Group 1 - IMF calls for ASEAN countries to strengthen macroeconomic fundamentals, reduce bureaucratic red tape, and maintain a vibrant private sector to ensure healthy credit market development [1] - The U.S. government is pushing regulatory agencies to expedite approval processes for the growing data center industry, limiting project review timelines to 60 days, down from an average wait time of over 5 years [1] - The U.S. and Vietnam have reached a reciprocal trade framework, maintaining a 20% tariff while addressing agricultural market access barriers [2] - The U.S. and Thailand have issued a joint statement maintaining a 19% tariff on Thailand, while Thailand will eliminate tariffs on approximately 99% of U.S. goods [2] Group 2 - The U.S. has signed trade and key mineral agreements with Malaysia, upgrading their relationship to a comprehensive strategic partnership, and has also signed a trade agreement with Cambodia [3] - India is reportedly very close to finalizing a free trade agreement with the U.S., with final details being adjusted [4] - Japan's Prime Minister emphasizes addressing rising prices as a priority, proposing responsible fiscal policies to support industries like AI and provide subsidies to alleviate burdens on low- and middle-income groups [4] - The European credit rating agency Scope Ratings has downgraded the U.S. credit rating to AA- due to deteriorating public finances and weakened governance standards [4] Group 3 - U.S. manufacturing, services, and composite PMIs for October have rebounded, performing better than expected [5] - The final consumer confidence index for October in the U.S. has dropped to 53.6, with the current conditions index hitting a new low since August 2022 [6] - The Eurozone's October manufacturing PMI has risen to 50, with the services sector reaching a 14-month high and the composite PMI increasing to 52.2 [7] - Japan's core CPI for September has increased by 2.9%, marking the first acceleration in four months [8]

Core Viewpoint - The Federal Reserve is expected to announce a 25 basis point interest rate cut during its meeting on October 30, 2023, due to a slowing U.S. labor market and moderate inflation impact from tariffs [1] Group 1: Interest Rate Decision - The Federal Reserve's decision is anticipated to be influenced by the recent slowdown in the U.S. employment market [1] - A 25 basis point rate cut is likely as the Fed has communicated effectively with the market regarding its potential actions [1] Group 2: Balance Sheet Management - Recent indicators suggest that the Federal Reserve may have reached a threshold to stop balance sheet reduction [1] - There is a possibility that Fed Chair Jerome Powell may announce the cessation of balance sheet reduction during the October FOMC meeting [1]

Core Insights - In September 2025, 20 A and H-share listed automotive manufacturers reported a total vehicle sales of 2.1862 million units, representing a year-on-year increase of 15.28% [1] - The total sales of new energy vehicles (NEVs) reached approximately 1.1924 million units, up 21.9% year-on-year, with a penetration rate of about 55.69% [1][6] Vehicle Sales Overview - The top three manufacturers in total vehicle sales for September were SAIC Motor with 439,777 units, BYD with 396,270 units, and Geely with 273,125 units [4][5] - SAIC Motor's sales increased by 40.39% year-on-year, while BYD's sales decreased by 5.52% [4][5] - Notable growth was observed in Qianli Technology with a year-on-year increase of over 170% in September sales [3][4] New Energy Vehicle Sales - The leading companies in NEV sales for September were BYD with 396,270 units, SAIC Motor with 189,498 units, and Geely with 165,201 units [9] - Qianli Technology and Shuguang Co. saw NEV sales growth exceeding 100% year-on-year, while Li Auto experienced a decline of 36.79% [8][9] - The NEV sales penetration rate increased by 0.69 percentage points compared to August [6] Monthly Sales Trends - Compared to August, companies like Beiqi Blue Valley, Zhongtong Bus, and Jiangling Motors showed significant acceleration in sales growth, while Shuguang Co., Xiaopeng Motors, Dongfeng Group, and Foton Motors experienced a slowdown [1][3] - The overall vehicle sales in September showed a month-on-month increase of 13.63% [1]

