Stock Market Positive and Negative News

**Macroeconomic News** 1. The Trump administration officially announced on September 24 local time the implementation of a trade agreement reached between the US and EU, confirming that a 15% tariff on imported automobiles and automotive products from the EU will take effect from August 1. Additionally, the document lists tariff exemptions for certain pharmaceutical compounds, aircraft components, and other imported goods.

2. Minister of Commerce Wang Wentao held a roundtable meeting with some Chinese enterprises in the US in New York on September 23. Over ten Chinese companies and representatives from the China General Chamber of Commerce - USA from sectors including finance, logistics, cross-border e-commerce, petrochemicals, telecommunications, rail transit, automotive parts, new energy, and pharmaceuticals attended the meeting to introduce their business operations in the US and propose specific appeals and suggestions for protecting corporate interests and expanding practical cooperation. Wang Wentao emphasized high attention to the development of Chinese enterprises in the US and firm commitment to protecting their legitimate rights and interests.

3. To date, 157 UN member states have recognized the State of Palestine, but over 30 countries still do not recognize it, including the US, Israel, Japan, and Germany. Foreign Ministry spokesperson Guo Jiakun stated that the Palestinian issue is at the core of Middle East problems, and the "two-state solution" is the only realistic path to resolving the Palestinian issue.

4. The Ministry of Commerce and eight other departments issued a notice on "Several Policy Measures to Promote Service Exports." It supports establishing international data centers and cloud computing centers in free trade zones, Hainan Free Trade Port, and national comprehensive pilot demonstration areas for expanding service industry opening-up, providing data processing services to various enterprises in need.

5. To maintain ample liquidity in the banking system, the People's Bank of China will conduct 600 billion yuan MLF operations on September 25, 2025, with a one-year term through fixed quantity, rate bidding, and multiple price winning methods.

6. Data released by Eurostat on September 24 local time shows China holds a prominent position in the EU's high-tech trade landscape. In 2024, 30% of the EU's high-tech imports came from China (141 billion euros), surpassing the US (23%, 111 billion euros) to become the EU's largest supplier.

7. The US State Department issued a statement on the 24th local time, saying Secretary of State Rubio met with Russian Foreign Minister Sergey Lavrov. Rubio stated that Russia needs to take meaningful measures for a lasting resolution to the Russia-Ukraine conflict.

**Industry News** 1. At the 25th China International Industry Fair currently being held in Shanghai, China Fusion Corporation, with registered capital of 15 billion yuan and officially established just over two months ago, made its first public appearance. Multiple domestic controllable nuclear fusion experts confirmed to reporters that China Fusion Corporation will build a new fusion experimental device in Shanghai to verify the high-temperature superconducting magnets developed in Shanghai, tentatively named "China Circulation Ring No. 4."

2. The Ministry of Industry and Information Technology publicly solicited opinions on the mandatory national standard "Safety Technical Requirements for Automobile Door Handles" and amendments to three mandatory national standards. It clearly states that each door (excluding tailgates) should be equipped with exterior door handles with mechanical release functions; it also specifies that exterior door handles of each door should provide hand operation space relative to the vehicle body surface in any state. Industry insiders indicate that regulations on exterior door handle operation space effectively prohibit "fully concealed" exterior door handle designs.

3. The Ministry of Commerce and seven other departments jointly issued "Guidance on Vigorously Developing Digital Consumption to Create a Better Life in the Digital Era." The guidance indicates increasing effective supply of AI terminal products and conducting trials for intelligent connected vehicle access and road traffic.

4. The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Stable Growth Work Plan (2025-2026)." It proposes strict control over cement and glass production capacity, strictly prohibiting new cement clinker and flat glass capacity, with new construction and renovation projects required to formulate capacity replacement plans.

5. Since last year's "9.24," market conditions have lasted for a full year. During this period, 1,504 stocks rose more than 100%, accounting for nearly 28% of the market. In the ETF market, technology chip-related ETFs performed outstandingly, becoming leading varieties with nearly double interval gains.

