10月21日，商务部部长王文涛应约与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会 谈，就出口管制、欧盟对华电动汽车反补贴案等中欧经贸重点议题深入交换意见；应约与荷兰 经济大臣卡雷曼斯通话，双方围绕安世半导体等问题交换意见。 依法依规完善出口管制，体现中国维护世界和平稳定的大国担当 10月21日，商务部部长王文涛应约与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会 谈，就出口管制、欧盟对华电动汽车反补贴案等中欧经贸重点议题深入交换意见。 王文涛表示，今年7月，第二十五次中欧领导人会晤成功举行，9月，李强总理再次会见欧委会 主席冯德莱恩。中方愿与欧方共同努力，积极落实中欧领导人经贸共识，推动中欧经贸关系健 康稳定发展。关于稀土出口管制问题，中方近期措施是依法依规完善中国出口管制体系的正常 做法，体现了中国维护世界和平稳定的大国担当。中方致力于维护全球产供链安全稳定，一直 为欧盟企业提供审批便利。 王文涛表示 ，关于安世半导体问题，中方坚决反对泛化"国家安全"概念，希欧方发挥重要的 建设性作用，敦促荷方坚持契约精神和市场原则，从维护全球产供链安全稳定的大局出发，尽 快提出妥善解决办法。 谢夫乔维奇表示，欧方愿 ...

农业发展银行亦聚焦数字经济、人工智能、消费等基础设施和新兴产业领域，助力经济大省勇 挑大梁，向12个经济大省投资项目407个，671.36亿元。主动对接和挖掘优质民间投资项目， 对符合条件的项目依法合规加大支持力度，支持民间投资项目23个，93.59亿元。 华泰证券首席宏观经济学家易峘预计，参照2022年两批政策性金融工具的投放情况，本轮政策 性金融工具拉动倍数可能在4至5倍，对应撬动2万亿元至2.5万亿元新增信贷增长。本轮政策性 金融工具投放较快，有助于提振四季度经济增长，并推动明年一季度"开门红"走势，尤其是承 托信贷周期和投资增长。 记者丨唐婧 编辑丨包芳鸣 5000亿政策性金融工具官宣已半月有余，投放情况如何？公开信息显示，截至10月17日，国 家开发银行、农业发展银行分别投放新型政策性金融工具1893.5亿元、1001.11亿元， 合计近 3000亿元 ；预计可拉动项目总投资分别为2.8万亿元、1.26万亿元。 进出口银行虽未直接披露新型政策性金融工具的投放规模，但明确提及对经济大省投放占比达 83%，充分发挥经济大省"挑大梁"作用；对民间资本参与项目投放占比达40%，积极助力民营 经济发展；对数字 ...

Market Overview - Japanese and South Korean stock markets experienced declines, with the Nikkei 225 index dropping over 1.0% and SoftBank Group falling more than 10% [1][2] - The Nikkei 225 index reached historical highs recently, influenced by the appointment of Japan's first female Prime Minister, but experts warn of potential long-term risks associated with her economic policies [2] Gold Market Dynamics - Gold prices saw significant volatility, with spot gold dropping over 2% before rebounding above $4,070 per ounce, marking a daily decline of approximately 1% [2] - On October 21, spot gold fell below $4,100 per ounce for the first time since October 14, experiencing a single-day drop of $250, or 6.3%, the largest since April 2013 [4] - The silver market also faced pressure, with spot silver dropping over 1.17% [2] Influencing Factors - Market analysts attribute the decline in gold prices to reduced risk appetite, a strengthening dollar, and profit-taking by investors concerned about overvaluation following recent historic highs [5] - The ongoing geopolitical situation, including a joint statement from European leaders supporting negotiations for a ceasefire in the Russia-Ukraine conflict, has further diminished safe-haven demand [5] - Despite the recent downturn, long-term factors supporting gold prices, such as central bank purchases, remain intact, with analysts expecting a recovery in gold prices in the coming months [5]

