Market Performance Summary - Sinopec Oilfield Service (01033) rose over 12% as the company continues to advance its overseas strategy, with new contract signings increasing by over 70% in the first half of the year [1] - China Hongqiao Group (00931) fell over 13% after a significant 55% surge the previous day, with ongoing discussions regarding potential investments [1] - BYD Electronic (00285) increased over 4% as the company is set to supply power components for NVIDIA's new 800VDC AI server architecture [1] - Horizon Robotics-W (09660) rose over 6% as its HSD technology was first adopted by the ET5 model, with multiple automakers already confirming orders [1] - Bilibili-W (09626) increased over 10% due to strong performance of new games, indicating a gradual release of its commercial value [1] - CRRC Corporation (01766) rose nearly 4% ahead of its third-quarter earnings report, with expectations for continued growth in new train procurement and maintenance [1] - Genscript Biotech (01952) rose over 5% as its EVM14 treatment for squamous cell carcinoma addresses critical clinical needs, leading in clinical development progress [1] - Bosideng (03998) increased nearly 6% following the appointment of renowned British designer Kim Jones as the creative director for its new AREAL high-end urban line [1] - Derin Holdings (01709) fell over 11% after announcing a discounted placement of shares to raise funds for expanding Bitcoin mining operations [1] US Market Highlights - TSMC (TSM.US) rose 0.89% as the first NVIDIA Blackwell wafers were recently produced in the US [3] - Pony.ai (PONY.US) increased 1.76% after partnering with Stellantis for autonomous vehicle solutions [3] - WeRide (WRD.US) rose 2.67% after successfully passing the Hong Kong Stock Exchange hearing, positioning itself to become the first "Robotaxi" stock in Hong Kong [3] - Zeekr (ZK.US) increased 4.48% as pre-sales for the refreshed Zeekr 7X officially began, offering significant pre-sale benefits [3] - iQIYI (IQ.US) rose 8.37% as Morgan Stanley upgraded its target price, citing the long-term growth potential of the domestic IP merchandise market [3] - Taoping (TAOP.US) increased 4.27% after announcing a non-binding letter of intent to acquire 100% of Alphalion Holding Limited [3] - Micron Technology (MU.US) rose 2.17% as several major firms raised their target prices for the company [4] - U.S. Antimony Corporation (UAMY.US) surged 20.02% following its proposal to acquire Larvotto Resources to enhance its critical mineral asset portfolio [4] - Apple (AAPL.US) rose 3.94% as a report indicated strong early sales of the iPhone 17 series in China and the U.S. [4] - Moderna (MRNA.US) increased 4.73% after presenting positive data on its mRNA vaccine pipeline at the IDWeek 2025 conference [4]

Group 1: Government Shutdown Impact - The U.S. Senate failed to pass a government funding bill, resulting in the continuation of the government shutdown that began on October 1 [1][2] - The funding bill aimed to extend government funding until November 21 but did not meet the required 60 votes, receiving only 50 in favor [2] - The shutdown has led to the National Nuclear Security Administration (NNSA) initiating forced unpaid leave for approximately 1,400 employees, marking the first such occurrence since the agency's establishment in 2000 [4][5] Group 2: Economic Data and Federal Reserve - The government shutdown has caused a "data vacuum," complicating the Federal Reserve's ability to assess economic conditions, particularly regarding inflation and employment risks [6][7] - Financial markets expect the Federal Reserve to lower the benchmark interest rate by 25 basis points to a range of 3.75%–4.00% during the upcoming policy meeting [7] - The average monthly non-farm employment growth from June to August was only 29,000, significantly below pre-pandemic levels, raising concerns about the labor market's true state [7][8] Group 3: Stock Market Performance - U.S. stock markets experienced significant gains, with major indices rising over 1%, driven by optimism from quarterly earnings reports and improved risk appetite [3][10] - Apple Inc. saw its stock price reach a record high of $262.24, with a market capitalization of $3.89 trillion, surpassing Microsoft to become the second-largest company by market value in the U.S. [13][15] - The iPhone 17 series has shown strong early sales, outperforming the iPhone 16 series by 14%, indicating a positive trend for Apple's future sales [15]

Market Overview - Major indices in China opened higher, with the Shanghai Composite Index up 0.18%, Shenzhen Component Index up 0.52%, and ChiNext Index up 0.81, led by gains in precious metals and deep earth economy sectors [1] - In the external market, major US indices rose over 1%, with the Dow Jones up 1.12% to 46,706.58 points, S&P 500 up 1.07% to 6,735.13 points, and Nasdaq up 1.37% to 22,990.54 points [3] - Chinese concept stocks also saw collective gains, with the Nasdaq China Golden Dragon Index rising 2.39% [3] Industry Insights - CITIC Securities highlighted the rapid advancement of solid-state battery technology, noting a breakthrough that addresses the solid-solid interface contact issue, which has been a major bottleneck for mass production [4] - The collaboration between Changsheng Technology and Boyuan Co. aims to enhance the supply chain and accelerate the commercialization of sulfide solid-state batteries [4] - Huatai Securities emphasized that internet platform companies are actively seeking commercialization opportunities in their advantageous scenarios, particularly in basic cloud service providers and advertising sectors [5] - CITIC Securities recommended focusing on "small but beautiful" companies in the textile and apparel manufacturing sector, which are showing positive operational changes and potential for valuation re-evaluation [6] - China Galaxy Securities noted a market style shift leading to a recovery in the food and beverage index, with a focus on new consumption trends and companies with solid fundamentals [8]

