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雅利多證券 Aristo Securities Limited

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雅利多證券 Aristo Securities Limited

雅利多證券於2014年成立，提供本地證券買賣服務，以及可靠方便的網上交易系統，協助客戶快速下單及進行各種投資買賣。本公司亦提供簡便的流動交易平台，包括iOS/android手機apps，協助你把握每個投資良機。我們亦不時牽頭/包銷新股認購。

Your gateway to Hong Kong, Mainland China, IPOs and global markets
連繫香港、內地、新股上市及環球市場的專業橋樑

- 2014年成立 Since 2014
- 香港證監會持牌法團 SFC Licensed Corporation (CE No.: BDH167)
- 第1類受規管活動：證券交易 Type 1: Dealing in Securities

31/08/2026

📊 Daily Market Update（2026.08.31）

Asian stocks fell Monday following hawkish Fed Chair Kevin Warsh comments and rising oil prices amid US-Iran tensions. Regional indices slipped: KOSPI -1.3%, Nikkei -1.06%, HSI -0.65%, HSTech -0.9%, STAR 50 -1.61%, ChiNext -1.12%, SZSE -0.91%, CSI 300 -0.81%, and SSE -0.2%.

🤖 CXMT LPDDR6 Breakout & MiniMax Cloud Expansion
• CXMT (-1.3%): H1 2026 revenue jumped 873% YoY to RMB 150B ($22B), swinging to a RMB 77B profit. Started mass production of advanced LPDDR6 chips for Xiaomi’s (1810.HK) upcoming 18 Fold phone (featuring 3nm Xring O3 processor).
• MiniMax (100.HK) +2.8%: Raised its 3-year cloud ceiling with Alibaba (9988.HK) by 220% to $1.2B on soaring compute demand. Alibaba slipped ~1%.
• Time AI 100 List: Named Alibaba CEO Wu, Moonshot AI's Yang Zhilin, Agibot's Deng Taihua, and Zhipu AI's Zhang Peng as global AI leaders.

🚗 BYD Margin Rebound, Meituan Q2 Beat & Victory Giant
• BYD (1211.HK): Fell ~6% despite Q2 net profit rising 30% YoY to RMB 8.2B ($1.2B) on stronger overseas/premium EV margins, ending a 5-quarter losing streak.
• Meituan (3690.HK): Returned to profit, beating estimates with adj. net income up 69% YoY to RMB 2.523B (vs RMB 340M est) on RMB 104.64B revenue. Holds 3.86% of Z.AI and 7.61% of Unitree.
• Victory Giant (2476.HK): Bounced slightly after a 13% Friday drop post-earnings miss.

🏛️ S&P Affirms China Rating & PBOC Liquidity Drain
• S&P Affirmation: Affirmed China's sovereign rating at A+ (Stable outlook), projecting 4%+ growth over 1–2 years. Big 5 Chinese banks posted 3–5% H1 profit growth on lower deposit costs.
• PBOC Operations: USD/CNY fixed at 6.7828 (-17 bps). Conducted RMB 5B (7-day) and RMB 447B (overnight) reverse repos vs RMB 673B maturing = Net daily withdrawal of RMB 221B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

28/08/2026

📊 Daily Market Update（2026.08.28）

Asian markets traded cautiously ahead of Fed Chair Kevin Warsh's Jackson Hole speech. Taiwan surged +1.3% on strong Nvidia AI commentary, while Japan gained +0.6% and South Korea dropped -1.2%. HK and Mainland Chinese equities traded around flat (-0.2% to +0.2%), with the tech-heavy STAR50 dipping 0.7% on profit-taking.

🤖 Tech Focus: Z.AI "Ox Alpha" Unveiled, Bilibili Beat & Alibaba Expansion
• Z.AI (2513.HK): Fell -4% after a 13% surge following news that viral OpenRouter model "Ox Alpha" is its own GLM-5.3-Flash. The model runs entirely on 100,000 domestic Chinese chips and ranked #1 in global usage over the past week.
• Bilibili (9626.HK): Rose +2% after Q2 earnings beat estimates (revenue +7% YoY to RMB 7.94B; adj. net profit +25% YoY to RMB 703.6M) driven by ad growth, alongside $31.3M in share buybacks.
• Alibaba (9988.HK): Slipped -1.5% as it launched its first data centers in South America to expand global AI infrastructure.

