①Warren Buffett reported to have fully divested BYD shares ②Southbound capital has recorded net inflows for 18 consecutive weeks ③Market bets interest rate cuts may exceed Fed's expectations ④Li Auto reaches comprehensive strategic cooperation with CATL
Hot Topics
1. The State Council Information Office will hold a press conference on the theme of 'High-Quality Completion of the 14th Five-Year Plan' at 3:00 PM today. Pan Gongsheng, Governor of the People's Bank of China; Li Yunze, Director of the Financial Regulatory Authority; Wu Qing, Chairman of the China Securities Regulatory Commission; and Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, will introduce the achievements in financial development during the 14th Five-Year Plan period and answer questions from reporters.
According to media reports, Warren Buffett’s Berkshire Hathaway has fully exited its investment in BYD. Statistics show that during the years Buffett held BYD shares, the company’s stock price surged approximately 3890%. A spokesperson for Berkshire confirmed that all shares of BYD had been sold. As of last June, Berkshire had already sold nearly 76% of its holdings, reducing its stake to below 5% of BYD's issued shares. Under Hong Kong Stock Exchange rules, subsequent reductions are not required to be disclosed once the holding falls below 5%.
Statistics show that as of the week ending September 19, southbound capital recorded a net inflow of HKD 36.851 billion, a 39.41% decrease from the previous week, marking the 18th consecutive week of net inflows. Alibaba-W topped the total weekly trading volume at HKD 69.847 billion, while SMIC, Meituan-W, Tencent, and Xiaomi Group-W all exceeded HKD 20 billion in trading volume through the Stock Connect program this week. In terms of changes in shareholding volumes, 11 stocks saw their holdings by southbound capital increase by over 100% week-on-week. Biaze Medical ranked first with a 2252.16% growth, followed by Nanshan Aluminum International, Shanghai Auntie, NeuroPower-B, and Jincheng New Energy, whose shareholdings grew more than 500%.
Futures market bets indicate investors expect the U.S. benchmark interest rate to drop from just above 4% currently to slightly below 3% by the end of next year. This marks a significant revision from May, when markets anticipated rates would fall to around 3.5% by the end of 2026—a level still higher than most Federal Reserve officials' projections. Many investors argue that continued rate cuts by the Fed are reasonable, as economic growth has slowed even without a recession, and employment growth has significantly cooled, raising concerns about a potential rise in unemployment.
5. The 2025 Suining International Lithium Battery Industry Conference convened. It was reported that the Ministry of Industry and Information Technology (MIIT) will deepen supply-side structural reforms and consolidate the advantages of the industrial chain. Next steps include strengthening overall industrial planning and preventing low-level repetitive construction. In response to mid- to long-term trends in new battery industries, the MIIT will research and draft the '15th Five-Year Plan for New Battery Industry Development,' enhancing systematic planning and layout for industry development. Efforts will also explore regional coordinated development models, guiding regions to adopt differentiated and specialized strategies in lithium battery industry planning based on local conditions.
Global Markets
Last Friday, all three major U.S. stock indices closed higher. At the close, the Dow Jones Industrial Average rose 0.37%, the Nasdaq Composite Index gained 0.72%, and the S&P 500 Index increased by 0.49%.
Large-cap technology stocks generally rose, with Tesla up 2.21%, Microsoft gaining 1.86%, Google A increasing by 1.07%, and Apple climbing 3.2%.
Mixed performance among popular Chinese stocks listed in the U.S., with the Nasdaq Golden Dragon China Index closing down 0.25%. Pony AI surged 18.6%, while WeRide rose over 10%.
In the Hong Kong stock market, the three major indices experienced volatile consolidation again last Friday. The Hang Seng Index closed flat, the Hang Seng China Enterprises Index gained 0.17%, and the Hang Seng Tech Index rose 0.37%.
From a market performance perspective, gold, cement, and lithium battery sectors showed strength, while broker and robotics stocks exhibited weaker trends.
Company News
Li Auto-W (02015.HK): Signed a five-year comprehensive strategic cooperation agreement with CATL and completed the plaque presentation ceremony. Both parties will deepen collaboration in areas such as battery safety and ultra-fast charging technology, jointly expanding domestic and international businesses while promoting innovation in battery technology and global strategic deployment.
S.F. Holding (06936.HK): Combined revenue from express logistics business in August was RMB 24.787 billion, a year-on-year increase of 7.86%.
Hong Kong Broadband (01310.HK): Its controlling shareholder, China Mobile Hong Kong, intends to place existing shares of the company.
Guoco Group (00053.HK): Reported annual results for the year ended June 30, 2025, with revenue of HKD 24.4 billion, an increase of 9% year-on-year; net profit was HKD 4.03 billion, up 13% year-on-year.
