Hong Kong stocks saw another subdued session on Thursday as escalating Middle East tensions continued to weigh on investor sentiment, with the Hang Seng Index slipping 0.17% for the day.

The US Central Command announced it had destroyed five Iranian oil tankers carrying crude, a retaliatory move against Iran's two attempts to launch ballistic missiles at US Navy vessels. Iran subsequently fired missiles toward Jordan and issued warnings to ships in the Persian Gulf, further intensifying the situation. Brent crude spiked as much as 2.3% intraday, breaking through the $100 per barrel mark. The oil shipping sector bore the brunt of the impact, with VLCC freight rates climbing back to $160,000-$170,000 per day. Global inventories remain low, and replenishment demand is expected to gradually emerge from September through next year, sending COSCO SHIP ENGY (01138) up more than 5%. With this trajectory, global shipping is set for sustained disruption, and demand for vessels is only expected to rise. COMEC (00317) saw new orders reach RMB 20.165 billion in the first half, up 30.11% year-on-year, with total order backlog valued at approximately RMB 74.5 billion — including about RMB 73.4 billion in shipbuilding contracts — leaving the company in a state where supply cannot meet demand. The stock surged more than 6% on the day.

Elsewhere, with oil prices hovering at elevated levels, coal's position as an energy substitute continues to strengthen. KINETIC DEV (01277) rose over 4%, while YANKUANG ENERGY (01171), CHINA SHENHUA (01088), and SHOUGANG RES (00639) all advanced more than 2%. Copper prices hit record highs yesterday, and aluminium is following suit, with supply tightening expectations intensifying on geopolitical concerns. Domestic electrolytic aluminium operating capacity is nearing the policy ceiling, leaving limited room for future supply growth. LME three-month aluminium settled up to $3,341 per tonne yesterday. Shares of aluminium producers rallied, with China Hongqiao-related names advancing over 4% and innovative industrial plays gaining more than 5%. On the earnings front, China Hongqiao posted net profit attributable to shareholders of RMB 17.21 billion for the first half of 2026, up 39.2% year-on-year, marking another record half-year performance. Zimbabwe has implemented an immediate ban on exports of antimony and tungsten, driving the sector leader Jiaxin International Resources (03858) up nearly 7%.

Newly included index constituent stocks have remained active in recent days, with the market typically rallying around a benchmark name each year. Jinhai Medical Technology (02225) has clearly taken the spotlight, surging over 13% again today for a cumulative gain exceeding 50% over three sessions. The company's narrative revolves around its transformation from a labour outsourcing firm in Singapore into a medical devices player, and results are materialising. Revenue from minimally invasive surgical solutions, medical products and related services has climbed to 74.73% of total income, with that segment's earnings surging 301.5% year-on-year to SGD 25.427 million.

Goldman Sachs has sharply raised its global optical module forecasts in its latest industry report, projecting worldwide shipments of 548 million, 691 million, and 729 million units for 2026 through 2028 respectively — upgrades of 21%, 31%, and 31% from previous estimates. This upward revision is driven not merely by AI server volume growth, but more importantly by the industry's continuous migration toward high-speed networking architectures, alongside an increase in the number of optical modules required per GPU or ASIC chip, fuelling rapid expansion in demand for 800G, 1.6T and even 3.2T modules. Focus Media (01729), among Wisdom-informed September gold stocks, continues to see rapid growth in its MPO core business while new products such as optical communication CPO and 800V power cables are poised for volume ramp-up. Foxconn Interconnect Technology (06088) is participating in the 2026 CIOE Optoelectronics Expo in Shenzhen from September 9-11, showcasing product lines covering 1.6T high-speed optical modules, ELSFP external laser source modules, and XPO high-density connectivity solutions. As a tier-one core component supplier to Nvidia, the stock gained more than 7% today.

Corning and Nokia yesterday signed a long-term agreement exceeding 80 million fiber miles (approximately 130 million fiber kilometres), marking the onset of the DCI supercycle. DCI also offers compelling iterative upgrade potential — North America currently uses small-core A1 fibre, but future adoption of hollow-core and multi-core fibre, priced hundreds of times higher, lies ahead. Yangtze Optical Fibre (06869) remains a name to watch, rising over 7% today.

The AI rally inevitably draws attention to Lenovo Group (00992). The conversion window for its 2029 convertible bonds closed on September 7, with most bonds converted; the remaining small portion will be redeemed in cash. No further share dilution from this source will occur, alleviating investor concerns. Memory prices have surged significantly, dampening PC demand — according to IDC data, global PC shipments in Q2 2026 reached approximately 68.2 million units, down 4.9% year-on-year, marking the first decline after nine consecutive quarters of growth. Yet in stark contrast to declining shipment volumes, the company's revenue rose rather than fell. A 'higher price, lower volume' strategy is becoming an active path to maintain or even expand revenue scale — Lenovo's PC business revenue grew roughly 30%, reflecting a 'sell fewer but sell dearer' growth model. Additionally, with cloud token costs running too high, some AI workloads are beginning to migrate to edge devices. Gartner previously projected that AI PCs could account for 55% of global PC shipments by 2026. Key areas to monitor going forward include whether AI PC penetration in commercial orders improves, whether Qira's activity translates into genuine workloads, whether device sales can drive services revenue, and whether the high-growth infrastructure business can sustain its profit margins. The stock rose nearly 7% today, with Lenovo Holdings (03396) up close to 8%.

