Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Group 1 - Two studies published in Nature confirm the efficacy and safety of a new diabetes drug, Masitide, developed by China's Innovent Biologics and Eli Lilly, showing superior blood sugar control and weight loss compared to placebo and Dulaglutide [1] - The studies involved Phase III clinical trials with Chinese type 2 diabetes patients, demonstrating improvements in cardiovascular, liver, and kidney-related indicators [1] - Masitide is a dual receptor agonist for glucagon-like peptide-1 and glucagon, providing high-quality evidence for overweight, obese, and diabetic patients, highlighting China's research capabilities in this field [1] Group 2 - U.S. stock indices rose collectively, with the Dow Jones up 65.88 points (0.14%), S&P 500 up 53.33 points (0.79%), and Nasdaq up 313.04 points (1.38%), driven by gains in large tech stocks [2] - Notable stock performances included Tesla rising over 3%, and Micron Technology increasing over 10% [2] - Chinese concept stocks also saw gains, with Zhihu up over 3% and XPeng Motors up over 2% [2] Group 3 - The State Council of China issued an opinion to combat illegal tobacco activities, focusing on countering counterfeit and smuggled tobacco products, and enhancing law enforcement collaboration with other countries [3] - The opinion aims to purify the tobacco market environment and protect national interests and consumer rights [3] Group 4 - BHP CEO Mike Henry emphasized the critical role of copper in the economy and its demand surge, predicting a bull market for copper due to supply constraints [4] - The annual market size for copper is estimated between $300 billion and $400 billion, with a projected 70% increase in demand by 2050, while new mining discoveries are becoming rarer and more challenging to develop [4] Group 5 - Meituan released and open-sourced a state-of-the-art virtual human video generation model, LongCat-Video-Avatar, which supports multiple tasks and has undergone significant upgrades in realism and stability [5] Group 6 - Zhihui Mining's shares rose 126.16% in dark trading, with a planned global offering of 122 million H-shares at HKD 4.51 each, focusing on zinc, lead, and copper mining in Tibet [6] Group 7 - Evergrande Auto announced a change in the registered shareholder of its subsidiary to Guangzhou Juliyi, with stock trading suspended pending further notice [7] Group 8 - Wasion Holdings' subsidiary won a contract worth over RMB 80 million for a project with CPFL, a leading power company in Brazil, and expects significant growth in AI data center revenues [8] - The company anticipates a doubling of AI data center revenue from RMB 1 billion in 2025 to RMB 2 billion in 2026, with new orders expected to grow significantly [8] Group 9 - Citigroup raised its profit forecasts for Wasion Holdings by 1% to 5% for 2025-2027, increasing the target price from HKD 15.5 to HKD 21, maintaining a "buy" rating [9]

Company News - Emperor Capital (00717.HK) reported total revenue of approximately HKD 730 million for the year ending September 30, 2025, representing a year-on-year increase of 37.3%. Net profit reached approximately HKD 147 million, up 121.4% year-on-year [2] - New Special Energy (01799.HK) plans to sell a 79.92% stake in Xinjiang Wind Power New Energy Partnership for approximately HKD 1.337 billion to facilitate a REITs issuance [2] - Bay Area Development (00737.HK) signed a construction contract for the Shenzhen section with a contract value of RMB 1.448 billion [2] - Weichai Power (03393.HK) won a bid for the Brazil CPFL project with a contract amount exceeding HKD 80 million [3] - WuXi AppTec (02359.HK) invested approximately EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [3] - Joy Spreader Group (02473.HK) established a long-term strategic cooperation with New Stone Technology in areas such as autonomous vehicle procurement and market promotion [3] - Fosun Pharma (02196.HK) signed a cooperation and option agreement with Clavis Bio to jointly advance preclinical development of selected target compounds [3] - CSPC Pharmaceutical Group (01093.HK) reported top-line analysis data from the Phase III clinical trial of its drug, Truxima [3] - Yihai International (01662.HK) announced a strategic cooperation between Trio AI and HGC [4] Financing and Buyback Activities - Zhi Yuan Holdings (00990.HK) plans to issue a total of 515 million new shares at a discount of approximately 1.4%, aiming to raise about HKD 355.3 million [5] - Tencent Holdings (00700.HK) repurchased 1.055 million shares for HKD 636 million, with buyback prices ranging from HKD 599.5 to HKD 605.5 [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 151 million, with buyback prices between HKD 40.12 and HKD 40.24 [6] - COSCO Shipping Holdings (01919.HK) repurchased 5.9 million shares for HKD 80.6 million, with buyback prices from HKD 13.52 to HKD 13.76 [7] - Kuaishou-W (01024.HK) repurchased 1.235 million shares for HKD 80.2 million, with buyback prices ranging from HKD 64.35 to HKD 65.60 [7] - Geely Automobile (00175.HK) repurchased 1.908 million shares for HKD 31.8 million, with buyback prices between HKD 16.26 and HKD 16.8 [8]

