Core Viewpoint - The article discusses the significant changes in the holdings of prominent investor Zhang Jianping during the third quarter, highlighting a major reduction in the number of stocks held and a focus on key investments in companies like Cambricon Technologies and Huayou Cobalt [1][3]. Group 1: Holdings Adjustment - Zhang Jianping's third-quarter report shows a drastic reduction in his portfolio, retaining only two stocks: Cambricon Technologies (688256.SH) and newly acquired Huayou Cobalt (603799.SH) [1][2]. - He exited from at least eight companies in the top ten circulating shareholders, including companies in the AI and humanoid robot sectors, indicating a strategic shift [2][3]. Group 2: Performance of Key Holdings - Cambricon Technologies saw a significant increase in holdings, with Zhang owning 640.65 million shares by the end of the third quarter, an increase of 32.02 million shares from the previous quarter, making him the fifth-largest shareholder [3][4]. - The company reported a staggering revenue of 4.607 billion yuan for the first three quarters, a year-on-year increase of 2386.38%, and a net profit of 1.605 billion yuan, marking a turnaround from losses [4]. Group 3: New Investment in Huayou Cobalt - Zhang Jianping's new investment in Huayou Cobalt amounted to 18.5 million shares, representing 0.98% of the circulating stock, with a market value of 1.219 billion yuan [4]. - Huayou Cobalt reported a revenue of 58.941 billion yuan for the first three quarters, a year-on-year increase of 29.57%, and a net profit of 4.216 billion yuan, benefiting from integrated operations and rising cobalt prices [4].

Core Viewpoint - The introduction of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" aims to enhance the regulation of performance benchmarks, ensuring they effectively represent fund investment styles and serve as a tool for evaluating fund performance [1][5]. Summary by Sections General Principles - The guidelines consist of 21 articles divided into six chapters, focusing on the representation, constraint, evaluation, and supervision of performance benchmarks [3]. Benchmark Norms - Performance benchmarks must be representative and objective, ensuring that selected indices are reasonable and liquid. Fund managers and custodians are responsible for product development and contract review [3]. Strengthening Constraints - Benchmarks cannot be adjusted arbitrarily due to short-term factors, and any changes must follow specific procedures. Fund legal documents must disclose the basis for benchmark selection and changes, with regular reports comparing fund performance against benchmarks [3][5]. Evaluation Role - The guidelines specify requirements for using performance benchmarks in salary assessments, fund sales, and evaluations, ensuring they play a significant role in these areas [3]. Multi-layered Safeguards - The guidelines emphasize internal controls for fund managers and enhanced supervision by custodians to ensure compliance with benchmark standards [3]. Supporting Measures - The China Securities Regulatory Commission (CSRC) has authorized the establishment of a benchmark element library to encourage standardized selection and use of benchmarks by fund managers [4]. A one-year transition period is provided for existing products to comply with the new guidelines [4][5]. Investor Experience - The guidelines are expected to improve investor experience by providing clear standards for evaluating funds and binding fund managers to their investment behaviors, thus enhancing transparency and professionalism in the public fund industry [7][8][9].

Core Viewpoint - The inclusion of the HPV vaccine in the national immunization program is expected to significantly reduce the disease burden and improve public health, while also intensifying market competition and accelerating industry restructuring [2][4]. Group 1: National Immunization Program - The National Health Commission and other departments have announced that starting from November 10, 2025, the HPV vaccine will be included in the national immunization program, providing free vaccinations for girls born after November 10, 2011, who are at least 13 years old [1][5]. - Currently, three types of bivalent HPV vaccines are approved in China, including those from WanTai Bio and Watson Bio, as well as GSK's Cervarix [1][8]. Group 2: Market Dynamics - The government procurement project for the bivalent HPV vaccine has a budget of approximately 425 million yuan, with a total of 15.4465 million doses planned, indicating a competitive landscape with only two manufacturers involved [8]. - The HPV vaccine market in China is experiencing increased competition, with prices for bivalent vaccines dropping significantly; for instance, the price fell from 329 yuan at launch to as low as 27.5 yuan in recent government procurement projects [9][10]. Group 3: Industry Challenges and Opportunities - Major companies like WanTai Bio and Watson Bio are facing significant revenue declines, with WanTai's revenue dropping by 23.09% in the first three quarters of 2023, marking its first loss since going public [10]. - Despite short-term challenges, the long-term growth potential of the HPV vaccine market remains strong, with projections indicating the market could grow from 13.5 billion yuan in 2020 to 69 billion yuan by 2030 [10].

