Zhitong Hong Kong stocks have known for a long time | The wave of sell-offs intensified, and the yield on 10-year US Treasury bonds hit a new high since 2002

[Today's headlines]

Global bond sell-off intensified, and 10-year US bond yields hit a new high since 2002

On October 1, US 10-year Treasury yields rose 4 basis points to 5.348%, breaking through the 2007 high and reaching a new high since 2002; the 30-year US Treasury yield also hit the highest level since 2002.

The yield on UK 30-year treasury bonds rose to 6%, the first time since March 1998.

In the Eurozone, French bond yields hit an 18-year high, and the French-German spread widened to the widest since June 2012; Japan's 10-year treasury bond yield also rose to 3.11%.

The yield on the Bloomberg Global Composite Treasury Bond Total Return Index has risen to the highest level since 2000, and the cumulative loss of global bonds this year was 2.7%. The global bond market storm continues to escalate, and TS Lombard's chief economist Steven Blitz issued a shocking warning: the Federal Reserve's serious “original crime” and easing monetary policy prematurely will drive the 10-year US Treasury yield to hit 8% in the next few years.

[General outlook]

The three major US stock indices closed up, and popular Chinese securities generally fell

Overnight US stocks closed at the close of trading, the Dow Jones Industrial Average rose 20.51 points to close at 50926.56 points, or 0.04%; the S&P 500 stock index rose 14.91 points to close at 7666.45 points, or 0.19%; and the Nasdaq Composite Index rose 10.54 points to close at 26871.6 points, or 0.04%.

The “Big Seven Tech Companies” are divided between ups and downs. Nvidia rose 1.09% to $230.86, a record high since mid-May. The AI optical communication sector led the overall rise. Driven by expectations that demand for high-speed optical modules in AI data centers will continue to be driven, Coherent rose 10.90%, and Ciena rose 7.77%. There was internal differentiation in semiconductors, and the memory chip sector strengthened. Micron Technology rose 3.03%, and SanDisk rose 2.75%.

Popular Chinese securities generally fell, and the Nasdaq China Golden Dragon Index fell 1.03%.

WTI crude oil futures on the New York Mercantile Exchange rose $2.49 for the month to close at $92.91 a barrel, or 2.75%. COMEX gold futures rose by $21.10 in the same month, or 0.50%, to $4207.8 per ounce.

[Hot Topics Preview]

Supply and demand are misaligned in the global coal market: demand reached a record high, and Indonesia's exports fell to a new low in the same period of five years

The monthly coal export volume of Indonesia, the world's largest coal exporter, hit a five-year low. On October 1, data released by the Indonesian Central Bureau of Statistics (BPS) showed that in August 2026, Indonesia's coal exports (excluding lignite) were 26.23 million tons, the lowest in the same period in the past five years; the cumulative export volume of Indonesian coal from January to August was 227.7 million tons, down 9.33% from the previous year. However, global demand for coal continues to heat up. The International Energy Agency (IEA) predicts in the “2026 Coal Mid-Year Update Report” that global coal demand in 2026 will be about 8.94 billion tons, an increase of 1.2% over the previous year, a record high.

Yankuang Energy (01171): Yancoal Australia successfully completed the acquisition of 80% interest in the Kestrel Coal Mine

The down payment in cash consideration of $1.85 billion upon completion of the acquisition was subject to customary closing adjustments, including deduction of the $40 million deposit already paid when signing the transaction documents, and other provisional adjustments to net debt and working capital at the time of completion. The consideration was funded by a combination of cash available from Yancoal Australia and the initial withdrawal of a five-year US$1.2 billion syndicated acquisition loan.

Whether contingent payments totaling up to $550 million are paid will still depend on whether the relevant benchmark coal price exceeds $225 per ton (nominal value) in any year within the first five years after completion of the acquisition. Yancoal Australia will confirm its share of Kestrel production and economic benefits from October 1, 2026.

KFM Jinde (03816) was offered by Lixun Precision (02475) to acquire 57.0% shares and withdraw cash to resume trading on October 2

The offer price of HK$2.00 per share is equivalent to the sale price of HK$2.00 per share under the sale agreement and the exchange price of HK$2.00 per share for each share exchanged under the Lixun subscription agreement.

Intercontinental Shipping (02409) plans to sell 100% of SEACON's subsidiary shares and enter into a fixed-term lease arrangement at a total cost of approximately US$134 million

The costs under this agreement shall be paid as follows: 30% shall be paid in cash, amounting to US$40.883,500, and 70% shall be paid by the buyer by allocating and issuing consideration shares to the company in connection with the buyer's proposed listing. The sale was in line with the Group's ongoing strategy to optimize its fleet by maintaining a balanced fleet mix.

