**Today's Headlines**

**MOFCOM Initiates Anti-dumping Investigation on Related Analog Chips Imported from the US**

According to an announcement on the Ministry of Commerce website, in accordance with Article 16 of the "Anti-dumping Regulations of the People's Republic of China," the Ministry of Commerce has decided to initiate an anti-dumping investigation on related analog chips imported from the US starting from September 13, 2025. The dumping investigation period is set from January 1, 2024, to December 31, 2024, while the industry injury investigation period spans from January 1, 2022, to December 31, 2024.

The investigated products are described as: Commodity Interface IC Chips and Gate Driver IC Chips using 40nm and above process technology in related analog chips. Analog chips are mainly mature process products, and securities firms indicate that the domestic supply chain is relatively mature. Huachuang Securities points out that China's analog chip self-sufficiency rate was approximately 16% in 2024, with consumer electronics leading in domestic substitution rates, while there remains broad substitution space in mid-to-high-end markets such as industrial and automotive sectors.

**Market Outlook**

**Overnight US Stocks Mixed, Large Tech Stocks Mostly Rise**

Overnight US stock markets closed mixed. The Dow Jones Industrial Average fell 273.78 points to close at 45,834.22 points, down 0.59%; the S&P 500 declined 3.18 points to 6,584.29 points, down 0.05%; the Nasdaq Composite gained 98.03 points to 22,141.1 points, up 0.44%. For the week, the S&P 500 gained 1.59%, the Dow rose 0.95%, and the Nasdaq advanced 2.03%.

Large tech stocks mostly rose, with Tesla surging over 7%, while Microsoft and Apple gained over 1%. Popular Chinese ADRs showed mixed performance, with the Nasdaq Golden Dragon China Index closing down 0.11%. Bilibili rose over 4%. The Hang Seng Index ADR declined, calculated proportionally to close at 26,283.07 points, down 105.09 points or 0.40% from Hong Kong's close.

**Hot Topics Preview**

**China-US Talks in Spain to Discuss US Unilateral Tariffs, TikTok and Other Issues**

On September 12, a MOFCOM spokesperson answered questions regarding China-US talks in Spain. As agreed by both sides, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will lead a delegation to Spain for talks with the US from September 14-17. Both parties will discuss US unilateral tariff measures, abuse of export controls, TikTok and other trade issues.

**PBOC: Will Conduct 600 Billion Yuan Outright Reverse Repo Operations on September 15**

To maintain ample liquidity in the banking system, on September 15, 2025, the People's Bank of China will conduct 600 billion yuan outright reverse repo operations through fixed-quantity, rate bidding, and multiple price acceptance methods, with a 6-month (182-day) term.

**Cyberspace Administration: Encourages Financial Institutions to Explore Cross-border Payments Using Digital Yuan**

On the evening of September 13, according to the Cyberspace Administration of China, to promote and regulate the application of electronic documents, improve digitalization levels in goods trade and transportation, reduce overall logistics costs, protect legitimate rights of electronic document participants, and maintain national security and public interest, the Cyberspace Administration has drafted the "Regulations on Promoting and Regulating Electronic Document Applications (Draft for Comments)" based on relevant laws and regulations, now seeking public comments.

**Zijin Mining's Argentina Annual 20,000-Ton Lithium Carbonate Project Commences Production**

According to Zijin Mining, on September 12 local time in Argentina, the production ceremony for the 3Q lithium salt lake project with annual production capacity of 20,000 tons of lithium carbonate by Zijin Mining's lithium subsidiary was held in Fiambala, Catamarca Province. Currently, preliminary work for the second phase project including permit approvals is progressing orderly, with planned lithium carbonate capacity of 40,000 tons annually. After both phases reach full production, annual capacity is expected to reach 60,000-80,000 tons.

**Hua Test Medical (01931) Establishes Joint Venture to Deepen Global On-chain Financial Ecosystem Through "ETHK" Core Brand**

Hua Test Medical (01931) announced that the company recently reached cooperation with ETHK Group to jointly invest in establishing two new companies: ETHK Inc and ETHK HOLDINGS LIMITED (joint ventures). The joint ventures will become subsidiaries of the company, and their financial performance will be consolidated into the group's consolidated financial statements.

