Today's Headlines

Professional Association of Securities and Futures of Hong Kong: Agrees with the practice of HKEX, not blindly including all securities in the lower limit range

According to the Zhitong Financial APP, the Hong Kong Exchanges and Clearing Limited (00388) previously consulted the market on lowering the lower limit of stock price. Chen Zhihua, the President of the Professional Association of Securities and Futures of Hong Kong, stated that after the lower limit was lowered, the buy and sell orders would be dispersed, and the displayed orders on the quotation machine would definitely be fewer than before, which would have a negative impact on visible liquidity, hinder price discovery, and may also suppress the trading willingness of certain investors. When making the recommendation, HKEX has considered the above factors and selected the affected stocks, not blindly including all securities in the downward adjustment range; the Professional Association of Securities and Futures of Hong Kong agrees with the practice of HKEX.

【Outlook】

Overnight, US stocks all rose, and the settlement price of international crude oil futures rose by more than 1%.

The Dow Jones rose by 522.09 points overnight, an increase of 1.26%, to 42025.19 points; the NASDAQ rose by 440.68 points, an increase of 2.51%, to 18013.98 points; the S&P 500 index rose by 95.38 points, an increase of 1.70%, to 5713.64 points. Star technology stocks generally rose, with Tesla (TSLA.US) up 7%, Nvidia (NVDA.US) up 4%, and Apple (AAPL.US) up 3.7%. The Nasdaq Golden Dragon China Index closed up 4.1%, Alibaba (BABA.US) up nearly 5%, JD.com (JD.US) up 6.7%. HSI ADR rose, closing at 18068.54 points, up 55.38 points or 0.31% over the Hong Kong closing price. The COMEX December gold futures rose by 0.5% at the close, to $2611.5 per ounce. The settlement price of international crude oil futures rose by more than 1%. WTI crude oil futures for October rose by 1.47%, Brent crude oil futures for November rose by 1.67%.

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Ten departments have issued a document concerning the transportation of new energy vehicle power lithium batteries.

Strive to further clear the bottlenecks and key points of the transportation of power lithium batteries by 2027, steadily improve transportation efficiency, optimize the comprehensive transportation structure, significantly enhance transportation safety levels, ensure the security and stability of the supply chain of new energy vehicles and power lithium batteries, provide strong support for better serving the "new three types" of foreign trade, fully support high-quality economic development, and accelerate the construction of a new development pattern. The "Several Measures" mentioned the research and formulation of railway safety transportation conditions for new energy vehicle power lithium batteries, clarifying the scope of goods, testing requirements, packaging requirements, container technical conditions, station technical conditions, transportation organization requirements, operation and management requirements, etc. Conduct trial operation of power lithium battery railway in stations with conditions. Research and promote international railway intermodal transportation of power lithium batteries.

Shanghai and Shenzhen Stock Exchanges: Hong Kong stock connect service will not be available from October 1 to October 7. The Hong Kong stock connect service will resume on October 8.

On September 19, the Shanghai and Shenzhen Stock Exchanges announced the arrangements for the Hong Kong stock connect trading days during the 2024 National Day and Double Ninth Festival: 1. National Day: Hong Kong stock connect service will not be available from October 1 to October 7, and it will resume on October 8. In addition, September 29 and October 12 are weekends and the market will be closed. 2. Double Ninth Festival: Hong Kong stock connect service will not be available on October 11, and it will resume on October 14. 3. The clearing and settlement of Hong Kong stock connect transactions will be arranged by China Securities Depository and Clearing Corporation Limited.

The EU warns that Apple (AAPL.US) would face substantial fines unless it opens up its highly protected iPhone and iPad operating systems to competitors.

According to the information obtained from the Securities Times APP, the EU has warned that Apple (AAPL.US) may face substantial fines under EU digital antitrust rules if it does not open up its highly protected iPhone and iPad operating systems to competitors.

China Association of Automobile Manufacturers: In August, auto exports reached 0.511 million vehicles, an increase of 25.4% year-on-year.

According to the report from China Automobile Industry Association on the Zhitong Finance APP, in August 2024, the export of autos grew rapidly. In August, the export volume of autos was 0.511 million units, with a 9% monthly growth and a 25.4% year-on-year growth. From January to August, the export volume of autos reached 3.773 million units, a 28.3% year-on-year increase.

