[Today's Headlines]
China's Central Bank Increases Gold Holdings for the 10th Consecutive Month
According to the latest statistics released by the State Administration of Foreign Exchange on September 7, as of the end of August 2025, China's foreign exchange reserves amounted to USD 332.22 billion, an increase of USD 29.9 billion from the end of July, representing a rise of 0.91%. The foreign exchange reserves have once again surpassed the USD 3.3 trillion mark since the end of June.
Regarding the changes in foreign exchange reserves for the month, the foreign exchange bureau pointed out that in August, influenced by the monetary policy expectations of major economies and macroeconomic data, the US dollar index fell, and global financial asset prices generally rose. The combined effects of exchange rate conversion and asset price changes led to an increase in foreign exchange reserves for the month.
The updated official reserve asset data shows that by the end of August 2025, China's official gold reserves stood at 74.02 million ounces, an increase of 60,000 ounces from the end of the previous month. Currently, the People's Bank of China has increased its gold holdings for 10 consecutive months.
[Market Outlook]
US Employment Data Strengthens Rate Cut Expectations; Spot Gold Breaks $3600 for the First Time
As of the market close overnight, the Dow Jones Industrial Average fell by 220.43 points, a decrease of 0.48%, closing at 45400.86 points; the Nasdaq Composite fell by 7.31 points, a decrease of 0.03%, closing at 21700.39 points; the S&amp;P 500 index fell by 20.58 points, a decrease of 0.32%, closing at 6481.50 points. Broadcom (AVGO.US) rose by 9.41%, and Tesla (TSLA.US) rose by 3.64%. The Nasdaq China Golden Dragon Index rose by 1.16%, with Baidu (BIDU.US) up nearly 4% and Alibaba (BABA.US) up 3.57%. The Hang Seng Index ADR fell, closing at 25396.69 points, down 21.29 points or 0.08% from the Hong Kong close. US employment data has strengthened rate cut expectations, with spot gold breaking $3600 for the first time.
[Hot Topics Ahead]
US Non-Farm Payrolls Only Recorded 22,000 in August; Traders Increase Bets on Fed Rate Cuts
On Friday, the US Bureau of Labor Statistics released data showing that US job growth in August slowed more than expected, nearly coming to a standstill, while data from the previous two months was significantly revised downwards, indicating a marked deterioration in the labor market. This has led traders to increase their bets that the Federal Reserve will begin rapid and consecutive rate cuts starting this month.
Major Adjustments to US Tariff Policy! Key Commodities like Gold, Tungsten, and Uranium Exempted
The US tariff policy has undergone significant adjustments. According to the latest news, President Trump announced exemptions for metal products such as graphite, tungsten, uranium, and gold bars from global country tariffs, while silicon products have been added to the tax list. According to an executive order released on Friday, these adjustments will take effect next Monday local time.
OPEC+ Launches &#34;Next Round of Oil Supply&#34; Acceleration Recovery Plan
OPEC+ has agreed to increase oil production again next month. After years of implementing a &#34;price protection&#34; policy, the organization is further shifting towards a policy of &#34;expanding production.&#34; In a video conference on Sunday, core member countries of the alliance approved a plan to add approximately 137,000 barrels of oil production per day starting in October, maintaining this increase until September of next year. This move marks OPEC+'s acceleration in lifting &#34;next round of supply reduction&#34; measures
This means that the daily oil production capacity of 1.65 million barrels, which was originally planned to remain in a &#34;production cut suspension&#34; state until the end of 2026, will now recover supply at a much faster pace than previously expected.
Trump says tariffs will be imposed on semiconductor companies that do not move production to the U.S.; China responds
On September 5th, Foreign Ministry spokesperson Guo Jia Kun hosted a regular press conference. A reporter from AFP asked about U.S. President Trump's statement that tariffs would be imposed on semiconductor companies that do not move production to the U.S. What is the Foreign Ministry's comment? &#34;China's position on tariffs is consistent and clear,&#34; Guo Jia Kun responded.
Shenzhen introduces new housing market policies: further relaxes housing purchase restrictions in 8 districts except Futian and Nanshan
Residents' families that meet the conditions for purchasing commercial housing in the city (including families with local household registration and non-local families who have paid social insurance or individual income tax in the city for more than one year before the purchase date) can purchase commercial housing without limit on the number of units in Luohu District, Baoan District (excluding Xin'an Street), Longgang District, Longhua District, Pingshan District, and Guangming District.
CITIC Securities research report states that on September 5th, Shenzhen introduced new housing market policies, adjusting housing purchase restrictions and housing credit policies. This new housing policy significantly relaxes restrictions in non-core areas, and commercial loan interest rates will no longer differentiate between first and second homes. Compared to the relaxation measures, Shenzhen's new policy is stronger than the new policies introduced in Beijing and Shanghai in August.
