The market initially anticipated a rally in May, but it only lasted for half a month before a continuous decline set in, with the Hang Seng Index even falling below its annual moving average. The index fluctuated between 24,727.26 and 26,844.80 points in May. While expectations for former U.S. President Trump's mid-May visit to China were fully priced in, they failed to stimulate the stock market. Attention later shifted back to the U.S.-Iran conflict, and by month-end, regulatory penalties against Futu, Tiger Brokers, and Longbridge further pressured the Hang Seng Index, making it difficult to stem the decline.
From a market performance perspective, the AI sector emerged as the most prominent theme in May. Leading AI server manufacturer Lenovo Group (00992), large language model leader Zhipu AI (02513), and silicon carbide leader Tianyue Advanced (02631) all saw maximum gains exceeding 120%, showing remarkable strength. Other notable performers included memory leader GigaDevice (03986) and interconnect chip company Montage Technology (06809), both up over 50%. Companies benefiting from PCB price increases, such as Kingboard Laminates (01888) and Kingboard Holdings (00148), along with chipmakers like Hua Hong Semiconductor (01347), May's recommended stock SMIC (00981), and Shenghong Technology (02476), all delivered solid performances. In the robotics sector, physical AI leader Wu Yi Shi Jie (06651) surged up to 145%.
As the Hang Seng Index failed to recover its losses in May, the outlook for June appears challenging. This month is also fraught with negative factors, leading many to adopt a bearish stance. The FIFA World Cup, hosted by the U.S., Canada, and Mexico from June 11 to July 11, historically coincides with market weakness. For instance, China's A-share market has declined during every World Cup since 2010: -7.48% in 2010 (South Africa), -0.39% in 2014 (Brazil), -7.17% in 2018 (Russia), and -1.53% in 2022 (Qatar). Hong Kong's market shows a similar pattern in recent years, with declines in the last eight consecutive tournaments. While the World Cup itself is not a primary market driver, it acts as a headwind, exacerbating weakness in an already soft market. Being held in North America this time, its impact on capital flows could be more pronounced.
On May 22, the China Securities Regulatory Commission imposed severe penalties on Futu, Tiger Brokers, and Longbridge, labeling their cross-border operations as "illegal." Existing users are only allowed to sell, not buy or deposit funds, with a complete shutdown of domestic services mandated after a two-year rectification period. This significant move forces the gradual withdrawal of hundreds of billions from these offshore brokers. June represents a critical window for this passive capital migration and the shift in pricing power. Furthermore, a wave of share lock-up expiries is due in June, with 18 Hong Kong-listed companies seeing restrictions lifted, potentially unlocking HKD 130-150 billion worth of shares. This concentration in tech, biotech, and recent IPOs could drain market liquidity.
Beyond the lock-up expiries, Hong Kong's market will continue its role as a global IPO hub in June. Several large new listings are planned across hot sectors like AI, consumer, and healthcare, adding further pressure on capital.
The U.S.-Iran conflict remains a source of uncertainty, with the next round of talks potentially scheduled for June 5. Given the seemingly irreconcilable positions of both sides, a genuine agreement appears unlikely. A breakdown in talks and a potential resumption of hostilities by the U.S. could negatively impact global equity markets. The Russia-Ukraine conflict also shows signs of escalation following attacks on Kyiv, requiring close monitoring of potential intensification.
The World Economic Forum's recent report warns of a deteriorating global economic outlook, with nearly 90% of chief economists expecting slower growth over the next year. Conflicts in the Middle East and concerns over the closure of the Strait of Hormuz are cited as major threats, potentially exceeding the impact of the pandemic period.
Persistent pressure from U.S. Federal Reserve monetary policy continues. The June 16-17 FOMC meeting is almost certain to result in no rate cut, maintaining high interest rates. The accompanying dot plot is likely to be hawkish, pushing back expectations for rate cuts. The appointment of Warsh as Fed Chair does not signal a policy shift, primarily due to stubbornly high inflation. While the April U.S. PCE price index showed a slightly better-than-expected monthly increase of 0.4% (core 0.2%), the data does not meet the threshold for triggering rate cuts. The upcoming U.S. non-farm payrolls report on June 5 is also in focus, with expectations for job additions to slow to around 115,000-130,000. Wage growth will remain a key indicator of persistent inflation. Therefore, market expectations for the Fed's June 17 announcement lean towards data-dependency, leaving the door open for further hikes, reflecting a hawkish tone.
