Markets: A-shares
Indexable titles and thesis summaries. Interactive reading (charts, FX) lives in the reader app.
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Solid-state battery industry deep-dive: routes, industrialization & equity map | 2026
ASSB still pilot + policy-anchored: 15th FYP targets initial scale by 2030; CATL ~TRL4; Toyota×Idemitsu 2027–28. Near-term beta = sulfide materials/equipment; semi-solid ≠ all-solid. See battery competition.
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000100.SZ TCL Tech: CSOT capital integration and panel-set synergy
TCL Technology is a consolidated display platform, not the TCL brand set-maker. H1'26 revenue ¥88.65B (+3.6%), parent NI ¥3.81B (+102.2%); CSOT attributable NI ¥3.28B. Thesis: lift t9/G11/t11 economic share + consolidated Moka ODM + related-party supply to TCL Industries/Electronics (not subsidiaries).
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600685.SH CSSC Defense: naval & specialty ship platform
CSSC Defense CSSC naval/specialty platform; smaller than merged CSSC, more defense-tilted.
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688375.SH Guobo: T/R modules & RF chips
Guobo Electronics CETC AESA T/R core; tightly tied to radar/comms programs and inventory cycles.
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600879.SH Aerospace Electronics: TT&C, guidance, EW
Aerospace Electronics CAST-9 electronics (TT&C/guidance); frequent CSI defense weight — earnings swing with theme flows.
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600372.SH AVIC Airborne: avionics consolidation platform
AVIC Airborne Systems Post absorption of AVIC Avionics, airborne systems concentrate here — watch perimeter changes.
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000768.SZ AVIC XAC: transport/bomber airframe platform
AVIC Xi'an Aircraft XAC listed platform for large airframes (transport/bomber); civil/large-aircraft mix shapes elasticity.
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688629.SH Huafeng: connectors & defense-electronics beta
Huafeng Technology Private-sector connector name; higher beta/volatility than AVIC Jonhon.
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002179.SZ AVIC Jonhon: connector leader & defense-electronics weight
AVIC Jonhon Optronic AVIC connector leader; top defense-electronics index weight — beta to OEM builds and civil (NEV/datacenter).
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600118.SH China Spacesat: smallsat manufacturing & apps
China Spacesat CAST-5 smallsat mfg/apps; commercial-space narrative often leads earnings.
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688818.SH CETC Lantian: space & specialty power on STAR
CETC Lantian CETC STAR IPO 2026; space/specialty power. Thin float, theme-heavy pricing, short history.
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600893.SH AECC Aviation Power: military aero-engine OEM
AECC Aviation Power AECC military aero-engine OEM; strong localization narrative, volatile profits, structurally rich multiples.
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601698.SH China Satcom: satellite communications operator
China Satcom CAST satellite-comms operator; revenue small vs mcap — theme premium embedded.
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600760.SH AVIC SAC: listed fighter OEM
AVIC Shenyang Aircraft Core listed fighter OEM; quarterly prints swing with recognition — theme trading often leads filings.
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302132.SZ AVIC Chengfei: fighter OEM after asset injection
AVIC Chengfei After Chengfei injection into former AVIC Electromechanical Measurement, it is a core fighter OEM listing; read financials as a new perimeter.
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603268.SH Songfa: Hengli Heavy commercial shipbuilding platform
Songfa (Hengli Heavy) Post Hengli Heavy injection, Songfa is a commercial shipyard platform. In SW defense, but military content is thin vs CSSC — separate defense beta from commercial shipping.
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600150.SH CSSC: post-merger naval & commercial shipbuilding flagship
CSSC After the Sep-2025 share-swap absorption of CSIC, CSSC is the largest A-share shipbuilder; backlog conversion drives earnings. Heaviest cyclical weight in the defense theme.
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Metals in AI infra: origins, S&D, refining & costs | 2026 deep dive
Copper ~5.2% of AI DC CapEx; tin most fragile (8.2/10 scarcity). Eight charts + five tables: origins, refining (China ~57% Cu), costs, downstream BOM, equity map. Links nonferrous / copper / AI infra notes.
