**Today's Headlines**

Pan Gongsheng, Li Yunze, Wu Qing, and Zhu Hexin to Attend Major Press Conference on Monday

On September 19, the State Council Information Office announced that it will hold a series of thematic press conferences on "High-Quality Completion of the 14th Five-Year Plan" at 3:00 PM on Monday, September 22, 2025. Pan Gongsheng, Governor of the People's Bank of China; Li Yunze, Director of the National Financial Regulatory Administration; Wu Qing, Chairman of the China Securities Regulatory Commission; and Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, will introduce the achievements of financial industry development during the 14th Five-Year Plan period and answer questions from reporters.

**Market Outlook**

Hang Seng Index ADR Falls 0.31%

Overnight US markets closed with the Dow Jones Industrial Average up 172.85 points to 46,315.27, gaining 0.37%; the S&P 500 rose 32.4 points to 6,664.36, up 0.49%; and the Nasdaq Composite gained 160.75 points to 22,631.48, advancing 0.72%.

For the week, the S&P 500 accumulated gains of 1.22%, the Nasdaq rose 2.21%, and the Dow gained 1.05%. Large tech stocks broadly advanced, with Oracle up over 4%, Apple gaining over 3%, and Tesla rising over 2%.

Chinese ADRs showed mixed performance, with the Nasdaq Golden Dragon China Index down 0.25%. PDD Holdings fell over 2%, Li Auto and iQIYI dropped over 1%, while XPeng gained over 1% and Alibaba rose 0.20%.

The Hang Seng Index ADR declined proportionally to close at 26,462.40 points, down 82.70 points or 0.31% from Hong Kong's close.

**Sector Highlights**

Ministry of Industry and Information Technology: Research and Compilation of "15th Five-Year Plan for New Battery Industry Development" to Prevent Low-Level Redundant Construction

The 2025 Suining International Lithium Battery Industry Conference was held. The Ministry of Industry and Information Technology will deepen supply-side structural reforms and consolidate industrial chain advantages. The next step involves strengthening industrial coordination and planning to prevent low-level redundant construction. Facing medium and long-term development trends in the new battery industry, research and compilation of the "15th Five-Year Plan for New Battery Industry Development" will strengthen industrial development coordination and systematic layout. This affects Hong Kong-listed Tianqi Lithium (09696) and Ganfeng Lithium (01772).

Four Departments Including Ministry of Finance Issue Notice to Further Standardize Intellectual Property Asset Evaluation

The Ministry of Finance, National Financial Regulatory Administration, National Intellectual Property Administration, and National Copyright Administration released "Notice on Further Standardizing Several Issues in Intellectual Property Asset Evaluation." The notice proposes that reasonable determination of intellectual property value is an important link in intellectual property operation and transformation. This affects Hong Kong-listed companies including China Literature (00772) and Forgame Holdings (03738).

Port Coal Prices Break Through 700 Yuan Mark

Since last week, macro and industrial positive news has been frequent, combined with some restocking demand before the National Day holiday, coal market sentiment has improved with prices continuing to run strong. Northern port 5500K thermal coal prices broke through the 700 yuan integer mark.

As of September 19, the "CCTD Bohai Rim Thermal Coal Spot Reference Price" for 5500K, 5000K, and 4500K specifications closed at 703, 614, and 542 yuan/ton respectively, up 22, 23, and 20 yuan/ton week-on-week. This affects Hong Kong-listed coal sector stocks including China Coal Energy (01898), Yancoal Australia (03668), Yankuang Energy (01171), China Shenhua Energy (01088), and China Qinfa Group (00866).

Infant Formula Liquid Dairy Product Formula Registration Supporting Documents to Seek Public Comment

The State Administration for Market Regulation announced on the 19th that it has organized revisions to the "Administrative Measures for Registration of Infant Formula Milk Powder Product Formulas," clarifying that infant formula liquid dairy product formula registration applies to these measures. Supporting documents for formula registration will seek public comment from society. This affects Hong Kong-listed dairy sector stocks including China Mengniu Dairy (02319), AusNutrition Care (01717), H&H International Holdings (01112), China Feihe (06186), AAG Energy Holdings (02425), Modern Dairy (01117), Yuan Shengta Dairy Farm (01431), China Shengmu Organic Milk (01432), and Youran Dairy (09858).

