Transferred from Xinhua Finance. The Ministry of Industry and Information Technology stated it will advance the construction of next-generation communication networks and accelerate the evolution of broadband toward "dual 10-gigabit" capabilities. Hong Kong Exchanges and Clearing will expand its derivatives clearing mechanism, allowing northbound bonds under Bond Connect to serve as margin collateral. The yield on 30-year US Treasury bonds continued to climb, setting a fresh high since 2004. During the golden autumn season, a batch of key high-speed rail lines are about to open. Reporters learned on the 25th from China State Railway Group that on September 28, the Xiongan-Shangqiu section of the Beijing-Hong Kong High-Speed Railway, the Xi'an-Ankang section of the Xi'an-Chongqing High-Speed Railway, the Yichang-Xingshan High-Speed Railway, and the Harbin-Yichun High-Speed Railway will be unveiled together. The four new lines traverse North China, Northwest China, Central China, and Northeast China, further densifying the "eight vertical and eight horizontal" high-speed rail network, compressing regional time-space distances, facilitating travel for residents along the routes, and injecting new transportation momentum into regional high-quality development. (Xinhua News Agency)

Data from the Ministry of Transport shows that on the first day of the Mid-Autumn Festival holiday, the total cross-regional passenger flow across society is expected to exceed 243 million trips, up 6.4% from the previous day. Passenger volumes on highways, railways, civil aviation, and water transport all increased notably, and transportation authorities boosted capacity to ensure orderly travel for passengers. (CCTV News)

According to Beacon Professional Edition, as of 16:30 on September 25, the 2026 Mid-Autumn Festival box office period (September 25 to September 27) surpassed 100 million yuan, with "Avengers: Endgame (Enhanced Premium Edition)," "Welcome to Dragon Restaurant," and "Eight Immortals!" temporarily ranking among the top three in box office for the period. (Xinhua Finance)

The Ministry of Water Resources and the China Meteorological Administration jointly issued an orange meteorological warning for flash flood disasters at 18:00 on September 25: it is forecast that from 20:00 on September 25 to 20:00 on September 26, parts of southwestern Tibet and other areas have a relatively high possibility of flash flood disasters (yellow warning), while some localities have a high possibility of flash flood disasters (orange warning). Other areas may also experience flash flood disasters triggered by localized short-duration heavy rainfall. All localities are asked to make proper preparations for real-time monitoring, flood control warnings, and evacuation and risk avoidance. (CCTV News)

The fifth Global Digital Trade Expo was held in Hangzhou from September 23 to 27. At an exchange event on data element governance and marketization, under the coordination of the National Data Administration, five locations—Hangzhou in Zhejiang, Guiyang in Guizhou, Pudong in Shanghai, Yongchuan in Chongqing, and Baoding in Hebei—were selected as pilot cities for data annotation, and jointly launched a collaborative mechanism for embodied intelligence data annotation bases. (Securities Times)

At the "15th Five-Year Plan" New Energy Base Development Forum, Liang Jianyong, former director of the Information Center of the National Energy Administration, chief expert of the Energy Working Committee of the China Information Association, and advisor to the Electric Energy Professional Committee of the China Energy Research Society, said in his speech that the values of new energy in green ecology, system regulation, and flexible support have not yet been fully marketized, and the industry has fallen into a structural dilemma of "increasing volume without increasing efficiency, increasing production without increasing income." Breaking the deadlock requires a three-pronged approach: seek capability from the system by pushing new energy from passive absorption to actively supporting the power grid; seek value from the market by improving mechanisms for green power and green certificates, ancillary services, and capacity compensation; and seek efficiency from scenarios by expanding local consumption tracks such as direct green power supply and zero-carbon parks to create a second growth curve for the industry. (Shanghai Securities News)

Yu Xiaohui, vice minister of the Ministry of Industry and Information Technology, said at the opening ceremony of the 2026 China International Information and Communication Exhibition that it is necessary to seize the strategic opportunity in the construction of next-generation communication networks and consolidate the digital and intelligent foundation. We should systematically advance the construction of next-generation communication networks, promote the evolution of broadband networks toward "dual 10-gigabit," advance the construction of low-orbit satellite internet systems, coordinate and optimize the layout of international submarine and terrestrial cable networks, and promote the expansion and upgrading of computing infrastructure. (China Business Journal)

Hang Seng Indexes Company recently launched eight new hard-tech-related indices, divided into the Hang Seng Tech Composite Index series and five industry-themed indices, covering various sub-sectors of Hong Kong-listed technology and the A-share semiconductor materials sector. The company had already revised the compilation scheme of the Hang Seng Tech Index in August. Industry participants believe this move improves the technology index matrix, helps optimize the pricing of domestic technology assets, and that the launch of index products may attract incremental capital and support the technology sector's market performance. (Shanghai Securities News)

Recently, the first phase of the Hunan Jinfurong Dachen Future Industry Fund, with an initial scale of 3 billion yuan and a target scale of 10 billion yuan, landed in the Xiangjiang Fund Town. The fund has a duration of 11 years and will focus on future industry directions in Hunan Province's modern industrial system, including artificial intelligence, life engineering, quantum technology, and cutting-edge materials, while also making forward-looking arrangements in fields highlighted in the national "15th Five-Year Plan" such as embodied intelligence, biomanufacturing, green hydrogen and nuclear fusion energy, and brain-computer interfaces. (Securities Times)

