Zhitong Hong Kong Stock has long known | 11 domestic air ticket reservations increased 28% year over year, Nvidia (NVDA.US) invested $5 billion in Intel (INTC.US)

[Today's headlines]

11. Domestic air ticket bookings increased 28% year over year

The merger of the National Day Mid-Autumn Festival holiday this year, and the eight-day long holiday also ignited the public's desire to travel and travel. In terms of air tickets, air travel data shows that up to now, during the National Day holiday this year, the number of domestic airline ticket reservations has exceeded 5.93 million, an average daily air ticket reservation volume, an increase of about 28% over the same period last year. The number of inbound and outbound air ticket bookings exceeded 1.4 million, an average daily increase of about 16% over the same period last year. The popularity of long-term routes is rising, and domestic sales such as Xinjiang and the Northwest Ring Road are quite impressive, and tickets for some popular international routes have already been sold out.

According to CCTV reports, the 2025 National Day Mid-Autumn Festival holiday will be combined, and there will be an eight-day holiday from October 1 to October 8. Tourism is very popular this year. Citi expects demand for travel to be strong during this period, and long-term and outbound travel will be more beneficial. As the Mid-Autumn Festival and National Day holidays approach, the travel sector is focusing on holiday catalysis. According to a research report released by China Securities International, domestic tourism revenue/people during the National Day holiday is expected to increase by 7.0% and 8.3% year-on-year compared to the size of the next day. The core indicator for the National Day holiday is still the recovery in customer unit prices. If it is better than expected, it is expected to drive optimism in the sector.

Hong Kong stocks involving tourism:

OTA travel platforms: Ctrip Group-S (09961), Tongcheng Travel (00780)

Tourism industry chain: Macau sector, Hong Kong China Travel Service (00308), China Travel Service (01880), Huazhu Group-S (01179)

Aviation sector: Air China (00753), China Eastern Airlines (00670), China Southern Airlines (01055)

[General outlook]

The three major US stock indices all rose, and Intel rose more than 22%

Overnight US stocks closed at the close of trading, the Dow Jones Industrial Average was up 124.1 points from the previous trading day, or 0.27%; the S&P 500 stock index rose 31.61 points, or 0.48%, to close at 6631.96 points; and the Nasdaq Composite rose 209.4 points to close at 22470.73 points, or 0.94%. Popular technology stocks generally rose, with Intel up more than 22%, Nvidia up more than 3%, and AMD down 0.78%.

Most popular Chinese securities fell, and the Nasdaq China Golden Dragon Index closed down 1.79%. Weibo, Ideal Auto, and Alibaba fell more than 2%. The Hang Seng Index ADR declined. On a pro rata basis, it closed at 26523.97 points, down 20.88 points or 0.08% from the Hong Kong closing.

[Hot Topics Preview]

Hong Kong Securities Regulatory Commission Leung Chung-yin: Hong Kong has become one of the largest OTC derivatives markets in Asia

Zhitong Finance App learned that on September 17, Mr. Leung Chung-yin, executive director of the Market Supervision Department of the Hong Kong Securities Regulatory Commission, said in his keynote speech at the 2025 Futures Options World (FOW) Trading Asia conference that after decades of booming development, Hong Kong's derivatives market has not only become an important part of the local financial system, but also a major source of growth for the Asian market. Notably, Hong Kong has become one of the largest OTC derivatives markets in Asia, particularly in terms of RMB foreign exchange and interest rate derivatives. The Hong Kong derivatives market has more than doubled in volume and number of open positions over the past ten years, which is proof that the market already has depth and liquidity. Just last year, the average daily volume of exchange-traded derivatives contracts in Hong Kong reached a record high.

Britain increased its holdings of US debt by a large amount in July, and China reduced its holdings

According to US Treasury data, China held US Treasury bonds of 731 billion US dollars in July and 756 billion US dollars in June. Japan held $1.151 trillion in US Treasury bonds in July, compared to $1.148 trillion in June. The United Kingdom held US Treasury bonds of 899 billion US dollars in July and 858 billion US dollars in June.

