GMT EIGHT - OPPORTUNITIES IN CHINA

U.S. natural gas prices took a roller-coaster ride! Pipeline leak triggers a 9% surge before prices pull back; market expects supply disruption to be relatively short-lived.

U.S. natural gas futures turned lower on Friday, giving back some of the previous session's sharp gains.

US Treasury volatility spikes, sounding alarm! BofA's Hartnett warns of rising deleveraging risk, with rising yields becoming the main threat to the market.

Bank of America strategist Michael Hartnett warned that the recent sharp rise in U.S. bond market volatility is increasing the risk of broader deleveraging in financial markets.

U.S. diesel prices have surged 83% year-to-date! Apollo's chief economist warns: cost pass-through could make core inflation more stubborn, and the Fed will find it hard to look the other way.

Apollo Global Management Chief Economist Torsten Slok warned that the inflation threat from U.S. diesel prices surging to record highs could be more severe than the Federal Reserve currently realizes.

US Stock Market Move | Computing power bottleneck gradually emerges Meta (META.US) falls more than 3%.

On Friday, Meta (META.US) opened low and moved lower, falling more than 3% as of press time, with a market capitalization of approximately $1.92 trillion.

U.S. Consumer Confidence Falls to Four-Month Low in September; Short-Term Inflation Expectations Rise to 4.6%

As rising energy prices further intensified American households' concerns about the cost of living, U.S. consumer confidence continued to deteriorate in September, falling to its lowest level in four months.

RITAMIX (01936) receives a general offer from INNOVATION FORGE HOLDINGS LIMITED at a discount of approximately 29.08%; trading resumes on September 28.

RITAMIX (01936) and the offeror INNOVATION FORGE HOLDINGS LIMITED jointly announce that on September 25, 2026 (after trading hours), the Company was informed by the offeror and the seller that the buyer, the seller and the seller's guarantor entered into a sale and purchase agreement.

US Stock Market Move | Q4 revenue and profit beat expectations, Costco (COST.US) rises over 2%.

On Friday, Costco (COST.US) opened lower but then rose; as of press time, it was up about 2.43%.

US Stock Market Move | The artificial intelligence sector rose broadly, with Arm (ARM.US) up over 4%.

On Friday, the artificial intelligence sector in US stocks rose broadly, with Arm (ARM.US) up over 4% and Dell Technologies (DELL.US) up over 3%.

US Stock Market Move | The new version of Copilot introduces three major AI features. Microsoft Corporation (MSFT.US) rises about 2.6%.

On Friday, Microsoft Corporation (MSFT.US) surged in early trading, rising about 2.6% as of press time, with a market capitalization of $3.8 trillion.

US Stock Market Move | Anthropic's major deal ignites stock price, Akamai (AKAM.US) surges over 14% at open.

On Friday, Akamai (AKAM.US) opened with a gap up, and as of press time, its gain exceeded 14%.

CENTURY ENT INT (00959) Announces Annual Results, Profit Attributable to Owners HK$12.427 Million, Turning Around from a Loss Year-on-Year

CENTURY ENT INT (00959) Announces Annual Results for the year ended 31 March 2026, with revenue of HK$30.258 million; profit attributable to owners of the company of HK$12.427 million, compared to a loss of HK$45.742 million in the same period last year; basic earnings per share of 9.69 HK cents.

U.S. August core capital goods orders rose 1.6%, beating expectations, adding further support to third-quarter GDP.

U.S. business equipment orders rose more than expected in August, extending this year's strong momentum in capital investment. Data showed that core capital goods orders, excluding aircraft and military hardware and a proxy for equipment investment, increased 1.6% from the previous month.

Goldman Sachs calculates the AI computing power gamble: six major giants need to earn an additional $1.42 trillion from 2028-2030 to sustain a 15% ROIC.

Goldman Sachs recently released a research report on the U.S. technology industry, using calculations to demonstrate the scale of the AI economy required to justify the ROIC on hyperscale cloud providers' AI capital expenditures.

Passenger flow heats up on the first day of Mid-Autumn Festival: domestic flight bookings up over 60%, long-haul travelers chase autumn early

On the first day of the Mid-Autumn Festival, some long-haul travelers, influenced by the "take 3 days off for 13 days" strategy, started their trips early, bringing air and rail passenger flows to a peak; demand for returning home to visit relatives, nearby vacations, and county-level tourism was released simultaneously. As the National Day holiday approaches, travel demand in the tourism market will continue to be further unleashed.

