[Today's Headlines]
Shenzhen Stock Exchange: No Hong Kong Stock Connect services from October 1 to October 8
The Shenzhen Stock Exchange issued a notice regarding the trading day arrangements for the Hong Kong Stock Connect under the Shenzhen-Hong Kong Stock Connect during the National Day and Mid-Autumn Festival in 2025, stating that there will be no Hong Kong Stock Connect services from October 1 to October 8, and the services will resume as usual from October 9. Additionally, September 28 and October 11 are weekend market closures. The clearing and settlement of Hong Kong Stock Connect transactions will be conducted according to the arrangements of China Securities Depository and Clearing Corporation Limited.
China Clearing: September 29 and September 30, 2025, are newly added trading days for Hong Kong Stock Connect.
[Market Outlook]
NASDAQ Golden Dragon China Index closes up 0.42%
Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 173.96 points from the previous trading day, closing at 45,947.32 points, a decline of 0.38%; the S&amp;P 500 index fell 33.25 points, closing at 6,604.72 points, a decline of 0.5%; the NASDAQ Composite Index dropped 113.16 points, closing at 22,384.7 points, a decline of 0.5%. Most large tech stocks fell, with Oracle down over 5% as the company seeks to raise $18 billion through debt financing. Micron Technology, TSMC, Meta, Amazon, Microsoft, and Google also fell, while Tesla dropped 4.38%. Apple rose over 1.8%, and NVIDIA and Netflix saw slight increases.
Most popular Chinese concept stocks rose, with the NASDAQ Golden Dragon China Index closing up 0.42%. Kingsoft Cloud rose over 6%, Nio, XPeng, and Bilibili rose over 4%, while Baidu and Li Auto rose over 1%. The Hang Seng Index ADR fell, closing at 26,404.18 points, down 80.50 points or 0.30% compared to the Hong Kong close.
Trump: Starting October 1, 2025, we will impose a 100% tariff on any branded or patented drugs.
[Hot Topics Ahead]
Federal Reserve Governor Milan: Can cut rates by 50 basis points in a short time
Federal Reserve Governor Milan stated that if interest rates are not lowered quickly, the Federal Reserve will face the risk of economic damage. He believes that the current policy interest rate of the Federal Reserve is between 4% and 4.25%, which is highly restrictive and far above his estimate of the so-called &#34;neutral&#34; level. Milan stated, &#34;That’s why it’s so important to start adjusting rates faster rather than slower.&#34; &#34;When monetary policy is in a restrictive position, the economy is more susceptible to downward shocks. In my view, there is really no need to take that risk.&#34; He said, &#34;My view is that we can cut rates by 50 basis points in a short time and then readjust monetary policy, and once we reach our goals, we will act more cautiously.&#34;
Silver price breaks $45 for the first time since 2011, gold approaches record high
Silver prices have surpassed $45 per ounce for the first time in 14 years, while gold is nearing another record high, supported by risk aversion in the stock market and ongoing concerns about the direction of the U.S. economy. Spot silver rose as much as 2.6%, continuing its strong upward trend this year, with a year-to-date increase of over 55%. This exceeds gold's 43% increase, as favorable factors such as a weaker dollar, central bank purchases, and rising geopolitical risks have driven gold to set over thirty record highs this year
National Radio and Television Administration: Formulating the &#34;Management Measures for Micro Short Dramas&#34;
Han Dong, Deputy Director of the National Radio and Television Administration, stated on the 25th that a classification and hierarchical management mechanism for micro short dramas is being established to standardize development order. The &#34;Management Measures for Micro Short Dramas&#34; are being formulated and are planned to be released in the form of departmental regulations, providing a good legal guarantee for the development of micro short dramas. This involves the Hong Kong stock market's micro short drama sector.
