Markets: A-shares
Indexable titles and thesis summaries. Interactive reading (charts, FX) lives in the reader app.
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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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603799.SH Huayou: Ni-Co-Li integration, earnings surge
Huayou Cobalt 2025 revenue ¥81.019B (+32.94%), parent NI ¥6.110B (+47.07%); Q1'26 revenue ~¥25.8B (+44.62%), parent NI ~¥2.497B (+99.45%). A-share ~¥39.9 / mkt ~¥75.6B. Nickel shipments and ternary cathode volume drive growth; metal prices and Indonesia capacity timing set earnings beta. Sector: nonferrous metals deep-dive.
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603993.SH / 3993.HK CMOC: Cu-Co volume lifts profits
CMOC 2025 revenue ¥206.684B (−2.98%), parent NI ¥20.339B (+50.30%); Q1'26 revenue ¥66.403B (+44.34%), parent NI ~¥7.760B (+96.65%). A-share ~¥19.5 / mkt ~¥417.6B. Soft revenue vs rising NI reflects Cu/Co mix and cost edge. Sector: nonferrous metals deep-dive.
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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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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. A-share ~¥9.6 / mkt ~¥164.2B. Al price and power cost drive profits; capacity caps favor steady cash over hypergrowth. Sector: nonferrous metals deep-dive.
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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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600900.SH CYPC: hydro giant, stable dividend
CYPC 2025 revenue ¥86.242B (+2.07%), parent NI ¥34.503B (+6.17%); generation 309.735 TWh (+3.97%). A-share ~¥29.1 / mkt ~¥711.8B. Cascade hydro offers stable cash and dividend; hydrology is the key swing factor.
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601985.SH CNNC Power (CNNC listed proxy): ops + capacity growth
CNNC Group is not a single A-share listco; this note uses CNNC Nuclear Power (601985.SH) as the investable proxy. 2025 revenue ¥82.075B (+6.22%), parent NI ¥9.304B (+6.00%); nuclear parent NI ~¥8.958B (+18.53%). A-share ~¥9.1 / mkt ~¥186.3B. Thesis: steady nuclear ops + new-unit growth.
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300059.SZ East Money: traffic broker, market beta
East Money 2025 total revenue ¥16.068B (+38.46%), parent NI ¥12.085B (+25.75%); equity+fund brokerage turnover ~¥38.46T. A-share ~¥20.2 / mkt ~¥319.1B. Internet traffic + brokerage/funds is the core; earnings highly tied to market turnover and risk appetite.
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688825.SH CXMT: DRAM localization + memory upcycle
CXMT (ChangXin Memory listco, 688825.SH, STAR IPO 2026-07-27) 2025 revenue ¥61.799B, consolidated NI ¥7.144B, parent NI ¥1.875B (first annual profit); Q1'26 revenue ~¥50.8B with surging NI; H1'26 parent NI guide ¥50–57B. A-share ~¥54 / mkt ~¥3.6T. Thesis: DRAM cycle + localization—valuation already prices a hot upcycle. Cf. Micron MU.
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601919.SH / 1919.HK COSCO Holdings: container downcycle + dividend
COSCO SHIPPING Holdings 2025 revenue ¥219.504B (−6.14%), parent NI ¥30.868B (−37.13%); ~¥15.4B cash dividend planned (~50% payout). A-share ~¥15.6 / mkt ~¥239B. Freight normalization cuts peak profits; thesis is container 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%); all-in cost ~$27.9/boe; OCF ~¥209B. HK ~HK$23.8 (A-share ~¥32.3). Softer oil cuts NI, but low cost + dividend remain the moat.
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601899.SH / 2899.HK Zijin: earnings up, price down divergence
Zijin Mining 2025 revenue ¥349.079B, parent NI ¥51.777B (+61.55%), ROE 33%; H1'26 guide parent NI ~¥39.1B (+68%). A-share ~¥32.2 / mkt ~¥856B, ~40% off the ~¥44.94 year high—classic cyclical divergence of rising earnings vs falling price. Sector context: nonferrous metals deep-dive.
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000100.SZ TCL Tech: panel-cycle repair and CSOT profit rebound
TCL Technology 2025 revenue ¥184.06B (+11.7%), parent NI ¥4.52B (+188.8%); CSOT (Huaxing) NI ¥8.01B is the profit engine. Q1'26 revenue ¥43.45B, parent NI ¥1.56B (+53.7%). Debt ratio ~64–65%; solar still a drag. Frame as a panel-cycle recovery theme—not a consumer-appliance name.
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Nonferrous metals industry deep dive · 2026 H2
Structural bull with divergence: copper/aluminum benefit from tight supply and electrification; lithium/cobalt move toward balance. Focus on self-sufficiency and volume. See copper brief.
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Kweichow Moutai: Channel & wholesale price brief
Wholesale price and channel inventory remain the near-term price drivers.