[Today's Headlines]
Six Departments: Strictly Prohibit New Cement Clinker and Flat Glass Production Capacity; New and Renovated Projects Must Formulate Capacity Replacement Plans
According to Zhitong Finance APP, on September 24, the Ministry of Industry and Information Technology, the Ministry of Natural Resources, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Water Resources, and the Ministry of Agriculture and Rural Affairs issued the &#34;Work Plan for Stabilizing Growth in the Building Materials Industry (2025-2026).&#34; It proposed strict control over cement and glass production capacity. New cement clinker and flat glass production capacity are strictly prohibited, and new and renovated projects must formulate capacity replacement plans. It is strictly forbidden to transfer cement clinker and flat glass production capacity from non-key atmospheric pollution prevention areas to key atmospheric pollution prevention areas.
[Market Outlook]
Nasdaq China Golden Dragon Index Rises 2.83%
Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 171.5 points from the previous trading day, closing at 46,121.28 points, a decrease of 0.37%; the S&amp;P 500 index fell 18.95 points, closing at 6,637.97 points, a decrease of 0.28%; the Nasdaq Composite Index dropped 75.61 points, closing at 22,497.86 points, a decrease of 0.33%. Popular tech stocks had mixed results, with Intel rising over 6% on reports that it is seeking investment from Apple, Tesla rising nearly 4%, Google falling over 1%, and Nvidia and Apple both down nearly 1%. Lithium Americas rose over 95%, with reports that the U.S. government is seeking to acquire up to 10% of Lithium Americas.
The Nasdaq China Golden Dragon Index rose 2.83%, with popular Chinese concept stocks generally rising. Alibaba and GDS Holdings rose over 8%, Baidu and JD.com rose over 5%, and Nio rose over 2%. The Hang Seng Index ADR fell, closing at 26,412.89 points, down 105.76 points or 0.40% compared to the Hong Kong close.
[Hot Topics Ahead]
The &#34;National Team&#34; for Nuclear Fusion Will Build a High-Temperature Superconducting Fusion Device in Shanghai, Named &#34;Circulation No. 4&#34;
At the 25th China International Industry Fair held in Shanghai, China Fusion Energy Co., Ltd., which has a registered capital of 15 billion yuan and was officially established just over two months ago, made its first public appearance, showcasing its technological route and business layout. It is reported that according to the general rules of nuclear energy development from experimental reactors to demonstration reactors to commercial reactors, the company aims for commercial fusion energy by 2050, with collaborative R&amp;D in Shanghai and Chengdu.
In terms of specific responsibilities, China Fusion Company has established its headquarters and R&amp;D base in Shanghai, focusing on fusion engineering-related businesses, with a key layout in three major areas: overall design of fusion reactors, R&amp;D and verification of high-temperature superconducting magnet technology, and R&amp;D of digital fusion reactors. At the same time, it will set up an engineering verification platform for key equipment and materials R&amp;D of fusion reactors at the Chengdu fusion R&amp;D base. Several domestic experts in the field of controllable nuclear fusion have confirmed that China Fusion Company will build a fusion experimental device in Shanghai to verify the high-temperature superconducting magnets developed in Shanghai, temporarily named &#34;China Circulation No. 4.&#34;
The nuclear fusion concept sector involves Hong Kong stock Shanghai Electric (02727). (Note: One of the shareholders of China Fusion Company, Shanghai Fusion, was established last November, jointly funded by Shanghai Guotou Science and Technology Investment Co., Ltd., Shanghai Electric Group Co., Ltd., and Shanghai Shenergy Chengyi Equity Investment Co., Ltd.)
Eight Departments: Increase effective supply of artificial intelligence terminal products, unleash consumption potential of new products such as AI smartphones and wearable devices
Recently, the Ministry of Commerce and eight other departments jointly issued the &#34;Guiding Opinions on Vigorously Developing Digital Consumption to Co-create a Better Life in the Digital Age.&#34; The &#34;Guiding Opinions&#34; point out that enterprises are encouraged to accelerate research and development innovation, increase the effective supply of artificial intelligence terminal products, and unleash the consumption potential of new products such as AI smartphones, computers, intelligent robots, wearable devices, and desktop 3D printing equipment. Accelerate the research and development and interconnectivity of smart home appliances, smart security, and video care systems. Carry out pilot projects for the access and road use of intelligent connected vehicles. Cultivate and build new consumption brands, and promote the innovative development of digital national trends and other brands.