Regarding U.S.-China relations, following Trump's visit, both sides reached a consensus within a broad framework, suggesting no major new actions on tariffs. Stability is expected to increase, though localized frictions may persist.
Despite these complex and volatile conditions, the Chinese economy demonstrates strong resilience. Data indicates China accounts for about 17% of global GDP and contributes roughly 30% to global growth. In stark contrast, Chinese assets represent only 3-5% of global equity allocations. This significant disparity suggests global funds remain systematically underweight Chinese assets, with global funds underweight by about 1.3% and emerging market funds by about 5.7%. This is partly attributed to index-related underestimation (MSCI's inclusion factor is only 20%) and the exclusion of quality industrial and tech assets from indices.
At a micro level, on May 25, Huawei formally proposed the "Tao Law," centered on "replacing geometric scaling with time scaling." This involves using logic folding and 3D stacking technologies to compress signal delays, circumventing EUV lithography machine limitations to achieve performance equivalent to 1.4nm on mature process nodes. This development, comparable in significance to the launch of "DeepSeek," objectively enables China to make a leap forward in the chip sector, potentially reducing dependence on foreign high-end lithography machines and accelerating domestic substitution.
In the property sector, the State Council issued the "15th Five-Year Plan for Urban Renewal." The plan aims to comprehensively assess urban stock assets and resources, promote the disposal of undeveloped land and projects under construction, and achieve significant progress in urban renewal actions by 2030, marking an initial shift in urban development models. Targeting a market capacity of approximately RMB 15-20 trillion and investment scale exceeding RMB 10 trillion, key tasks include renovating 500,000 dilapidated housing units, renewing 115,000 old residential communities, redeveloping 4,000 urban villages, and constructing 365,000 kilometers of underground pipelines. Policies have evolved from initial relaxation to effectively addressing existing inventory, indicating precise governance aimed at stabilizing housing prices.
In summary, the 25,000-point level for the Hang Seng Index serves as a crucial defensive line in June. Holding this level could pave the way for a test of 26,000 points. However, a decisive break below 25,000 would raise caution, with a potential decline towards the 22,500-point area.
**June 2026 Investment Strategy: Prioritizing Defense for Counter-Attack**
The May stock picks significantly outperformed the broader market. While the Hang Seng Index's maximum gain in May was 4.1%, the average maximum gain for the ten recommended stocks was 19%. Their individual performances were as follows: Junda Shares (02865) +49.5%, Shenghong Technology (02476) +48.7%, SMIC (00981) +31.2%, China Resources Land (01109) +22.7%, VSTECS (00856) +19%, REPT BATTERO (00666) +6.7%, Goldwind Technology (02208) +5.9%, Innovent Biologics (01801) +4.2%, China Resources Beer (00291) +2.2%, Yankuang Energy (01171) +0.1%. Given the Hang Seng Index's performance, gains above 20% for the top five picks, particularly in AI-related names like Shenghong Technology (+48.7%) and SMIC, as well as in property, are commendable.
June is expected to be more challenging due to a lack of clear market themes. While AI was the dominant trend last month, many related stocks are at elevated levels, with only a select few likely to continue their strength. The prerequisite for generating alpha returns is to first establish a solid defense before launching a counter-attack. Shifts in market leadership towards the end of May favored consumer-related sectors, a result of multiple factors including high crowding in tech stocks prompting capital rotation into undervalued segments. The strong initial sales during the 618 shopping festival, boosted by trade-in subsidies, with hot sales in AI hardware, home appliances, and beverages, and significant growth among younger users, make related home appliance, food, and electronics sectors promising for positive surprises. Additionally, Apple's WWDC26 conference from June 10-12 should provide a catalyst for related Apple supply chain companies. Focus should be on stocks with multiple overlapping catalysts.