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000938.SZ Unis: H3C networking + AI server platform
Unis Controls **H3C** networking + server platform—enterprise net and AI compute beneficiary vs Inspur/Zhongji. Watch AI server mix, high-end
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300394.SZ TFC: optical module upstream components & CPO
TFC Optical Leading **optical module upstream** passive/active components—800G/1.6T and CPO trends vs Zhongji/Eoptolink/[[company:688498-sh|Source P
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603019.SH Sugon: domestic compute systems & HPC platform
Sugon Leading domestic **systems + HPC** vendor tightly coupled to Hygon CPU/DCU ecosystem vs Inspur—see [[article:cpu-industry-h2-2026|CPU in
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688498.SH Source Photonics: high-speed laser chips (DFB/EML)
Source Photonics Domestic **InP laser chip** leader (DFB/EML)—400G/800G module upgrade; upstream vs Lumentum/Coherent, downstream to Zhongji. Watch EML ramp, yield, silicon ph
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688008.SH Montage: DDR5 memory interface leader
Montage Technology Global leader in **DDR4/DDR5 memory interface (RCD/DB/SPD)**—AI servers lift HBM/DDR demand; complements CXMT/GigaDevice storage chain.
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688047.SH Loongson: LoongArch autonomous ISA CPU platform
Loongson One of few **LoongArch** autonomous-ISA CPU platforms—see ISA landscape vs Hygon (x86). Base = gov/critical-industry PC/emb
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300474.SZ Jingjia Micro: domestic GPU (JM series)
Jingjia Micro Early domestic **GPU** player (JM series)—specialty + commercial lines vs Moore Threads/Cambricon/Hygon DCU. Small
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000977.SZ Inspur: AI server shipment leader
Inspur Among global AI server shipment leaders—leverages China internet CapEx; vs Foxconn Industrial/Sugon/[[article:ai-infra-gpu-utilization-2
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688041.SH Hygon: domestic x86 server CPU + DCU dual engine
Hygon Leading domestic x86 server CPU vendor plus DCU in the AI compute chain; agentic AI lifts CPU orchestration value—see CPU industry H2 2026 vs [[com
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603986.SH GigaDevice: NOR Flash + MCU dual engine
GigaDevice Domestic **NOR Flash** leader with fast-growing **MCU**—benefits from IoT/auto/AI edge storage; different layer vs CXMT DRAM and Montage
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Robotaxi industry deep-dive | US–China commercialization (2026H2)
Waymo remains paid-scale anchor; China Apollo/Pony/WeRide grow fleets & overseas faster. Sleeve: GOOGL/BIDU/TSLA options + UBER/BYD shovels + PONY/WRD satellites. See freight.
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Autonomous freight industry | Line-haul × city logistics (2026H2)
Aurora (AUR) runs U.S. commercial driverless line-haul; China skews hubs/city logistics & JD/Meituan cost options. Sleeve: NVDA shovels + AUR β + logistics. See Robotaxi.
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1398.HK/601398.SH Industrial and Commercial Bank of China: bank §A snapshot
Industrial and Commercial Bank of China FY2025: op. income ¥8382.70B (+2.00%), parent NI ¥3685.62B (+0.70%); NIM 1.28%, NPL 1.31%.
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600036.SH China Merchants Bank: bank §A snapshot
China Merchants Bank FY2025: op. income ¥3375.32B (+0.01%), parent NI ¥1501.81B (+1.21%); NIM 1.87%, NPL 0.94%.
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601166.SH/3968.HK Industrial Bank: bank §A snapshot
Industrial Bank FY2025: op. income ¥2127.41B (+0.24%), parent NI ¥774.69B (+0.34%); NIM 1.71%, NPL 1.08%.
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0939.HK/601939.SH China Construction Bank: bank §A snapshot
China Construction Bank FY2025: op. income ¥7408.71B (+1.69%), parent NI ¥3397.90B (+1.04%); NIM 1.34%, NPL 1.31%.