Hengrui Medicine (01276): Signs licensing agreement for the Rykun Trastuzumab project, eligible for up to $1.093 billion in milestone payments
Hengrui Medicine announced that the company has signed a licensing agreement for the Rykun Trastuzumab project with Glenmark Specialty S.A. According to the agreement, Glenmark Specialty will pay Hengrui an upfront payment of $18 million and is eligible for up to $1.093 billion in milestone payments, as well as royalties based on sales performance. Rykun Trastuzumab is an antibody-drug conjugate independently developed by Hengrui targeting HER2, which has been approved for the treatment of HER2-mutated non-small cell lung cancer. This cooperation will help expand the drug's overseas market and enhance Hengrui Medicine's innovative brand image and overseas performance.
Sinopec Oilfield Service (01033) subsidiary officially signs contract for Iraq's Ratavi oil field Phase II well site and inter-well pipeline project
According to Zhitong Finance APP, Sinopec Oilfield Service (01033) announced that recently, its wholly-owned subsidiary, Sinopec International Petroleum Service Corporation, officially signed a fixed-price turnkey contract for design, procurement, supply, construction, and trial operation with TotalEnergies Ratavi Project Company for the Iraq Ratavi oil field Phase II well site and inter-well pipeline project (NWP project). The contract amount is $359 million (approximately RMB 2.553 billion), accounting for about 3.15% of the company's revenue under Chinese accounting standards for 2024, and payments will be made according to milestone nodes and project progress. The contract is expected to achieve mechanical completion by March 31, 2029.
Haier Thailand Chonburi Air Conditioning Industrial Park begins production, with an annual capacity of 6 million units
On September 23, Haier Thailand Chonburi Air Conditioning Industrial Park officially began production. The industrial park is located in the Eastern Economic Corridor of Thailand, covering an area of approximately 324,000 square meters, with an annual planned capacity of 6 million units. The product line covers 14 major categories and thousands of models, including household floor-mounted/ wall-mounted/ window air conditioners, commercial water machines/ heat pumps, automotive air conditioners, and container temperature-controlled air conditioners, suitable for home, commercial, and special air scenarios
Involving Hong Kong Stock Haier Smart Home (06690).
Geely Automobile (00175): The company, Geely Holding, Farizon Auto, and Shandong Geely New Energy have signed a cooperation manufacturing procurement agreement for complete vehicles and complete vehicle kits
On the afternoon of September 24, Geely Automobile announced on the Hong Kong Stock Exchange that due to the launch of new models under the Geely and Lynk &amp; Co brands and insufficient production capacity, on September 24, 2025, the company, Geely Holding, Farizon Auto, and Shandong Geely New Energy signed a cooperation manufacturing procurement agreement for complete vehicles and complete vehicle kits. This agreement is for a period of three years, from the completion date until December 31, 2027. According to the agreement, the group conditionally agrees to purchase complete vehicles and complete vehicle kits mainly for Geely, ZEEKR, and Lynk &amp; Co brands from Farizon Auto Group, Shandong Geely New Energy Group, and Geely Holding Group. These entities are the designated production partners for complete vehicles and complete vehicle kits. This new agreement will replace the existing cooperation manufacturing procurement agreement for complete vehicles and complete vehicle kits.
XPeng (09868): XPeng's global interconnected charging piles exceed 2.4 million
XPeng announced that its global interconnected charging piles have exceeded 2.4 million. In September, the first batch of brand co-branded charging stations in Southeast Asia was launched simultaneously in Singapore, Malaysia, and Thailand. This collaboration with Singapore's largest charging operator Charge Plus has connected over 3,800 public charging piles, pushing the total number of XPeng's global interconnected charging piles beyond 2.4 million.
AsiaInfo Technologies (01675) signs cooperation contract with Alibaba Cloud Capability Center
