Zhitong Hong Kong Stock Early Knowledge | The National Energy Administration announced the first batch of hydrogen energy pilot projects in the energy sector. PICC P&C expects net profit in the first three quarters to increase by approximately 40% to 60% year-on-year

[Today's Headlines]

The National Energy Administration Announces the First Batch of Hydrogen Energy Pilot Projects in the Energy Sector

The National Energy Administration organized the application and review work for hydrogen energy pilot projects in the energy sector. After expert evaluation, it is proposed to support 41 projects, including the integrated green ammonia and hydrogen energy coupling application project in Inner Mongolia's ShenNeng E'tuoke Banner, and 9 regions such as Changchun, Songyuan, and Baicheng in Jilin Province to carry out hydrogen energy pilot work in the energy sector.

Latest data shows that since China launched the demonstration application of fuel cell vehicles in 2021, the five major demonstration city clusters of Beijing-Tianjin-Hebei, Shanghai, Guangdong, Zhengzhou, and Hebei have cumulatively promoted more than 20,000 fuel cell vehicles, built 200 hydrogen refueling stations, and the pure hydrogen operating mileage of vehicles has exceeded 700 million kilometers, with the hydrogen driving mileage accounting for over 90%. A total of over 40,000 tons of hydrogen has been refueled, reducing carbon dioxide emissions by more than 38,000 tons.

Experts indicate that China's fuel cell vehicles have initially achieved commercial application, with 20,000 fuel cell vehicles operating regularly in eight application scenarios, including trunk logistics, cold chain logistics, coal and steel transportation, urban sanitation, construction waste transportation, port transportation, public transportation, and ride-hailing, forming the world's largest demonstration application project for fuel cell commercial vehicles.

The hydrogen energy sector involves related Hong Kong stocks: Weichai Power (02338), China National Heavy Duty Truck Group (03808), CIMC Enric (03899), Yihuatong (02402), Reshaping Energy (02570), Beijing Jingcheng Machinery Electric Company (00187), Guofu Hydrogen Energy (02582), and CRRC Corporation Limited (01766).

[Market Outlook]

Spot gold accelerated to break through $4,300/ounce at the end of the session, setting a new historical high

Overnight, the U.S. stock market closed with the Dow Jones Industrial Average down 301.07 points from the previous trading day, closing at 45,952.24 points, a decrease of 0.65%; the S&P 500 index fell 41.99 points, closing at 6,629.07 points, a decrease of 0.63%; the Nasdaq Composite Index dropped 107.54 points, closing at 22,562.54 points, a decrease of 0.47%.

Popular tech stocks showed mixed results, with Tesla and AMD down over 1%, while Nvidia rose over 1%. Storage concept stocks rose, with Micron Technology up over 5% and Western Digital up over 4%. Spot gold continued to set historical highs, with U.S. gold stocks performing strongly, Kinross Gold up over 6% and Newmont Mining up over 5%. Most popular Chinese concept stocks fell, with Century Internet down over 5% and Kingsoft Cloud down over 2%. The Hang Seng Index ADR fell, closing at 25,809.63 points, down 78.88 points or 0.30% compared to the Hong Kong close.

Spot gold accelerated at the end of the session to break through $4,300/ounce, setting a new historical high, rising nearly $100 during the day, an increase of nearly 2.5%. COMEX gold futures for the current month rose by $103.00, an increase of 2.45%, closing at $4,304.6/ounce.

[Hot Topics Ahead]

Private enterprises will find it more convenient to use oil and gas pipeline facilities, with the new regulations taking effect in November Today, the National Development and Reform Commission and the National Energy Administration jointly issued the "Regulations on the Fair and Open Supervision of Oil and Gas Pipeline Facilities." These regulations provide clear provisions on how to supervise the fair and open access to oil and gas pipeline facilities, making a series of arrangements around "what to supervise, who supervises, and how to supervise," providing strong guidance for deepening the regulation of natural monopoly links in the oil and gas sector. The regulations will take effect on November 1. Private enterprises will find it more convenient to use oil and gas pipeline facilities. The newly issued "Regulations on the Fair and Open Supervision of Oil and Gas Pipeline Facilities" also provide more convenient institutional guarantees for private enterprises using oil and gas pipeline facilities. The Hong Kong stock gas sector involved includes: China Resources Gas (01193), Tianlun Gas (01600), Beijing Enterprises (00392), China Gas (00384), Kunlun Energy (00135), Xinao Energy (02688), and Zhongyu Energy (03633).

