Key macroeconomic and sector developments, along with a roundup of corporate announcements, are shaping the trading landscape today.

Macroeconomic Developments

At yesterday's regular press briefing, Foreign Ministry spokesperson Guo Jiakun responded to a question from a TASS correspondent regarding a Kremlin spokesperson's remark that the APEC summit in Shenzhen offers a good opportunity for a trilateral meeting among the heads of state of Russia, China, and the United States. Guo stated that as this year's APEC host, China is willing to work with all parties to ensure the APEC China Year yields fruitful results and make new contributions to promoting economic growth in the Asia-Pacific and the world. Regarding the specific question raised, he said there is currently no information to provide.

The People's Bank of China has adjusted and refined several monetary policy tools. First, the interest rate on Pledged Supplementary Lending (PSL) was lowered by 0.25 percentage points, with the one-year PSL rate reduced from 1.75% to 1.5%. Second, the scope of PSL support was expanded to include the construction of the "six major networks": water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks, and logistics networks. Third, the quota for the relending facility for technological innovation and technical upgrading was increased by 200 billion yuan, and the support ratio for this relending facility was uniformly raised from 60% to 100%. Fourth, the quota for relending to support agriculture and small businesses was increased by 500 billion yuan, of which 300 billion yuan is specifically for private enterprises.

Several Federal Reserve officials have called for further interest rate hikes. Fed Governor Barr said further rate increases may be necessary, noting that policy may need recalibration and that the baseline scenario could require additional policy adjustments. Fed's Williams stated that if the economy performs as expected, there could be one more rate hike this year, adding that after the September hike, "there is no need to rush." Fed's Musalem noted that even after the most recent hike, monetary policy remains slightly accommodative. Fed's Goolsbee warned that the U.S. has been above its inflation target for five and a half years, which is "playing with fire." Traders have reduced bets on a Fed rate hike in October, with the market now pricing in about a 50% probability, down from previous expectations of around 70%.

Sector News

The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration have issued a notice stating that starting October 1, China will implement interest subsidies for residents purchasing homes with newly issued commercial personal housing loans. This subsidy policy focuses on first-home buyers with rigid demand, with a single household's purchased housing area not exceeding 120 square meters and purchase price not exceeding 1.5 million yuan. The loan amount eligible for subsidy can reach up to 1 million yuan, with fiscal authorities providing an annualized interest subsidy of 1 percentage point for a maximum of 5 years. According to estimates, for a long-term 1 million yuan commercial personal housing loan, the policy could help borrowers reduce cumulative interest payments by nearly 50,000 yuan.

On the 29th, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." Minister of Science and Technology Yin Hejun introduced that efforts will focus on six areas to push the building of a science and technology powerhouse to new heights. Major original achievements such as Jiuzhang, Tianwen, and Chang'e are accelerating, breakthroughs have been made in chip research, and open-source large models are leading globally. During the 15th Five-Year Plan period, research and development of frontier technologies such as artificial intelligence, quantum technology, biotechnology, and brain-computer interfaces will be strengthened, and emerging industries will be cultivated and expanded to create more trillion-yuan industrial clusters.

Cheng Fubo, Secretary of the Party Committee and Director of the State-owned Assets Supervision and Administration Commission of the State Council, published a signed article stating that strategic emerging industries will be actively cultivated and expanded. Further efforts will be made in key areas such as artificial intelligence and new materials, with advance cultivation of frontier tracks including quantum technology, nuclear fusion energy, and biomanufacturing, to drive the development of emerging industries.

DeepSeek Harness v0.2 preview version has been officially released, offering out-of-the-box installation packages for macOS and Windows desktops. The new version comes pre-loaded with commonly used functions for daily office work and development.

The National Financial Regulatory Administration and the Ministry of Commerce jointly issued a notice on strengthening coordination between commerce and insurance to advance domestic trade insurance. The notice calls for pooling the efforts of the commerce system and the insurance industry to steadily and orderly promote the development of domestic trade insurance.

Nvidia is in talks with insurance companies to explore how to share risks associated with its AI chip lending business. Nvidia CEO Jensen Huang believes chips should be viewed as an "investable asset class" used to transfer risk and cost between users and investors.

