Group 1 - The core viewpoint of the news is that Hong Kong property stocks, particularly Country Garden, saw significant gains following the inclusion in the Hong Kong Stock Connect, with Country Garden rising over 14% [1] - Other property stocks also experienced notable increases, including CIFI Holdings and China Overseas Land & Investment, which rose over 5%, and several others like Vanke and Longfor Group, which rose over 3% [1] - The surge in property stocks is attributed to a new housing policy introduced in Shenzhen on September 5, which relaxed housing purchase restrictions and adjusted housing credit policies [1] Group 2 - The new housing policy in Shenzhen allows for significant relaxation of purchase restrictions in non-core areas, which is more substantial compared to the new policies introduced in Beijing and Shanghai in August [1] - The policy change includes the removal of differentiated mortgage rates for first and second homes, which is expected to stimulate the housing market [1] - The report from CITIC Securities highlights that the new measures are likely to have a positive impact on the property market in Shenzhen [1]

Core Viewpoint - Zai Ding Pharmaceutical (09688) shares rose over 5%, currently up 5.38% at HKD 25.48, with a trading volume of HKD 224 million [1] Group 1: Clinical Research Updates - Recently, Zai Ding Pharmaceutical announced that its partner Amgen has completed the final analysis of the FORTITUDE-101 Phase III clinical study, which evaluates the efficacy of Bemarituzumab combined with chemotherapy (mFOLFOX6) for first-line treatment of gastric cancer [1] - The interim analysis showed significant statistical and clinical improvement in overall survival with the Bemarituzumab combination compared to chemotherapy alone; however, the survival benefit observed in the interim analysis weakened in the final analysis [1] - Amgen stated that the results of both the interim and final analyses will be presented at an upcoming major medical conference [1] Group 2: Future Research Plans - Based on the updated results from the FORTITUDE-101 study, the company plans to wait for the results of the FORTITUDE-102 study, which aims to evaluate Bemarituzumab combined with Nivolumab and chemotherapy for the same patient population, before submitting a registration application [1] - Data from the FORTITUDE-102 study is expected to be released by the end of 2025 or in the first half of 2026 [1]

Core Insights - Meituan has launched the LongCat-Flash-Chat model, a 560 billion parameter mixture of experts (MoE) model, showcasing its aggressive stance in the AI sector [1] - The model has achieved significant performance metrics, including training on 20 trillion tokens in 30 days and a cost of only $0.7 per million tokens, making it competitive with top industry models [1][4] Group 1: Architectural Innovations - The LongCat model utilizes a "Zero-Computation Experts" mechanism to dynamically allocate computational resources, allowing for efficient processing of low-information tokens without complex calculations [2] - Despite having 560 billion parameters, the model only activates between 18.6 billion to 31.3 billion parameters per task, achieving a balance between cost and efficiency [2] - The introduction of "Shortcut-connected MoE" allows for parallel computation and communication, significantly enhancing the model's throughput during training and inference [3] Group 2: Performance Metrics - The model boasts a single-card inference speed exceeding 100 tokens per second and supports long-context text of up to 128k tokens, indicating its high performance and low operational costs [4] - LongCat's inference speed surpasses that of other mainstream models like DeepSeek, Kimi, and Qwen3, while also demonstrating advanced agent capabilities for complex tasks [4] - The model has shown to match or exceed the performance of leading models in various aspects, including its ability to generate professional code and provide technical and legal risk assessments [4]

Core Viewpoint - Goldman Sachs has lowered the target price for Neway Group (01686) from HKD 10.9 to HKD 10 while maintaining a "Buy" rating [1] Financial Performance - For the second half of fiscal year 2025, EBITDA is projected to be HKD 1.068 billion, with earnings per share (EPS) at HKD 0.1217 [1] - EBITDA is 9% lower than Goldman Sachs' expectations, primarily due to revenue falling short by 11%, although this was partially offset by a 2 percentage point expansion in EBITDA margin [1] - Depreciation and amortization were lower than expected, with an effective tax rate of approximately 15%, compared to the anticipated 16% [1] Dividend Information - The final dividend per share is set at HKD 0.12, which is 13% lower than Goldman Sachs' expectations [1] - The annual payout ratio is approximately 46%, down from the previously expected 50%, with management reaffirming that the upper limit of the payout ratio will remain at 50% [1] Future Projections - Revenue forecasts for fiscal years 2026 and 2027 have been reduced by 11% and 13%, respectively, with EPS estimates lowered by 12% and 16% [1] - It is anticipated that the payout ratio will remain at 46% for fiscal years 2026 to 2028, compared to the previous expectation of 50% [1] - For 2028, EPS and dividend per share are projected to be HKD 0.37 and HKD 0.17, respectively [1]