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3988.HK/601988.SH Bank of China: bank §A snapshot
Bank of China FY2025: op. income ¥6598.66B (+4.28%), parent NI ¥2430.21B (+2.18%); NIM 1.26%, NPL 1.23%.
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1288.HK/601288.SH Agricultural Bank of China: bank §A snapshot
Agricultural Bank of China FY2025: op. income ¥7251.31B (+1.90%), parent NI ¥2910.41B (+3.18%); NIM 1.28%, NPL 1.27%.
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603259.SH / 2359.HK WuXi AppTec: H1'26 guide raise, RMB 66.4B backlog
WuXi AppTec H1'26 revenue RMB 28.90B (+38.9%), backlog RMB 66.43B; FY26 guide RMB 58.5–60.5B. A+H cap ~RMB 502.6B. See WuXi Bio, BeOne.
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300760.SZ Mindray: weak hospital recovery
Mindray 2025 revenue RMB 33.28B (-9.4%), NI RMB 8.14B; Q1'26 sales +1.4%. See Hengrui, WuXi AppTec.
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600276.SH Hengrui: innovative sales + BD
Hengrui 2025 revenue RMB 31.63B, NI RMB 7.71B; innovative sales RMB 16.34B, licensing RMB 3.39B. See BeOne, Innovent.
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6160.HK / 688235.SH BeOne: BRUKINSA $1.2B quarter
BeOne Q2'26 revenue $1.705B (+30%), BRUKINSA $1.2B; FY26 guide $6.6–6.8B. See Hengrui, Innovent.
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000858.SZ Wuliangye: sell-through restatement and governance discount
Wuliangye restated 2025 revenue ¥40.529B (−54.6%), parent NI ¥8.954B (−71.9%); cash ~¥127B. 2026Q1 parent NI ¥8.063B; H1 guide ¥8.73–9.20B. 8/17 close ¥72.55 / mkt ~¥282B. See Moutai.
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600519.SH Moutai: pricing anchor in a to-C reset
Kweichow Moutai 2025 revenue ¥168.838B (−1.21%), parent NI ¥82.320B (−4.53%), first full-year double decline; H1'26 revenue ¥90.703B (+1.47%), parent NI ¥44.517B (−1.95%). 8/17 close ¥1,293 / mkt ~¥1.62T. Tape is batch price/inventory and direct-sales reform. Brief channel note; peer Wuliangye.
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000333.SZ / 0300.HK Midea: appliance cash + overseas + a limited robotics option
Midea 2025 revenue ~¥458.5B (+12%), parent NI ¥43.95B (+14%); overseas ¥195.9B (+15.9%, 42.7% mix); robotics ¥31.0B (+8%). 2026Q1 revenue +2.6%. A-share ~¥82.9 / mkt ~¥631B. Channels: JD / Alibaba / Meituan.
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0857.HK / 601857.SH PetroChina: integrated oil & gas, dividend resilience
PetroChina FY2025 revenue ¥2.8645T (−2.5%), parent NI ¥157.318B (−4.5%); OCF ¥412.5B, FCF ¥120.2B. 2026Q1 revenue ¥736.4B (−2.2%), parent NI ¥48.3B (+1.9%). A-share ~¥10.92 / mkt ~¥2.00T; TTM PE ~12.6x, yield ~4.3%. See CNOOC, Sinopec, Shenhua.
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000630.SZ Tongling Nonferrous: Cu smelting scale + TC/RC beta
Tongling Nonferrous 2025 revenue ¥172.726B (+18.7%), parent NI ¥2.415B (−14.0%), adj. NI ¥3.461B (+31.4%). Large smelting/trading scale; Cu and TC/RC beta. See JXCC.
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600111.SH Northern Rare Earth: light-RE leader + quota leverage
Northern Rare Earth 2025 revenue ¥42.563B (+29%), parent NI ¥2.251B (+124%). ~¥37.45 / mkt ~¥135B. Light-RE leader; NI highly price/quota sensitive. See China RE.