特变电工以附属公司(包括该集团)持有的能源基础设施作为底层资产，在上交所申请注册储架发行资产 支持证券(类REITs)，申请储架额度人民币30亿元，可发行多期产品供合资格专业投资者认购并进行交 易。于本公告日期，特变电工类REITs已获得上交所无异议函。新疆新能源拟以其持有的两个新能源发 电项目作为特变电工类REITs首批次发行的底层资产。 发行的资产支持证券总规模预计为人民币13.37亿元，通过将发行资产支持证券所得款项注入合伙企 业，实现目标资产的证券化。合伙企业将利用有关所得款项收购目标股权，发放股东借款置换银行贷款 及结算日常费用、税费等。作为回报，资产支持证券持有人将享有目标资产所产生的经济收益。 公告称，发行首期资产支持专项计划可优化集团的资产负债结构，盘活存量资产，提升资产周转效率， 拓宽融资渠道，有利于进一步提升资金使用效率，保障集团的健康长远可持续发展。 智通财经APP讯，新特能源(01799)公布，为配合首期资产支持专项计划的设立，于2025年12月18日，合 伙企业转让协议已订立，据此公司非全资附属公司内蒙古能源将合伙企业(新疆风至新能源发电合伙企 业(有限合伙))的79.92%财产份额 ...

发行的资产支持证券总规模预计为人民币13.37亿元，通过将发行资产支持证券所得款项注入合伙企 业，实现目标资产的证券化。合伙企业将利用有关所得款项收购目标股权，发放股东借款置换银行贷款 及结算日常费用、税费等。作为回报，资产支持证券持有人将享有目标资产所产生的经济收益。 智通财经APP讯，新特能源(01799)公布，为配合首期资产支持专项计划的设立，于2025年12月18日，合 伙企业转让协议已订立，据此公司非全资附属公司内蒙古能源将合伙企业(新疆风至新能源发电合伙企 业(有限合伙))的79.92%财产份额(对应认缴金额为人民币13.37亿元)转让予管理人。 康平新能源及内蒙古能源后续将各自与合伙企业订立转让协议，据此康平新能源及内蒙古能源会分别将 彼等持有的荣晟电力及新园新能源的99.99%股权转让予合伙企业，有关转让的代价将根据独立合资格 估值师对项目公司进行的评估按公平原则磋商后釐定。 特变电工以附属公司(包括该集团)持有的能源基础设施作为底层资产，在上交所申请注册储架发行资产 支持证券(类REITs)，申请储架额度人民币30亿元，可发行多期产品供合资格专业投资者认购并进行交 易。于本公告日期，特变电工 ...

Core Viewpoint - New Special Energy (01799.HK) announced the establishment of the first phase of an asset-backed special plan, which aims to optimize the company's asset-liability structure and enhance operational efficiency [1] Group 1: Asset Transfer - The company’s non-wholly owned subsidiary, Xinjiang Fengzhi New Energy Power Partnership, has entered into an agreement to transfer 79.92% of its property interests, corresponding to a subscribed amount of RMB 1.337 billion, to Guotai Junan Securities Asset Management Co., Ltd. [1] Group 2: Financial Strategy - The issuance of the first phase of the asset-backed special plan is expected to revitalize existing assets, improve asset turnover efficiency, and broaden financing channels [1] - This initiative is anticipated to enhance the efficiency of fund utilization and support the company's long-term sustainable development [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 為配合首期資產支持專項計劃之設立，於2025年12月18日，合夥企業轉讓協 議已訂立，據此內蒙古能源將合夥企業之79.92%財產份額（對應認繳金額為 人民幣1,337百萬元）轉讓予管理人。 除為了實繳合夥企業出資額而應支付的金額外，目標份額的轉讓並不需要支 付任何額外代價。轉讓代價由內蒙古能源與管理人參考內蒙古能源於合夥企 業認繳及實繳的出資額按公平原則磋商後釐定。 XINTE ENERGY CO., LTD. 新特能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1799） 須予披露交易 出售附屬公司之權益 茲提述本公司日期為2025年10月16日之公告，內容有關擬於上交所申報發行 首期資產支持專項計劃。 出售事項 上市規則涵義 由於出售事項之最高適用百分比率超過5%但低於25%，因此出售事項構成本 公司於上市規則第14章項下之須予披露交易，須遵守上市規則之申報及公告 規定。 ...