Core Viewpoint - A significant wave of risk level reassessment has swept through the public fund industry, with nearly 20 fund companies issuing over 20 adjustment announcements since September, affecting hundreds of products. The adjustments primarily involve raising risk levels, with many previously considered "stable" bond funds and "fixed income+" products being upgraded from R2 (medium-low risk) to R3 (medium risk), and some high-volatility equity funds being raised to R4 (medium-high risk) [1][5][6]. Summary by Sections Adjustment Trends - Since September 2025, the frequency of risk level adjustment announcements in public funds has significantly increased, with major fund companies like Huazhang Fund and Fuguo Fund announcing adjustments for multiple products, primarily raising risk levels [3][5]. - For instance, Huazhang Fund announced on October 20 that 17 of its funds would have their risk levels raised, with bond funds moving from R2 to R3 and several equity funds from R3 to R4 [3][5]. - Fuguo Fund also reported on October 9 that 28 out of 31 funds would see their risk levels increased, with 20 funds moving from R2 to R3 and 8 from R3 to R4 [3][5]. Involvement of Sales Channels - The adjustments are not limited to fund companies; banks and third-party sales channels are also involved. For example, CITIC Bank adjusted the risk ratings of 17 asset management products, with some being downgraded and others upgraded [5][6]. - Other banks, such as Agricultural Bank and Construction Bank, have also made similar adjustments to their sold public fund products [6]. Regulatory and Market Drivers - The core drivers of these risk level adjustments are regulatory requirements and market changes. The implementation of the "Commercial Bank Agency Sales Business Management Measures" in October 2025 has been a direct catalyst for banks to adjust risk levels [7][8]. - Market volatility has also played a role, with some thematic funds showing significant performance but increased net value volatility, prompting a reassessment of risk levels [8]. Dynamic Risk Assessment Process - The process for adjusting risk levels involves a combination of third-party evaluations and the fund managers' assessments, with a tendency to adopt the higher of the two ratings. This dynamic assessment is crucial for accurately reflecting the risk characteristics of the funds [9]. - The adjustments are characterized by a "higher not lower" principle, driven by regulatory mandates, with banks, fund companies, and third-party sales channels working in coordination [9]. Impact on Investors - The adjustments have direct implications for fund investors, who will receive notifications about changes in risk levels. Investors are encouraged to reassess their risk tolerance in light of these changes [11][12]. - New investors may face restrictions on purchasing funds if the adjusted risk level exceeds their assessed risk tolerance, serving as a protective measure against taking on excessive risk [11][12].

Core Insights - The article discusses the increasing trend of innovative pharmaceutical companies going public in the Hong Kong market to secure funding, highlighting the importance of cash flow for sustaining operations and research and development [4][5][6] - It emphasizes the need for a diversified financing approach, combining business development (BD) collaborations and IPOs to create a "safety net" for innovation [6][10] - The article also examines the financial challenges faced by specific companies, such as Wangshan Wangshui and Ying'en Biotechnology, detailing their revenue fluctuations and strategic responses to market competition [10][15] Group 1: Market Trends - In 2023, 21 innovative pharmaceutical companies have listed on the Hong Kong Stock Exchange, with notable first-day performances, such as Silver诺医药's 206% increase [4] - The Hong Kong market continues to expand, with companies like Wangshan Wangshui preparing for IPOs, raising questions about their ability to replicate previous successes [4][5] Group 2: Wangshan Wangshui's Financial Performance - Wangshan Wangshui's revenue is projected to drop from 200 million yuan to 11.83 million yuan in 2023-2024, a decline of over 94% [10] - The company reported a profit of 6.427 million yuan in 2023 but is expected to incur a loss of 218 million yuan in 2024 [10][11] - The decline in revenue is attributed to a significant drop in licensing income, particularly from its collaboration with Junshi Biosciences on the COVID-19 treatment VV116 [11][12] Group 3: Wangshan Wangshui's Product Pipeline - Wangshan Wangshui is attempting to expand the indications for VV116 to include respiratory syncytial virus (RSV) treatment, but faces competition from faster-moving rivals [12][13] - The company has two additional core products targeting depression and erectile dysfunction, but both are entering highly competitive markets [13][14] Group 4: Ying'en Biotechnology's Strategy - Ying'en Biotechnology focuses on antibody-drug conjugates (ADCs) and has developed a pipeline of 13 candidate drugs, with significant partnerships for licensing agreements [15][16] - The company reported a revenue increase of 22.91% year-on-year, reaching 1.227 billion yuan from licensing and collaboration agreements [18] - Despite revenue growth, Ying'en Biotechnology's net loss for the first half of 2025 was 2.074 billion yuan, indicating challenges in profitability [18][19]

Market Overview - On October 21, US stock indices closed mixed, with the Dow Jones reaching a historical high, the S&P 500 flat, and the Nasdaq slightly down [1] - The Dow Jones increased by 218.16 points (+0.47%), while the Nasdaq fell by 36.87 points (-0.16%) and the S&P 500 rose by 0.22 points (0.00%) [2] Technology Stocks Performance - Major tech stocks showed mixed results, with Amazon rising over 2%, while Google and Tesla fell over 2% and 1%, respectively [2] - Notable declines in Chinese concept stocks included Daqo New Energy down over 5% and Alibaba down 3.92% [3] Precious Metals Market - International gold and silver prices saw significant declines, with the Philadelphia Gold and Silver Index dropping by 9.57% and spot gold falling over 6%, marking the largest single-day drop since April 2013 [4] - COMEX gold futures fell by 5.07%, and COMEX silver futures dropped by 6.27% [4] Cryptocurrency Market - Multiple cryptocurrencies experienced sharp declines, with over 170,000 individuals facing liquidation, totaling over $700 million [4][6] - Bitcoin was priced at $109,132.1, down 1.29%, while Ethereum was at $3,898.49, down 2.09% [5] Investor Sentiment - A recent Bank of America survey indicated that 43% of investors view "going long on gold" as the most crowded trade, surpassing the 39% for "going long on the seven major US stocks" [7] - This sentiment suggests that gold is seen as a widely favored safe-haven asset, but it also indicates potential overvaluation concerns in the gold market [7]