Group 1: Market Performance - The three major U.S. stock indices rose over 1%, with the Dow Jones up 1.12% to 46,706.58 points, the S&P 500 up 1.07% to 6,735.13 points, and the Nasdaq up 1.37% to 22,990.54 points, driven by easing trade tensions and a significant increase in Apple’s stock price [1] - European blue-chip stocks also saw gains, with a 1.3% rise to a record closing high, led by Infineon and German defense stock RHM, which both increased over 5% [1] - Major technology stocks generally rose, with Apple increasing by 3.94%, while Nvidia saw a slight decline of 0.32% [1] Group 2: Gold Market Dynamics - The proportion of gold in global central bank reserves has surpassed 30%, while the dollar's share has decreased to 40%, indicating a historic shift in reserve asset allocation [2] - Deutsche Bank estimates that if gold prices exceed $5,790 per ounce, gold and the dollar will each account for 36% of global reserves, marking a significant milestone [2] - A recent survey by the World Gold Council revealed that 43% of central banks plan to increase their gold holdings, up from 29% the previous year, suggesting a strong long-term support for gold prices [2]

Group 1 - Recent years have seen a trend of Chinese concept stocks returning to Hong Kong for listing, with companies like Hesai Technology, Tianjing Biotechnology, WeRide, and Pony.ai announcing their plans or progress for Hong Kong listings [1][2] - Pony.ai plans to issue up to 102.1 million shares and has a current market value exceeding $7 billion, while Tianjing Biotechnology aims for a dual listing in Hong Kong to enhance collaboration with global innovators and diversify its investor base [1][2] - WeRide has received approval from the China Securities Regulatory Commission for its Hong Kong listing, intending to issue up to 102.4 million shares, and is noted for holding autonomous driving licenses in seven countries [1] Group 2 - Hesai Technology became the first lidar company to achieve a dual primary listing on the Hong Kong Stock Exchange, raising approximately HKD 4.16 billion and reaching a market value of HKD 35.85 billion on its first day [2] - Since the reform of the Hong Kong listing system in 2018, over 30 Chinese concept stocks have returned to Hong Kong, including major players like Alibaba, JD.com, and Baidu, representing a significant portion of the internet sector [2] - There are three main methods for Chinese concept stocks to return to Hong Kong: privatization and re-listing, secondary listings, and dual listings, with 34 companies having returned since 2018 [2] Group 3 - The return of Chinese concept stocks to Hong Kong is seen as a strategic move amid U.S. regulatory and geopolitical uncertainties, providing companies with better funding opportunities and faster listing processes [3] - The industry focus of returning companies has primarily been on internet platforms and biotechnology, with expectations for future expansions into emerging sectors such as semiconductors, industrial software, and intelligent driving [3]

Market Performance - Major U.S. stock indices rose over 1%, with the Dow Jones up 1.12% to 46,706.58 points, the S&P 500 up 1.07% to 6,735.13 points, and the Nasdaq up 1.37% to 22,990.54 points, driven by easing trade tensions and a surge in Apple stock [1] - European blue-chip stocks increased by 1.3%, reaching a record closing high, with Infineon and German defense stock RHM leading gains over 5% [1] Technology Stocks - Large tech stocks generally saw gains, with Apple rising 3.94%, Microsoft up 0.63%, Google up 1.28%, Amazon up 1.61%, Meta up 2.13%, and Tesla up 1.85% [2] - Chinese concept stocks also experienced a collective rise, with the Nasdaq Golden Dragon China Index up 2.39%, Alibaba up 3.84%, and NIO up 4.59% [2] Gold Market Dynamics - The proportion of gold in global foreign exchange reserves has surpassed 30%, while the dollar's share has decreased to 40% [3] - Deutsche Bank estimates that if gold prices exceed $5,790 per ounce, gold and the dollar will each represent 36% of global reserves, marking a historic shift [3] - A recent survey indicated that 43% of central banks plan to increase gold holdings, up from 29% the previous year, suggesting a long-term support for gold prices [3]

Core Viewpoint - Pony.ai (小马智行) shares rose over 4.7% to $20.2 following the announcement of a non-binding memorandum of understanding with Stellantis to accelerate the development and deployment of autonomous vehicle solutions in Europe [1] Group 1: Partnership Details - Stellantis and Pony.ai will collaborate to develop and test SAE Level 4 autonomous vehicles by integrating Stellantis's AV-Ready platform with Pony.ai's autonomous driving technology [1] - The partnership plans to begin deploying test vehicles based on the Peugeot e-Traveller model in Luxembourg within the next few months [1] Group 2: Future Plans - From 2026 onwards, the companies aim to gradually promote the autonomous vehicle solutions in urban areas across Europe [1]

