Zhitong Hong Kong Stock Early Knowledge | 40 cities selected for the automotive circulation consumption reform pilot, it is reported that WeChat Work, a subsidiary of Tencent, has begun internal testing of the agent "Dayuan"

【Today's Headlines】

40 Cities Selected for Automotive Circulation Consumption Reform Pilot

According to CCTV news, on June 23, the Ministry of Commerce and other departments released policies to expand automotive consumption across the entire chain, focusing on automotive circulation consumption and the aftermarket.

The list of 40 cities selected for the automotive circulation consumption reform pilot covers various regions nationwide and will combine the local industrial characteristics and resource endowments of each city to address unreasonable restrictions on automotive circulation consumption and other bottleneck issues, improving reform and innovation measures. For example, the key reform and innovation direction in Hangzhou, Zhejiang, is to optimize vehicle purchase restrictions and build a comprehensive reform zone for automotive circulation consumption; Chengdu, Sichuan, focuses on automotive events, classic cars, and the circulation of used cars as key reform areas.

The Ministry of Commerce and nine other departments also released "Several Measures to Cultivate and Strengthen Automotive Aftermarket Consumption," proposing 17 policy measures. The "automotive aftermarket" refers to a series of service transaction activities generated around the use phase after a vehicle is sold, covering various fields such as vehicle maintenance, modification, leasing, and insurance.

Zhitong Interpretation: The policy clearly states the need to promote efficient circulation of used cars, cultivate and strengthen the main entities in the used car business, and support the development of third-party used car information query platforms. Related Hong Kong stocks include Yixin Group (02858) and leading automotive dealers, including Meidong Automotive (01268), Yongda Automotive (03669), Zhongsheng Holdings (00881), and Harmony Auto (03836). These large dealers have significant advantages in used car trade-ins, brand transformation, and integrated automotive financial services.

【Market Outlook】

Overnight U.S. Stocks All Three Major Indices Declined, Large Tech Stocks Fell Broadly

Overnight, the U.S. stock market closed with the Dow Jones Industrial Average down 45.87 points from the previous trading day, closing at 51,666.84 points, a decline of 0.09%; the S&P 500 index fell 107.33 points, closing at 7,365.46 points, a decline of 1.44%; the Nasdaq Composite Index dropped 579.56 points, closing at 25,587.04 points, a decline of 2.21%.

Large tech stocks fell broadly, with Arm down over 10%, Qualcomm down over 8%, and TSMC and Intel down over 6%. The Philadelphia Semiconductor Index plummeted 7.8%, with memory stocks falling sharply; Micron Technology and SanDisk dropped over 13%, and the optical communication sector fell broadly, with Applied Optoelectronics down nearly 14%, Credo Technology and Coherent down over 10%, and Corning and Lumentum down over 7%.

Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 0.55%. The Hang Seng Index ADR rose, closing at 23,589.42 points, up 253.14 points or 1.08% compared to the Hong Kong close.

WTI crude oil futures for the current month on the New York Mercantile Exchange fell by $0.81, closing at $73.05 per barrel, a decline of 1.10%. COMEX gold futures for the current month fell by $73.70, a decline of 1.75%, settling at $4,129.0 per ounce.

【Hot Topics Ahead】 U.S. Department of Energy Launches $17.5 Billion Loan for Nuclear Projects to Accelerate Construction of 10 Reactors

The Trump administration is vigorously promoting a nuclear power revival, planning to invest hundreds of billions of dollars to support reactor procurement projects. A new plan set to be announced on Tuesday shows that the U.S. Department of Energy will provide a total of $17.5 billion in low-interest loans for power companies to procure Westinghouse AP1000 unit equipment. The U.S. Department of Energy stated that these loans will be used to accelerate the construction of 10 domestic reactors, with five sets of loan amounts introduced, each corresponding to two unit projects. U.S. Energy Secretary Chris Wright stated that these conditional loans are part of the Trump administration's grand plan, aimed at "initiating a new round of nuclear power revival in the United States." Wright noted, "The relevant loans could shorten the construction cycle of large reactors by up to three years, reduce construction costs, and ensure the realization of President Trump's grand and ambitious energy expansion plan." The U.S. Department of Energy revealed that seven power companies have signed formal letters of intent for the five project loans, but the names of the companies have not been disclosed. This involves Hong Kong-listed uranium mining concept stocks.

Nobikang (02635) Subsidiary Shaanxi Huibo Receives 40 Million Yuan Capital Increase, Focusing on Smart Airport Business

According to Zhitong Finance APP, Nobikang announced that on June 23, 2026 (after trading hours), the company, Hanzhong Tonghe, Chengdu Peikun, Pingtan Peikun, Bojiang Dingsheng, Bojiang Ruize, Bojiang Ruizhi, Bojiang Xingjia, Pinhai Bojiang, and Shaanxi Huibo signed an investment agreement, which involves Bojiang Dingsheng, Bojiang Ruize, Bojiang Ruizhi, Bojiang Xingjia, and Pinhai Bojiang as investors contributing to Shaanxi Huibo. According to the investment agreement, Bojiang Dingsheng, Bojiang Ruize, Bojiang Ruizhi, Bojiang Xingjia, and Pinhai Bojiang plan to invest a total of 40 million yuan in Shaanxi Huibo, of which approximately 1.111 million yuan will be included in Shaanxi Huibo's registered capital, and the remainder will be included in Shaanxi Huibo's capital reserve.

