Three departments, namely the Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration, have issued a notice on implementing an interest subsidy policy for residents' home purchase loans, under which eligible first-home commercial mortgage borrowers can receive central fiscal support of 1 percentage point annualized on loan principal for up to 5 years, with the policy taking effect on October 1, 2026, for a trial period of one year and a maximum subsidized loan size of 1 million yuan per household, with funding shared 90% by the central government and 10% by local governments.

In overnight U.S. markets, the Dow Jones Industrial Average fell 131.59 points, or 0.26%, to 51,349.92, the S&P 500 dropped 12.85 points, or 0.17%, to 7,670.84, and the Nasdaq Composite declined 22.84 points, or 0.09%, to 26,797.54, while among the "Magnificent Seven" tech giants, Meta rose 3.24% and Amazon gained 0.21%, but Apple led declines with a 2.66% drop and Tesla fell 1.29%, with AI hardware stocks broadly higher as Lumentum climbed over 5% and Corning and Marvell Technology each gained over 4%.

The Nasdaq China Golden Dragon Index closed down 1.55% at 5,662.29, with travel and new energy vehicle sectors among the biggest decliners, while Hong Kong's Hang Seng Index ADR rose proportionally to 24,529.21, up 5.64 points or 0.02% from the Hong Kong close. On the New York Mercantile Exchange, front-month WTI crude oil futures fell $3.66, or 3.95%, to $88.94 per barrel, and front-month COMEX gold futures rose $46.60, or 1.12%, to $4,215.0 per ounce.

Central bank adds "six networks" including new-type power grids, computing networks, and next-generation communication networks to PSL support areas

The People's Bank of China has adjusted and improved several monetary policy tools and expanded the support areas of pledged supplementary lending (PSL), bringing the construction of the "six networks"—water networks, new-type power grids, computing networks, next-generation communication networks, urban underground pipe networks, and logistics networks—into the PSL support scope, guiding policy banks to increase financial support for the construction of these "six networks," helping expand effective investment and deeply tap the potential of domestic demand.

Four departments support renewal of new energy buses and power batteries in conjunction with large-scale equipment renewal policy

To implement the decisions and arrangements of the Party Central Committee and the State Council, promote deepening reform of public transport enterprises, enhance urban public transport support capacity and service levels, and better meet the basic travel needs of the people, with the approval of the State Council, the Ministry of Transport, the National Development and Reform Commission, the Ministry of Finance, and the Ministry of Human Resources and Social Security jointly issued the Guiding Opinions on Promoting the Deepening Reform of Urban Public Transport Enterprises. The opinions call for strictly implementing the government subsidy and compensation system, and supporting the renewal of new energy buses and power batteries in conjunction with the large-scale equipment renewal policy.

5.5 GW Inner Mongolia Alxa photovoltaic desert control project announced; CGN, Huadian, PowerChina, and Huaneng win bids

On September 28, the Energy Bureau of Inner Mongolia Autonomous Region announced the implementation list of the Alxa League photovoltaic desert control experiment projects. There are five photovoltaic desert control experiment projects with a total implementation scale of 5.5 million kilowatts and a desert control task of 220,000 mu. The implementation entities include project companies under CGN, Huadian, PowerChina, and Huaneng.

Longsys (09976): Supply-demand relationship in the storage industry will remain tight

On September 28, Longsys released a record of investor relations activities, noting that the physical limitations of the "memory wall" and high memory costs have become important obstacles to the widespread application of large models in on-device AI. The company's on-device AI storage solution can achieve the optimal solution in terms of cost and technical optimization for the overall NAND Flash and DRAM storage solution while ensuring that the customer experience remains basically unchanged, and it has extremely broad market application prospects. The company is working with important partners to advance the productization and market promotion of related technologies. Regarding future trends in storage prices, the company said that, based on information published by third-party institutions, the landing of AI in the cloud and on-device is a relatively clear industry trend and will bring huge incremental storage demand; affected by past cycles, overseas original manufacturers still maintain relatively cautious NAND capital expenditure plans and mostly achieve relatively moderate NAND supply growth through technological upgrading, so the supply-demand relationship in the storage industry will remain tight. On the introduction of mSSD products, the company introduced that mSSD products integrate different functional integrated circuits such as main control chips, storage chips, and passive components into one package through SiP packaging technology, achieving a product volume of 20×30×2.0 mm, far smaller than traditional PCBA SSDs. mSSD products meet the high standards of PCIe and have obvious comprehensive cost advantages by simplifying the complex production process of traditional PCBA SSDs. mSSD is highly aligned with AI PCs' stringent requirements for ultimate performance and compact form, and the company is striving to make mSSD a new-generation product standard, having already achieved large-scale commercial application with many global leading PC manufacturers.