Ningde Times (03750) plans to purchase cathode copper from its wholly-owned subsidiary Hong Kong Times by signing a procurement agreement with related party Hong Kong Ansheng

Cathode copper is a key raw material for manufacturing lithium battery anode fluid collectors (lithium electric copper foil), and has an important impact on battery performance and stability. As the scale of the company's business continues to expand, the demand for copper cathode is growing rapidly accordingly. In order to ensure a stable supply of upstream raw materials and optimize procurement costs, the company plans to sign a procurement agreement with the related party Ansheng Hong Kong through its wholly-owned subsidiary Hong Kong Times. It plans to purchase cathode copper from Hong Kong Ansheng in 2027 and 2028. The total purchase amount is estimated to be no more than US$320 million.

Conch Environmental Protection (00587) subsidiary plans to acquire 100% of the shares in Dalian Hanyang, Shenyang Hanyang, Tianjin Hanyang and Tieling Hanyang

The total acquisition price was RMB 307 million. As an environmental protection business needed for people's livelihood, medical waste disposal is strictly regulated by industry policies, has a stable charging mechanism, and has good development attributes. At the same time, medical waste disposal is also the Group's key development core business. This acquisition is a key step for the Group to lay out the Northeast and Bohai Rim regional markets, and will help promote the Group's medical waste business to achieve long-term steady operation and high-quality development.

League of Nations People's Livelihood (01456) received a reply from the China Securities Regulatory Commission to increase capital by no more than 2 billion yuan to its subsidiary, the League of Nations Hong Kong

The company's capital increase to the League of Nations Hong Kong has yet to complete the filing procedures for overseas investment projects before it can be implemented. The company will submit the relevant funds to the Jiangsu Securities Regulatory Bureau within 10 working days after the capital increase is completed, and will use the relevant funds in strict accordance with the purpose of the capital increase reported to the China Securities Regulatory Commission without changing the purpose of the capital increase.

Q&A Auto: Huawei and Cyrus Reach New Five-Year Cooperation

Wanjie Auto announced that on September 30, the signing ceremony for the strategic cooperation of Hongmeng Zhixing's business upgrade was held in Shenzhen. Yu Chengdong, executive director of Huawei, director of the Product Investment Review Committee, and Chairman of Terminal BG, and Zhang Xinghai, Chairman (founder) of Celis Group, attended the signing ceremony. Huawei and Celis said that for the next five years, the two sides will continue to anchor the core position of the Quanjie high-end smart car brand, and jointly set up an exclusive Quanjie business team to further upgrade the Quanjie business.

BYD's sales of 463,600 new energy vehicles in September increased 16.99% year-on-year

According to the BYD announcement, the company sold 463,600 new energy vehicles in September, compared to 396,300 units in the same period last year; cumulative sales volume from January to September this year was 3.131,600 units, down 3.94% from the previous year. Among them, sales of pure electric vehicles in September were 273,300 units, up 33.21% year on year; sales of plug-in hybrid vehicles were 183,600 units, down 2.36% year on year. In September, 180,700 new energy vehicles were exported.

Shanghai Stock Exchange: Transferring Yunji (02670) and Jiang Bolong (09976) to Hong Kong Stock Exchange

On September 30, the Shanghai Stock Exchange issued an announcement stating that according to the relevant provisions of the “Shanghai Stock Exchange Shanghai-Hong Kong Stock Connect Business Implementation Measures”, the list of Shanghai-Hong Kong Stock Connect (hereinafter referred to as Hong Kong Stock Connect) has been adjusted and transferred to Yunji (02670) and Jiang Bolong (09976), which will take effect from the next Hong Kong Stock Connect trading day.

Paradigm Intelligence (06682): Terminate subscription for Huaxi Media's new shares

As of the date of this announcement, the subscription agreement has been terminated in accordance with its terms and since certain prerequisites for the subscription were not met or waived, and the contracting party was unable to agree on a further extension of the final deadline, the subscription agreement has been terminated in accordance with its terms, and the subscription will not proceed. After the termination of the subscription agreement, the contracting parties no longer assume their respective obligations under the subscription agreement.

[Individual stock prices are clear]

Rongchang Biology (09995): Analysis results of the Chinese phase III clinical study on titacipr treatment with GMG were announced at the Aanem Annual Meeting

According to Rongchang Biotech's official WeChat account, on September 29, the latest post-mortem analysis results of Rongchang Biotech's Taitacip in the treatment of systemic myasthenia gravis (gMG) in China were publicly presented in the form of an oral report at the 2026 American Association of Neuromuscular and Electrodiagnostic Medicine (AANEM) scientific conference during the 2026 American Association of Neuromuscular and Electrodiagnostic Medicine (AANEM) Annual Meeting.

Recently, Vor Bio announced that the global phase III clinical study (UPSTREAM MG) for the treatment of gmg with taitacip has completed patient enrollment. The top-line results for the 24-week main endpoints of the study are expected to be announced in the first half of 2027. Meanwhile, Vor Bio plans to launch its global phase III registered clinical study (Upstream OMg) for the treatment of ocular myasthenia gravis (OMg). The first patient enrollment is expected to be completed in the first half of 2027. Domestically, the indications for gMG treatment with titacipr were approved and marketed in May 2025. The phase III clinical study for OMG has completed patient enrollment, and the data is expected to be read out in the first half of 2027.