💰 KazMunayGas Dim Sum Bond Surge & US-China Talks
• Dim Sum Bond Demand: Kazakhstan state oil giant KazMunayGas raised RMB 3.5B in offshore yuan bonds, drawing RMB 24B+ in orders (~7x oversubscribed).
• US-China Relations: US Ambassador David Perdue met Foreign Minister Wang Yi to prepare for President Xi Jinping's upcoming state visit to Washington.

🏦 PBOC Liquidity Operations
• USD/CNY fixed at 6.7811 (+29 bps). PBOC injected RMB 20B (7-day repo) and RMB 333B (overnight) against RMB 598.5B maturing = Net daily withdrawal of RMB 245.5B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

27/08/2026

📊 Daily Market Update （2026.08.27）

Asian markets opened lower, led by a 3.5% drop in South Korea’s KOSPI after Samsung fell 8.7% despite announcing a record $79B shareholder return plan. HK and Mainland equities slid as heavy tech capex and dilution fears weighed on sentiment: HSI -2.12%, HSTech -3.76%, ChiNext -3.68%, STAR 50 -3.26%, and SSE -0.66%.

🤖 Alibaba Plunges on $10.2B Placement & Tech Selloff
• Alibaba (9988.HK): Dropped ~9% after launching a $10.2B HK placement at an 8% discount to fund AI infrastructure, triggering dilution and high-capex concerns.
• Big Tech Pullback: Blue-chip tech fell across the board (Xiaomi, Baidu, Tencent, Meituan, Kuaishou, JD.com down 2–4%).
• Optical Module Dip: Zhongji Innolight (3308.HK) dropped 10% despite posting strong H1 revenue (+182% YoY to RMB 41.78B) and net profit (+241% YoY to RMB 13.65B).

⛏️ Zijin Mining Solid H1 Results & Evergrande Liquidation
• Zijin Mining (2899.HK): Traded flat despite robust H1 net profit (+68.17% YoY to RMB 39.17B) on higher gold output (+13%) and strong 37.75% gross margins.
• Evergrande End: Guangzhou court approved the formal bankruptcy liquidation of Evergrande, with founder Hui Ka Yan sentenced to life in prison.

🏦 PBOC Injects RMB 340 Billion
• USD/CNY fixed at 6.7841 (-24 bps). PBOC conducted RMB 340B in 7-day reverse repos with zero maturities, resulting in a net daily injection of RMB 340B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

26/08/2026

📊 Daily Market Update（2026.08.26）

Asian markets and Wall Street rebounded strongly today, supported by falling US Treasury yields and easing crude oil prices ahead of Nvidia's earnings. Hong Kong and Mainland Chinese equities advanced across the board, led by healthcare, tech, and metals: HSI +0.81%, HSTech +1.53%, STAR50 +2.29%, CSI 500 +1.36%, and SSE +0.77%.�

🤖 Jack Ma & Joe Tsai Buy Alibaba Dip; Tech & Meds Rally
• Alibaba (9988.HK): Founder Jack Ma bought HK$600M in shares and Chairman Joe Tsai bought HK$82M (720k shares), providing strong insider backing following the recent placement.
• Tech & Healthcare Surge: Innovent Biologics (1801.HK) leaped +9% to lead gains. Big Tech rebounded strongly: Xiaomi +4.25%, Meituan +2.20%, Kuaishou +2.22%, Baidu +1.89%, Tencent +1.18%.
• Huawei-HP Deal: HP signed a multi-year global agreement to license Huawei's Wi-Fi patents, highlighting global technology adoption despite 2019 US trade restrictions.�

