**Today's Headlines**

Gold Prices Hit New Record High: Spot Gold Breaks Above $3,530, COMEX Gold Futures Surge Past $3,600

As of early morning Beijing time on September 3rd, spot gold continued its upward momentum, breaking above $3,530 per ounce. COMEX gold futures rose over 2% to $3,600.1 per ounce, setting a new historical record. Looking ahead, Guosen Futures Chief Analyst Gu Fengda indicated that gold prices are expected to maintain a relatively strong pattern in the short term, with fundamental support coming from three main aspects: first, expectations for Federal Reserve rate cuts continue to intensify; second, geopolitical risks in multiple regions are boosting safe-haven sentiment; third, speculative enthusiasm is rising following technical breakthroughs.

**Market Outlook**

Overnight US Stocks Decline Across the Board, Popular Chinese ADRs Mixed

At the close of overnight trading, the Dow Jones fell 249.07 points or 0.55% to 45,295.81 points; the Nasdaq dropped 175.92 points or 0.82% to 21,279.63 points; the S&P 500 declined 44.72 points or 0.69% to 6,415.54 points. NVIDIA (NVDA.US) closed down 1.95%, while CoreWeave (CRWV.US) fell 9.41%. Popular Chinese ADRs showed mixed performance, with the Nasdaq Golden Dragon China Index closing up 0.52%. Li Auto rose over 4%, NIO gained over 3%, and Alibaba increased over 2%. Hang Seng Index ADRs declined, closing at 25,485.7 points on a proportional basis, down 10.85 points or 0.04% from Hong Kong's close.

**Market Highlights**

Southbound Capital's Annual Net Purchases Exceed HK$1 Trillion, Setting New Record

On September 2nd, southbound capital recorded net purchases of HK$9.281 billion, bringing annual net purchases above HK$1 trillion for the first time since the Stock Connect mechanism launched. To date, southbound capital has accumulated nearly HK$4.7 trillion in net purchases of Hong Kong stocks.

Tencent Releases Hunyuan Voyager3D World Model

On September 2nd, HunyuanWorld-Voyager was officially launched, marking the industry's first ultra-long roaming world model supporting native 3D reconstruction. The model focuses on AI applications in spatial intelligence, providing high-fidelity 3D scene roaming capabilities for virtual reality, physics simulation, and game development sectors.

WuXi AppTec: Signs Supplementary Agreement with Related Party XDC Cayman for Payload-Linker Master Service Framework

WuXi AppTec announced that the company signed a supplementary agreement with related party XDC Cayman for the payload-linker master service framework, raising the 2025 related transaction limit from RMB 168 million to RMB 200 million. Additionally, the company signed a new three-year payload-linker master service framework agreement with XDC Cayman, effective from January 1, 2026, to December 31, 2028. Expected annual transaction amounts for 2026, 2027, and 2028 will not exceed RMB 300 million, RMB 400 million, and RMB 400 million respectively. The company stated that this transaction represents normal commercial arrangements in daily operations and will not affect the company's independence.

WuXi AppTec: Plans to Transfer 98.9% Stake in WuXi STA to WuXi R&D

WuXi AppTec announced on the evening of September 2nd that to optimize organizational structure, the company decided to transfer some subsidiary equity to a newly established domestic holding-type wholly-owned subsidiary after reviewing subsidiary businesses and responsibilities. The company plans to transfer all 98.9% shares of Shanghai WuXi STA Pharmaceutical Co., Ltd. held by Shanghai WuXi AppTec New Drug Development Co., Ltd. to WuXi AppTec Medical R&D Co., Ltd. After completion, WuXi R&D will directly hold 98.9% of WuXi STA shares. This equity transfer does not involve changes to the company's consolidation scope or alter WuXi STA's substantial operating activities.

WuXi XDC (02268) Plans Placement at HK$58.85 Per Share, Expected to Raise Net Proceeds of Approximately HK$1.301 Billion

WuXi XDC (02268) announced that on September 2, 2025 (after Hong Kong Stock Exchange trading hours), the company entered into a placement agreement with placement agents, whereby the company conditionally agreed to place up to 22.277 million placement shares at HK$58.85 per share through placement agents on a fully underwritten basis to at least six placees (who and their ultimate beneficial owners are independent third parties).

Prime Investments Holdings (00697): Beijing Robotics Fund Invests in Songyan Power

Prime Investments Holdings (00697) announced that recently, the Beijing Robotics Industry Development Investment Fund (Limited Partnership) managed by a company under Prime Capital (a wholly-owned subsidiary of the company) invested in Songyan Power (Beijing) Technology Co., Ltd. This investment follows an additional investment after the March 2024 investment, further promoting increased R&D investment and product iteration upgrades by the invested enterprise, consolidating and enhancing its leading position in the humanoid robot sector.