Jacobson Pharmaceutical (02633) Releases Annual Results, Shareholders' Profit Attributable to 302 Million HKD, Up 0.26% Year-on-Year

Jacobson Pharmaceutical released its annual results for the year ending March 31, 2026, reporting revenue of 1.569 billion HKD, a year-on-year decrease of 0.47%; profit attributable to the company's equity holders was 302 million HKD, an increase of 0.26% year-on-year; earnings per share were 15.1 HKD cents, with a proposed final dividend of 4.75 HKD cents per share. Despite a slight decline in revenue during the year, the group still achieved growth in profit attributable to the company's equity holders, reflecting the robust resilience of its core business.

It is reported that Tencent (00700) subsidiary WeChat Work's AI agent "Dayuan" has begun internal testing

According to Zhitong Finance APP, on June 23, media reports indicated that following the news of AI internal testing in WeChat, WeChat Work is also set to launch an AI agent named "Dayuan," which is currently in the internal testing phase. It is understood that this product does not require users to repeatedly state the context but can automatically understand user requests based on existing work data in WeChat Work, such as group chats, documents, meetings, emails, and schedules, and provide responses based on the corresponding scenarios Ruifeng New Energy (00527) plans to place up to 343 million shares at a discount of approximately 15.4%, netting about HKD 185.7 million

The company intends to apply the net proceeds as follows: approximately 80.0% of the net proceeds will be reserved for the group's future development, including the development and construction of the first phase of the Xuanhua Artificial Intelligence Computing Power Center, which serves as the core carrier for the group's computing power expansion.

Gushengtang (02273) subsidiary acquires 100% equity of SANTE CLINICS and SANTE TCM, and 90% equity of Tianjin Bainian Renyitang

Upon completion of the acquisition, Sante Clinics, Sante TCM, and Tianjin Bainian Renyitang will each become subsidiaries of the company, and therefore, the financial performance of Sante Clinics, Sante TCM, and Tianjin Bainian Renyitang will be consolidated into the group's consolidated financial statements. Sante Clinics and Sante TCM are engaged in maternity, infant, and family health services and related retail in Singapore; Tianjin Bainian Renyitang provides traditional Chinese medicine services in Tianjin. This acquisition aligns with the company's strategy to expand its offline medical institution network through mergers and acquisitions, aiming to enhance its market share in Singapore and Tianjin, and promote synergy with the group's existing offline institutions and online platforms. The transaction consideration will be paid from the net proceeds of the placement of convertible bonds and the group's own funds.

Guming (01364) plans to issue HKD-denominated secured convertible bonds and simultaneous share buybacks

Guming announced that the company proposes to conduct an international offering of HKD-denominated convertible bonds, which will be issued by the company's wholly-owned subsidiary and guaranteed by the company, and will only be sold to professional investors outside the United States. Goldman Sachs (Asia) L.L.C. has been appointed as the exclusive global coordinator, sole lead manager, and sole bookrunner for the proposed bond offering. The company currently intends to use the net proceeds from the proposed bond offering for overseas expansion and procurement of raw materials and equipment, repayment of loans, and share buybacks (including but not limited to simultaneous share buybacks and general corporate purposes). The issuance of bonds and simultaneous share buybacks is expected not to cause significant changes in the equity structure of major shareholders.

New stock dark market | XianGong Intelligent (06106) dark market closes down over 6%, losing HKD 325 per lot

According to Zhitong Finance APP, XianGong Intelligent (06106) will be listed in Hong Kong on June 24 (Wednesday). As of the close, dark market trading showed a price of HKD 95.10, down 6.40% from the offering price of HKD 101.60, with each lot consisting of 50 shares, resulting in a loss of HKD 325 per lot, excluding fees.

New stock dark market | Maike Pharmaceutical-B (02335) dark market closes up 95.60%, earning HKD 3480 per lot

According to Zhitong Finance APP, Maike Pharmaceutical-B (02335) will be listed in Hong Kong on June 24 (this Wednesday). As of the close, dark market trading showed a price of HKD 35.60, up 95.60% from the offering price of HKD 18.20, with each lot consisting of 200 shares, resulting in a profit of HKD 3480 per lot, excluding fees [Stock Highlights]

Shougang Longze (02553): The world's first 10,000-ton industrial waste gas bioconversion anhydrous ethanol project successfully commissioned

On June 18, Shougang Longze achieved a milestone breakthrough—the Hebei Shoulang Phase II project was successfully commissioned in one go, producing qualified anhydrous ethanol products with a concentration of over 99.9%. This marks the successful integration of the entire process flow for the world's first 10,000-ton demonstration project utilizing CO2-containing industrial waste gas for bioconversion of anhydrous ethanol, officially entering the commercialization phase.

It is worth noting that on June 9, American Airlines signed a large-scale SAF cooperation agreement with Google. Huayuan Securities believes that SAF is a necessary path for decarbonization in the aviation industry; global SAF demand is expected to continue to improve. Shougang Longze plans to build a sustainable aviation fuel (SAF) facility in Baotou, Inner Mongolia, in 2026, with production expected to start in 2027, opening up long-term space for the company's industrial chain extension