**Today's Headlines**

Nine Departments: Actively Develop Debut Economy and Cultivate New Consumer Leading Enterprises

On September 16, the Ministry of Commerce and eight other departments released a notice on "Several Policy Measures for Expanding Service Consumption." The policy proposes establishing pilot cities for new consumer formats, models, and scenarios. It emphasizes actively developing debut economy, promoting innovation and enriching service consumption scenarios, supporting cross-sector collaboration between quality consumer resources and renowned IPs, creating integrated consumption scenarios combining commerce, tourism, culture, sports, and wellness, and cultivating new consumer leading enterprises.

The policy encourages introducing excellent international sports events, supporting local mass sports competitions, and creating well-known premium events, professional leagues, and sports competition brands with independent intellectual property rights. It will continue activities such as "Travel Following Sports Events," "Sports Events in Scenic Areas, Streets, and Commercial Districts," and "Enjoying Exciting Events and Savoring Chinese Cuisine" to leverage the driving effects of sports events and related activities.

**Market Outlook**

US Stock Indices All Decline, Spot Gold Breaks Through $3,700 to Continue Setting Record Highs

Overnight US markets closed with the Dow Jones Industrial Average down 125.55 points to 45,757.9, a decline of 0.27%. The S&P 500 fell 8.52 points to 6,606.76, down 0.13%. The Nasdaq Composite dropped 14.79 points to 22,333.96, declining 0.07%.

Major tech stocks showed mixed performance, with Tesla rising nearly 3% and Oracle gaining over 1%, while Microsoft and NVIDIA fell more than 1%. Most popular Chinese concept stocks advanced, with the Nasdaq Golden Dragon China Index closing up 1.76%, reaching its highest level since February 2022. NIO surged over 8%, Baidu gained more than 7%, JD.com and iQIYI rose over 3%, and Alibaba increased more than 2%.

Hang Seng Index ADR traded higher, closing at 26,546.95 points on a proportional basis, up 108.44 points or 0.41% from Hong Kong's close.

Spot gold broke through $3,700 per ounce, continuing to set record highs. COMEX gold futures for the nearby contract gained $6.10, or 0.16%, to $3,725.1 per ounce.

**Hot Topics Preview**

YUEXIU PROPERTY (00123) Subsidiary Successfully Acquires Hangzhou Gongshu District Kangqiao Plot for RMB 1.33 Billion

YUEXIU PROPERTY (00123) announced that on September 16, 2025, through Hangzhou Yuelong Real Estate Development Co., Ltd. (a subsidiary in which the company holds a 95% effective interest), it successfully acquired the GS120103-09 plot in Kangqiao Unit, Gongshu District, Hangzhou, for RMB 1.33 billion through public listing.

Shenzhen Metro Provides Nearly RMB 26 Billion in Cumulative Loans to Vanke This Year

On September 16, Vanke A announced that its largest shareholder, Shenzhen Metro Group, will provide additional shareholder loans of up to RMB 2.064 billion to repay the principal and interest of bonds issued by the company in the public market, with a current lending rate of 2.34%. Including this loan, Shenzhen Metro Group has provided cumulative loans of RMB 25.941 billion to Vanke this year.

GAC-Huawei Joint Brand Named "Qijing"

The new brand jointly created by GAC and Huawei has been named "Qijing," positioned as a premium intelligent new energy vehicle brand that will be officially launched soon. According to the joint plan, Qijing vehicles will be equipped with Huawei's Qiankun intelligent technology across the entire product line. This involves GAC Group (02238).

Tencent (00700): Fully Compatible with Mainstream Domestic Chips

At the 2025 Tencent Global Digital Ecosystem Summit, Vincent Qiu, Vice President of Tencent Group and President of Tencent Cloud, announced that Tencent Cloud has achieved full compatibility with mainstream domestic chips and actively participates in and contributes to open-source communities. Meanwhile, hardware-software collaborative full-stack optimization represents Tencent Cloud's long-term strategic investment, providing cost-effective AI computing power through heterogeneous computing platform software capabilities that integrate different types of chips.

