明起，全部切换！北交所，重大变革！

Macro News - The price of spot gold in London reached a historic high of $4000 for the first time on October 8 [2] - The U.S. Senate failed to pass a funding bill proposed by the Democrats, leading to a continued government shutdown [3][7] - The People's Bank of China reported that gold reserves reached 7.406 million ounces by the end of September, marking the 11th consecutive month of increases [13] - China's foreign exchange reserves stood at $333.87 billion at the end of September, reflecting a 0.5% increase from the previous month [14] Company News - Tesla launched a new version of the Model Y priced at $39,990, making it more affordable to counter the impact of the cancellation of U.S. electric vehicle subsidies. This new model is approximately 11% cheaper than the previous base version [4][19] - Cambrian Technology announced a private placement price of 1195.02 yuan per share, raising a total of 3.985 billion yuan for projects related to large model chip platforms and software platforms [20] Regulatory Updates - The State Council of China issued a notice to implement domestic product standards in government procurement, effective January 1, 2026. This policy aims to create a unified and competitive government procurement market, providing a 20% price evaluation preference for domestic products [6] - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the "14th Five-Year" capital market planning, emphasizing the need for high-quality implementation of capital market reforms [15] - The CSRC proposed a draft to significantly increase the reward standards for whistleblowers reporting securities and futures violations, raising the reward amount from 1% to 3% of the penalties collected [16] Market Developments - The Beijing Stock Exchange will switch to new securities codes for all existing stocks starting October 9, 2025, with the new code being 920. This change is part of a broader initiative to enhance the trading environment [18] - Qualified foreign investors will be allowed to participate in ETF options trading on the Shanghai and Shenzhen stock exchanges, with the trading purpose limited to hedging [17] Investment Strategies - Goldman Sachs raised its gold price forecast for December 2026 to $4900 per ounce, up from a previous estimate of $4300, anticipating continued net purchases of gold by central banks in emerging markets [21]