Core Viewpoint - Biobased products are considered "carbon neutral" and are essential for addressing climate change by replacing fossil-based products, especially in the context of dwindling petrochemical resources and global warming [1][5]. Market Overview - The global biobased products market is projected to grow from $22.8 billion in 2020 to $42.1 billion in 2024, with China leading the market at $19.9 billion, accounting for 47.27% of the global share [5][6]. - By 2025, the global market is expected to reach $48.1 billion, with China's share increasing to $23.1 billion, or 48.02% [5][6]. - The market is anticipated to exceed $80 billion within the next five years [5]. Industry Definition and Classification - Biobased products are defined as products derived from biomass (including plants, animals, and microorganisms) or biological processes (such as fermentation) [2]. - They can be categorized into two main types: biobased energy (solid, liquid, and gas forms) and biobased materials (macromolecular and small molecular biochemicals) [2][3]. Industry Chain - The biobased products industry chain includes upstream raw materials (crops, plant waste, and biomass), midstream processing companies that convert these materials into biobased products, and downstream applications in various sectors such as packaging, textiles, and transportation [6][7]. Policy Environment - The Chinese government has implemented various policies to promote the development of biobased products, emphasizing the reduction of fossil resource dependency and the promotion of a green economy [8][9]. Competitive Landscape - The biobased products industry in China is characterized by a diverse and tiered competitive landscape, with key players including Fengbei Bio, Kaisa Bio, Jindan Technology, and Wanhua Chemical [10][11]. - Notable companies like Anhui Huaheng Bio and Shanghai Kaisa Bio have established themselves as leaders in the biobased product sector, focusing on research, production, and sales of biobased materials [11][12]. Development Directions - The increasing global energy demand and the finite nature of conventional energy resources highlight the significance of biobased products as a sustainable alternative [13][14]. - The industry is seen as a crucial pathway towards achieving carbon neutrality, with ongoing technological advancements and cost reductions enhancing market prospects [15].

Core Points - China has taken over the APEC hosting duties, marking the beginning of the "China Year" for APEC, with a commitment to enhance cooperation in the Asia-Pacific region [1][2] - The historical context highlights China's evolving role in APEC since its entry into the WTO, emphasizing its contributions to multilateral trade and regional economic integration [1][2] - The current global challenges, including unilateralism and protectionism, underscore the importance of China's leadership in fostering open cooperation in the Asia-Pacific [2][3] Group 1 - China aims to promote the Asia-Pacific Free Trade Area, connectivity, digital economy, and artificial intelligence as part of its commitment to regional growth and prosperity [1][2] - The emphasis on maintaining stable global supply chains and advancing regional economic integration reflects China's strategy to enhance its role in the global economy [2] - The focus on digital and green economies as key growth drivers indicates China's intention to leverage its advancements in technology for the benefit of the Asia-Pacific region [3] Group 2 - The diversity of the Asia-Pacific region necessitates a path of mutual respect and cooperation, with the goal of building a community for long-term development and prosperity [3] - Shenzhen's selection as a symbol of China's commitment to reform and high-level opening up highlights the country's dedication to a win-win cooperation strategy [3] - The belief in a collaborative future for the Asia-Pacific, driven by China's initiatives, suggests a positive outlook for regional stability and inclusiveness [3]

