**Market Analysis**

Both mainland and Hong Kong markets saw adjustments today, with Hong Kong stocks declining 0.47%. This is not necessarily negative, as it represents an early release of selling pressure. Tomorrow (September 3rd), global attention will focus on the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War. The military parade will consist of two phases - the parade ceremony and march-past - lasting approximately 70 minutes. All military equipment in the parade has been selected from domestic active-duty main battle equipment, with a large proportion of newly unveiled advanced equipment making their debut. Both ground and air equipment will be organized systematically in mixed formations, with some land, sea, and air-based strategic weapons, hypersonic precision strike systems, and unmanned and counter-unmanned equipment being displayed publicly for the first time. The parade offers many highlights, comprehensively showcasing national defense capabilities. The debut of the most advanced new weapons will greatly boost confidence, as justice and fairness can only have a place in the face of absolute strength.

Today's adjustment was mainly driven by profit-taking, particularly in the AI sector. The catalyst period has been somewhat extended, with cooling that began last Friday, and Alibaba (09988) added another leg to the decline. Gold and metals sectors showed better sustainability.

On September 1st, COMEX gold prices reached an intraday high of $3,557.1 per ounce, breaking through the historical high of $3,534.1 per ounce set in early August. Spot gold approached the historical record of $3,500 per ounce set in April this year. Domestic branded gold jewelry prices again exceeded 1,000 yuan per gram, with gold jewelry prices in Shenzhen's Shuibei market also breaking through 800 yuan per gram.

A-share gold stocks continued their strength. Zhaojin Mining (01818) continued to rise over 2% in September. New variety MONGOL MINING (00975) surged over 20% today as markets explored its Mongolian gold mining theme, with gold production expected to begin in Q3 2025. The presence of Mongolian leadership in Beijing also contributed to the surge. Jewelry retailers like Laopu Gold (06181) and Chow Tai Fook (01929) both gained 2%. Chow Sang Sang (00116), which rose significantly yesterday, showed strong consolidation today.

Among metals, copper performed strongly. According to SMM forecasts, China's electrolytic copper production may decline significantly by 50,000 tons month-over-month in September, mainly due to smelter maintenance and tight anode copper supply, conditions that may persist until year-end. China Nonferrous Mining (01258), mentioned in yesterday's individual stock analysis, rose nearly 6% again today. Jiashili Resources (03858), highlighted in yesterday's sector focus, showed strong early morning performance before being dragged down by broader market adjustments.

The robotics sector, mentioned yesterday, exploded across the board today. In the early hours Beijing time, Tesla officially released the complete document for the fourth chapter of its "Master Plan." The cover image shows an Optimus robot opening a car trunk. Musk reiterated the strategic position of the robotics business at Tesla, stating that approximately 80% of Tesla's future value will come from Optimus robots.

A rumor also fueled intraday momentum. According to information circulating among institutions, a leading listed robotics company held meetings with Tesla, with Tesla requesting the company to prepare for production capacity ramp-up in Q1 next year, with weekly production capacity potentially reaching 10,000 units in Q3. The rumored company, Zhejiang Rongtai (603119.SH), immediately hit the daily limit. The company responded that it "cannot confirm the accuracy." Capital reacted so frantically because this guidance far exceeded expectations. Weekly capacity of over 10,000 units would make annual capacity "terrifying." Regardless of truth, capital chose to speculate first.

Leading company UBTECH Robotics (09880) saw its founder, Chairman and CEO Zhou Jian state that, combining first-half results and current potential customer orders, the company expects to deliver over 500 industrial humanoid robots this year, with annual capacity exceeding 1,000 units. Having just received support from Middle Eastern consortiums yesterday and directly hitting the market trend, the stock rose over 5% today.

MicroPort Robotics-B (02252): On July 10th, led by Sun Jiayuan, Deputy Director of Shanghai Chest Hospital, the team collaborated with the First Affiliated Hospital of Shihezi University in Xinjiang to successfully conduct the world's first 5G remote "autonomous driving" robotic bronchoscope cryoablation animal experiment across 4,000 kilometers. The experiment used a new bronchoscope robot system developed through cooperation between MicroPort MicroBot Robotics Co., Ltd., a subsidiary of MicroPort Robotics Group, and Shanghai Chest Hospital. If this successful case gains widespread adoption, prospects are quite broad. The stock surged over 12% today.

First Service Holding (00697), in cooperation with its invested company Wanxun Technology, launched the nation's first "Robot+" automatic charging pop-up experience station fully open to the public at the underground parking garage of Chengdu World Trade Center ICD. The company leverages parking scenario resources to promote large-scale application of innovative robotics technology in parking and campus scenarios. The stock rose over 8% today.

More companies are entering the robotics field, such as L.K. Technology (00558): Originally focused on automotive integrated die-casting, the company is now entering robot die-casting. It signed a strategic cooperation agreement with four companies specializing in magnesium alloy and humanoid robot R&D, officially launching a joint magnesium alloy humanoid robot development project. The stock surged over 10% today.

Johnson Electric Holdings (00179) joint ventured with Shanghai Electric to enter the humanoid robot joint field, rising nearly 9% today.