Core Viewpoint - Pony.ai (PONY.US) shares rose over 4.7% to $20.2 following the announcement of a non-binding memorandum of understanding between Stellantis and Pony.ai aimed at accelerating the development and deployment of autonomous vehicle solutions in Europe [1] Group 1: Partnership Details - Stellantis and Pony.ai will collaborate to develop and test SAE Level 4 autonomous vehicles by integrating Stellantis's AV-Ready platform with Pony.ai's autonomous driving technology [1] - The partnership plans to begin deploying test vehicles based on the Peugeot e-Traveller model in Luxembourg within the coming months [1] Group 2: Future Plans - From 2026 onwards, the companies aim to gradually roll out autonomous vehicles in urban areas across Europe [1]

Group 1: Foreign Trade Performance - In the first three quarters of the year, China's foreign trade import and export reached 33.61 trillion yuan, a year-on-year increase of 4% [1] - Exports amounted to 19.95 trillion yuan, growing by 7.1%, while imports were 13.66 trillion yuan, showing a slight decline of 0.2% [1] - In September alone, the total import and export value was 4.04 trillion yuan, reflecting an 8% growth [1] Group 2: Export Product Trends - In the first three quarters, China exported 12.07 trillion yuan worth of electromechanical products, marking a 9.6% increase and accounting for 60.5% of total exports [2] - High-tech products such as electronic information, high-end equipment, and instruments saw growth rates of 8.1%, 22.4%, and 15.2% respectively [2] - New categories of products, including "new three samples" and railway electric locomotives, experienced double-digit growth [2] Group 3: International Business Expansion - Alibaba and Ant Group jointly invested 9.25 billion USD (approximately 66 billion yuan) to establish their Hong Kong headquarters, aiming to expand international business [6] - This move is seen as a strategic step to leverage Hong Kong as a base for global development [6] Group 4: E-commerce Tax Reporting - Amazon announced it will report seller tax information to Chinese tax authorities quarterly, starting from October 31, 2025 [7] - This initiative is part of a broader effort to enhance tax regulatory transparency in China's cross-border e-commerce sector [8] Group 5: Trade Fair Participation - The 138th Canton Fair concluded with nearly 158,000 overseas buyers attending, representing a 6.3% increase from previous events [3] Group 6: Regional Trade Performance - Guangdong's foreign trade import and export reached 7.02 trillion yuan in the first three quarters, a 3.8% increase year-on-year, accounting for 20.9% of the national total [4] - Exports from Guangdong were 4.48 trillion yuan, growing by 1.4%, while imports increased by 8.2% to 2.54 trillion yuan [4] Group 7: Cultural Products Export - In the first three quarters, exports of holiday products, dolls, and animal-shaped toys exceeded 50 billion yuan, showcasing the global influence of Chinese traditional culture [5]

Group 1: Company Overview - Yunji Technology officially listed on the Hong Kong Stock Exchange on October 16, 2025, with the stock code "2670," becoming the first stock in the "robot service intelligent body" sector [2] - Founded in 2014, Yunji Technology holds a leading position in China's robot service intelligent body market, with a market share of 6.3% in 2024 [2] - The company has established partnerships with over 34,000 hotels globally, including major hotel groups such as Huazhu and InterContinental [2] Group 2: Financial Performance - Yunji Technology's revenue from 2022 to 2024 was 161 million, 145 million, and 245 million yuan, respectively, with a compound annual growth rate (CAGR) of 23.2% [3] - The company's gross profit increased from 39 million yuan in 2022 to 106 million yuan in 2024, reflecting a CAGR of 64.6% [3] - In the first five months of 2025, Yunji Technology's revenue grew by 18.9% year-on-year to 88 million yuan, with gross profit increasing by 10.2% to 35 million yuan [3] Group 3: Business Segments - Yunji Technology operates two main business lines: hardware and AI digital systems, with the latter experiencing a CAGR of 45.5% from 2022 to 2024 [4] - The AI digital system business saw a revenue increase of 194% in the first five months of 2025 compared to the same period in 2024 [4] Group 4: Market Position and Future Outlook - Yunji Technology is expanding into high-value sectors such as healthcare and factories, with over 150 hospitals served by May 2025 [3] - The company aims to strengthen governance and focus on technological innovation and global market expansion following its IPO [6] Group 5: Other Companies - Daoshengtianhe Materials Technology officially listed on the Shanghai Stock Exchange on October 17, 2025, focusing on new materials for various industries [5] - Pony AI Inc. is preparing for a dual listing in the U.S. and Hong Kong, having already attracted significant institutional investment since its U.S. IPO [9][10] - Jushuitan Group plans to list on the Hong Kong Stock Exchange on October 21, 2025, and has established itself as the largest e-commerce SaaS ERP provider in China with a market share of 24.4% [12]