Zhitong Hong Kong stocks have long known | Gold is approaching a record high horizon robot-W (09660) plans to sell 639 million shares
[Today's headlines]
Shenzhen Stock Exchange: Hong Kong Stock Connect service will not be provided from October 1 to October 8
The Shenzhen Stock Exchange issued a notice regarding the Hong Kong Stock Connect trading day schedule under the Shenzhen-Hong Kong Stock Connect during the National Day and Mid-Autumn Festival in 2025. Hong Kong Stock Connect services will not be provided from October 1 to October 8, and Hong Kong Stock Connect services will be launched as usual from October 9. Also, the market is closed on weekends on September 28 and October 11. The clearing and settlement of Hong Kong Stock Connect transactions is carried out in accordance with the arrangements of China Securities Registration and Settlement Co., Ltd.
China Settlement: September 29 and September 30, 2025 will be the new Hong Kong Stock Connect trading days
[General outlook]
The Nasdaq China Golden Dragon Index closed up 0.42%
Overnight, the Dow Jones Industrial Average fell 173.96 points from the previous trading day, or 0.38%, to close at 45947.32 points; the S&P 500 stock index fell 33.25 points to close at 6604.72 points, or 0.5%; and the Nasdaq Composite Index fell 113.16 points, to close at 22384.7 points, or 0.5%. Most of the big tech stocks fell, with Oracle falling more than 5%. The company sought debt financing of $18 billion. Micron Technology, TSMC, Meta, Amazon, Microsoft, and Google followed suit, Tesla fell 4.38%, Apple rose more than 1.8%, and Nvidia and Netflix rose slightly.
Most popular Chinese securities rose. The Nasdaq China Golden Dragon Index closed up 0.42%, Jinshanyun rose more than 6%, NIO, Xiaopeng Motors, and Bilibili rose more than 4%, and Baidu and Ideal Auto rose more than 1%. The Hang Seng Index ADR declined. On a pro rata basis, it closed at 26404.18 points, down 80.50 points or 0.30% from the Hong Kong closing.
Trump: Starting October 1, 2025, we will be imposing a 100% tariff on any branded or patented drug.
[Hot Topics Preview]
Federal Reserve Governor Milan: Interest rates can be cut continuously by 50 basis points in a very short period of time
Federal Reserve Governor Milan said that if interest rates are not lowered quickly, the Federal Reserve will face the risk of economic damage. He believes that the Federal Reserve's current policy interest rate is between 4% and 4.25%, which is highly restrictive and far higher than his estimate of the so-called “neutral” level. Milan said, “That's why it's so important to start adjusting interest rates sooner rather than slower.” “When monetary policy is in a restrictive position, the economy is more vulnerable to downside shocks. In my opinion, there's really no need to take that risk.” He said, “My opinion is that we can cut interest rates by 50 basis points continuously in a very short period of time, then readjust monetary policy, and once we reach our goals, we will act more carefully.
The price of silver broke through $45 for the first time since 2011, and gold is approaching a record high
The price of silver broke through $45 per ounce for the first time in 14 years, and gold is approaching another record high, supported by risk aversion in the stock market and continuing concerns about the direction of the US economy. Spot silver rose 2.6% at one point, continuing its strong gains since this year. The year-on-year increase has exceeded 55%. This surpassed the 43% increase in gold. Driven by favorable factors such as the weakening US dollar, central bank purchases, and rising geopolitical risks, gold has reached more than 30 record highs this year.
State Administration of Radio, Film and Television: “Measures for the Administration of Short Dramas” are being formulated
Han Dong, deputy director of the State Administration of Radio and Television, said on the 25th that a hierarchical management mechanism for the classification of short dramas has been established to standardize the development order, and the “Measures for the Administration of Short Dramas” are being formulated. The plan is to publish them in the form of departmental regulations to provide good legal guarantees for the development of short dramas. It involves the short drama sector of Hong Kong stocks.
Shanghai Pharmaceutical (02607): Shanghai Shangshi Yangtze River Delta transferred 40% of Shanghai Pharmaceutical Group's shares to Shanghai Haitian for about 6.721.5 billion yuan
Zhitong Finance App News, Shanghai Pharmaceutical (02607) announced that the company received the “Simplified Equity Change Report” from Shanghai Shangshi Yangtze River Delta Ecological Development Co., Ltd. (Shanghai Shangshi Yangtze River Delta) on September 24, 2025. Shanghai Shangshi Yangtze River Delta and Shanghai Shangshi (Group) Co., Ltd. (Shanghai Shangshi) signed an “Equity Transfer Agreement” on September 24, 2025. The Shanghai Shangshi Yangtze River Delta Yangtze River Delta (Shanghai Pharmaceutical Group) held 40% of its shares were transferred to Shanghai Shanghai, China. Approximately RMB 6.721.5 billion.
