**Today's Headlines**

Ministry of Industry and Information Technology Issues Satellite Mobile Communication Business License to China Unicom

It was learned on the 8th that the Ministry of Industry and Information Technology recently issued a satellite mobile communication business license to China Unicom. China Unicom can now legally conduct direct satellite connection services for mobile phones and other businesses, deepening applications in emergency communications, maritime communications, and communications in remote areas, while enriching communication services and product offerings.

A responsible person from the Information and Communication Administration of the Ministry of Industry and Information Technology explained that the commercialization process of China's satellite mobile communication industry chain continues to accelerate, which will help form a moderately competitive and positively interactive market structure, making satellite mobile communication services more accessible to ordinary users. Meanwhile, the collaborative interaction between basic telecom enterprises and upstream and downstream entities in the satellite mobile communication industry chain will become closer, helping promote industrial transformation and upgrading while enhancing the resilience and security level of the industry chain supply chain.

On August 27, 2025, the Ministry of Industry and Information Technology issued the "Guiding Opinions on Optimizing Business Access to Promote Satellite Communication Industry Development."

Great Wall Securities released a research report stating that unlike previous satellite communication licenses, satellite internet focuses on large-scale constellation networks composed of low-orbit satellites, involving key issues such as operating entities, business scope, space frequencies, orbital resources, and constellation scale. As the construction of low-orbit satellite constellations accelerates, satellite internet is moving toward commercial operation, requiring timely issuance of satellite internet licenses. This "Guiding Opinion" further clarifies core development directions for satellite internet such as direct satellite connection for mobile phones. With the commercial implementation of satellite internet, relevant departments have prepared preliminary policies including licenses. Currently, China's satellite internet has entered an intensive networking period and continues to achieve breakthroughs in IPO financing and other areas. The firm remains optimistic about investment opportunities in related industry chains.

Hong Kong stocks related to satellite internet industry chains include: China Mobile (00941), China Telecom (00728), China Unicom (00762), ZTE (00763), Shanghai Fudan (01385), and Nanjing Panda Electronics Co. (00553).

**Market Outlook**

Spot Gold Continues to Hit Record Highs

Overnight U.S. stocks closed with the Dow Jones up 114.46 points or 0.25% to 45,515.32 points; the Nasdaq up 98.31 points or 0.45% to 21,798.70 points; and the S&P 500 up 13.70 points or 0.21% to 6,495.20 points.

Nebius (NBIS.US) surged over 65% in after-hours trading after announcing a $19.4 billion agreement with Microsoft (MSFT.US).

Popular Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index closing up 2.12%. NetEase rose over 7%, Baidu rose over 6%, JD.com and Alibaba rose over 4%, and XPeng Motors and NIO rose over 3%. 36Kr, which triggered multiple circuit breakers during trading, ultimately closed up 92.75%.

Hang Seng Index ADR rose slightly, calculated proportionally to close at 25,643.13 points, up 9.22 points or 0.04% from Hong Kong's close.

Spot gold continued to hit record highs, closing up 1.36% at $3,635.47, reaching as high as $3,640 per ounce during the session. Year-to-date, spot gold has surged over $1,000, gaining 38%. COMEX gold futures for the nearby month rose $24.10 or 0.66% to $3,677.4 per ounce.

**Key Highlights**

Sinopharm Distribution Center Approved for Radioactive Drug Business License

According to Sinopharm Holdings (01099), recently approved by Shanghai Drug Administration, Sinopharm Holdings' distribution center obtained a "Radioactive Drug Business License," officially entering the supply track for radioactive nuclide-conjugated therapeutic drugs.

SMIC (00981) Plans to Issue A-Shares to Acquire 49% Stake in SMIC Beijing

SMIC (00981) announced that the company plans to issue shares to National Integrated Circuit Fund, Integrated Circuit Investment Center, Yizhuang State Investment, Zhongguancun Development, and Beijing Industrial Investment to purchase their combined 49% stake in SMIC Beijing. After completion of this transaction, the company will hold 100% of SMIC Beijing, making it a wholly-owned subsidiary.