Haidilao (06862) Controlling Shareholder NP United Plans Distribution in Kind of 1.802 Billion Shares

Haidilao (06862) announced that the company's board was informed by one of its controlling shareholders, NP UNITED HOLDING LTD (NP United), that to simplify its shareholding in the company, NP United's board has resolved to distribute all company shares it holds (the shares) strictly in proportion to its shareholders (namely ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD) in kind (distribution in kind).

ASCLETIS-B (01672) to Report ASC30 Oral Small Molecule GLP-1R Agonist 28-Day Multiple Ascending Dose Study Results at 61st EASD Annual Meeting

ASCLETIS-B (01672) announced it will report data from the ASC30 oral small molecule GLP-1 receptor (GLP-1R) agonist 28-day multiple ascending dose study (NCT06680440) in a brief oral presentation at the 61st European Association for the Study of Diabetes (EASD) Annual Meeting in Vienna, Austria.

SUNEVISION (01686) Reports Annual Results with Shareholders' Profit of HK$907 Million, Up 8% Year-on-Year

SUNEVISION (01686) reported full-year results for the year ended June 30, 2025, achieving revenue of HK$2.674 billion, up 10% year-on-year; shareholders' profit of HK$907 million, up 8% year-on-year; earnings per share of 24.09 HK cents, with a proposed final dividend of 12 HK cents per share.

YUNFENG FIN (00376): Has Cumulatively Purchased 10,000 ETH

YUNFENG FIN (00376) announced that the board has approved the purchase of ETH on the open market as reserve assets. As of the announcement date, the group has cumulatively purchased 10,000 ETH on the open market with a total investment cost (including fees and expenses) of $44 million. The purchase was funded by the group's internal cash reserves, with the purchased ETH recorded as investment assets in the group's financial statements. The group will continue to closely monitor market developments, regulatory environment, and company financial conditions, adjusting the scale of reserve assets as appropriate.

NIO-SW (09866) Reports Second Quarter Results with Total Revenue of RMB 19.009 Billion, Up 9% Year-on-Year

NIO-SW (09866) reported second quarter results for the three months ended June 30, 2025, achieving vehicle sales of RMB 16.136 billion, up 2.9% year-on-year; total revenue of RMB 19.009 billion, up 9% year-on-year; net loss of RMB 4.995 billion, down 1% year-on-year.

PetroChina: PetroChina Group Plans to Transfer 541 Million A-Shares to China Mobile Group

PetroChina announced that to further deepen strategic cooperation between PetroChina Group and China Mobile Group, the company's controlling shareholder PetroChina Group plans to transfer 541 million A-shares (representing 0.30% of the company's total share capital) to China Mobile Communications Group Co., Ltd. through state-owned share transfer. This transfer will not result in changes to the company's controlling shareholder or actual controller and requires approval from the State-owned Assets Supervision and Administration Commission of the State Council and completion of share transfer registration procedures.

**Individual Stock Spotlight**

CHINA RAILWAY (00390): Rich in Copper and Molybdenum Resources, Benefiting from Rising Molybdenum Prices

Leading domestic copper/molybdenum capacity, with resource business accounting for 22% of 2025H1 performance, contributing significantly to profits. The company operates five modern mines in good condition, with main mineral products including copper, cobalt, molybdenum, lead, and zinc. As of 2025H1, the company's equity reserves of copper/molybdenum/cobalt were 3.04/0.49/0.23 million tons respectively, with copper and molybdenum capacity already ranking among the top domestic peers. In 2025H1, equity production of copper/molybdenum was 67,000/6,000 tons respectively. Subsidiary China Railway Resources achieved net profit attributable to parent of RMB 2.58 billion, up 27% year-on-year, accounting for 22% of the company's 2025H1 net profit attributable to parent.

From January to August this year, LME copper/molybdenum concentrate average prices rose 5%/6% year-on-year respectively. Molybdenum prices continued rising in July-August, while copper prices fluctuated at high levels. Institutions conservatively estimate that second-half resource business profit volume will match the first half, contributing approximately RMB 5 billion in annual performance.

Guosheng Securities Research believes the company's resource segment has significant value revaluation potential: 1) Expecting 2025 resource business net profit of RMB 5 billion, referencing non-ferrous metal leader Zijin Mining (H) 2025 15x PE valuation, corresponding to a value of RMB 75 billion; 2) Expecting 2025 engineering business net profit of RMB 20.8 billion, using the company's H-share 3.2x PE valuation, corresponding to a value of RMB 66.6 billion.