**Today's Headlines**

**State Council Approves Healthcare Infrastructure Strengthening Plan**

The State Council has approved in principle the "Implementation Plan for Healthcare Infrastructure Strengthening Project." The plan states that by 2027, the layout of primary healthcare institutions will be more rational, facility conditions will be further improved, and the capacity for basic public health services and primary medical services will continue to improve, striving for residents to reach the nearest medical service point within 15 minutes. By 2030, the primary healthcare service system will be further improved, talent teams will continue to develop and expand, facility and equipment conditions and digital intelligence levels will be significantly improved, the level of equalization of basic public health services and standardization of basic medical services will be significantly enhanced, the proportion of services provided by county-level and below medical institutions will continue to increase, the coordinated development of traditional Chinese and Western medicine will reach a higher level, and the construction of a tiered diagnosis and treatment system will achieve significant results, enabling people to enjoy high-quality and efficient health services nearby. This affects the Hong Kong-listed medical device and equipment sector.

**Market Outlook**

**Oracle Surges Nearly 36% to Record High**

Overnight US stocks closed with the Dow Jones Industrial Average down 220.42 points to 45,490.92 points, a decline of 0.48%; the S&P 500 index up 19.43 points to 6,532.04 points, an increase of 0.3%; the Nasdaq Composite up 6.57 points to 21,886.06 points, an increase of 0.03%. The S&P 500 and Nasdaq continued to hit new closing highs. Oracle surged nearly 36% to a record high, with market capitalization increasing by approximately $250 billion during the day. Most large tech stocks declined, with Amazon and Apple falling over 3%. Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index closing down 0.95%. NIO fell nearly 9%, iQiyi fell nearly 7%, XPeng fell over 3%, and Alibaba fell over 2%. Hang Seng Index ADR declined, calculated proportionally to close at 25,977.35 points, down 222.91 points or 0.85% from Hong Kong's close.

**Hot Prospects**

**Chan Chi-wa: Suggests Gradually Reducing or Eliminating Stock Stamp Duty, GEM Could Learn from Nasdaq Tiered System**

Hong Kong's new Policy Address will be released on September 17. Chan Chi-wa, Chairman of the Hong Kong Securities and Futures Professionals Association, suggests that authorities could reduce or eliminate stock stamp duty in three phases, expecting lower transaction costs to enhance market depth. He also mentioned that the Growth Enterprise Market (GEM) lacks vitality due to various regulations and approvals, failing to fully play its role in financing support for small and medium enterprises. It could learn from the US Nasdaq market's tiered system, establishing differentiated listing standards for enterprises of different scales and development stages.

**Midland: Average Price Per Square Foot of Hong Kong's Top 10 Housing Estates "7 Up, 3 Down" in First 8 Months**

According to Midland Property data, Hong Kong's top 10 housing estates in the first 8 months showed average registered saleable area prices compared to end of last year with 7 estates rising and only 3 estates declining, showing a "7 up, 3 down" situation. The estate with the largest increase was Whampoa Garden, rising approximately 8% in the first 8 months. This affects Hong Kong-listed local property stocks.

**CFM: Storage Market Prices Expected to Rise Comprehensively in Q4**

CFM's latest flash memory market report shows that major manufacturers, including Chinese companies, are expected to experience general price increases in Q4, laying the foundation for next spring's market trends. This price increase mainly focuses on enterprise and mobile markets, with Q4 enterprise storage prices expected to achieve single-digit increases, and mobile embedded storage prices also expected to rise slightly.

**GGII: Global Battery Pack Installations Reach 552.7GWh in January-July, Top 10 Companies Account for Nearly 90%**

According to the "Global Battery Pack Installation Monthly Database" released by Gaogong Industry Research Institute (GGII): Global new energy vehicle sales reached 1.61 million units in July 2025, up 21% year-on-year; battery pack installations were approximately 86.8GWh, up 30% year-on-year. From January to July 2025, global new energy vehicle cumulative sales reached 10.386 million units, up 27% year-on-year, driving global battery pack installations to approximately 552.7GWh, up 34% year-on-year. Among them, the top 10 global battery pack installation companies installed a combined 495.8GWh, accounting for 89.7% of the global share. This affects Hong Kong-listed CATL, BYD, CALB, and others.

**Guangdong Province Pig-Grain Price Ratio Enters Level 3 Warning Zone**

According to the Guangdong Provincial Development and Reform Commission, monitoring by the Guangdong Provincial Price Monitoring Center shows that on September 9, the province's average pig-grain price ratio was 5.93:1, entering the excessive decline level 3 warning zone set by the "Guangdong Province Government Pork Reserve Adjustment Mechanism Work Plan." It is recommended that farms scientifically arrange production and business decisions, maintain overall stable pig production capacity and normal slaughter and restocking rhythms.