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000831.SZ China Rare Earth: mid-heavy RE platform + price beta
China Rare Earth 2025 revenue ¥3.182B (+5.1%), parent NI ¥0.173B (turnaround); 2026H1 revenue ¥1.647B (−12%), NI ¥0.237B (+47%). ~¥45.65 / mkt ~¥48.4B. See Northern RE.
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03931.HK CALB: EV+ESS dual curve, share catch-up
CALB 2025 revenue ¥44.4B (+60%), profit ¥2.095B (+148%), GM ~16.7%; EV cells ~68%, ESS ~32%. See CATL, battery competition.
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600028.SH / 0386.HK Sinopec: integrated refining + dividend resilience
Sinopec 2025 revenue ¥2.784T (−9.5%), parent NI ¥31.809B (−36.8%); OCF ¥162.5B (+8.8%). FY DPS ¥0.20; payout incl. buybacks ~81%. Refining EBIT improved; chemicals still loss-making; marketing hit by EV penetration. 2026Q1 revenue ¥706.7B (−3.9%), NI ¥17.0B (+28%). A-share ~¥5.10 / mkt ~¥617B (≈2026-08-07). See CNOOC, Shenhua.
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300433.SZ Lens Technology: precision components + foldable ASP
Lens Technology 2025 revenue ¥74.410B (+6.46%), parent NI ¥4.018B (+10.87%), OCF ¥11.465B; GM ~16%. 2026Q1 revenue ¥14.140B (−17.1%), parent NI loss ¥0.150B. Thesis: Apple-chain glass/structures + foldable UTG ASP + robot/liquid-cooling options. ~¥36.6 / mkt ~¥193B (as of ~2026-07).
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x86 vs Arm vs RISC-V: status, competition & investable map | 2026
Q1’26 server rev ~52% x86 / ~46% Arm; AI hosts ~60% Arm. Scenario-layered ISA map + investable names. See CPU industry.
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China coal-chemical industry deep-dive | 2026
Modern coal chemicals under tight adds: CTO ~21Mt+/y design, western clusters; profits = oil–coal spread + integration; mid-term green-H₂/CCUS. See route table and #references.
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300308.SZ Innolight: high-speed optics for AI interconnect
Zhongji Innolight AI clusters drive 800G/1.6T optics demand; a top datacom transceiver supplier—growth vs rich valuation hinges on share, GM, and next-gen ramps.
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1810.HK Xiaomi: smartphone×AIoT + EV innovation
Xiaomi 2025 revenue ~¥457.3B (+25%); EV/AI innovation ~¥106.1B (+224%) is the narrative—phone margins and EV scale/GM decide if valuation digests.
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0981.HK / 688981.SH SMIC: mature-node foundry + domestic compute base
SMIC China’s leading foundry (A+H); advanced nodes constrained by controls—mature/specialty nodes monetize localization. Valuation embeds strategic premium.
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002371.SZ NAURA: domestic semi equipment platform
NAURA Domestic semi equipment platform leveraged to fab CapEx and localization—watch etch/deposition share gains and supply-chain resilience under controls.
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688795.SH Moore Threads: domestic GPU graphics/compute narrative
Moore Threads One of few listed domestic GPU names already in tech top-20 mcap context—small revenue base prices a localization option; watch product readiness, ecosystem, and anchor orders.
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3690.HK Meituan: local services network + instant retail
Meituan In-store + delivery network effects intact; competition/subsidies swing margins. Instant retail and overseas extend the story—watch core local commerce op. profit and new-business
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002475.SZ Luxshare: CE precision + auto interconnect
Luxshare CE precision leader deeply tied to global handset supply, expanding auto/comms—manufacturing GM; beta to share and new categories.
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9618.HK JD.com: self-operated retail + logistics tech
JD.com Self-operation + logistics network create trust/fulfillment moat; competition/subsidies pressure margins—watch retail op. profit, 3P logistics, and new-business discipline.
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002415.SZ Hikvision: vision sensing + AI deployment
Hikvision Security leader extending into AIoT/robotics; overseas sanctions and demand mix are constraints—domestic digitization and AI vision are supports.