Tianjin Port Development (03382) plans to acquire 40% of Alliance International's shares for 723 million yuan and increase its shareholding to 100%
Zhitong Finance App News, Tianjin Port Development (03382) issued an announcement. On September 25, 2025, Tianjin Port Co., Ltd. (a subsidiary of the Company) and APM Tianjin International Company and PSA China entered into separate APM share transfer agreements and PSA share transfer agreements. Tianjin Port Joint Stock Company agreed to acquire APM Tianjin International Company and PSA China respectively, while APM Tianjin International Company and PSA China Company respectively agreed to sell 20% of their respective shares in the allied international company (that is, Alliance International Company) (Total 40% equity). The cost of the two is approximately RMB 362 million respectively, or the total cost is approximately RMB 723 million.
Baidu Steam Engine Releases General-Purpose AI Long Video Generation Feature
On September 25, Baidu Steam Engine, the world's first integrated video generation model for Chinese audio and video, was upgraded again to release a general-purpose AI long video generation function. It is understood that this feature allows users to generate AI videos of unlimited length. This upgrade is the first in the industry. It breaks through the previous limitation that AI can only generate short videos of 5 seconds or 10 seconds, or rely on the first and last frame to control the length of continuous writing, and uses streaming generation technology to achieve “unlimited” generation capabilities on general-purpose long videos.
ZTE (00763): It has entered the development stage of automotive optical communication products
ZTE said on an interactive platform that the company is actively investing in the research of automotive optical communication solutions and is working with industry partners to accelerate and promote the commercialization process of automotive optical communication. At the standard level, the company actively participated in vehicle optical communication standards organizations. The Vehicle Optical Communication Working Group of the System Architecture Branch of the Society of Automotive Engineers and the Vehicle Communications Working Group of the National Automotive Standardization Committee participated in the formulation of vehicle optical communication standards; at the product level, the company has already entered the development stage of automotive optical communication products, including vehicle-grade optical communication chips, vehicle-level local modules, and vehicle-grade terminal communication modules.
Yilong Network, an affiliate of Tongcheng Group, obtained a payment license
The reporter learned that Yilongwang Information Technology Co., Ltd., an affiliate of Tongcheng Group, obtained a payment license through the acquisition of 100% of the shares of Xinsheng Payment Co., Ltd. Currently, Shinsei Payment's business information has been partially changed. According to people familiar with the matter, relevant information will also be disclosed by the central bank. Regarding these considerations, Elong Network responded that after completing the acquisition, Elong Network will directly benefit from the development of the Hainan Free Trade Port, then use payment as a link to actively seize strategic opportunities in the fields of cross-border commerce, cultural tourism consumption, etc., and help continue to promote the digital upgrading of cultural tourism consumption scenarios. It involves the Hong Kong Stock Exchange Trip (00780).
Shoucheng Holdings (00697): Beijing Robotics Fund invests in Quanzhibo to continue to increase investment layout in the robotics industry
Zhitong Finance App News, Shoucheng Holdings (00697) issued an announcement. Recently, the Beijing Robotics Industry Development Investment Fund (Limited Partnership) (Beijing Robotics Fund) managed by the Group's subsidiary Shoucheng Capital (a wholly-owned subsidiary of the company) invests in Wuxi Quanzhibo Technology Co., Ltd. (Quanzhibo). This investment will strongly push the investee companies to further strengthen core technology research and development, promote the iterative upgrading of manufacturing, and promote the application of robotics technology in a wider range of scenarios.
Keling AI large-scale application launched on Kuaishou Live Stream and launched “AI Vientiane”
On September 24, Kuaishou Live launched the “AI Vientiane” series of gifts, which can customize exclusive gift effects. After uploading and selecting photos and corresponding AI templates, anchors and fans can generate gift effects that look like real people. According to information, “AI Vientiane” was jointly developed and provided with technical support by Keling AI and the live streaming technology team, and this series of gifts is also the first large-scale application of Keling AI in a live broadcast room. Currently, “AI Vientiane” has launched the first batch of 4 gifts. On the day of launch, users paid to create and send out more than 100,000 times. It involves the Hong Kong stock Kuaishou-W (01024).
China Express (03969): Won the bid for four important railway market projects with a total bid amount of about 1.36 billion yuan
China Express announced that the company won bids for four important projects in the railway market, including the new TYRD section of the Nantong to Ningbo high-speed railway line, with a bid amount of 863 million yuan; the FJSGZH-2 section project for the Fuyu to Nenjiang to Jiagedaqi railway renovation project, with a bid amount of 204 million yuan; the HZGDSG-4 project for the construction of the HZGDSG-4 project for the construction of the Hepu to Zhanjiang Railway 4 electricity and related projects, with a bid amount of 186 million yuan; including the overhaul of communication equipment of the White Line, Wayaoba Station, Gaojiacun Station, Shimencun Station, Xibu Station Signals at Gai Station, Wulan Hutong Station, and Baiyun Ebo Station The equipment overhaul project won the bid amount of 107 million yuan. The total bid amount for the four projects was about 1.36 billion yuan, accounting for 4.19% of the company's audited revenue in 2024. The project was implemented in stages on New Year's Eve, and there is uncertainty about the impact on the current results in 2025.
