Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights that the recent Congo export policy for cobalt is expected to drive prices upward, with a significant reduction in export quotas leading to increased demand for replenishment from downstream enterprises [6] - The report suggests a bullish outlook for precious metals following the recent FOMC meeting, despite some market adjustments, indicating a potential slow bull market for gold [4] - Copper prices are anticipated to break through key resistance levels, supported by seasonal demand increases in China [5] - The aluminum market is expected to see price increases due to rising downstream consumption as the National Day holiday approaches [5] - Lithium demand is projected to grow significantly, driven by a major contract signed by CATL for lithium iron phosphate materials, indicating a strong outlook for lithium prices [7] - Uranium prices are expected to rise due to potential export restrictions from Russia, which could significantly impact global supply [8] Summary by Sections Industry Overview - The closing index for the industry is at 6522.39, with a weekly high of 6795.38 and a low of 3912.76 [1] Price Movements - Basic metals saw declines: copper down 1.19%, aluminum down 1.33%, zinc down 2.88%, lead down 0.17%, and tin down 1.53%. Precious metals had mixed results with gold down 0.22% and silver up 1.13% [21] Inventory Levels - Global visible inventories increased for copper by 7945 tons, aluminum by 8010 tons, and zinc by 2724 tons, while lead saw a decrease of 4085 tons [29]

中期報告 Interim Report 2025 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Highlights of Interim Results | 中期業績摘要 | 5 | | Business Review and Analysis | 業務表現及分析 | 6 | | Business Prospect | 業務展望 | 17 | | Financial Review and Financial Capital | 財務表現與財務資本 | 18 | | Disclosure of Interests | 權益披露 | 29 | | Other Information | 其他資料 | 32 | | Report on Review of Condensed Interim Consolidated | 簡明中期綜合財務報表審閱報告 | 35 | | Financial Statements | | | | Condensed Interim Consolidated Statement of Prof ...

Group 1 - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - The early trading volume in Hong Kong stocks reached 160.2 billion HKD [1] Group 2 - New pharmaceutical stocks in the Hong Kong Stock Connect saw significant gains, with ZhiJie AnKang-B (02617) surging over 49%, reaching a market capitalization of over 240 billion HKD; BaiZe Medical (02609) rose over 76%; and TongYuanKang Pharmaceutical-B (02410) increased by over 36% [1] - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at 1.35 HKD, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company well-prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose over 6% as its "SoFast" service officially launched in Macau, with Daiwa optimistic about the company's revenue growth prospects [2] - Valiant Bio-B (09887) increased by over 13%, with its core product LBL-024 for melanoma completing its first patient dosing in trials [2] - Bilibili-W (09626) rose by 2.78%, accumulating a total increase of about 25% over the past six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - LionTeng Holdings (02562) surged over 7% as it plans to acquire leading companies in artificial intelligence and blockchain to expand its digital finance layout [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted placement to raise approximately 5.392 billion HKD for structural adjustments in polysilicon capacity [2] - China General Nuclear Power Corporation Mining (01164) increased by 6.7%, as the U.S. seeks to expand its strategic uranium reserves, with institutions expecting a recovery in uranium prices [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted placement to raise about 1.15 billion HKD [2]