The robotics sector faces a dense schedule of catalysts in June. Yushu Technology's STAR Market IPO review is scheduled for June 1. The ICRA 2026 conference in Vienna from June 1-5 will feature the latest advancements in embodied large models and dexterous hands from companies like Itashi Zhihang, Tesla, and Zhiyuan, with AWE 3.0 showcasing fine manipulation capabilities. Tesla has broken ground on a massive "Optimus-dedicated factory" in Texas, targeting an annual capacity of 10 million units. Reports indicate U.S. "Future Soldiers" have been deployed in the Russia-Ukraine conflict, with plans for a 50,000-strong humanoid robot army. Investment focus should be on genuinely受益 companies within the North American Tesla supply chain and material suppliers.
For the hot AI sector, focus should be on stocks with new catalysts. For instance, MINIMAX-WP (00100) formally commenced its IPO辅导 on May 29, 2026, and Zhipu AI (02513) has hired辅导机构. The Taipei Computer Association's Computex from June 2-5, focusing on AI PCs, servers, and semiconductors, is expected to stimulate related hardware like liquid cooling solutions. Chip stocks, after adjustments, still present opportunities, though current high levels make entry points less ideal. The ultimate constraint for AI is power, making power stocks themselves ideal defensive plays.
Healthcare stocks are essential in weak markets. The 2026 American Society of Clinical Oncology Annual Meeting, held from May 29 to June 2 in Chicago, is expected to generate momentum for stocks with promising clinical data.
The global lithium supply is tightening. IGO, the world's largest lithium miner, officially lowered its FY2026 production guidance on April 24, 2026, from 1.5-1.65 million tonnes to 1.375-1.425 million tonnes of spodumene concentrate, an 11% reduction. The Manono project in the DRC has delayed its first lithium product to late 2026, contributing nothing in Q2/Q3. Analyst estimates suggest a global lithium supply deficit of 8,000-10,000 tonnes LCE in May-June. Morgan Stanley has revised its 2026 supply expectation down from 500,000 tonnes to 400,000 tonnes, anticipating a shortage in the second half. While supply-side tightness is a stimulus, demand-side resonance is more critical. Currently, the strongest catalyst comes from energy storage applications combined with sodium-ion batteries.
**Specific Stock Picks:**
* **Healthcare:** Kelun-Bota Biopharma (06990) * **Model:** MINIMAX-WP (00100) * **Manufacturing:** Lens (06613) * **Acoustics:** AAC TECH (02018) * **Auto Parts:** MINTH GROUP (00425) * **Electronics:** TCL ELECTRONICS (01070) * **Materials:** Guoen Technology (02768) * **Food:** Anjoy Food (02648) * **Lithium Battery:** CATL (03750) * **Power:** Huadian International Power (01071)
**Detailed List:**
1. **Kelun-Bota Biopharma (06990)**: A leading innovative biopharma company focused on ADC drug development. Its landmark 2022 partnership with Merck & Co. on its pipeline made it a representative example of successful out-licensing by a Chinese innovator. The stock has surged over fivefold from its July 2023 IPO price as of Dec 31, 2025. This rise mirrors growing market confidence in the出海 potential of its lead asset, sac-TMT, driven by: 1) Positive clinical data improving approval probability and expected market share; 2) Merck's initiation of larger-than-expected global Phase III trials bolstering confidence; 3) A broader market reassessment of the出海 capabilities of China's innovative drug sector. Merck's 2025 revenue reached $65 billion, with its pharmaceutical division contributing $58.1 billion. Its blockbuster drug Keytruda faces U.S. patent expiry in 2028. To address this cliff, Merck has built a rich pipeline across oncology, cardiovascular/respiratory, anti-infectives, autoimmunity, and ophthalmology. Its oncology pipeline is projected to contribute $25 billion in sales by the mid-2030s, over half from ADC candidates. Merck has initiated 27 registrational clinical studies for its ADC pipeline, with 17 Phase III studies dedicated to sac-TMT, highlighting its central role. Merck's comprehensive and precise clinical development strategy for sac-TMT, based on Kelun-Bota's early Chinese data, involves launching numerous Phase III trials in空白适应症. As Chinese data continues to accumulate, sac-TMT's Best-in-Class potential becomes increasingly clear. With Merck rapidly advancing global registrational studies, data readouts are approaching, supporting an estimated peak global sales potential of $15 billion for sac-TMT. Kelun-Bota is expected to achieve profitability in 2027, with the clinical value of sac-TMT likely to increase significantly in 2026 and potential U.S. approval in 2027.