China Railway (00390): won the bid for the 50.215 billion yuan project, accounting for 4.34% of the 2024 revenue
China Railway announced that the company recently won bids for a number of major projects, including railway engineering, highway engineering, municipal and other projects. The total bid amount was approximately RMB 50.215 billion, accounting for 4.34% of the company's revenue in 2024. The specific winning projects include various projects involving various units such as China Railway First Bureau, China Railway Second Bureau, and China Railway Third Bureau. The construction period ranged from 841 calendar days to 1,826 calendar days.
Ganfeng Lithium (01772): The subsidiary Ganfeng Lithium Battery plans to introduce investors to increase capital in monetary terms. The total amount of capital increase will not exceed RMB 2.5 billion
Jiangxi Ganfeng Lithium Battery Technology Co., Ltd., a holding subsidiary of Jiangxi Ganfeng Lithium Group Co., Ltd., plans to introduce investors to increase capital in monetary terms. The total amount of capital increase will not exceed RMB 250,000. This transaction does not constitute a related transaction, nor does it constitute a major asset restructuring. This capital increase is in line with the company's development needs, 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 operating conditions.
Xinjiang Xinxin Mining (03833): Proposed issuance of A shares
Zhitong Finance App News, Xinjiang Xinxin Mining (03833) issued an announcement. On September 25, 2025, the board of directors reviewed and approved a proposal to launch work related to issuing A-shares and listing on a stock exchange in the People's Republic of China in order to promote the company's steady development and sustainable growth of the company's revenue and shareholder returns.
Horizon Robot-W (09660) plans to place 639 million shares to raise approximately HK$6.339 billion
Zhitong Finance App News, Horizon Robot-W (09660) issued an announcement. On September 25, 2025 (after the trading period), the company, the existing shareholders and the manager entered into a placement and subscription agreement. According to this, (i) the existing shareholders each agreed to sell, and the managers each agreed to act as agents of the existing shareholders, and based on their best efforts to cause the undertaker to purchase the allotted shares at a placement price of HK$9.99 per allotted share; and (ii) the existing shareholders each conditionally agreed to subscribe and the company agreed to issue the allotment in accordance with the general mandate buy shares to existing shareholders, The price is equivalent to the placement price of HK$9.99 per placed share. The placement price was discounted by approximately 5.75% from the closing price of HK$10.60 per share as reported on the Stock Exchange on the last trading day.
Jihai Resources (02489) plans to discount about 19.2% and place up to 400 million shares to raise about HK$462 million
According to Zhitong Finance App, Jihai Resources (02489.) announced that on September 25, 2025 (after the trading period), the company and the joint placement agent entered into a placement agreement. According to this, the company has agreed to use the joint placement agent to place up to 400 million shares to no less than six undertakers at a placement price of HK$1.18 per share. The undertaker and its beneficial owner must be independent third parties. The placement price was discounted by approximately 19.2% from the closing price of HK$1.46 per share as reported on the date of the placement agreement.
Meituan-W (03690) released an interim report
Meituan released an interim report, with revenue of 91,840 billion yuan in the first half of the year, an increase of 11.7% over the previous year. Operating profit for the first half of the year was 226 million yuan, up 98.0% year on year.
Alibaba-W (09988): Companies that granted 10% additional common stock to the board of directors hired accounting firms PricewaterhouseCoopers and PricewaterhouseCoopers and PricewaterhouseCoopers
Alibaba's Hong Kong Stock Exchange announced that the Board of Directors was granted general authorization to issue, allocate and/or otherwise process additional common shares of companies up to 10% of the company's issued common shares during the issuance period. The discount for any common stock issued and distributed under this authorization shall not exceed 10% of the benchmark price. For details, please refer to the Call for Entrusted Voting Instructions.
[Individual stock prices are clear]
Shanghai Electric (02727): Supplier of supporting equipment for controlled nuclear fusion
On July 22, 2025, China Fusion Energy Co., Ltd. (hereinafter referred to as “China Fusion Company”) held a listing conference in Shanghai. China Fusion Corporation is a second-level unit directly under CNNC. As an innovator promoting fusion engineering and commercialization in China, after settling in Shanghai, it will focus on overall design, technology verification, digital R&D and other businesses to build a technology R&D platform and capital operation platform.
According to reports, according to the general rules of nuclear energy development of experimental reactors, demonstration reactors, and commercial reactors, China Fusion Energy Co., Ltd. aims for fusion energy commercial targets in 2050 and is jointly developing in Shanghai and Chengdu. China Fusion Corporation 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 (HL-4)”.
According to the Everbright Securities Research Report, in the field of nuclear fusion, Shanghai Electric successfully delivered the world's first magnetic cold state test Dewar for the ITER project, and will also later deliver various core components of host systems, such as the CRAFT project and the compact fusion test device BEST project, which is a major national science and technology infrastructure project.