Zhitong Hong Kong Stock Early Knowledge | Powell hints that the Federal Reserve may cut interest rates in September, China Telecom, JD LOGISTICS, and POP MART turn blue

【Today's Headlines】

Powell hints at possible Fed rate cut in September

Federal Reserve Chairman Powell stated at the Jackson Hole Global Central Bank Annual Meeting that the situation indicates an increased risk of a downturn in U.S. employment. Changes in the balance of risks may constitute a reason to adjust policy. Powell noted that the Fed still believes that uncertainty estimates suggesting employment may exceed its maximum sustainable level do not necessarily require tightening of policy.

【Market Outlook】

Nasdaq China Golden Dragon Index rises 2.73%

As of the market close last weekend, the Dow Jones Industrial Average rose 846.24 points, an increase of 1.89%, closing at 45,631.74 points; the Nasdaq Composite rose 396.22 points, an increase of 1.88%, closing at 21,496.53 points; the S&P 500 Index rose 96.74 points, an increase of 1.52%, closing at 6,466.91 points. On Friday, the Dow reached a new intraday high of 45,787.84 points. Google (GOOG.US) closed up 3.17%, and Intel (INTC.US) rose 5.53%.

The Nasdaq China Golden Dragon Index rose 2.73%, with MINISO (MNSO.US) soaring 20.25%, Nio (NIO.US) up 14.60%, and XPeng (XPEV.US) rising 4.46%. The Hang Seng Index ADR increased, closing at 25,555.78 points, up 216.64 points or 0.85% compared to the Hong Kong close.

【Hot Topics Ahead】

Hang Seng Index quarterly review results released! China Telecom (00728), JD LOGISTICS (02618), and POP MART (09992) added to the blue-chip list, increasing the number of constituent stocks to 88

According to Zhitong Finance APP, on August 22, Hang Seng Index Company announced the results of the quarterly review of the Hang Seng Index series as of June 30, 2025. All changes will be implemented after the market closes on September 5, 2025 (Friday) and will take effect from September 8, 2025 (Monday). Among them, China Telecom (00728), JD LOGISTICS (02618), and POP MART (09992) will be included in the Hang Seng Index constituent stocks, increasing the number of constituent stocks from 85 to 88.

Express delivery fees rise; e-commerce clients in Guangdong and Zhejiang adjust prices first

Several express delivery companies in the e-commerce hubs of Guangdong and Zhejiang have recently raised prices for e-commerce clients. Guangdong is a key area for price adjustments, with increases ranging from 0.3 yuan to 0.7 yuan per item, while also setting a baseline price of 1.4 yuan per order. Industry insiders indicate that Guangdong contributes the largest volume of orders for express delivery companies, while also contributing extremely low prices, with the previous 0.8 yuan nationwide rate originating from this area. It is understood that this price increase is an adjustment made in the context of combating excessive competition. In July of this year, the State Post Bureau held meetings and discussions with express delivery companies, clearly stating the need to address excessive competition in the industry.

Relevant officials from the National Development and Reform Commission answer reporters' questions about the "Rules for Pricing Behavior of Internet Platforms (Draft for Comments)"

According to Zhitong Finance APP, on August 23, relevant officials from the National Development and Reform Commission answered reporters' questions regarding the "Rules for Pricing Behavior of Internet Platforms (Draft for Comments)." It was mentioned that Chapter Four of the "Behavior Rules" focuses on "regulating pricing competition behavior," detailing the identification standards for improper pricing behaviors such as predatory pricing, price discrimination, price fraud, price collusion, and price gouging in the platform economy Preventing disorderly competition from distorting resource allocation and price signals. In addition, the "Behavioral Rules" stipulate that platform operators and operators within the platform must not collude to manipulate market prices; they must not fabricate or spread information about price increases to drive up prices.