6. Cui Dongshu, Secretary-General of the China Passenger Car Association, published an article on September 24 stating that looking ahead to the "15th Five-Year Plan" period for the automotive industry, optimistic projections expect total automobile manufacturer volume to reach 40 million units, with "14th Five-Year Plan" average annual growth of 3%, export average annual growth of 9%, achieving sustained strength, with domestic demand realizing average annual growth of nearly 2%.

7. Media reports indicate NVIDIA is internally incubating a Robotaxi project. Analysts believe this move represents a strategic upgrade driven by technical closed-loop requirements, which will accelerate technical route differentiation and resource concentration toward leading players, potentially reshaping market dynamics.

8. The China Academy of Information and Communications Technology released the "Beidou Industry Development Blue Book (2025)." The Blue Book predicts that Beidou applications will build a billion-level market in the future, with China's newly added Beidou-supporting terminals and equipment expected to exceed 400 million units by the end of 2028.

9. At the opening ceremony of the 2025 China International Information and Communication Exhibition, Zhong Zhihong, Chief Engineer of the Ministry of Industry and Information Technology, revealed the latest data on China's information and communication industry: 5G is widely integrated into thousands of industries, covering 86 major industry categories in the national economy.

**Company News** 1. GalaxyCore announced that shareholders plan to reduce holdings by no more than 4.5% of company shares in total.

2. At the 2025 Alibaba Cloud Summit, Alibaba officially announced cooperation with NVIDIA on Physical AI. At the conference, Alibaba Cloud CTO Zhou Jingren released seven large model technology products covering language, speech, vision, multimodal, and code model fields.

3. SMIC announced that the National IC Fund's shareholding ratio has decreased to 15%.

4. Changchuan Technology announced that Changchuan Investment recently reduced its holdings by 1.78% of the company's total share capital.

5. Honglidh indicated on the interactive platform that it indirectly holds approximately 0.3% of Moore Threads shares.

6. Insta360 announced plans to grant 1.3871 million restricted stock incentive plans at a grant price of 148.92 yuan per share, representing a 50.41% discount to the closing price.

7. Huatian Technology announced it is planning to acquire semiconductor power device company Huayi Microelectronics, with stock trading suspended.

8. Tasly announced that its subsidiary received clinical trial approval notification for TSL2109 capsules, with no similar dual-target drugs currently in clinical trial stages domestically or internationally.

9. Swancor Advanced Materials announced that Zhiyuan Robot's affiliated holding platform Zhiyuan Hengyue plans a tender offer for 37% of shares at 7.78 yuan per share.

10. Hengrui Medicine announced signing an authorization licensing agreement for the Reikang Trastuzumab project, eligible to receive up to $1.093 billion in milestone payments.

11. Jinma Rides announced completion of shareholder Deng Zhiyi's reduction plan, cumulatively reducing 3.8336 million shares.

12. Jingzhida announced delivery of its first high-speed testing machine to key domestic customers, primarily used in semiconductor memory testing.

13. MenKea Biotech announced that GeniePharma, holding 10.92% of shares, publicly solicited voting rights to oppose certain proposals.

**Global Markets** 1. All three major US stock indices closed lower, with the Dow down 0.37%, Nasdaq down 0.33%, and S&P 500 down 0.28%. Popular tech stocks were mixed, with Intel rising over 6%. The Nasdaq Golden Dragon China Index closed up 2.83%, with popular Chinese concept stocks generally rising.

2. WTI crude oil futures closed up 2.49% at $64.99 per barrel. Brent crude oil futures closed up 2.48% at $69.31 per barrel.

3. COMEX gold futures closed down 1.24% at $3,768.5 per ounce; COMEX silver futures closed down 1.11% at $44.115 per ounce.

4. Sources revealed that Intel has approached Apple seeking investment in the troubled chipmaker.

5. Oracle conducted its second-largest bond issuance this year, with subscription demand approaching $88 billion.

**Investment Opportunity Reference** 1. **Alibaba Team Releases New Terminal AI Agent iFlow CLI** Alibaba's Heartflow research team officially released the new terminal AI agent iFlow CLI, permanently free and open to individual users. Users can execute tasks directly in terminals through natural language commands, achieving comprehensive automation from file organization to complex workflows.

