**Market Overview**
The market has temporarily slowed its pace as the benefits from interest rate cuts have passed, with investors now anticipating new stimulus measures. The Hang Seng Index traded in a narrow range today, closing flat. Tonight, the leaders of China and the United States will hold a phone call, though the potential outcomes remain uncertain. Based on current trends, expectations appear subdued.
Gold-related safe haven assets are gaining momentum. ZIJIN MINING (02899) announced that on September 19, 2025, the company received notice from its subsidiary Zijin Gold International Limited that it had published a prospectus for its listing on the Hong Kong Stock Exchange website. The stock surged nearly 3% on increased volume today, while Shandong Gold (01787) rose over 6%.
Recently, the market's most significant change has been the underperformance of traditional banking, insurance, and securities sectors, causing index gains to be less smooth. This is likely related to insurance companies' portfolio adjustments, as insurers favor bank stocks and cross-hold insurance stocks. Additionally, with the opening of the interest rate cut cycle, banks' dividend advantages are waning while growth stock narratives gain dominance.
**Technology Sector Catalyst**
The latest technology stimulus emerged when two chip giants, Intel and Nvidia, "suddenly" announced a collaboration on the evening of September 18, Beijing time. This is indeed a win-win choice, particularly benefiting Intel, whose stock price surged over 22%. Intel faces significant pressure from AMD while lacking achievements in AI development, watching Nvidia thrive without enjoying the benefits.
Following their collaboration, both companies will jointly develop multiple generations of customized data center and personal computer products. Intel will customize x86 processors for Nvidia and launch x86 architecture system-on-chip (SoC) products integrating Nvidia RTX GPU chiplets for the market.
For Nvidia, it also faces various unfavorable factors, especially in the Chinese market, where the U.S. restricts high-end chip sales, and even the downgraded versions they developed are unwanted, with virtually no orders. Chinese domestic chips have caught up, offering performance comparable to downgraded versions with better compatibility. Therefore, Nvidia also needs to collaborate with Intel, given its numerous custom clients.
Yesterday's discussion of Huawei's official announcement of the Ascend chip iteration timeline, launching the world's strongest super nodes and clusters, highlights Huawei's breakthrough in the entire ecosystem.
August's golden stock FIT HON TENG (06088) directly exploded, as the stock combines collaboration concepts with giants like Nvidia, Huawei, Broadcom, and Apple, surging over 21% today. September's golden stock SenseTime (00020) rose nearly 5% again.
Yesterday's mentioned Yangtze Optical Fibre (06869) issued an announcement stating the company noticed recent high market attention on optical fiber and cable products related to computing power data centers, especially hollow-core optical fibers. Currently, optical fiber and cable products related to data centers represent a small proportion of total global demand.
The market values the growth potential of hollow-core optical fibers. Although the current proportion is small, future prospects are vast since hollow-core optical fibers represent the future direction. If all were replaced with this type, the incremental growth would be considerable, and without competitors, capital is willing to pay high premiums. The stock rose over 8% again today.
**Solid-State Battery Policy Support**
Solid-state battery policies continue to strengthen. The Ministry of Industry and Information Technology stated it will accelerate R&D and industrialization of forward-looking technologies including solid-state batteries, sodium-ion batteries, and all-climate batteries.
Ganfeng Lithium (01772) reported positive progress in solid-state batteries, with 500Wh/kg 10Ah solid-state batteries achieving small batch production, energy density reaching 420Wh/kg, passing needle penetration and 200°C hot box safety tests, with cycle life exceeding 800 times. In commercial cooperation, the company collaborates with renowned drone and eVTOL enterprises, with samples entering airworthiness certification processes. The stock surged over 9% today.
Tianneng Power (00819) announced its self-developed quasi-solid-state battery achieved energy density of 511Wh/kg and passed national third-party testing certification. Its Panshi series solid-state battery products also achieved 300Wh/kg energy density, suitable for high-performance electric motorcycles, rising nearly 4%.
**Gaming Stocks Rally**
Gaming stocks strengthened collectively today. During the National Day Golden Week, hotel bookings are nearly "fully booked." Current safety concerns in Asian regions like Thailand and the Philippines have led mainland tourists to choose Macau as their destination. More tourists benefit all gaming enterprises, and even without gambling, other consumption is considerable. This growth momentum may continue through year-end.
Melco International (00200), Wynn Macau (01128), and Sands China (01928) all gained over 6%.
**New Energy Vehicle Performance**
New energy vehicle stocks performed well. On September 20, NIO Day 2025 will officially be held, when the new ES8 will officially launch. On September 17, NIO announced successful completion of $1.16 billion financing. NIO-SW (09866) rose over 4%.