Three Major AMCs Officially Bid Farewell to Former Parent Company

More than half a year after officially announcing equity structure adjustments, the equity transfer work for China Cinda (01359), China Orient Asset Management, and China Great Wall Asset Management was completed recently. China Cinda announced that the Ministry of Finance's approximately 22.137 billion domestic shares were transferred and registered to Central Huijin on September 4. After this gratuitous transfer, the Ministry of Finance no longer holds China Cinda shares, with Central Huijin directly holding 58% and becoming the controlling shareholder. Previously in April and June, China Great Wall Asset Management and China Orient Asset Management had successively completed shareholder register change procedures. This marks that following China Huarong's controlling shareholder change from the Ministry of Finance to CITIC Group, the other three national asset management companies have also officially bid farewell to their "former parent company" while remaining state-controlled financial institutions.

National Medical Products Administration Seeks Public Comments on "Prescription Drug Online Retail Compliance Guidelines"

To implement the "Drug Network Sales Supervision and Management Measures" and further enhance compliance awareness and capabilities of drug network sales parties while standardizing prescription drug online retail behavior, the National Medical Products Administration has drafted "Prescription Drug Online Retail Compliance Guidelines" and is now seeking public comments. It proposes that enterprises should fulfill drug safety responsibilities according to law, continuously improve drug quality safety management systems and enterprise compliance management systems. Enterprises should adopt effective quality control measures in drug procurement, storage, sales, and transportation to ensure legal drug sources and traceable circulation processes. Drug online retail enterprises should ensure displayed drug information is truthful, accurate, and legal, based on drug instructions approved by the State Council's drug supervision and management department, without false content.

Related Hong Kong stocks include Alibaba Health (00241), JD Health (06618), and Ping An Healthcare and Technology (01833).

ZTE (00763): Completed Trial Commercial Sample Development of 50G PON Three-Generation Time-Division Coexistence Technology Solution

ZTE stated on the interactive platform that in optical communications, the company's products cover end-to-end full optical networks including optical transmission, optical access, and optical terminals. In optical transmission, for telecom optical communication network scenarios, the company set a world record for 1Tb/s optical signal transmission over 10,714 kilometers based on hollow-core fiber, and 1.6T metro coherent products have completed live network testing with major international carriers. For data center interconnection scenarios, the company released the world's first full-frequency OTN and was first to complete 400G/800G full-frequency OTN computing center interconnection trials and commercial use. In optical access, it completed trial commercial sample development of 50G PON three-generation time-division coexistence technology solution, paving the way for smooth operator network upgrades. In optical terminals, the company's FTTR annual shipments exceeded 10 million units, with PON CPE shipments ranking first globally. Additionally, the company is researching related technologies including 2T+, CPO electrical chips, optical engines, and optoelectronic packaging.

Wuling Motors (00305): Indirect Controlling Shareholder Guangxi Automobile's 80% Stake to be Held by Guangxi State-owned Capital

Wuling Motors announced on the Hong Kong Exchange on the evening of September 8 that the company received notification from its indirect controlling shareholder, Guangxi Automobile Group Co., Ltd. According to relevant policies of the Guangxi Zhuang Autonomous Region Party Committee and Government, the State-owned Assets Supervision and Administration Commission of Guangxi Zhuang Autonomous Region will transfer its 80% stake in Guangxi Automobile to Guangxi State-owned Capital Operation Group Co., Ltd. at zero consideration. Through this gratuitous transfer of state-owned equity, Guangxi State-owned Capital will take over the 80% stake in Guangxi Automobile held by Guangxi SASAC to optimize state-owned capital layout. After completion of this reorganization, 80% of Guangxi Automobile will be held by Guangxi State-owned Capital, while Guangxi Automobile remains the company's controlling shareholder, holding approximately 56.54% of the company's issued share capital.