Shanghai Pharmaceuticals (02607): Shanghai Shanshi Yangtze River Delta transfers 40% equity of Shanghai Pharmaceuticals Group to Shanghai Shanshi for approximately RMB 6.7215 billion
According to Zhitong Finance APP, Shanghai Pharmaceuticals (02607) announced that on September 24, 2025, it received a &#34;Simplified Equity Change Report&#34; from Shanghai Shanshi Yangtze River Delta Ecological Development Co., Ltd. (Shanghai Shanshi Yangtze River Delta). On September 24, 2025, Shanghai Shanshi Yangtze River Delta signed an &#34;Equity Transfer Agreement&#34; with Shanghai Shanshi (Group) Co., Ltd. (Shanghai Shanshi), whereby Shanghai Shanshi Yangtze River Delta will transfer its 40% equity in Shanghai Pharmaceuticals (Group) Co., Ltd. (Shanghai Pharmaceuticals Group) to Shanghai Shanshi, with a total transfer price of approximately RMB 6.7215 billion.
Tianjin Port Development (03382) plans to acquire 40% equity of Alliance International Company for RMB 723 million, increasing its stake to 100%
According to Zhitong Finance APP, Tianjin Port Development (03382) announced that on September 25, 2025, Tianjin Port Co., Ltd. (a subsidiary of the company) signed the APM Equity Transfer Agreement and PSA Equity Transfer Agreement with APM Tianjin International Company and PSA China Company, respectively. Tianjin Port Co., Ltd. agreed to acquire 20% equity of Alliance International Company from APM Tianjin International Company and PSA China Company, totaling 40% equity of Alliance International Company, with the respective prices being approximately RMB 362 million, resulting in a total price of approximately RMB 723 million.
Baidu Steam Engine releases general AI long video generation function
On September 25, the world's first Chinese audio-video integrated video generation model, Baidu Steam Engine, was upgraded again, releasing the general AI long video generation function. It is understood that this function supports users in generating AI videos of unlimited length. This upgrade is a first in the industry, breaking the previous limitations where AI could only generate 5-second or 10-second short videos or relied on controlling the length of continuation based on the first and last frames, achieving &#34;unlimited&#34; generation capability in general long videos through streaming generation technology.
ZTE Corporation (00763): Has entered the development stage of vehicle-mounted optical communication products
ZTE Corporation stated on the interactive platform that the company is actively investing in the research of vehicle-mounted optical communication solutions, collaborating with industry partners to accelerate and promote the commercialization process of vehicle-mounted optical communication. At the standard level, the company actively participates in vehicle-mounted optical communication standard organizations, engaging in the formulation of standards in the vehicle-mounted optical communication working group of the Automotive Engineering Society's system architecture subcommittee and the vehicle communication working group of the National Automotive Standardization Committee. At the product level, the company has entered the development stage of vehicle-mounted optical communication products, including automotive-grade optical communication chips, automotive-grade central modules, and automotive-grade terminal communication modules
Tongcheng Group's affiliated company, eLong, obtains payment license
According to reports, Tongcheng Group's affiliated company eLong Information Technology Co., Ltd. has obtained a payment license by acquiring 100% equity of Newborn Payment Co., Ltd. Currently, some of the business information of Newborn Payment has been partially changed, and it is reported that relevant information will also be disclosed by the People's Bank of China. Regarding the considerations, eLong responded that after the acquisition is completed, eLong will directly benefit from the development of the Hainan Free Trade Port, and actively seize strategic opportunities in cross-border trade, cultural tourism consumption, and other fields through payment as a link, while providing support for the continuous digital upgrade of cultural tourism consumption scenarios. This involves Hong Kong stock Tongcheng Travel (00780).
Shoucheng Holdings (00697): Beijing Robot Fund invests in QuanZhiBo, continues to increase investment layout in the robot industry
According to Zhitong Finance APP, Shoucheng Holdings (00697) announced that recently, a company under the group (a wholly-owned subsidiary of the company) managed the Beijing Robot Industry Development Investment Fund (Limited Partnership) (Beijing Robot Fund) and invested in Wuxi QuanZhiBo Technology Co., Ltd. (QuanZhiBo). This investment will strongly promote the invested enterprise to further strengthen core technology research and development, advance the iterative upgrade of production and manufacturing, and promote the application of robot technology in broader scenarios.
