2026-09-22

At its 2026 interim results meeting, chairman Gong Zhigang said August tungsten hexafluoride (WF6) exports fell month-on-month from about 64 tonnes to 39 tonnes after typhoon-related port congestion and shipment delays to some overseas destinations. The company said the disruption affected delivery timing only; total export order volume and overseas customer relationships were not impacted. CSSC Special Gas has adopted a tailored, customer-by-customer sales strategy and currently negotiates WF6

At its 2026 interim results meeting, chairman Gong Zhigang said August tungsten hexafluoride (WF6) exports fell month-on-month from about 64 tonnes to 39 tonnes after typhoon-related port congestion and shipment delays to some overseas destinations. The company said the disruption affected delivery timing only; total export order volume and overseas customer relationships were not impacted. CSSC Special Gas has adopted a tailored, customer-by-customer sales strategy and currently negotiates WF6 pricing on a quarterly basis.

2026-09-22

Gulf allies will meet Trump in New York on Tuesday as he weighs whether to "destroy" Iran’s regime. They previously succeeded in dissuading him from major escalation and now seek to steer a course that shields them from further strikes without drawing them deeper into conflict. Washington is said to be looking for exit options; Trump told reporters last Thursday he faces a "major decision" on war and wants direct input from Gulf leaders.

Gulf allies will meet Trump in New York on Tuesday as he weighs whether to "destroy" Iran’s regime. They previously succeeded in dissuading him from major escalation and now seek to steer a course that shields them from further strikes without drawing them deeper into conflict. Washington is said to be looking for exit options; Trump told reporters last Thursday he faces a "major decision" on war and wants direct input from Gulf leaders.

2026-09-22

UBS CEO Sergio Ermotti told a Bank of America financials conference that wealth management momentum is strong and trading activity is healthy. He said UBS expects Q3 results to show year-on-year improvement, but growth is likely to be slower than in the same period in 2025 and, due to seasonality, unlikely to match last year’s level. UBS will report Q3 results on Oct. 28.

UBS CEO Sergio Ermotti told a Bank of America financials conference that wealth management momentum is strong and trading activity is healthy. He said UBS expects Q3 results to show year-on-year improvement, but growth is likely to be slower than in the same period in 2025 and, due to seasonality, unlikely to match last year’s level. UBS will report Q3 results on Oct. 28.

2026-09-22

Hong Kong stocks closed marginally higher after an early surge faded. The Hang Seng Index closed up 0.18% at 25,087.75 and the Hang Seng Tech Index closed up 0.34% at 4,438.21; turnover was HKD 249.21 billion versus HKD 202.73 billion in the prior session. Hang Seng Tech briefly rallied nearly 2% in early trade before pulling back. Large internet names led gains, memory-chip names saw pockets of strength, AI application names were mixed, mainland property names slid and gold miners weakened. Key

Hong Kong stocks closed marginally higher after an early surge faded. The Hang Seng Index closed up 0.18% at 25,087.75 and the Hang Seng Tech Index closed up 0.34% at 4,438.21; turnover was HKD 249.21 billion versus HKD 202.73 billion in the prior session. Hang Seng Tech briefly rallied nearly 2% in early trade before pulling back. Large internet names led gains, memory-chip names saw pockets of strength, AI application names were mixed, mainland property names slid and gold miners weakened. Key movers: Tencent Holdings (00700.HK) +5.02%, Alibaba Group Holding (09988.HK) +1.95%, Montage Technology (06809.HK) +8.10%, 01815.HK -6.41%, SUNAC CHINA (01918.HK) -8.70%.

2026-09-22

国外 1. 惠誉：特斯拉AI巨额投资恐将压低利润率。 2. 纽约梅隆银行：预计美联储12月再加息一次，但2027年前景仍存疑。 3. 巴克莱：中东石油供应复苏遇阻，油市供需平衡前油价或再飚五成。 4. 花旗研究：空头累积之际 日经指数或因温和催化剂反弹。 5. 德意志银行：终点利率恐远超预期，升息未必导致股市下跌。 国内 1. 中信证券：先进制造顶层定调，算力建设景气加速。 2. 中信建投：MFC、空白掩膜版、静电卡盘产业链具备更高国产化斜率。 3. 中信建投：机器人板块国内外预计催化不断，建议聚焦优质环节。 4. 国盛证券：四季度政策密集期叠加厄尔尼诺，关注种业板块。 5. 中泰证券：科技行情已经进入右侧启动阶段。 6. 德邦证券：医药工业十五五规划发布 重点支持创新药械及产业链。 7. 国金证券：欧洲海风管桩机制修复及拍卖高景气并行，订单有望迎来放量拐点。

国外 1. 惠誉：特斯拉AI巨额投资恐将压低利润率。 2. 纽约梅隆银行：预计美联储12月再加息一次，但2027年前景仍存疑。 3. 巴克莱：中东石油供应复苏遇阻，油市供需平衡前油价或再飚五成。 4. 花旗研究：空头累积之际 日经指数或因温和催化剂反弹。 5. 德意志银行：终点利率恐远超预期，升息未必导致股市下跌。 国内 1. 中信证券：先进制造顶层定调，算力建设景气加速。 2. 中信建投：MFC、空白掩膜版、静电卡盘产业链具备更高国产化斜率。 3. 中信建投：机器人板块国内外预计催化不断，建议聚焦优质环节。 4. 国盛证券：四季度政策密集期叠加厄尔尼诺，关注种业板块。 5. 中泰证券：科技行情已经进入右侧启动阶段。 6. 德邦证券：医药工业十五五规划发布 重点支持创新药械及产业链。 7. 国金证券：欧洲海风管桩机制修复及拍卖高景气并行，订单有望迎来放量拐点。

2026-09-22

铜： 截至9月18日当周，中国铜去库0.3万吨，低于5年季节性平均约1.7万吨的去库水平。但随着LME铜回落至约14,000美元/吨，中国在岸买盘回升，洋山铜溢价显著反弹至120美元/吨以上。 铝： 上周去库6.3万吨，总库存降至约80万吨，回到历史正常水平。但中国8月铝产量400万吨、前8月3100万吨，年化约4650万吨，高于4500万吨产能上限，供应超预期或压制短期铝价。 锌： 经历两周显著去库后，锌去库回归季节性趋势，总库存21.4万吨仍为2022年以来最高。摩根大通商品研究预计中国持续出口将缓解市场紧张，年底锌价或降至约3,500美元/吨。

铜： 截至9月18日当周，中国铜去库0.3万吨，低于5年季节性平均约1.7万吨的去库水平。但随着LME铜回落至约14,000美元/吨，中国在岸买盘回升，洋山铜溢价显著反弹至120美元/吨以上。 铝： 上周去库6.3万吨，总库存降至约80万吨，回到历史正常水平。但中国8月铝产量400万吨、前8月3100万吨，年化约4650万吨，高于4500万吨产能上限，供应超预期或压制短期铝价。 锌： 经历两周显著去库后，锌去库回归季节性趋势，总库存21.4万吨仍为2022年以来最高。摩根大通商品研究预计中国持续出口将缓解市场紧张，年底锌价或降至约3,500美元/吨。