Group 1 - The core viewpoint of the report is that after a recent stock price correction, valuations of certain leading photovoltaic companies have become attractive, with a particular focus on polysilicon as a benchmark for "anti-involution" [1] - The report highlights that the preferred choice is the leading granular silicon company, GCL-Poly Energy Holdings Limited (03800), and also favors the undervalued rod silicon leader, Xinte Energy Co., Ltd. (01799), which is expected to benefit more from capacity consolidation [1] - The recent Central Work Conference emphasized the need for deeper regulation of "involution-style" competition, marking a shift from "comprehensive regulation" to "in-depth regulation," which suggests that substantial capacity reduction policies may gradually be introduced [1] Group 2 - The establishment of a polysilicon capacity consolidation platform has been officially completed, as reported by the China Photovoltaic Industry Association, indicating a significant step in the long-anticipated integration of the photovoltaic industry [1] - Beijing Huaguang Qiancheng Technology Co., Ltd. has completed its registration, marking the formal launch of the "polysilicon capacity integration acquisition platform" [1]

Core Viewpoint - The photovoltaic sector is experiencing a downturn, with significant declines in stock prices for major companies, indicating ongoing challenges in the industry [1]. Group 1: Stock Performance - New Special Energy (01799) has dropped by 3.96%, trading at 7.03 HKD [1] - Xinyi Solar (00968) has decreased by 3.33%, trading at 2.9 HKD [1] - Flat Glass Group (06865) has fallen by 2.64%, trading at 9.57 HKD [1] - Fuyao Glass (03606) has seen a decline of 1.73%, trading at 65.2 HKD [1] Group 2: Industry Developments - The Photovoltaic Association has confirmed "Guanghe Qiancheng" as a capacity reserve platform [1] - Major photovoltaic companies are rumored to inject approximately 30 billion CNY into capacity reserve efforts [1] - Despite initial expectations of 70 billion CNY, the actual amount is likely to be significantly lower, marking a shift towards practical measures in addressing industry challenges [1] Group 3: Financial Metrics - According to Dongzheng Futures, the gross profit margin in the photovoltaic glass industry has further declined, currently at approximately -13.56% [1] - Rising costs due to the implementation of winter gas prices are contributing to increased financial strain, while photovoltaic glass prices continue to decrease [1] - The overall industry is facing heightened losses due to a significant mismatch between supply and demand, with short-term downward pressure on photovoltaic glass prices expected to persist [1]

Group 1: Market Movements - Baoji Pharmaceutical-B (02659) surged over 3.2% amid its debut on the Hong Kong Stock Exchange, closing up 138.82% on its first day, with a market capitalization exceeding HKD 20 billion [1] - New Energy (01799) and Xinyi Solar (00968) saw declines of 3.01% and 3.67% respectively, as the photovoltaic sector faced weakness, with rumors of a 30 billion yuan investment for capacity storage by major companies [1] - Xpeng Motors-W (09868) and Li Auto-W (02015) dropped 4.88% and 2.67% respectively, following data from the China Association of Automobile Manufacturers indicating a month-on-month increase in production and sales [1] Group 2: Company-Specific News - Bolek Vision Cloud-B (02592) experienced a significant drop of nearly 15%, having previously doubled in price over 10 trading days, as it announced a new drug trial application to the FDA [2] - Hu Shang Ayi (02589) rose nearly 6% as Nayuki Tea expanded into the U.S. market, enhancing the international presence of Chinese tea brands [2] - Gold stocks fell sharply, with Zijin Mining (02899) and Shandong Gold (01787) declining by 4.29% and 4.94% respectively, following a report on the Bloomberg Commodity Index's upcoming rebalancing [2] Group 3: Cryptocurrency and Technology - Cryptocurrency ETFs faced significant declines, with notable drops in Bitcoin and Ethereum-related funds, as Bitcoin fell 3.3% from its record high, reflecting market pressures amid weak liquidity [3] - Oracle (ORCL.US) continued its downward trend, dropping 2.66% due to delays in delivering AI data centers for OpenAI, attributed to labor and material shortages [6] - Nvidia (NVDA.US) saw a slight increase of 0.73% after announcing the release of its third-generation language model, aimed at writing and programming tasks [6]