Report Summary 1. Overnight Night Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 1.24% at $3,768.5 per ounce and COMEX silver futures down 1.11% at $44.115 per ounce [3]. - U.S. EIA crude oil inventories unexpectedly decreased by 607,000 barrels. WTI crude oil futures rose 2.21% to $64.81 per barrel, and Brent crude oil futures rose 2.02% to $68.32 per barrel [4]. - London base metals all rose, with LME copper up 3.46% at $10,320 per ton, LME zinc up 1.18% at $2,922.5 per ton, LME aluminum up 0.63% at $2,654.5 per ton, and LME nickel up 0.53% at $15,435 per ton [4]. - As of 2:20, U.S. soybeans fell 0.35%, U.S. corn fell 0.53%, U.S. soybean oil fell 0.22%, U.S. soybean meal fell 0.50%, and U.S. wheat fell 0.19% [5]. - As of 23:00, most domestic futures contracts closed higher. Soybean No. 2, palm oil, soybean meal, low-sulfur fuel oil (LU), and fuel oil rose more than 1%, while cotton fell slightly [5]. 2. Important News Macroeconomic News - The People's Bank of China will conduct 600 billion yuan of MLF operations on September 25, 2025 [8]. - Zhengzhou Commodity Exchange will adjust the trading margin and price limit of certain futures contracts from September 29, 2025 [8]. - The Ministry of Housing and Urban-Rural Development announced that 25,000 old urban residential areas are planned to be renovated in 2025, and 21,700 have been started from January to August [8]. - U.S. Treasury Secretary Besent expressed disappointment that Fed Chair Powell did not set a clear agenda for interest rate cuts and called for a 100 - 150 basis point cut by the end of the year [8]. - The U.S. officially lowered tariffs on EU cars, effective August 1, 2025 [8]. - Fed's Daly fully supports the 25 - basis - point rate cut last week and said further policy adjustments may be needed [9]. Energy and Chemical Futures - Multiple departments issued the "Work Plan for Stable Growth in the Building Materials Industry (2025 - 2026)", aiming to control cement and glass production capacity [12]. - As of the week of September 24, the capacity utilization rate of 92 asphalt refineries in China was 42.0%, up 5.7% week - on - week, and the weekly output was 701,000 tons, up 15.5% [12]. - As of September 24, 2025, China's methanol port inventory decreased by 65,600 tons to 1.4922 million tons [12]. - As of the week of September 22, the total refined oil inventory at the Fujairah Port in the UAE increased by 1.833 million barrels to 14.922 million barrels [12]. - U.S. commercial crude oil inventories (excluding strategic reserves) decreased by 607,000 barrels to 415 million barrels in the week ending September 19, 2025, while strategic petroleum reserve inventories increased by 230,000 barrels to 406 million barrels [13]. - Eight international oil companies in the Kurdistan region of Iraq reached a preliminary agreement to resume oil exports [13]. Metal Futures - Xinjiang Dongfang Hope New Energy Co., Ltd. started annual maintenance on its first - phase polysilicon production line, and the third - phase project is ready for maintenance [16]. - The Shanghai Futures Exchange will adjust the trading margin and price limit of copper, aluminum, zinc, lead, gold, and silver futures contracts from September 29, 2025 [16]. - The Antamina copper mine in Peru expects zinc production to increase by 67% this year, offsetting a 12% decline in copper production [16]. - From January to July 2025, the global copper market had a surplus of 101,000 tons, compared with a surplus of 401,000 tons in the same period last year [17]. - An accident at the Grasberg Block Cave mine in Indonesia led to the suspension of operations, and the company lowered its copper and gold sales forecasts for the third quarter [17]. Black - Series Futures - In mid - September, the daily output of crude steel by key steel enterprises decreased by 0.6% month - on - month, while the daily output of iron and steel products increased [20]. - Beibu Gulf Port in Guangxi suspended manganese ore pick - up due to a typhoon, with limited impact on inventory [20]. - On September 24, the auction price of coking coal in Linfen market rose significantly, with an average increase of about 92 yuan per ton [20]. - Dalian Commodity Exchange will adjust the trading margin and price limit of iron ore, coke, and coking coal futures contracts from September 29, 2025 [21]. Agricultural Product Futures - The EU postponed the implementation of anti - deforestation regulations, providing a respite for palm oil exporters [23]. - As of September 20, the inventory of sugar in third - party warehouses in Guangxi decreased by about 300,000 tons compared with August [23]. - In August 2025, China's industrial feed output was 29.36 million tons, up 3.7% month - on - month and 3.8% year - on - year [25]. - Indonesia's palm oil exports in July were 3.54 million tons, with a production of 5.11 million tons and an inventory of 2.57 million tons [26]. - The CNF price of Argentine soybeans imported into China decreased, and the cost of imported soybeans declined [26]. - A senior analyst predicted that Malaysian BMD crude palm oil futures may rise 27% in the first quarter of next year [26]. - The average pig - to - grain ratio in Guangdong Province entered the second - level early - warning range of excessive decline, and the province will conduct frozen pork reserve purchases [26]. - Brazil's ANEC lowered its September soybean export forecast to 7.15 million tons and raised its corn export forecast to 7.61 million tons [27]. 3. Financial Markets Stocks - A - shares rose, with the ChiNext Index and the Sci - Tech Innovation 50 Index hitting new highs. The semiconductor industry chain was strong, while AI hardware and the banking sector declined. The Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.8%, the ChiNext Index rose 2.28%, and the Sci - Tech Innovation 50 Index rose 3.49%. The total trading volume was 2.35 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 1.37%, the Hang Seng Tech Index rose 2.53%, and the Hang Seng China Enterprises Index rose 1.64%. Southbound funds had a net purchase of HK$13.7 billion [30]. - Chery Automobile's H - shares were listed on the Hong Kong Stock Exchange at a final offer price of HK$30.75 per share [31]. - Mercedes - Benz plans to acquire a minority stake in A - share listed Qianli Technology [32]. Industries - Six departments issued a work plan for stable growth in the building materials industry, aiming for green building materials revenue to exceed 300 billion yuan by 2026 [33]. - The State Administration for Market Regulation solicited opinions on a new standard for food delivery platform services [35]. - The National Press and Publication Administration approved 145 domestic and 11 imported game licenses in September [35]. - The transportation department issued a plan to promote the integrated development of container rail - water intermodal transport, aiming for a 15% annual growth in volume by 2027 [35]. - From January to August, China's railway passenger volume increased by 6.7% year - on - year, freight volume increased by 2.6%, and fixed - asset investment increased by 5.6% [35]. - The "Blue Book on the Development of the Beidou Industry (2025)" showed that the total output value of China's satellite navigation and location - based services industry reached 575.8 billion yuan in 2024, and the number of new Beidou - supported terminals is expected to exceed 400 million by the end of 2028 [36]. Overseas Markets - The U.S. and the EU finalized a tariff agreement, with the U.S. lowering tariffs on EU cars and the EU getting tariff exemptions for certain products [37]. - U.S. Treasury Secretary Besent criticized Fed Chair Powell for not setting a clear interest - rate - cut agenda and called for a 100 - 150 basis point cut by the end of the year. The Treasury is considering a $20 billion currency swap with Argentina [37]. - The U.S. government is negotiating to restructure a $2.3 billion energy department loan to Lithium Americas through equity investment [39]. - U.S. new home sales in August reached an annualized rate of 800,000 units, far exceeding expectations, and the inventory of new homes for sale decreased [39]. - Bank of England Governor Bailey said there is room for interest rate cuts, depending on inflation [40]. - Australia's CPI in August rose 3% year - on - year, reaching the upper limit of the RBA's inflation target range [40]. - Germany's September IFO business expectations and sentiment indices declined [41]. International Stock Markets - U.S. stocks fell slightly, with the Dow down 0.37%, the S&P 500 down 0.28%, and the Nasdaq down 0.33%. Chinese concept stocks generally rose [42]. - European stocks closed mixed, with the German DAX Index rising 0.23%, the French CAC40 Index falling 0.57%, and the UK FTSE 100 Index rising 0.29% [42]. - Saudi Arabia is considering relaxing foreign ownership restrictions on listed companies, leading to a 5% rise in the Saudi All - Share Index [44]. - The Japanese Nikkei 225 Index rose 0.3% to a new high, while the South Korean KOSPI Index fell 0.45% after hitting a new high [44]. - South Korean securities companies may resume U.S. stock trading services in early November [44]. Commodities - Zhengzhou Commodity Exchange and Shanghai Futures Exchange will adjust the trading margin and price limit of multiple futures contracts from September 29, 2025 [45]. - International precious metal futures fell, international oil prices rose, London base metals rose, and global steel production in August increased slightly year - on - year [45][46][47]. Bonds - Yields of major interest - rate bonds in the inter - bank market generally rose, and bond prices fell. The central bank conducted 401.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1.7 billion yuan [48]. - Commercial banks can use certain bonds as collateral for treasury cash time deposits [48]. - The issuance scale of local government bonds from January to August reached 7.68 trillion yuan, a 41.9% year - on - year increase [48]. - U.S. Treasury yields rose, and the issuance of UK government bonds faced weak demand [48][50]. Foreign Exchange - The on - shore RMB against the U.S. dollar closed down 86 basis points at 7.1219, and the U.S. dollar index rose 0.65% [51]. 4. Upcoming Data Releases and Events Data Releases - A series of economic data from Germany, France, the UK, the U.S., and China Hong Kong will be released on September 25 [53]. Events - Multiple central bank meetings, policy announcements, corporate events, and international meetings are scheduled for September 25 [55].