Kuaishou AI large-scale application landing, Kuaishou Live launches &#34;AI Wanxiang&#34;
On September 24, Kuaishou Live launched the &#34;AI Wanxiang&#34; series of gifts that can customize exclusive gift effects across the entire site. Hosts and fans can generate real-life image gift effects by uploading and selecting photos and corresponding AI templates. It is understood that &#34;AI Wanxiang&#34; was jointly developed by Kuaishou AI and the live broadcast technology team, providing technical support, and this series of gifts is also the first large-scale application of Kuaishou AI in the live broadcast room. Currently, the first batch of &#34;AI Wanxiang&#34; has launched 4 types of gifts, and on the launch day, users paid to create and send over 100,000 times. This involves Hong Kong stock Kuaishou-W (01024).
China Communication Construction (03969): Wins four important railway market projects with a total bid amount of approximately 1.36 billion yuan
China Communication Construction announced that the company has won four important projects in the railway market, including the new Nantong to Ningbo high-speed railway four electrical and related engineering TYRD section project, with a bid amount of 863 million yuan; the Fuyun to Nenjiang to Jiagedaqi railway renovation project FJSGZH-2 section project, with a bid amount of 204 million yuan; the new Hepu to Zhanjiang railway four electrical and related engineering HZGDSG-4 section project, with a bid amount of 186 million yuan; and the communication equipment overhaul project for the Bao Bai Line, Wayaobao Station, Gaojiacun Station, Shimen Village Station, Xidoupu Station, Aibugai Station, Wulanhutong Station, and Baiyun Ebo Station, with a bid amount of 107 million yuan. The total bid amount for the four projects is approximately 1.36 billion yuan, accounting for about 4.19% of the company's audited operating income for 2024. The projects will be implemented in phases across years, and the impact on the current performance in 2025 is uncertain.
China Railway (00390): Wins engineering project worth 50.215 billion yuan, accounting for 4.34% of 2024 operating income
China Railway announced that the company has recently won multiple major projects, including railway engineering, highway engineering, municipal and other projects. The total bid amount is approximately 50.215 billion yuan, accounting for about 4.34% of the company's operating income in 2024. Specific winning projects include multiple projects involving China Railway First Bureau, China Railway Second Bureau, China Railway Third Bureau, and others, with construction periods ranging from 841 calendar days to 1826 calendar days.
Ganfeng Lithium (01772): Subsidiary Ganfeng Lithium Battery plans to introduce investors for capital increase in cash, with a total amount not exceeding 2.5 billion yuan
Ganfeng Lithium Group Co., Ltd.'s holding subsidiary Jiangxi Ganfeng Lithium Battery Technology Co., Ltd. plans to introduce investors for a capital increase in cash, with a total amount not exceeding 250 million yuan. This transaction does not constitute a related party transaction and does not constitute a major asset restructuring. This capital increase is in line with the company's development needs and does not harm the interests of the company and all shareholders, and will have a positive impact on the company's long-term financial and operational status.
Xinjiang Xinxin Mining (03833): Proposes to issue A-shares
According to Zhitong Finance APP, Xinjiang Xinxin Mining (03833) announced that in order to promote the company's sustainable and stable development and to facilitate sustainable growth in revenue and shareholder returns, the board of directors approved the proposal to issue A-shares and list on a securities exchange in the People's Republic of China on September 25, 2025.
Horizon Robotics-W (09660) plans to place 639 million shares, net raising approximately 6.339 billion HKD
According to Zhitong Finance APP, Horizon Robotics-W (09660) announced that on September 25, 2025 (after trading hours), the company, existing shareholders, and the underwriter entered into a placement and subscription agreement, under which (i) existing shareholders each agree to sell, and the underwriter agrees to act as an agent for existing shareholders, and use their best efforts to facilitate the subscribers to purchase the placement shares at a placement price of HKD 9.99 per share; and (ii) existing shareholders conditionally agree to subscribe, and the company conditionally agrees to issue subscription shares to existing shareholders at a price equivalent to the placement price of HKD 9.99 per share. The placement price represents a discount of approximately 5.75% to the last trading day's closing price of HKD 10.60 per share on the Stock Exchange.
