September 25th Market Update - The three major indices showed mixed performance, with the ChiNext Index gaining 1.58%. In terms of sectors, the gaming sector maintained strength throughout the day with Kunlun Tech leading gains; the AI industry chain surged collectively with multiple stocks including Inspur hitting daily limits; other power equipment sectors fluctuated higher with Shanghai Electric and Jinstech hitting daily limits. On the downside, the precious metals sector adjusted throughout the day with Shandong Gold leading declines; port and shipping sectors also corrected with Nanjing Port posting the largest decline. Overall, more stocks fell than rose, with over 3,800 stocks declining.

At market close, the Shanghai Composite Index stood at 3853.30 points, down 0.01%; the Shenzhen Component Index reached 13445.90 points, up 0.67%; and the ChiNext Index closed at 3235.76 points, up 1.58%.

On the market surface, gaming, other power equipment, and China AI 50 sectors led gains, while precious metals, port shipping, and gas sectors led declines.

Hot Sectors:

1. High-Speed Copper Cable Connections Shenyu Shares rose over 15%, Xinya Electronics hit daily limit, with Woll New Material, Jintian Shares, and Honglin Electric among multiple stocks gaining.

On the news front, a research report pointed out that compared to CPO, CPC technology offers lower costs and higher maintainability. The introduction of CPC technology directly opens up a third space for high-speed copper cables after NV-cable tray and ASIC-AEC.

2. Copper Metal Naipure Mining Equipment hit a 20cm daily limit, Jingyi Shares and China Molybdenum both hit daily limits, with Tongling Nonferrous, Northern Copper Industry, and Gold Credit among multiple stocks rising.

On the news front, mining giant Freeport McMoRan's Indonesian subsidiary Grasberg mine recently experienced a fatal mudslide accident, driving global copper prices sharply higher and raising supply chain concerns. This world's second-largest copper mine has suspended production due to the accident, with the company activating force majeure clauses. Copper and gold production is expected to plummet 35% by 2026. As of September 24th close, LME copper rose 3.27% to $10,320/ton, reaching the highest level since June 2024.

News Updates:

1. He Xiaopeng: XPeng Inc. Will Mass Produce and Begin Delivering the World's First Foldable "Car+Aircraft" Flying Car in 2026 XPeng Inc. Chairman and CEO He Xiaopeng recently stated at the "Phoenix Bay Area Financial Forum 2025" keynote speech: "Today our first flying car can only fly dozens of kilometers, but the pure small aircraft we're developing that's decoupled from cars can fly hundreds of kilometers. I believe that in 10-30 years, people can live 100 kilometers from city centers and reach them within 10 minutes - safely, quickly, and autonomously. So low-altitude flight will bring tremendous changes to life between cities or around urban areas." According to He Xiaopeng, XPeng Inc. will mass produce and begin delivering the world's first foldable "car+aircraft" flying car in 2026. For this purpose, XPeng Inc. has developed 7 generations of prototypes over the years, investing billions in costs.

2. Annual Data Output Exceeds 6 Million Entries: China's Largest Humanoid Robot Training Facility Launched in Beijing According to the "Beijing Shijingshan" WeChat public account, China's largest humanoid robot training facility was recently put into operation in Beijing's Shijingshan district. The facility covers an area of over 10,000 square meters with annual data output exceeding 6 million entries. This important infrastructure completion represents both a "key move" for China's humanoid robot industry and provides a "Beijing model" for training facility construction nationwide, accelerating the evolution of humanoid robot "embodied intelligence" and promoting their large-scale application in automotive manufacturing, logistics handling, and other scenarios.

3. Wanbangde's Polypeptide New Drug Achieves Preclinical Breakthrough in Obesity Treatment Wanbangde's official WeChat account showed on the 25th that the company's independently developed innovative small molecule cyclic peptide drug (MCR cyclic peptide) demonstrated weight loss effects superior to existing star drug GLP-1 polypeptides in preclinical studies targeting DB/DB obese mouse models. Test results showed that after 8 weeks of treatment, compared to blank control group DB/DB mice, the high-dose MCR cyclic peptide group mice showed weight loss approximately 1.25 times that of the GLP-1 polypeptide group, significantly slowing the weight gain trend of DB/DB mice to levels approaching healthy control groups. Combined with its muscle preservation effects and comprehensive regulation of blood sugar, blood lipids, and other metabolic indicators, it promises to bring differentiated clinical options.

4. Douyin Vice President Responds to ByteDance Hong Kong IPO Rumors: Many "ByteDance Concept Stock" Information in Market is False There were reports that ByteDance is preparing to list in Hong Kong. Douyin Group Vice President Li Liang responded: "Friends have been asking me early this morning. I don't rule out that some people deliberately spread false news to hype 'ByteDance concept stocks.' Please don't believe or spread rumors. Much of the so-called 'ByteDance concept stock' information in the market is false. Please invest cautiously."

Institutional Views:

Sinolink Securities' strategy team released its Q4 2025 strategy report stating that A-shares are expected to advance further in Q4, with core driving forces coming from policies and liquidity, with more balanced style performance. Equity risk premiums show that stock cost-effectiveness remains good, with valuations still having expansion space. The core driving force is incremental policies and macro-micro liquidity support. In terms of style, Q4 will be more balanced compared to Q3, with opportunities in both growth and value. For sector allocation, Sinolink Securities recommends focusing on two themes: technology growth and "anti-involution" narratives. Computing power sector high growth is further confirmed, with more potential catalysts for technology themes in Q4. The overall market upward momentum is expected to continue, maintaining bullish on technology growth. "Anti-involution" remains a major trend. Looking ahead, the "15th Five-Year Plan" recommendations including debt resolution's potential boost to expectations, "Golden September Silver October" peak demand season, and fiscal policy support provide good win rates and odds for cyclical goods. Focus is recommended on computers, power equipment, and basic chemicals.

China Galaxy Securities pointed out that national cement prices rose slightly this week, mainly due to entering the traditional peak season with high cement company enthusiasm. Market demand has recovered somewhat, with some clinker production lines nationwide still in shutdown mode, not yet pressuring company clinker inventories. Looking ahead, considering that winter will bring extended off-peak shutdowns, combined with current marginal demand improvement, cement prices are expected to continue rising. Additionally, coal price upward expectations will further support cement prices.