Company News

Shandong Gold announced that its chairman proposed a share buyback of 300 million to 400 million yuan of A-shares.

Longsys announced that Vice General Manager Zhu Yu reduced his holdings by 598,400 shares between September 22 and September 29, completing the reduction plan.

National Silicon Industry Group announced that Chairman Jiang Haihao resigned due to job changes.

Dongyangguang announced that its controlling shareholder proposed a buyback of 600 million to 1.2 billion yuan of shares.

Jianyuan Institute announced a major matter under planning and its shares are suspended.

Nhwa Pharmaceutical announced it granted Somnivera exclusive rights to an innovative insomnia drug in development, with eligibility for up to $507 million in milestone payments.

Changyingtong announced a 147 million yuan order for polarization-maintaining optical fiber products.

Shanshui Technology announced that the price and sales volume of 6-nitro bodies are inversely related to some extent, and the impact on company performance is expected to be limited.

Kesen Technology announced a planned private placement to raise up to 1.102 billion yuan, partly to acquire a 53.26% stake in liquid cooling material company Zhangu Technology.

Luchang Technology announced that controlling shareholder Zoomlion is planning a change of control, with shares suspended from today.

China Automotive Research announced that its controlling shareholder plans to increase holdings by 60 million to 120 million yuan.

Huazhijie announced a planned acquisition of an 83.5% stake in Geli Ming, with shares resuming trading on September 30.

Global Markets

Trump stated he has signed an AI document and is considering establishing a 10-person committee to oversee AI. The three major U.S. stock indices closed slightly lower, with the Dow down 0.26%, the S&P 500 down 0.17%, and the Nasdaq down 0.09%. AI hardware stocks rose broadly, with Lumentum up over 5%, and Corning and Marvell Technology up over 4%. Apple fell 2.66% as new CEO Ternus pushes for comprehensive reforms. The Livermore China Concept Leaders Index closed down 0.15%. Major European indices mostly closed lower, with Germany's DAX30 down 0.06%. International crude oil futures settled sharply lower. WTI November crude fell 3.48%, and Brent November crude fell 2.56%. COMEX gold futures rose 1.12% to $4,215 per ounce; COMEX silver futures rose 0.21% to $61.84 per ounce. The U.S. announced the release of up to 40 million barrels of crude oil from the Strategic Petroleum Reserve to increase market supply. OpenAI launched the all-weather autonomous agent Dots and the GPT-6.1 Sol model, and will release the ultra-fast version of GPT-6.1 Sol in the coming days. OpenAI is reportedly planning to raise $30 billion at a $1.4 trillion valuation. CEO Altman said there is no IPO timetable for now.

Investment Opportunities Reference

A 100-minute AI theatrical film is coming: "Sanxingdui: Future Past" has been scheduled. The first AI hyper-realistic theatrical film, "Sanxingdui: Future Past," has been officially scheduled for nationwide release on October 23, 2026. The film has a total runtime of 100 minutes and brings ancient Shu civilization and the future world to the big screen with hyper-realistic imagery, creating a new genre of sci-fi film where ancient civilization and the future reflect each other. All characters in the film are original digital images, without digital replicas of real actors. AI handles generation and execution, while creative initiation and production judgment are completed by the Bona AIGMS team following film industry processes. Notably, this is the first domestic theatrical film made using AI technology to obtain a public screening permit from the China Film Administration. Zhao Mingyang of Northeast Securities believes that since early 2026, AI live-action dramas have shown a trend of "new dramas leading, incremental explosion," and the industry chain has formed a complete closed loop from upstream IP supply to midstream AI industrialized content production to downstream platform traffic monetization. He is optimistic that traditional film and television companies, leveraging their long-cycle content industrialization experience, classic IP reserves, and mainstream channel compliance advantages, can enter the AI live-action drama track and build differentiated barriers in terms of quality.