董事会宣布，于2025年9月4日（星期四）下午四时正（即最后接纳期限），已接获合共15份有效接纳， 涉及合共4.45亿股供股股份，相当于所有供股股份约64.9%。因此，供股出现2.41亿股供股股份的认购 不足，相当于所有供股股份约35.1%，该等股份将受未认购安排所规限。 希教国际控股发布公告，于记录日期，已发行股份总数为82.25亿股，而根据供股将予发行的供股股份 最高数目为6.85亿股。 根据不可撤回承诺，希望教育投资有限公司、特驱集团（香港）有限公司及Maysunshine Holdings Limited已分别认购3.1亿股供股股份、352.02万股供股股份及746.75万股供股股份。 责任编辑：栎树 ...

花旗发表研究报告指，海螺创业管理层计划在未来两至三年内，透过提升垃圾发电效率、扩大蒸汽销售 规模、提高处置费用、增加飞灰回收价值以及降低成本等措施，将每年利润提升10亿元。另外，该行认 为经营现金流复苏将受惠于国家补贴资金收回及资本支出负担减轻。随着现金流改善与债务压力下降， 股息率有上行空间。该行将其目标价由10港元上调至15港元，维持"买入"评级。 ...

Core Viewpoint - Alibaba's stock (09988) rose over 4%, reaching 137.5 HKD with a trading volume of 8.975 billion HKD, following the launch of its largest model, Qwen3-Max-Preview, which has 1 trillion parameters and significant enhancements in various capabilities [1][1][1] Group 1: Company Developments - Alibaba's subsidiary Tongyi Qianwen launched Qwen3-Max-Preview, its largest model to date, with 1 trillion parameters, improving Chinese and English understanding, complex instruction adherence, and tool invocation while significantly reducing knowledge hallucination [1][1][1] - The stock price of Alibaba increased by 4.32% as of the report, indicating positive market sentiment towards the company's advancements [1][1][1] Group 2: Industry Context - Apple is reportedly advancing its Apple Intelligence release plan in China, expected to launch by the end of the year, with ongoing testing by local employees and collaboration with Alibaba and other partners [1][1][1]

Core Viewpoint - Zai Ding Pharma (09688) shares rose over 5%, reaching HKD 25.48 with a trading volume of HKD 224 million following the announcement of the final analysis of the FORTITUDE-101 Phase III clinical trial for Bemarituzumab combined with mFOLFOX6 in first-line gastric cancer treatment [1] Group 1: Clinical Trial Results - The FORTITUDE-101 trial showed significant statistical and clinical improvement in overall survival when comparing Bemarituzumab combined with chemotherapy to chemotherapy alone during the pre-set interim analysis [1] - However, the final analysis indicated a reduction in the previously observed survival benefit [1] - Amgen, the partner and sponsor of the study, plans to present the results of both the interim and final analyses at an upcoming major medical conference [1] Group 2: Future Plans - The company intends to wait for the results of the FORTITUDE-102 study, which evaluates Bemarituzumab combined with Nivolumab and chemotherapy for the same patient population, before submitting a registration application [1] - Data from the FORTITUDE-102 study is expected to be available by the end of 2025 or the first half of 2026 [1]

消息面上，近期，玖龙纸业、山鹰国际、理文造纸、五洲特纸等大型纸厂发布涨价函，宣布在9月初上 调部分产品价格。值得关注的是，自8月份至今，国内纸厂普遍进行了多轮涨价。兴业证券认为，随四 季度进入传统旺季，浆价纸价均有望继续向上，叠加反内卷政策加持，行业或迎上行周期。华安证券此 前则指出，在国家"反内卷"的大背景下，或同供给侧结构性改革，有望推动包装纸行业落后产能退出， 使得供需匹配，带动纸价上涨，纸企盈利提升。 智通财经APP获悉，纸业股早盘走高，截至发稿，理文造纸(02314)涨5.17%，报3.05港元；玖龙纸业 (02689)涨4.63%，报5.88港元；晨鸣纸业(01812)涨4.6%，报0.91港元。 ...

格隆汇9月8日｜圣诺医药(2257.HK)公布，拟向包括上海上市公司华熙生物科技等4名投资者配售 1735.24万股新股，占扩大后股本约14.16%；每股配售价12港元，较上周五收市价14.97港元折让 19.84%；集资约2.08亿港元，净额约2.06亿港元，将用作一般营运资金。董事认为，认购事项将有利于 集团长期发展，提供良机以筹集额外资金，加强财务状况并扩充公司的股东基础及资本基础，从而促进 其业务的未来增长及发展，以及增加股份的交易流动性。 ...