State Council Meeting: Review and Approve the "Three Norths" Project Overall Plan

Li Qiang presided over a State Council executive meeting, reviewing and approving the "Three Norths" Project Overall Plan. The meeting pointed out that implementing the "Three Norths" project is a major national strategy related to China's ecological security, national strength construction, and sustainable development of the Chinese nation. There is a need to enhance the sense of mission and responsibility, persistently promote project construction, and effectively build a strong ecological security barrier in northern China. It is necessary to strengthen planning coordination, better implement integrated protection and systematic governance of mountains, rivers, forests, fields, lakes, grass, and sand, and implement supportive policies in finance, taxation, and land to guide localities to develop characteristic industries suited to local conditions, achieving a win-win situation in ecological, economic, and social benefits. Responsibilities for later management and maintenance must be solidified, and a long-term mechanism should be explored to encourage various operating entities to jointly improve the latter part of the project construction.

"Interim Measures for Total Control Management of Rare Earth Mining and Rare Earth Smelting Separation" Released

The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources released the "Interim Measures for Total Control Management of Rare Earth Mining and Rare Earth Smelting Separation," which states that the state will implement total control management over rare earth mining (including rare earth mineral products) and the smelting separation of various rare earth mineral products obtained through mining, importing, and processing other minerals (including monazite concentrate).

Analysts pointed out that total control management over the mining, smelting, and separation of rare earths can more effectively control this strategic resource, providing guarantees for national economic and national defense security, and occupying a strategic position of advantage in international competition. Brokerage institutions believe that under the dual drive of increased supply control and explosive high-end demand, the strategic value of the rare earth permanent magnet sector continues to stand out, with expectations that the price center of rare earths will continue to rise in 2025-2026.

Ganfeng Lithium (01772): The company's lithium sulfide products have been supplied to multiple downstream customers

Ganfeng Lithium announced the investor relations activity record, stating that in the field of sulfide solid-state battery materials, the company is simultaneously laying out two key materials: lithium sulfide and sulfide electrolytes. The company's lithium sulfide products have a main content of ≥99.9% and D50 ≤5μm. With high purity, low impurity content, and excellent consistency, they meet the technical requirements for high-conductivity solid-state electrolyte materials, and have passed customer quality certification, supplying multiple downstream customers. At the same time, the company is actively developing more cost-effective lithium sulfide preparation processes.

Huaxing Capital Holdings (01911) plans to establish a strategic cooperation framework with YZi Labs to support the application of Binance Coin and the BNB Chain ecosystem, and establish a mutually empowering cooperative relationship

According to Zhitong Finance APP, Huaxing Capital Holdings (01911) announced that on August 22, 2025, the company signed a strategic cooperation memorandum with YZILabs Management Ltd (YZi Labs), planning to establish a strategic cooperation framework with YZi Labs to support the application of Binance Coin (BNB) and the BNB Chain ecosystem, and establish a mutually empowering cooperative relationship: the company will empower the BNB Chain ecosystem through its financial expertise while gaining investment banking opportunities in high-quality projects within the BNB Chain ecosystem Financial services and better investment opportunities, as well as applying such opportunities to the core business development of the company.

China Nuclear Huaxing (01763): Radiation source R&D production base successfully approved for radiation safety license

According to Zhitong Finance APP, China Nuclear Huaxing (01763) announced that recently, its subsidiary Sichuan Zhonghe Tongyuan Technology Co., Ltd.'s radiation source R&D production base "the project" successfully obtained the radiation safety license, officially qualifying for the production and sales of radiation sources, with products gradually entering the market.

TCL Electronics (01070) releases interim results: Net profit attributable to shareholders of HKD 1.09 billion, an increase of 67.78% year-on-year

According to Zhitong Finance APP, TCL Electronics (01070) released its interim results for the six months ending June 30, 2025, with revenue of HKD 54.777 billion, an increase of 20.41% year-on-year; gross profit of HKD 8.366 billion, an increase of 15.99% year-on-year; net profit attributable to shareholders of HKD 1.09 billion, an increase of 67.78% year-on-year; basic earnings per share of HKD 0.4514.

