There is nothing to hide. Although the stock market is falling today, the positive boosting effect brought about by the military parade will not go away. Sooner or later, the market will come back to its senses. Sooner or later, the problems will come back to their senses.
[Anatomy Platter]
The market was quite excited at the beginning of today’s military parade. At one point, the Hang Seng Index surged higher, but then it weakened all the way, falling 0.60% at the close.
This military parade can be said to be very shocking because it showed the country’s heavy equipment: the “Thunder-1” air-based long-range missile, the “Julang-3” submarine-launched intercontinental missile, the “Dongfeng-61” land-based intercontinental missile, and the “Dongfeng-5C” liquid intercontinental Global Strategy nuclear missile. This is an important component of China’s Global Strategy counterattack system, and the scope of the attack covers the whole world. This is the first time we have concentrated on showcasing our military’s “trinity” Global Strategy nuclear forces based on land, sea, and air. The most powerful thing about these tools is that they can complement each other’s strengths and form a “secondary nuclear strike” capability. This means that whoever dares to rashly launch a nuclear attack on us will inevitably be counterfeited, because they have the ability to fight back. Having a deterrent means that safety is guaranteed. No country dares to say that it starts from a position of strength anymore.
Needless to say conventional weapons, the world’s first unmanned turret tank with phased array radar, the world’s first laser gun put into actual combat, the world’s first supersonic smart drone, a nuclear torpedo with unlimited range, the latest anti-aircraft missiles with star chains, multi-layer anti-aircraft weapons that fully attack drones, high-energy laser weapons, etc., have not yet been shown. More importantly, none of the ones that can be shown are the most advanced. At least we have more than two generations of products in stock. Our goal is the sea of stars.
The world is watching the military parade, and the Domino’s Pizza Shop and Papa John’s Pizza Shop near the Pentagon have surged in traffic, which is more than 4 times and 3 times normal, respectively. Coincidentally, the surge in traffic at the two pizzerias coincided with the beginning of the Chinese military parade.
According to reports on September 2, local time, US President Trump held a press conference at the White House on the same day. When asked by reporters whether the military parade to be held in Beijing on the 80th anniversary of victory in the War of Resistance Against Japanese Aggression was a “challenge to America,” Trump gave a negative answer. This answer is very reasonable, as the paragraph says: when you have your first aircraft carrier, they will laugh at you as a training ship; when you have three aircraft carriers, they will say you are a major threat to world peace; when you have ten aircraft carriers, they will say you are an important force in maintaining world order.
The military parade has boosted confidence, but the only regret is that the stock market is not doing well. This can only be understood as an increase in the previous period that was too drastic, the adjustments were not sufficient, and the funds were taken advantage of to make use of it. For example, the military industry dropped quite a bit, and China Shipbuilding Defense (00317) fell by nearly 9%. However, it was originally expected that the securities category would be boosted, but today it has also become the main force in breaking the market. Of course, the periphery also has a certain relationship. The U.S. 30-Year Treasury Bonds Yield has risen above 5%. This is the first time since July, and US stocks have been falling overnight.
If the market is not strong, it can only take a safe-haven direction; gold will then welcome catalysis. On September 3, it was reported that the World Gold Council is seeking to launch a digital form of gold. This move may create a new method of gold trading, settlement, and collateral, thereby completely transforming London’s 900 billion dollar physical gold market. If it can be achieved, it means that the liquidity of gold will be greatly increased, and the speed at which countries reserve gold will also accelerate.
On September 2, local time, London spot gold rose 1.64% to close at 3532.405 US dollars/ounce, and COMEX Gold Futures rose 1.51% to close at 3599.5 US dollars/ounce. Both reached record highs. Zhitong Gold Shares Zhaojin Mining (01818) rose again by more than 4% in September, while Lukfook Group (00590) and Chow Tai Fook (01929) both rose more than 3%.
The pharmaceutical sector is also a safe-haven direction. For example, Hengrui Pharma (01276) and Sihuan Pharmaceutical (00460) both increased by more than 8%, while the medical category increased even more. According to the Mainland Enterprise Research App, recently, Shanghai Xiaohe Intelligent Medical Technology Co., Ltd. was established. Its Operation scope includes: Internet drug information services; medical device internet information services; artificial intelligence application software development; artificial intelligence basic software development, etc. The company’s equity penetration revealed that the company is indirectly wholly owned by Douyin Co., Ltd. Douyin has entered the smart medical field, and it can be seen that it is quite Bullish about the development of the industry. Chunli Medical (01858) and Dr. Ping An (01833) both increased by more than 10%, and Ali Health (00241) is also trending.
The Robotics mentioned yesterday have been fragmented. On September 2, Yushu Technology announced that it is expected to submit listing application documents to the stock exchange between October and December 2025. At that time, the company’s relevant operating data will be officially disclosed. Minimally invasive Robotics
(02252) Today’s sharp increase is mainly due to the combination of medical Concept. Revenue for the first half of the year reached 0.176 billion yuan, a sharp increase of 77% over the previous year, and the net loss narrowed significantly by 59% to 0.115 billion yuan. Performance growth was mainly driven by the rapid expansion of overseas markets. Overseas sales revenue surged 189% year on year, accounting for about 58% of total revenue. The company’s management maintains the guideline of 85% year-on-year revenue growth for the whole year, and overseas sales are expected to contribute 55% of total revenue. Today it rose again by more than 13%.
