Zhitong Hong Kong Stock Early Knowledge | International gold prices hit a record high, new LPR target rate swaps added under "Northbound Swap Connect"

【Today's Headlines】

The General Administration of Sport of China Issues "Guiding Opinions on Promoting Sports to Enhance Health Services for High-Quality Development"

The General Administration of Sport of China recently released the "Guiding Opinions on Promoting Sports to Enhance Health Services for High-Quality Development." The "Guiding Opinions" propose that by 2030, a government-led, socially coordinated, and universally shared sports promotion health service system will be basically established, with sports promotion health work widely carried out across all provinces in the country; achieving a more popular scientific concept, a more complete policy system, more diverse service content, more improved institutional carriers, a more enriched talent team, more sufficient technological support, and stronger organizational guarantees; the health level of the people and scientific fitness literacy will be significantly improved, and scientific exercise will gradually become a consciously practiced healthy lifestyle among the masses.

The Sports Economic Department of the General Administration of Sport of China released the "2024 Report on the Development of China's Sports Service Trade." China's main sports service trade includes five major parts: professional sports competitions and performances, sports event sponsorship, sports event copyright transactions, internet sports services, and sports tourism. The total import and export volume of China's main sports service trade in 2024 is expected to be RMB 69.342 billion, an increase of RMB 16.455 billion from the previous year, growing by 31.1%. The total import and export volume of our main sports service trade has fully entered a stable growth phase. The sports goods sector includes Hong Kong stocks such as Li Ning (02331), Anta Sports (02020), Xtep International (01368), and Tabo (06110).

【Market Outlook】

International Gold Prices Reach Historic Highs

As of the close of the overnight U.S. stock market, the Dow Jones Industrial Average rose 66.27 points from the previous trading day, closing at 46,381.54 points, an increase of 0.14%; the S&P 500 index rose 29.39 points, closing at 6,693.75 points, an increase of 0.44%; the Nasdaq Composite Index rose 157.5 points, closing at 22,788.98 points, an increase of 0.7%. Most large technology stocks rose, with Oracle up over 6%, Apple up over 4%, NVIDIA up nearly 4% reaching a historic high, TSMC up nearly 3% reaching a historic high, while Amazon, Meta, and Broadcom fell over 1%.

Most popular Chinese concept stocks fell, with Nio down over 6%, JD.com down over 3%, Miniso down over 2%, Li Auto and Bilibili down over 1%; Century Internet rose over 4%, and iQIYI rose over 3%. The Hang Seng Index ADR rose, closing at 26,364.03 points, up 19.89 points or 0.08% compared to the Hong Kong close.

International gold prices reached historic highs, with COMEX gold futures for the current month rising by $69.30, an increase of 1.87%, reported at $3,775.1 per ounce.

【Hot Topics Ahead】

Hong Kong Stock Exchange: New LPR Target Rate Swaps Added Under "Northbound Swap Connect" to Meet Diverse Needs of Overseas Investors

With the guidance and support of regulatory agencies from both regions, Hong Kong Stock Exchange's Hong Kong OTC Clearing Limited, in collaboration with the China Foreign Exchange Trading Center and the Interbank Market Clearing House Co., Ltd., has added interest rate swap contracts referencing the one-year Loan Prime Rate under the "Northbound Swap Connect." On the day of the business launch, 31 domestic and foreign institutions actively participated, with a total of 53 transactions and a nominal principal scale of RMB 6.46 billion The three-party infrastructure successfully organized and completed the first day's trading, clearing, and settlement, with business and system operations running smoothly.

Two Departments: Strengthen the Development and Utilization of New Energy Infrastructure such as Rooftop Photovoltaics, Distributed Wind Power, Diverse Energy Storage, and Charging Piles

The Ministry of Industry and Information Technology and the National Development and Reform Commission issued a notice on the issuance of the "Guidelines for High-Quality Development of Industrial Parks." It proposed to accelerate the construction of green facilities in parks. Strengthen the development and utilization of new energy infrastructure such as rooftop photovoltaics, distributed wind power, diverse energy storage, and charging piles, and explore the construction of industrial green microgrids, zero-carbon energy supply systems, and park-level digital energy and carbon management centers. Focus on strengthening the construction of public facilities such as sewage, garbage, and hazardous waste collection and treatment, promote the collaborative utilization of primary resources, accelerate the construction of solid waste collection, disposal, and comprehensive utilization capabilities within parks, and actively promote the comprehensive utilization of industrial solid waste and the recycling of renewable resources. Actively build green industrial parks and explore the construction of zero-carbon parks.

