Zhitong Hong Kong Stocks Early Insights | Spot gold surpasses USD 3,530, and the annual net inflow of southbound funds sets a new historical record

【Today's Headlines】

Gold prices hit a new historical high: Spot gold surpasses $3,530, New York futures gold breaks through $3,600

As of 12:00 AM Beijing time on September 3, spot gold continued to rise, standing at $3,530 per ounce; COMEX gold futures rose over 2%, reported at $3,600.1 per ounce, setting a new historical record. Looking ahead, Gu Fengda, chief analyst at Guosen Futures, stated that short-term gold prices are expected to maintain a strong trend, with fundamental support mainly coming from three aspects: first, the continued warming of expectations for Federal Reserve interest rate cuts; second, geopolitical risks in multiple regions boosting risk aversion; third, speculative sentiment surging after technical breakthroughs.

【Market Outlook】

Overnight U.S. stocks fell, popular Chinese concept stocks mixed

Overnight, U.S. stocks closed with the Dow Jones down 249.07 points, a decline of 0.55%, closing at 45,295.81 points; the Nasdaq fell 175.92 points, a decline of 0.82%, closing at 21,279.63 points; the S&P 500 index fell 44.72 points, a decline of 0.69%, closing at 6,415.54 points. Nvidia (NVDA.US) closed down 1.95%, CoreWeave (CRWV.US) closed down 9.41%. Popular Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index closing up 0.52%. Li Auto rose over 4%, Nio rose over 3%, Alibaba rose over 2%. The Hang Seng Index ADR fell, proportionally closing at 25,485.7 points, down 10.85 points or 0.04% from the Hong Kong close.

【Hot Topics Ahead】

Southbound funds' annual net purchases exceed HKD 1 trillion, setting a new historical record

On September 2, southbound funds had a net purchase of HKD 9.281 billion, with annual net purchases exceeding HKD 1 trillion, setting the highest record since the launch of the mutual access mechanism. So far, the cumulative net purchase amount of southbound funds in the Hong Kong stock market is close to HKD 4.7 trillion.

Tencent Hunyuan Voyager 3D world model released

On September 2, HunyuanWorld-Voyager was officially released, marking the industry's first ultra-long roaming world model supporting native 3D reconstruction. This model focuses on the application expansion of AI in spatial intelligence, providing high-fidelity 3D scene roaming capabilities for virtual reality, physical simulation, game development, and other fields.

WuXi AppTec: Signed a supplementary agreement to the "Payload Connection Sub-Master Service Framework Agreement" with related party XDC Cayman

WuXi AppTec announced that the company signed a supplementary agreement to the "Payload Connection Sub-Master Service Framework Agreement" with related party XDC Cayman, increasing the related transaction limit for 2025 from RMB 168 million to RMB 200 million. In addition, the company signed a new three-year "Payload Connection Sub-Master Service Framework Agreement" with XDC Cayman, effective from January 1, 2026, to December 31, 2028. The expected transaction amounts for the years 2026, 2027, and 2028 are not to exceed RMB 300 million, RMB 400 million, and RMB 400 million, respectively. The company stated that this transaction is a normal commercial arrangement in the course of daily operations and will not affect the company's independence WuXi AppTec: Plans to transfer 98.9% of shares in Hequan Pharmaceutical to WuXi AppTec Pharmaceutical Research

On the evening of September 2, WuXi AppTec announced that in order to optimize its organizational structure, the company decided to transfer the equity of some subsidiaries to a newly established domestic holding wholly-owned subsidiary after reviewing the business and responsibilities of its subsidiaries. The company plans to transfer all of its 98.9% shares in Shanghai Hequan Pharmaceutical Co., Ltd. held by Shanghai WuXi AppTec New Drug Development Co., Ltd. to WuXi AppTec Pharmaceutical Research Co., Ltd. After the completion of the equity transfer, WuXi AppTec Pharmaceutical Research will directly hold 98.9% of the shares in Hequan Pharmaceutical. This equity transfer does not involve changes in the scope of the company's consolidated financial statements and does not alter the substantive business activities of Hequan Pharmaceutical.

WuXi AppTec (02268) plans to raise approximately HKD 1.301 billion by issuing shares at HKD 58.85 each

According to Zhitong Finance APP, WuXi AppTec (02268) announced that on September 2, 2025 (after the trading session of the Stock Exchange), the company entered into a placement agreement with the placement agent, under which the company conditionally agreed to issue shares at a placement price of HKD 58.85 per share to no less than six subscribers (who and their ultimate beneficial owners are all independent third parties) for a maximum of 22.77 million placement shares.

First Journey Holdings (00697): Beijing Robot Fund invests in Songyan Power

According to Zhitong Finance APP, First Journey Holdings (00697) announced that recently, a company under First Journey Capital (a wholly-owned subsidiary of the company) managed the Beijing Robot Industry Development Investment Fund (Limited Partnership) (Beijing Robot Fund) to invest in Songyan Power (Beijing) Technology Co., Ltd. (Songyan Power). This investment is an additional investment following the investment made in March 2024, which will further promote the invested enterprise to increase R&D investment and product iteration upgrades, consolidating and enhancing its leading position in the humanoid robot sector.

