Key Points - A new stock subscription is available today [1] - The State Council meeting on October 31 focused on deepening reforms in key areas and expanding institutional openness [3] - The Ministry of Finance and the State Taxation Administration announced tax policies related to gold trading, exempting VAT until the end of 2027 for certain transactions [3] - The China Securities Regulatory Commission released draft guidelines for the performance benchmarks of publicly offered securities investment funds [4] - A significant breakthrough in nuclear energy was reported, with China achieving thorium-uranium fuel conversion based on molten salt reactors [4] - The China Listed Companies Association reported improved performance among listed companies, highlighting the role of innovation and structural upgrades [5] - The 15th National Games torch relay featured a humanoid robot "Kua Fu" as a torchbearer, marking a global first [5] - Anshi China has established sufficient inventory to meet customer demand through the end of the year and beyond [7] - Vanke A is set to receive a loan of up to 22 billion yuan from Shenzhen Metro Group [7] - Long-term growth in new energy vehicle sales was reported for Chang'an Automobile and Seres [7] - Great Wall Motors reported October sales of 143,100 vehicles, a year-on-year increase of 22.5% [8] - ST Yifei signed an overseas procurement order worth approximately 190 million yuan [9] - Tianqi Co. signed a strategic cooperation framework agreement with Foxconn Automotive [10] - Several companies are undergoing significant changes, including mergers and acquisitions, and stock repurchases [13][14][15][16]

Market News - China's October CPI and PPI data will be released on November 9, with a forecasted CPI year-on-year increase to 0.6% and a narrowing PPI decline from -2.8% in September to -2.2% in October [2] - China's October import and export data will be published on November 7, with exports expected to rise by 4.9% year-on-year and imports by 1.2% [3] - The U.S. will release the ADP employment report on November 5, with expectations of a modest increase in non-farm employment and a potential rise in the unemployment rate to 4.4% [4] - The Q3 earnings season continues this week with major companies like AMD and Qualcomm reporting, with AMD's growth driven by strong performance in data center and client segments [5] Sector Updates - The 2025 xEV Battery Technology Forum and Solid-State Battery Technology Industry Conference will be held in Shanghai from November 3 to 4, focusing on lithium batteries and solid-state battery mass production [9] - A notification to improve duty-free shop policies was issued to boost consumption, effective from November 1, 2025 [10] - The 8th China International Import Expo will take place from November 5 to 10, with a record exhibition area and participation from over 290 Fortune 500 companies [11] - The CEIC 2025 Consumer Electronics Innovation Conference will be held in Shenzhen from November 6 to 8, showcasing innovations in smart devices and technologies [12] - The 2025 World Internet Conference will be held in Wuzhen from November 6 to 9, focusing on building a collaborative digital future [13] Company Highlights - Seres is set to list on the Hong Kong Stock Exchange on November 5, with an IPO price of up to HKD 131.5 per share, aiming to raise approximately HKD 12.9 billion [15] - BYD reported October sales of 441,700 new energy vehicles, a year-on-year decrease from 502,700 units [16] - Great Wall Motors announced October sales of 143,100 vehicles, a 22.5% year-on-year increase [17] - Chery Group reported October sales of 281,161 vehicles, with new energy vehicle sales up 54.7% year-on-year [18] - NIO delivered 40,397 vehicles in October, marking a 92.6% year-on-year increase [19] - Li Auto delivered 31,767 vehicles in October, with plans to expand its overseas market presence [19] Lock-up Expiration - A total of 30 companies will have lock-up shares released this week, amounting to 1.028 billion shares with a total market value of approximately CNY 20.322 billion [22] - The peak lock-up expiration date is November 7, with six companies accounting for 62.69% of the total market value [22] New Stock Calendar - Three new stocks are set to be issued this week, totaling approximately 573 million shares and expected to raise CNY 3.947 billion [26] Market Outlook - CITIC Securities suggests that structural opportunities remain, with a focus on traditional manufacturing upgrades, Chinese enterprises going global, and AI developments [29] - CITIC Jiantou anticipates a new round of market consolidation in November, advising investors to pause on increasing positions [31] - Galaxy Securities emphasizes the importance of technology and industry integration, highlighting the government's focus on a modern industrial system [32]