Hong Kong Secretary for Financial Services and the Treasury, Christopher Hui: Welcomes the London Metal Exchange's Approval of Three New Recognized Warehouses

Hong Kong Secretary for Financial Services and the Treasury, Christopher Hui, today welcomed the approval by the London Metal Exchange, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited, for the establishment of three warehouses in Yuen Long as recognized warehouses. This decision marks the industry's solid support for the commodity trading policy direction promoted in the "Chief Executive's 2025 Policy Address," which helps further improve Hong Kong's commodity trading ecosystem and consolidate Hong Kong's position as an international financial, shipping, and trading center.

Christopher Hui stated: Hong Kong has been included in the London Metal Exchange's global warehouse network for less than nine months. Together with the eight warehouses previously approved, the total number of recognized warehouses by the London Metal Exchange in Hong Kong has increased to 11, giving the local market a hardware advantage and helping to establish Hong Kong as an important delivery hub for the London Metal Exchange in Asia. The three new warehouses can be put into operation immediately, providing efficient delivery options for operators participating in international metal trading, while also promoting the development of Hong Kong's shipping and other services. This involves Hong Kong Stock Exchange (00388).

Hong Kong Securities and Futures Commission Consults on Extending Investor Identification Code System to Derivative Trading on the Hong Kong Stock Exchange

According to Zhitong Finance APP, on September 22, the Hong Kong Securities and Futures Commission launched a consultation on the proposal to implement an investor identification code system in the derivative trading market of the Hong Kong Stock Exchange to further enhance the integrity and sustainable development of Hong Kong's capital market. The consultation will last for three months.

NVIDIA Plans to Invest Up to $100 Billion in OpenAI and Co-Construct a 10 Gigawatt AI Data Center

On Monday (September 22), NVIDIA and OpenAI announced a partnership, including plans for a large data center and NVIDIA's investment of up to $100 billion in OpenAI. Boosted by this news, NVIDIA's stock price rose more than 4% on Monday, reaching a new historical high, with a total market value approaching $4.5 trillion.

Zhongchuang Zhiling (00564) Holding Subsidiary Plans to Invest 270 Million Yuan to Establish Yaxinke Thermal Management Technology (Yizheng) Co., Ltd. to Enhance Market Competitiveness of Automotive Thermal Management System Cold Plate Business Zhitong Finance APP news, Zhongchuang Zhiling (00564) announced that its holding subsidiary, Yaxinke Industrial Technology (Nanjing) Co., Ltd. (hereinafter referred to as "Yaxinke Nanjing," collectively referred to as "Yaxinke Group"), plans to invest RMB 270 million to establish a wholly-owned subsidiary, Yaxinke Thermal Management Technology (Yizheng) Co., Ltd. (tentative name, subject to approval and registration by the market supervision and management department), to enhance the market competitiveness of its automotive thermal management system cold plate business, consolidate its market position, and lay the organizational and capability foundation for future expansion into more application areas of thermal management.

Hong Kong Robot (00370): Hong Kong Robot China Company and Datar have signed a technology licensing agreement

Zhitong Finance APP news, Hong Kong Robot (00370) announced that on September 22, 2025 (after trading hours), the company's wholly-owned subsidiary AI Group, Hong Kong Robot China Company (a subsidiary of Hong Kong Robot, 51% owned by the company and 49% owned by Datar), and Datar signed a technology licensing agreement. According to this agreement, Datar has approved Hong Kong Robot China Company and its affiliates to use approximately 1,780 patents and 110 software copyrights (IP) from Datar and its affiliates in the Greater China region, including (i) exclusive rights to use humanoid robot operating system and cloud brain platform-related IP and robot operation licensing technology; and non-exclusive rights to use humanoid robot intelligent joint-related technology and hardware as well as other core hardware technology IP.