Market Overview - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - Early trading volume in Hong Kong stocks reached HKD 160.2 billion [1] Notable Stock Movements - New pharmaceutical stocks in the Hong Kong Stock Connect surged, with Yaojie Ankang-B (02617) rising over 49%, reaching a market capitalization of over HKD 240 billion [1] - Baize Medical (02609) saw an increase of over 76% [1] - Tongyuan Kang Pharmaceutical-B (02410) rose by over 36% [1] Specific Company Highlights - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at HKD 1.35, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose by over 6% as its "SoFast" service launched in Macau, with positive revenue growth prospects according to Daiwa [2] - Valiant Pharmaceuticals-B (09887) increased by over 13%, completing the first medication trial for its core product LBL-024 for melanoma [2] - Bilibili-W (09626) rose by 2.78%, accumulating a 25% increase over six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - Liontech Holdings (02562) surged over 7% as it plans to acquire a leading AI and blockchain company to expand its digital finance footprint [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted share placement to raise approximately HKD 5.392 billion for structural adjustments in polysilicon capacity [2] - CGN Mining (01164) increased by 6.7% amid expectations of rising uranium prices as the U.S. seeks to expand its strategic uranium reserves [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted share placement to raise about HKD 1.15 billion [2]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on specific companies and their recent performance, driven by various strategic announcements and market conditions. Hong Kong Stock Market Summary - China General Nuclear Power Corporation (01164) rose over 6% following US Energy Secretary Chris Wright's suggestion to consider expanding strategic uranium reserves, indicating potential upward price adjustments for uranium [1] - Yunfeng Financial (00376) fell over 18% after announcing a rights issue at a discount of approximately 16.8%, aiming to raise about HKD 1.15 billion [1] - GCL-Poly Energy Holdings (03800) increased over 2% as it plans a rights issue at a discount of about 8.73%, targeting net proceeds of HKD 5.392 billion for structural adjustments in polysilicon production [1] - Lion Group Holding (02562) surged over 6% after signing a letter of intent to acquire a leading AI and blockchain company, expanding its digital finance footprint [1] - Pharmaron Beijing Co., Ltd. (02617) skyrocketed over 53% after being included in the Hong Kong Stock Connect list, with a cumulative increase of nearly 10 times since its inclusion, and northbound investors adding over HKD 300 million in two days [1] - Anta Sports Products (02020) rose over 2% as retail sales of sports goods showed rapid growth in the first eight months, indicating marginal improvement in sales [1] - SF Technology (09699) increased over 5% after launching its "SoFast" brand in Macau, marking a significant step in its overseas business expansion [1] - Shanghai Fudan (01385) rose over 6% as Morgan Stanley reported the company is well-prepared for supply chain disruptions, with limited demand impact expected [2] - Tianyue Advanced (02631) increased over 1% after being included in the Hong Kong Stock Connect, with silicon carbide expected to see new market growth [2] - Valiant Co., Ltd. (09887) rose over 10% after announcing the completion of the first patient dosing in a trial for its core product LBL-024 for melanoma [2] US Stock Market Summary - Tesla (TSLA.US) rose 3.56% as the head of its German factory announced an increase in production plans for Q3 and Q4 due to strong sales data [3] - NVIDIA (NVDA.US) fell 0.04% as it faces further investigation for violating antitrust laws [3] - Hesai Technology (HSAI.US) increased 4.31% after announcing a partnership with a leading US Robotaxi company, securing over USD 40 million in lidar orders [3] - XPeng Motors (XPEV.US) rose 2.20% after formalizing a deep cooperation with Magna Steyr in Austria, marking the start of local production in Europe [3] - NIO (NIO.US) increased 4.34% as it announced the NIO Day 2025 event, scheduled for September 20, where the new ES8 will be launched [3] - Apple (AAPL.US) rose 1.12% as Morgan Stanley reported that demand for the iPhone 17 series exceeded that of the previous year's iPhone 16 series during its first week of launch [4] - Fangdd Network Group (DUO.US) fell 9.17% following the National Bureau of Statistics' report indicating a decline in residential property prices in August [3] - Alibaba (BABA.US) rose 1.92% ahead of the 2025 Cloud Summit scheduled for September 24-26 in Hangzhou [4] - ASML Holding (ASML.US) increased 6.56% after announcing a EUR 1.3 billion investment in French AI startup Mistral AI, becoming its largest shareholder [4] - Bilibili (BILI.US) rose 6.40% as it announced the upcoming public test of its new strategy card game, "Three Kingdoms: Hundred Generals Card" [4] - Oracle (ORCL.US) increased 3.41% as management disclosed that its cloud infrastructure revenue is set to experience steep growth [4]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining (01164.HK) experienced a significant stock price increase of over 7%, closing at 2.85 HKD with a trading volume of 134 million HKD [2] Group 1 - CGN Mining's stock rose by 7.55% on September 16 [2] - The closing price of CGN Mining's stock was reported at 2.85 HKD [2] - The total trading volume for CGN Mining reached 134 million HKD [2]

