Zhitong Hong Kong Stock Early Insights | Federal Reserve Minutes: Most Officials Support Further Rate Cuts This Year, International Gold Price Breaks Through the $4,000 Mark

[Today's Headlines]

Federal Reserve Minutes: Most Officials Support Further Rate Cuts This Year, Significant Divergence in Path

In the early hours of Thursday Beijing time, the Federal Reserve released the minutes of its September meeting, revealing the complex considerations behind the first rate cut in the U.S. this year. As background, the Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 4.00%-4.25% last month. Among the 12 voting members, only the newly appointed White House economic advisor, Milan, cast a dissenting vote, calling for a 50 basis point cut. The economic forecasts released after the meeting also indicated that just over half of the 19 officials, specifically 9, supported at least another 50 basis point cut this year—equivalent to 25 basis points cuts in both October and December.

[Market Outlook]

S&P 500 Index and Nasdaq Hit New Highs, International Gold Prices Break Through $4,000

As of the market close overnight, the Dow Jones Industrial Average fell by 1.2 points to close at 46,601.78 points, a decline of -0.0%; the S&P 500 index rose by 39.13 points to close at 6,753.72 points, an increase of 0.58%; the Nasdaq Composite Index rose by 255.02 points to close at 23,043.38 points, an increase of 1.12%. Popular tech stocks saw widespread gains, with AMD rising over 11%, accumulating a 43% increase over three days, marking its best three-day performance in nine years. SanDisk rose over 9%, reaching a new closing high, while Micron Technology and ON Semiconductor rose over 5%. International gold prices hit a historic high, with precious metals, metal raw materials, and mining stocks leading the gains. Century Aluminum rose over 12%, Americas Silver Corporation and Hecla Mining rose over 11%, and Southern Copper Corporation rose over 4%.

Most popular Chinese concept stocks rose, with the Nasdaq Golden Dragon China Index closing up 0.87%. Nio rose over 4%, New Oriental rose over 3%, and Bilibili and XPeng rose over 2%. The Hang Seng Index ADR rose, closing at 26,906.9 points, an increase of 77.44 points or 0.29% compared to the Hong Kong close.

International gold prices broke through the $4,000 mark, with spot gold rising 1.44% to $4,042.14 per ounce. COMEX gold futures for the current month rose by $66.10, an increase of 1.65%, closing at $4,070.5 per ounce.

[Hot Topics Ahead]

Hong Kong Stock Exchange (00388): Market Capitalization of Securities Market Reached HKD 49.9 Trillion by End of September, Up 35% Year-on-Year

According to Zhitong Finance APP, the Hong Kong Stock Exchange (00388) released its market overview for September. The market capitalization of the Hong Kong securities market reached HKD 49.9 trillion by the end of September 2025, up 35% from HKD 36.9 trillion in the same period last year. The average daily trading volume in September was HKD 316.7 billion, an increase of 87% from HKD 169.2 billion in the same period last year.

Innovent Biologics (09969) Reaches Over $2 Billion Licensing Agreement with Zenas

Innovent Biologics announced that its wholly-owned subsidiary InnoCare Pharma Inc. has signed a licensing agreement with Zenas BioPharma, Inc. (hereinafter referred to as "Zenas"). Zenas will obtain global development and commercialization rights for Orelabrutinib in the field of multiple sclerosis, as well as development and commercialization rights for Orelabrutinib in other non-oncological therapeutic areas Zenas also obtained relevant rights for two preclinical molecules (a novel oral IL-17 AA/AF inhibitor and a brain-penetrant oral TYK2 inhibitor).

According to the terms of the agreement, Zenas will pay Innovent Biologics up to $100 million in upfront and near-term milestone payments, including milestone payments achieved by 2026, as well as issue 7 million shares of Zenas common stock to Innovent Biologics, including shares issued upon achieving milestones in early 2026, plus additional payments for achieving clinical development, registration, and commercialization milestones, bringing the total transaction amount to over $2 billion. Additionally, Innovent Biologics has the right to receive tiered royalties of up to high double digits on the annual net sales of the licensed products.

Hang Seng Index: Hang Seng China Enterprises Index includes China Gold International (02099)

The Hang Seng Index Company announced that the following constituent companies no longer meet the criteria for inclusion in the Hang Seng Index series due to their high concentration of shareholdings on the Securities and Futures Commission's list. Therefore, after the market closes on October 24, 2025, there will be changes to the constituent stocks of the following indices, which will take effect on October 27, 2025. The Hang Seng China Enterprises Index includes China Gold International.

