（文章来源：新华财经） 路透调查预计2025年铜市场短缺12.4万吨，2026年短缺15万吨。预计LME铜2025年均价为9752美元/ 吨，2026年为10500美元/吨，高于2024年的9143美元/吨。 ...

咨询机构AgRural周一（10月27日）表示，截至上周四（10月23日），巴西2025/26年度大豆播种率已经 达到预期的36%。此外，巴西2025/26年度一茬玉米的播种面积已达到中南部地区计划种植面积的55%。 （文章来源：新华财经） ...

四、切实开展用途核查。资金监管行应按照穿透原则管理募集资金，对募集资金的每一流经账户进行跟 踪穿透核查，直至募集资金用于约定用途，获取募集资金是否按照披露用途使用的必要凭证，并妥善保 存核查、验证材料等工作底稿。 五、配合辅导及监测排查等工作。资金监管行应配合存续期管理机构开展对发行人的募集资金相关辅导 及监测排查等工作，同时，也应配合交易商协会不定期开展的募集资金存放、使用、资金监管账户变更 等有关事项的排查和检查。 六、若发现发行人募集资金管理和使用违反自律规则要求，或存续期管理机构未履行职责的情形，资金 监管行可向交易商协会报告。 一、完善募集资金监管机制。资金监管行应根据债务融资工具的特点完善募集资金监管相关制度机制， 建立健全内部审核机制和操作流程，加强对交易商协会关于募集资金使用、管理及账户设立等自律规则 的学习，确保账户管理、划款审核、用途核查、底稿留存等相关环节的合规运行。资金监管职责与存续 期管理职责由不同部门或业务条线承担的，资金监管行应建立畅通的内部沟通渠道，确保严格落实募集 资金管理相关工作要求。 二、切实履行资金划转的审核职责。发行人拟将募集资金划出募集资金监管账户或专项账户的，资金 ...

Core Viewpoint - The global trade activity has shown strong resilience, driven by technological advancements and open cooperation [1] Summary by Relevant Categories Global Trade Growth - According to World Bank data, the global trade volume is expected to grow at an average annual rate of 5.4% from 2019 to 2024, which is an increase of 4.6 percentage points compared to the previous five years [1] - Despite complex global circumstances, trade has continued to grow rapidly this year [1] Key Drivers - The resilience in global trade is attributed to two main forces: technology-driven innovation and collaborative openness among nations [1]

Group 1 - The core theme of the 2025 Financial Street Forum is "Innovation, Transformation, and Reshaping of Global Financial Development" [1] - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the importance of stability and balance in asset allocation, highlighting the consensus among international investors to diversify investments [1] - The CSRC plans to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital markets to better serve economic and social development [1] Group 2 - Wu Qing announced the launch of the "Qualified Foreign Investor System Optimization Work Plan" to provide a more transparent, convenient, and efficient institutional environment for foreign investors [2] - The CSRC aims to strengthen risk prevention and regulatory measures, enhancing the protection of investors' rights and interests with the introduction of 23 practical measures [2] - Beijing is positioned as a key window for capital market reform and opening up, encouraging high-quality industry institutions and long-term capital to gather and develop in the capital [2]

中国人民银行副行长、国家外汇管理局局长朱鹤新27日在2025金融街论坛年会上表示，聚焦贸易便利 化，近期将出台9条政策措施。 （文章来源：新华财经） ...

