Investment News - Three new stocks are available for subscription this week, including Delijia on the main board, Fengbei Biotechnology, and Zhongcheng Consulting on the Beijing Stock Exchange [4] - A total of 52 restricted shares will be unlocked this week, amounting to 4.069 billion shares with a market value of 47.701 billion yuan. Xiamen Bank ranks first in the unlocking list with 9.014 billion yuan, followed by Arrow Home and Weic Technology with 5.146 billion yuan and 4.048 billion yuan respectively [4] - According to CRIC, over 87% of publicly listed REITs reported profits in the first half of the year, with a stable return rate. As of October 21, the total fundraising amount for publicly listed REITs this year reached 41.538 billion yuan, and the total scale of publicly listed REITs in China has reached 207.572 billion yuan [4] - Recently, "B-type" stocks in Hong Kong have become the main targets for reduction by pharmaceutical fund managers. Analysts suggest that the internal differentiation of innovative drugs will accelerate, and the previous strategy of buying into the sector will gradually become ineffective, leading to a focus on stock selection based on commercialization capabilities [4] - Since the launch of the first batch of securities companies' sci-tech bonds in May, the issuance scale of these bonds has steadily increased. As of October 24, the issuance scale of securities companies' sci-tech bonds this year reached 59.17 billion yuan, with expectations for continued rapid growth supported by relevant policies [4] Company Developments - Huawei updated its management information, with Yu Chengdong appointed as the chairman of the Product Investment Committee while continuing to serve as an executive director and chairman of the terminal BG, overseeing Huawei's terminal and HarmonyOS business [5] - WuXi AppTec reported third-quarter revenue of 12.057 billion yuan, a year-on-year increase of 15.26%, and a net profit of 3.515 billion yuan, up 53.27%. The company plans to sell 100% equity of Kande Hongyi and Jinshi Pharmaceutical to Hillhouse Capital for 2.8 billion yuan [6] - Laopu Gold announced its third price adjustment of the year, with multiple products seeing price increases exceeding 20%. For instance, the price of the Cross Gold Vajra No. 1 (8.39 grams) was adjusted to 18,500 yuan, an increase of 3,500 yuan, representing a 23.33% rise [6] - The domestic white cardboard market is experiencing a new round of concentrated price adjustments, with companies like Bohui Paper, Jiu Long Paper, and Wanguo Paper announcing a unified price increase of 200 yuan per ton for their white cardboard products starting November 1 [6] - Yingtang Zhikong is planning to acquire 100% equity of Guanglong Integration and 76% equity of Aojian Microelectronics, with its stock set to be suspended from trading starting October 27 [6] - Porsche reported a third-quarter loss of 966 million euros (approximately 8 billion yuan), leading to a significant 99% year-on-year decline in sales profit for the first three quarters. The company announced delays in the launch of certain electric vehicle models and extended the market lifecycle of several fuel and hybrid models, incurring an additional expense of approximately 2.7 billion euros (about 22.4 billion yuan) due to restructuring measures [6]

报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。 执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行和监 督，推动社会综合融资成本下降。 根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监管平 台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金融"五篇 大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消费、小微 企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动 ...

据新华社电国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提 出，下一步金融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。 执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行和监 督，推动社会综合融资成本下降。 根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监管平 台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 （文章来源：期货日报网） 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9% ...

报告提出：着力提供高质量金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金融"五篇 大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消费、小微 企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动，管好用好现有各项结构性货币政 策工具，加力支持重点领域和薄弱环节。精准有效推进金融支持重点产业提质升级。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势 ...

报告提出：着力提供高质量金融服务。 国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提出， 下一步 金融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务 。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 报告指出， 要落实落细适度宽松的货币政策，为巩固拓展经 ...

