**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 Hong Kong Stock Connect trading arrangements during the 2025 National Day and Mid-Autumn Festival holidays. Hong Kong Stock Connect services will be suspended from October 1 to October 8, with normal services resuming on October 9. Additionally, September 28 and October 11 will be weekend closures. Clearing and settlement matters for Hong Kong Stock Connect trading will be arranged according to China Securities Depository and Clearing Corporation Limited.

China Securities Depository and Clearing: September 29 and September 30, 2025 are additional Hong Kong Stock Connect trading days.

**Market Outlook**

**Nasdaq Golden Dragon China Index Closes Up 0.42%**

Overnight U.S. markets closed with the Dow Jones Industrial Average down 173.96 points to 45,947.32, a decline of 0.38%; the S&P 500 fell 33.25 points to 6,604.72, down 0.5%; the Nasdaq Composite dropped 113.16 points to 22,384.7, declining 0.5%.

Most major tech stocks declined, with Oracle falling over 5% as the company seeks $18 billion in debt financing. Micron Technology, Taiwan Semiconductor, Meta, Amazon, Microsoft, and Google followed suit, while Tesla dropped 4.38%. Apple rose over 1.8%, and NVIDIA and Netflix posted slight gains.

Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index up 0.42%. Kingsoft Cloud surged over 6%, NIO, XPeng Motors, and Bilibili gained over 4%, while Baidu and Li Auto rose over 1%.

Hang Seng Index ADR declined, calculated proportionally to close at 26,404.18 points, down 80.50 points or 0.30% from Hong Kong's close.

Trump: Starting October 1, 2025, we will impose 100% tariffs on any branded or patented drugs.

**Hot Topics Outlook**

**Fed Governor Milan: Can Cut Rates by 50 Basis Points Consecutively in a Very Short Time**

Fed Governor Milan stated that if the Federal Reserve doesn't lower rates quickly, it risks economic damage. He believes the Fed's current policy rate of 4% to 4.25% is highly restrictive, well above his estimate of the "neutral" level. Milan emphasized the importance of beginning rate adjustments faster rather than slower, noting that economies are more vulnerable to downside shocks when monetary policy is restrictive. He expressed that consecutive 50 basis point cuts in a short time are possible, followed by more cautious action once targets are reached.

**Silver Breaks Above $45 for First Time Since 2011, Gold Approaches Record High**

Silver surged above $45 per ounce for the first time in 14 years, while gold approached another record high, supported by stock market risk aversion and ongoing concerns about the U.S. economic trajectory. Spot silver rose as much as 2.6%, continuing its strong rally with year-to-date gains exceeding 55%. This surpassed gold's 43% gain, with gold setting over thirty record highs this year amid a weakening dollar, central bank purchases, and rising geopolitical risks.

**National Radio and Television Administration: Drafting "Micro-Drama Management Measures"**

The Deputy Director of the National Radio and Television Administration stated on September 25 that they are establishing a classified management mechanism for micro-dramas and drafting "Micro-Drama Management Measures" to be issued as departmental regulations, providing legal protection for micro-drama development. This affects Hong Kong-listed micro-drama sector stocks.

**Shanghai Pharmaceuticals (02607): Shanghai Shijishang Changjiang Delta Transfers 40% Stake in Shanghai Pharma Group to Shanghai Shijishi for Approximately 6.72 Billion Yuan**

Shanghai Pharmaceuticals (02607) announced receiving a "Simplified Equity Change Report" from Shanghai Shijishang Changjiang Delta Ecological Development Co., Ltd. on September 24, 2025. The company signed an equity transfer agreement with Shanghai Shijishi (Group) Co., Ltd. to transfer its 40% stake in Shanghai Pharmaceuticals (Group) Co., Ltd. for approximately 6.72 billion yuan.

**Tianjin Port Development (03382) to Acquire 40% Stake in Alliance International for 723 Million Yuan, Increasing Holdings to 100%**

Tianjin Port Development (03382) announced that on September 25, 2025, Tianjin Port Co., Ltd. (a subsidiary) entered into equity transfer agreements with APM Tianjin International and PSA China to acquire their respective 20% stakes in Alliance International (totaling 40%) for approximately 362 million yuan each, with a total consideration of approximately 723 million yuan.

**Baidu's Steam Engine Releases Universal AI Long Video Generation Feature**

On September 25, Baidu's Steam Engine, the world's first Chinese audio-visual integrated video generation model, launched universal AI long video generation capabilities supporting unlimited-length AI video generation. This breakthrough overcomes previous limitations of AI generating only 5-10 second videos, using streaming generation technology for "unlimited" generation capacity in universal long videos.