Core Viewpoint - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, marking a significant step in its internationalization journey and opening a new chapter for the company [1] Company Overview - Chery Automobile designs, develops, manufactures, and sells a diverse and expanding range of passenger vehicles, including both fuel and new energy vehicles, under five brands: Chery, Jetour, Exeed, iCAR, and Zhijie [1] - According to Frost & Sullivan, Chery is the second-largest domestic passenger car company in China and the eleventh-largest globally based on projected sales for 2024 [1] Sales Growth - The company is expected to achieve a 49.4% year-on-year growth in passenger vehicle sales in 2024, leading the growth rate among the top 20 global passenger car companies [1] Market Position - Chery has achieved several notable milestones this year, including being the top exporter of Chinese automobiles, holding the highest market share in the SUV segment, ranking first in global growth among Fortune Global 500 companies, and leading in quality among domestic brands [1] Government Support - Central government initiatives, such as subsidies for new energy vehicles, export tax rebates, and diplomatic efforts (e.g., the Belt and Road Initiative), have facilitated Chery's accelerated overseas expansion [1] Historical Performance - Since 2003, Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, highlighting its sustained global competitive advantage [1] IPO Details - The IPO attracted 13 cornerstone investors, including well-known institutions, upstream and downstream enterprises, and local governments, with total subscriptions amounting to $587 million (approximately HKD 4.573 billion) [2] - Notable investors include state-owned fund Jingquan Shanrui, Hillhouse Capital, and various A-share companies participating through their subsidiaries [2] Future Plans - The funds raised from the IPO will be directed towards research and development, electric vehicle upgrades, and overseas expansion, indicating the company's ambition to penetrate the global market [1]