Group 1 - The report emphasizes the importance of financial services for the real economy, aiming to provide high-quality financial services [1][2] - From November 2024 to September 2025, 98 companies in the A-share market conducted initial public offerings (IPOs), raising 91.8 billion yuan, with 86% being private enterprises and 92% in strategic emerging industries [1] - By the end of September 2025, loans in technology, green, inclusive, elderly care, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% year-on-year, all significantly exceeding the overall loan growth rate [1] Group 2 - The report outlines a focus on enhancing financial services in key areas such as technological innovation, consumer stimulation, small and micro enterprises, and stabilizing foreign trade [2] - It calls for the implementation of a moderately loose monetary policy to support the ongoing economic recovery and to create a conducive monetary and financial environment [2] - The report highlights the need for improved financial regulation, emphasizing the enhancement of regulatory effectiveness and the protection of financial consumers and investors' rights [2]

Core Viewpoint - The report emphasizes the importance of financial services for the real economy, aiming to provide high-quality financial support and enhance financial regulation and reform to maintain stability and security in the financial sector [1][2]. Financial Support for the Real Economy - From November 2024 to September 2025, 98 companies in the A-share market conducted initial public offerings (IPOs), raising 91.8 billion yuan, with 86% being private enterprises and 92% in strategic emerging industries [1]. - The total refinancing by listed companies reached 996.8 billion yuan, equivalent to the sum of the previous two years [1]. - By the end of September 2025, loans in technology, green, inclusive, pension, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% year-on-year, respectively, all significantly exceeding the overall loan growth rate [1]. Financial Policy and Regulation - The report outlines a focus on enhancing financial services in key areas such as technological innovation, consumption stimulation, support for small and micro enterprises, and stabilizing foreign trade [2]. - It calls for the implementation of a moderately loose monetary policy to create a conducive financial environment for economic recovery, alongside the execution of existing monetary policy measures [2]. - There is a commitment to strengthen and improve financial regulation, enhance regulatory effectiveness, and protect the rights of financial consumers and investors [2].

根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监 管平台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金 融"五篇大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消 费、小微企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动，管好用好现有各项结构 性货币政策工具，加力支持重点领域和薄弱环节。精准有效推进金融支持重点产业提质升级。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环 境。执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行 和监督，推动社会综合融资成本下降。 新华社北京10月26日电（记者吴雨）国务院关于金融工作情况的报告26日提请十四届全国人大常委 会第十八次会议审议。报告提出，下一步金融工作将突出金融服务实体经济重点方向，着力提供高质量 金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深 化金融改革开 ...

Group 1 - The stock market crash on October 24, 1929, marked a significant turning point in financial history, with the New York Stock Exchange experiencing a record trading volume of 12.9 million shares [1] - Prior to the crash, the Dow Jones Industrial Average had surged by 500% over nine years, leading to rampant speculation and high leverage through margin trading, with customer loan balances reaching $15 billion, double the federal budget [3] - Major financial institutions attempted a rescue operation by pooling $240 million to stabilize the market, but this effort was largely ineffective as stock prices continued to plummet [4] Group 2 - The crisis had global repercussions, with wheat futures in Chicago dropping 40% and the London Stock Exchange's FTSE index falling 12%, highlighting the interconnectedness and fragility of the international financial system [6] - The aftermath of the crash led to the bankruptcy of over 9,000 banks in the U.S. and a surge in global unemployment to 30 million, marking the end of an economic era as noted by economist John Maynard Keynes [6] - The crisis prompted significant financial reforms, including the Glass-Steagall Act of 1933, which established the FDIC and separated commercial and investment banking, reshaping modern financial regulation [8]

"AI可以在物价和微观行为的数据收集、处理、模式识别和推理方面影响货币政策决定，是否可以从历 史上金融稳定数据、金融机构健康性变化中，通过机器学习和深度学习，推理预知金融不稳定的出现， 我觉得这是一个很重要的方向。"周小川说。 新华财经上海10月23日电（陈冉）10月23日，在2025外滩年会的"外滩圆桌：金融领域的AI治理与国际 合作"上，国家金融监督管理总局副局长肖远企表示，当前尽管AI发展迅猛，应用广泛，但必须明确一 点，目前AI在金融领域的应用仍处于早期阶段，其作用仍是辅助性的，无法取代人的决策。 中国人民银行原行长周小川则表示，银行较少使用多模态或生成式技术，主要依赖大数据分析和推理模 型，基于这一特点，未来的从业人员规模会显著受到影响和减少。"人工智能在银行业的支付、定价、 风险管理和市场推广方面发挥着重要作用，这是一个很大的边际变化。" 对于AI效率提升是否会带来金融机构内部员工安置的压力，肖远企认为，到目前为止，还没有听到金 融机构单纯因AI应用而出现员工安置压力的案例。以柜员服务为例，AI是辅助工具，无法替代柜员与 客户之间个性化的互动。在信贷、保险定价、定损、精算等关键领域，仍然离不开人的 ...