The AI Agent market is rapidly expanding, growing from $3.7 billion in 2023 to $7.38 billion in 2025, expected to exceed $100 billion by 2032. Changjiang Securities states that amid gradually converging foundational model capabilities, Agent investment core logic continues strengthening. With accelerating domestic model capability iteration and AI application monetization beginning, they remain optimistic about Agent commercialization and investment opportunities.

2. **Taiwan Semiconductor Manufacturing Plans to Raise 2nm Process Prices by at least 50%** Taiwan Semiconductor Manufacturing's 2nm process prices will increase by at least 50% compared to 3nm, while final-generation 3nm CPU prices have already risen about 20% compared to previous generations. Industry sources indicate Taiwan Semiconductor Manufacturing's latest 2nm process will begin mass production this quarter, but due to massive advanced process capital expenditures, no discount or negotiation strategies are currently available. Supply chain estimates suggest flagship chips using 2nm processes could reach $280 per unit.

Notably, memory chip giants Samsung and SK Hynix have already led product price increases, accelerating semiconductor inflation. Zhejiang Securities' Li Qiudi believes that according to International Electronic Business information, following June, TI launched another wave of price increases in August, focusing on industrial control, automotive, and computing power-related chip products, with pricing adjustments affecting almost all customers. As price suppression lifts combined with continued demand recovery, domestic analog sectors are expected to see turning points.

**Trading Suspensions and Resumptions** **[Suspended]** 002185 Huatian Technology

**[Resumed]** 688109 Pinming Technology 000697 ST Lianshi

**Announcement Express** **[Major Events]** AMEC: Has submitted H-share issuance application to Hong Kong Stock Exchange. Swancor Advanced Materials: Shanghai Zhiyuan Hengyue Technology Partnership plans tender offer for 37% of company shares. Jingzhida: Delivered first high-speed testing machine to key domestic customers. Huasoft Technology: Existing photoinitiator products are produced and sold in small batches according to customer orders, with small revenue proportion. Wanneng Hi-Tech: Net profit in first three quarters expected to increase 69.81%-109.77% year-over-year. Invengo: Terminates 2025 simplified procedure specific target stock issuance.

**[Mergers & Acquisitions]** Huatian Technology: Planning to acquire Huayi Microelectronics equity, stock suspended from tomorrow. Neusoft: Wholly-owned subsidiary plans to acquire 49% equity in Shenzhen Hengdao, increasing shareholding to 100%. Yongan Pharmaceutical: Plans to acquire minority shareholder equity in controlling subsidiary Ling'an Technology, accelerating expansion in creatine monohydrate business. Dalong Real Estate: Controlling subsidiary plans to acquire 60% equity in Beijing Chengzhu Real Estate Company.

**[Holdings Changes & Buybacks]** China Jushi: Plans to repurchase 30-40 million shares. Beimo High-Tech: Shareholders and executives plan combined reduction of no more than 2.52% of company shares. Guoguang Electric: Employee shareholding platform and shareholders plan combined reduction of no more than 3.85% shares. Nanxin Pharmaceutical: Guangzhou Qianyuan plans to reduce no more than 3% of company shares. *ST Taihe: Huachong Fund plans to reduce no more than 3% of company shares. Huiyu Pharmaceutical: Shareholder Wang Xiaopeng plans to reduce no more than 3% of company shares. GalaxyCore: Four shareholders plan combined reduction of no more than 4.5% of company shares. Jujiao Shares: Shareholder Zheng Chaoyang plans to reduce no more than 3% of company shares.

**[Major Contracts]** Sinopec Oilfield Service: Wholly-owned subsidiary signed $359 million contract. Linyang Energy: Won approximately 142 million yuan State Grid procurement project. Ruima Precision: Subsidiary received domestic automaker designation, expected total sales approximately 556 million yuan.