Hong Kong Exchanges and Clearing announced that its wholly owned subsidiaries and over-the-counter derivatives clearing houses, Hong Kong Futures Exchange Clearing Corporation Limited (Futures Clearing Corporation) and The Stock Exchange of Hong Kong Options Clearing Corporation Limited (SEHK Options Clearing Corporation), will begin accepting China government bonds and policy financial bonds held through Bond Connect "Northbound Trading" (collectively, Bond Connect bonds), as well as offshore issued bonds by the Ministry of Finance of the People's Republic of China (Ministry of Finance bonds), as eligible non-cash collateral to fulfill margin requirements starting November 2026, subject to regulatory approval. (Securities Times)

On local time September 24, Tesla announced that its electric truck Semi has begun large-scale mass production and simultaneously started customer deliveries for this phase. This also marks the model's formal transition from prior small-batch trial production into large-scale manufacturing and batch delivery. Semi had already completed its first customer deliveries as early as 2022, after which it entered actual transport operations with small-batch production. In April this year, Tesla's dedicated new factory for Semi saw its first complete vehicle roll off the line, with planned annual capacity of 50,000 units. It is reported that in addition to deliveries to external customers, Semi will also be used for Tesla's own cargo transport. (Yicai)

Manst said during an institutional survey that in the solid-state battery field, the company has laid out an overall solution covering both dry and wet routes and spanning the entire process from powder to electrode sheets. It has innovative advantages in technologies such as new ceramic materials, twin-screw high-efficiency dispersion, ultra-thin wet coating, and dual-layer co-coating of active materials and solid electrolytes. It has achieved order validation in multi-process equipment, but the order scale for related equipment is relatively small and large-scale application has not yet been realized. (Securities Times)

UNI-T said in response to investor questions on an interactive platform that the company established a Tianjin R&D center in the first half of 2026 to collaborate with its Chengdu R&D center on technical research and development of RF test instruments. The 67GHz vector network analyzer is currently in the R&D stage. There is significant uncertainty in R&D progress, product launch, and market promotion, and the project will not have a major impact on the company's performance in the short term. Investors are asked to view projects under research rationally and pay attention to investment risks. (Securities Times)

MTC said during an institutional survey that in terms of optical modules, optical modules of 200G and below have achieved large-scale production; high-speed optical modules such as 400G/800G are accelerating expansion, and the capacity ramp-up pace is in line with expectations. (Securities Times)

Shanghai and Shenzhen-listed lithium battery A-share companies Putailai and Capchem both announced that their applications to issue overseas-listed foreign shares (H shares) and list on the main board of the Hong Kong Stock Exchange have obtained filing with the China Securities Regulatory Commission. (Xinhua Finance)

Ukrainian media reported on the 25th that multiple places in Ukraine were hit by Russian airstrikes, causing casualties. Ukrainian President Zelensky called on the United States and Europe to implement sanctions against Russia. (Xinhua News Agency)

Iranian Foreign Minister Araghchi told media on the 24th during the general debate of the United Nations General Assembly that Iran has submitted a new draft negotiation proposal to the United States that would "reopen" the Strait of Hormuz and restart negotiations. Separately, people familiar with the matter told Reuters that US and Iranian negotiators are discussing a phased agreement in New York, including Iran "reopening" the Strait of Hormuz in exchange for the United States lifting its economic blockade on Iran. (Xinhua News Agency)

On local time the 25th, Iraq's Najaf International Airport announced that, according to instructions issued by relevant authorities, all inbound and outbound flights to and from Iran would be suspended starting at 2 a.m. that day until further notice. (Xinhua News Agency)

Russian Presidential Press Secretary Peskov said on September 25 that a trilateral meeting among Russia, the United States, and Ukraine may be held in the near future, but there are currently no specific details. Peskov made the statement when commenting on the US proposal to organize a trilateral technical-level meeting in the United Arab Emirates. (CCTV News)

Survey data released by the University of Michigan on the 25th showed that the US consumer confidence index in September fell nearly 4 points from August, the lowest level in four months. The survey showed that the final September US consumer confidence index was 48.1, lower than 51.7 in August and 55.1 in the same period last year. At the same time, the final September current economic conditions index and consumer expectations index were 50.9 and 46.3, respectively, declining both month-on-month and year-on-year. (Xinhua News Agency)

A research report released by Germany's Allianz Group on the 24th showed that this summer's heatwaves are expected to cause about 25 billion euros in economic losses to Germany. The report said that due to a lack of cooling equipment such as air conditioning, high temperatures extended employee rest periods and increased absenteeism, leading to lower productivity in Germany. Affected by the heatwaves, Germany's economic growth this year was reduced by about 0.54 percentage points, with losses accounting for about 0.53% of annual GDP. (Xinhua News Agency)

Data released by Japan's Ministry of Agriculture, Forestry and Fisheries on the 25th showed that from September 14 to 20, the average retail price of a 5-kilogram bag of rice in Japan was 2,934 yen (about 125 yuan), down 37 yen from the previous week and declining for the sixth consecutive week. The data showed that compared with the same period last year, Japan's average rice price fell 1,312 yen, a decline of 30.9%; compared with the highest price of 4,416 yen from December 29, 2025 to January 4, 2026, it has fallen 1,482 yen, a decline of 33.6%. (Xinhua Finance)

The yield on 30-year US Treasury bonds rose, breaking through 5.5% and setting a fresh high since 2004. (Xinhua Finance)

International crude oil futures settlement prices fell more than 2%. The November WTI crude oil futures contract fell 2.33%, and the November Brent crude oil futures contract fell 2.14%. (Xinhua Finance)