South Korea announces trial visa-free policy details for Chinese group tourists: to be implemented from September 29
On September 7th, South Korea's Ministry of Justice, Ministry of Culture, Sports and Tourism, Ministry of Foreign Affairs, and State Affairs Office jointly released the &#34;Trial Visa-Free Policy Plan for Chinese Group Tourists,&#34; which states that from September 29 to June 30 next year, the South Korean government will implement a trial visa-free entry policy for Chinese group tourists with three or more members, with a stay period of 15 days. On September 5th, Russian President Putin stated at the Eastern Economic Forum that Russia will also implement a reciprocal visa-free policy for China in response to this friendly measure from China. This involves the Hong Kong stock tourism sector.
Hesai Group launches global offering; Hong Kong sale price up to HKD 228.00 or USD 29.04 per share
Hesai Technology has launched a global offering of 1.7 million Class B shares, with the code 2525, for a dual primary listing on the Hong Kong Stock Exchange. The maximum sale price in Hong Kong is HKD 228.00 or USD 29.04 per share. The company has signed cornerstone investment agreements with HHLR Advisors (an institution under Hillhouse Capital), Taikang Life, WT Asset Management, Grab, Hongda Group, and Commando Global Fund.
Guowei Holdings (02239) subsidiary sells 16% stake in S2C Shanghai
According to Zhitong Finance APP, Guowei Holdings (02239) announced that on September 6, 2025, the company, its subsidiary S2C Holding, and S2C Shanghai signed a share transfer agreement with the investor Zhongwan Private Equity Fund Management Co., Ltd. According to the agreement, S2C Holding conditionally agrees to sell its 16% stake in S2C Shanghai, while the investor conditionally agrees to purchase the stake for RMB 212 million
Singularity Future Technology (09606) plans to acquire 100% equity of Hong Kong HuiLiu for HKD 460 million
According to Zhitong Finance APP, Singularity Future Technology (01280) announced that on September 7, 2025, the company entered into a purchase agreement with the seller, under which the company conditionally agreed to acquire and the seller conditionally agreed to sell the shares, namely all issued share capital of the target company. The consideration for the acquisition of HKD 460 million will be paid through the allotment and issuance of consideration shares.
EOC Group-B (09606): DB-1303/BNT323 achieves primary endpoint in Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer patients
According to Zhitong Finance APP, EOC Group-B (09606) announced that, following an evaluation by the Independent Data Monitoring Committee (IDMC), the Phase III clinical trial (the trial) of DB-1303/BNT323 for HER2-positive unresectable or metastatic breast cancer patients who had previously received trastuzumab and taxane treatment has achieved the primary endpoint of progression-free survival (PFS) as assessed by the blinded independent central review (BICR) compared to the control group.
[Stock Highlights]
Junshi Biosciences (01877): Anti-IL-17A monoclonal antibody treatment for moderate to severe plaque psoriasis Phase III clinical study achieves primary endpoint
According to Zhitong Finance APP, Junshi Biosciences (01877.HK) announced that recently, the company's product, a recombinant humanized anti-IL-17A monoclonal antibody (code: JS005), achieved positive results in a multicenter, randomized, double-blind, parallel, placebo-controlled pivotal Phase III clinical study (study number: JS005-005-III-PsO) for the treatment of moderate to severe plaque psoriasis, with both primary and key secondary endpoints showing statistically significant and clinically meaningful improvements. The company plans to submit a marketing authorization application for this product to regulatory authorities in the near future

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The People's Bank of China has increased its gold holdings for the 10th consecutive month, with official gold reserves reaching 74.02 million ounces. According to statistics from the State Administration of Foreign Exchange, as of the end of August 2025, China's foreign exchange reserves stood at USD 3.3222 trillion, an increase of USD 29.9 billion from the end of July, representing a rise of 0.91%. The decline in the US dollar index and the rise in global financial asset prices have driven an increase in foreign exchange reserves. The US employment data for August exceeded expectations, leading traders to increase bets on a Federal Reserve interest rate cut, with spot gold prices breaking the USD 3,600 mark for the first time

- As of the end of August 2025, China's foreign exchange reserves increased to $33,222 billion, with a rise of $29.9 billion from July.  
- The People's Bank of China has raised its gold reserves for the tenth consecutive month, now totaling 74.02 million ounces.  
- The U.S. job data has intensified expectations for interest rate cuts, while OPEC+ plans to increase oil production starting in October 2025.

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Zhitong Hong Kong Stock Early Knowledge | The People's Bank of China has increased its gold holdings for the 10th consecutive month, and traders are ramping up bets on Federal Reserve rate cuts