Financing and Strategic Partnerships - Vanke A has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, to provide a loan limit of up to 22 billion yuan [3] - Betta Pharmaceuticals has reached a strategic cooperation with Shengsi Biotech, obtaining exclusive distribution rights for a long-acting recombinant factor VIII product in Greater China [4] - Nenghui Technology has established a joint venture with Zhejiang Lisan, investing 10 million yuan to capitalize on opportunities in the "computing power + AI" and "computing power + new energy" sectors [6] Market Performance - Seres reported a total vehicle sales of 54,384 units in October 2025, with new energy vehicle sales reaching 51,456 units, marking a year-on-year increase of 42.89% [9] - BAIC Blue Valley's subsidiary achieved a 112.02% year-on-year increase in sales for October 2025, totaling 30,542 units [10] - Changan Automobile's new energy vehicle sales grew by 36.14% year-on-year in October 2025, with total sales of 278,400 units for the month [12] - Great Wall Motors reported October sales of 143,100 units, reflecting a year-on-year increase of 22.5% [13] - BYD exported a total of 83,904 new energy vehicles in October 2025, with a total battery installation capacity of approximately 27.362 GWh for the month [14] Shareholding Changes - Jintai Technology's shareholder, Gaoxin Investment, plans to reduce its stake by up to 3% through various trading methods [16] - Yongzhen Co., Ltd. announced that two shareholders intend to reduce their holdings by up to 3% [17] - Huafeng Measurement Control's controlling shareholder plans to reduce its stake by up to 2% [18] - Rongqi Technology's employee strategic placement asset management plan intends to reduce its holdings by up to 1.32% [19] - Jinli Permanent Magnet's directors and senior management plan to collectively reduce their holdings by up to 0.15% [20] Major Contracts - ST Yifei signed an overseas procurement order worth approximately 190 million yuan, accounting for 27.46% of its audited revenue for 2024 [21] - Lanjian Intelligent signed a daily operational contract worth 138 million yuan [22] - Jingye Intelligent won a bid for a process equipment project valued at 134 million yuan [23] - Daye Intelligent's subsidiary signed a bareboat charter contract for two vessels, with total rental income projected at approximately 48.73 million USD over 1,095 days [24]

Company Announcements - Vanke A signed a framework agreement with Shenzhen Metro Group for a loan limit of up to 22 billion yuan, with a total expected loan principal and interest not exceeding 23.691 billion yuan [1] - Seres reported a 42.89% year-on-year increase in October new energy vehicle sales, totaling 51,456 units [2] - BYD's new energy vehicle sales for the first ten months increased by 13.88% year-on-year, with October sales reaching 441,706 units [2] - SAIC Group's new energy vehicle sales in October grew by 31.58%, totaling 206,700 units [2] - Beida Pharmaceutical entered a strategic cooperation with Shengsi Bio, obtaining exclusive distribution rights for a recombinant coagulation factor product [3] Shareholding Changes - Tianmo Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [4] - Jinyi Permanent Magnet's directors and executives plan to collectively reduce their holdings by up to 0.15% of the company's shares [5] - Yongzhen Co., Ltd. shareholders plan to reduce holdings by up to 3% of the company's shares due to personal funding needs [6] Performance & Sales - BAIC Blue Valley's subsidiary reported a 112.02% year-on-year increase in October sales [9] - Changan Automobile's new energy vehicle sales in October increased by 36.14% year-on-year [7] - Great Wall Motors reported a 22.5% year-on-year increase in October vehicle sales [8] Contracts & Projects - Daye Intelligent plans to sign a charter contract with OOS for two vessels, with total rental income estimated at approximately 48.73 million USD [10] - Lanjian Intelligent signed a significant operating contract worth 138 million yuan, expected to positively impact the company's 2026 performance [11] - ST Yifei signed an overseas procurement order worth approximately 190 million yuan, which is expected to positively influence future performance [13] - Jingye Intelligent received a bid notification for a project worth 134.4 million yuan, which could positively impact performance if the contract is signed [14] Other Developments - Weiming Environmental was selected as a supplier for an energy-from-waste project in Indonesia, indicating recognition of its financial and technical capabilities [15] - Nenghui Technology established a joint venture with Zhejiang Lisan Technology, with a registered capital of 10 million yuan [16]

Group 1: Company Announcements - Multiple A-share companies announced operational updates on November 2 [1] - Betta Pharmaceuticals (300558) entered a strategic partnership with Jiangsu Shengsi Biopharmaceutical Co., Ltd. and Hangzhou Shengsi Biopharmaceutical Co., Ltd. to obtain exclusive general agency rights for a recombinant coagulation factor product [4] - Betta Pharmaceuticals aims to enhance its new drug innovation technology platform and product pipeline through this collaboration, providing support in R&D, clinical trials, production, registration, and sales promotion [4] Group 2: Product Details - Betta Pharmaceuticals' exclusive general agency rights include the recombinant human coagulation factor VIII-Fc fusion protein (FRSW117), which has completed Phase III clinical trials and is intended for patients with Hemophilia A [4] - FRSW117 is classified as a Class 1 therapeutic biological product, with a dosing frequency of once a week for preventive treatment [4] - Currently, no domestic long-acting recombinant factor VIII products have been approved for market release in China [4] Group 3: Financial Contracts - Lanjian Intelligent (688557) signed a significant daily operational contract worth 138 million yuan [5][7] - The contract with Nine Technology (Zhuhai) Co., Ltd. is expected to positively impact the company's performance in 2026 [7] - ST Yifei (688646) announced an overseas procurement order valued at approximately 190 million yuan, accounting for 27.46% of the company's audited revenue for 2024 [8][10]