Inflation, deficits, and AI debt issuance are all piling on pressure, with more than half of market participants betting the 30-year U.S. Treasury yield will hit 6% by year-end.

More than half of respondents expect the 30-year U.S. Treasury yield could hit 6% by year-end. That does not mean 6% will necessarily be reached, but it reflects growing market concerns that long-term rates will continue to rise.

TOP EDUCATION (01752) will distribute a final dividend of HK$0.009 per share on December 15.

TOP EDUCATION (01752) announced that it will distribute a final dividend of HK$0.009 per share for the year ended June 30, 2026, on December 15, 2026.

TOP EDUCATION (01752) Announces Annual Results, Profit Attributable to Shareholders Reaches AUD 3.763 Million, Up 9.77% Year-on-Year

TOP EDUCATION (01752) Announces Annual Results, Profit Attributable to Shareholders Reaches AUD 3.763 Million, Up 9.77% Year-on-Year TOP EDUCATION (01752) released its annual results for the year ended June 30, 2026. The Group recorded revenue of AUD 38.126 million, up 11.29% year-on-year; profit attributable to shareholders was AUD 3.763 million, up 9.77% year-on-year; basic earnings per share were 0.173 Australian cents. A final dividend of 0.9 Hong Kong cents per ordinary share is proposed.

Preview of US Stock Market | All three major stock index futures rose together. Chip stocks and optical communication stocks rallied in pre-market trading. ARM (ARM.US) gained over 4%.

As of press time, Dow futures rose 0.41%, S&P 500 index futures rose 0.40%, and Nasdaq futures rose 0.73%.

China-US AI resonance! Demand for enterprise SSDs (eSSD) is set to surge in the second half of the year.

The AI wave is reshaping the global storage market landscape, with North America and China driving growth in tandem, and enterprise solid-state drives (eSSD) reaching a structural demand inflection point.

Goldman Sachs makes a 180-degree turn! Yen 12-month target raised from 165 to 150

Amid a confluence of multiple positive factors, the yen rose as high as 158.28 per dollar on Friday.

CHAMPION TECH (00092) Issues Profit Warning, Expects Annual Loss Attributable to Shareholders of Approximately HK$81 Million to HK$87 Million

Champion Technology Group (00092) issued an announcement that the Group expects to record a loss attributable to owners of the Company of approximately HK$81 million to approximately HK$87 million for the year ended 30 June 2026 (subject to review and audit by the Company's independent external auditor), compared to a loss attributable to owners of the Company of approximately HK$44 million for the year ended 30 June 2025.

HKEX: Its derivatives clearing house will accept Chinese government bonds, policy financial bonds, and Ministry of Finance bonds as non-cash collateral starting from November.

This optimization further implements the arrangements announced on July 7, 2026 by the Hong Kong Securities and Futures Commission, the Hong Kong Monetary Authority, and the People's Bank of China, accepting Bond Connect bonds as eligible non-cash collateral for the Hong Kong derivatives market.

El Nio stirs up palm oil: Indonesia and Malaysia production expected to fall 3% in 2027, prices may rise toward $1,226

Persistent drought caused by a strong El Nio will suppress yields next year, and palm oil production in Indonesia and Malaysia is expected to decline in 2027, tightening global supply and driving prices higher.

Morgan Stanley Assesses That the AI Market Has Reached an Inflection Point: Moving from Computing Power Construction to Industrial Diffusion, with a Barbell Strategy Becoming the Main Allocation Approach

Morgan Stanley released a thematic research report, putting forward a core judgment: AI investment has moved beyond the stage of simply betting on upstream computing power enabler targets and entered a new era of "barbell-style" dual-track allocation.

NWDS CHINA (00825) issues a profit warning, expecting an annual loss attributable to shareholders of not more than approximately HK$780 million, turning from profit to loss year-on-year.

NWDS CHINA (00825) issued an announcement that, based on the unaudited consolidated management accounts of the Company for the financial year ended 30 June 2026 (FY2026) and the preliminary assessment of information currently available to the Board, compared with the profit attributable to shareholders of the Company of approximately HK$25.3 million for the financial year ended 30 June 2025, the Group is expected to record a loss attributable to shareholders of the Company of not more than approximately HK$780 million for FY2026.

ZO FUTURE GROUP (02309) Issues Positive Profit Alert, Expects Annual Profit Attributable to Shareholders of Not More Than HK$120 Million, Turning Around from a Year-on-Year Loss

ZO FUTURE GROUP (02309) has announced that, compared with the loss attributable to owners of the Company of approximately HK$314 million recorded for the year ended 30 June 2025, the Group is expected to record a profit attributable to owners of the Company of not more than HK$120 million for the year ended 30 June 2026. The turnaround from loss to profit for the year ended 30 June 2026 is mainly attributable to a non-recurring gain of approximately HK$358 million arising from the disposal of a subsidiary.

