【Today's Headlines】
Central Bank: Will conduct 1 trillion yuan buyout reverse repurchase operation with a term of 3 months
According to Zhitong Finance APP, on September 4th, the central bank announced that to maintain ample liquidity in the banking system, on September 5, 2025, the People's Bank of China will conduct a buyout reverse repurchase operation of 1 trillion yuan through a fixed amount, interest rate bidding, and multiple price bidding method, with a term of 3 months (91 days).
Wang Qing from Dongfang Jincheng stated that there are several main reasons behind this: first, government bonds will continue to be at a peak issuance period in September; second, the maturity amount of interbank certificates of deposit for commercial banks in the month will reach 3.5 trillion yuan, the second highest level of the year; third, the current stock market is strong, and the phenomenon of residents' deposits &#34;moving&#34; is quite obvious, which will also bring a tightening effect on liquidity to a certain extent. Wang Qing expects that in response to the tightening liquidity situation, the central bank will continue the previous three-month buyout reverse repurchase increase model in September. At the same time, there will also be 300 billion MLF maturing in September, and the central bank may also increase the continuation. This means that the central bank will comprehensively use MLF and buyout reverse repurchase policy tools to continuously inject medium-term liquidity into the market. This will help stabilize market expectations, maintain ample market liquidity, support government bond issuance, and also release signals of continuous strengthening of quantitative policy tools, showing a supportive stance of monetary policy.
【Market Outlook】
U.S. stock indices closed higher, C3.ai (AI.US) fell over 7%
Overnight, U.S. stocks closed with the Dow Jones up 350.06 points, an increase of 0.77%, closing at 45,621.29 points; the Nasdaq rose 209.97 points, an increase of 0.98%, closing at 21,707.69 points; the S&amp;P 500 index rose 53.82 points, an increase of 0.83%, closing at 6,502.08 points. Intel (INTC.US) rose over 2%, C3.ai (AI.US) fell over 7%, and Tesla (TSLA.US) rose 1%. The Nasdaq Golden Dragon China Index closed down 1.1%, with Alibaba (BABA.US) down 4%. The Hang Seng Index ADR rose, closing at 25,081.21 points, up 22.7 points or 0.09% compared to the Hong Kong closing.
【Hotspot Preview】
State Council: Support qualified sports enterprises to go public and refinance, issue bonds, and asset securitization
The General Office of the State Council issued opinions on releasing the potential of sports consumption and further promoting the high-quality development of the sports industry. The opinions pointed out to increase financial support. Guide financial institutions to optimize investment and financing services, strengthen credit management, enrich credit products, and actively develop businesses such as intellectual property pledge loans. Support qualified sports enterprises to go public and refinance, issue bonds, and asset securitization. Encourage the effective use of re-loan and re-discount policies, steadily reduce comprehensive financing costs, and ensure that relevant operating entities in the sports industry can timely enjoy policy benefits.
Hong Kong Stock Exchange (00388): Average daily trading amount in August was 279.1 billion yuan, up 192% year-on-year
The Hong Kong Stock Exchange stated that the average daily trading amount in August 2025 was HKD 279.1 billion, a year-on-year increase of 192%; the average daily trading amount for the first eight months was HKD 248.3 billion, a year-on-year increase of 132%. There were 59 new listed companies in the first eight months, an increase of 37% compared to 43 in the same period last year; the fundraising amount from initial public offerings in the first eight months was HKD 134.5 billion, a year-on-year increase of 579%. The total fundraising amount in the first eight months was HKD 368.8 billion, a year-on-year increase of 322%.
Chinese E-commerce Giants Enter European Warehouse Market
Market news indicates that some of China's largest e-commerce and logistics companies, such as JD.com, are once again heading to warehouses in Europe. For example, according to CoStar data, Chinese companies have leased over 2 million square feet of office space in the UK this year, expected to surpass the 2.3 million square feet leased during the pandemic peak in 2021. Similar phenomena are occurring across Europe, with landlords noticing an increase in inquiries from Chinese companies.
Silicon Industry Association: Rising Raw Material Prices Drive Continued Increase in Monocrystalline Silicon Wafer Prices
According to Zhitong Finance APP, the Silicon Industry Association announced that the prices of monocrystalline silicon wafers continued to rise this week. Among them, the average transaction price of N-type G10L monocrystalline silicon wafers (182183.75mm/130μm) was RMB 1.28 per piece, up 2.40% from last week; the average transaction price of N-type G12R monocrystalline silicon wafers (182210mm/130μm) was RMB 1.38 per piece, up 0.73% from last week; the average transaction price of N-type G12 monocrystalline silicon wafers (210*210 mm/130μm) was RMB 1.60 per piece, up 1.91% from last week.
China Construction Bank (00939): CCB Financial Leasing Plans to Increase Capital by RMB 3 Billion to CCB Shipping and Aviation
Zhitong Finance APP reported that China Construction Bank (00939) announced that its wholly-owned subsidiary, CCB Financial Leasing Co., Ltd. (hereinafter referred to as CCB Financial Leasing), plans to increase its capital by RMB 3 billion to CCB Shipping and Aviation Financial Leasing Co., Ltd. (hereinafter referred to as CCB Shipping and Aviation) using its own funds. After the capital increase, CCB Shipping and Aviation will still be a wholly-owned subsidiary of CCB Financial Leasing.
