Zhitong Hong Kong stocks have known for a long time | Powell reiterated that the Federal Reserve does not need to rush to cut interest rates, and the Central Bank of China increased its gold holdings for six consecutive months

[Today's headlines]

Summary of the Federal Reserve's FOMC statement and Chairman Powell's press conference: Maintaining the interest rate decision for the third time in the year Powell reiterated that the Fed does not need to rush to cut interest rates

1. In terms of interest rate/monetary policy: ① The Federal Reserve announced that it will maintain the federal funds rate target range between 4.25% and 4.50%. This is the third time in a row since January this year that the Federal Reserve has kept interest rates unchanged. ② Powell said that the Federal Reserve does not need to rush to adjust interest rates. ③ Powell said that the Federal Reserve's policy is moderately restrictive. ④ Powell said that Trump's appeal to cut interest rates did not affect the work of the Federal Reserve at all. ⑤ When asked about the two interest rate cuts expected in March, Powell said that predictions cannot be made now and will have to wait until June.

2. On the inflation side: ① The FOMC statement shows that the committee judges that the risk of rising unemployment and inflation has increased. ② According to the FOMC statement, inflation is still at a slightly high level. ③ Powell said that inflation has dropped drastically. ④ Powell said that short-term inflation expectations have risen, and long-term inflation expectations are in line with targets. ⑤ Powell said that the Federal Reserve has an obligation to stabilize inflation expectations. ⑥ Powell said that the risk of rising unemployment and rising inflation has risen, but it is not yet in the data.

3. US Economy: ① The FOMC statement shows that uncertainty about the US economic outlook has further increased. ② Economic activity continues to expand at a steady pace, according to the FOMC statement. ③ Powell said that the economy is in a steady state. ④ Powell said that unusual fluctuations in trade make measuring GDP complicated. ⑤ Powell said that the uncertainty of the economic path is extremely high, and downside risks have increased. ⑥ Powell said that fluctuations in GDP data will not really change the situation of the Federal Reserve.

4. Financial Markets: ① The FOMC statement shows that treasury bonds and MBS holdings will continue to be reduced at the current rate. ② Powell said he did not want to drastically tighten the financial environment at a time when the economy is weak. ③ Powell said that US debt is on an unsustainable path.

5. In terms of tariffs: ① Powell said that survey respondents pointed out that tariffs are the main factor driving inflation expectations. ② Powell said that the impact of the tariffs has so far been much greater than expected. ③ Powell said that avoiding continued inflation will depend on the size, timing, and inflation expectations of tariffs. ④ Powell said that it is impossible to give a timeline for improving the transparency of tariffs. ⑤ Powell said that if tariffs remain unchanged, no progress will be made on the dual mission goal this year. ⑥ Powell said that trade negotiations may substantially change the situation.

6. Other aspects: ① Federal Reserve Chairman Powell declined to comment on Trump's threat to withdraw his dismissal. ② When asked if he will remain on the Federal Reserve Board if he no longer serves as Chairman of the Federal Reserve, Powell said that there is no information on this. ③ Powell said that he has never asked to meet with the president and will never do this; all meetings with the president are invited by the president. ④ Powell said the Federal Reserve does not have good tools to resolve supply chain issues. ⑤ Powell said the Federal Reserve will not be the climate decision maker.

[General outlook]

The Nasdaq China Golden Dragon Index closed down 2.34%

By the close of the night, the Dow rose 284.97 points, or 0.70%, to 41113.97 points; the NASDAQ rose 48.50 points, or 0.27%, to 17738.16 points; and the S&P 500 index rose 24.37 points, or 0.43%, to 5631.28 points. Google plummeted by more than 7%. Affected by news that the Trump administration plans to lift restrictions on AI chips in the Biden era, chip stocks rallied at the end of the session. Nvidia (NVDA.US) closed up 3.1%, and Taiwan Semiconductor Manufacturing (TSM.US) rose more than 1%.

Most popular Chinese securities fell, and the Nasdaq China Golden Dragon Index closed down 2.34%. ZKrypton (ZK.US) rose 11.5%, Wenyuan Zhixing fell nearly 8%, Baidu fell nearly 5%, and Alibaba fell more than 3%. The Hang Seng Index ADR declined. On a proportional basis, it closed at 22535.76 points, down 156.12 points or 0.69% from the Hong Kong closing.

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The Central Bank of China increased its gold holdings for six consecutive months

Central Bank of China: China's gold reserves were reported at 73.77 million ounces at the end of April, an increase of 70,000 ounces over the previous month, increasing gold holdings for the sixth consecutive month.

Preparing for the “backflow” of securities in the middle of the war? CITIC Securities plans to deploy investors to Hong Kong to increase staff

The CITIC Securities Investment Banking Committee is planning to deploy mainland investment bankers to go to Hong Kong to take charge of Hong Kong stock investment business. Among them, the recruitment plan mainly targets personnel from CITIC Securities's mainland investment banking department, and is carried out in the form of competition. Affected by geographical factors, a wave of “backflow” of Chinese securities has gradually begun, and CITIC Securities may have deployed personnel in advance with the intention of planning ahead of time. Chairman Wu Qing of the Securities Regulatory Commission said at the press conference of the State Information Office on the same day that “conditions will be created and supported for the return of high-quality Chinese securities to the mainland and Hong Kong markets.”