World Gold Council: Expectations of stagflation and rising interest rates still have a driving force on gold prices and may be further amplified

The Zhitong Finance App learned that on September 18, the World Gold Council published an article stating that recently, US investors are gradually taking over the gold demand structure in emerging markets. Gold ETF investors are most concerned about stagflation, gold bar and coin buyers are following, and short-term futures traders are more concerned about interest rate paths. Although real interest rates in the US are currently very sticky, market concerns about a “resurgence of stagflation” are heating up. If real interest rates fall from an inflection point, their driving force on gold prices may increase further.

Nvidia takes a $5 billion stake in Intel and reaches a chip partnership

Nvidia announced on Thursday that it will invest $5 billion in Intel to support this struggling American chip foundry, but it has not awarded key chip manufacturing orders to Intel. The agreement also includes plans for Intel and Nvidia to jointly develop PC and data center chips, which may pose a potential risk to TSMC. Currently, TSMC is responsible for producing Nvidia's flagship processors; as the company with the highest market capitalization in the world, Nvidia may transfer this part of its business to Intel in the future. Ultrafine semiconductors, which compete with Intel in the data center chip supply field, may also suffer losses due to Nvidia's support for Intel.

Iron ore work conference held in Beijing

Jinten Futures, September 18. On September 18, the Iron Ore Working Committee of the China Iron and Steel Industry Association organized an iron ore working meeting in Beijing to analyze the current iron ore market situation, study recent major work, and make arrangements for the upcoming spot price index for imported iron ore ports to be launched by the Beijing Iron Ore Trading Center. Domestic steel manufacturers and iron ore trading companies heads of iron ore procurement business attended the meeting.

Datang New Energy (01798) completed 2.1691 million megawatt-hours of power generation in August, an increase of 27.50% over the previous year

According to Zhitong Finance AFP, Datang New Energy (01798) issued an announcement. According to the company's preliminary statistics, in August 2025, the company and its subsidiaries (collectively referred to as the Group) completed 2.1691,000 megawatt-hours according to the consolidated statement; an increase of 27.50% over the previous year in 2024.

S&P Global and Alibaba Cloud reach a strategic partnership to provide AI-ready commodity data in China for the first time

On September 18, S&P Global announced a strategic partnership with Alibaba Cloud, a technology company under the Alibaba Group, to introduce AI-ready data for S&P global commodities to China for the first time. Starting August 31, Chinese customers can more directly access commodity data sets covering energy, metals, chemicals, and agriculture through Alibaba Cloud's object storage service. The data can be seamlessly connected with Alibaba Cloud's analysis services and AI engine, including the Tongyi Thousand Questions Language Model.

Ganfeng Lithium (01772): Solid-state batteries have been tested and mass-produced in some models

Ganfeng Lithium (01772) said on an interactive platform that the company continues to develop in the field of power batteries. Solid-state batteries have been tested and mass-produced in some models, and used in well-known drone and eVTOL companies. The company is speeding up the industrialization process in fields such as new energy vehicles and consumer electronics.

China Taibao (02601): The issuance of HK$15.556 billion H-share convertible bonds was completed and listed on the Hong Kong Stock Exchange

China Taibao (02601) announced that the company completed the issuance of HK$15.556 billion zero-interest H-share convertible bonds due in 2030 on September 18, 2025, and will be listed and traded on the Hong Kong Stock Exchange on September 19. The company will promptly complete the filing procedures in accordance with relevant regulations.

Kuaishou (01024)'s Keling AI digital human is online

Recently, Keling AI, a subsidiary of Kuaishou (01024), launched a new digital human function. By adding a piece of text or audio to a character image, it can generate a digital human video of up to 1 minute at 1080p/48fps. Currently, product public tests are being opened one after another.

Baidu (09888) PaddleOCR has accumulated over 9 million downloads

Recently, Baidu (09888) introduced the latest lightweight text recognition model PP-OCRv5 on an overseas official account. The model has only 0.07B parameters and achieves OCR accuracy comparable to that of the 70 billion parameter large model with one-thousandth of parameters. According to information, since it became open source in 2020, the cumulative number of downloads of PaddleOCR has exceeded 9 million, and it has been directly or indirectly used by more than 5.9k open source projects. It is the only Chinese OCR project with more than 50k stars in the GitHub community.