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601138.SH FII: AI server EMS and cloud infra beta
Foxconn Industrial Internet 2025 revenue ~¥902.9B (+48%); AI server EMS drives re-rating—thin manufacturing GM, beta to compute CapEx and share.
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300502.SZ Eoptolink: high-beta optical modules
Eoptolink Same AI optics theme as Innolight, often higher beta—watch hyperscaler share, 800G/1.6T cadence, and GM swings.
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300750.SZ CATL: EV+ESS dual leadership and share re-concentration
CATL Global EV battery leader with China H1’26 share back near ~46%; ESS is the second curve—can share and margins coexist through the price war? See [[article:china-power-battery-compe
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688256.SH Cambricon: domestic AI train/infer silicon
Cambricon Scarce domestic AI accelerator name already in A-share tech top tier—fundamentals = anchor orders, software ecosystem, and advanced-node access; valuation prices aggressive growth.
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002594.SZ / 1211.HK BYD: vertical integration and battery spillover
BYD Vertically integrated EV leader; PHEV mix lifts units but cuts kWh/vehicle, pressuring battery install share—third-party battery supply and exports are the fix. See [[article:china
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688012.SH AMEC: etch equipment localization spearhead
AMEC Plasma etch-focused equipment name leveraged to logic/memory fab builds and localization—watch share, new-tool quals, and GM.
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9988.HK Alibaba: commerce base + cloud/AI second curve
Alibaba Taobao/Tmall + international commerce fund the cash engine; cloud/AI is the valuation lever after non-core exits—watch AI monetization and domestic share defense.
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China power-battery competitive landscape deep-dive | 2026
2025 installs 769.7GWh with CR2 under 70%; H1’26 CATL ~46%, BYD ~17%. Tier-2 and OEM-captive rise; LFP >80%; ESS/overseas as second curve. See share tables and #references.
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Copper S/D deep-dive & international price/mine outlook | 2026
ICSG sees refined surplus 2026–27 while LME prints near $14k; US stockpiling distorts regional balances. See #references. Also nonferrous.
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601088.SH / 1088.HK China Shenhua: coal-power, high dividend
China Shenhua 2025 revenue ¥294.916B (−13.2%), parent NI ¥52.849B (−5.3%). A-share ~¥45.7 / mkt ~¥991B. Soft top/bottom line from coal prices, but still high earnings and cash; thesis is integrated coal-power + high dividend defense.
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600362.SH / 0358.HK Jiangxi Copper: smelting giant, Cu beta
Jiangxi Copper 2025 revenue ¥544.623B (+5.42%), parent NI ¥7.130B (+2.41%), adj. NI ¥9.148B (+11.30%). A-share ~¥43.3 / mkt ~¥149.9B. Huge revenue base; profits sensitive to Cu and TC/RCs. Adj. NI > parent NI points to one-offs. Sector: nonferrous metals deep-dive.
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603799.SH Huayou: H1 materials ramp + integration
Huayou H1'26 rev ¥55.568B (+49.39%), NI ¥3.507B (+29.38%); ternary cathode/precursor shipments nearly doubled. A-share ~¥40.2 / mkt ~¥76.1B.
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300059.SZ East Money: H1'26 market beta
East Money H1'26 revenue ¥9.84B (+22.3%), parent NI ¥7.46B (+18.2%). Daily turnover beta and fund distribution AUM are key trackers.
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600900.SH CYPC: H1'26 hydro stable dividend
CYPC H1'26 revenue ¥42.86B (+3.8%), parent NI ¥17.82B (+5.6%); generation ~158 TWh. Hydrology and payout policy are core variables.
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688825.SH CXMT: LPDDR6 MP + H1'26 beat
CXMT (688825.SH) H1'26 revenue ¥150.310B (+873.64%), parent NI ¥77.605B, OCF ¥131.156B, main GM ~84.8%—well above prior guide. On 2026-08-29 announced **LPDDR6 mass production** (12,800 Mbps / up to 16GB); Xiaomi 18 Fold first attach, Xuanjie O3 first SoC. A-share ~¥58.6 / mkt ~¥3.98T. Debate: cycle delivery vs valuation stretch. Cf. Micron MU.