Group 1 - China General Nuclear Power Corporation (CGN) Mining (01164) saw a stock increase of over 7%, specifically 7.55%, reaching HKD 2.85 with a trading volume of HKD 134 million [1] - U.S. Energy Secretary Chris Wright suggested that the U.S. should consider expanding its strategic uranium reserves to reduce dependence on Russian supplies and enhance confidence in the long-term prospects of nuclear power [1] - According to Zheshang Securities, the global trend of nuclear power recovery remains unchanged, and the supply-demand tightness in the natural uranium market has not eased, indicating a potential upward correction in spot uranium prices [1] Group 2 - The company, as a specialized uranium resource development and operation platform under CGN Group, is expected to expand its resource portfolio alongside the group's increasing nuclear power installed capacity [1] - The current cycle of rising natural uranium prices is anticipated to lead to simultaneous growth in both volume and price for the company [1]

Group 1 - The core viewpoint of the article highlights the positive market response for China General Nuclear Power Corporation (CGN) Mining, with a stock increase of over 7% following comments from the U.S. Energy Secretary regarding the expansion of strategic uranium reserves to reduce reliance on Russian supplies and boost confidence in the long-term prospects of nuclear power [1] - The report from Zheshang Securities indicates that the global nuclear power recovery trend remains unchanged, and the tight supply-demand dynamics in the natural uranium market have not eased, suggesting a potential upward correction in spot uranium prices [1] - The company, as a specialized uranium resource development and operation platform under CGN Group, is expected to benefit from the group's increasing nuclear power installed capacity, leading to growth in both volume and price during the current natural uranium upcycle [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting standards affecting trade business, while mining production remains stable [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.709 billion HKD, a year-on-year decrease of 58% [1]. - The net profit attributable to shareholders was -68 million HKD, reflecting a year-on-year decline of 160% [1]. - The trade segment incurred a loss of 262 million HKD due to the impact of accounting practices and market price fluctuations [2]. Group 2: Uranium Market Dynamics - Natural uranium prices showed a steady fluctuation in the first half of 2025, with spot prices ranging between 60-80 USD per pound, averaging 78.50 USD per pound by the end of June, a 4% increase from the beginning of the year [1]. - Long-term contract prices remained stable at 80.00 USD per pound, supporting existing uranium mine production increases and restarts [1]. - Global uranium production is expected to grow by 13% year-on-year in 2024, reaching approximately 61,600 tons, but supply challenges are anticipated post-2028 due to long project lead times and resource depletion [1]. Group 3: Sales and Contracts - The company signed new contracts for 1,910 tons of natural uranium, with 53% of sales coming from Europe, 30% from Asia, and 17% from North America [2]. - The total delivery of natural uranium reached 812 tons, generating sales revenue of 1.23 million USD (approximately 9.55 million HKD) [2]. - As of June 30, 2025, the company held 1,569 tons of natural uranium with a weighted average cost of 68.77 USD per pound, and had 4,564 tons of signed but undelivered contracts at an average price of 80.52 USD per pound [2]. Group 4: Mining Operations - The company's mining operations demonstrated strong performance, achieving an equity production of 650 tons of standard uranium in the first half of 2025 [3]. - All invested mines exceeded 100% completion rates in the second quarter of 2025, indicating robust production capacity and effective cost control [3]. - New sales framework agreements for 2026-2028 reflect confidence in the uranium market, with a pricing mechanism of "30% fixed price + 70% spot price," enhancing revenue elasticity to uranium price fluctuations [3].

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]