Haidilao (06862) controlling shareholder NP United plans to distribute 1.802 billion shares in kind

According to Zhitong Finance APP, Haidilao (06862) announced that the company's board of directors was informed by one of its controlling shareholders, NP UNITED HOLDING LTD (NP United), that in order to simplify its shareholding in the company, the NP United board has resolved to distribute all of its shares (the shares) strictly in accordance with the shareholding ratio to its shareholders (i.e., ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD) in kind.

Galactico Pharmaceuticals -B (01672) will report results of ASC30 oral small molecule GLP-1R agonist 28-day multiple dose escalation study at the 61st EASD Annual Meeting

According to Zhitong Finance APP, Galactico Pharmaceuticals -B (01672) announced that it will report data from the ASC30 oral small molecule GLP-1 receptor (GLP-1R) agonist 28-day multiple dose escalation study (NCT06680440) during a brief oral discussion at the 61st EASD Annual Meeting to be held in Vienna, Austria New Oriental Group (01686) Releases Annual Results, Shareholders' Profit Attributable to Shareholders of HKD 907 Million, Up 8% Year-on-Year

According to Zhitong Finance APP, New Oriental Group (01686) released its annual results for the year ended June 30, 2025, with revenue of HKD 2.674 billion, an increase of 10% year-on-year; profit attributable to shareholders was HKD 907 million, an increase of 8% year-on-year; earnings per share were HKD 0.2409, and a final dividend of HKD 0.12 per share is proposed.

Yunfeng Financial (00376): Has Accumulated Purchases of 10,000 ETH

According to Zhitong Finance APP, Yunfeng Financial (00376) announced that the board has approved the purchase of ETH as reserve assets in the open market. As of the date of this announcement, the group has cumulatively purchased 10,000 ETH in the open market, with a total investment cost (including fees and expenses) of USD 44 million. The funds for this purchase come from the group's internal cash reserves, and the purchased ETH is classified as investment assets in the group's financial statements. The group will continue to closely monitor market developments, regulatory environments, and the company's financial situation, adjusting the scale of reserve assets as appropriate.

Nio -SW (09866) Releases Second Quarter Results, Total Revenue of RMB 19.0087 Billion, Up 9% Year-on-Year

According to Zhitong Finance APP, Nio -SW (09866) released its second quarter results for the three months ended June 30, 2025, with automotive sales of RMB 16.1361 billion, an increase of 2.9% year-on-year; total revenue of RMB 19.0087 billion, an increase of 9% year-on-year; and a net loss of RMB 4.9948 billion, a decrease of 1% year-on-year.

PetroChina: PetroChina Group Plans to Transfer 541 Million Shares of A-shares to China Mobile Group

PetroChina announced that to further deepen the strategic cooperation between PetroChina Group and China Mobile Group, the company's controlling shareholder, PetroChina Group, plans to transfer 541 million shares of A-shares (accounting for 0.30% of the company's total share capital) to China Mobile Communications Group Co., Ltd. through the transfer of state-owned shares. This transfer will not result in a change of the company's controlling shareholder and actual controller, and it requires approval from the State-owned Assets Supervision and Administration Commission of the State Council and the completion of share transfer registration procedures.

[Stock Highlights]

China Railway (00390): Rich in Copper and Molybdenum Resources, Benefiting from Rising Molybdenum Prices

With leading domestic copper/molybdenum production capacity, resource performance accounted for 22% in H1 2025, significantly contributing to profits. The company operates five modern mines in good production condition, with main mineral products including copper, cobalt, molybdenum, lead, and zinc.

As of H1 2025, the company's equity reserves of copper/molybdenum/cobalt were 304/49/23 million tons, with copper and molybdenum production capacity ranking among the top in the domestic industry. In H1 2025, the equity production of copper/molybdenum was 67,000/6,000 tons, and the subsidiary China Railway Resources achieved a net profit attributable to the parent of RMB 2.58 billion, a year-on-year increase of 27%, accounting for 22% of the company's net profit attributable to the parent in H1 2025. From January to August this year, the average prices of LME copper/molybdenum concentrates increased by 5%/6% year-on-year, with molybdenum prices continuing to rise from July to August, and copper prices fluctuating at high levels. Institutions conservatively expect the profit volume of the resource business in the second half of the year to be on par with that of the first half The annual performance contribution is approximately 5 billion yuan.

Guosheng Securities Research believes that there is significant room for the revaluation of the company's resource segment: 1) It is expected that the net profit from the resource business will be 5 billion yuan in 2025. Referring to the leading non-ferrous metal company Zijin Mining (H), which has a 15 times PE estimate for 2025, the corresponding value is 75 billion yuan; 2) It is expected that the net profit from the engineering business will be 20.8 billion yuan in 2025. Based on the company's H shares with a 3.2 times PE estimate, the corresponding value is 66.6 billion yuan