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601919.SH / 1919.HK COSCO: freight soft, dividend + Q1 check
COSCO 2025 NI ¥30.868B (−37%); Q1'26 rev ¥51.797B, NI ¥5.877B (−49.75%), leverage ~40.9%. Thesis: freight beta + shareholder returns.
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0883.HK / 600938.SH CNOOC: low-cost barrels, dividend resilience
CNOOC 2025 revenue ¥398.220B (−5.3%), parent NI ¥122.082B (−11.5%); net production 777.3 mmboe (+7%), all-in cost ~$27.9/boe; 2026 target 780–800 mmboe. HK ~HK$23.8. Low-cost + dividend; see Sinopec.
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601985.SH CNNC Power: H1'26 capacity growth
CNNC Power H1'26 revenue ¥42.85B (+7.1%), parent NI ¥5.02B (+8.3%). Approval pace and reactor construction progress anchor growth.
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603993.SH / 3993.HK CMOC: H1 profit surge + Cu–Au dual-pole
CMOC H1'26 rev ¥135.320B (+42.78%), NI ¥16.152B (+86.27%); Cu–Au dual-pole + Brazil gold. A-share ~¥18.00 / mkt ~¥385.1B.
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601600.SH / 2600.HK Chalco: steady primary Al profits
Chalco 2025 revenue ¥241.125B (+1.69%), parent NI ¥12.674B (+2.25%), pretax profit ~¥25.84B. As of 2026-08-05, A-share ~¥9.74 / mkt ~¥167.089B. Al price and power cost drive profits; capacity caps favor steady cash over hypergrowth. Sector: nonferrous metals deep-dive.
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601899.SH Zijin: mined-copper quarters vs overseas majors
Zijin H1'26 mined Cu 534 kt (−6%); plan 1.20 Mt (2026) → 1.50–1.60 Mt (2028). Six-quarter volumes vs BHP/Codelco/FCX/Glencore; Julong/Zhuno/Kamoa drive the catch-up. See nonferrous.
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CPU industry deep dive · 2026 H2
Agentic AI puts CPUs back at the center of data-center orchestration. Server CPU TAM revised higher toward ~$100–120B by 2030. Watch AMD/Arm globally and Hygon in China. See also AMD stock note and GPU utilization / AI infra deep dive.
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Nonferrous metals deep dive · 2026 H2 update (Aug 2026)
Cu near $14k: ICSG surplus vs US stockpiling; Al mid ~$3300; Li/Co/Sn diverge. Links copper S/D and battery packs. #references updated.
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Kweichow Moutai: H1'26 channel & price brief
Kweichow Moutai H1'26 revenue ¥90.703B (+1.47%), parent NI ¥44.517B (−1.95%); A-share ~¥1,293. Wholesale price and channel inventory remain near-term drivers. Full pack 600519 research.
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000050.SZ Tianma: mid-size/auto specialist, OLED still loss-making
Tianma mid-size/auto/AMOLED, not a TV major. FY2025 revenue ¥36.23B, parent NI ¥0.17B but ex-item still −¥0.57B; H1'26 parent NI −¥0.73B. PE is N/A while TTM earnings ≤ 0. See BOE, HKC.
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001399.SZ HKC: newly listed LCD No.3, OLED not in production
HKC listed 2026-06-26 at ¥10.12. FY2025 revenue ¥40.90B, parent NI ¥3.80B, OCF ¥9.37B, interest-bearing debt ¥36.98B. LCD TV volumes in global top 3; OLED not in production. Price ~¥23.17 / mkt ~¥172B (2026-09-20). See BOE, TCL Tech.
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000725.SZ BOE: global LCD shipment leader, OLED ramp
BOE FY2025 revenue ¥204.59B (+3.13%), parent NI ¥5.86B, OCF ¥48.83B; H1'26 sales ¥103.13B, parent NI ¥5.25B (+61.6%), ex-item ¥3.01B. LCD shipment leader; OLED ramp and one-off quality drive the multiple. See TCL Tech, HKC, Tianma.