Shoucheng Holdings (00697) mentioned yesterday showed new benefits. The company’s Beijing Robotics Industry Development Investment Funds announced that it has completed an additional investment of tens of millions of yuan in the humanoid Robotics company “Songyan Power”. This is another increase after the first round of investment in March 2024. Matsunobe Dynamics mainly focuses on research and development of humanoid Robotics Ontology and bionic faces. Its bionic face products have been launched in museums, supermarkets, etc., leading the world in realism and interactive performance.
At the 2025 World Humanoid Robotics Games, Matsunobe’s self-developed Robotics “Little Urchin” won many awards including freestyle gymnastics, long jump gold medals, and dance silver medals. In conjunction with its earlier plan to establish Advanced Robotics Materials Industry Co., Ltd., its wholly-owned subsidiary, Shouwo Investment Holdings Co., Ltd., which means that Shoucheng Holdings is laying out the entire Robotics industry chain. According to reports, Shoucheng Holdings’ first “Robotics 4S” store will officially open for a long time at Beijing’s Rongshi Plaza during the 11th National Day, and will open 3-10 stores in a chain during the year. In the future, combined with the automatic fast charging business for intelligent Robotics, the company’s prospects are worth looking forward to. Today, it has risen by nearly 7%.
On September 2, the US government officially notified TSM.US (TSM.US) that its Nanjing plant’s “Verified Verified End User” (VEU) status will be revoked, which means that the exemptions previously granted to export specific US technology to China will officially end on December 31, 2025. Prior to this, Samsung Electronics and SK Hynix had already experienced the same restrictions. The direction of domestic substitution has been strengthened again, but the strongest logic is optical fiber. The next fiber to replace air core fiber will be the trend. Changfei Optical Fiber (06869), the only beneficiary, has risen by more than 12% today.
There is nothing to hide. Although the stock market is falling today, the positive boosting effect brought about by the military parade will not go away. Sooner or later, the market will come back to its senses. Sooner or later, the problems will come back to their senses.
Sector Focus]
According to data from GGII and the China Commercial Industry Research Institute, China’s Solid State Battery shipments in 2024 are about 7 GWh. Considering the time required for technology optimization and popularization, China’s Solid State Battery shipments are predicted to reach 18 GWh in 2027 and 30 GWh in 2028. At present, automotive semi-solid Solid State Battery have been launched. The relevant models are priced at 0.1 million, and semi-solid Solid State Battery have entered the mainstream price range. The Institutions believes that the first-generation all-solid-state battery material system has now been finalized, and the material performance and equipment are close to mass production requirements. It is expected that the second half of this year will enter a critical period of targeting solid state battery equipment and material companies.
Major products in the Hong Kong stock market: CATL (00370), China Airlines (03931), Ruipu Lanjun (00666), Longpan Technology (02465), and Tianneng Power (00819).
[Individual Stock Mining]
Xinyi Solar (00968): Glass prices continue to rise, power plant business is Operation steadily
According to some sources, some photovoltaic glass companies have begun to quote the September new order. Among them, the benchmark price for 2.0mm single-layer coating (panel) companies raised their prices to 13 yuan/square meter, which is 2 yuan/square meter higher than the price of the new July order. 2025H1 achieved revenue of 10.932 billion yuan, -6.5% year on year; Net income to mother of 0.746 billion yuan, or -58.8% year on year; gross margin of 18.3%, -8.6pct year on year; and net margin to mother of 6.8%, -8.7 pct year on year.
Comment: The price of photovoltaic glass continues to rise. 2025H1’s photovoltaic glass business sales volume (in tons) increased 17.5% year-on-year, achieving revenue of 9.474 billion yuan, a year-on-year decrease of 7.3%, and gross margin of 11.4%. Although sales increased in the first half of the year, profitability was still under phased pressure, mainly due to the sharp year-on-year drop in the price of photovoltaic glass and the impact of fixed costs of idle production capacity. In terms of sales regions, the 2025H1 photovoltaic glass business increased to 31.6% of revenue in overseas regions, with high premium regions such as North America and Europe accounting for 8.1% of revenue, an increase of 5.8 pcts over 2024. Facing the current situation of oversupply and demand in the industry, the photovoltaic glass sector has begun to spontaneously adjust, starting a new round of production cuts.
The power plant business is operating steadily. 2025H1’s photovoltaic power plant business achieved revenue of 1.438 billion yuan, an increase of 0.7% over the previous year, and a gross margin of 63.5%. Gross margin declined slightly due to electricity restrictions and increased depreciation expenses in some regions. Facing the current situation of oversupply and demand in the industry, the photovoltaic glass sector has begun to spontaneously adjust, starting a new round of production cuts. The supply side continues to shrink, the price of superimposed main materials has risen, and the enthusiasm to stock up on components has increased. Recently, photovoltaic glass inventory has shown a downward trend, leading to an increase in the price of the new order in August. As the anti-internal roll process continues to advance, the price of photovoltaic glass is expected to bottom up in the second half of the year, leading to a recovery in profitability.