Core Insights - The national carbon market in China experienced a closing price of 53.71 yuan per ton on October 27, 2023, reflecting a decrease of 1.81% from the previous day [1][2] Trading Volume and Revenue - The total trading volume for carbon emission allowances today was 7,378,582 tons, with a total transaction value of 352,412,726.82 yuan [1] - The volume for the listed agreement trading was 1,050,009 tons, generating a transaction value of 50,889,715.79 yuan, while the bulk agreement trading accounted for 6,328,573 tons with a value of 301,523,011.03 yuan [1] Year-to-Date Performance - From January 1 to October 27, 2025, the cumulative trading volume of carbon emission allowances reached 126,134,514 tons, with a total transaction value of 8,146,384,178.52 yuan [1] - As of October 27, 2025, the cumulative trading volume since the inception of the national carbon market stands at 756,403,178 tons, with a total transaction value of 51,179,111,282.03 yuan [1]

Core Insights - Changan Automobile reported a revenue of 42.236 billion yuan for Q3 2025, representing a year-on-year growth of 23.36% [1] - The net profit attributable to shareholders was 0.764 billion yuan, an increase of 2.13% year-on-year [1] - The company achieved a total revenue of 114.927 billion yuan for the first three quarters, with a year-on-year growth of 3.58% [1] Financial Performance - In Q3 2025, the net profit after deducting non-recurring items was 0.542 billion yuan, reflecting a growth of 5.77% [1] - For the first three quarters, the net profit attributable to shareholders decreased by 14.66% to 3.055 billion yuan [1] - The net profit after deducting non-recurring items for the same period increased by 20.08% to 2.018 billion yuan [1] Sales and Market Position - Changan Automobile sold 2.066 million vehicles from January to September, marking an 8.46% increase year-on-year [1] - The sales of its own brand vehicles reached 1.750 million units, up 10.47% year-on-year [1] - The sales of new energy vehicles surged to 724,249 units, representing a significant growth of 59.72% year-on-year [1] Strategic Direction - The company is navigating a complex external environment and changing industry landscape by implementing its "Third Entrepreneurship - Innovation and Entrepreneurship Plan" [1] - Changan Automobile is focused on steady progress while actively seizing strategic opportunities and accelerating transformation [1]

Core Insights - Xinjiang's economy has shown overall stability and progress in the first three quarters of the year, with a year-on-year increase in industrial added value of 7.3% [1] Economic Performance - The industrial added value growth is categorized into three main sectors: manufacturing (10.9%), mining (6.0%), and electricity, heat, gas, and water production and supply (3.2%) [1] - By economic type, the added value growth for state-owned enterprises, private enterprises, and joint-stock enterprises is 3.1%, 6.6%, and 7.6% respectively [1] Key Industries - Among 12 key industries, notable growth includes: - Non-ferrous metal mining and selection (37.6%) - Textile industry (26.8%) - Non-ferrous metal smelting and rolling processing (18.0%) - Gas production and supply (12.4%) - Chemical raw materials and chemical products manufacturing (11.4%) - Petroleum, coal, and other fuel processing (10.1%) [1] Private Sector Performance - The added value of private enterprises in the industrial sector has increased by 15.8%, surpassing the overall industrial added value growth by 8.5 percentage points [1]

Group 1 - The core viewpoint of the article is that Seres Group has officially launched its IPO in Hong Kong, aiming to raise approximately HKD 12.9249 billion for various business initiatives [2] - The IPO includes a base issuance of 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international offering [2] - The expected net proceeds from the IPO will be utilized for R&D investments, diversification of new marketing channels, overseas sales, charging network services, and general corporate purposes [2] Group 2 - Seres Group has reported projected revenues of CNY 145.114 billion for 2024, representing a year-on-year growth of 305.47%, with a net profit of CNY 5.946 billion [2] - The company anticipates maintaining high growth in the first half of 2025, with projected revenues of CNY 62.359 billion and a net profit of CNY 2.941 billion, reflecting an 81.03% year-on-year increase [2] - As a technology-driven enterprise focused on electric vehicles, Seres has established a product matrix including four models under the high-end smart electric vehicle brand "AITO," launched in collaboration with Huawei [3] Group 3 - The IPO is expected to enhance Seres Group's global resource integration, technological collaboration, and brand value, showcasing the core competitiveness of Chinese electric vehicle manufacturers in the high-end market [3] - The company aims to further advance "Made in China" in the global high-end new energy sector through this listing [3]