AstraZeneca will make a $2 billion strategic equity investment in Summit. Akeso announced that its overseas partner Summit Therapeutics has reached a strategic cooperation with AstraZeneca: AstraZeneca will make a $2 billion strategic equity investment in Summit and will lead clinical research on Akeso's globally first-in-class tumor immunotherapy 2.0 cornerstone drug ivonescimab combined with AstraZeneca's Sonesitatug Vedotin (Sone-Ve, CLDN18.2 ADC) for treating multiple gastrointestinal tumors. The two parties also signed a memorandum of understanding to further advance clinical exploration of ivonescimab combined with a series of AstraZeneca's ADC drugs and other anti-tumor drugs. ADC (antibody-drug conjugate) applications in tumor treatment are increasingly widespread and have become the primary global oncology treatment track. Domestic forces are also rising strongly in the global ADC wave. According to E Drug Manager data, China has contributed nearly 40% of global ADC R&D pipelines. A research report by Xiangcai Securities believes the ADC industry is moving away from extensive scale expansion and entering a critical period of value reconstruction driven by technological iteration, clinical upgrades, and global layout. The report is optimistic about companies in China's industry chain amid the full-scale ADC boom. Global ADC market size is expected to reach $65 billion by 2030, with China potentially exceeding 68 billion yuan. In the next five years, industry competition will unfold around technological innovation, clinical depth, and commercialization efficiency.

Trading Suspensions and Resumptions

Suspended: 002667 *ST Weiling, 603183 Jianyuan Institute, 002813 Luchang Technology.

Resumed: 301139 Yuandao Delisting, 603400 Huazhijie, 600363 ST Lianguang, 300527 China Ship Emergency.

Announcement Digest

Major Events

Xuelong Group (4 consecutive limit-ups): The company's products are not applied in current market-related hotspot areas. Xuelong Group disclosed an abnormal stock trading fluctuation announcement stating that its products are not applied in current market-related hotspot areas. The company's main business is the R&D, production, and sales of commercial vehicle cooling system products and automotive lightweight plastic products, mainly supporting commercial vehicles, construction machinery, and agricultural machinery. As of now, there has been no major change in the company's main business, and the company is not involved in current market-related hotspot areas. Investors are advised to invest rationally and be aware of risks.

Jinyao Pharmaceutical (2 consecutive limit-ups): Recent operating performance has declined significantly. Jinyao Pharmaceutical announced that its stock price deviation exceeded 20% over two consecutive trading days on September 28 and 29, constituting abnormal stock trading fluctuation. The company's most recent operating performance has declined significantly. In the first half of 2026, it achieved operating revenue of 1.313 billion yuan, down 17.33% year-on-year; net profit attributable to shareholders was 43.17 million yuan, down 12.43% year-on-year; net profit attributable to shareholders excluding non-recurring gains and losses was 42.87 million yuan, down 63.24% year-on-year. The company's main products are generic drugs, specifically steroid hormone APIs and formulations and amino acid APIs and formulations.

WUS Printed Circuit: Formulated a three-year shareholder dividend return plan. WUS Printed Circuit announced it has formulated a shareholder dividend return plan for the next three years (2026-2028), in principle implementing cash dividends once a year and at least one interim dividend. The cumulative profit distributed in cash over the next three years shall be no less than 30% of the average annual distributable profit achieved during that period.

Dizal Pharma: Received $600 million upfront payment from AstraZeneca for global licensing of Sunvozertinib. Dizal Pharma announced it has received a $600 million upfront payment from AstraZeneca for the global licensing of Sunvozertinib. Under the agreement, the company granted AstraZeneca exclusive global rights to develop and commercialize Sunvozertinib, and will also receive up to $900 million in milestone payments and royalties. This payment is expected to have a positive impact on 2026 performance and financial condition.

EVE Energy: Subsidiary received HK$375 million cash dividend from Smoore International. EVE Energy announced that its wholly-owned subsidiary EVE BATTERY INVESTMENT LTD. received an interim cash dividend of HK$375 million from its associate Smoore International. This dividend will have no impact on the company's consolidated net profit for 2026, and the specific accounting treatment is subject to annual audit confirmation.

Shaangu Power: Plans to invest no more than 673 million yuan to build a high-end equipment industry innovation research center. Shaangu Power announced it plans to invest in building the Shaangu High-end Equipment Industry Innovation Research Center with an investment amount not exceeding 673 million yuan. The project is located in Xi'an High-tech Zone, with a total construction area of approximately 83,400 square meters, a construction period of 34 months, and funding from self-raised enterprise funds. The proposal has been approved by the board and still needs shareholder meeting approval. The project aims to enhance core technology research capabilities and support the company's third strategic transformation.