CRRC Corporation Limited (01766) releases interim results: Net profit attributable to shareholders of RMB 7.246 billion, an increase of 72.48% year-on-year

According to Zhitong Finance APP, CRRC Corporation Limited (01766) released its interim results for the first half of 2025, with operating revenue of RMB 119.758 billion, an increase of 32.99% year-on-year; net profit attributable to shareholders of RMB 7.246 billion, an increase of 72.48% year-on-year; basic earnings per share of RMB 0.25.

China Tobacco Hong Kong (06055) releases interim results: Profit attributable to shareholders of HKD 706 million, an increase of 9.79% year-on-year

According to Zhitong Finance APP, China Tobacco Hong Kong (06055) released its interim results for the six months ending June 30, 2025, with revenue of HKD 10.316 billion, an increase of 18.52% year-on-year; profit attributable to shareholders of HKD 706 million, an increase of 9.79% year-on-year; basic earnings per share of HKD 1.02; proposed interim dividend of HKD 0.19 per share.

Zhaojin Mining Industry (01818) releases interim results: Profit attributable to shareholders of approximately RMB 1.44 billion, an increase of approximately 160.44% year-on-year

According to Zhitong Finance APP, Zhaojin Mining Industry (01818) released its interim results for the six months ending June 30, 2025, with group revenue of approximately RMB 6.973 billion, an increase of approximately 50.69% year-on-year; net profit of approximately RMB 1.777 billion, an increase of approximately 144.58% year-on-year; profit attributable to the parent company's shareholders of approximately RMB 1.44 billion, an increase of approximately 160.44% year-on-year; basic and diluted earnings per share attributable to ordinary shareholders of the parent company of approximately RMB 0.38, an increase of approximately 216.67% year-on-year.

[Stock Highlights]

Dongfeng Motor Group Co., Ltd. (00489) plans to be privatized at a premium, Voyah applies for a listing introduction

Dongfeng Motor Group Co., Ltd. (00489) and the offeror Dongfeng Motor Group (Wuhan) Investment Co., Ltd. jointly announced that on August 22, 2025, the offeror and the company entered into a proposed transaction: (1) Distribution and Introduction to Listing: The company has resolved to distribute its shares in Voyah to existing shareholders, and Voyah will apply for the introduction of its H shares for listing, subject to the fulfillment of distribution conditions; and

(2) Merger: At the same time, the offeror and the company will enter into a merger agreement, which stipulates that, in accordance with and subject to the conditions and terms of the merger agreement (including merger prerequisites and merger conditions), the offeror and the company agree to implement the merger with cash consideration for all H shareholders (excluding the H shares directly held by Dongfeng Motor Corporation). Upon the fulfillment of the merger prerequisites and all conditions for the merger to take effect, the company will apply to the Stock Exchange for the voluntary withdrawal of the H shares from listing on the Stock Exchange.

The completion of the distribution, introduction to listing, and merger are mutually conditional, and the distribution, introduction to listing, and merger will occur on the same day or around the same time.

According to the proposed transaction, H shareholders will receive 0.3552608 shares of Voyah H shares for each H share held on the distribution record date through the distribution and introduction to listing. In addition, H shareholders (excluding the H shares directly held by Dongfeng Motor Corporation) will receive a cancellation price of HKD 6.68 per H share in cash. Based on the valuation advisor's estimated median valuation of HKD 11.735 per share for Voyah H shares as of July 31, 2025, the theoretical value of the 0.3552608 shares of Voyah H shares received through the distribution and introduction to listing in the proposed transaction is approximately HKD 4.17. Together with the cancellation price, the total theoretical value per H share under the proposed transaction is approximately HKD 10.85, representing a premium of about 128.90% compared to the last unaffected trading day closing price of HKD 4.74 per H share on the Stock Exchange