From September 14-20, the global commercial vehicle industry will witness the premier event of the year — the 2026 IAA Transportation exhibition in Hanover. This year's show is expected to be particularly lively, with a large contingent of Chinese commercial vehicle, specialised vehicle, and parts companies bringing cutting-edge technology products and solutions, multiple new model global debuts, and significant cooperation signings and delivery ceremonies. Sinotruk Hong Kong (03808) will showcase five newly upgraded vehicle models, including the new-generation Sinotruk SITRAK 4x2 pure electric tractor featuring an industry-leading 800V high-voltage platform and a 600 kWh high-capacity battery pack, integrated with a battery-chassis一体化 structure. Under fully loaded 44-tonne standard linehaul conditions, the vehicle achieves nearly 500 km of stable range with energy consumption as low as 110 kWh per 100 km, making it highly competitive. The stock rose over 4% today. Weichai Power (02338) will bring 18 innovative products spanning efficient internal combustion engines, hybrid systems, hydrogen energy, batteries, and electric drive — covering traditional energy, new energy, and core three-electric components. The company will unveil three flagship products on site: the NG4.0 gas powertrain, the WPH15DI hydrogen internal combustion engine hybrid assembly, and the EM300 new-generation heavy truck underfloor battery. The stock gained more than 6% today.

The 2026 medical insurance drug negotiations are drawing to a close, with the traditional Chinese medicine (TCM) segment providing the main market catalyst. Several TCM products have passed preliminary review and entered negotiation rounds, including Tasly's Zaoren Ningxin Dripping Pills, Hainan Kangmaoxin's Taohong Siwu Tang Granules, Jilin Aodong's Pipa Qingfei Yin Granules, and China Shineway Pharmaceutical's (02877) Shaoyao Gancao Tang Granules. Market expectations suggest that if China Shineway succeeds in being included in the medical insurance catalogue, its newly approved classic formula granules can quickly enter hospitals and achieve volume sales. The company will hold a board meeting on September 18 to consider declaring a special interim dividend to shareholders. The stock surged more than 11% today.

Apple's annual iPhone new product launch will take place at Apple Park at 1 am Beijing time on Thursday (September 10), under the theme 'Surprise and Shine'. The market anticipates Apple will unveil its first foldable iPhone, marking the maiden launch event under new CEO John Ternus — a symbolic transition into the 'post-Cook era' for the company. The debut foldable iPhone is undoubtedly the centerpiece of the event. This launch is critical for Apple; its ability to break through hinges on the foldable iPhone's performance, with pricing being the key determinant of sales volumes. Key Apple supply chain names include Luxshare Precision (02475), Lens Technology (06613), Sunny Optical (02382), BYD Electronic (00285), AAC Technologies (02018), Foxconn Interconnect Technology (06088), and GoerTek (01415).

SHOUGANG RES (00639) delivered first-half revenue of HK$3.24 billion, up 54% year-on-year, with net profit attributable to shareholders of HK$589 million, up 46% — reaching 61% of the full-year net profit forecast of HK$967 million. Gross profit reached HK$1.122 billion, up 75% year-on-year, with gross margin improving from 31% to 35%. Supply-demand dynamics remain tight, with thermal coal and coking coal prices accelerating upward in tandem. The company operates three coal mines in the core Liulin coking coal region of Shanxi — Xingwu, Jinjiazhuang, and Zhaiyadi — with combined certified raw coal production capacity of 6.3 million tonnes annually. In 1H26, raw coking coal production reached 2.79 million tonnes, up 6% or 150,000 tonnes year-on-year; washed coking coal output was 1.95 million tonnes, up 27%. Based on these figures, the estimated washing yield improvement may exceed 10 percentage points, which the company attributes mainly to a higher proportion of medium-sulphur raw coking coal output and a lower gangue ratio. Average realised price for washed coking coal in 1H26 was RMB 1,237 per tonne, up 16% year-on-year (between Liulin low-sulphur coking coal's +17% and high-sulphur coking coal's +15%), an increase of RMB 170 per tonne. Unit production cost for raw coking coal was RMB 385 per tonne in 1H26, up 17% or RMB 57 year-on-year; unit processing cost for washed coking coal was RMB 47 per tonne, up 7% or RMB 3. Considering the higher washing yield, estimated washed coking coal unit cost declined 3% or RMB 20 per tonne year-on-year. With higher average prices and lower costs, the company's gross margin excluding coal trading reached 44% in 1H26, up 4.2 percentage points year-on-year. Under tightening domestic safety supervision, national coking coal supply has contracted noticeably — national and Shanxi coking coal production fell 4% and 7% respectively in 1H26, with June declines of 10% and 23%. As of August 12, 71.9 million tonnes of Shanxi production capacity remained suspended, with resumed mines producing on average 34% below pre-suspension levels. Domestic production contraction combined with rising Mongolian coal import costs suggests coking coal price floors should remain elevated in H2. The company's finances are extremely solid, with a debt-to-asset ratio of only 18.63%, virtually no interest-bearing debt, and robust cash flow. It declared an interim dividend of HK$0.10 per share for 1H26, an increase of HK$0.04 year-on-year, representing a payout ratio of 86% (versus 40%, 53%, and 76% in 1H23, 1H24, and 1H25 respectively), maintaining a high-dividend strategy that offers strong appeal. Having navigated the earnings volatility from the upper and lower coal seam transition in 2025, the company continues its consistent track record of delivering stable shareholder returns, underscoring its value as a dividend play. With first-half 2026 washed coal production surging 27% and coal prices rising, gross profit improved substantially, and as the three mines gradually reach full capacity, raw coal output is steadily increasing.