Geely Automobile (00175) submitted a non-binding quotation letter to Krypton, which initially indicated its intention to privatize

Zhitong Finance App News, Geely Auto (00175) issued an announcement. In order to promote deep integration and efficient collaboration of internal resources, eliminate repeated investment, reduce costs, enhance corporate competitiveness, and create long-term value, the company submitted a non-binding quotation letter to Gekrypton on May 7, 2025. Based on this, the company initially indicated that it intended to make a privatization proposal to acquire all issued and issued Krypton shares and American Depositary Shares (with the exception of beneficial owners of the Group), subject to further negotiations and final signing of an agreement. Geely Auto announced that it plans to acquire all of the shares already issued by Geely Krypton. Geely currently holds about 65.7% of Geely Krypton's shares. If the transaction is completed, Geely will fully merge with Geely. Li Shufu, Chairman of Geely Holding Group, said, “In the face of fierce market competition and an increasingly complex economic environment, we will review the current situation, continue to promote automobile business integration in accordance with the spirit of the Taizhou Declaration, return to a Geely, integrate technological advantages, improve innovation and profitability, continue to create long-term value, and build a world-leading smart electric vehicle group. At the same time, we will continue to maintain close communication and cooperation with the US and international capital markets.”

Zoomlion Heavy Industries (01157): Accelerating the development of the embedded intelligent robot business and constructing the third-largest growth curve for the future industry

Zoomlion Heavy Industries recently stated at a roadshow that it will rely on the Central Research Institute and its subsidiary Zhongke Cloud Valley to accelerate the development of the artificial intelligent robot business, build the third growth curve for the future industry, release 2 humanoid robot prototypes in the first quarter, and continue to verify, optimize, and upgrade.

Yiming Onko-B (01541): Received further payments under the authorization and cooperation agreement with AXION BIO relating to IMM2510 (pervilafpu α) and IMM27M (tezesubizumab)

Zhitong Finance App News, Yiming Onko-B (01541) announced that the company has received a second recent payment of 5 million US dollars from Axion Bio in accordance with the authorization and cooperation agreement. As of the date of this announcement, the company has received a total of $20 million in down payment and recent payments under the license and cooperation agreement, marking an important milestone in cooperation with Axion Bio and laying a solid foundation for further development. Under the license and partnership agreement, the company expects to collect no more than $30 million of remaining potential immediate payments in the future.

BeiGene (06160)'s total revenue for the first quarter of $1,117 billion increased 49% year over year

According to Zhitong Finance App News, BeiGene (06160) announced results for the first quarter of 2025. The group achieved total revenue of US$1,117 million, an increase of 49%; GAAP net profit of US$1.27 million, with a loss of US$251 million in the same period last year; adjusted net profit of US$136 million, with a loss of US$146 million in the same period last year; GAAP basically earned $0.01 per share of American Depositary Shares (ADS).

Tsingtao Brewery (00168): Plans to acquire 100% of the shares in Jimo Rice Wine for 665 million yuan

Tsingtao Brewery announced that the company plans to transfer 100% of the total shares of Jimo Rice Wine held by Xinhuajin Group and Lu Jin Group for 665 million yuan. After the transaction is completed, Jimo Rice Wine will become a wholly-owned subsidiary of Tsingtao Brewery. Jimo Rice Wine was founded in 1949 with a registered capital of 55 million yuan. In 2024, it achieved main business revenue of 166 million yuan and net profit of 30.47 million yuan. Tsingtao Brewery said the acquisition will promote the diversified development of the company, broaden product lines and market channels, and enhance sustainable development capabilities.

Anta Sports (02020): The exchange price of €1.5 billion zero-interest guaranteed convertible bonds was adjusted to HK$102.62 per share

On May 7, Anta Sports announced on the Hong Kong Stock Exchange that the exchange price of 1.5 billion euro zero-interest guaranteed convertible bonds due in 2029 will be adjusted from HK$104.02 to HK$102.62, effective from May 14, 2025, the day immediately following the dividend-related record date. After the adjustments and assuming that all bonds are converted, the bonds will be converted into 119,188,755 shares, which is equivalent to approximately 4.25% of the shares already issued on the date of this announcement and approximately 4.07% of the shares already issued after the relevant exchange shares were extended. Other than the adjustments, all other terms and conditions of the bonds remain unchanged.

Old Shop Gold (06181) plans to sell 4.31 million new H shares at a discount of about 8.03% to raise about HK$2,698 million

Laopu Gold (06181) issued an announcement. On May 7, 2025 (after the trading session on the Stock Exchange), the company entered into a placement agreement with the placement agent. According to this, the placement agent had conditions and individually (not jointly or jointly and separately) agreed to act as the company's agent to do its best to induce a total of no less than six undertakers to purchase 4.31 million new H shares in accordance with the terms and conditions set forth in the placement agreement. The placement price was HK$630.00 per H share.

Shanghai Aunt (02589) closed up 62% in the dark market and earned HK$2120 on one hand

Shanghai Aunt opened high in the dark market yesterday. At one point, the intraday market surged 66%, reaching a high of HK$188, and closed up 62% to HK$183.30, with a turnover of HK$75.84 million; 30 shares per lot, without handling fees, earned HK$2120.4 per lot.

[Individual stock prices are clear]

Yuanda Pharmaceutical (00512): The application for the global innovative radionuclide conjugation drug TLX591 to join the international multi-center phase III clinical trial has been accepted by the China Drug Administration

Zhitong Finance App News, Yuanda Pharmaceutical (00512) announced that the Group's application for TLX591 (177Lu- HuJ591), a globally innovative radionuclide conjugate drug (RDC) for the treatment of prostate cancer, to join the international multi-center phase III clinical trial has recently been officially accepted by the State Drug Administration of the People's Republic of China. This is an important development in the Group's research and development in the field of anti-tumor diagnosis and treatment of nuclear drugs. The Group attaches great importance to the global development strategy of the nuclear drug industry, actively promotes the global development and registration process of innovative nuclear drug products, and will continue to deepen the global expansion of the Group's nuclear drug product pipeline.