【Top News】 Bank of Communications (03328): Ministry of Finance Becomes Controlling Shareholder Bank of Communications announced that Guotai Haitong Securities issued a continuous supervision opinion for Q3 2025 regarding the Ministry of Finance's acquisition of its shares. Pre-acquisition, the Ministry held 23.88% of shares; post-acquisition, its stake rose to 35.02%, making it the controlling shareholder. The acquisition met conditions for exemption from a mandatory offer, with approvals from the Shanghai Stock Exchange and CSRC. Share issuance and listing are complete, while industrial and commercial registration updates are pending. During supervision, the acquirer fulfilled disclosure obligations without breaching commitments or proposing major business adjustments.
【Market Outlook】 Tech Stocks Rally: Nvidia Surges 5.79% U.S. markets closed higher overnight: the Dow rose 0.81% to 47,368.63, the S&P 500 gained 1.54% to 6,832.43, and the Nasdaq climbed 2.27% to 23,527.17. Nvidia led gains with a 5.79% jump—its largest single-day rise since April. AMD rose over 4%, while Google and Tesla gained over 3%. Memory stocks also rallied, with Micron up 6%, SanDisk nearly 12%, and Western Digital 7%. Chinese ADRs advanced, with XPeng up 16% and Baidu over 5%. Hang Seng ADRs edged up 0.05% to 26,662.27. COMEX gold futures rose 2.8% to $4,122/oz.
【Policy Watch】 State Council Measures to Boost Private Investment New policies encourage private capital participation in infrastructure projects (e.g., railways, nuclear power, oil/gas pipelines), with equity stakes potentially exceeding 10%. Feasibility reports must outline private involvement.
【Corporate Updates】 - **CSI Indexes**: Two new cross-border China 50 indexes launched on Nov 11, 2025. - **Dalipal Holdings (01921)**: New "high-end energy equipment pipe smart production line" operational in Cangzhou, Hebei. - **Ganfeng Lithium (01772)**: Key progress in Argentina’s PPGS lithium project, with EIA approval received. Phase-1 targets 50,000-ton LCE capacity at $5,344/ton. - **Mindray Medical**: Submitted H-share listing application to HKEX. - **GAC Group (02238)**: Expanded GAC-Honda JV capital to $867.2M via proportional investments. - **China Oil & Gas (00603)**: Signed asset purchase agreement with Shengli Co. (000407.SZ) for four energy subsidiaries. - **Grand Pharma (00512)**: Ryaltris® nasal spray approved in China for allergic rhinitis. - **Shanghai Pharma (02607)**: FDA approved eslicarbazepine acetate ANDA. - **Beike-W (02423)**: Q3 net profit fell 36.1% YoY to RMB747M ($105M), with adjusted profit down 27.8%. Existing home transactions grew 5.8%, while new home sales dropped 13.7%. - **China Investment & Finance (01226)**: Turned H1 net loss into profit of HK$140-155M. - **CP Group (03839)**: 9M revenue up 152.4% YoY; net profit surged 452.3% to $23.5M. - **FIT Hon Teng (06088)**: 9M operating profit rose 3.9% to $105M.
【Spotlight】 **XtalPi (02228)**: AI-developed hair-growth molecules "Remeanagen™" and "AquaKine™" secured INCI registration and FDA cosmetic filing, marking entry into consumer health.