2. **MINIMAX-WP (00100)**: A global AI large language model company with self-developed capabilities in全模态 models and services for both B2B and B2C users. With language, video, speech, and music models as its core technological foundation, it offers products like MiniMax Agent, Conch AI, Talkie/Xingye, and provides open platform services for enterprises and developers. Its core competitive advantages lie in its全模态 technology layout and algorithm innovation capabilities, scalable AI infrastructure, and flat, efficient organizational structure. According to Frost & Sullivan, MiniMax ranked 10th globally in market share among large model technology companies in 2024, and 4th among pure-play large model tech firms. By the end of 2025, it served over 236 million users across more than 200 countries/regions, and 214,000 enterprise clients and developers from over 100 countries. Revenue primarily comes from AI-native products and its open platform/other AI-based enterprise services, with AI-native products contributing 67.2% in 2025. As its models continue to iterate and intelligence levels improve, and as applications deepen in programming, office productivity, and multimodal fields, revenue is expected to maintain rapid growth. In 2026, with the爆发 of Claw-like Agent applications, the average daily token consumption of its M2 series text models in February 2026 grew to over six times the level of December 2025, with token consumption from programming packages increasing over tenfold. Strategically, the company is actively evolving from a large model firm into a platform company for the AI era. The outlook is positive given the vast global large model market space and rapid growth potential, including applications in Agents, enterprise services, and entertainment. The company possesses self-developed capabilities in全模态 models, with its models ranking in the global first tier across modalities, indicating strong commercialization potential and a high revenue ceiling.
3. **Lens (06613)**: The company reported Q1 2026 revenue of RMB 14.14 billion (YoY -17.13%) and a net loss attributable to shareholders of RMB -150 million (YoY -134.88%). This decline was attributed to reduced demand from some consumer electronics clients due to shortages and price hikes in consumer-grade memory, impacting its structural components, functional modules, and整机组装 businesses. Client model iterations and design changes also contributed. Significant short-term foreign exchange fluctuations negatively impacted profits by approximately RMB 500 million year-on-year. However, through product mix optimization and refined operations, Q1 gross margin improved by 1.75 percentage points YoY to 14.55%. The company supplies UTG glass, PET film, glass brackets, and 3D glass covers for a major client's foldable phone project, enjoying high value content and leading份额. Shipments for these components began in Q2 and are expected to effectively boost performance. For the 2027 new models, more complex changes in外观, structure, and materials are anticipated, leading to volume and price increases for its main products like glass covers and metal frames, benefiting fully from client innovation. The company is at a critical juncture of transitioning between old and new growth drivers, making strategic investments in emerging fields like AI servers, embodied intelligent robots, and commercial aerospace. Progress in new businesses is smooth: 1) **AI Servers**: Rapidly acquired mature technology and client certifications for server cabinet business from specific domestic and international clients through supply chain integration, along with advanced liquid cooling system integration capabilities. It is also accelerating capacity expansion to迎接 major client certifications and订单落地. 2) **Automotive Glass**: The first production line with an annual capacity for 350,000 vehicles is fully operational and批量供货 to clients. Three后续 lines are under construction, targeting a total capacity of 1-1.5 million vehicles/year. Major domestic and international clients have completed factory audits, with批量出货陆续 commencing. 3) **Robotics**: Secured确定份额 for core modules from a major overseas robotics client, with量产爬坡 scheduled according to client plans this year, achieving批量订单落地 from leading clients. It has already批量交付 humanoid robots, quadruped robots, and components like head modules, joint modules, dexterous hands, and structural parts for multiple leading domestic and international robotics clients, ranking among the industry leaders in assembly出货规模. The outlook is positive due to the company's全产业链 vertical integration,完善全球化布局, and multi-engine growth driven by "Consumer Electronics + Smart Vehicles + Emerging Smart Terminals."