Core Insights - In September 2025, 20 A and H-share listed automotive manufacturers collectively sold 2.1862 million vehicles, marking a year-on-year increase of 15.28% and a month-on-month increase of 13.63% [2][5][6] - The penetration rate of new energy vehicles (NEVs) reached approximately 55.69%, reflecting a 0.69 percentage point increase from August [9][12] Overall Vehicle Sales - The top three companies in terms of vehicle sales in September were SAIC Motor with 439,777 units, BYD with 396,270 units, and Geely Automobile with 273,125 units [6][8] - Notable year-on-year growth was observed in companies like Qianli Technology with over 170% and XPeng Motors with over 60%, while companies like Dawn Automotive and Li Auto experienced declines exceeding 15% [5][6] New Energy Vehicle Sales - A total of 16 companies reported NEV sales of approximately 1.1924 million units in September, representing a year-on-year increase of 21.9% [9][12] - BYD, SAIC Motor, and Geely Automobile led NEV sales with 396,270, 189,498, and 165,201 units respectively, while Li Auto saw a significant decline of 36.79% in sales [12][14] Company Performance Highlights - SAIC Motor's NEV sales reached 189,498 units in September, with a year-on-year growth of 46.54% [13] - BYD's total vehicle sales in September were 396,270 units, down 5.52% year-on-year, while its NEV sales included 205,100 pure electric and 188,000 plug-in hybrid vehicles [14] - XPeng Motors achieved a remarkable 94.74% increase in vehicle sales, totaling 41,581 units in September [12][14]

Group 1 - The Northeast Asia region has significant potential for financial cooperation due to its complementary resource endowments, with Shenyang positioned as a central hub for economic activities [1] - Shenyang is enhancing its global market connectivity through high-level openness, exemplified by the operation of JD's bonded warehouse, which has achieved a trade volume exceeding 1.3 billion yuan, covering 36 countries and nearly 2000 SKUs [1] - The international art bonded project in Shenyang aims to create a comprehensive ecosystem for art, addressing customs supervision challenges with its unique certification system, having introduced over 3000 European artworks and hosted more than 100 bonded exhibitions [1] Group 2 - Technological innovation is crucial for fostering an open environment, as demonstrated by the advancements of Shenyang's Siasun Medical Technology Co., which has a production capacity of one million units annually for medical oxygen machines and non-invasive ventilators [2] - The Free Trade Financial Service Center in Shenyang showcases the integration of various economic zones and serves as a platform for financial service innovation, facilitating policy releases, financing connections, and cross-border financial services [2] - Representatives engaged in discussions about future business collaborations in the Free Trade Zone, focusing on the role of finance in empowering the real economy and supporting an open economy [2]

Core Points - American Airlines announced the resumption of flights on the Israel-US route, with the first flight scheduled to depart from New York's Kennedy International Airport on March 28, 2026 [1] - This makes American Airlines the fifth airline to offer direct flights to Israel from the US, following Delta Air Lines, United Airlines, El Al Israel Airlines, and Arkia Israeli Airlines [1] - Following the recent ceasefire agreement in Gaza, several foreign airlines, including British Airways, Scandinavian Airlines, Spanish Airlines, and Swiss Airlines, are also planning to resume flights to Israel [1] - Many foreign airlines had suspended flights to Israel after the outbreak of the latest round of Israeli-Palestinian conflict on October 7, 2023 [1]

·国有资产最新"家底"公布截至2024年末全国国有企业（不含金融企业）资产总额401.7万亿元 ·前三季度国内生产总值1015036亿元同比增长5.2% ·强化全链条监管食品安全法实施取得积极成效 【重点关注】 ·党的二十届四中全会审议通过"十五五"规划建议全会提出了"十五五"时期经济社会发展的主要目标 ·二十届四中全会提出建设强大国内市场加快构建新发展格局 ·何立峰：要扎实做好四季度金融工作，紧盯风险、严防"爆雷" ·王文涛：让中国大市场成为全球创新的应用场 ·央行：前三季度人民币贷款增加14.75万亿元 ·中美经贸磋商25日在马来西亚开始举行 ·欧洲主要评级机构下调美国主权信用评级因美国公共财政状况持续恶化及政府治理标准下降 【国内要闻】 ·中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会由中央 政治局主持。中央委员会总书记习近平作了重要讲话。全会听取和讨论了习近平受中央政治局委托所作 的工作报告，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》。习近平 就《建议（讨论稿）》向全会作了说明。全会提出了"十五五"时期经济社会发展的主要目标：高 ...

