Since late July China’s tungsten market has moved out of the violent 1H volatility into a calmer consolidation. August extended that trend: prices have traded close to cost support and underpinned by long-term contracts, and observed volatility has n

In early trading, most domestic futures contracts rose, with SC crude oil up over 4%, liquefied petroleum gas (LPG), palladium, polyvinyl chloride (PVC), and coking coal up over 3%, and lithium carbonate, glass, low-sulfur fuel oil (LU), alumina, and soda ash up over 2%. On the downside, Shanghai silver fell over 3%, Shanghai gold fell over 2%, container shipping to Europe fell nearly 2%, and Shanghai tin, Shanghai nickel, and polysilicon fell over 1%.

Key News 1. The People's Bank of China and the State Financial Regulatory Commission jointly issued the "Opinions on Reforming and Improving Real Estate Credit Management and Promoting the Accelerated Construction of a New Model for Real Estate Development," clarifying that the maximum term for personal housing loans is 40 years, and the amount cannot exceed the appraised value of the housing to be purchased. Individual Stock News 1. Lenovo Holdings (03396.HK): Net profit attributable to shareholders in the first half of the year was RMB 2.23 billion, a year-on-year increase of 219.03%. 2. PICC Property & Casualty (02328.HK) released its interim results: Net profit was RMB 32.284 billion, a year-on-year increase of 32%. 3. Miniso (09896.HK) released its interim results: Profit attributable to shareholders was RMB 962 million, a year-on-year increase of 6.1%. 4. China Construction Bank (00939.HK) announced its interim results: Net profit attributable to shareholders was RMB 169.564 billion, a year-on-year increase of 4.62%. 5. Agricultural Bank of China (01288.HK) released its interim results: net profit attributable to shareholders was RMB 146.381 billion, an increase of 4.93% year-on-year. 6. Bank of China (03988.HK) released its interim results: profit attributable to shareholders after tax was RMB 123.594 billion, an increase of 5.1% year-on-year. 7. PetroChina (00857.HK): revenue for the first half of the year was RMB 1.53 trillion, an increase of 5.3% year-on-year. 8. Meituan-W (03690.HK): second-quarter revenue was approximately RMB 104.643 billion, an increase of 14.4% year-on-year; adjusted net profit was approximately RMB 2.524 billion, an increase of 69% year-on-year. 9. UDI Robotics announced on the Hong Kong Stock Exchange that it plans to issue 45 million H shares for its Hong Kong listing, with an issue price between HKD 14.45/share and HKD 19.55/share, and trading is expected to commence on September 9. 10. BYD Company Limited (01211.HK): First-half revenue was approximately RMB 344.815 billion; gross profit was RMB 64.989 billion; profit attributable to owners of the parent company was RMB 12.325 billion; earnings per share were RMB 1.35. 11. Biren Technology (06082.HK): In the first half of 2026, the company achieved operating revenue of RMB 1.236 billion, a year-on-year increase of 1997.6%; the loss during the period narrowed significantly to RMB 377 million, a year-on-year decrease of 76.4%. 12. Jiangbolong announced on the Hong Kong Stock Exchange that it plans to issue 26.07 million H shares in its Hong Kong listing (subject to the exercise of the offering adjustment right and over-allotment option), with a maximum issue price of HKD 240.60 per share, and trading is expected to commence on September 8.