increased market demand.

Baidu Group-SW (09888) releases Q2 results, with net profit attributable to Baidu of 2.319 billion yuan, and strong momentum in intelligent cloud infrastructure The group achieved revenue of RMB 31.325 billion, with a net profit attributable to Baidu of RMB 2.319 billion and basic earnings per American Depositary Share of RMB 6.08. Baidu's core AI new business revenue reached RMB 12.5 billion, continuing to account for half of Baidu's general business revenue.

Ping An Good Doctor (01833) released interim results with a net profit attributable to shareholders of RMB 219 million, an increase of 63.5% year-on-year.

The company continues to deepen the synergy model of medical insurance, focusing on refining and iterating product services, relying on the member service system deeply integrated with insurance products built by the company, and continuously iterating and enriching member rights based on policy types and premium levels, helping to enhance the differentiated competitiveness and customer stickiness of insurance products.

Beike Micro (02149) issued a profit warning, expecting a net profit of approximately RMB 100 million to RMB 108 million in the first half of the year, an increase of approximately 30%-40% year-on-year.

The expected growth in revenue and net profit during the reporting period is mainly due to the continued growth in replacement demand for high-end analog chips. The company continues to serve core customers in the general industrial sector with its long-accumulated high-quality industrial product portfolio.

Zhaoyi Innovation (03986) released semi-annual results with a net profit attributable to the parent company of RMB 6.857 billion, an increase of 1091.50% year-on-year.

Zhaoyi Innovation disclosed its semi-annual report for 2026, reporting revenue of RMB 11.566 billion, a year-on-year increase of 178.67%; net profit attributable to shareholders of the listed company was RMB 6.857 billion, a year-on-year increase of 1091.50%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 4.883 billion, a year-on-year increase of 796.90%; basic earnings per share was RMB 9.83.

Bama Tea (06980) released interim results with a profit attributable to shareholders of RMB 198 million, an increase of 65.3% year-on-year.

Tea products are the company's main source of revenue, with revenue for the six months ending June 30, 2026, increasing by 34.5% compared to the six months ending June 30, 2025, showing significant growth, particularly in tea combination packs, oolong tea, and black tea.

Xiaomi Group-W (01810) achieved revenue of approximately RMB 108.922 billion in the second quarter, a quarter-on-quarter increase of 9.9%.

From January to June, the company achieved revenue of approximately RMB 208.063 billion, with a gross profit of RMB 43.419 billion and a profit of RMB 14.198 billion, with an adjusted net profit of approximately RMB 12.291 billion. In the second quarter of 2026, the group's smartphone shipments were 31.2 million units. According to Omdia data, the company's global smartphone shipments have ranked among the top three in the world for 24 consecutive quarters.

Giant Bio (02367) announced interim results with an adjusted net profit of approximately RMB 945.5 million, a decrease of 21.5% year-on-year.

The announcement stated that the decrease in revenue was mainly due to a phased adjustment in the sales structure of the professional skin care product segment, which is part of the company's focus on long-term operational quality, solidifying channel and product competitiveness. With the optimization of channel operation efficiency and structure, as well as the growth of new products, the company's business will return to a stable growth trend.

China Unicom (00762) released interim results with a profit attributable to shareholders of RMB 9.5 billion, a year-on-year decrease of 34.6%. The fluctuations in profitability are due to multiple factors. In addition to value-added tax, changes in the rhythm of labor cost investment are an important reason.

【Stock Highlights】

Southern Manganese Industries (01091) Issues Earnings Upgrade: Expected interim profit attributable to shareholders will not be less than HKD 350 million

The expected profit attributable to the company's owners is anticipated to increase mainly due to the following reasons:

1. The strong operating performance of the Group's electrolytic metal manganese (electrolytic manganese) and alloy materials production segment in the first half of 2026, primarily driven by the increase in the average selling price of electrolytic manganese products in the first half of 2026 compared to the first half of 2025;

2. The growth in the operating performance of the Group's manganese mining segment in the first half of 2026, mainly driven by the increase in the average selling price of Gabon ore in the first half of 2026 compared to the first half of 2025