Teck Resources lowers flagship copper mine production forecast

On Wednesday, Teck Resources lowered its production forecast for its flagship copper mine in Chile. Just less than a month ago, the company had reached its largest mining deal in nearly a decade with Anglo American. Teck Resources revised down its production forecast for the Quebrada Blanca copper mine, located high in the Atacama Desert of Chile, as part of its comprehensive operational review. The company lowered its production forecast for the mine this year to 170,000 to 190,000 tons, down from a previous forecast of 210,000 to 230,000 tons. It also lowered its expectations for the period from 2026 to 2028. This involves the Hong Kong stock market's non-ferrous metal copper sector.

JD Logistics (02618) plans to acquire JD Group's local instant delivery service business for $270 million to enhance "last mile" delivery capabilities

According to Zhitong Finance APP, JD Logistics (02618) announced that on October 8, 2025, the company (as the buyer) entered into a business transfer agreement with JD.com (as the seller), under which the group agreed to acquire and JD Group agreed to transfer the target business for a total consideration of approximately $270 million. The target business includes JD.com's wholly-owned subsidiary engaged in local instant delivery services, namely Dajiang and Dasheng.

Huaxin Cement (06655) terminates plans for overseas subsidiary spin-off listing

According to Zhitong Finance APP, Huaxin Cement (06655) announced that the company originally planned to integrate all its overseas assets that are actually engaged in production and operation into an overseas subsidiary to be established by Huaxin Cement or its subsidiaries and intended to apply for the spin-off of the proposed subsidiary to be listed on overseas stock exchanges.

BYD's Li Yunfei: SHARK pickup is in planning, will eventually be launched in the domestic market

Li Yunfei, General Manager of BYD Group's Brand and Public Relations Department, stated in response to netizens that BYD's new energy pickup SHARK is currently in planning and will eventually be launched in the domestic market Haidilao (06862): Over 1.8 million customers served during the Mid-Autumn Festival, a year-on-year increase of about 5%

Haidilao disclosed data showing that during the Mid-Autumn Festival and National Day holiday in 2025, customer traffic nationwide remained high, with over 1.8 million customers served on October 6, the day of the Mid-Autumn Festival, representing a year-on-year increase of about 5% compared to last year's Mid-Autumn Festival.

China Spring (01969): Chairman donates AI blockchain technology to support educational development

On October 8, China Spring (01969) announced that Chairman Hou Chunlai has agreed to make a strategically significant major donation to support the company's promotion of artificial intelligence (AI) and blockchain research and educational development in its affiliated schools. Hou Chunlai currently owns a data information center located in Washington, USA, equipped with advanced infrastructure aimed at supporting high-performance computing needs and committed to enhancing AI-enabled computing and data center capabilities.

Hou Chunlai will provide the AI and blockchain technology developed by the data information center to the company free of charge through donations. This donation will enable the schools under the company to utilize cutting-edge technology as needed, ensuring the company remains at the forefront of technological innovation. Additionally, Hou Chunlai has agreed to donate all profits generated by the data information center to the company to promote technological innovation in the education sector.

【Stock Highlights】

Long Resources (01712): High-grade results discovered from drilling at Jokisivu, Finland

According to Zhitong Finance APP, Long Resources (01712) announced that it has received results from recent diamond core drilling activities at the Jokisivu gold mine in southern Finland. This includes the initial results from 18 diamond core drilling activities at the Arpola flying squirrel area at depths of 170 to 225 meters (Arpola-3) and 7 diamond core drilling activities on the ground to assess the extent of the Jokisivu main structure's southeast extension (Jokisivu exploration).

The Jokisivu gold mine is located approximately 180 kilometers northwest of Helsinki, the capital of Finland, and about 40 kilometers southwest of the company's Vammala plant in southern Finland. The Jokisivu deposit is a structurally controlled mountain-type gold system located within the ancient Proterozoic Vammala mixed rock zone. Drilling has shown that gold mineralization in the Kujankallio area extends vertically over 710 meters from the surface, while gold mineralization in the Arpola area extends vertically over 480 meters from the surface. The Jokisivu deposit continues to be mined deeper along its strike.

Open-pit mining at Jokisivu began in 2009, with underground mining starting in 2011. As of June 30, 2025, underground excavation at Jokisivu has extended to a depth of 645 meters, with approximately 3.5 million tons of ore grading 2.5 grams per ton of gold extracted through both open-pit and underground operations