Tencent Participates in Xizhi Technology's Over RMB 1.5 Billion Series C Financing
Optoelectronic hybrid computing power provider Xizhi Technology announced the completion of a Series C financing exceeding RMB 1.5 billion. This round of financing attracted participation from well-known investment institutions such as China Mobile, Shanghai Guotou, Guoxin Fund, and Pudong Venture Capital, with existing shareholders including Zhongke Chuangxing, Yijing Capital, and an internet company continuing to invest. The participating internet company is Tencent.
Hengrui Medicine: HRS-4729 Injection Clinical Trial Approved
Hengrui Medicine announced on September 4 that the company and its subsidiary, Fujian Shengdi Pharmaceutical Co., Ltd., received the &#34;Drug Clinical Trial Approval Notice&#34; issued by the National Medical Products Administration for HRS-4729 injection, and clinical trials will be conducted in the near future. HRS-4729 injection is a peptide drug independently developed by the company, which is a tri-agonist of glucagon-like peptide-1 receptor/glucose-dependent insulinotropic polypeptide receptor/glucagon receptor
Compared to the GLP-1R/GIPR dual-target approach, triple receptor agonists enhance the activation of the GCGR target while regulating glucose and lipid metabolism and suppressing appetite in the body, promoting energy expenditure, fatty acid oxidation, and lipid breakdown, thereby better achieving weight loss and reducing liver fat.
Furuire Medical Technology (01696) Subsidiary Reaches Strategic Cooperation with Internationally Renowned Skin Care Expert Jamie Sherrill
According to the Zhito Finance APP, Furuire Medical Technology (01696) announced that its wholly-owned subsidiary, Alma Lasers Ltd. (Alma), a provider of aesthetic solutions for energy-based medical devices, has reached a strategic cooperation with internationally renowned skin care expert, entrepreneur, and widely recognized international opinion leader in the medical aesthetics field, Jamie Sherrill (Nurse Jamie). This cooperation marks an important step for Alma in enhancing consumer interaction and consolidating its leadership position in high-end aesthetic technology.
Shanghai Pharmaceuticals (02607): Dihydroxypropyl Theophylline Injection Passes Generic Drug Consistency Evaluation
According to the Zhito Finance APP, Shanghai Pharmaceuticals (02607) announced that recently, Shanghai Pharmaceuticals Holding Co., Ltd. (hereinafter referred to as &#34;the Company&#34;) subsidiary Shanghai Xinyi Jinzhu Pharmaceutical Co., Ltd. (hereinafter referred to as &#34;Xinyi Jinzhu&#34;) received the &#34;Drug Supplement Application Approval Notice&#34; (Notice No.: 2025B04012) issued by the National Medical Products Administration (hereinafter referred to as &#34;NMPA&#34;), indicating that the drug has passed the consistency evaluation of quality and efficacy for generic drugs.
Guofu Quantum (00290) Plans to Issue 745 Million Shares at a Discount of Approximately 16.43%, Raising About HKD 1.3214 Billion
According to the Zhito Finance APP, Guofu Quantum (00290) announced that considering the original subscription agreement's final deadline is September 4, 2025, and the conditions precedent under the original subscription agreement have not been met; and in light of the current market conditions, the company and each subscriber have conducted fair negotiations regarding the original subscription matters and agreed not to proceed with the original subscription matters under the original subscription agreement. Therefore, the original subscription agreement has become invalid, and the original subscription matters will not proceed. Neither party will make any claims against the other regarding the original subscription agreement.
【Stock Highlights】
China Tobacco Hong Kong (06055): Signs Exclusive Distribution Agreement for Huanghelou Cigars with Hubei Tobacco and Exclusive Agency Agreement for Taishan Cigars with Shandong Tobacco
According to the Zhito Finance APP, China Tobacco Hong Kong (06055) announced that based on the framework agreement for exporting rolled tobacco to new regions, on September 2, 2025, it signed an exclusive distribution agreement for &#34;Huanghelou&#34; cigars in the global market with Hubei Tobacco Industrial Co., Ltd., and on September 4, 2025, it signed an exclusive agency agreement for &#34;Taishan&#34; cigars in the global market with Shandong Tobacco Industrial Co., Ltd., further promoting the construction of a global sales platform for Chinese cigars and jointly cultivating the Chinese cigar brand

The General Office of the State Council issued an opinion supporting qualified sports enterprises to go public, refinance, issue bonds, and engage in asset securitization. At the same time, the central bank will conduct a 1 trillion yuan reverse repurchase operation to maintain ample liquidity in the banking system, and it is expected to comprehensively use MLF and reverse repurchase policy tools to stabilize market expectations. The three major U.S. stock indices closed higher, with the Nasdaq rising nearly 1%

- The People's Bank of China will conduct a 10,000 billion yuan reverse repurchase operation for three months starting September 5, 2025, to maintain liquidity in the banking system.  
- This decision is influenced by the peak issuance of government bonds, a high volume of maturing interbank certificates, and a tightening effect from rising stock markets.  
- The central bank aims to stabilize market expectations and support government bond issuance through a combination of MLF and reverse repurchase policies.

Zhitong

Zhitong Hong Kong Stock Early Knowledge | State Council: Support qualified sports enterprises to go public and refinance, issue bonds, and asset securitization. Nasdaq closed up nearly 1%