习近平指出，今年是中加建交55周年和建立战略伙伴关系20周年。在双方共同努力下，中加关 系呈现恢复向好发展态势，这符合两国共同利益。中方重视加方愿以务实、建设性方式推动两 国关系改善发展的表态，愿同加方一道努力，以这次会见为契机，推动中加关系早日回到健 康、稳定、可持续的正确轨道，更好造福两国人民。 据新华社报道，当地时间10月31日下午，国家主席习近平在韩国庆州出席亚太经合组织第三十 二次领导人非正式会议期间会见加拿大总理卡尼。 蔡奇、王毅等参加。 来源丨新华社 双方同意，恢复重启各领域交流合作，推进解决彼此关切的具体经贸问题，巩固转圜势头，共 同推动中加战略伙伴关系发展。 习近平强调，中加双方要树立客观理性认知，正确看待彼此，从两国共同和长远利益出发，推 动中加关系发展。坚持互利共赢，拓展经贸、能源等领域务实合作。密切人文交流，支持两国 各界增进相互了解，厚植双边关系的民意基础。加强在联合国等多边框架内协调和合作，推动 构建更加公正合理的全球治理体系，维护国际公平正义。 卡尼表示，建交55年来，加拿大和中国长期保持良好关系。加拿大新政府高度重视对华关系， 期待抓住两国关系改善发展的机遇，重拾建交初心，找回 ...

Core Viewpoint - Starbucks China is increasingly seen as a promising investment target, with significant growth potential and strategic changes underway [1][4]. Financial Performance - In Q4 of FY2025, Starbucks China reported a revenue increase of 6% year-on-year to $831.6 million (approximately RMB 5.913 billion) [1]. - For the entire FY2025, revenue grew by 5% to $3.105 billion (approximately RMB 22.077 billion) [1]. - The operating profit margin for Starbucks China remains in double digits, with operating profit and margin improving for four consecutive quarters [1]. Growth Strategies - The core driver of growth in Starbucks China is price adjustments, with significant price reductions on key products starting June 10 [6]. - Promotions and product innovations, particularly in the tea latte series, have contributed to sales growth [6]. - The launch of limited-time products during seasonal events has led to record daily sales [6]. - The delivery service "Zhuan Xing Song" has achieved historical highs in sales across various time frames [6]. Market Position and Competition - Same-store sales increased by 2% year-on-year, with transaction volume up by 9%, although average transaction value declined by 7% [7]. - Starbucks has opened 8,011 stores across 1,091 county-level cities, maintaining high profitability for new stores [7]. - The competitive landscape is intensifying, with Luckin Coffee reporting a 47.1% revenue increase and expanding its store count significantly [11][12]. Strategic Partnerships and Future Outlook - Starbucks is in the process of selling a stake in its China operations, with potential valuations exceeding $4 billion, and possibly over $10 billion when including franchise fees [8][9]. - The company aims to retain a significant portion of its stake in the Chinese market while seeking strategic partners [9]. - The cultural and operational identity of Starbucks may be challenged as it seeks to adapt to the local market [12].