Group 1 - The Hang Seng Index opened up 0.07%, while the Hang Seng Tech Index fell by 0.13%. Chery Automobile saw a first-day increase of over 11%, Zijin Mining rose nearly 4%, and JD Group increased by nearly 2% [1] - Huatai Securities reported that the recent rebound in Hong Kong tech stocks is driven by accelerated domestic AI developments, with the Hang Seng Tech Index and Hang Seng Hong Kong Stock Connect Tech Index rising nearly 20% since July [1] - CITIC Securities indicated that Hong Kong stocks are expected to see a bottoming out of earnings in the first half of 2025, with revenue and profit growth rates recorded at 1.9% and 4.6% respectively as of September 15 [1] Group 2 - CITIC Securities forecasts a turning point in earnings growth for Hong Kong stocks in the second half of 2025, with high growth expected in materials, healthcare, and technology sectors, while sectors like energy and consumer staples may see a turnaround [2] - CITIC Jiantou noted that the anticipated interest rate cuts by the Federal Reserve will directly benefit Hong Kong stocks, with ample liquidity and continued inflow of southbound funds [2] Group 3 - Guotai Junan's report emphasized that dividend assets are characterized by stable performance and sustainable cash flows, providing investors with stable high dividend returns, with Hong Kong stocks offering better value compared to A-shares [3] - The average cash dividend ratio for all Hong Kong stocks from 2017 to 2024 is 44%, higher than A-shares at 36%, and the dividend yield for the Hang Seng Composite Index is 2.9%, compared to 1.9% for the Wind All A Index [3] - Hong Kong's high dividend assets have a lower valuation level, with the Hang Seng High Dividend Yield Index PE and PB at 7.2 times and 0.6 times respectively, lower than the CSI Dividend Total Return Index at 7.9 times and 0.8 times [3]

