券商中国·2025-10-25 11:33Macro Dynamics - The Ministry of Commerce reported that from January to September 2025, the actual use of foreign capital in China was 573.75 billion RMB, a year-on-year decrease of 10.4% [2] - In September 2025, the actual use of foreign capital increased by 11.2% year-on-year, with the manufacturing sector receiving 150.09 billion RMB and the service sector 410.93 billion RMB [2] - High-tech industries attracted 170.84 billion RMB in foreign investment, with significant growth in e-commerce services (155.2%), aerospace manufacturing (38.7%), and medical equipment manufacturing (17%) [2] - Notably, investments from Japan, UAE, UK, and Switzerland increased by 55.5%, 48.7%, 21.1%, and 19.7% respectively [2] Automotive Industry - As of the end of September 2025, the inventory of passenger vehicles in China was 3.28 million units, an increase of 120,000 units from the previous month and 260,000 units from September 2024 [3] - The inventory days decreased by 6 days year-on-year to 39 days, indicating a reduction in overall inventory pressure compared to previous years [3] - The forecast suggests strong sales in the coming months, supported by the current inventory levels [3] Financial Institutions - Zhejiang Securities has received approval to conduct a pilot program for stock incentive exercise financing for listed companies [7] Market Data - On October 24, 2025, all three major U.S. stock indices closed higher, reaching new historical highs, with the Nasdaq up 1.15% and the S&P 500 up 0.79% [8] - Notable performances included Nvidia and Google rising over 2%, while Ford's stock surged over 12%, marking its best single-day performance since March 2020 [8] Company Dynamics - Kweichow Moutai announced a major personnel change, with Chen Hua appointed as the new chairman, replacing Zhang Deqin [10] - General Motors laid off over 200 employees, primarily in computer-aided design engineering, as part of cost-cutting measures [11] - Zong Fuli has returned to Wahaha Group, now acting as the president of Hongsheng Beverage Group, while continuing to use the Wahaha brand for sales [12]