Core Viewpoint - The National Development and Reform Commission (NDRC) has successfully allocated 500 billion yuan in new policy financial tools to support over 2,300 projects, with a total investment of approximately 7 trillion yuan, focusing on digital economy, artificial intelligence, and urban renewal sectors [1][4]. Group 1: Investment and Economic Support - The NDRC, in collaboration with various ministries, has accelerated the deployment of new policy financial tools, fully utilizing 500 billion yuan to support significant projects [1]. - An additional 200 billion yuan in special bonds has been allocated to enhance local government financial capacity and stimulate effective investment [3][4]. - The NDRC aims to expedite project commencement and increase physical work output to promote high-quality development [1][4]. Group 2: Economic Performance Indicators - In the first three quarters, China's GDP grew by 5.2% year-on-year, maintaining a leading position among major global economies [4]. - Retail sales of consumer goods increased by 4.5%, with a 1.2 percentage point acceleration compared to the previous year [4]. - Industrial output saw a significant rise, with the value added by large-scale industries growing by 6.2%, marking the highest growth since 2022 [4]. Group 3: Innovation and Industry Growth - China's innovation index has entered the global top ten, bolstering the development of emerging industries [4]. - The value added by equipment manufacturing and high-tech manufacturing industries grew by 9.7% and 9.6%, respectively, with significant contributions from integrated circuit and smart device manufacturing [4][5]. Group 4: Export and Market Resilience - Despite external pressures, China's goods exports maintained a growth rate of 7.1%, with high-tech and high-value-added products gaining wider recognition [5]. - Exports to Belt and Road Initiative countries increased by 12.4%, and exports to ASEAN countries have shown continuous growth for eight months [5]. Group 5: Consumer Demand and Structural Upgrades - Consumer demand is showing new strengths, with significant growth in service retail and inbound tourism [5]. - The production of high-end, green, and intelligent products is rapidly increasing, with notable growth in civilian drones and industrial robots [5]. Group 6: Future Economic Outlook - The achievements in the first three quarters lay a solid foundation for meeting annual economic targets, with international organizations raising their growth forecasts for China [6]. - The NDRC plans to strengthen policy research and timely implementation to ensure the continued effectiveness of economic policies [6].

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当地时间10月31日下午，国家主席习近平向在韩国庆州举行的亚太经合组织工商领导人峰会发 表题为《发挥亚太引领作用 共促世界发展繁荣》的书面演讲。 习近平指出，当前，国际形势变乱交织，世界正站在新的十字路口，何去何从将深刻影响世界 未来。各方要展现远见和担当，作出符合亚太人民期待、经得起历史检验的抉择。历史昭示我 们，人类命运休戚与共，霸权主义只会带来战乱和灾难，公平正义才是促进世界和平与发展的 重要保障；对抗对立只会带来隔阂和动荡，合作共赢才是越走越宽的人间正道；单边主义只会 带来割裂和倒退，多边主义才是应对全球性挑战的必然选择。 习近平强调，中国始终是现行国际秩序的维护者、真正多边主义的践行者。中方相继提出共 建"一带一路"倡议和全球发展倡议、全球安全倡议、全球文明倡议、全球治理倡议，为解决当 今世界突出问题贡献了中国智慧和中国方案。明年中国将第三次担任亚太经合组织东道主，期 待同各方携手构建亚太共同体，为亚太乃至世界和平与发展注入新动力。 习近平指出，亚太经合组织因应经济全球化浪潮而创立，以促进贸易和投资自由化便利化、支 持经济增长和繁荣为目标宗旨。各方应该重温初心，以更具活力和韧性的亚太合作为世界作出 ...

当地时间10月31日下午，国家主席习近平在韩国庆州出席亚太经合组织第三十二次领导人非正 式会议期间会见日本首相高市早苗。 来源丨央视新闻 ...

10月30日傍晚，古井贡酒披露三季报。面对行业深度调整期的严峻挑战，古井贡酒埋头深耕经营质 量、兼顾各方声音，前三季度业绩依旧保持在头部酒企队列。 与此同时，古井贡酒系列等大众价位产品充分发挥 "基本盘" 作用，以高性价比覆盖县域 及乡镇消费市场，满足日常多元化需求，形成了 "高端产品树形象、中端产品提销量、大 众产品保规模" 的全价位产品矩阵。 在今年严峻的外部形势下，古井贡酒依旧能保持稳健表现，与其长期致力于渠道建设分不 开。 而随着这份成绩单出炉，古井贡酒应对白酒周期调整的不变战略决心也再次展现。 面对多重周期叠加的行业内外不利因素，酒企的战略定力面临考验。在白酒行业面临深度 调整、消费环境变化，降速发展成为共识的背景下，头部名酒的发展逻辑，正在从过去追 求短期爆发的"速度"，转向长期健康发展的"质量"。 回 顾 前 三 季 度 ， 古 井 贡 酒 坚 持 名 酒 定 力 ， 视 野 超 越 当 前 周 期 ， 继 续 坚 持 " 全 国 化 、 次 高 端"战略，以"三通工程"为指引，在渠道健康化、品牌国际化、产品年轻化等方向积极布 局，在行业调整期潜心积累长期发展势能。 优先渠道健康助力动销 夯实业 ...