PEIJIA-B(09996): The registration application for the Shenpuchang SeQuent Please CIS paclitaxel drug-coated intracranial balloon dilation catheter has been approved by the National Medical Products Administration.

Peijia Medical-B (09996) announced that the registration application for the Shenpuchang SeQuent Please CIS paclitaxel drug-coated intracranial balloon dilation catheter ("SeQuent Please CIS" or "the Product") has recently been approved by the National Medical Products Administration of China.

EAST NOVA HLDGS (03626) Announces Annual Results, Profit Attributable to Shareholders HK$2.865 Million, Up 7.87% Year-on-Year

EAST NOVA HLDGS (03626) announced its annual results for the year ended 30 June 2026, with revenue of HK$98.769 million, up 3.8% year-on-year; profit attributable to owners of the Company was HK$2.865 million, up 7.87% year-on-year; earnings per share were 1.56 HK cents.

The "wave of resistance" in the United States is intensifying! Oracle Corporation (ORCL.US)'s giant data center encounters "force majeure" and may not be completed on schedule.

The issuance of this force majeure notice has sharply heightened market doubts over whether the project can proceed on schedule, and the related loans had already fallen to distressed levels.

BRETON (01333) entered into a letter of intent for cooperation with Inhoy

BRETON (01333) announced that the Company recently entered into a letter of intent for cooperation (the "Letter of Intent") with INHOYI INVESTMENTS (PRIVATE) LIMITED (Inhoy). Accordingly, the Company and Inhoy (collectively, the "Contracting Parties", each a "Contracting Party") intend to establish a long-term cooperative relationship in the fields of electric mining truck sales agency and mining equipment investment and operation. The Letter of Intent will expire on September 26, 2036.

ROBOTPHOENIX (06871) Enters into a Strategic Cooperation Agreement with CAS Space, Plans to Conduct Joint Research on Cutting-Edge Technologies and Key Generic Technologies in the Field of Space Manufacturing

RobotPhoenix (06871) announced that on September 25, 2026, the Company entered into a strategic cooperation agreement with CAS Space Technology Co., Ltd. (CAS Space). Pursuant to the strategic cooperation agreement, the Company and CAS Space agreed to establish a long-term strategic cooperative relationship, leverage their respective strengths, and explore cooperation opportunities in scientific research, industrial ecosystem development, supply chain collaboration, and talent exchange in the fields of space manufacturing and commercial aerospace intelligent manufacturing.

HUABAO INTL (00336) plans to acquire 100% equity of PT. Broad Far Indonesia for RMB 90 million.

Huabao International (00336) announced that on September 25, 2026, Nocton, World Concept, Broad Far, and Broad Far Hong Kong signed a share transfer agreement.

LIVZON PHARMA (01513) will distribute a special interim dividend of RMB 10.2 per 10 shares on November 3.

LIVZON PHARMA (01513) announced that it will distribute a special interim dividend of RMB 10.2 per 10 shares on November 3, 2026.

HATCHER GROUP (08365) intends to issue promissory notes with a principal amount of HK$30 million to acquire the entire equity interest in Pan Asia Fengtai International Financial.

Hatcher Group (08365) announced that on September 25, 2026 (after trading hours), the Company entered into an agreement with the seller, Ark Invest Holdings Limited, in respect of the acquisition. Pursuant to the agreement, the Company has conditionally agreed to acquire, and the seller has conditionally agreed to sell, the sale shares (representing the entire issued share capital of the target company, Pan Asia Fengtai International Financial Limited), for a consideration of HK$30 million, which will be settled upon completion by way of the issue of promissory notes by the Company to the seller (or its nominee as may be directed in writing by the seller).

Hong Kong SFC: The plan to integrate GEM and the Main Board is still under consideration; a public consultation will be conducted.

Hong Kong SFC Chief Executive Officer Julia Leung said that the plan to integrate GEM with the Main Board is still under consideration.

As Nscale files, Bernstein takes the pulse of AI compute clouds: CoreWeave (CRWV.US) "underperforms the market," IREN (IREN.US) "outperforms the market"

UK AI compute upstart Nscale officially filed its S1 prospectus last Friday. This long-awaited document provides Bernstein with a fresh reference point for analyzing the business models, competitive moats, and potential risks of the next-generation AI compute cloud sector.

