Market Overview - The Hang Seng Index rose by 1.35%, gaining 352 points to close at 26,480 points, while the Hang Seng Tech Index increased by 1.31%. The early trading volume in Hong Kong reached HKD 160 billion [1]. Brokerage Sector - Chinese brokerage stocks showed recovery in early trading, with optimistic third-quarter performance expectations. Institutions predict a further increase in year-on-year growth rates. Dongfang Securities surged over 8%, Huatai Securities rose over 6%, and CITIC Securities increased by over 7% [1]. Semiconductor Sector - Chip stocks experienced a rise, with leading companies accelerating their listings. Institutions maintain a solid long-term outlook for domestic substitution. Hua Hong Semiconductor increased by 3.8%, SMIC rose by 1.4%, and Shanghai Fudan gained 1% [1]. Metals Sector - The non-ferrous metals sector was active, supported by a growth stabilization plan for the industry. Institutions are optimistic about the continued rise in industrial metal prices. Ganfeng Lithium rose by 6.01%, China Aluminum International increased by 5%, Zhaojin Mining gained 3.4%, and Luoyang Molybdenum rose by 3.44% [1]. Energy Storage Sector - Ruipu Lanjun saw a significant increase of over 17% after signing a supply agreement with Energy Vault for a 3GWh energy storage system [1]. PCB Sector - Jiantao Laminates rose over 7%, with institutions indicating that product upgrades and rising copper foil prices are expected to contribute to performance growth [1]. Gaming Sector - Gaming stocks continued their recent upward trend, with Amax Holdings increasing by 5.7%. The number of tourists in Macau during the National Day holiday is expected to exceed last year’s figures [1]. Biotechnology Sector - Rongchang Bio increased by 4.7% as its drug Taitasip was proposed for priority review, achieving the primary endpoint in Phase III trials for IgA nephropathy [2]. AI and Pharmaceutical Collaboration - Jingtai Holdings rose over 6% as it collaborates with Baicheng Pharmaceutical to advance AI drug development, seeking strategic synergy with China Merchants Group [2]. Education Sector - New Oriental Education rose over 5%, with overall business development stabilizing and an increase in shareholder return ratios potentially acting as a positive catalyst [2]. Fuel Cell Sector - Yihua Tong surged over 10% as it participated in the EPC bidding for a large-scale wind-hydrogen integration project, promoting the large-scale application of fuel cell vehicles [2]. Robotics Sector - Yunzhihui Technology increased by over 17% after announcing potential collaboration with UBTECH in the humanoid robot business [2]. Clinical Trials - Yiming Anke-B rose over 15% after submitting two Phase III registration clinical trials for IMM2510 [2]. Material Sector - Global New Materials International rose over 6%, with institutions stating that the consolidation of Merck's Susonity business in the second half of the year will contribute to the company's performance growth [2].

Group 1 - Yihuatong (02402) shares increased by over 7%, currently up 7.63% at HKD 29.64, with a trading volume of HKD 71.58 million [1] - The Zhangjiakou Wind-Hydrogen Integration Source Network Load Storage Comprehensive Demonstration Project (Phase I) has initiated the EPC general contracting bidding for its hydrogen production section [1] - The project, located in Zhangbei County, Zhangjiakou City, includes a hydrogen production system with a capacity of 16,000 Nm³/h, a hydrogen storage system of 8,000 Nm³, and a 40 MW hydrogen fuel cell power generation system [1] Group 2 - This project is the first large-scale wind-hydrogen integration project in Hebei Province, led by Hebei Guochuang Hydrogen Energy Technology Co., Ltd., a company indirectly held by Yihuatong [1] - The aim is to reduce green hydrogen production costs through off-grid renewable energy hydrogen production, promoting the large-scale application of fuel cell vehicles [1] - The cost of fuel cell systems has significantly decreased in recent years, supported by national and local policy incentives, bringing the purchase cost of fuel cell vehicles closer to market promotion thresholds [1] Group 3 - However, the high price of hydrogen supply, especially green hydrogen, remains a key bottleneck for the large-scale development of the industry [1] - The demonstration project aims to address this challenge, with preliminary estimates suggesting that the cost of green hydrogen production could drop to below RMB 18/kg upon reaching full production [1] - This reduction in production cost will provide strong support for the large-scale promotion of fuel cell vehicles and establish a sustainable, replicable economic development model for China's hydrogen energy industry [1]