The world's only leveraged exchange-traded product tracking SK Hynix is listed in Hong Kong

On October 16, Southern Eastern launched the Southern Eastern SK Hynix Daily Leveraged Product on the Hong Kong Stock Exchange. It is reported that this product is the world's only leveraged exchange-traded product tracking SK Hynix.

CRRC (01766) promotes the hydrogen energy train industry chain layout, first hydrogen energy cultural tourism train rolls off the production line

The CRRC Modern Industrial Chain Integration Development Co-Chain Action Conference was held in Changchun on the 16th. On that day, China's first hydrogen energy cultural tourism train "Qingchun No. 1" officially rolled off the production line, announcing a series of cooperation projects in the rail transit and clean energy fields. "Qingchun No. 1" was developed by CRRC Changchun Railway Vehicles Co., Ltd., using a hydrogen-powered system that does not require contact network power supply, with water as the only byproduct during operation, truly achieving zero carbon emissions. CRRC Changchun Railway Vehicles Co., Ltd. introduced that the train can operate stably in low-temperature environments, supports flexible configurations of 1 to 6 cars, and is suitable for urban commuting and cultural tourism routes. This model can effectively reduce construction and operation costs, filling the gap in the low-volume rail transit market. The debut of "Qingchun No. 1" signifies the commercialization of hydrogen energy in rail transit scenarios moving from the laboratory to application.

China Shenhua (01088): Total power generation in September was 18.75 billion kWh, a year-on-year decrease of 16.3%

China Shenhua announced that the total power generation in September 2025 was 18.75 billion kWh, with a cumulative total of 162.87 billion kWh, a year-on-year decrease of 16.3%. The total electricity sales in September were 17.63 billion kWh, with a cumulative total of 153.09 billion kWh, a year-on-year decrease of 16.6%. In terms of coal, the commodity coal production in September was 27.6 million tons, with a cumulative total of 251 million tons, a year-on-year increase of 0.7%. The coal sales volume was 36.3 million tons, with a cumulative total of 317 million tons, a year-on-year decrease of 1.6%.

Baidu (09888) launches AI short drama platform on search, begins public testing

On October 16, Baidu Search announced that its AI short drama generation platform officially began public testing, providing comprehensive support for creators through a creative fund of 100 million yuan, 10 billion in traffic support, and long-term IP monetization Pacific Basin Shipping (02343) Reports 10% Year-on-Year Increase in Average Daily Income for Supramax Dry Bulk Charter Contracts in Q3

According to the Zhitong Finance APP, Pacific Basin Shipping (02343) announced that in the third quarter of 2025, the group's core business achieved average daily income for small and supramax dry bulk charter contracts of USD 11,680 and USD 13,410, respectively, with year-on-year changes of a decrease of 15% and an increase of 10%. Compared to the average daily income for charter contracts in the first half of the year, these figures represent an increase of 6% and 10%, respectively.

China Tower (00788) Reports Net Profit Attributable to Shareholders of RMB 8.708 Billion for the First Three Quarters, Up 6.8% Year-on-Year

According to the Zhitong Finance APP, China Tower (00788) announced that for the first three quarters of 2025, the operating revenue was RMB 74.319 billion, an increase of 2.6% year-on-year; EBITDA was RMB 50.959 billion, an increase of 2.5% year-on-year; and the profit attributable to shareholders of the company was RMB 8.708 billion, an increase of 6.8% year-on-year. As of September 30, 2025, the company had 2.137 million tower sites and 3.863 million tower tenants, a net increase of 72,000 tenants compared to the end of the previous year, with an average of 1.81 tenants per tower site.

Fuyao Glass (03606) Reports Q3 Net Profit Attributable to Shareholders of Approximately RMB 2.259 Billion, Up 14.09% Year-on-Year

According to the Zhitong Finance APP, Fuyao Glass (03606) announced its Q3 2025 results, with operating revenue of approximately RMB 11.855 billion, an increase of 18.86% year-on-year; net profit attributable to shareholders of the listed company of approximately RMB 2.259 billion, an increase of 14.09% year-on-year; and basic earnings per share of RMB 0.87. Cao Dewang resigned as chairman, and Cao Hui was elected as the new chairman.