**ZTE Corporation (00763): Entered Vehicle-Mounted Optical Communication Product Development Phase**

ZTE Corporation stated on an interactive platform that the company is actively investing in vehicle-mounted optical communication solutions research, partnering with industry players to accelerate commercialization. At the standard level, ZTE participates in vehicle-mounted optical communication standard organizations. At the product level, the company has entered the development phase for vehicle-grade optical communication products, including automotive-grade optical communication chips and modules.

**Tongcheng Group's Affiliated Company eLong Acquires Payment License**

Tongcheng Group's affiliated company eLong Network Information Technology Co., Ltd. acquired a payment license through the acquisition of 100% equity in New Life Payment Co., Ltd. This involves Hong Kong-listed Tongcheng Travel (00780).

**Shougang Holdings (00697): Beijing Robot Fund Invests in Quanzhibo, Continuing Robot Industry Investment Layout**

Shougang Holdings (00697) announced that the Beijing Robot Industry Development Investment Fund managed by its subsidiary recently invested in Wuxi Quanzhibo Technology Co., Ltd., promoting core technology R&D and manufacturing upgrades in robotics applications.

**Kuaishou Live Launches "AI Wonderland" with Large-Scale Kling AI Application**

On September 24, Kuaishou Live launched the "AI Wonderland" series of customizable gift effects powered by Kling AI technology. This marks Kling AI's first large-scale application in live streaming, with over 100,000 paid creations on the launch day. This affects Hong Kong-listed Kuaishou-W (01024).

**China Railway Signal & Communication (03969): Won Four Railway Projects Worth Approximately 1.36 Billion Yuan**

China Railway Signal & Communication announced winning four major railway projects totaling approximately 1.36 billion yuan, representing about 4.19% of the company's 2024 audited operating revenue.

**China Railway Construction Corporation (00390): Won Engineering Projects Worth 50.22 Billion Yuan, 4.34% of 2024 Revenue**

China Railway Construction Corporation announced winning multiple major projects with a total value of approximately 50.22 billion yuan, representing about 4.34% of the company's 2024 operating revenue.

**Ganfeng Lithium (01772): Subsidiary Ganfeng Lithium Battery Plans Capital Increase Not Exceeding 2.5 Billion Yuan**

Jiangxi Ganfeng Lithium Battery Technology Co., Ltd., a controlling subsidiary of Jiangxi Ganfeng Lithium Co., Ltd., plans to introduce investors for capital increase not exceeding 2.5 billion yuan through monetary contribution.

**Xinjiang Xinxin Mining (03833): Proposes A-Share Issuance**

Xinjiang Xinxin Mining (03833) announced that the board approved the proposal to develop A-share issuance and listing work on a Chinese securities exchange on September 25, 2025.

**HorizonRobot-W (09660) Plans to Place 639 Million Shares, Raising Net Proceeds of Approximately 6.34 Billion Hong Kong Dollars**

HorizonRobot-W (09660) announced that on September 25, 2025 (after trading hours), the company, existing shareholders, and managers entered into placement and subscription agreements. The placement price is HK$9.99 per share, representing a discount of approximately 5.75% to the closing price of HK$10.60 per share on the last trading day.

**Ji Hai Resources (02489) Plans to Place Up to 400 Million Shares at 19.2% Discount, Raising Net Proceeds of Approximately 462 Million Hong Kong Dollars**

Ji Hai Resources (02489) announced entering into a placement agreement on September 25, 2025 (after trading hours), with a placement price of HK$1.18 per share, representing a discount of approximately 19.2% to the closing price of HK$1.46 per share.

**Meituan-W (03690) Releases Interim Report**

Meituan released its interim report showing revenue of 91.84 billion yuan in the first half, up 11.7% year-on-year. Operating profit reached 226 million yuan, up 98.0% year-on-year.

**Alibaba-W (09988): Grants Board Authority for 10% New Ordinary Shares, Appoints PwC as Auditor**

Alibaba announced granting the board general authority to issue up to 10% of the company's issued ordinary shares, with any discount not exceeding 10% of the benchmark price.

**Individual Stock Highlights**

**Shanghai Electric (02727): Controllable Nuclear Fusion Supporting Equipment Supplier**

China National Fusion Energy Corporation was established in Shanghai on July 22, 2025, as a subsidiary of China National Nuclear Corporation. The company aims for commercial fusion energy by 2050, developing in Shanghai and Chengdu. Shanghai Electric has successfully delivered the world's first ITER project magnet cold test dewar and will deliver core components for multiple major projects including CRAFT and BEST.

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