4. **AAC TECH (02018)**: The company reported 2025 revenue of RMB 31.817 billion (YoY +16.4%) and net profit attributable to shareholders of RMB 2.512 billion (YoY +39.8%). For H2 2025, revenue was RMB 18.499 billion (YoY +15%) and net profit was RMB 1.636 billion (YoY +29.8%). Revenue from Electromagnetic Drive & Precision Structural Components reached RMB 11.77 billion (YoY +21.3%), driven by increased market share for横向线性马达, innovative side keys, and the large-scale adoption of VC均热板 in the latest models of a major client. In the motor segment, the company is strengthening its leading position, currently developing core motor components for a client's first AI hardware device. It has also launched a self-developed robotic dexterous hand solution integrating motor, transmission, and control systems. In thermal management, it is actively exploring business opportunities in data center liquid cooling systems and robot散热, which are expected to contribute future业绩增量. Acoustic revenue was RMB 8.35 billion (YoY +1.7%), indicating a stable core business with steady or increasing份额 from key clients. Shipments of high-end products like SLS大师级扬声器 and同轴扬声器 achieved double-digit growth. The company has developed more intelligent and natural dual-speaker systems for AI phones,巩固 its position as a mid-to-high-end acoustic leader. In automotive acoustics, revenue reached RMB 4.12 billion (YoY +16.1%) with持续提升 market share, now ranking among the global top ten automotive audio suppliers. Through internal development and external expansion, it offers a full-stack solution encompassing hardware, algorithms, tuning, and branding, with multiple products deployed in flagship models. As automotive智能化 accelerates, this segment is poised for continued growth. Optical business revenue in 2025 was RMB 5.73 billion (YoY +14.5%) with gross margin of 11.5% (YoY +5.0 ppts), showing significant profitability improvement. This was due to expanding market share for high-end lenses, with mass shipments of 7P lenses, OIS, and periscope modules highlighting successful高端化转型. WLG lens shipments saw rapid growth, with several clients' mainstream flagship series adopting its 1G6P lenses and微棱镜, with后续 demand expected to grow逐年. AAC TECH possesses深厚积累 in acoustic devices, haptic motors, optics, precision structural components, and XR. Its products like WLG hybrid lenses, metal frames, and铰链 for foldable phones hold leading positions, supporting long-term业绩增长.
5. **MINTH GROUP (00425)**: The company reported 2025 revenue of RMB 25.737 billion (YoY +11.2%) and net profit attributable to shareholders of RMB 2.692 billion (YoY +16.1%), with both operating profit and net profit reaching record highs. A proposed final dividend of HKD 0.764 per share was announced, raising the payout ratio from 20% to 27%. Performance was largely in line with expectations, with the slight miss on the previously guided RMB 2.85 billion net profit attributed to a slight revenue decline and gross margin drop in the Aluminum Parts BU. **Revenue**: Growth was led by the Body Structure BU, with international business占比持续提升. 1) By segment: Body Structure BU (formerly Battery Enclosure BU, renamed in 2025) revenue was RMB 7.529 billion (YoY +41.1%), benefiting from accelerated European electrification and订单放量 from Chinese automakers for battery enclosures. Notably, 8 out of the top 15 best-selling EVs in Europe use its battery enclosures. Plastics BU revenue was RMB 6.134 billion (YoY +4.6%); Metal & Trim BU revenue was RMB 5.531 billion (YoY +0.8%); Aluminum Parts BU revenue was RMB 4.895 billion (YoY -0.5%), mainly due to production ramp-up at new Serbia and Mexico plants and some clients'量产节奏. 2) By region: International business占比 further increased to 63.5% (59.7% in 2024), with Europe (+40.4% YoY) as the main growth driver, followed by the Americas (+9.7% YoY). International revenue growth has outpaced China for five consecutive years, while within China, contributions from自主品牌 are rising. 