Jihai Resources (02489) plans to place up to 400 million shares at a discount of approximately 19.2%, net raising approximately 462 million HKD
According to Zhitong Finance APP, Jihai Resources (02489) announced that on September 25, 2025 (after trading hours), the company and the joint placement agent entered into a placement agreement, under which the company conditionally agrees to place up to 400 million placement shares at a placement price of HKD 1.18 per share to no less than six subscribers, who and their beneficial owners must be independent third parties. The placement price represents a discount of approximately 19.2% to the last trading day's closing price of HKD 1.46 per share on the Stock Exchange on the date of the placement agreement.
Meituan-W (03690) releases interim report
Meituan released its interim report, with revenue of RMB 91.84 billion in the first half of the year, a year-on-year increase of 11.7%. Operating profit in the first half of the year was RMB 226 million, a year-on-year increase of 98.0%.
Alibaba-W (09988): Grants the board a general authorization to issue up to 10% of the company's newly issued ordinary shares and appoints accounting firms PwC and Deloitte
Alibaba announced on the Hong Kong Stock Exchange that it has granted the board a general authorization to issue, allocate, and/or otherwise handle up to 10% of the company's issued ordinary shares as of the date of passing this ordinary resolution during the issuance period. Any ordinary shares issued and allocated under this authorization shall not be priced at more than a 10% discount to the benchmark price, as detailed in the proxy solicitation letter.
【Stock Highlights】
Shanghai Electric (02727): Supplier of controllable nuclear fusion supporting equipment
On July 22, 2025, China Fusion Energy Co., Ltd. (hereinafter referred to as &#34;China Fusion Company&#34;) held its establishment conference in Shanghai. China Fusion Company is a secondary unit directly under the China National Nuclear Corporation and serves as an innovative entity to promote the engineering and commercialization of fusion in China. After settling in Shanghai, it will focus on overall design, technology verification, digital R&amp;D, and other businesses, establishing a technology R&amp;D platform and a capital operation platform.
It is reported that according to the general law of nuclear energy development from experimental reactors to demonstration reactors to commercial reactors, China Fusion Company aims for the commercialization of fusion energy by 2050, conducting joint R&amp;D in Shanghai and Chengdu. China Fusion Company will build a new fusion experimental device in Shanghai to verify the high-temperature superconducting magnets developed in Shanghai, temporarily named &#34;China Circulation No. 4 (HL-4).&#34;
According to a research report from Everbright Securities, in the field of nuclear fusion, Shanghai Electric has successfully delivered the world's first cold test dewar for the ITER project magnet and will subsequently deliver several core components for major national scientific and technological infrastructure projects such as the CRAFT project and the compact fusion experimental device BEST project

.HXC

The Shenzhen Stock Exchange announced that during the National Day and Mid-Autumn Festival in 2025, the Hong Kong Stock Connect service will be suspended from October 1 to October 8, and will resume on October 9. In the U.S. stock market, the NASDAQ Golden Dragon China Index rose by 0.42%, while the Dow Jones and S&P 500 indices both fell. Trump announced a 100% tariff on branded or patented drugs starting October 1, 2025. Federal Reserve Governor Milan stated that if interest rates are not quickly lowered, the economy will face risks

- The Shenzhen Stock Exchange announced that the Hong Kong Stock Connect service will be unavailable from October 1 to October 8, 2025, resuming on October 9.  
- In the U.S. stock market, major indices fell, with the Dow Jones down 173.96 points, while the Nasdaq China Golden Dragon Index rose 0.42%.  
- Silver prices surpassed $45 per ounce for the first time since 2011, driven by market uncertainty and economic concerns, while gold approached record highs.

Zhitong Hong Kong Stock Early Knowledge | Gold Approaches Record Highs, Horizon Robotics-W Plans to Place 639 Million Shares