Alibaba's Wu Yongming: The threshold for advanced AI models will reach the billion-dollar level, and the robotics industry will witness a huge transformation.

The 2024 Yunqi Conference opened in Yunqi Town, Hangzhou. Wu Yongming, CEO of Alibaba Group and Chairman and CEO of Alibaba Cloud Intelligence Group, stated that the investment threshold for next-generation AI advanced models will reach tens to hundreds of billions of dollars: "To achieve true AGI, the next generation models need to have a larger, more general, and more generalized knowledge system, as well as more complex and multi-level logical reasoning capabilities. The investment threshold for competition in advanced models worldwide will reach tens of billions to hundreds of billions of dollars." Wu Yongming pointed out that after the automotive industry, robotics will be the next industry to undergo a significant transformation.

A leasing company in China placed an order for 50 Boeing 737 MAX aircraft.

It was reported on the Futu Finance app that CDB Leasing (01606), a financial leasing company under the China Development Bank, announced on Thursday that it will purchase 50 Boeing (BA.US) 737 Max 8 jets, which is the company's second substantial order in a week.

Goldensolar (01121) plans to join forces with Jineng and Longi Green Energy Technology (601012.SH) to establish a joint venture company for the production of HBC solar cells.

Goldensolar (01121) announced that on September 19, 2024, its indirect wholly-owned subsidiary, Goldensolar (Quanzhou), entered into a joint venture agreement with JuEntergy and Longji. According to the agreement, the contracting parties agreed to establish a joint venture company with a registered capital of RMB 0.659 billion. After its establishment, the joint venture company will be 52.51%, 27.31%, and 20.18% owned by JuEntergy, Goldensolar (Quanzhou), and Longji, respectively.

Morgan Stanley increased its shareholding in Zijin Mining (02899) by approximately 50.1372 million shares at a price of HK$14.51 per share.

According to the latest information from Hong Kong Stock Exchange, on September 13, Morgan Stanley increased its shareholding in Zijin Mining Group (02899) by 50.137243 million shares, with a price of HKD 14.51 per share, for a total amount of approximately HKD 0.727 billion. After the increase, the latest number of shares held is approximately 0.4089 billion, with a latest shareholding percentage of 6.82%.

Xinhua Winshare (00811) signed the "Government Procurement Contract for Free Textbooks for Compulsory Education Students in Sichuan Province for the 2024-2025 School Year", with a contract value of approximately 1.256 billion yuan.

According to the Zhitong Finance and Economics APP, Xinhua Winshare (00811) has recently announced that the company has signed the "Sichuan Province 2024-2025 Academic Year Compulsory Education Stage Student Free Textbook Government Procurement Contract" (hereinafter referred to as the "Procurement Contract") with the Sichuan Provincial Department of Education's directly affiliated institution, Sichuan Student Aid Management Center. The Sichuan Student Aid Management Center procured the free textbooks for the 2024-2025 academic year for Sichuan's compulsory education stage students, in accordance with the national and provincial curriculum, through single-source procurement from the company. The total contract amount is approximately RMB 1.256 billion, which is an estimated price, and the specific amount will be based on actual order settlements.

Stock Forecast:

China Railway Signal & Communication Corporation (03969): won a total of six important projects in the urban rail transit market from July to August, with a total bid amount of approximately 2.9 billion yuan

According to the announcement from China Railway Signal & Communication Corporation (03969), from July to August 2024, the company has won a total of six important projects in the rail transit market, including five important projects in the railway market: the signal system supply and installation general contract project for the North Axis Line of the São Paulo Intercity Railway in Brazil, with a winning amount of approximately RMB 1.894 billion; the PXZH-RD section project of the Pan County to Xingyi Railway Station rear project, with a winning amount of RMB 0.238 billion; the senior repair project of the 300T type ATP onboard equipment of China Railway Shanghai Bureau Group Co., Ltd., with a winning amount of RMB 0.158 billion; the signal equipment project of Xi'an to Shiyan High-Speed Railway (Shaanxi Section) and Xi'an East Station XDZH section, with a winning amount of RMB 0.158 billion; the electrical transformation project contract tender YLDHSG-3 section of the Yiyang to Loudi section of the Yizhan Line, with a winning amount of RMB 0.11 billion; and one important project in the urban rail transit market, the signal system project of Phase 1 of Jinan Urban Rail Transit Line 6, with a winning amount of RMB 0.342 billion.