Taobao Launches 6 AI Shopping Guide Applications

On October 16, Alibaba held a Tmall Double 11 press conference, where Taobao and Tmall launched 6 AI shopping guide applications for consumers, including AI Universal Search, AI Help Me Choose, Instant Purchase, Automatic Category List Generation, AI Fitting, and AI List. Journalists learned from the Tmall Double 11 press conference that this year will be the first Tmall Double 11 with comprehensive AI implementation, with AI serving consumers and merchants in areas such as traffic distribution, consumer experience, and e-commerce operations. This involves Hong Kong-listed Alibaba-W (09988).

Junshi Biosciences (01877): JS207 for Neoadjuvant Therapy in Non-Small Cell Lung Cancer Patients Receives FDA Approval for Phase II/III Clinical Trial Application

According to the Zhitong Finance APP, Junshi Biosciences (01877) announced that recently, Shanghai Junshi Biosciences Co., Ltd. (hereinafter referred to as "the company") has received FDA approval for its product, a recombinant humanized anti-PD-1 and VEGF bispecific antibody (code: JS207), for an open-label Phase II/III trial comparing it to Nivolumab for neoadjuvant therapy in resectable, actionable gene (AGA) negative non-small cell lung cancer patients The clinical trial application for the double-arm, randomized, positive control Phase II/III clinical study (hereinafter referred to as "this study") has been approved by the U.S. Food and Drug Administration (FDA).

Nocoda Technology (00519) Subsidiary Signs Memorandum of Understanding with HKT to Jointly Expand Robotics Market

According to an announcement from Nocoda Technology (00519), on September 22, 2025, the group's subsidiary Nocoda Intelligent Driving Limited (Nocoda Intelligent Driving) signed a memorandum of understanding with HKT Limited (HKT). The two parties will discuss and explore cooperation opportunities in the Hong Kong region regarding educational, humanoid robots, and retail mobile connection robot products and solutions, jointly developing emerging markets such as smart education, retail, and humanoid robots.

PICC P&C (02328) Issues Earnings Surprise, Expects Net Profit for First Three Quarters to Increase by Approximately 40% to 60% Year-on-Year

According to an announcement from PICC P&C (02328), based on the company's preliminary estimates, it is expected that the company's net profit for the first three quarters of 2025 (from January 1, 2025, to September 30, 2025) will increase by approximately 40% to 60% compared to the same period in 2024.

GCL-Poly Energy (03800) Reports Profit of 960 Million Yuan in Third Quarter

The company's photovoltaic materials business turned a profit in the third quarter of 2025. According to the announcement, GCL-Poly Energy recorded a profit of approximately 960 million yuan in its photovoltaic materials business during the period, compared to a loss of 1.81 billion yuan in the same period last year. The profit during the period includes after-tax income of approximately 640 million yuan from the sale of an associate company. The announcement shows that in the third quarter of 2025, the average external tax-inclusive selling price of granular silicon was 42.12 yuan/kg, up from 32.93 yuan/kg in the second quarter. Meanwhile, the average production cash cost (including R&D costs) of granular silicon further decreased to 24.16 yuan/kg, down from 27.07 yuan/kg in the first quarter.

Haixi New Drug (02637) Dark Market Rises Over 25%, Earning 1,085 HKD per Lot

Haixi New Drug will be listed in Hong Kong on October 17. As of the close, dark market trading showed a price of 108.1 HKD, an increase of 25.12% from the offering price of 86.4 HKD, with each lot consisting of 50 shares, earning 1,085 HKD per lot excluding fees.

[Stock Highlights]

Yimai Sunshine (02522): Yinghe Medical Technology Releases World's First Base Model Driven AI-Assisted Diagnosis Product

According to an announcement from Yimai Sunshine (02522), on October 16, 2025, the artificial intelligence company Shanghai Yinghe Medical Technology Co., Ltd. (Yinghe Medical) in which the group has a stake officially launched the world's first AI-assisted diagnosis product based on the medical imaging base model "Yinghe Miyan®"—the AIR (Path-Level AI-Assisted Diagnosis Product) for chest CT scans. The AIR product marks the formal transition of medical imaging AI from the "single disease small model" 1.0 era to the "base model driven" 2.0 era, capable of addressing all lesions and all diseases The ability for multi-organ collaborative diagnosis is a milestone breakthrough in the field of intelligent medical imaging diagnosis