Zhitong Hong Kong Stock has known for a long time | Six departments: it is strictly prohibited to add cement clinker and flat glass production capacity, Chery Auto (09973) was subscribed 308.18 times on public sale

[Today's headlines]

Six departments: It is strictly prohibited to add cement clinker and flat glass production capacity, and new construction and renovation projects must formulate capacity replacement plans

The Zhitong Finance App learned that 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, Urban-Rural Development, the Ministry of Water Resources, and the Ministry of Agriculture and Rural Affairs issued the “Work Plan for Steady Growth in the Building Materials Industry (2025-2026)”. Among them, it is proposed to strictly control cement glass production capacity. Adding production capacity for cement clinker and flat glass is strictly prohibited, and capacity replacement plans must be formulated for new construction and renovation projects. It is strictly prohibited to transfer cement clinker and flat glass production capacity from non-key areas for air pollution prevention and control to key areas for air pollution prevention and control.

[General outlook]

The Nasdaq China Golden Dragon Index closed up 2.83%

Overnight, the Dow Jones Industrial Average fell 171.5 points to close at 46121.28 points, or 0.37%; the S&P 500 stock index fell 18.95 points to close at 6637.97 points, or 0.28%; and the Nasdaq Composite Index fell 75.61 points to close at 22497.86 points, or 0.33%. Popular technology stocks had mixed ups and downs. Intel rose more than 6%. According to the news, Intel is seeking investment from Apple. Tesla rose nearly 4%, Google fell more than 1%, and Nvidia and Apple fell nearly 1%. Lithium Americas (Lithium Americas) closed up more than 95%, with reports that the US government is seeking up to 10% of the shares in Lithium Americas (Lithium Americas).

The Nasdaq China Golden Dragon Index closed up 2.83%, with popular Chinese securities generally rising. Alibaba and Wanguo Data rose more than 8%, Baidu and JD rose more than 5%, and NIO rose more than 2%. The Hang Seng Index ADR declined. On a proportional basis, it closed at 26412.89 points, down 105.76 points, or 0.40%, from the Hong Kong closing.

[Hot Topics Preview]

The nuclear fusion “national team” will build a new high-temperature superconducting fusion device in Shanghai, named “Circulation 4”

At the 25th China International Industry Fair being held in Shanghai, China Fusion Energy Co., Ltd., with a registered capital of 15 billion yuan and only two months since its establishment, made its first public debut, showcased its technical route and business layout. According to reports, according to the general rules of nuclear energy development of experimental reactors, demonstration reactors, and commercial reactors, the company aims for fusion energy commercial targets in 2050 and is jointly developing in Shanghai and Chengdu.

In terms of the specific division of labor, China Fusion Corporation has set up a headquarters and R&D base in Shanghai, mainly focusing on fusion engineering related businesses, focusing on the three major businesses of overall fusion reactor design, high-temperature superconducting magnet technology research and development, and digital fusion reactor research and development. At the same time, engineering verification platforms such as research and development of key equipment and materials for fusion reactors will be laid out at the fusion R&D base in Chengdu. A number of domestic people in the field of controlled nuclear fusion have confirmed that the China Fusion Company will build a new fusion test device in Shanghai to verify the high-temperature superconducting magnets it has developed in Shanghai. The device will be temporarily named “China Circulation 4.”

The nuclear fusion concept section involves the Hong Kong stock Shanghai Electric (02727). (Note: Shanghai Fusion, one of the shareholders of China Fusion Company, was established in November last year and was jointly funded by Shanghai SDIC Science and Technology Innovation Investment Co., Ltd., Shanghai Electric Holding Group Co., Ltd., and Shanghai Shenneng Chengyi Equity Investment Co., Ltd.)