According to Zhitong Finance APP, AsiaInfo Technologies (01675) announced that recently AsiaInfo Technologies (China) Co., Ltd. (a wholly-owned subsidiary of the company) signed a cooperation contract with Alibaba Cloud (Beijing) Technology Co., Ltd. (Alibaba Cloud), becoming a cloud computing project delivery capability center for Alibaba Cloud, reflecting Alibaba Cloud's high recognition of the company's capabilities in the delivery field of artificial intelligence (AI) large model applications. Both parties will work together, complementing each other's strengths and seeking development. They will strengthen joint product research and development and service cooperation in multiple directions, including Tongyi Qianwen large model, AI integrated machine, AI large model security solutions, and conduct industry application original research and development and market expansion, promoting the implementation of &#34;artificial intelligence +&#34; across various industries.
NetEase Lingdong launches the first fully intelligent unmanned loader &#34;Lingzai&#34;
On September 24, at the BICES 2025 site, NetEase's engineering machinery intelligence brand NetEase Lingdong held a press conference for the intelligent solution of unmanned loaders, officially launching the world's first embodied intelligent unmanned loader &#34;Lingzai&#34; for all-domain scenarios.
Chow Tai Fook (00659) announces annual results, with profit attributable to shareholders rising 3.73% year-on-year to HKD 2.162 billion, final dividend of HKD 0.35 per share
According to Zhitong Finance APP, Chow Tai Fook (00659) announced its annual results for the year ending June 30, 2025, with revenue of approximately HKD 24.285 billion, a year-on-year decrease of 8.09%; profit attributable to shareholders rose 3.73% year-on-year to HKD 2.162 billion, with basic and diluted earnings per share of HKD 0.54, and a proposed final ordinary dividend of HKD 0.35 per share
CHERY AUTO (09973) sets upper limit price, Hong Kong public offering subscribed 308.18 times
According to Zhitong Finance APP, CHERY AUTO (09973) announced the allocation results, with the company globally offering approximately 297 million H shares, of which 10% is for the Hong Kong public offering and 90% for the international offering. The final offering price is HKD 30.75 per share, with a net fundraising of approximately HKD 8.879 billion from the global offering. Each lot consists of 100 shares, and H shares are expected to start trading on the Hong Kong Stock Exchange at 9:00 AM on September 25, 2025 (Thursday). On September 24, CHERY AUTO (09973.HK) showed strong performance in the dark market, with the latest trading showing a price of HKD 33.56, up 9.14% from the offering price of HKD 30.75, allowing a profit of HKD 281 per lot of 100 shares, excluding fees. CICC, Huatai, and GF Securities are the joint sponsors.
【Stock Highlights】
Nine Dragons Paper (02689) announces annual results: profit attributable to equity holders increased by approximately 135.4% to RMB 1.767 billion
According to Zhitong Finance APP, Nine Dragons Paper (02689) announced its annual results for the year ending June 30, 2025, with sales increasing by 9.6% to approximately 21.5 million tons, revenue increasing by approximately 6.3% to RMB 63.241 billion, and gross profit increasing by approximately 26.9% to RMB 7.245 billion. Profit attributable to equity holders increased by approximately 135.4% to RMB 1.767 billion, with basic earnings per share of RMB 0.38.
The announcement stated that the revenue growth was mainly due to a 9.6% increase in sales volume and a net impact of a 3.0% decrease in average selling price. The gross profit margin increased from 9.6% in the 2024 fiscal year to approximately 11.5% in the 2025 fiscal year, primarily due to the decline in raw material costs being greater and faster than the decline in product selling prices

NetEase Q4 & Fiscal Year 2024 Financial Results

09973

On September 24th, six departments jointly released the "Work Plan for Steady Growth in the Building Materials Industry (2025-2026)", strictly controlling the new production capacity of cement clinker and flat glass, and requiring newly built and renovated projects to formulate capacity replacement plans. In addition, CHERY AUTO's public offering received a subscription rate of 308.18 times. In the U.S. stock market, the Nasdaq Golden Dragon China Index rose by 2.83%, with popular Chinese concept stocks generally rising

- The Ministry of Industry and Information Technology and five other departments have issued a directive prohibiting the addition of new cement and flat glass production capacity, requiring capacity replacement plans for new and renovated projects.  
- In the U.S. stock market, the Dow Jones Industrial Average fell by 171.5 points, while the Nasdaq China Golden Dragon Index rose by 2.83%.  
- Additionally, the China Fusion Energy Company plans to establish a high-temperature superconducting fusion device in Shanghai, aiming for commercial fusion energy by 2050.

Zhitong

CHERY AUTO

Zhitong Hong Kong Stock Early Knowledge | Six departments: Strictly prohibit the addition of cement clinker and flat glass production capacity, CHERY AUTO's public offering received 308.18 times subscription