Core Insights - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol on October 28 marks a significant step towards enhancing digital technology empowerment, supply chain connectivity, and green standard alignment between China and ASEAN countries [1][2]. Group 1: Logistics and Connectivity - Zhengzhou Airport has opened 46 international cargo routes, reaching 18 countries involved in the Belt and Road Initiative, focusing on both "hard connectivity" in logistics and "soft connectivity" through single-window systems and electronic bills of lading [3][4]. - The air cargo route between Zhengzhou and Kuala Lumpur has increased to daily flights, transporting nearly 10,000 tons of goods in one year, showcasing the growing logistics capabilities [4]. Group 2: Trade Facilitation - In Gansu's Lanzhou, a company was able to print a certificate of origin for the China-ASEAN Free Trade Area in under half a day, allowing for tariff reductions of 12% and 5% on exports to Vietnam and Indonesia, respectively [6]. - The protocol includes provisions for mutual recognition of certificates of origin and establishes a "single-window" platform for trade declarations, enhancing efficiency and reducing costs for businesses [6]. Group 3: Supply Chain Integration - The 3.0 version of the agreement aims to deepen the integration of supply chains between China and ASEAN, with a notable 40.7% increase in rubber imports from ASEAN and a 19.8% increase in exports of tires and auto parts in the first three quarters of the year [7][11]. - The Qingdao region has developed a robust rubber tire processing industry, supported by ample imports of rubber from ASEAN countries, facilitating a globalized industrial layout [9][11]. Group 4: Green Economy Cooperation - The green economy is a key area of cooperation in the 3.0 version of the agreement, with China’s leading technologies in electric vehicles, lithium-ion batteries, and photovoltaic products providing a solid foundation for capacity cooperation with ASEAN [12][15]. - The protocol defines key concepts such as "green economy" and "new energy," establishing a framework for future cooperation in green trade, investment, and circular economy initiatives [15][19].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On October 28, the central bank increased net open - market injections, improving the capital situation to an overall balanced and stable state. After the positive news of the central bank's bond - buying restart was realized, the bond market was generally weak with a slight upward movement in the 10 - year treasury bond yield. The convertible bond market declined following the stock market, and most individual bonds fell. Overseas, yields of US Treasury bonds across various tenors generally decreased, while the 10 - year treasury bond yields of major European economies remained unchanged from the previous day [1] 3. Summary by Sections 3.1 Bond Market News 3.1.1 Domestic News - The full text of the "Proposal of the Central Committee of the Communist Party of China on Formulating the 15th Five - Year Plan for National Economic and Social Development" was released on October 28, setting major goals for economic and social development during the "15th Five - Year Plan" period, such as maintaining economic growth within a reasonable range, promoting the development of strategic emerging industries, and achieving breakthroughs in key core technologies in key areas. It also proposed measures for fiscal and monetary policies [3] - The "15th Five - Year Plan" proposal emphasizes the role of active fiscal policies, enhancing fiscal sustainability, and promoting a more domestic - demand - led and consumption - driven economic development model [5] - China and ASEAN signed the 3.0 - version upgrade protocol of the free - trade area on October 28, expanding cooperation in emerging fields and promoting regional trade facilitation [7] 3.1.2 International News - ADP will start releasing weekly preliminary estimates of private - sector employment data on a weekly basis, providing a four - week moving average of private - sector employment changes. The existing monthly report will still be released as usual [8][9] 3.1.3 Commodities - On October 28, international crude oil futures prices continued to fall, with WTI December crude futures down 1.89% and Brent December crude futures down 1.86%. COMEX gold futures fell 1.25%, and NYMEX natural gas prices dropped 4.30% [10] 3.2 Capital Situation 3.2.1 Open - Market Operations - On October 28, the central bank conducted 475.3 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 159.5 billion yuan of reverse repurchases maturing on the same day, the net injection was 315.8 billion yuan [12] 3.2.2 Capital Interest Rates - On October 28, the central bank's increased net open - market injections improved the capital situation. DR001 rose 1.58bp to 1.469%, and DR007 fell 2.38bp to 1.558% [13] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - After the news of the central bank's bond - buying restart was confirmed on October 28, the bond market was generally weak. The yield of the 10 - year treasury bond active bond 250016 rose 1.80bp to 1.813%, and the yield of the 10 - year CDB active bond 250215 rose 1.75bp to 1.8805% [16] - There were several bond - issuing tenders on October 28, with details such as issuance scale, winning bid yields, and multiples provided [18] 3.3.2 Credit Bonds - On October 28, the trading price of "H0 Baolong 04" deviated by over 10%, rising over 37% [18] - Credit - related events include the suspension of trading of 6 corporate bonds of Rongxin Group, the ineffective convening of the "20 Xingfu 01" bondholder meeting of Huaxia Holdings, and the disclosure of overdue debts of Sunshine City [19] 3.3.3 Convertible Bonds - On October 28, the A - share market declined, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down 0.22%, 0.44%, and 0.15% respectively. The convertible bond market also declined, with the CSI Convertible Bond, Shanghai Convertible Bond, and Shenzhen Convertible Bond indices down 0.24%, 0.30%, and 0.16% respectively [20] - There were rating - related events such as the withdrawal of Jiangsu Zhongxing's "BBB+" international long - term issuer rating and financial - strength rating events of other companies. Some companies also announced losses, overdue reports, and other events [22] - Upcoming events include the listing of Funeng Convertible Bonds, the possible trigger of the conversion - price downward - adjustment condition for Juxing Convertible Bonds, and announcements regarding early redemption of some convertible bonds [28] 3.3.4 Overseas Bond Markets - On October 28, except for the 3 - year US Treasury bond yield remaining unchanged, yields of US Treasury bonds across other tenors generally decreased. The 2 - year yield dropped 1bp to 3.47%, and the 10 - year yield dropped 2bp to 3.99% [24] - The 10 - year treasury bond yields of major European economies remained unchanged on October 28 [27] - The daily price changes of Chinese - funded US - dollar bonds as of the close on October 28 are presented, including the top 10 daily gainers and losers [30]

