Zhitong Hong Kong Stock Early Knowledge | The Hong Kong Securities and Futures Commission issues new guidelines to facilitate licensed virtual asset trading platforms, Amazon hits a historic high

【Today’s Headlines】

Hong Kong Monetary Authority Releases "Fintech 2030" Vision

On the 3rd, the Hong Kong Monetary Authority (HKMA) released the "Fintech 2030" vision, aiming to develop Hong Kong into a robust, resilient, and forward-looking international fintech hub. HKMA President Richard Yu stated during the opening speech of Hong Kong Fintech Week 2025 that "Fintech 2030" focuses on four key areas, including building a new generation of data and payment infrastructure, supporting the industry's comprehensive application of artificial intelligence, enhancing business and technological resilience, and promoting financial tokenization, covering more than 40 specific projects. Richard Yu mentioned that the HKMA will strengthen cross-border payment connectivity, creating new opportunities in various aspects, such as expanding credit channels for enterprises, promoting trade financing, and providing citizens with more personalized financial services and more convenient cross-border remittances. To further promote the comprehensive and responsible application of artificial intelligence in the financial industry in Hong Kong and other regions, the HKMA will collaborate with the industry to build shareable and scalable artificial intelligence infrastructure and financial industry-specific models. Richard Yu also noted that the HKMA will prepare for the era of quantum computing, including taking proactive measures to make the financial system more robust.

【Market Outlook】

U.S. Stock Indices Mixed, Amazon (AMZN.US) Rises 4% to Reach All-Time High

Overnight, U.S. stocks closed with mixed results. The Dow Jones Industrial Average fell 226.19 points from the previous trading day, closing at 47,336.68 points, a decline of 0.48%; the S&P 500 index rose 11.77 points, closing at 6,851.97 points, an increase of 0.17%; the Nasdaq Composite Index rose 109.76 points, closing at 23,834.72 points, an increase of 0.46%. Large tech stocks were mixed, with Amazon rising 4% to reach an all-time high; Tesla and NVIDIA rose over 2%, and U.S. storage concept stocks generally rose, with Western Digital up over 5%, Micron Technology up nearly 5%, and Seagate Technology up nearly 4%.

Popular Chinese concept stocks were mixed, with the Nasdaq Golden Dragon China Index rising 0.26%. Tencent Music rose over 3%, and the Hang Seng Index ADR rose, closing at 26,167.41 points, up 9.05 or 0.03% compared to the Hong Kong close.

【Hot Topics Ahead】

International Regulatory Agencies' Guidelines Do Not Explicitly Ban Pre-Hedging, Investors Call for Ban to Be Upheld

According to Zhitong Finance APP, international securities regulators have proposed a series of flexible recommendations aimed at clarifying when traders can engage in pre-hedging operations, a result that is likely to disappoint the asset management industry’s calls for stricter regulatory rules. Pre-hedging refers to traders using information about investors' planned trades to place their own trading orders in advance. Banks claim that this practice helps mitigate their own risks and improves quotes for clients. However, investors are concerned that this may disrupt the market to their detriment—some even likening it to "front-running."

Hong Kong Securities and Futures Commission Issues New Guidelines to Facilitate Licensed Virtual Asset Trading Platforms to Connect Global Liquidity and Expand Diversified Products and Services The Hong Kong Securities and Futures Commission (SFC) published two new circulars outlining the expected standards for operators of licensed virtual asset trading platforms in Hong Kong, marking an important step towards facilitating their access to global liquidity and expanding the range of products and services offered. One of the circulars states that the SFC allows platform operators to merge trading instructions with associated overseas virtual asset trading platforms into a shared order book. This move is a first step under Pillar A of the ASPIRe roadmap, aimed at attracting global platforms, trading volumes, and liquidity providers. The SFC will next explore the feasibility of allowing licensed brokers to transfer client trading instructions to regulated overseas liquidity pools under the same group, and will then consider whether to further expand the relevant arrangements.

Goldman Sachs: Upgrades Forecasts for China's Export Growth and Real GDP Growth

Recently, the Goldman Sachs China research team released a report stating that based on recent policies signaling further enhancement of the competitiveness of advanced manufacturing and boosting exports, the institution has upgraded its forecasts for China's export growth and real GDP growth. Goldman Sachs expects that in the coming years, China's export volume will grow by 5% to 6% annually, gaining more global market share and driving overall economic expansion. For the forecast of China's real GDP growth in 2025, based on factors such as accelerated government spending, it has been raised from 4.9% to 5.0%. "For 2026 and 2027, we have raised our real GDP growth forecasts primarily reflecting the upward revision of export growth forecasts," the Goldman Sachs China macroeconomic research team stated, noting that their forecasts for China's real GDP growth in 2026 and 2027 are significantly higher than market expectations. Goldman Sachs believes that increasing the share of consumption in China's GDP will be a gradual process, and that the degree of policy easing will increase in the next 6 to 9 months.

