Real Estate Sector Shifts to an Inventory-Driven Market, Boosting Concentration Prospects for Leading Central State-Owned Enterprises

Zhang Xuetao, Director of the Real Estate Market Supervision Department at the Ministry of Housing and Urban-Rural Development, stated at a press conference that the property market is currently undergoing two significant transformations. First, the supply-demand dynamics have shifted dramatically; second, the sector has entered an inventory era, with second-hand home transactions rising from 27% of total sales in 2020 to 46% in 2025, and reaching 52% in the first eight months of this year—surpassing the 50% threshold that officially marks the transition. Zhang noted that selling completed properties has now become the prevailing trend.

Pacific Securities highlighted that August saw a widening year-on-year decline in monthly sales, with real estate investment and construction starts continuing their downward trajectory. September traditionally serves as a peak sales season, and developers are expected to maintain a certain pace of new project launches in core cities. The market is anticipated to continue its bottoming-out and recovery phase. The brokerage advises close monitoring of policy implementation effects across regions, with particular focus on opportunities arising from increased market concentration among leading central state-owned enterprises.

Market Snapshot: Global Indices and Commodities Overview

Overnight on Wall Street, the Dow Jones Industrial Average slipped 95.4 points to close at 51,682.64, down 0.18%, extending its weekly decline to 1.69% and marking a third consecutive weekly loss. The S&P 500 edged up 12.74 points to 7,650.5, a gain of 0.17%, while shedding 0.08% for the week. The Nasdaq Composite advanced 104.25 points to 26,522.55, up 0.39%, and gained 0.72% on the week.

The "Magnificent Seven" tech giants showed mixed performance, with Nvidia climbing 1.34% and Amazon adding 1.00%. Semiconductor stocks strengthened, led by memory chip names, as the Philadelphia Semiconductor Index surged late in the session to close 2.78% higher. Among individual stocks, SanDisk jumped roughly 11%, Coherent rose over 7%, and cryptocurrency-related plays rallied with Strategy gaining more than 16%.

The Nasdaq Golden Dragon China Index rose 0.76% to 5,787.39 points, though it slipped 0.42% for the week. Most constituents gained, with Alibaba leading the advance by surging 4.33%. The Hang Seng Index ADR climbed, translating to 24,810.50 points, up 59.72 points or 0.24% from the Hong Kong close. WTI crude oil futures fell $1.76 to $95.47 per barrel, down 1.81% on the day and 4.58% for the week. COMEX gold futures added $16.20, or 0.37%, to $4,415.90 per ounce, posting a weekly gain of 0.16%.

CXMT Launches Fifth-Generation Technology Platform into Mass Production

At the 2026 World Manufacturing Convention on September 20, CXMT announced that its fifth-generation technology platform has officially entered mass production. The new platform delivers significantly enhanced storage density, boosting wafer output by more than 50% compared to the previous generation under equivalent conditions. The 24GB LPDDR5X product built on this platform has commenced volume production and is now fully integrated into mainstream domestic flagship smartphones. Against the backdrop of exponential demand growth for DRAM, NAND, and high-end HBM storage from AI servers and data centers, the global memory chip industry is experiencing a super cycle. Hong Kong-listed storage sector stocks are expected to benefit.

Wah Wa Holdings (00622) to Acquire Apex Realm Ventures Limited for HK$3.186 Billion

Wah Wa Holdings plans to acquire all issued shares of Apex Realm Ventures Limited for HK$3.186 billion, to be settled through the issuance of consideration shares. The consideration shares totaling 1.18 billion new shares represent approximately 16.99% of the company's issued share capital as of the announcement date, and approximately 14.53% post-completion. The target company, incorporated under BVI law, primarily engages in investment holding. Its Chinese operating entity is a leading provider of AI infrastructure, computing power leasing, model services, and intelligent agent applications, having independently developed inference engines and heterogeneous computing systems capable of scheduling computing resources across diverse ecosystems, clusters, and cloud platforms.

MiniMax (00100) Officially Open-Sources Code CLI

On the evening of the 18th, MiniMax (00100) released version v0.4.12 of its Code CLI to global developers under the MIT open-source license. The MiniMax Code CLI serves as the core component of the MiniMax Code client. It achieved a 76.7% task success rate in the FrontierHarness Eval benchmark, with a median successful task completion time of 4 minutes and 33 seconds—both metrics surpassing the public baselines listed in the report. MiniMax noted its intent to continue unlocking model capabilities and reducing task wait times through superior harness design.

Yunfeng Financial (00376) Restructures Licensed Entity Structure

Yunfeng Financial will sell all issued shares of YFML. Following the completion of the disposal, the company will continue its regulated activities under the Securities and Futures Ordinance through its two other wholly-owned subsidiaries, Yunfeng Securities Limited and Yunfeng Asset Management Limited.

Andre Juice (02218) to Acquire 62.0611% Stake in Ningbo Yongqiang Technology for RMB 793 Million

Upon completion of this transaction, the company will become the controlling shareholder of the target, which will then be classified as a non-wholly-owned subsidiary with its financials consolidated into the group's statements. The target is a high-tech enterprise specializing in the R&D, production, and sales of electronic interconnect materials for integrated circuits.

China Hongguang (08646) Establishes Joint Venture for Semiconductor TGV Glass Substrate Production

The company has partnered with US-based Dream Buddha Resources Group Co., Ltd. and Dongguan Yangguang Technology Co., Ltd. to jointly establish a subsidiary, Hongmeng Core Materials (Shenzhen) Semiconductor Technology Co., Ltd. The new entity plans to set up a Wuhan branch as an industrial production base for semiconductor TGV glass substrate materials, conducting R&D, pilot testing, and formal manufacturing operations.

JPMorgan Reduces Stake in GenScript Biotech (01548)

According to the latest filings with the Hong Kong Stock Exchange, JPMorgan disposed of 33.751017 million shares of GenScript Biotech on September 15 at HK$32.7394 per share, totaling approximately HK$1.105 billion. Following the reduction, JPMorgan holds approximately 129 million shares, representing 5.64% of the company.

XtalPi Holdings (02228): Board Chairman Plans Share Purchase

Dr. Wen Shuhao, the company's board chairman, executive director, and co-founder, plans to purchase ordinary shares on the open market using personal funds before the end of October 2026, based on confidence in the group's growth prospects and recognition of its long-term investment value. Under the plan, Dr. Wen intends to acquire shares with a total consideration not exceeding HK$32 million, with each purchase executed at prevailing market prices. The company will not participate in or provide financial assistance for the share purchase plan.

SSE Adds INGENIC (03223) and TRANSWARP (06727) to Stock Connect Southbound Targets

On September 18, the Shanghai Stock Exchange issued a notice regarding adjustments to Stock Connect southbound trading targets. Following the relevant implementation rules, INGENIC (03223) and TRANSWARP (06727) have been added to the list, effective from the next trading day.

Stock Focus: Impact Therapeutics-B (07630) Receives Positive CHMP Opinion for Senaparib

Impact Therapeutics-B (07630) announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion recommending approval of the marketing authorization for Sepalna (senaparib), intended for maintenance treatment of advanced epithelial ovarian, fallopian tube, and primary peritoneal cancer. Following the CHMP recommendation, the drug will be submitted to the European Commission for a final decision. Upon approval, senaparib will be authorized for marketing in all EU member states and EEA countries.