Group 1 - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol is a significant achievement in implementing the consensus reached during the 30th anniversary summit of China-ASEAN dialogue relations [2][4] - The protocol reflects a commitment to multilateralism and free trade, countering unilateral tariff measures and protectionism, thereby boosting confidence in regional and global economic growth [2][3] - The protocol marks a milestone in deepening regional economic integration, expanding cooperation from traditional trade and investment to emerging areas such as digital and green economies [3][6] Group 2 - The China-ASEAN Free Trade Area has evolved through various stages since its inception in 2002, with the latest upgrade being the 3.0 version, which was officially launched after nearly two years of negotiations [4][5] - The trade volume between China and ASEAN reached $982.3 billion in 2024, a 17-fold increase since the establishment of the free trade area [4] Group 3 - The protocol introduces five new areas of cooperation: digital economy, green economy, supply chain connectivity, competition and consumer protection, and support for small and medium-sized enterprises [7][8] - It establishes a comprehensive framework for cooperation in the digital economy, including measures for data flow, cybersecurity, and digital infrastructure [8][9] - The green economy section defines key areas for collaboration, aiming to eliminate trade barriers related to environmental standards and promote sustainable development [9][10] Group 4 - The protocol includes provisions for supply chain cooperation, enhancing resilience and connectivity, and addressing logistics bottlenecks [10][11] - It establishes a framework for competition and consumer protection, enhancing legal cooperation and consumer rights [12] - The protocol also emphasizes support for small and medium-sized enterprises, facilitating their participation in international trade and digital transformation [12][13] Group 5 - The protocol will undergo domestic approval processes in both China and ASEAN countries before coming into effect [14]

Group 1 - Renewable energy is a key area for China-ASEAN economic cooperation, with China leading in clean technology, which will attract more investments into Thailand and other ASEAN countries [1][4] - The China-ASEAN Free Trade Area 3.0 upgrade is expected to significantly change business operation models, particularly through the establishment of a unified "single window" system to enhance trade flow [1][3] - The upgrade of the free trade area, which began negotiations in November 2022 and concluded in October 2024, aims to address not only traditional tariff issues but also new areas such as digital economy rules and green economy [2][3] Group 2 - China has been ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for 5 years, indicating strong trade dynamics [2] - The report from the China Financial Forty Forum and the Krung Thai Research Center highlights a continuous increase in China's exports to Thailand and a record high in greenfield investments from China in sectors like automotive manufacturing and electronics [2][3] Group 3 - The cooperation between China and Thailand is evolving from a complementary relationship to strategic integration, with a focus on creating a "win-win model" for regional collaboration [3][13] - The potential for cooperation in renewable energy and food safety is significant, providing more export opportunities for Thailand and the entire ASEAN region [4][11] Group 4 - Thailand's investment environment has unique competitive advantages despite challenges in capital gains and dividend taxes compared to Singapore, particularly in attracting foreign direct investment (FDI) [5][6] - The Thai government is expected to implement measures to enhance transparency and digitize government processes to attract more foreign investments [6][9] Group 5 - Geopolitical risks and trade tensions are prompting companies to adjust their supply chain strategies, with many global firms considering Thailand for diversified production locations to mitigate risks [11][12] - The integration of China and ASEAN is expected to enhance long-term competitiveness, although it may also increase competition for local businesses [13][14]