3) New business承接 reached RMB 75.7 billion (lifecycle basis), with 61% international and 82%新能源-related. Cumulative order backlog stood at RMB 270 billion by end-2025. **Growth Drivers**: 1) The Body Structure BU has entered a规模化收获期. The renamed BU now extends beyond battery enclosures to include防撞梁,门槛梁, and energy storage battery enclosures, significantly expanding per-vehicle配套价值, with a 2030 target of RMB 30 billion. 2) Management significantly上调 guidance for new growth tracks: Robotics 2026E guidance raised from RMB 100 million to RMB 500 million (5x), 2027E from RMB 500 million to RMB 1 billion (2x); AI Liquid Cooling 2026E raised from RMB 200 million to RMB 300 million, 2027E from RMB 800 million to RMB 1.5 billion (nearly 2x). 3) Shareholder returns and risk resilience improved同步: payout ratio increased (20%→27%), interest-bearing debt ratio lowered to 21.2%. Management indicated future dividend increases based on cash flow. The company's deepened globalization, with ~70%北美本地化 production, helps hedge geopolitical risks. Looking ahead, the Body Structure BU,核心引擎 of current growth, benefits from the global新能源 trend. Guidance for new tracks like Robotics/AI Liquid Cooling has also been显著上修.
6. **TCL ELECTRONICS (01070)**: The company reported Q1 2026 revenue of HKD 29.225 billion (YoY +15.3%) and adjusted net profit attributable to shareholders of HKD 384 million (YoY +140.0%), within the guidance range. For Large-Size Displays, Q1 domestic revenue was HKD 4.60 billion (YoY +3.9%), overseas revenue HKD 12.11 billion (YoY +23.2%), with strong growth across regions: North America +32.2%, Europe +29.9%, APAC/LATAM/MENA +16.4%. Product mix improved: MiniLED shipments doubled in Q1, with domestic出货量占比 rising 1.8 ppts to 19.4% and overseas占比 rising 10 ppts to 15.7%. Driven by product mix upgrades and larger screen sizes, Q1 gross margin for large-size displays improved domestically to 20.1% (+1.9 ppts) and overseas to 16.6% (+3.7 ppts). Internet business revenue grew 13.2% to HKD 740 million, with overall gross margin up 10.6 ppts to 65.0%, mainly due to a快速提升占比 of higher-margin overseas revenue, driven by factors like TCL Channel upgrades and深化合作 with leading platforms. Innovation business revenue was HKD 8.96 billion (YoY +8.1%),其中 photovoltaic revenue +13%, with新增装机量 exceeding 1.3GW. Benefiting from business scale expansion, operational quality improvement, and overseas market progress,光伏业务毛利率 improved YoY to 9.4%. On March 31, 2026, the company signed a legally binding final agreement with Sony for strategic cooperation in home entertainment, aiming to build a new global home entertainment ecosystem through a joint venture, further deepening its strategic presence in the global mid-to-high-end market. Leveraging TCL's supply chain advantages, the JV is expected to achieve rapid cost reduction and profitability improvement,注入新的业绩增长动力 for TCL Electronics. As a global leader in the color TV industry, TCL Electronics continues to enhance its mid-to-high-end + globalization capabilities, driving steady TV market share expansion, while also solidifying growth drivers beyond its main business, such as photovoltaics,全品类营销, and internet services.