Wanda Information: Plans to sign a 9.9 million yuan ARM chip server procurement contract with China Life Asset Management. Wanda Information announced it plans to sign a 2026 information technology software and hardware project procurement contract (Package 1: ARM chip servers) with China Life Asset Management Co., Ltd., with a contract amount of 9.9 million yuan (including VAT). China Life Asset Management is a controlled subsidiary of the largest shareholder China Life Insurance Company Limited, making this a related-party transaction. Related directors Ruan Qi, Zheng Weidong, and He Hong recused themselves from voting. The transaction is fairly priced and will not have a material impact on the company's financial condition or operating results.

National Silicon Industry Group: Chairman Jiang Haihao resigns due to job changes. National Silicon Industry Group announced that the board recently received a written resignation report from Chairman Jiang Haihao. Due to job changes, he applied to resign from his positions as Chairman of the Third Board of Directors, director, convener of the Strategy Committee, member of the Nomination Committee, and member of the Remuneration and Assessment Committee. After resignation, he will no longer hold any position in the company. Jiang Haihao does not hold company shares and has no unfulfilled public commitments. The company will complete the by-election of directors and election of a new chairman as soon as possible in accordance with relevant regulations.

*ST Yuandao: Shares resume trading on September 30 and enter delisting consolidation period. *ST Yuandao announced that its shares will resume trading on September 30 and enter the delisting consolidation period, which is 15 trading days, with the expected final trading date being October 27. Investors are advised to invest prudently and be aware of risks. On the trading day following the expiration of the delisting consolidation period, the Shenzhen Stock Exchange will delist the company's shares, terminating its listing.

Share Buybacks

Dongyangguang: Controlling shareholder proposes buyback of 600 million to 1.2 billion yuan of shares. Dongyangguang announced that its controlling shareholder Shenzhen Dongyangguang Industrial proposed that the company use its own or self-raised funds to buy back A-shares through the Shanghai Stock Exchange system via centralized bidding, with a buyback amount of no less than 600 million yuan and no more than 1.2 billion yuan, at a price not exceeding 150% of the average trading price of the stock over the 30 trading days before the board resolution, within 6 months after board approval. Shenzhen Dongyangguang Industrial承诺 will actively promote the company to convene a board meeting to review the buyback matter as soon as possible.

Huaqin Technology: First buyback of 1.057 million A-shares. Huaqin Technology announced that on September 29, 2026, it completed its first buyback of 1.057 million A-shares through centralized bidding, representing 0.0697% of total share capital, with a buyback amount of 79.6 million yuan and a price range of 74.80 to 75.99 yuan per share. Under the previous plan, the company intends to use 300 million to 400 million yuan of its own funds to buy back shares for equity incentives or employee stock ownership plans.

Shandong Gold: Chairman proposes buyback of 300 million to 400 million yuan of A-shares. Shandong Gold announced that Chairman Wang Chenglong proposed that the company use its own funds and self-raised funds to buy back some A-shares through centralized bidding, with a total buyback amount of 300 million to 400 million yuan. The repurchased shares will all be used for cancellation and reduction of registered capital. The maximum buyback price shall not exceed 150% of the average trading price of the company's stock over the 30 trading days before the board resolution approving the buyback plan, with a buyback period of 12 months from the date of shareholder meeting approval.

Increases and Decreases in Holdings

Hainan Expressway: Controlling shareholder plans to increase holdings by 45 million to 90 million yuan. Hainan Expressway announced that its controlling shareholder Hainan Transportation Group plans to increase its holdings through centralized bidding using bank credit funds and its own funds, with an increase amount of 45 million to 90 million yuan. China Merchants Bank Hainan Branch has committed to providing a special loan to Hainan Transportation Group, with a loan amount not exceeding 90% of the increase amount, and the commitment letter is valid for no more than 1 year.