Kangzhe Pharmaceutical (00867) signs cooperation agreement with Zhixiang Jintai for Weikang Duta monoclonal injection and Sileweimi monoclonal injection

Zhitong Finance APP news, Kangzhe Pharmaceutical (00867) announced that on September 22, 2025, the group, through its subsidiary, signed an exclusive cooperation agreement with Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. (Zhixiang Jintai) for the Class 1 therapeutic biological product Weikang Duta monoclonal injection (GR2001) for passive immunity indications for tetanus and the Class 1 therapeutic biological product Sileweimi monoclonal injection (GR1801) for passive immunity indications after suspected rabies virus exposure.

Weisheng Holdings (03393) wins first place in State Grid's 2025 second metering equipment tender, total contract amount exceeds RMB 165 million

Zhitong Finance APP news, Weisheng Holdings (03393) announced that on September 19, 2025, State Grid Corporation of China announced the results of the 2025 second metering equipment tender, in which the company's subsidiary Weisheng Group Co., Ltd. won contracts for approximately 487,000 smart meters and low-voltage current transformers, with a contract value of approximately RMB 97.48 million. In addition, the company's subsidiary Weisheng Information Technology Co., Ltd. also won contracts for approximately 37,000 smart integrated terminals and dedicated transformer collection terminals, with a contract value of approximately RMB 67.96 million (approximately HKD 74.22 million). The total contract amount obtained by the company in this tender ranked first.

Changhong Jiahua (03991) receives a privatization offer from Changhong Group at a premium of approximately 32.93%, resuming trading on September 23 According to the Zhitong Finance APP, Changhong Jiahua (03991) and the offeror Hongtu Investment Co., Ltd. jointly announced that on September 22, 2025, the offeror entered into an implementation agreement with the company, under which the offeror requests the company to present a proposal to the planned shareholders. If the proposal is approved and implemented, the company will be privatized by the offeror through the plan, and the listing status of the common stock on the Stock Exchange will be revoked. The company has applied to the Stock Exchange to resume trading of its common stock starting from 9:00 AM on September 23, 2025.

Fourth Paradigm (06682) launches "Xinchuan Model Box" ModelHub XC connecting domestic GPUs and domestic large models

On September 22, Fourth Paradigm officially launched the "Xinchuan Model Box" ModelHub XC platform, Xinchuan community, and Xinchuan model adaptation value-added services. At the launch event, leading chip manufacturers such as Huawei Ascend, Biren Technology, Tianxu Zhixin, Kunlun Core, Moore Threads, and Xiwang witnessed the event with customer partner CRRC Information. At the invitation of Chen Yuqiang, co-founder and chief scientist of Fourth Paradigm, representatives from chip manufacturers and customers jointly launched the ModelHub XC.

Hong Kong Stock New IPO Different Group (06090) saw a surge of over 50% in the dark market

The Hong Kong stock new IPO Different Group saw a surge of over 50% in the dark market. Public data shows that Different Group is a Chinese company focused on designing and selling parenting products. It is reported that the number of shares offered under the global offering of Different Group is 10,980,900 shares; the number of shares offered in Hong Kong is 1,098,100 shares; and the number of shares offered internationally is 9,882,800 shares. The highest offering price is HKD 71.2 per share.

【Stock Highlights】

Lingbao Gold (03330): Benefiting from rising gold prices

The company currently owns five major mining production bases and a smelting processing enterprise, forming a production scale of 7,000 tons of ore mined daily, 1,000 tons of gold concentrate processed daily, and an annual production of 30 tons of gold, 30 tons of silver, 15,000 tons of electrolytic copper, and 100,000 tons of industrial sulfuric acid.

As of the end of 2024, the company has a total of 37 mining rights and exploration rights, with a total exploration area of 216.04 square kilometers and a total gold resource of 131.8 tons.

Since 2022, the company's gold production has remained stable, with an annual output of 5-5.5 tons. In the first half of 2025, the company's gold production increased significantly by 59.8% to 2.9 tons. The company has five major mining production bases with strong endogenous potential.

The company's revenue mainly comes from gold smelting business, and profits are mainly contributed by gold mining business. In the first half of 2025, the company achieved revenue of 7.8 billion yuan, a year-on-year increase of 82%, with the main income coming from gold smelting. In the first half of 2025, the revenue share of the smelting segment and the mining segment accounted for 81.4% and 18.5%, respectively. The company's net profit attributable to the parent has continued to grow since 2020, and the growth rate has significantly accelerated since 2024, with profits being rapidly released