Zhitong Hong Kong Stock Early Knowledge | Eight departments issued a document to promote stable growth in the non-ferrous metal industry, Hong Kong will build a global hub for fixed income and currency products

[Today's Headlines]

Eight Departments: Enhance the Application Level of Rare Metals

The Ministry of Industry and Information Technology and seven other departments issued the "Work Plan for Stable Growth in the Nonferrous Metal Industry," which mentions enhancing the application level of rare metals. Focusing on emerging industries such as integrated circuits, industrial mother machines, low-altitude economy, humanoid robots, and artificial intelligence, accelerate the application verification of high-end products such as high-purity gallium, tungsten carbide, and all-solid-state battery materials, and promote the innovative application of frontier materials such as superconducting materials, liquid metals, and high-entropy alloys. Encourage downstream user enterprises, research institutions, and other units to open application scenarios, create typical case studies of application scenarios, and cultivate emerging markets.

The "Work Plan for Stable Growth in the Nonferrous Metal Industry" mentions accelerating the approval, filing, energy-saving review, environmental assessment, and safety facility design review processes for mineral resource development projects in accordance with laws and regulations through the establishment of green channels and other means, improving the guarantee of production factors, strengthening the scheduling of mineral resource development and utilization project construction, and promoting the production of ongoing projects, capacity expansion of existing projects, and construction of new projects. Scientifically and reasonably layout projects such as alumina, copper smelting, and lithium carbonate, avoid repeated low-level construction, and improve the precision and effectiveness of investments.

[Market Outlook]

Overnight US Stocks All Rose, Pan American Silver and US Gold Companies Rose Over 4%

Overnight US stocks closed with the Dow Jones up 299.97 points, an increase of 0.65%, closing at 46,247.29 points; the Nasdaq rose 99.37 points, an increase of 0.44%, closing at 22,484.07 points; the S&P 500 index rose 38.98 points, an increase of 0.59%, closing at 6,643.70 points. Last week, the Dow Jones fell 0.15%, the S&P 500 index fell 0.31%, and the Nasdaq Composite Index fell 0.65%. Metal and mining, as well as automotive stocks, saw significant gains, with Century Aluminum rising over 7%, Gold Resources rising over 6%, and Pan American Silver and US Gold companies rising over 4%. Most popular Chinese concept stocks fell, with Li Auto down over 5%, while the Hang Seng Index ADR rose, closing at 26,253.57 points, up 125.37 points or 0.48% compared to the Hong Kong close.

COMEX gold futures for the current month rose by $37.90, an increase of 1.01%, closing at $3,809.0 per ounce.

[Hot Topics Ahead]

Hong Kong Financial Secretary: Hong Kong Will Build a Global Hub for Fixed Income and Currency Products

The Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated in a blog post on the 28th that Hong Kong is fully promoting the development of the fixed income and currency market, aiming to become a global hub for fixed income and currency products.

Ministry of Industry and Information Technology and Three Other Departments: Launching the 2025 High-end Medical Equipment Promotion Application Project Application Work

The General Office of the Ministry of Industry and Information Technology, the General Office of the National Health Commission, and the Comprehensive and Planning Financial Department of the National Medical Products Administration issued a notice regarding the application work for the 2025 high-end medical equipment promotion application project. The notice states that in order to deeply implement the Healthy China and Manufacturing Power strategies, accelerate the innovative development of high-end medical equipment, and carry out large-scale applications of new technologies, new products, and new scenarios, the following matters regarding the application work for the 2025 high-end medical equipment promotion application project are notified: focusing on key products and typical scenarios of high-end medical equipment, select a batch of projects with technological innovation levels and clinical application levels at the forefront of the country, and promote medical-engineering collaborative innovation and pilot verification Clinical research, iterative upgrades, and promotional applications are projects with strong leading and driving roles. This year, the focus will be on promoting 5 categories of key products and 4 categories of typical scenarios.

The State Administration for Market Regulation issues the "Regulations on the Supervision and Management of Food Safety Responsibilities of Catering Service Chain Enterprises"

At a press conference held by the State Administration for Market Regulation, it was announced that the "Regulations on the Supervision and Management of Food Safety Responsibilities of Catering Service Chain Enterprises" has been officially released and will take effect on December 1, 2025. The regulations clarify that the food safety supervision work for catering service chain enterprises with more than 10,000 stores, between 1,000 and 9,999 stores, and fewer than 999 stores will be the responsibility of provincial, municipal, and county-level market regulation departments, respectively; it also clarifies the overall responsibilities of provincial market regulation departments, requiring them to determine the headquarters of enterprises under supervision by market regulation departments at all levels in their administrative regions every January based on changes in the number of stores managed by the catering service chain enterprises.