Shanghai Pharmaceuticals (02607): sells Zeus equity with an enterprise value of $397 million

Shanghai Pharmaceuticals announced that in 2016, its wholly owned subsidiary SIIC Medical and a wholly owned subsidiary of Primavera Capital jointly established Zeus Investment Limited and completed the privatization of Vitaco. The company intends to sell the equity of Zeus Investment Limited and its subsidiaries together with Primavera Capital, with DCP Capital as the intended transferee, at an enterprise value of $397 million. The company's board of directors has reviewed and approved the transaction, and all parties signed the transaction contract on September 29, 2026.

FMR LLC increases stake in GenScript Biotech (01548) by 6.846 million shares at about HK$40.25 each

The latest information from the Hong Kong Stock Exchange shows that on September 24, FMR LLC increased its stake in GenScript Biotech by 6.846 million shares at HK$40.2549 each, for a total of about HK$276 million. After the increase, its latest shareholding is about 120 million shares, with a latest shareholding ratio of 5.26%.

Benmo Technology (06731) signs strategic cooperation agreement with Zhongxi Sci-Tech Innovation to promote deep coupling between rare earth new materials and robot terminal applications

According to the strategic cooperation agreement, the two parties will establish a normalized technical exchange mechanism and jointly carry out research and development of high-performance magnetic materials such as neodymium iron boron, magnetic focusing rings, and radiation magnetic rings, and, combining upstream rare earth resources with the technical needs of motor application scenarios, develop high-performance magnetic material products suitable for direct-drive motors.

New stock gray market | Huanchuang Technology (06802) closes up 187% in gray market

According to Zhitong Finance APP, gray market trading of Huanchuang Technology, the "first stock in high-precision AI spatial positioning," is underway. According to market sources, this public offering recorded 3,551 times oversubscription, with nearly 160,000 investors participating and nearly HK$250 billion in funds involved, ranking among the top four oversubscribed public offerings of Hong Kong stocks in the second half of the year, with market enthusiasm remaining high. Huanchuang Technology will be listed in Hong Kong on Wednesday, September 30. Gray market trading showed a closing quote of HK$169, up 187% from the offer price of HK$58.85, with each lot of 100 shares.

Tongcheng New Materials (09607): ZHANG NING plans to increase holdings of H shares by 6.5 million to 13 million shares

Tongcheng New Materials announced that the actual controller and chairman ZHANG NING has initially increased holdings of 773,400 H shares of the company for HK$29.3692 million, accounting for 0.11% of total share capital; he plans to continue increasing holdings of 6.5 million to 13 million H shares through centralized bidding on the Hong Kong Stock Exchange within 12 months starting from September 30, 2026, with funds from his own or self-raised sources.

Stock spotlight

CStone Pharmaceuticals-B (02616): ESMO data update imminent; executives continue to increase holdings, highlighting development confidence

The latest clinical data for CStone Pharmaceuticals' core asset CS2009 (PD-1/VEGF/CTLA-4 trispecific antibody) will be disclosed in two rapid oral presentations at the European Society for Medical Oncology (ESMO) annual meeting in October 2026. In addition, the company's chief executive officer, president of R&D, and executive director Yang Jianxin purchased a total of 496,000 shares of the company in the open market with personal funds between September 17 and 22, for a total consideration of more than HK$2.7 million. It is reported that since serving as chief executive officer in August 2022, Dr. Yang Jianxin has cumulatively purchased more than 14.21 million shares of the company in the open market. This share purchase fully demonstrates Dr. Yang's long-term commitment to the company and firm confidence in the company's future business prospects.