7. **Guoen Technology (02768)**: The company reported Q1 2026 revenue of RMB 5.377 billion (YoY +21.86%, QoQ -6.57%) and net profit attributable to shareholders of RMB 257 million (YoY +131.08%, QoQ +13.45%). Adjusted net profit was RMB 255 million (YoY +149.38%, QoQ +12.79%). Additionally, the company proposed to cancel 6.25 million repurchased shares to reduce registered capital, demonstrating management's confidence in long-term value and commitment to shareholder returns. With international energy prices remaining elevated and大宗化工品 prices rising significantly (styrene up ~20% since early March), the performance of its petrochemical division is expected to持续改善. The company exhibits significant growth potential, with five major projects规划 involving total planned investment exceeding RMB 3.8 billion. These include an 8,000-ton/year high-purity dianhydride monomer & 10,000-ton/year polyimide polymer materials project, a 500-ton/year PSPI photoresist materials project, a 100,000-ton/year C9 mixed aromatics pre-hydrogenation project, a 20,000-ton/year isononanoate ester & isononanoic acid-based low-temperature lubricating grease project, and a 50,000-ton/year high-purity para-methylstyrene (PVT) green智能制造 project. The company is poised to transition into a platform-type technology group, forming four core growth pillars: 1) **Specialty Engineering Materials**: Achieving thousand-ton级聚合能力 for PEEK; aviation-grade acrylic glass对标国际巨头,切入国产大飞机 and eVTOL supply chains, offering稀缺性. 2) **Semiconductor/Display Core Material Localization**: Planning to build 8,000-ton high-purity dianhydride monomer and 500-ton PSPI photoresist projects, directly targeting polyimide (PI) and photoresists—two areas subject to海外 "卡脖子." 3) **Smart Robot轻量化先锋**: Leveraging material advantages, self-developing bipedal/quadruped robots and joint modules,构建 "材料-结构-整机"全链条,瞄准具身智能赛道, representing a融合标的 of "new materials + AI." 4) **Global High-End Capacity Expansion**: Utilizing its Hong Kong listing platform to promote the出海 of modified materials and specialty engineering materials, while布局 high-value-added fine chemicals like isononanoate esters and syndiotactic polystyrene (SPS),持续提升盈利天花板.
8. **Anjoy Food (02648)**: Through over two decades of dedicated effort (advancing multi-brand,全品类,全渠道 development during the速冻食品 industry's growth phase), the company has successfully achieved a "弯道超车" to become China's largest速冻食品 company (by 2024 revenue), ranking first in both China's速冻调制食品 and速冻菜肴制品 markets (by 2024 revenue). By end-2025, revenue/net profit reached approximately RMB 16.2/1.36 billion, with 2011-2025 CAGRs of 20%/23% respectively. According to Frost & Sullivan, the global速冻食品 market reached $417.7 billion in 2024, with a 2019-2024 CAGR of 7%. China is the world's second-largest速冻食品 market, with steady expansion driven by共振 demand from both B and C ends in recent years, alongside明显的结构性机遇 in product categories. Specifically, the domestic速冻菜肴制品 market enjoys high景气度, with significant penetration upside compared to developed markets. The速冻调制食品 market growth is slowing, driven by品类创新, while the速冻米面制品 market is mature. The domestic market is relatively fragmented, with a 2024 CR5 of ~15%, far below成熟 markets. Anjoy holds a 6.6% market share,领先 notably in the速冻调制食品 segment with a 13.8% share. In summary, Anjoy holds significant comprehensive advantages and a稳固主导地位 in the industry,有望 to achieve持续提升 market share through its platform化发展 model of多品类,全渠道. The company坚持品类创新驱动战略 and employs a "BC兼顾,全渠道发力" strategy to提升国内市场份额. It launched the "Anzhai" brand to tap the清真增量 market and uses外延并购 to补充速冻品类短板,强化餐饮供应链龙头优势. Since its Hong Kong listing, it has accelerated海外市场布局. As its competitive模式转变 and internal operational efficiency持续挖掘, future盈利能力有望回升. Given its稳健经营,国内多元增长,加码海外市场, and potential for业务稳健增长 to带动盈利能力回升, institutions assign a "Buy" rating.