Group 1 - China's GDP grew by 5.2% year-on-year in the first three quarters, exceeding the government's target of around 5% [1] - The Producer Price Index (PPI) showed a narrowing decline for the second consecutive month in September, indicating improved market conditions [1] - The turnover of goods and passengers increased by 4.8% and 4.4% respectively, reflecting a recovery in economic vitality [1] Group 2 - High-tech manufacturing value added increased by 9.6% year-on-year, with significant growth in industrial robots (29.8%), 3D printing equipment (40.5%), and industrial control computers (98.0%) [2] - The stock trading volume in the Shanghai and Shenzhen markets rose by 106.8% year-on-year, contributing to the "innovation bull" phenomenon [2] - 74.4% of the 125 listed companies that disclosed their Q3 reports achieved year-on-year net profit growth [2] Group 3 - Strong performance was noted in technology sectors such as semiconductors, artificial intelligence, and consumer electronics, supporting the capital market's "innovation bull" [3] - Notable companies like Cambricon reported a revenue increase of 2386.38% year-on-year, while CATL saw revenue and profit growth of 12.9% and 41.21% respectively [3] - Morgan Stanley's report indicated that the financial system's risk clearance is nearing completion, with improvements in credit growth and corporate liquidity [3] Group 4 - Despite a slowdown in growth, structural and endogenous factors are improving, indicating stronger future economic momentum [4] - There is a need to accelerate the implementation of existing policies to foster domestic demand and promote new productive forces [4] - The focus should be on transitioning from old to new economic drivers while maintaining macroeconomic stability [4]

来源丨商务部新闻办公室 编辑丨曾静娇 见习编辑张嘉钰 1.75亿股民活跃，炒股APP流量续创年内新高 对美出口不减反增，500亿稀土巨头净利润大增170% 靠奥特曼、小马宝莉年入8亿，毛利超3成，零食界泡泡玛特冲刺港股 SFC 21君荐读 卡雷曼斯表示，荷方高度重视荷中经贸关系，愿与中方密切沟通，为安世半导体问题寻找建设 性的解决方案。 10月21日，商务部部长王文涛应约与荷兰经济大臣卡雷曼斯通话，双方围绕安世半导体等问题 交换意见。 王文涛表示，中方高度重视中荷经贸合作。荷方针对安世半导体采取的有关措施，严重影响全 球产供链稳定。中方敦促荷方从维护全球产供链安全稳定的大局出发，秉持契约精神和市场 化、法治化原则，尽快妥善解决问题，保护中国投资者合法权益，营造公平、透明、可预期的 营商环境。 ...

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | AMZN | 亚马逊(AMAZON) | 221.650 | 5.170 | 2.39% | | AAPL | 苹果(APPLE) | 262.900 | 0.660 | 0.25% | | MSFT | 微软(MICROSOFT) | 517.448 | 0.658 | 0.13% | | META | 脸书(META PLATFORMS | 732.350 | 0.180 | 0.02% | | TSLA | 特斯拉(TESLA) | 445.730 | -1.700 | -0.38% | | NVDA | 英伟达(NVIDIA) | 181.630 | -1.010 | -0.55% | | GOOG | 谷歌(ALPHABET)-C | 248.540 | -8.480 | -3.30% | 其他个股方面，"人造肉第一股"Beyond Meat大涨45%， 通用汽车涨逾15%，公司上调全年业 绩指引。可口可乐涨逾3%，三季度营收高于预期，北美洲销量改善。 中概股多数飘绿 记者丨 ...

Core Viewpoint - The company, Jinli Permanent Magnet, has seen an increase in exports to the U.S., with a significant rise in revenue and profitability, indicating strong market demand and operational efficiency [1][4][9]. Financial Performance - In the first three quarters, the company achieved a revenue of 5.373 billion yuan, with U.S. export sales reaching 354 million yuan, a year-on-year increase of 43.92% [1][6]. - The net profit attributable to the parent company for Q3 was 211 million yuan, up 172.7% year-on-year, suggesting a strong recovery in profitability [1][10]. - The company's gross margin improved to 19.49%, an increase of 9.46 percentage points compared to the previous year [10]. Market Position and Customer Base - Jinli Permanent Magnet is the leading producer of rare earth permanent magnet materials in China and globally, with a significant market share in the electric vehicle and wind power sectors [1][8]. - The company supplies products to major global manufacturers, including eight of the top ten producers of variable frequency air conditioning compressors and five of the top ten wind turbine manufacturers [8]. Export Dynamics - The company's overseas revenue is projected to exceed 1.2 billion yuan in 2024, accounting for approximately 18% of total revenue, with U.S. sales expected to reach around 418 million yuan [4][7]. - Following the implementation of export controls on certain rare earth materials, the company has successfully obtained export licenses, ensuring continued growth in U.S. sales [7][9]. Future Outlook - Analysts predict that the company's net profit for 2025 could exceed 700 million yuan, with some estimates reaching up to 800 million yuan, indicating strong growth expectations [11]. - The company is in an expansion phase, with plans to increase production capacity to 60,000 tons by 2027, which is expected to drive further revenue growth [13].