Core Viewpoint - The Yangtze River Delta region demonstrates strong economic resilience and growth potential, contributing significantly to China's overall economic stability and high-quality development [1] Economic Performance - GDP totals for the Yangtze River Delta show Guangdong (10,517.7 billion), Jiangsu (10,281.1 billion) surpassing the 10 trillion mark, while Zhejiang (684.95 billion), Shanghai (407.21 billion), and Anhui (397.70 billion) also report substantial figures [2] - Economic growth rates in the region outpace the national average of 5.2%, with Zhejiang leading at 5.7%, followed by Shanghai at 5.5%, and both Jiangsu and Anhui at 5.4% [2] - Shanghai's service sector remains a key economic driver, with a growth rate of 5.9% in the tertiary industry, particularly in information technology services (15.5% growth) and finance (9.8% growth) [2] Domestic Demand and Consumption - The domestic market in the Yangtze River Delta shows a stable recovery with an emphasis on quality consumption, particularly in Zhejiang where smart consumption and green products are on the rise [3][4] - Retail sales of wearable smart devices and smartphones in Zhejiang increased by 105.6% and 62.6% respectively, while green appliances and new energy vehicles saw growth rates of 58.4% and 14.9% [3] - In Jiangsu, retail sales of home appliances and communication equipment grew by 16.9% and 17.4%, with green and smart appliances also seeing significant increases [3] New Quality Productivity - The Yangtze River Delta has made notable progress in cultivating new quality productivity, which is crucial for regional economic growth and industrial structure optimization [5] - Jiangsu's equipment manufacturing sector saw a 9.4% increase in value added, contributing 73.7% to the overall industrial growth, with significant growth in electronics and transportation equipment [5][6] - Zhejiang's digital economy and high-tech service sectors reported revenue growth of 13.3% and 12.9% respectively, with internet data services growing by 33.4% [6][7] Future Development Strategies - The Yangtze River Delta is focusing on project construction, investment, and industrial development to meet annual goals and the "14th Five-Year Plan" objectives [8][9] - Shanghai aims to enhance economic recovery through major projects and open cooperation, while Zhejiang emphasizes investment stability and market expansion [8][9] - Jiangsu's cities are prioritizing technology innovation and project execution, while Anhui is focusing on investment and project construction with a total investment of 332.38 billion for 587 major projects [9]

据介绍，今年以来，人民银行深圳市分行指导深圳辖内金融机构持续加强数字人民币场景创新。其中， 农业银行深圳市分行成功落地深圳首笔数字人民币车险实名支付业务，实现了"保单录入－实名验证－ 数币支付"的全链条贯通；工商银行深圳市分行打通"贷款－数字人民币-供应链采购"闭环，利用数字人 民币智能化优势，为企业及其下游客户制定"经营快贷融资+数字人民币智能合约"方案，实现贷款资金 专款专用；交通银行深圳分行积极落实普惠金融政策，累计为民营中小微企业发放数字人民币普惠贷款 超2000万元。 在深入推进预付式经营管理数字人民币应用方面，深圳还首创了"数币商圈集中预付""商业保险+数字人 民币+平台监管"预付式经营管理服务模式，截至目前，预付式经营管理签约商家近5000家，服务客户 数超250万人次，管理资金近47亿元。 新华财经深圳10月26日电（记者卫韦华）据人民银行深圳市分行、国家外汇管理局深圳市分局最新统计 数据显示，截至2025年9月末，深圳已开立数字人民币钱包近3000万个，比年初增加近150万个，累计商 户（门店数）超过200万个，流通业务（转账、消费）金额近1800亿元，比年初增加近400亿元。 （文章来源： ...

新华财经莫斯科10月26日电（记者包诺敏）俄罗斯工贸部宣布，自2026年1月1日起将根据累计通胀率进 行调整进口商品关税税率，确保关税税率与实际通关成本相符。 俄工贸部表示，此次税率调整符合俄罗斯对世界贸易组织（WTO）相关承诺。出口关税以及个人自用 进口商品、进口船舶、飞机税率保持不变。 声明还表示，针对海关价值未确定或已申报但情况特殊的货物，其税率也将被纳入调整范畴。 （文章来源：新华财经） 此前，俄进口商品税率已部分调整，但最高税额3万卢布自2004年以来一直保持不变。修改后，价值超 过1000万卢布的货物，最高税率将调整为73860卢布。 ...