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Economics | PMI   
August's PMI was mixed. Manufacturing PMI rose to 49.8 (+0.6ppt mom), above Bloomberg's consensus, as the new orders sub-index and the new export orders index both returned to expansion, with the larger gain in the former pointing to domestic demand. Non-manufacturing PMI was flat at 49.0, below consensus, as the construction industry index extended its cycle low. Price indices firmed up but margin pressure persisted; more targeted policy support is needed to stabilise domestic demand in 2H26.    

Company Results | China Resources Land (1109 HK/BUY/HK$30.06/Target:HK$39.60)  
CR Land's 1H26 core net profit rose 1.6% yoy to Rmb10.16b, in line, as a 10.4% growth in recurring profit and a Rmb3.7b IP disposal gain absorbed contraction in development profit. Group gross margin improved 1.4ppt to 25.4%; malls retail sales grew 16.4% yoy. Interim DPS held at Rmb0.20. CR Land has proactively adjusted its strategy for the new pre-sale regime. Maintain BUY, target price: HK$39.60.    

Company Results | China Resources Mixc Lifestyle (1209 HK/BUY/HK$39.10/Target: HK$55.00)  
CR Mixc's 1H26 results are in line with our preview. Revenue rose 8.1% yoy to Rmb9.22b. Core net profit rose10.8% yoy to Rmb2.23b, half of our full-year forecast. Gross margin expanded 0.9ppt yoy to 38.0%, led by the commercial segment. Interim and special dividends totalled Rmb0.977, up 10.8% yoy, with a 100% payout of core net profit. We keep our 2026-28 forecasts. Maintain BUY with an unchanged target price of HK$55.00.    

Company Results | China State Construction Engineering Corporation (601668 CH/HOLD/Rmb4.33/Target: Rmb4.90) 
CSCEC's attributable net profit fell 24.3% yoy to Rmb23.0b in 1H26, with that in 2Q26 alone down 40.7%. Revenue fell 12.0% but gross margin rose 0.9ppt to 10.3%. Higher impairment of 32% and lower investment income dragged earnings. Operating cash outflow narrowed by Rmb54.4b; management guided further improvement in 2H26 and FY26 impairment to be no higher than that in FY25, and reiterated a stable dividend. Maintain HOLD; cut target price to Rmb4.90.    

Company Results | Edge Medical (2675 HK/BUY/HK$34.76/Target: HK$56.00)   
Edge Medical reported stronger-than-expected 1H26 revenue growth of 113.8% yoy to Rmb319.3m. Net loss was Rmb19.3m, narrowed by 78.4% yoy. Despite rising competition, Edge Medical remains confident that overseas growth will drive continued revenue momentum in 2H26 and beyond. With its Rmb850m revenue target unchanged and operating efficiency initiatives ongoing, the company is on track to achieve breakeven in 2026. Maintain BUY and target price of HK$56.00.    

Company Results | Ganfeng Lithium (1772 HK/BUY/HK$41.10/Target: HK$75.00) 
GFL’s 2Q26 results beat on margins, with 1H26 net profit reaching 57% of our full-year estimate. However, management has toned down its lithium carbonate price guidance, citing 2027’s expected supply growth of 20-25% that would lead to a balanced market. We raise 2026 earnings by 23%, but cut 2027-28 earnings on lower ASPs. Maintain BUY, and cut target price to HK$75.00.    

Company Results | Inovance Technology (300124 CH/BUY/Rmb61.87/Target: Rmb95.00)    
Inovance's 2Q26 results are largely in line. Revenue rose 26.0% yoy to Rmb14.5b, 4.5% ahead of consensus on a general automation beat, with a richer product mix lifting gross margin 1.3ppt above estimates. Tight opex was partly offset by Rmb413m in impairments, which doubled yoy, leaving net profit up 9.2% yoy at Rmb1.8b, in line with estimates. Maintain BUY and raise target price to Rmb95.00.    

Company Results | Medlive Technology Co (2192 HK/BUY/HK$7.65/Target: HK$10.20)    
Medlive's 1H26 revenue grew 1.0% yoy, missing our and consensus 2026 estimates, as tighter compliance rules delayed project execution. 1H26 adjusted net profit increased 2.4% yoy, while core adjusted net profit (excluding interest income) rose 19.7% yoy. Management still guides for double-digit growth in product count in 2026, supported by platform scale and AI upgrades. We cut our 2026 revenue and adjusted net profit growth estimates to 2.1% and 4.2% yoy respectively. Maintain BUY and cut target price to HK$10.20.    

Company Results | Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb165.35/Target: Rmb195.00)    
Mindray reported satisfactory 1H26 results with revenue rising 6.0% yoy and adjusted net earnings weakening 3.3% yoy. Both revenue and earnings regained growth momentum in 2Q26 up 10.4% and 4.9% yoy, respectively. Overseas revenue rose 13.7% yoy to Rmb9.47b, reaching 53% of total sales. Mindray expects overseas market expansion and emerging businesses will continue to drive growth in 2026 and the years ahead. Maintain BUY and target price of Rmb195.00.    

Company Results | YesAsia Holdings (2209 HK/BUY/HK$3.19/Target:HK$4.94)  
YesAsia’s 1H26 revenue grew 23.2% yoy on robust B2C and B2B offline business growth, partially offset by a revenue decline in B2B online business on US tariff impact. Net profit grew faster at 30.0% yoy on gross margin expansion, partially offset by higher staff costs from restructuring. We expect B2C and B2B offline businesses to remain strong, and B2B online business to gradually recover in 2H26. Maintain BUY with a higher target price of HK$4.94 based on 8.5x 2026F PE.    

Company Results | Z.AI Co (2513 HK/BUY/HK$1,195.00/Target: HK$1,830.00)    
Z.ai’s 1H26 results were mixed. Revenue rose 400% yoy to Rmb953.9m, below consensus estimates. Cloud-based revenue surged 27x yoy to Rmb825.2m, while on-premise revenue fell 21% to Rmb128.7m. Gross margin declined 23.6ppt yoy to 26.4% on a mix shift toward lower-margin cloud deployment, while adjusted net loss widened 12.1% yoy to Rmb2.0b but beat expectations. ARR reached US$1.6b as of Aug 26, with a US$2.4b year-end target, slightly above our estimate. Maintain BUY with an unchanged target price of HK$1,830.00.