每经AI快讯，9月25日，奇瑞汽车正式在港交所上市，开盘涨超11%，总市值1972亿港元。 ...

智通财经APP获悉，奇瑞汽车(09973)首挂上市，公告显示，每股定价30.75港元，共发行2.97亿股股份， 每手100股，所得款项净额约88.79亿港元。截至发稿，涨11.22%，报34.2港元，成交额6.78亿港元。 公开资料显示，自1997年成立以来，奇瑞始终坚持引领行业创新和深耕国际市场，为全球用户提供高品 质的乘用车。根据弗若斯特沙利文的资料，以2024年的全球乘用车销量计算，奇瑞是中国第二大自主品 牌乘用车公司和全球第十一大乘用车公司。值得注意的是，奇瑞汽车是2024年全球排名前二十的乘用车 公司中，唯一实现新能源汽车、燃油车、国内销量、海外销量四项指标同比增幅均超25%的企业。 根据弗若斯特沙利文资料，自2003年以来，奇瑞汽车连续22年位居中国自主品牌乘用车公司乘用车出口 量第一。此外，该公司在多个主要乘用车市场的销量中名列前茅。例如，截至2024年9月30日止九个 月，分别在欧洲、南美和中东及北非地区销量位列中国自主品牌乘用车公司第一，以及在北美及亚洲 (中国除外)销量位列中国自主品牌乘用车公司第二。 ...

Core Viewpoint - US stock markets experienced a collective decline, while Chinese concept stocks surged by 2.83% [1] Group 1: Stock Market Performance - Major US indices fell, while the Hang Seng Index opened slightly higher by 0.07% and the National Index dipped by 0.06% [1] - The Hang Seng Technology Index decreased by 0.13% [1] Group 2: Individual Stock Movements - JD.com rose nearly 2%, while Baidu and Tencent saw slight increases; however, NetEase and Kuaishou dropped over 1%, and Meituan fell by 0.59% [1] - The second-largest copper mine globally experienced an accident, tightening supply and driving copper prices higher, leading to significant gains in copper stocks such as Jiangxi Copper, which surged by 8.47%, China Nonferrous Mining increased by over 7%, and Minmetals Resources rose by over 6% [1] - High-speed rail infrastructure stocks, building materials, home appliances, photovoltaic stocks, and biomedicine stocks mostly saw increases [1] Group 3: Declining Sectors - Online travel stocks, oil stocks, and Apple-related stocks experienced declines, with Tongcheng Travel down by 1.56% and Shanghai Petrochemical down by 1.47% [1] Group 4: New Listings - Chery Automobile's stock opened 11.2% higher on its first trading day [1]

