**Today's Headlines**

Eight Departments: Enhance Rare Metal Application Levels

The Ministry of Industry and Information Technology and seven other departments issued the "Work Plan for Stable Growth in the Non-Ferrous Metals Industry," which mentions enhancing rare metal application levels. Focusing on emerging industries such as integrated circuits, industrial machine tools, low-altitude economy, humanoid robots, and artificial intelligence, the plan accelerates application verification of high-end products including high-purity gallium, tungsten carbide, and solid-state battery materials, while promoting innovative applications of frontier materials such as superconducting materials, liquid metals, and high-entropy alloys. The plan encourages downstream user enterprises and research institutions to open application scenarios, create typical application cases, and cultivate emerging markets.

The "Work Plan for Stable Growth in the Non-Ferrous Metals Industry" mentions that through establishing green channels and other means, the approval, filing, energy conservation review, environmental assessment, and safety facility design review processes for mineral resource development projects will be accelerated in accordance with laws and regulations. The plan aims to improve production factor guarantees, strengthen monitoring of mineral resource development and utilization project construction, and promote the commissioning of projects under construction, capacity expansion of operating projects, and construction of new projects. Scientific and reasonable layout of alumina, copper smelting, lithium carbonate and other projects will avoid repetitive low-level construction and improve investment precision and effectiveness.

**Market Outlook**

Overnight US Stocks All Rise, Pan American Silver and Newmont Corporation Up Over 4%

Overnight US stocks closed with gains across the board. The Dow Jones rose 299.97 points or 0.65% to 46,247.29 points; the Nasdaq rose 99.37 points or 0.44% to 22,484.07 points; the S&P 500 index rose 38.98 points or 0.59% to 6,643.70 points. Last week, the Dow fell 0.15%, the S&P 500 declined 0.31%, and the Nasdaq Composite dropped 0.65%.

Metals & mining and automotive stocks led gains, with Century Aluminum up over 7%, Gold Resource Corporation up over 6%, and Pan American Silver and Newmont Corporation up over 4%. Most popular Chinese concept stocks declined, with Li Auto down over 5%. Hang Seng Index ADR rose, closing at 26,253.57 points on a proportional basis, up 125.37 points or 0.48% from Hong Kong's close.

COMEX gold futures front-month contract rose $37.90 or 1.01% to $3,809.0 per ounce.

**Hot Prospects**

Hong Kong Financial Secretary: Hong Kong to Build Global Fixed Income and Currency Products Hub

Hong Kong SAR Government Financial Secretary Paul Chan published a blog post on September 28, stating that Hong Kong is making full efforts to promote the development of fixed income and currency markets, with the goal of building into a globally important fixed income and currency products hub.

Ministry of Industry and Information Technology and Two Other Departments: Launch 2025 High-End Medical Equipment Promotion and Application Project Application Work

The General Office of the Ministry of Industry and Information Technology, General Office of the National Health Commission, and Comprehensive Planning and Finance Department of the National Medical Products Administration issued a notice on launching 2025 high-end medical equipment promotion and application project applications. The notice states that to thoroughly implement the Healthy China and Manufacturing Power strategies and accelerate innovative development of high-end medical equipment through large-scale application of new technologies, products, and scenarios, the 2025 high-end medical equipment promotion and application project application work will focus on key products and typical scenarios, selecting projects with leading national levels in technological innovation and clinical application that have strong leading and driving effects on medical-industrial collaborative innovation, pilot verification, clinical research, iterative upgrading, and promotion applications. This year focuses on promoting applications in 5 key product categories and 4 typical scenario categories.

State Administration for Market Regulation Issues "Supervision and Management Regulations for Restaurant Service Chain Enterprises to Fulfill Food Safety Main Responsibilities"

At a press conference held by the State Administration for Market Regulation, the "Supervision and Management Regulations for Restaurant Service Chain Enterprises to Fulfill Food Safety Main Responsibilities" was officially released and will take effect on December 1, 2025. The regulations clarify that food safety supervision of restaurant service chain enterprise headquarters with more than 10,000 stores, 1,000 to 9,999 stores, and fewer than 999 stores will be handled by provincial, municipal, and county-level market regulation departments respectively. Provincial market regulation departments are required to determine annually in January which enterprise headquarters will be supervised by various levels of market regulation departments within their administrative regions based on changes in the number of stores managed by restaurant service chain enterprise headquarters.