**TIANJIN DEV (00882) Subsidiary Lisheng Pharmaceutical Plans to Invest RMB 174 Million in Fund**

TIANJIN DEV (00882) announced that on September 10, 2025, Lisheng Pharmaceutical (an indirect non-wholly owned subsidiary of the company) entered into a partnership agreement with CCB Equity, Teda Private Equity, Gongqingcheng Jianxing, Teda International, State-owned Assets Mother Fund, and Strategic Emerging Fund. The fund will be established with a total committed capital of RMB 500 million (equivalent to approximately HK$547 million), of which Lisheng Pharmaceutical (as a limited partner) has committed RMB 174 million (equivalent to approximately HK$190 million) to the fund, representing 34.75% of the fund's total committed capital, subject to the terms and conditions of the partnership agreement.

**NIO-SW (09866): Announces Proposed Offering of 181,818,190 Class A Shares**

NIO-SW (09866) announced that on September 10, 2025, the company announced a proposed offering involving an aggregate of no more than 182 million Class A ordinary shares of the company, including the issuance of American depositary shares, with each American depositary share representing one Class A ordinary share of the company, and the issuance of Class A ordinary shares. The American depositary shares and/or Class A ordinary shares issued in the equity offering will be allocated between the American depositary share offering and ordinary share offering based on investor intentions.

**SFC: ZHONGAN SERVICE (02271) Has Highly Concentrated Shareholding**

ZHONGAN SERVICE (02271) announced that the Securities and Futures Commission recently conducted an inquiry into the company's shareholding distribution. The inquiry results showed that as of August 27, 2025, 14 shareholders collectively held 121 million shares of the company, representing 23.29% of the company's issued share capital. Together with the 380 million shares held by the company's controlling shareholder (representing 73.44% of issued shares), this represents 96.73% of the company's total issued shares as of August 27, 2025. Therefore, only 16.9018 million shares (representing 3.27% of issued shares) were held by other shareholders.

**GOLDWIND (02208) Plans to Invest RMB 18.92 Billion in Wind-Hydrogen-Ammonia-Alcohol Integration Project in Inner Mongolia**

GOLDWIND (02208) announced that to implement the national "dual carbon" goals and create a demonstration project for wind-hydrogen-ammonia-alcohol integration, on September 10, 2025, the company held the fifth meeting of the ninth board of directors and approved the "Proposal on Goldwind Technology Urad Middle Banner 3GW Wind-Hydrogen-Ammonia-Alcohol Integration Project Investment Agreement and Application Work." The company's wholly-owned subsidiary, Urad Middle Banner Goldwind Runhang New Energy Technology Co., Ltd., will conduct chemical project filing and issue an "Investment Commitment Letter." The company plans to sign a "Wind Power Hydrogen-Ammonia-Alcohol Integration Project Investment Development Agreement" with Bayannur Municipal People's Government, planning to invest in and construct wind power hydrogen-ammonia-alcohol projects within Bayannur's jurisdiction, with a total investment of approximately RMB 18.92 billion.

**R&F Properties (02777): Proposes Preliminary Overall Domestic Bond Restructuring Plan for Domestic Corporate Bondholders**

R&F Properties announced that the company proposes to preliminarily provide domestic corporate bondholders with an overall domestic bond restructuring plan, including cash buybacks, debt settlement with assets, accounts receivable trust share debt settlement, asset trust share debt settlement, stock economic benefit right payments, and full debt retention with long-term extension.

**Yue Yuen Industrial (00551) August Net Operating Revenue Approximately $650 Million, Down 8.8% YoY**

Yue Yuen Industrial (00551) announced that the company's consolidated net operating revenue for August 2025 was approximately $650 million, down 8.8% year-on-year; cumulative consolidated net operating revenue for the first 8 months was approximately $5.382 billion, down 0.5% year-on-year.

**Kidsland International (02122) Enters TCG Market, Reaches Operating Service Cooperation with Global Top IP Pokémon**

Kidsland International (02122) announced that Kidsland will strategically enter the Trading Card Game (TCG) market, with the first phase reaching operating service cooperation with global top IP Pokémon. On September 10, 2025, Beijing's first official Pokémon card gym officially opened at Beijing Livat Shopping Mall.

**Individual Stock Highlights**

**MIDEA GROUP (00300): Expands Overseas Layout, Reaches Bilateral Strategic Cooperation with Frigicoll**

On September 9 local time, MIDEA GROUP and its long-term European partner Frigicoll jointly announced that they have formally reached joint venture agreements in Spain and France, establishing "Midea Frigicoll HVAC Spain" and "Midea HVAC France" to comprehensively expand HVAC market business in both countries. The joint ventures will focus on providing high-performance, energy-efficient, and environmentally friendly HVAC solutions for residential, commercial, and industrial facilities.

By region, overseas business showed strong growth. The company's overseas revenue in the first half reached RMB 107.19 billion, up 17.7% year-on-year, higher than the domestic market growth of 14.1%. Domestic: H1 2025 achieved revenue of RMB 143.931 billion, up 14.05% year-on-year, accounting for 57.31% of revenue. Overseas achieved revenue of RMB 107.193 billion, up 17.7% year-on-year, accounting for 42.69% of revenue. Although overseas tariff policies fluctuated in Q2, the company's overseas business still achieved high growth.

According to research, home appliance retail sales have maintained high growth since the beginning of the year, with strong demand resilience supported by domestic subsidies. External demand from emerging markets continues to show high prosperity, expected to drive exports to maintain good growth.