Ministry of Commerce Holds Symposium on Automotive Aftermarket Development and Auto Circulation Consumption Reform

On September 17, Vice Minister of Commerce Sheng Qiuping chaired a symposium on automotive aftermarket development and auto circulation consumption reform. Representatives from 17 units including local governments, enterprises, industry associations, and research institutions participated, discussing topics such as auto modification, RV camping, auto racing, traditional classic cars, and auto museums. This affects Hong Kong-listed Yixin Group (02858).

Institutions: Domestic Semi-Solid Batteries on Eve of Mass Production, All-Solid-State Batteries to Achieve Thousand-Unit Demonstration by 2027

According to research, domestic semi-solid batteries are on the eve of mass production with some vehicle models already deployed. All-solid-state batteries will achieve thousand-unit demonstration by 2027 and large-scale application by 2030. By 2030, solid-state battery shipments are expected to reach 826GWh, including 670GWh semi-solid and 156GWh all-solid-state.

National Medical Products Administration Releases "Opinions on Deepening Cosmetics Regulatory Reform to Promote High-Quality Industry Development (Draft for Comments)"

On September 19, the National Medical Products Administration released draft opinions encouraging cosmetics new products to debut first in China. This affects Hong Kong-listed Maogeping Beauty (01318), Shanghai Chicmax Cosmetic (02145), Jacobio Pharmaceuticals (02367), and 3SBio (06826).

National Healthcare Security Administration: 11th Batch Procurement Optimizes Price Difference Control "Anchor Point" Selection

The National Healthcare Security Administration indicated that this procurement continues to control selected price differences while optimizing the selection of price difference control "anchor points" to prevent abnormally low pricing.

Silicon Industry Association: Terminal Restocking Demand Before National Day and Mid-Autumn Festival Provides Market Support

The Silicon Industry Association released analysis on recent photovoltaic glass price changes and future trends on September 19. Short-term outlook suggests terminal restocking demand before holidays will support the market, with photovoltaic glass prices expected to remain stable.

Sources: Congo Considers Extending Cobalt Export Ban by At Least Two Months

Three informed sources revealed that Congo is considering extending its cobalt export ban by at least two months while officials work to finalize a quota system to replace the current export ban. This affects Hong Kong-listed China Molybdenum (03993).

Goldman Sachs: Raises HKEX (00388) Target Price to HK$544, Market Underestimates Southbound Trading Activity

Goldman Sachs raised its 12-month target price for HKEX by 4% from HK$524 to HK$544, maintaining a "Buy" rating based on 40x 2026 P/E ratio.

**Individual Stock Highlights**

HKBN (01310): Controlling Shareholder China Mobile Hong Kong Plans to Place Existing Shares

On September 21 evening, HKBN announced that China Mobile Hong Kong entered into a binding placing arrangement on September 19, 2025, to sell 47.925 million existing shares representing approximately 3.24% of total issued shares to restore public float compliance.

Innovent Biologics (01801): Mazdutide Approved by China's NMPA for Type 2 Diabetes Blood Sugar Control

Innovent Biologics announced that mazdutide injection's second indication NDA was approved by China's NMPA for blood sugar control in adult Type 2 diabetes patients.

Horizon Robotics-W (09660) to Release and Pursue Mass Production of Integrated Cabin-Driving Chip Next Year

Domestic intelligent driving solution provider Horizon Robotics will launch a new generation product - an integrated cabin-driving chip for vehicle intelligence, planned for release in 2026 with mass production targeted for next year.

CENTRAL NEW EGY (01735) Partners with Ant Group to Layout Carbon Finance and Tokenization Ecosystem

On September 19, CENTRAL NEW EGY (01735) announced strategic cooperation with Ant Group to jointly layout new energy asset tokenization (RWA), intelligent operations, and carbon asset services. According to Ant Group Research Institute's "Real World Asset Tokenization Economy 2025" report, the global RWA market for new energy asset tokenization is expected to grow 120% in 2025 compared to 2024, accounting for 35% and becoming the field with the highest tokenization degree among non-financial assets.