**SDHS NEW ENERGY (01250) Signs EPC Contract with China Energy Engineering Second Engineering Company and Zhengchen Technology**

SDHS NEW ENERGY (01250) and Shanggao Holdings (00412) jointly announced that on September 13, 2025, Heze Shanggao Energy (a direct wholly-owned subsidiary of SDHS NEW ENERGY and an indirect non-wholly-owned subsidiary of Shanggao Holdings, as the contracting party) signed an EPC contract with joint contractors (China Energy Engineering Second Engineering Company and Zhengchen Technology). Under the EPC contract, Heze Shanggao Energy agrees to engage joint contractors to provide EPC services for the project, with a total contract value of approximately RMB 1.011 billion (including all taxes) (adjustable upon changes in national tax policies).

**SUNSHINE OIL (02012) Reaches Strategic Cooperation with International Bitcoin Mining Equipment Supplier BitCruiser for Bitcoin Mining Farm Development**

SUNSHINE OIL (02012) announced that on September 14, 2025, it signed a non-binding strategic cooperation agreement with international bitcoin mining equipment supplier BitCruiser Incorporated. According to the agreement, both parties will jointly establish a large-scale bitcoin mining farm in the area owned by SUNSHINE OIL in Canada. The company will be responsible for electricity, natural gas energy, and supporting facilities such as office accommodation and storage equipment, while BitCruiser will be responsible for investing in bitcoin mining equipment and mining farm construction and operation. The company and BitCruiser have reached consensus to quickly form a cooperation team and formulate implementation plans for mining farm development and operation.

**SHANGHAI FUDAN (01385): Has Strengthened Strategic Reserves of Wafers and Key Raw Materials for Core Product Lines**

SHANGHAI FUDAN posted on its WeChat public account that the company has strengthened strategic reserves of wafers and key raw materials for core product lines. Inventory scale has grown from approximately 600 million yuan at the end of 2020 to approximately 3.1 billion yuan at the end of the first half of 2025, with raw materials and work-in-progress totaling approximately 2.1 billion yuan, effectively enhancing supply chain stability and risk resistance capabilities, providing guarantees for continued steady operations.

**FANGZHOU JIANKE (06086): Launches Xingshi Large Model as Foundation for Five Flagship Applications**

The company launched its proprietary "Xingshi" large model as the foundation for its five flagship applications (AI Medication Assistant, AI Health Manager, AI Doctor Assistant, AI Academic Assistant, and AI Search), empowering advanced clinical diagnostic support and personalized chronic disease management. FANGZHOU JIANKE (06086) stated that the company has launched its self-developed "Xingshi" large language model; will cooperate with Zhejiang Otsuka Pharmaceutical to jointly develop comprehensive digital solutions; and has reached cooperation with Innovent Biologics to integrate the company's person-to-person digital health ecosystem with Innovent's weight management therapy product line.

**Individual Stock Highlights**

**ZHOU LIU FU (06168): Stakes in Going Securities**

ZHOU LIU FU (06168) announced that the company invested in Going Securities (HK) Limited through its wholly-owned subsidiary HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED using proprietary funds, indirectly holding 15% equity in Going Securities Limited; simultaneously, Weifu Technology Co., Ltd. (a wholly-owned subsidiary of A-share listed Shanghai Huafeng Spandex Technology Co., Ltd. (stock code: 300180.SZ)) indirectly invested in Going Securities through its wholly-owned subsidiary SwiftPass HongKong Limited, holding 18% stake.

As of this announcement date, all parties have completed investment agreement signing and payment, and this strategic investment has officially materialized. Going Securities is a Hong Kong licensed corporation (CE Number: BPS863) with Type 1, 2, 4, 5, and 9 regulated activity licenses, serving as vice-chairman unit of the "Hong Kong Web3.0 Standardization Association," with outstanding compliance resources and industry integration capabilities.

This cooperation establishes a foundation for long-term strategic collaboration among shareholders in the digital finance field. All parties plan to integrate mature resources in cross-border payments, precious metals, and capital markets, collaboratively promote Going Securities' virtual asset license upgrade, and expand innovative businesses such as Real World Asset (RWA) tokenization. This marks ZHOU LIU FU's official cross-sector expansion into RWA leveraging its asset attributes and channel advantages, exploring compliant development paths and new growth drivers in Hong Kong's digital asset market.