Hengrui Pharmaceutical (01276): SHR-1501 for injection included in the breakthrough treatment list

Hengrui Pharmaceutical (01276) announced that the subsidiary Shanghai Hengrui Pharmaceutical Co., Ltd.'s injectable SHR-1501 was included in the publication list of proposed breakthrough treatments by the Drug Evaluation Center of the State Drug Administration. The publicity period is 7 days. The injectable SHR-1501 is an interleukin-15 fusion protein independently developed by the company. Combined use with BCG can enhance immune response and work together to fight tumors. This drug is mainly used in patients with non-muscle-invasive carcinoma in situ who do not respond to BCG. Up to now, the total R&D investment for related projects is about 102 million yuan.

Liberal Arts Interactive (00434): Completed HK$370 million Bitcoin purchases, with a total purchase of about 411 bitcoins

Liberal Arts Interactive announced that the Group has completed a plan to purchase bitcoins using the proceeds of the placement of approximately HK$370 million. A total of about 411 bitcoins have been purchased, with an average purchase price of about US$1.154 million each. The purchase is aimed at deepening the Web3 business layout and achieving long-term sustainable development in the gaming ecosystem. As of the announcement date, the Group held approximately 4,091 bitcoins at a total cost of approximately US$279 million, with an average cost of approximately US$681 million each. The company reminds shareholders and investors to be aware of the volatility of the cryptocurrency market.

Changfei Optical Fiber (06869): The business related to air core optical fiber has not had a significant impact on the company's financial data

In the announcement of abnormal fluctuations in Changfei Optical Fiber stock trading, the company noticed that recently the market is paying a lot of attention to fiber optic cable products related to computing power data centers, especially air core optical fiber. Currently, fiber optic cable products related to data centers account for a small proportion of the total global demand for optical fiber cables. Among them, the application of air core optical fiber as a cutting-edge product in the industry is still in its early stages. Large-scale sales have not yet been formed, stable price and profit levels have yet to be formed, and subsequent business development is yet to be further matured in the industrial chain. Currently, the air core optical fiber-related business has not had an obvious impact on the company's financial data. Investors are kindly requested to pay attention to investment risks, make rational decisions, and invest prudently.

Zijin Gold International to issue 349 million shares in Hong Kong IPO

Zijin Gold International will issue 349 million shares in the Hong Kong IPO and plans to raise HK$25 billion in the Hong Kong IPO. Zijin Gold International said it is expected to be listed and traded on September 29, and the proposed issue price for the Hong Kong IPO is HK$71.59 per share.

[Individual stock prices are clear]

Aerospace Holdings (00031): Integrated circuit encapsulated board project gradually implemented

Aerospace Holdings previously announced interim results. Revenue for the first half of the year was approximately HK$2,023 million, up 10.89% year on year; the company's shareholders should have accounted for losses of HK$42.337 million, an increase of 48.15% year on year. During the period, revenue from the injection molding product business increased by 20.32% over the same period last year, driving an increase in the overall operating profit of the technology industry; overall sales of the circuit board business stabilized, and revenue increased 11.42% over the same period last year, mainly due to strong growth in the optoelectronic module and domestic carrier board business.

Notably, Aerospace Holdings revealed in its mid-term financial report that the civil construction project for the capacity building of Kangyuan integrated circuit packaging boards in Nantong has been completed, production line construction is being carried out in an orderly manner, and small-batch trial operation will begin in the first half of 2025. According to reports, the Nantong Kangyuan circuit sealing board project is the company's key investment project, with a total investment of 5 billion yuan and the first phase of investment of 1.5 billion yuan. Trial production began in the fourth quarter of 2024. In January 2025, it entered the phase of mass production climbing. The design has an annual production capacity of 240,000 square meters and annual sales of 1.35 billion yuan. After all production is put into operation, the production capacity of the company's high-end integrated circuit packaging boards and high-density printed circuit boards will double. The company may rank among the top three in the domestic carrier board industry, promoting domestic substitution and autonomous and controllable processes in the semiconductor industry.