⛏️ Metals Rocket & Strong Earnings (Naura, Luxshare, Wus)
• Mining Surge: Jiangxi Copper (358.HK) surged +12%, CMOC (3993.HK) +6.5%, and Zijin Mining (2899.HK) +5.5%.
• Earnings Highlights: Luxshare Precision (2475.HK) rose post-H1 revenue (+40.2% YoY to RMB 174.5B). Naura reported H1 revenue +24.9% YoY to RMB 20.16B. Wus Printed Circuit jumped ~6% on H1 profit growth (+73% YoY).�

🌱 Clean Energy Expansion
• National Energy Administration reported China's total power capacity reached 4.08B kW (+11% YoY), with solar capacity up 16.1% and wind up 19.5%.�

🏦 PBOC Operations
• USD/CNY fixed at 6.7829 (+23 bps). PBOC conducted RMB 239.5B in 7-day reverse repos with zero maturities = Net daily injection of RMB 239.5B.�

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⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

24/08/2026

📊 Daily Market Update (2026.08.24)

Asian markets opened lower, led by a 3.5% drop in South Korea’s KOSPI after Samsung fell 8.7% despite announcing a record $79B shareholder return plan. HK and Mainland equities slid as heavy tech capex and dilution fears weighed on sentiment: HSI -2.12%, HSTech -3.76%, ChiNext -3.68%, STAR 50 -3.26%, and SSE -0.66%.

🤖 Alibaba Plunges on $10.2B Placement & Tech Selloff
• Alibaba (9988.HK): Dropped ~9% after launching a $10.2B HK placement at an 8% discount to fund AI infrastructure, triggering dilution and high-capex concerns.
• Big Tech Pullback: Blue-chip tech fell across the board (Xiaomi, Baidu, Tencent, Meituan, Kuaishou, JD.com down 2–4%).
• Optical Module Dip: Zhongji Innolight (3308.HK) dropped 10% despite posting strong H1 revenue (+182% YoY to RMB 41.78B) and net profit (+241% YoY to RMB 13.65B).

⛏️ Zijin Mining Solid H1 Results & Evergrande Liquidation
• Zijin Mining (2899.HK): Traded flat despite robust H1 net profit (+68.17% YoY to RMB 39.17B) on higher gold output (+13%) and strong 37.75% gross margins.
• Evergrande End: Guangzhou court approved the formal bankruptcy liquidation of Evergrande, with founder Hui Ka Yan sentenced to life in prison.

🏦 PBOC Injects RMB 340 Billion
• USD/CNY fixed at 6.7841 (-24 bps). PBOC conducted RMB 340B in 7-day reverse repos with zero maturities, resulting in a net daily injection of RMB 340B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

21/08/2026

📊 Daily Market Update（2026.08.21）

Asian markets traded mixed as rising US Treasury yields and Walmart's retail miss weighed on sentiment (Nikkei -0.5%, KOSPI +1%). HK and Mainland Chinese equities held firm: HSI +0.70% (nearing 26,000), HSTech +0.54%, ChiNext +1.60%, SZSE +0.60%, and CSI 300 +0.60%. Mining and resource counters led market gains.

🤖 Alibaba Q1 Capex Surge, NetEase Beat & Pop Mart Buyback
• Alibaba (9988.HK): Fell -3.0% post-earnings as Q1 adj. net profit fell 38% YoY to RMB 20.7B due to a 75% YoY surge in AI capex (RMB 67.7B). AI Cloud & Compute revenue jumped +45% YoY to RMB 48.4B.
• NetEase (9999.HK): Rose +1.45% on a Q2 top-line beat (Revenue +7.9% YoY to RMB 30.11B).
• Pop Mart (9992.HK): Announced an up to RMB 5 Billion ($740M) share buyback program over the next 6 months to support shares following Labubu demand normalization.
• Xiaomi (1810.HK): Extended post-earnings rally, gaining +3.5%.

🛰️ China LEO Satellite Startup Raises $1B & Fiscal Stimulus Signal
• SpaceSail Funding: Chinese satellite internet firm SpaceSail raised ~RMB 7B ($1B) at a ~RMB 50B valuation to expand its LEO constellation, challenging Starlink.
• Fiscal Policy Commitment: Vice Finance Minister Liao Min signaled timely additional fiscal measures and long-term allocation to support economic expansion.

