September 30 news, Hong Kong stocks closed out September, with all three major indices declining for the month. The Hang Seng Index and the China Enterprises Index each fell more than 3% during the month, while the Hang Seng Tech Index dropped nearly 8%. A total of 12 new stocks listed on the Hong Kong Stock Exchange this month, with a first-day break-below-issue-price rate of nearly 60%.

Today, Hong Kong stock indices recovered in the afternoon. As of the close, the Hang Seng Index rose 0.37% to 24,613.27, the Hang Seng Tech Index gained 0.1%, and the China Enterprises Index climbed 0.5%. On the board, tech and internet stocks were mixed with more gainers than losers, with Kuaishou up more than 2%, Meituan up nearly 2%, and Lenovo down more than 2%; innovative drug concept stocks surged, with Hengrui Pharmaceuticals up more than 10%; airline stocks strengthened, with Air China up more than 4%; mainland property stocks staged a V-shaped reversal, with Country Garden up more than 3%; Huanchuang Technology rose more than 265% on its first day of listing.

Innovative drug concept stocks surged, with Hengrui Pharmaceuticals up more than 10%. Recently, a series of major business development deals and strategic partnerships have been announced in quick succession, covering frontier areas such as oral weight-loss drugs, RAS, and bispecific antibodies, with each deal exceeding US$2 billion. Hengrui Pharmaceuticals reached a US$2.6 billion collaboration with Novo Nordisk, with a US$300 million upfront payment; Sipuru reached a US$2.13 billion collaboration with Merck, with a US$400 million upfront payment; AstraZeneca made a US$2 billion strategic equity investment in Summit.

Airline stocks strengthened, with Air China up more than 4%. Overnight international oil prices fell significantly due to the U.S. releasing reserves combined with the gradual recovery of crude oil flows from the Middle East. In addition, Trump said in Washington on Tuesday that the Iran war will end soon, at which point oil prices will fall sharply. Notably, the Civil Aviation Administration recently stated that public willingness to travel during the Mid-Autumn Festival and National Day holidays is strong, and required strengthening capacity supply during key periods. Guojin Securities believes that air cargo freight rates continue to maintain relatively high year-on-year growth, with the boom still showing resilience, and that the passenger side should focus on volume and price realization during the National Day holiday.

Mainland property stocks staged a V-shaped reversal, with Country Garden up more than 3%. The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration made it clear that a mortgage interest subsidy policy for residents purchasing homes will be implemented starting October 1, with the policy period tentatively set at one year. This interest subsidy policy focuses on first-home rigid demand, with a single household's purchased housing unit having a floor area of no more than 120 square meters and a purchase price of no more than 1.5 million yuan. Eligible first-home commercial personal housing loans can enjoy an annualized interest subsidy of 1 percentage point, with a subsidy period of up to 5 years, equivalent to one-third of the preferential interest rate; taking a 10 million yuan long-term loan as an example, cumulative interest payments can be reduced by nearly 50,000 yuan. Guosheng Securities pointed out that the policy as a whole is precise support for specific rigid-demand groups rather than comprehensive stimulus.

Huanchuang Technology rose more than 265% on its first day of listing. During the public offering stage, Huanchuang Technology received 3,546.91 times subscription, and the final number of shares offered in the public offering was 1,158,900 shares, accounting for approximately 10.00% of the total number of shares offered. A total of approximately 157,300 valid applications were received, with approximately 11,589 applications accepted, and the approximate percentage of shares allotted for one board lot relative to the total number of shares applied for was 2.00%.