XPeng Motors-W (09868) officially announced this morning that from January to August, XPeng delivered over 24,702 vehicles in 46 overseas countries and regions, a year-over-year increase of over 137%. Additionally, overseas stores doubled to 275. From January to August, XPeng not only ranked first in new energy pure electric sales in 12 countries and regions but also topped the new energy brand total sales charts in 32 countries/regions. In Europe, XPeng also achieved the new energy pure electric sales championship during the same period. The momentum appears strong, rising over 3%.
**Other Notable Moves**
The robotics sector saw clarification. Yesterday's discussion of Tesla's Optimus 3+ humanoid robot receiving 10,000 orders was directly denied by Musk as fake news, causing Sanhua Intelligent Controls (02050) to fall over 6%, though the overall industry trend remains unaffected.
Evergrande Property (06666) mainly speculated on potential acquisition. The company recently announced that China Evergrande's liquidators plan to sell a combined 51.016% stake held by China Evergrande and CGE Holdings, having received non-binding indicative offers from some interested parties. As relatively high-quality assets within the Evergrande system, with annual revenue exceeding 10 billion yuan and third-ranked managed area in the industry, it has stable earning capacity and considerable attractiveness, depending on price and debt resolution. The stock rose over 6% today.
Summit Ascent Holdings (00412) announced that the Hong Kong Securities and Futures Commission recently inquired about the company's shareholding distribution. Results showed highly concentrated ownership, with only 453.5 million shares (7.54% of issued share capital) held by other shareholders. High control concentration essentially amounts to market manipulation, causing the stock to plummet over 76% today.
**Sector Focus**
The State Council Information Office will hold a "High-Quality Completion of the 14th Five-Year Plan" themed press conference on Monday, September 22, 2025, at 3 PM, featuring PBOC Governor Pan Gongsheng, NFRA Director Li Yunze, CSRC Chairman Wu Qing, and PBOC Deputy Governor and SAFE Administrator Zhu Hexin introducing financial sector achievements during the 14th Five-Year Plan period.
Shanghai optimized and adjusted local individual housing property tax pilot policies. For newly purchased homes in the city that are families' first homes, property tax is temporarily exempted. For newly purchased second or additional homes, when combined family total housing area per capita exceeds 60 square meters, property tax is calculated and collected on the excess area of newly purchased homes according to interim measures.
Overall, the real estate industry should be the market's primary concern, awaiting potential stimulus policies. Main Hong Kong-listed real estate varieties include: China Vanke (02202), China Overseas Development (00688), Longfor Group (00960), Yuexiu Property (00123), Sunac China (01918), and Shimao Group (00813).
**Individual Stock Focus**
**MAO GEPING (01318): Expanding Brand Overseas, Continuously Enriching Skincare Product Matrix**
Nine departments including the Ministry of Commerce released "Several Policy Measures on Expanding Service Consumption," proposing 19 measures across 5 areas including cultivating service consumption promotion platforms and enriching high-quality service supply.
The company's 2025H1 sales reached 2.588 billion yuan, a 31.3% year-over-year increase. Cosmetics revenue was 1.422 billion yuan, accounting for 55.1%, with 31.1% year-over-year growth.
**Commentary:** These measures are expected to bring development opportunities to the service consumption sector. The company is successfully expanding product categories:
1) Skincare: Essence and cream product matrices continue enriching, with 1H25 launching Black Gold Water and gradual volume growth of the Black Gold series; September saw the launch of new Spark Origin series.
2) Cosmetics: Enriching color products, with 1H25 launching new Star Vault eyeshadows and Q3 introducing new earth-tone eyeshadows.
3) Fragrance: Launched 13 new products in May, with July-August still supply-constrained and positive market feedback.
The flagship product strategy continues delivering, with core base makeup series (Caviar Cushion, Soft Gauze 4.90 powder compact) both achieving over 200 million yuan retail sales. Offline entry into premium counters confirms strengthened brand momentum, with 1H25 same-store growth of approximately 18%. Online: July-August MAO GEPING Tmall + Douyin combined GMV increased 47% year-over-year, continuing high growth.
Expanding brand overseas: The company has entered Hong Kong Sephora and expects to open its first Hong Kong Harbour City counter in October, potentially expanding to Southeast Asia, Japan, Europe, and America from 2026.
The company is successfully expanding product categories, with Q3 skincare launching new Spark Origin series, cosmetics supplementing color products, and fragrances receiving positive market feedback. Channel-wise, offline entry into premium counters and online continuation of high growth momentum, while simultaneously expanding overseas to open medium-to-long-term growth space.