Group 1 - Industrial metals and liquid cooling server concepts are active, while semiconductor and port shipping sectors open lower [2][5] - The A-share market opened with all three major indices declining: Shanghai Composite Index down 0.03%, Shenzhen Component Index down 0.17%, and ChiNext Index down 0.56% [2][3] - Chery Automobile officially listed on the Hong Kong Stock Exchange, opening with a rise of over 11% [3][4] Group 2 - The Hong Kong Hang Seng Index opened up 0.07%, while the Hang Seng Tech Index fell by 0.13% [5] - The copper mining sector saw significant gains due to a major copper mine's production halt, with companies like Luoyang Molybdenum and Jiangxi Copper rising by 8% [5]

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange, opening with an increase of 11.22% at HKD 34.2, marking a significant step in its internationalization journey [1] Group 1: Company Overview - Chery Automobile designs, develops, manufactures, and sells a diverse and expanding range of passenger vehicles, including both fuel and new energy vehicles, under five brands: Chery, Jetour, Exeed, iCAR, and Zhijie [1] - According to Frost & Sullivan, Chery is the second-largest independent passenger car brand in China and the 11th largest globally, with a projected annual growth rate of 49.4% in passenger car sales for 2024, the highest among the top 20 global passenger car companies [1] Group 2: Market Position and Achievements - In 2023, Chery achieved four significant milestones: leading in Chinese automobile exports, holding the highest market share in SUVs, ranking first in global growth among Fortune Global 500 companies, and being recognized for quality among independent brands [1] - Since 2003, Chery has maintained its position as the top exporter of independent passenger car brands in China for 22 consecutive years, highlighting its ongoing global expansion advantages [1] Group 3: IPO Details - The IPO attracted 13 cornerstone investors, including well-known institutions, upstream and downstream enterprises, and local governments, with total subscriptions amounting to USD 587 million (approximately HKD 45.73 billion) [2] - Notable subscriptions include JSC's investment of HKD 1.48 billion, Hillhouse Capital's USD 60 million, and Shanghai Jinglin's USD 55 million, among others [2] Group 4: Stock Performance - On its first trading day, Chery's stock reached a high of HKD 34.2, with a trading volume of 20.41 million shares and a total transaction value of HKD 678 million [3] - The company's market capitalization stood at HKD 197.24 billion, with a price-to-earnings ratio of 12.80 and a price-to-book ratio of 6.804 [3]

奇瑞汽车在香港上市首日股价开盘上涨11％。 来源：滚动播报 ...

Core Viewpoint - Chery Automobile (09973) has successfully listed, pricing each share at HKD 30.75, with a total issuance of 297 million shares, resulting in a net amount of approximately HKD 8.879 billion. The stock has seen an increase of 11.22%, trading at HKD 34.2 with a transaction volume of HKD 678 million [1] Group 1: Company Performance - Since its establishment in 1997, Chery has focused on industry innovation and international market penetration, providing high-quality passenger vehicles to global users [1] - According to Frost & Sullivan, Chery ranks as the second largest domestic brand passenger vehicle company in China and the eleventh largest globally based on projected 2024 passenger vehicle sales [1] - Chery is the only company among the top twenty global passenger vehicle manufacturers in 2024 to achieve over 25% year-on-year growth in four key metrics: new energy vehicles, fuel vehicles, domestic sales, and overseas sales [1] Group 2: Export and Market Position - Chery has maintained the top position in passenger vehicle exports among Chinese domestic brands for 22 consecutive years since 2003 [1] - The company ranks first among Chinese domestic brands in passenger vehicle sales in Europe, South America, and the Middle East and North Africa as of the nine months ending September 30, 2024, and second in North America and Asia (excluding China) [1]