Top Story: Multiple Hong Kong Stock Connect ETFs see a notable surge in trading volume, with industry insiders suggesting insurance funds may be the buyers. On September 21, turnover for several Hong Kong Stock Connect ETFs under the cross-boundary mechanism expanded significantly compared to previous sessions. On August 18, the National Financial Regulatory Administration issued a statement supporting domestic insurance funds participating in the financial market connectivity between the mainland and Hong Kong, allowing domestic insurers to invest in Hong Kong Exchange-traded funds via the Shanghai-Shenzhen-Hong Kong Stock Connect. A source familiar with the matter exclusively told a Chinese securities publication that some insurance firms have recently received detailed regulatory notices and may have begun purchasing Hong Kong Stock Connect ETFs, with other insurers potentially following suit. Market observers believe that as insurance capital enters the market, the investor base for southbound ETFs is set to diversify further, injecting more long-term liquidity, enhancing market activity, and reinforcing Hong Kong's role as a pivotal hub for cross-border asset allocation.

Market Outlook: The Nasdaq Golden Dragon China Index rose 0.71% overnight. In U.S. trading, the Dow Jones Industrial Average climbed 366.19 points to close at 52,048.83, a gain of 0.71%. The S&P 500 advanced 114.2 points to 7,764.7, up 1.49%, while the Nasdaq Composite surged 599.54 points to 27,122.09, a rise of 2.26%. Large-cap tech stocks posted broad gains, with Meta up 11.43%, Tesla rising 3.03%, and Nvidia gaining 2.30%. The semiconductor sector rallied hard, with the Philadelphia Semiconductor Index jumping 4.29%. Arm Holdings soared 17.16%, Intel advanced 12.14%, AMD climbed 9.95% to surpass a $1 trillion market cap, and Qualcomm rose 9.29%. Optical communications stocks also moved higher, with Corning up 5.89% and Ciena gaining 4.92%. Cybersecurity names were broadly higher, as Cloudflare added 8.67% and SentinelOne rose 5.73%. Oil and gas stocks mostly declined, with ConocoPhillips down 3.26%. Most popular Chinese ADRs gained, lifting the Nasdaq Golden Dragon China Index by 0.71%. The Hang Seng Index ADR advanced, implying a closing level of 25,197.08 points, up 154.37 points or 0.62% from the Hong Kong close. WTI crude oil futures for the front-month contract fell $4.11 to settle at $91.97 per barrel, a drop of 4.28%. COMEX gold futures for the front-month contract declined $43.90, or 0.99%, to close at $4,381.0 per ounce.

Hot Picks: The Federal Reserve issued a sudden warning that rate hike expectations are still strengthening. Austan Goolsbee, President of the Chicago Fed and a 2027 FOMC voter, cautioned in a speech on Monday that inflation continues to face persistent risks, including energy prices, tariffs, robust demand, and other supply-side shocks. He stated that if demand becomes "overheated," the Fed would need to act, and further rate hikes would be "the only way out."

Alibaba has launched a new medical large model. Alibaba DAMO Academy, in collaboration with the First Affiliated Hospital of Zhejiang University, introduced DAMO RADAR, the world's first expert-level general-purpose medical imaging AI model. The model can identify 146 diseases from a single abdominal contrast-enhanced CT scan, achieving diagnostic accuracy comparable to expert radiologists for the first time. This is relevant to Hong Kong-listed Alibaba and Alibaba Health.

BYD's Xi'an operations are urgently recruiting nearly 10,000 workers amid intensifying competition in the new energy vehicle sector. Despite the fierce market environment, BYD's Xi'an base is bucking the trend with a large-scale hiring drive. Recently, multiple official platforms, including the Xi'an Human Resources and Social Security Bureau and the Xi'an High-tech Zone Human Resources Industry Association, published recruitment notices for BYD's Xi'an base. The notices indicate that several factories and business divisions across the Xi'an area are hiring simultaneously, with the total headcount exceeding 8,000. The maximum sign-on bonus offered is 6,000 yuan.

Industry chain sources indicate that Tesla's robotics team is conducting factory audits in the Yangtze River Delta, and several companies have already secured orders. A supply chain source told a media outlet on September 21 that Tesla's robotics team visited suppliers including Tuopu Group, Sanhua Intelligent Controls, and Joyson Electronics last week to begin audit work. These companies primarily supply core electromechanical components such as joint modules, actuators, and precision structural parts.

Xinhua Winshare plans to acquire 100% of Sichuan Ethnic Publishing House for 346 million yuan. Upon completion, the target company will become a wholly-owned subsidiary, with its financial statements consolidated into the group's accounts. The target, a limited liability company registered in China, primarily focuses on publishing in minority languages such as Tibetan and Yi, ethnic culture publications, compilation of ancient ethnic texts, thematic publishing, and ethnic academic publishing.

Boyaa Interactive has further purchased approximately 152 bitcoins. Following this acquisition, the group holds a total of about 4,468 bitcoins as of the announcement date, with an average cost of approximately $68,543 per coin. The purchase consideration was funded from the group's idle cash reserves generated by business operations, with pricing based on prevailing bid and ask prices in the public market.

Everest Gold intends to issue a total of 277 million shares at a discount of approximately 17.95%, raising net proceeds of about HK$442.7 million. The subscription price is HK$1.60 per share, representing a discount of roughly 17.95% to the closing price of HK$1.95 on September 21.

HanxBio has signed a strategic cooperation framework agreement and an XtalPi Science technology platform licensing agreement with XtalPi. Under these agreements, the company plans to procure and utilize XtalPi Science platform services and usage quotas based on actual R&D needs, with XtalPi providing corresponding platform capabilities and necessary technical support.

Shanhai Holding has completed the sale of shares in VNET Group for a total consideration of $942 million. Shareholders approved the share purchase agreement and the transactions contemplated therein on July 15, 2026. All conditions precedent under the agreement have been satisfied and remain satisfied, with the Choice Faith completion occurring on August 24, 2026. The buyer and seller have agreed that the Success Flow completion will take place on September 21, 2026.

Sa Sa International issued a profit alert, expecting profit attributable to shareholders of more than HK$150 million for the first half of the year. The significant improvement in profit attributable to owners is primarily due to notable year-on-year increases in same-store sales, transaction count, average transaction value, and items per transaction in the group's core markets of Hong Kong and Macau, as well as rapid growth in the group's B2C online sales and profitability.

IPO Grey Market: Ligent closed up over 8%, gaining HK$294 per board lot. Ligent is set to list on the Hong Kong Stock Exchange on Tuesday, September 22. Grey market trading showed a closing price of HK$35.9, up 8.92% from the offering price of HK$32.96. With 100 shares per board lot, and excluding fees, each lot would generate a profit of HK$294.

Stock Spotlight: Lens Technology has made deep inroads into the emerging strategic track of AI computing power. On an investor interaction platform, Lens stated that it has established a comprehensive layout around AI computing power-related strategic sectors. In server structural components, its Songshan Lake campus has completed capacity expansion. Liquid cooling heat dissipation modules, high-end precision cabinets, and optical communications high-speed interconnect components have successively passed testing by leading computing power manufacturers and are now ramping up to mass production. In the server storage segment, the company has formed a dual-driven layout covering both SSD and HDD. Additionally, according to a media report citing industry chain sources, Apple's first foldable phone, the iPhone DUO, features a custom nano-textured UTG glass for its inner screen to reduce crease visibility, and this nano-textured glass was exclusively developed by Lens. In recent institutional research, Lens also mentioned that it is supplying core components for major customers' foldable phone projects, including UTG glass, CPI film, UTG glass support plates, and 3D glass covers.