HKMA: Focused on how banks effectively govern AI, will issue guidelines on practical applications.

He is focused on how banks can effectively govern AI, how to enhance technological resilience and ensure the banking system can evolve in step with an increasingly complex environment, how to build a trustworthy tokenization framework, and how to ensure data quality.

New Stock News | Reportedly, the "King of African Mobile Phones" Shenzhen Transsion Holdings Co., Ltd. (688036.SH) will launch its Hong Kong listing presentation next week, aiming to raise US$400-500 million.

"King of African Mobile Phones" Shenzhen Transsion Holdings Co., Ltd. (688036.SH) plans to launch its pre-marketing presentation next week for a Hong Kong listing aimed at raising US$400-500 million.

Bank of Japan's inflation gauge accelerates, providing grounds for further rate hikes.

The Bank of Japan's gauge of underlying inflation accelerated last month and is well above its target, providing grounds for continuing to raise the benchmark interest rate.

Tesla, Inc. (TSLA.US) officially announces the start of mass production and deliveries of the Semi electric truck, reiterating its target of 50,000 units per year.

Tesla (TSLA.US) announced the start of mass production and deliveries of the Semi electric truck.

How to view the market after the "double festival"? A rebound still awaits validation from four major variables.

As the Mid-Autumn Festival and National Day "double festival" approaches, multiple institutions have offered their assessments of the subsequent market.

HK Stock Market Move | LENOVO GROUP(00992) rose nearly 3% in the afternoon as commercialization of super nodes accelerates, potentially driving a revaluation of system-level capabilities.

LENOVO GROUP(00992) rose nearly 3% in the afternoon. As of press time, it was up 2.94% at HK$37.08, with a turnover of HK$858 million.

Ganglong CHINAPROPERTIES (06968) contracted sales amount for the first 8 months was approximately RMB 904.5 million, a year-on-year decrease of 74.89%.

Ganglong CHINAPROPERTIES (06968) announced that the Company and its subsidiaries (the Group), together with its joint ventures and associates, achieved contracted sales of approximately RMB 904.5 million from January to August 2026, a year-on-year decrease of 74.89%.

Citi: Tencent's (00700) WeChat "Xiaowei" is expected to become China's ultimate consumer AI agent; maintain "Buy" rating.

Citi believes that WeChat's "Xiaowei," with its unique positioning, is expected to become China's ultimate consumer AI agent, and as agentic commerce develops in China, it could unlock substantial long-term monetization opportunities through transaction commissions and advertising.

HKD HIBOR rises across the board; 1-month rate up for a third straight day at 2.99%, hitting another more than two-month high.

On September 25, HKD HIBOR rose across the board, with the one-month rate linked to mortgage loans at 2.99048%, up 3.357 basis points.

HK Stock Market Move | CENTRAL NEW EGY (01735) rises over 8% again as AI computing power business revenue surges; the company is moving toward a "new energy + AI + computing power" compound growth model.

Central New Energy (01735) rose over 8% in morning trading, with a cumulative gain of over 30% this week. As of press time, it was up 8.22% at HK$10.8, with a turnover of HK$73.8635 million.

HK Stock Market Move | Oil stocks fall again as G7 considers releasing reserves and expectations of U.S.-Iran talks resurface; IEA cuts global oil demand forecast.

Oil stocks fall again. As of press time, Shandong Molong (00568) is down 3.67% at HK$3.94; China Oilfield Services (02883) is down 2.99% at HK$7.3; CNOOC (00883) is down 2.10% at HK$23.34; PetroChina (00857) is down 2.03% at HK$9.42.

BOCOM INTL: Raises 2027-2028 global AI accelerator shipment forecasts; recommends attention to Semiconductor Manufacturing International Corporation (00981) and others.

BOCOM INTL has raised its global AI accelerator shipment forecasts for 2027 and 2028 to 34.51 million units and 52.34 million units, respectively.

Meta (META.US) Soars 36% in September: Muse Validates AI Strategy, Market Cap Eyes $2 Trillion

Meta's stock is on track for its best monthly performance since July 2013, and is just about 1% away from joining the $2 trillion market cap club.

HK Stock Market Move | GENSCRIPT BIO(01548) rose over 7% in early trading. GenScript partners with Lilly TuneLab to strengthen the company's AI drug discovery ecosystem.

GENSCRIPT BIO (01548) rose over 7% in early trading. As of press time, it was up 5.69% at HK$42, with a turnover of HK$212 million.

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