Eight departments: increase the effective supply of artificial intelligence terminal products and unlock the consumption potential of new products such as artificial intelligence mobile phones and wearable devices

Recently, eight departments including the Ministry of Commerce jointly issued the “Guiding Opinions on Vigorously Developing Digital Consumption to Create a Better Life in the Digital Era”. The “Guiding Opinions” state that enterprises are encouraged to accelerate R&D and innovation, increase the effective supply of artificial intelligence terminal products, and unleash the consumption potential of new products such as artificial intelligence mobile phones, computers, intelligent robots, wearable devices, and desktop-level 3D printing devices. Accelerate the development and interconnection of smart home appliances, smart security, video care systems, etc. Launch intelligent connected vehicle access and road access pilot projects. Cultivate and build new consumer brands and promote the innovation and development of brands such as Digital Guochao.

Hengrui Pharmaceutical (01276): Signed a licensing agreement for the Ruikang trastuzumab project, eligible for milestone payments of up to US$1,093 million

Hengrui Pharmaceutical announced that the company signed a licensing agreement with Glenmark Specialty S.A., for the Ruikang trastuzumab project. Under the agreement, Glenmark Specialty will pay Hengrui an initial payment of $18 million and will be eligible for milestone payments of up to $1,093 million, as well as commissions based on sales. Ruikang trastuzumab is an antibody-conjugated drug independently developed by Hengrui that targets HER2. It has been approved for marketing to treat HER2-mutated non-small cell lung cancer. This cooperation will help broaden the drug's overseas markets and enhance Hengrui Pharmaceutical's innovative brand image and overseas performance.

A subsidiary of Sinopec Oil Service (01033) formally signed a contract for the Phase II well site and interwell pipeline project in Iraq's Latawi oil region

Zhitong Finance App News, Sinopec Oil Service (01033) issued an announcement. Recently, Sinopec Group International Petroleum Engineering Co., Ltd., a wholly-owned subsidiary of Sinopec Petroleum Engineering Technology Service Co., Ltd. (the Company), and Total Energy Lataway Project formally signed a turnkey total price contract for the design, procurement, supply, construction and trial operation of the Latawi Oil Area Phase II well site and interwell pipeline project (NWP project) in Iraq (NWP project). The contract amount is US$359 million (about RMB 2,553 million), accounting for the company's China 3.15% of 2024 revenue under accounting standards will be paid according to milestone points and project progress. The contract will complete the machinery on March 31, 2029.

Haier Thailand's Chonburi Air Conditioning Industrial Park put into operation, with an annual production capacity of 6 million units

On September 23, Haier Thailand's Chonburi Air Conditioning Industrial Park was officially put into operation. The industrial park is located in the Eastern Economic Corridor of Thailand. It covers a total area of about 324,000 square meters, with an annual production capacity of 6 million units. The product line covers 14 categories and thousands of models, including household cabinets/hangers/window machines, commercial water/heat pumps, vehicle air conditioners, and container thermostatic air conditioners, suitable for household, commercial and special air scenarios. It involves the Hong Kong stock Haier Smart Home (06690).

Geely Automobile (00175): The company, Geely Holdings, and Remote Commercial Vehicles and Shandong Geely New Energy signed a cooperative manufacturing and procurement agreement for complete vehicles and vehicle components

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 Linker brands and the company's insufficient production capacity, the company, Geely Holdings, Remote Commercial Vehicle and Shandong Geely New Energy signed a procurement agreement for the cooperative manufacturing and procurement of complete vehicles and vehicle components on September 24, 2025. The agreement is for a period of three years, from the date of completion until December 31, 2027. According to the agreement, the Group has conditionally agreed to purchase vehicles and complete vehicle kits mainly for Geely, Geely and Lynk & Co., Ltd. brand vehicles from Remote Commercial Vehicle Group, Shandong Geely New Energy Group and Geely Holding Group. These entities are the Group's designated production partners for complete vehicles and vehicle components. The new agreement will replace the existing cooperative manufacturing procurement agreement for complete vehicles and vehicle components.