Multiple Provinces and Cities Follow Express Delivery Price Increases to Counter Internal Competition, Some Outlets Earn Additional 1 Million Monthly

The express delivery industry's vigorous anti-internal competition reform is gradually breaking the previous low-price competition deadlock. This change is beginning to reflect in enterprise performance. Recently, operating performance data for August disclosed by four listed express delivery companies showed that revenue per parcel generally achieved month-over-month increases. According to industry sources, nearly 10 regions have initiated anti-internal competition price increase actions, involving Zhejiang, Fujian, Hunan, Jiangxi, Liaoning, Heilongjiang, Shanghai, and other provinces and cities. Although outlets face certain short-term challenges, positive effects from price adjustments are beginning to emerge. A Yiwu express delivery franchisee stated that since large-scale price increases in the region, outlet revenue has improved significantly. "Based on current business volume estimates, if revenue per parcel increases by 0.1 yuan, outlets are expected to generate an additional 1-1.5 million yuan in monthly revenue during peak periods, effectively improving outlet cash flow and profitability."

CHINA MOBILE (00941) and Others Release Super Node Intelligent Computing Application "Beijing Plan"

On September 28, over 30 core industrial chain enterprises and research institutions including CHINA MOBILE, Inspur Information, Beijing Shenke, and Zhiyuan Research Institute jointly released the Super Node Intelligent Computing Application "Beijing Plan" at the AICC2025 Artificial Intelligence Computing Conference. The plan aims to address the contradiction between growing AI computing demand and insufficient support from traditional computing architectures, providing critical infrastructure support for high-quality development of the artificial intelligence industry.

Alibaba's Tongyi 7 Models Dominate Global Open Source Top 10, Qwen3-Omni Takes First Place

On September 28, Hugging Face, the world's largest AI open source community, released its latest model rankings. Seven Alibaba Tongyi models were selected for the global top 10 open source model list, almost achieving a clean sweep, with the newly open-sourced multimodal large model Qwen3-Omni taking first place. According to reports, Qwen3-Omni is Alibaba's latest open-source multimodal large model that can process four different types of data: text, images, voice, and video, capable of "listening, speaking, and writing" like humans. Qwen3-Omni maintains stable single-modal text and image performance while achieving strong audio and audiovisual capabilities, marking the industry's first achievement of this training effect. It will be deployable in scenarios such as automotive, smart glasses, and mobile phones. This involves Hong Kong-listed Alibaba-W (09988).

CMS (00867): Class 1 New Drug MG-K10 Humanized Monoclonal Antibody Injection Receives Additional Phase III Clinical Trial Approval for Chronic Spontaneous Urticaria Indication

CMS (00867) announced that its subsidiary Dermai Pharmaceutical Limited's Class 1 new drug anti-IL-4Rα MG-K10 humanized monoclonal antibody injection (MG-K10), for which it holds co-development rights (except for atopic dermatitis) and exclusive commercialization rights, received a Drug Clinical Trial Approval Notice issued by China's National Medical Products Administration (NMPA) on September 28, 2025. NMPA approved the Phase III clinical trial of MG-K10 for chronic spontaneous urticaria (CSU).

BAIYUNSHAN PH (00874): Guangyao Phase II Fund Plans to Acquire 11.04% Stake in Nanjing Pharmaceutical for 748.8 Million Yuan

BAIYUNSHAN PH (00874) announced that on September 26, 2025, the buyer (Guangyao Phase II Fund, a partnership controlled by the company) and the seller (AHAPL) entered into a share transfer agreement. Under the agreement, the buyer agrees to acquire and the seller agrees to sell 11.04% equity in the target company (Nanjing Pharmaceutical Co., Ltd.) for RMB 748.8 million. Upon completion of the acquisition, the buyer will hold 11.04% equity in the target company.

Longpan Times Suspended Production on September 25, Expected to Resume Production in November

Industry sources revealed that due to CATL's Yichun lithium mine stopping raw material supply, Longpan Times, a joint venture between CATL and Longpan Technology, suspended production on Thursday. On September 28, field investigation at the Longpan Times factory in Yifeng County Industrial Park, Yichun City, Jiangxi Province confirmed that Longpan Times suspended production on September 25, with most employees on leave, and production expected to resume in November. Notably, November is when market rumors suggest CATL's Yichun Ganxiawo lithium mine will resume operations. Longpan Technology representatives stated that Longpan Times was still producing normally in September, with future production depending on raw material procurement. Longpan Times is actively expanding procurement sources, including mines outside the province, making every effort to restart production lines as soon as possible.

**Individual Stock Highlights**

TONGGUAN GOLD (00340): Gold Mining and Recovery Business Benefits from Rising Gold Prices

Guosen Securities recently noted that the company is a developing gold mining enterprise with main business in gold mining and recovery. The company's gold mining areas are located in Tongguan, Shaanxi and Subei, Gansu. As of the end of 2024, the company maintained gold resources with an average grade of 8.26 grams/ton, total resources of 55 tons, and achieved gold production of 2.5 tons that year. Additionally, in April this year, the company signed a long-term gold streaming agreement with Zijin Metal Co., Ltd., a subsidiary of Zijin Mining. Zijin prepaid $25 million in cash as early funding support, with the company committing to deliver approximately 422 kilograms of gold from Subei Beidong Mining over the next 9 years.