Midea Group (00300): Acquired Germany's KUKA in 2017, entering the industrial robotics field. Its robotics and automation segment revenue has exceeded 30 billion yuan. Its self-developed industrial humanoid robot "MEIRO" has been deployed at Midea's Jingzhou factory for handling, 3D quality inspection, patrol, and equipment maintenance, collaborating with KUKA iico collaborative robots and AMRs to improve factory efficiency by over 80%. The stock rose over 3% today.

According to Russian news agencies RIA Novosti and TASS on September 2nd, Russia and China have signed a memorandum on the construction of the "Power of Siberia-2" natural gas pipeline. Once completed, Russia will transport up to 50 billion cubic meters of natural gas annually to China via Mongolia. Pipeline company Shandong Molong (00568) moved today, rising over 3%. Other beneficiaries include main importers and pipeline builders like PETROCHINA (00857), gas distributors China Gas (00384), China Resources Gas (01193), and ENN Energy (02688).

In August 2025, A-shares saw 2.65 million new account openings, compared to 1 million new openings in August 2024, representing a 165% year-over-year increase, far exceeding last year's level. Compared to 2024's full-year data, 2.65 million exceeded 10 months of last year. The securities industry's first-half net profit increased over 40% year-over-year, with continued rising trading volumes in the second half expected to support brokerage business growth. Let's see if securities stocks can launch tomorrow.

**Sector Focus**

Huafu New Energy Photovoltaic Outlook Update: Silicon Material Prices Rise Significantly, Leading Silicon Material Companies' Excess Profits Expected to Emerge

Three main pieces of information today: 1) According to SMM and industry research feedback, September silicon material prices rose significantly, with mainstream rod silicon prices rising to 55 yuan/kg and granular silicon at 49 yuan/kg. 2) Production restrictions continue, limiting total output for September-December (anchored to demand). 3) The Silicon Industry Association plans to hold a silicon standards workshop on September 12th, focusing on revising mandatory national standards for energy consumption limits for polysilicon, germanium, monocrystalline silicon, industrial silicon, and magnesium smelting.

We believe polysilicon price uptrends are certain events. Before industry consolidation, polysilicon prices are expected to show volatile upward trends (transaction prices expected to gradually rise from current 45 yuan/kg to 50 or even 50-55 range). After consolidation, 60-80 yuan/kg price ranges are achievable, opening profit space for leading silicon material companies.

Main Hong Kong varieties: Xinte Energy (01799), GCL Tech (03800), Xinyi Solar (00968), Flat Glass (06865).

**Individual Stock Analysis**

BYD COMPANY (01211): Steady Sales Growth, Overseas Expansion Continues

The company announced August 2025 new energy vehicle production of approximately 353,000 units and sales of approximately 373,600 units. For January-August, new energy vehicle production was approximately 2.808 million units (up 21.04% year-over-year) and sales approximately 2.864 million units (up 23.00% year-over-year).

Company Q2 2025 revenue was 200.92 billion yuan (up 14.0% year-over-year, 17.9% quarter-over-quarter), net profit attributable to shareholders 6.36 billion yuan (down 29.9% year-over-year, 30.6% quarter-over-quarter), and adjusted net profit 5.43 billion yuan (down 36.6% year-over-year, 33.6% quarter-over-quarter).

Commentary: The company showed steady August sales growth. The Seal and Sea Lion models performed brilliantly, with monthly sales both exceeding 50,000 units, becoming important drivers of sales growth. New technology introduction temporarily affected Q2 per-vehicle profits. BYD is deepening its globalization strategy with continued overseas expansion. In H1 2025, overseas sales reached 470,000 units (up 132% year-over-year), with July overseas monthly sales reaching 80,000 units (up 159.5% year-over-year).

Overseas success stems from: 1) Expanded overseas markets: Products now span over 110 countries and regions, particularly in Western Europe where H1 2025 sales rose 299% year-over-year to 16,000 units; 2) New product entries: Dynasty and Ocean cost-effective models successively going overseas (such as Seal 06 launching overseas in 2025, Sea Lion 07 entering Finland), with Denza and Yangwang brands debuting in Indonesia and other overseas markets; 3) Production and transportation capacity releases: Brazil passenger vehicle factory achieved first vehicle rolloff in July; the 8th roll-on/roll-off ship completed seaworthiness certification and is about to be delivered.

In the first half of this year, BYD's overseas sales already exceeded last year's full-year total. Vehicle pricing in major markets like Germany, Brazil, Israel, Australia, and Thailand generally exceeded domestic levels, driving overseas market profitability improvements. The company revealed that Denza D9 will launch in Europe in Q4, with Denza Z9GT and other models subsequently entering overseas markets.

In electrification, the company continues promoting "megawatt flash charging," with the first batch of approximately 500 stations launched in early April. In premiumization, benefiting from channel deepening reforms and new vehicle launches like Denza N9, Q2 2025 Denza/Formula Leopard sales reached 47,000/42,000 units (up 43%/116% quarter-over-quarter respectively). Looking ahead, with the company's advancement and category expansion (such as new vehicle launches like Titan 7 and Denza Z7), the company's premium brands may achieve dual improvements in visibility and sales.