Dowson Tong, Senior Executive Vice President of Tencent Group and CEO of Cloud and Smart Industries Group, stated that Tencent has cooperated with multiple chip manufacturers for adaptation. Models come in various sizes - large ones with hundreds or thousands of billions of parameters, and smaller ones with tens of billions or billions of parameters. Different scenarios require chips with different configurations, and Tencent maintains an open attitude toward cooperation with various chip manufacturers, with some collaborations involving customized adaptation.

Tencent issued bonds for the first time in four years, raising approximately RMB 9 billion. The largest tranche was a RMB 6 billion 10-year bond with a 2.5% interest rate, 50 basis points lower than initial price guidance. The newly issued five-year bonds carried a 2.1% interest rate.

HENGRUI PHARMA (01276): Subsidiary's SHR-1826 Injection and Other Drug Clinical Trials Approved

HENGRUI PHARMA announced that its subsidiaries Suzhou Shengdiya Biopharmaceutical Co., Ltd. and Shanghai Shengdi Pharmaceutical Co., Ltd. received "Drug Clinical Trial Approval Notices" from the National Medical Products Administration for SHR-1826 injection, Adebrelimab injection, and Bevacizumab injection. These drugs will begin clinical trials soon.

SHR-1826 injection is an antibody-drug conjugate targeting c-MET, Adebrelimab injection is a humanized anti-PD-L1 monoclonal antibody, and Bevacizumab injection is an anti-VEGF monoclonal antibody. Cumulative R&D investments for related projects amount to approximately RMB 88.09 million, RMB 939 million, and RMB 349 million, respectively. The drugs require completion of clinical trials and regulatory approval before production and market launch.

Hong Kong New Stock Grey Market: Health160 (02656) Grey Market Closes Up 143.9%, Earning HK$4,277.5 Per Lot

Health160 (02656) will list on the Hong Kong exchange on September 17 (Wednesday). At the close, grey market trading showed a price of HK$29, up 143.9% from the IPO price of HK$11.89. With 250 shares per lot and excluding fees, each lot earned HK$4,277.5.

GCL Technology (03800) Clarifies August-September Profit Statement Not Annual Forecast, Based Only on Polysilicon Price Trends and Disclosed Data

GCL Technology (03800) issued an announcement to clarify a September 1, 2025 online media article titled "China's GCL expects more information soon on polysilicon restructuring."

YOUZAN (08083): Exploring and Evaluating Possibility of Seeking Main Board Listing Transfer

YOUZAN (08083) announced that the group is currently exploring and evaluating the possibility of seeking to transfer all company shares from the GEM to the Main Board of the Stock Exchange, and has appointed selected professional advisors to assist in this matter.

Chery Automobile (09973) Expected to Announce Hong Kong Listing Stock Pricing on September 23

Chery Automobile (09973): Expected to begin trading on September 25. The maximum offering price per H-share in the global offering is HK$30.75. The company is offering 297.4 million H-shares globally.

**Individual Stock Spotlight**

CTIHK (06055): Emerging Businesses Expected to Contribute Growth

The company's three core businesses - tobacco leaf product import, tobacco leaf product export, and cigarette export - contribute 81.4%, 11.2%, and 5.3% of revenue respectively, totaling 98.0%. Their gross profit contributions are 72.6%, 6.7%, and 15.0% respectively, totaling 94.3%.

CTIHK announced on the Hong Kong Stock Exchange that, building on the framework agreement for exporting cigarettes to new regions, the company signed an exclusive global distribution agreement for "Yellow Crane Tower" cigars with Hubei China Tobacco Industry Co., Ltd. on September 2, and an exclusive global agency agreement for "Taishan" cigars with Shandong China Tobacco Industry Co., Ltd. on September 4, further promoting the construction of a global sales platform for Chinese-style cigars and jointly cultivating Chinese-style cigar brands.

With its exclusive operating position and strong bargaining power, the company continues steady growth in its core tobacco leaf import-export business, while emerging businesses are expected to contribute incremental growth. As an overseas platform, the company also has promising expansion opportunities.