🏦 PBOC Injects Net RMB 95B & CMU Bill Issuance
• Conducted a 7-day reverse repo of RMB 95B (1.4%) with zero maturing = Net daily injection of RMB 95B.
• Announced upcoming HKMA CMU tender for 3-month and 1-year RMB bills next Tuesday.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

20/08/2026

📊 Daily Market Update（2026.08.20）

Asian equities bounced strongly today following U.S. Treasury liquidity support for long-term bonds (KOSPI +6%, Nikkei +1%). HK and Mainland Chinese markets also recovered, though lagging regional peers: HSI +1.01% (testing 26,000), HSTech +1.13%, ChiNext +1.11%, SZSE +1.01%, SSE +0.23%.

💊 Hong Kong Healthcare & Mining Surge
• Pharma & Mining Leads: Healthcare and mining sectors rallied hard—Sino Biopharm (1177.HK) +17%, CSPC Pharma (1093.HK) +14%, WuXi Biologics (2269.HK) +5.52%, Zijin Mining (2899.HK) +6.48%, and CMOC (3993.HK) +3.39%.
• Stimulus Expectations: Markets await Friday's State Council press briefing for details on a RMB 100B consumption stimulus package.

📉 Tech Earnings: Kuaishou Drops on AI Capex, Big Tech Rebounds
• Kuaishou (1024.HK): Tumbled >11% after Q2 adj. profit dropped 30% due to heavy AI video-gen investments, despite revenue meeting estimates at RMB 35.54B (+1.4% YoY).
• Weibo (9898.HK): Slid ~2% despite a top-line beat ($453M revenue).
• Big Tech Bounce: Big tech names posted solid gains (Alibaba, Tencent, Xiaomi, Baidu, JD.com up +1% to +3%).

🤖 Autonomous Humanoid Breakthrough & LPR Unchanged
• Robot Milestone: Chengdu Humanoid Robot Innovation Center unveiled the world's first fully autonomous robot task system for complex natural language ex*****on.
• PBOC & Currency: PBOC kept 1-Yr and 5-Yr LPR unchanged at 3.0% and 3.5%. USD/CNY fixing reached a multi-year high of 6.7808.

🏦 PBOC Liquidity Operations
• Zero 7-day reverse repos for the 8th straight day; RMB 327.4B matured = Net daily liquidity withdrawal of RMB 327.4B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

19/08/2026

📊 Daily Market Update（2026.08.19）

Asian markets traded sharply lower today as Wall Street tech losses and rising US Treasury yields weighed on sentiment (KOSPI -5%, Nikkei -2.5%). Mainstream Chinese chip stocks led a mainland selloff (STAR50 -5.61%, ChiNext -3.91%), while the Hang Seng Index held flat thanks to outperformance in defensive Value sectors.

📱 Tech Earnings: Xiaomi Surges, Baidu Plunges
• Xiaomi (1810.HK): Surged ~6% after strong Q2 results (Revenue +9.9% QoQ to RMB 108.9B; Adj. Net Profit +2.4% QoQ to RMB 6.2B). Smartphone ASPs reached record highs, EV deliveries hit 104k units, and global MAUs reached a record 767M.
• Baidu (9888.HK): Plunged >12% on a Q2 earnings miss (Revenue -4% YoY to RMB 31.33B; Adj. EPS RMB 7.22 vs RMB 9.84 est), despite AI/cloud revenue jumping +50% YoY to RMB 7.3B.

🤖 Unitree Robotics 629% STAR IPO Surge
• Unitree Robotics: Humanoid robot maker Unitree made a massive Shanghai STAR Market debut, surging +629% above its IPO price to reach a market valuation of ~RMB 445B (~$66B).
• Gigadevice (3986.HK): Fell ~8% despite blowout Q2 results (Net profit +1,091% YoY to RMB 6.86B).
• VNET & CATL (3750.HK): VNET signed a strategic partnership with CATL to build a combined compute-energy data center ecosystem.

