Zhitong Hong Kong Stock Early Knowledge | Nine departments issued a document to expand service consumption, spot gold broke through 3,700 USD, continuing to set a new historical high

【Today's Headlines】

Nine Departments: Actively Develop the Primary Economy and Cultivate a Batch of New Consumption Leading Enterprises

According to Zhitong Finance APP, on September 16, the Ministry of Commerce and eight other departments issued a notice on "Several Policy Measures to Expand Service Consumption," which proposed to carry out pilot city construction for new consumption formats, new models, and new scenarios. Actively develop the primary economy, promote innovation and enrich service consumption scenarios, support high-quality consumption resources and well-known IP cross-border cooperation, create a batch of new consumption scenarios that integrate business, travel, culture, sports, and health, and cultivate a batch of new consumption leading enterprises. Encourage the introduction of outstanding foreign sports events, support local hosting of mass sports events, and create a batch of high-profile boutique events, professional leagues, and sports competition performance brands with independent intellectual property rights. Continuously carry out activities such as "Travel with Events," "Sports Events Enter Scenic Areas, Streets, and Business Circles," and "Enjoy Exciting Events and Taste Chinese Cuisine," leveraging the driving effect of sports events and related activities.

【Market Outlook】

U.S. Stock Indices All Decline, Spot Gold Surpasses $3,700 and Continues to Set New Historical Highs

Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 125.55 points from the previous trading day, closing at 45,757.9 points, a decline of 0.27%; the S&P 500 index fell 8.52 points, closing at 6,606.76 points, a decline of 0.13%; the NASDAQ Composite Index dropped 14.79 points, closing at 22,333.96 points, a decline of 0.07%. Large technology stocks showed mixed results, with Tesla rising nearly 3%, Oracle up over 1%, and Microsoft and NVIDIA down over 1%.

Most popular Chinese concept stocks rose, with the NASDAQ Golden Dragon China Index up 1.76%, reaching a new high since February 2022. Nio rose over 8%, Baidu up over 7%, JD.com and iQIYI up over 3%, and Alibaba up over 2%. The Hang Seng Index ADR rose, closing at 26,546.95 points, up 108.44 points or 0.41% compared to the Hong Kong close.

Spot gold surpassed $3,700 per ounce, continuing to set new historical highs. COMEX gold futures for the current month rose by $6.10, an increase of 0.16%, closing at $3,725.1 per ounce.

【Hot Topics Ahead】

Yuexiu Property (00123) Subsidiary Successfully Acquires Kangqiao Land in Hangzhou for 1.33 Billion Yuan

Zhitong Finance APP reports that Yuexiu Property (00123) announced that on September 16, 2025, through Hangzhou Yuelong Real Estate Development Co., Ltd. (a subsidiary in which the company holds a 95% stake), it successfully acquired the GS120103-09 plot in the Kangqiao unit of Gongshu District, Hangzhou, through public bidding for 1.33 billion yuan.

Shenzhen Metro Group Loans Nearly 26 Billion Yuan to Vanke This Year

On September 16, Vanke A announced that its largest shareholder, Shenzhen Metro Group, will provide no more than 2.064 billion yuan in shareholder loans to repay the principal and interest of bonds issued by the company in the public market, with the current loan interest rate at 2.34%. Including this loan, Shenzhen Metro Group has provided a total of 25.941 billion yuan in loans to Vanke this year GAC and Huawei Jointly Create a New Brand Named "Qijing"

The new brand jointly created by GAC and Huawei is named "Qijing," positioned as a high-end smart electric vehicle brand, which will be officially launched soon. According to the plans of both parties, Qijing vehicles will be equipped with Huawei's intelligent technology across the entire lineup. This involves GAC Group (02238).

Tencent (00700): Fully Adapting to Mainstream Domestic Chips

At the 2025 Tencent Global Digital Ecosystem Conference, Tencent Group Vice President and President of Tencent Cloud, Qiu Yuepeng, announced that Tencent Cloud has fully adapted to mainstream domestic chips and is actively participating in and giving back to the open-source community. Meanwhile, the collaborative optimization of software and hardware is a long-term strategic investment for Tencent Cloud, which integrates different types of chips through the software capabilities of its heterogeneous computing platform to provide high-cost performance AI computing power.