Wasion Holdings (03393): Two Subsidiaries Win Southern Power Grid Orders Worth Approximately 370 Million Yuan

Wasion Holdings announced on the Hong Kong Exchange that on September 1, subsidiary Wasion Group won a 201 million yuan order from Southern Power Grid, while another subsidiary Wasion Information Technology won a 169 million yuan contract order.

JNBY (03306) Releases Annual Results with Shareholder Attributable Profit of 893 Million Yuan, Up 5.33% Year-over-Year

JNBY (03306) released results for the year ended June 30, 2025, with revenue of 5.548 billion yuan (RMB), up 4.64% year-over-year; shareholder attributable profit of 893 million yuan, up 5.33% year-over-year; basic earnings per share of 1.74 yuan; proposed final dividend of HK$0.93 per share.

CATL (03750) Sodium Battery Passes New National Standard Certification

On September 5, CATL's sodium battery passed GB38031-2025 "Safety Requirements for Power Batteries for Electric Vehicles" certification, becoming the world's first sodium-ion battery to pass the new national standard certification.

Conant Optics (02276) Expects XR Business Revenue to Further Grow in Second Half of 2025 and 2026

Conant Optics (02276) announced that the company's cooperation with multiple previously mentioned global leading technology and consumer electronics companies is progressing smoothly. Based on signed cooperation agreements and purchase orders, the company has successively received payments including development fees, small initial trial orders, and mass production orders for key domestic projects. As of August 31, 2025, the company has accumulated approximately 10 million yuan in XR business revenue (including approximately 3 million yuan confirmed in the first half of 2025). With several key projects from domestic and international customers gradually expanding trial production scale or entering formal mass production, the company expects XR business revenue to further grow in the second half of 2025 and 2026. The company plans to continue developing XR business and actively cooperate with domestic and international smart glasses manufacturers in lens solution R&D, production, and supply.

BeiGene (06160) Announces Latest Results from Two RATIONALE Studies of Tislelizumab at World Conference on Lung Cancer

BeiGene announced that final analysis results from the RATIONALE-315 study and long-term follow-up data from the RATIONALE-303 study show that tislelizumab achieved clinically meaningful overall survival benefits in both studies. Specific data were presented at the 2025 World Conference on Lung Cancer as a brief oral presentation and poster presentation respectively.

"Folding Bicycle Leader" Dahon Group (02543) Hong Kong Stock Dark Pool Trading Up 100% at One Point

"Folding bicycle leader" Dahon Group's Hong Kong stock dark pool trading rose 100% at one point, with total market value exceeding HK$3.1 billion. It previously set a new Hong Kong IPO historical record with 6,688 times oversubscription, becoming the new "oversubscription king."

**Individual Stock Highlights**

Q Tech (01478): August Mobile Phone Camera Module Sales Volume Up 40.2% Year-over-Year

Q Tech announced that August 2025 mobile phone camera module sales volume was 44.467 million units, up 17.5% month-over-month and 40.2% year-over-year. Camera module sales volume in other fields was 2.612 million units, up 36.5% month-over-month and 180.8% year-over-year. Total camera module sales volume was 47.079 million units, up 18.4% month-over-month and 44.3% year-over-year. Total fingerprint recognition module sales volume was 20.59 million units, up 43.0% month-over-month and 27.8% year-over-year.

The announcement stated that the significant year-over-year growth in camera module product sales volume was mainly due to the group's increased market share in mobile phone camera module business and substantial year-over-year growth in camera module sales volume for IoT and smart automotive applications. Additionally, the month-over-month growth in fingerprint recognition module product sales volume was mainly due to customer project cycle impacts, while year-over-year growth was mainly due to the group's increased market share in fingerprint recognition module business and substantial year-over-year growth in ultrasonic fingerprint recognition module sales volume.