Core Viewpoint - Multiple A-share companies announced significant operational updates, highlighting strategic partnerships and contracts that may impact their future performance [2][5][6]. Group 1: Company Announcements - Betta Pharmaceuticals (300558) announced a strategic partnership with Jiangsu Shengsi Biopharmaceutical Co., Ltd. and Hangzhou Shengsi Biopharmaceutical Co., Ltd. to obtain exclusive general agency rights for a recombinant coagulation factor product [2][5]. - The partnership aims to enhance Betta's new drug innovation technology platform and expand its product pipeline, with support in R&D, clinical trials, production, registration, and sales promotion [5]. - Betta's subsidiary, Zhejiang Betta Pharmaceutical Sales Co., Ltd., secured exclusive general agency rights for FRSW117, a long-acting recombinant factor VIII product, in the Greater China region [5]. Group 2: Financial Impact - FRSW117 is designed for the treatment of Hemophilia A (HA) patients, with a dosing frequency of once a week for preventive treatment, and has recently completed Phase III clinical trials [5]. - The product is classified as a Class 1 therapeutic biological product, and no domestic long-acting recombinant factor VIII products have been approved for market release yet [5]. - Lan Jian Intelligent (688557) signed a significant operational contract worth 138 million yuan, which is expected to positively impact the company's performance in 2026 [6][8]. - ST Yifei (688646) announced an overseas procurement order valued at approximately 190 million yuan, representing 27.46% of the company's audited revenue for 2024 [8][11].

Core Viewpoint - The company has entered into a strategic cooperation agreement with Jiangsu Shengsi Biopharmaceutical Co., Ltd. and Hangzhou Shengsi Biopharmaceutical Co., Ltd. to support the development, industrialization, and commercialization of related products [1][2] Group 1: Strategic Cooperation - The strategic cooperation framework agreement outlines the support the company will provide in research and development, clinical trials, production, registration, and sales promotion [1] - Specific cooperation matters will be detailed in separate agreements between the company and Shengsi Biopharmaceutical [1] Group 2: Market Expansion - The company and its wholly-owned subsidiary aim to enter the recombinant coagulation factor market through this collaboration, aligning with the company's development strategy [2] - The company has obtained exclusive general agency rights for FRSW117 in the Greater China region, which includes mainland China, Hong Kong, Macau, and Taiwan [1]

Group 1 - Company has entered into a strategic cooperation with Jiangsu Shengsi Biological Pharmaceutical Co., Ltd. and Hangzhou Shengsi Biological Pharmaceutical Co., Ltd. to support product development, industrialization, and commercialization [1] - A commercial cooperation agreement has been signed between the company's wholly-owned subsidiary, Zhejiang Beta Pharmaceutical Sales Co., Ltd., and Hangzhou Shengsi Biological, granting exclusive distribution rights for FRSW117 in Greater China [1] - The strategic cooperation framework agreement is a preliminary agreement, with specific cooperation details to be outlined in subsequent agreements, and it is not expected to have a significant impact on the company's 2025 financial results [1] Group 2 - The collaboration aims to enter the recombinant coagulation factor market, further expanding the company's product portfolio in line with its development strategy [2]

Core Viewpoint - Beida Pharmaceutical has entered into a strategic cooperation with Shengsi Biotech to enhance its new drug innovation technology platform and expand its product pipeline [1] Group 1: Strategic Cooperation - The strategic cooperation aims to leverage the strengths of both companies to support each other and promote mutual development [1] - The partnership will focus on expanding into the restructured blood products market to better meet clinical needs and strengthen the company's product matrix [1] Group 2: Financial Overview - For the year 2024, Beida Pharmaceutical's revenue composition is projected to be 100% from pharmaceutical manufacturing [1] - As of the report date, Beida Pharmaceutical has a market capitalization of 23.9 billion yuan [1]

Core Viewpoint - Beida Pharmaceutical has entered into a strategic cooperation with Shengsi Bio to enhance its new drug innovation technology platform and expand its product pipeline [1] Group 1: Strategic Cooperation - The strategic cooperation framework agreement aims to leverage the strengths of both companies for mutual support and development [1] - Beida Pharmaceutical has signed a commercial cooperation agreement with Shengsi Bio, granting exclusive distribution rights for the product FRSW117 in the Greater China region [1] Group 2: Product Development - FRSW117 is a long-acting recombinant factor VIII product, classified as a type of therapeutic biological product, which has recently completed Phase III clinical trials [1] - The product is intended for routine prophylaxis, on-demand treatment, and perioperative bleeding management for hemophilia A patients, with a dosing frequency of once a week for preventive treatment [1] - Currently, there are no domestically approved long-acting recombinant factor VIII products available in the market [1]