9. **CATL (03750)**: The company reported 2025 revenue of RMB 423.702 billion (YoY +17.04%) and net profit attributable to shareholders of RMB 72.201 billion (YoY +42.28%). This was driven by: 1) Benefiting from rising global动力 and储能景气度, lithium battery出货量 grew rapidly to 661GWh (YoY +39.16%). Gross margin reached 26.27%, up 1.83 ppts YoY, reflecting further规模效应. Q1 2026 net profit was RMB 20.738 billion (YoY +48.52%), with动力+储能销量合计 exceeding 200GWh. Its domestic乘用车 market share持续提升. In 2025,动力 battery sales were 541GWh (YoY +41.85%), with global动力市占率 rising 1.2 ppts to 39.2% (43.42% domestic, 30% overseas). The company leads globally with前沿技术,持续落地 innovative products like the second-generation Shenxing ultra-fast charging battery, Shenxing Pro battery,骁遥 dual-core battery, and sodium-ion乘用车动力电池. As overseas基地建设 and operations mature and strategic partnerships with overseas clients deepen, its overseas market share and交付能力稳步提升. Its售后 service network covers 75 countries/regions with ~1,200 service stations. With领先的产品 and优质的服务, it has secured numerous定点 from overseas clients like VW, BMW, Stellantis, Volvo, and DMG. Against the backdrop of elevated energy price中枢 accelerating global电动化转型, the company's comprehensive product portfolio and海外布局 position it for持续提升 global share. Its domestic动力 battery市占率 reached 47.7% in Q1 2026, up 3.4 ppts YoY.储能 battery sales in 2025 were 121GWh (YoY +29.13%), ranking first globally for five consecutive years. In integration, it持续提升整站优化与工程设计能力 for储能 systems. Its system integration business delivered over 70 projects globally, with出货规模同比增长超160%, achieving GWh级项目交付 overseas and securing系统集成订单 in multiple mainstream海外 markets, gaining广泛认可 for its技术实力与项目经验. The company accelerated产能建设 in 2025-2026 to迎接全球储能大时代. By end-2025, lithium battery capacity stood at 772GWh, with 321GWh under construction. In summary,能源中枢上行 and能源价格供给波动刺激全球加速新能源转型, leading to an上修 in global medium-to-long-term锂电需求增速. The company leads in product R&D,持续提升 global share, has完善供应链布局, and maintains stable盈利能力.
10. **Huadian International Power (01071)**: The company reported Q1 2026 revenue of RMB 30.473 billion (YoY +14.66%) and net profit attributable to shareholders of RMB 1.789 billion (YoY -7.35%). Adjusted net profit was RMB 1.783 billion (YoY -6.00%). According to operational data, Q1发电量 was 59.016 billion kWh,上网电量 55.369 billion kWh, down ~8.4% YoY after追溯调整, mainly due to持续增加的新能源装机容量挤占存量机组发电空间. By source: thermal power上网电量 ~54.419 billion kWh, hydro ~0.95 billion kWh. Regarding电价, the Q1 average上网电价 was ~RMB 504.28/MWh, down ~2.58% YoY after追溯调整 (~RMB 0.013/kWh), a降幅明显小于同期全国多数省份的长协电价下调幅度. This resilience is attributed to its主力机组多位于北方等电价相对坚挺区域, with its区位优势 effectively缓冲行业电价下行冲击. On costs, Q1煤炭现货均价 remained lower YoY, allowing the company to持续受益于燃料成本改善. Profit-wise, Q1利润总额 (after deducting investment income) was ~RMB 2.338 billion (YoY +48.0%). However, investment income was only RMB 698 million,大幅下滑 ~RMB 485 million YoY, mainly due to profit declines at equity-accounted associates like Huadian New Energy and some coal companies,拖累 overall业绩. On April 28, 2026, the board approved the 2026 "提质增效重回报" action plan, outlining specific measures like量价统筹参与市场竞争,坚持效益最大化原则,优化中长期与现货及辅助服务市场交易, and着力严控燃料成本. 2026 planned capital expenditure is ~RMB 19 billion. Considering its 2025 operating cash flow net额 was 1.43 times that year's capital expenditure, it有望持续为新能源转型与资产扩张提供坚实保障. Looking ahead to subsequent quarters in 2026, coal prices may face upward pressure due to expected印尼产量配额 and中东地缘冲突扰动, potentially收敛燃料成本优势. However, given可控电价降幅 in regions where its主力电厂 are located, coupled with the positive effect of持续提升容量电价补偿比例 on stabilizing long-term收益, the company's业绩仍有较强支撑.
**Disclaimer**: The stocks mentioned are for discussion purposes only and do not constitute investment advice. The stock market involves risks; investment requires caution.
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