Tencent Group Senior Executive Vice President and CEO of Cloud and Smart Industries Group, Tang Daosheng, stated that Tencent has collaborated with multiple chip manufacturers for adaptation, with models varying widely from hundreds of B to thousands of B, as well as dozens of B and a few B. Different scenarios require different chip configurations, and Tencent will maintain an open attitude to collaborate with various chip manufacturers, with some collaborations involving customized adaptations.

Tencent issued bonds for the first time in four years, raising approximately RMB 9 billion. The largest batch was a 10-year bond of RMB 6 billion with an interest rate of 2.5%, which is 50 basis points lower than the initial price guidance. The newly issued five-year bond has an interest rate of 2.1%.

Hengrui Medicine (01276): Subsidiary's Clinical Trials for SHR-1826 Injection and Other Drugs Approved

Hengrui Medicine announced that its subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., and Shanghai Shengdi Medicine Co., Ltd. have received the "Drug Clinical Trial Approval Notice" issued by the National Medical Products Administration for SHR-1826 injection, Adalimumab injection, and Bevacizumab injection. These drugs will undergo clinical trials soon. SHR-1826 injection is an antibody-drug conjugate targeting the c-MET target, Adalimumab injection is a humanized anti-PD-L1 monoclonal antibody, and Bevacizumab injection is an anti-VEGF monoclonal antibody. The cumulative R&D investment for these projects is approximately RMB 88.09 million, RMB 939 million, and RMB 349 million, respectively. The drugs must complete clinical trials and obtain approval before they can be produced and marketed.

Hong Kong Stock New Shares Dark Market: Health 160 (02656) Dark Market Rises 143.9%, Earning HKD 4,277.5 per Lot

According to Zhitong Finance APP, Health 160 (02656) will be listed in Hong Kong on September 17 (Wednesday). As of the close, dark market trading showed a price of HKD 29, up 143.9% from the offering price of HKD 11.89, with each lot consisting of 250 shares, earning HKD 4,277.5 per lot, excluding fees.

GCL-Poly Energy (03800) Clarifies that Profit Statements for August-September are Not Annual Forecasts, Based Solely on Polysilicon Price Trends and Disclosed Data

Zhitong Finance APP reports that GCL-Poly Energy (03800) announced that the purpose of the announcement is to clarify an article titled "China’s GCL expects more information soon on polysilicon restructuring" published on online media on September 1, 2025 Youzan (08083): Currently exploring and evaluating the possibility of transferring to the main board for listing

According to Zhitong Finance APP, Youzan (08083) announced that the group is currently exploring and evaluating the possibility of transferring all of its shares from the Hong Kong Stock Exchange GEM to the main board, and has appointed selected professional advisors to assist with this process.

Chery Automobile (09973) is expected to announce the pricing of its Hong Kong listed shares on September 23

Chery Automobile (09973): It is expected to begin trading on September 25. The maximum offer price for each H share in the global offering is HKD 30.75. A total of 297.4 million H shares will be offered globally.

[Stock Highlights]

China Tobacco Hong Kong (06055): Emerging business expected to contribute incremental growth

The company's three core businesses—import of tobacco leaf products, export of tobacco leaf products, and export of cigarettes—contribute 81.4%, 11.2%, and 5.3% to revenue, respectively, totaling 98.0%; gross profit contributions are 72.6%, 6.7%, and 15.0%, totaling 94.3%.

China Tobacco Hong Kong announced on the Hong Kong Stock Exchange that based on the framework agreement for exporting cigarettes to new regions, it signed an exclusive distribution agreement for "Huanghelou" cigars in the global market with Hubei China Tobacco Industrial Co., Ltd. on September 2, and an exclusive agency agreement for "Taishan" cigars in the global market with Shandong China Tobacco Industrial Co., Ltd. on September 4, further promoting the construction of a global sales platform for Chinese cigars and jointly cultivating the Chinese cigar brand.

With its exclusive operating position and strong bargaining power, the company continues to grow steadily in the main business of tobacco leaf import and export, while emerging businesses are also expected to contribute incremental growth, and there is potential for expansion as an overseas platform