Baosteel: Company Adjusts Production Capacity Target from "80-100 million tons" to "80 million tons+" and Focuses on Value Extraction

Baosteel: The company has adjusted its production capacity target from "80-100 million tons" to "80 million tons+", not solely pursuing scale expansion, but placing greater emphasis on extracting value from existing capacity through synergy. Domestically, there are limited high-quality acquisition targets or low likelihood of mergers; overseas, our medium to long-term goal is to achieve a production capacity layout of "5 million tons+", but we will strictly control timing and investment returns. Overall, we adhere to a cautious, strategically oriented expansion principle. This involves the entire steel sector in the Hong Kong stock market.

XPeng Motors-W (09868) Delivered 42,013 Smart Electric Vehicles in October, Up 76% Year-on-Year, Setting a New Monthly Delivery Record

According to Zhitong Finance APP, XPeng Motors-W (09868) announced that in October 2025, XPeng Motors delivered a total of 42,013 smart electric vehicles, a year-on-year increase of 76% and a month-on-month increase of 1%, setting a new monthly delivery record. This marks the second consecutive month that XPeng Motors' monthly delivery volume exceeded 40,000 units, highlighting the company's accelerating growth and enhanced brand momentum In the first ten months of 2025, XPeng delivered a total of 355,209 smart electric vehicles, a year-on-year increase of 190%.

Zhaojin Mining (01818): Signed a strategic cooperation memorandum with Ant Group

Zhaojin Mining announced that its wholly-owned subsidiary, Hong Kong Zhaojin Mining Co., Ltd., has signed a strategic cooperation memorandum with SigmaLayer Company Limited. According to the memorandum, both parties will establish a strategic cooperation relationship in multiple fields based on the application of blockchain and artificial intelligence core technologies, including the construction and exploration of overseas gold asset digitization and tokenization, as well as AI-driven intelligent supply chain and risk control systems.

Autohome-S (02518) announces entry into e-commerce

On November 3, Autohome announced the launch of its e-commerce platform—Autohome Mall. The mall will leverage platform capabilities to provide full-link services through an O2O model: comprehensively integrating upstream and downstream resources in the automotive industry and connecting the online and offline closed loop of "viewing, selecting, buying, using, and exchanging." It is understood that the vehicle sources in the mall are all provided by official brand sources, and currently, 15 mainstream automotive brands have officially settled in Autohome Mall.

Shandong Molong (00568) signs strategic cooperation agreement with local advanced oil service company in Oman

On November 1, Shandong Molong held a signing ceremony for a strategic cooperation agreement with a local advanced oil service company in Oman. Both parties stated that they would take this signing as an opportunity to establish a more efficient and smoother cooperative relationship, promoting breakthrough progress in their respective businesses.

Binhai Investment (02886) signs gas supply agreement with Zhaoyuan Thermal Power Plant, planned gas consumption for heating season about 37 million cubic meters

According to Zhitong Finance APP, on November 3, Binhai Investment (02886) announced that its wholly-owned subsidiary, Zhaoyuan Binhai Gas Co., Ltd. ("Zhaoyuan Binhai"), has officially signed a "Gas Supply Agreement" with Zhaoyuan Thermal Power Plant Co., Ltd. ("Zhaoyuan Thermal Power Plant"). According to the agreement, Zhaoyuan Binhai will provide natural gas supply services to Zhaoyuan Thermal Power Plant during the 2025 to 2026 heating season, with a planned gas consumption of about 37 million cubic meters.

Weigao Group (01066) third-quarter revenue approximately RMB 3.26 billion, year-on-year increase of about 2.6%

According to Zhitong Finance APP, Weigao Group (01066) announced that for the three months ending September 30, 2025, the company achieved unaudited revenue of approximately RMB 3.26 billion, a year-on-year increase of about 2.6%. Among them, the orthopedics, interventional, and blood management segments achieved rapid revenue growth; however, the pharmaceutical packaging and general medical device segments faced pressure on sales prices due to policy impacts on products such as syringe injectors, which somewhat hindered the overall sales revenue growth of the group.

[Stock Highlights]

Sihuan Pharmaceutical Group (02005): Fenofibrate, Fenofibric Acid Choline, and Sodium Lefamulin Phosphate have been approved for registration as raw materials for marketed formulations

According to Zhitong Finance APP, Sihuan Pharmaceutical Group (02005) announced that three of the group's raw materials, Fenofibrate, Fenofibric Acid Choline, and Sodium Lefamulin Phosphate, have been approved for registration by the National Medical Products Administration of China for use as raw materials in marketed formulations, with Sodium Lefamulin Phosphate being the third domestic company to receive approval Fenofibrate and fenofibric acid are primarily used to treat hyperlipidemia and hypercholesterolemia, to lower triglyceride levels in patients with severe hypertriglyceridemia, and for the treatment of primary hypercholesterolemia or mixed dyslipidemia. Sodium phosphate of levofloxacin is mainly used to treat severe amebiasis of the intestine and liver, to treat postoperative infections caused by metronidazole-sensitive anaerobic bacteria, and to prevent infections caused by sensitive anaerobic bacteria resulting from surgical procedures