China Automotive Research: Controlling shareholder plans to increase holdings by 60 million to 120 million yuan. China Automotive Research announced that its controlling shareholder China Inspection and Testing Group plans to increase its holdings of A-shares through the Shanghai Stock Exchange system via centralized bidding within 6 months from the announcement date of the increase plan, with a total amount of no less than 60 million yuan and no more than 120 million yuan. Before this increase, China Inspection and Testing Group held 535 million shares, accounting for 53.33% of total share capital. No price range is set for the increase, and the source of funds is its own funds. China Inspection and Testing Group承诺 not to reduce its holdings during the increase period and the statutory period.

Major Contracts

Guanzhong Ecology: Jointly pre-won the Boshan District urban domestic sewage collection, treatment, and resource utilization project. Guanzhong Ecology announced that recently, as the consortium leader together with consortium members Hubei Dingya Construction Group Co., Ltd. and Zibo Water Conservancy Survey and Design Institute Co., Ltd., it pre-won the "Boshan District Urban Domestic Sewage Collection, Treatment and Resource Utilization Project (Boshan District Xiaofu River Comprehensive Treatment Project Phase II)" with a bid price of 104 million yuan.

BOMESC: Wholly-owned subsidiary signs 1.6-2.1 billion yuan FPSO topside module construction contract. BOMESC announced that its wholly-owned subsidiary Tianjin BOMESC signed a contract with SBM for the construction of topside modules for a floating production storage and offloading (FPSO) vessel, with a contract amount of approximately 1.6-2.1 billion yuan, consisting of a fixed price plus variable price. The FPSO will be deployed in South America upon completion, mainly covering topside module design, procurement, and construction, with completion planned for the second half of 2028. The contract signing will secure the company's workload and have a positive impact on current and future performance.

Anhui Construction Engineering: Jointly won multiple major projects totaling approximately 10.071 billion yuan. Anhui Construction Engineering announced that the company and its subsidiaries recently received multiple project award notices, including the Anronghe Expressway (Rongchang section) PPP project franchisee (estimated total investment of approximately 7.336 billion yuan), the Yuanhe Waterway Improvement Project Shizhou Hub construction section (bid price of 599 million yuan), the Hefei Rail Transit Line 7 Phase I Yicheng Depot project (bid price of 1.109 billion yuan, subsidiary share of approximately 554 million yuan), and the S24 Hanghe Expressway Ma'anshan section civil construction section (bid price of 1.027 billion yuan, subsidiary share of approximately 513 million yuan). The above projects have long construction periods and are expected to have limited impact on the company's current revenue and profit.

China State Construction: Recently won major projects totaling 14.04 billion yuan. China State Construction announced it recently won several major projects, including housing construction projects such as the Guangdong Guangzhou Guangdong-Hong Kong-Macao Greater Bay Area "Vegetable Basket" Trading Center Phase I construction general contracting project at 4.58 billion yuan and the Beijing Tongzhou China Academy of Information and Communications Technology ICT Industry Innovation Base construction project at 2.16 billion yuan; infrastructure projects include the Hunan Huaihua Water Large-scale Irrigation District Project and the first batch of field works at 5.10 billion yuan and the Heilongjiang Harbin Tonghe County Million-kilowatt Wind-Solar-Storage Integration Phase II Wind Power Project EPC general contracting project at 2.20 billion yuan. The total project amount is 14.04 billion yuan, accounting for 0.6% of audited revenue for 2025.

Gold Mantis: Won engineering projects totaling approximately 343 million yuan. Gold Mantis announced that in September 2026, it successively won the Huatai Securities R&D and Training Center Building No. 4 decoration project (Section 1) and the Hangzhou Zhengchu [2025] No. 104 land plot project decoration project, with a total bid amount of approximately 343 million yuan, accounting for approximately 1.98% of the company's audited revenue for 2025.

Changyingtong: Signed a 147 million yuan polarization-maintaining optical fiber product sales order. Changyingtong announced that it recently received a purchase order from a customer for polarization-maintaining optical fiber products, with a total amount tentatively set at 147 million yuan (including tax). This transaction is a routine business sales order and is expected to have a positive impact on the company's operating performance if successfully implemented. The order unit price is tentative, and the final price will be calculated according to the framework agreement. The company has been exempted from disclosing certain information such as customer name and product specifications.