Multiple provinces and cities follow up on express delivery price increases to counteract internal competition, with some outlets earning over 1 million per month

The express delivery industry's vigorous counter-internal competition reforms are gradually breaking the previous low-price competition deadlock. This change is also beginning to reflect in the performance of enterprises. Recently, the operating performance disclosed by four listed express delivery companies for August shows that the revenue per ticket has generally increased month-on-month. According to reports from Shidai Finance, nearly 10 regions have initiated price increase actions to counter internal competition, involving provinces and cities such as Zhejiang, Fujian, Hunan, Jiangxi, Liaoning, Heilongjiang, and Shanghai. Although outlets face certain challenges in the short term, the positive effects brought by price adjustments have begun to gradually emerge. A franchisee in Yiwu stated that since the area has significantly raised prices, the outlet's revenue has noticeably improved, "Based on the current business volume, if the revenue per ticket increases by 0.1 yuan, it is expected that the outlet will add about 1 to 1.5 million yuan in monthly revenue during peak periods, which can effectively improve the outlet's cash flow and profitability."

China Mobile (00941) and others release the "Beijing Plan" for super node intelligent computing applications

On September 28, China Mobile, Inspur Information, Beijing Shengke, Zhiyuan Research Institute, and more than 30 core enterprises and research institutions in the industrial chain jointly released the "Beijing Plan" for super node intelligent computing applications at the AICC2025 Artificial Intelligence Computing Conference. This plan aims to address the contradiction between the growing demand for AI computing power and the insufficient support of traditional computing architecture, providing key infrastructure support for the high-quality development of the artificial intelligence industry.

Alibaba Tongyi's 7 models dominate the global open-source top ten, Qwen3-Omni tops the list

On September 28, the world's largest AI open-source community Hugging Face announced the latest model rankings, with 7 models from Alibaba Tongyi making it into the global top ten open-source models, nearly sweeping the list, with the newly open-sourced multimodal model Qwen3-Omni taking the top spot. It is understood that Qwen3-Omni is Alibaba's latest open-sourced multimodal model capable of processing four different types of data: text, images, audio, and video, and can "listen, speak, and write" like a human. While achieving strong audio and audio-visual capabilities, Qwen3-Omni maintains stable performance in single-modal text and image processing, marking the first time this training effect has been achieved in the industry In the future, it will be deployable in scenarios such as in-vehicle, smart glasses, and mobile phones. Involves Hong Kong stock Alibaba-W (09988).

Kangzhi Pharmaceutical (00867): Class 1 new drug MG-K10 humanized monoclonal antibody injection has received approval for Phase III clinical trial for chronic spontaneous urticaria

According to the Zhitong Finance APP, Kangzhi Pharmaceutical (00867) announced that its subsidiary, Demai Pharmaceutical Co., Ltd. (Demai Pharmaceutical, an innovative pharmaceutical company focusing on skin health, is applying for independent listing on the main board of the Hong Kong Stock Exchange) along with its affiliated companies has joint development rights (excluding atopic dermatitis (AD)) and exclusive commercialization rights for the Class 1 new drug anti-IL-4Rα MG-K10 humanized monoclonal antibody injection (MG-K10), which received the drug clinical trial approval notice from the National Medical Products Administration (NMPA) of China on September 28, 2025. The NMPA has agreed to conduct Phase III clinical trials of MG-K10 for chronic spontaneous urticaria (CSU).

Baiyunshan (00874): Guangyao Phase II Fund plans to acquire 11.04% equity of Nanjing Pharmaceutical for RMB 748.8 million

According to the Zhitong Finance APP, Baiyunshan (00874) announced that on September 26, 2025, the buyer (Guangyao Phase II Fund, a partnership controlled by the company) and the seller (AHAPL) entered into a share transfer contract. According to the share transfer contract, the buyer agrees to acquire, and the seller agrees to sell 11.04% equity of the target company (Nanjing Pharmaceutical Co., Ltd.) for a consideration of RMB 748.8 million. Upon completion of the acquisition, the buyer will hold 11.04% equity of the target company.

Longpan Era has suspended production since September 25 and is expected to officially resume in November

According to sources in the lithium battery industry, due to the suspension of raw material supply from Ningde Times Yichun Lithium Mine, the joint venture company Longpan Era between Ningde Times and Longpan Technology will suspend production on Thursday. On September 28, reporters visited the Longpan Era factory located in the Yifeng County Industrial Park in Yichun City, Jiangxi Province, where insiders confirmed that Longpan Era had suspended production on September 25, and most employees have been given leave, with official resumption expected in November. Notably, November this year coincides with market rumors about the resumption of production at Ningde Times Yichun Jianxiawo Lithium Mine. Relevant personnel from Longpan Technology stated that Longpan Era was still in normal production in September, and future production will depend on the procurement of raw materials. Longpan Era is also actively expanding procurement sources, including some mines outside the province, and will make every effort to get the production line operational as soon as possible.

【Stock Highlights】

Tongguan Gold (00340): Gold mining and recovery business benefits from rising gold prices

Guosen Securities recently pointed out that the company is a developing gold mining enterprise, mainly engaged in gold mining and recovery business. The company's gold mining areas are located in Tongguan, Shaanxi, and Su Bei, Gansu. As of the end of 2024, the average grade of gold resources held is 8.26 grams/ton, with a resource amount of 55 tons, achieving a gold production of 2.5 tons that year In addition, in April of this year, the company signed a long-term gold flow agreement with Zijin Mining's subsidiary, Zijin Metals Co., Ltd. Zijin prepaid USD 25 million in cash as initial funding support, and the company committed to delivering a total of approximately 422 kilograms of gold from Subei Beidong Mining over the next nine years