🏦 PBOC Operations
• Conducted RMB 327.4B in overnight reverse repos against RMB 469.7B maturing = Net daily liquidity drain of RMB 142.3B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

18/08/2026

📊 Daily Market Update （2026.08.18）

Asian markets traded lower today as the US 30-year Treasury yield surged to a 19-year high (Nikkei -1.8%, KOSPI -0.93%). HK and Mainland Chinese equities pulled back on profit-taking following recent gains: HSI -0.63%, HSTech -2.00%, ChiNext -1.67%, SZSE -1.36%, STAR 50 -1.21%, and SSE -0.47%.

🤖 AI Model Advances vs Pure-Play Selloff & Unitree IPO
• Z.AI GLM-5.3: Goldman Sachs highlighted GLM-5.3's post-training scaling leaps in coding, cybersecurity, and long-context tasks. Despite this, MiniMax (100.HK) and Z.AI (2513.HK) dropped 11% and 15% on broad tech profit-taking.
• Unitree STAR IPO: Humanoid robotics maker Unitree Robotics will debut on Shanghai's STAR Market on Wednesday at a P/E of 219.23x, following 2025 revenue expansion to ~RMB 1.7B (vs RMB 159M in 2023).

🚗 Geely Earnings & Tier-1 Housing Stability
• Geely Auto (175.HK): Fell -3.7% after H1 net profit slipped 2% YoY due to FX losses, despite strong revenue (+15% to RMB 173.6B) and gross margin expansion (17.9%) driven by premium EV exports.
• China Housing: July new home prices stabilized in Tier-1 cities (Shanghai, Guangzhou, Shenzhen +0.1% to +0.2% MoM; Beijing -0.3%).

🛢️ State-Owned Energy Outperforms
• PetroChina (857.HK) +1.31%, CNOOC (883.HK) +2.00%, and China Shenhua (1088.HK) +1.25% gained as investors rotated into defensive high-dividend value.

🏦 PBOC Liquidity Operations
• Conducted RMB 469.7B in overnight reverse repos against RMB 565.5B maturing = Net daily withdrawal of RMB 95.8B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

17/08/2026

📊 Daily Market Update （2026.08.17）

Asian markets traded sideways as investors monitored volatile oil prices following ongoing Middle East disruptions. Hong Kong and Mainland Chinese stocks opened strongly higher, led by tech, chips, and resource counters: HSI +1.57%, HSTech +2.07%, STAR50 +2.44%, ChiNext +1.09%, and SSE +0.71%.

🤖 Alibaba’s Qwen Surges & Duan Yongping's AI Moves
• Qwen World #1: Alibaba’s (9988.HK) open-source AI model Qwen surpassed 3B downloads over the past 6 months, becoming the world's most-downloaded AI model family ahead of Meta and Google. Alibaba rose +2.09% following reports of selling Lingxi Games ($1.5B+ valuation) to focus purely on AI/Cloud.
• "Chinese Buffett" Trades: 13F filings revealed Duan Yongping increased stakes in PDD and re-entered Alibaba in Q2 while trimming Nvidia.

🇺🇸 US Demands Sides in Global AI Race & CXMT Warning
• AI Alliance Pressure: The US is preparing to notify 35 "AI Opportunity Statement" signatories to choose between US and China AI alliances, warning against joining China's World AI Cooperation Organization.
• CXMT Warning: The US administration urged Apple not to source memory chips from China's CXMT despite global AI chip shortages.

💰 Bonds Surge: Panda Bonds Up 74% & Yields Hit Lows
• Record Panda Bonds: Issuance jumped 74% YoY to a record RMB 202.5B (~$30B) YTD, beating full-year 2025 totals.
• Capital Inflows: Chinese 10-year yields fell to a 12-month low of 1.68% as capital flowed into Chinese bonds alongside a strengthening Yuan.

🏦 PBOC Liquidity Operations
• Conducted RMB 565.5B in overnight reverse repos against RMB 367B maturing = Net daily injection of RMB 198.5B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

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