Xiaopeng Motors (09868): Xiaopeng Global Connected Charging Stations Exceed 2.4 Million

Xiaopeng Motors announced that Xiaopeng has more than 2.4 million connected charging stations worldwide. In September, Xiaopeng Motor's first batch of co-branded charging stations in Southeast Asia was launched simultaneously in Singapore, Malaysia, and Thailand. This time, in collaboration with Charge Plus, the largest charging operator in Singapore, the first batch connected more than 3,800 public charging piles, driving Xiaopeng's total number of connected charging stations worldwide to exceed 2.4 million.

ASIX Technology (01675) signs Alibaba Cloud Competence Center Cooperation Agreement

Zhitong Finance App News, ASIX Technology (01675) issued an announcement. Recently, ASIX Technology (China) Co., Ltd. (a wholly-owned subsidiary of the Company) signed a competency center cooperation contract (cooperative contract) with Alibaba Cloud (Beijing) Technology Co., Ltd. (Alibaba Cloud), which has become Alibaba Cloud's cloud computing project delivery capability center, reflecting Alibaba Cloud's high recognition of the company's ability to deliver large artificial intelligence (AI) models. The two sides will work hand in hand to complement each other's strengths and seek common development. The two sides will strengthen joint product development and service cooperation in various directions, such as the Tongyi Qianwen Big Model, AI Big Model Security Solution, etc., to carry out biochemical R&D and market development for industry applications, and promote the implementation of “Artificial Intelligence +” in every industry.

NetEase Smart Releases First Global Intelligent Unmanned Loader “Spiritload”

On September 24, on the BICES 2025 site, NetEase Smart, an intelligent construction machinery brand under NetEase, held a press conference on intelligent solutions for unmanned loaders, and officially launched the world's first “Spiritual Carrier” intelligent unmanned loader for global scenarios.

Chow Tai Fook Foundations (00659) Announces Annual Results Profit attributable to shareholders rose 3.73% year-on-year to HK$2.162 billion with final interest of HK$0.35 per share

According to the Zhitong Finance App, Chow Tai Fook (00659) announced its annual results for the year ended June 30, 2025, with revenue of approximately HK$24.285 billion, a year-on-year decrease of 8.09%; profit attributable to the company's shareholders rose 3.73% year on year to HK$2,162 billion, with a basic and diluted profit of HK$0.54 per share. It is recommended to pay a final ordinary dividend of HK$0.35 per share.

Chery Auto (09973) was subscribed 308.18 times for the Hong Kong public sale above a limited price

According to the Zhitong Finance App, Chery Auto (09973) announced the allotment results. The company sold about 297 million H shares globally, the Hong Kong public sale accounted for 10%, and the international sale accounted for 90%. The final sale price was HK$30.75 per share, with a net raise of approximately HK$8.889 billion from the global offering. Each lot is 100 shares. H shares are expected to start trading on the Stock Exchange at 9:00 a.m. on September 25, 2025 (Thursday), Hong Kong time. On September 24, Chery Auto (09973.HK) had strong undercover trading performance. As of press release, the undermarket transaction showed a price of HK$33.56, up 9.14% from the offer price of HK$30.75. Each lot earned HK$281 without handling fees. CICC, Huatai and Guangfa are co-sponsors.

[Individual stock prices are clear]

Nine Dragons Paper (02689) announced annual results: profit attributable to the company's equity holders increased by about 135.4% to 1,767 billion yuan

According to the Zhitong Finance App, Nine Dragons Paper (02689) announced its annual results for the year ended June 30, 2025. Sales increased 9.6% to about 21.5 million tons, revenue increased by about 6.3% to 63.241 billion yuan, gross profit increased by about 26.9% to 7.245 billion yuan, profit attributable to the company's equity holders increased by about 135.4% to 1,767 billion yuan, with a basic profit of 0.38 yuan per share.

According to the announcement, the increase in revenue was mainly due to a net effect of an increase in sales volume of about 9.6% and a decrease in average selling price of about 3.0%. The gross margin increased from 9.6% in fiscal year 2024 to about 11.5% in fiscal year 2025, mainly due to the fact that the decline in raw material costs was greater and faster than the price of products.