September PMI data is set to be released, the Administrative Measures for Online Marketing of Financial Products will officially take effect, and both the U.S. August PCE inflation data and September nonfarm payrolls report will be published.
The market is bracing for a wave of lock-up expirations next week, with four companies each seeing unlock values exceeding 10 billion yuan, alongside two new stock offerings.
A-shares will trade for only three days next week as the holiday period approaches.
Major Developments
September PMI data will be published on September 30.
In August, the manufacturing purchasing managers' index came in at 49.8%, up 0.6 percentage points from the prior month, indicating a recovery in business activity; the non-manufacturing business activity index stood at 49.0%, unchanged from the previous month; and the composite PMI output index reached 49.5%, up 0.2 percentage points from the prior month, suggesting an overall improvement in China's economic output activity.
Administrative Measures for Online Marketing of Financial Products to Take Effect
The Administrative Measures for Online Marketing of Financial Products will take effect on September 30.
Industry experts noted that online marketing of financial products directly affects consumers' vital interests and financial market order. Going forward, it is necessary to continuously reinforce the primary responsibilities of financial institutions and third-party internet platforms, strictly investigate various hidden and disguised marketing irregularities, and promote compliant operations across the industry through normalized supervision, effectively strengthening the protection of financial consumers' rights.
A-Shares to Trade Only 3 Days Next Week
A-shares will be closed from October 1 to October 7 and will reopen on October 8. Hong Kong stocks will be closed on October 1 for one day and resume normal trading on October 2.
Hong Kong Stock Connect (southbound) as well as Shanghai and Shenzhen Stock Connect (northbound) will suspend services from October 1 to October 7 and resume normal operations starting October 8.
U.S. August PCE Inflation Data
Next Wednesday, the United States will release the August Personal Consumption Expenditures (PCE) price index.
Market expectations compiled by TD Economics show that the headline PCE is expected to remain at 3.7% year-on-year, while core PCE is expected to remain at 3.3% year-on-year, both significantly above the Federal Reserve's long-term inflation target of 2%.
On the same day, ADP employment, personal income, and consumer spending data will also be released.
U.S. September Nonfarm Payrolls Report
The U.S. Department of Labor will release the September nonfarm payrolls report next Friday. A Reuters survey of economists forecasts that new job additions will slow from 162,000 in August to 100,000, with the unemployment rate expected at 4.2%.
Lock-Up Expiration Peak Next Week: Four Stocks to See Unlock Values Exceeding 10 Billion Yuan
Wind data shows that during the three trading days following the Mid-Autumn Festival holiday (September 28 to 30), A-shares will see a peak in lock-up expirations, with 59 stocks facing unlocks totaling 14.781 billion shares and an aggregate unlock value exceeding 100 billion yuan.
In terms of unlock value, four stocks — Guohuo Airlines, Suneng Shares, Xinke Mobile-U, and Haitong Development — will each see unlock values exceeding 10 billion yuan, at approximately 22.107 billion yuan, 21.554 billion yuan, 17.258 billion yuan, and 12.530 billion yuan, respectively.
New Stock Opportunities
Two New Stocks to Be Issued Next Week
Wind data shows that next week (September 28 to October 2), two new stocks will be issued, one on the ChiNext board and one on the Beijing Stock Exchange.
Specifically, Nanfang Dairy and Lianya Pharmaceutical will be issued on September 28.
Nanfang Dairy's issue price is 14.21 yuan per share, with an issue price-to-earnings ratio of 11.99 times.
Nanfang Dairy is the leading local dairy enterprise in Guizhou, primarily engaged in the manufacturing and sales of dairy products and milk-containing beverages. Its main products include various low-temperature dairy products (pasteurized milk, fermented milk, low-temperature modified milk), ambient dairy products (sterilized milk, modified milk), milk-containing beverages, other dairy products, and raw fresh milk.
In terms of performance, Nanfang Dairy's operating revenue for 2023, 2024, and 2025 was 1.805 billion yuan, 1.817 billion yuan, and 1.839 billion yuan, respectively, with net profit attributable to shareholders of 200 million yuan, 210 million yuan, and 221 million yuan, respectively.
For the first three quarters of 2026, the company expects operating revenue of 1.360 billion yuan to 1.372 billion yuan, representing year-on-year growth of 2.71% to 3.62%; net profit attributable to shareholders is expected at 160 million yuan to 170 million yuan, a year-on-year decline of 9.34% to 3.66%.
Lianya Pharmaceutical's issue price is 7 yuan per share, with an issue price-to-earnings ratio of 27.99 times.
Lianya Pharmaceutical is primarily engaged in the research and development, production, and sales of complex pharmaceutical formulations. Its current products include two major categories of high-end generic drugs: various types of sustained-release and controlled-release formulations, as well as low-dose pharmaceutical formulations. These are mainly applied in areas such as hypertension, coronary heart disease, diabetes, schizophrenia, and women's contraception and health.
In terms of performance, Lianya Pharmaceutical's operating revenue for 2023, 2024, and 2025 was 700 million yuan, 866 million yuan, and 895 million yuan, respectively, with net profit attributable to shareholders of 116 million yuan, 260 million yuan, and 228 million yuan, respectively.
In the first quarter of 2026, the company achieved operating revenue of 235 million yuan, up 4.72% year-on-year, and net profit attributable to shareholders of 62.52 million yuan, up 6.50% year-on-year.
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