Core Points - The conference focused on the opportunities brought by the upgrade of the China-ASEAN Free Trade Area 3.0, aiming to build a professional platform for regional economic and trade cooperation [1][4] - The event emphasized the importance of deepening rule alignment and strengthening industrial chain integration as part of the 3.0 version's core direction [3] Group 1 - The conference featured policy interpretation, results release, and practical sharing to help enterprises adapt to ASEAN compliance requirements [3] - Key breakthroughs of the China-ASEAN Free Trade Area 3.0 were analyzed, highlighting new cooperation areas in digital and green economies, marking a shift from "mutual tariff reduction" to "joint standard regulation" [3] - The China Quality Certification Center launched a sustainable value evaluation system for supply chain enterprises, focusing on compliance, green production, and circulation efficiency [3] Group 2 - The Guangxi Product Quality Inspection Research Institute shared its efforts in promoting high-end quality certification for Guangxi's specialty products in the Guangdong-Hong Kong-Macao and international markets [3] - The conference reinforced Guangxi's role as a gateway for China's open cooperation with ASEAN, providing full-chain services for the implementation of the China-ASEAN Free Trade Area 3.0 [4]

Report Industry Investment Rating - No relevant content found Core View - The market liquidity is expected to remain reasonably abundant, providing some support for Treasury bond futures prices, given the central bank's supportive monetary policy and the resumption of open - market Treasury bond trading operations [3] Summary by Related Catalogs Futures Market - Treasury bond futures prices generally rose on the previous trading day, with the T2512 contract rising 0.16% and its trading volume increasing [2] - The IRR of CTD bonds corresponding to the main Treasury bond futures contracts was at a low level, indicating no arbitrage opportunities [2] Spot Market - Short - term market interest rates generally increased on the previous trading day, with SHIBOR 7 - day rate up 12.8bp, DR007 rate up 18.02bp, and GC007 rate up 5.4bp [2] - Yields of key - term Treasury bonds in China showed mixed changes, with the 10Y Treasury bond yield down 0.9bp to 1.84%, and the long - short (10 - 2) Treasury bond yield spread at 29.13bp [2] Overseas Market - The 10Y US Treasury bond yield decreased by 1bp, the 10Y German Treasury bond yield increased by 2bp, and the 10Y Japanese Treasury bond yield increased by 1.6bp on the previous trading day [2] Macroeconomic News - The central bank conducted 475.3 billion yuan of 7 - day reverse repurchase operations on October 28, with a net investment of 315.8 billion yuan [3] - The "15th Five - Year Plan" proposal was released, aiming at economic growth within a reasonable range, and promoting the development of strategic emerging industries [3] - The central bank governor said to implement a moderately loose monetary policy and strengthen financial supervision [3] - China and ASEAN signed the FTA 3.0 upgrade protocol, expanding cooperation in emerging fields [3] - The US Senate failed to pass the bill to end the government shutdown, and the government shutdown will continue [3] Industry Information - Most money market interest rates increased, and US Treasury bond yields showed mixed changes [3] Market Comment and Strategy - The 10 - year Treasury bond active bond yield decreased to 1.813%. The central bank's net investment and the expected Fed rate cut are important factors affecting the market [3] - The domestic demand side represented by real estate is still weak, but the market liquidity is expected to support Treasury bond futures prices [3]

Core Points - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol in Kuala Lumpur marks a significant step forward in economic relations between China and ASEAN, reflecting a mutual commitment to deepen cooperation and promote regional prosperity [1][2]. Group 1: Economic Cooperation - The upgraded protocol expands trade fields between ASEAN countries and China, the world's largest economy, enhancing economic ties [3][5]. - The new agreement includes emerging areas such as digital and green economies, supply chain resilience, competition and consumer protection, and support for small and medium-sized enterprises [5][6]. - The upgraded protocol is expected to facilitate market access in agriculture, digital economy, and pharmaceuticals, benefiting enterprises from both sides [6]. Group 2: Regional Integration - The agreement aims to promote regional economic integration and strengthen international trade, as highlighted by various ASEAN media [5][7]. - Leaders emphasized the importance of furthering ASEAN-China relations and advancing broader economic integration to maintain economic growth momentum in the Asia-Pacific region [7]. Group 3: Opportunities for Member States - The Philippines expressed hope that the upgraded trade cooperation would help mitigate regional economic uncertainties and modernize trade practices [10]. - The upgrade is seen as a commitment to sustainable and inclusive growth, providing new economic opportunities for member states [10].

Core Points - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol on October 28 in Kuala Lumpur marks a significant step in enhancing trade relations between China and ASEAN [1][3] - The protocol covers nine major areas, introducing five new sectors: digital economy, green economy, supply chain connectivity, competition and consumer protection, and support for small and medium enterprises [3][9] - The agreement aims to promote inclusive regional economic development, ensuring that businesses and people in both China and ASEAN benefit from economic growth [3][5] Group 1 - The protocol reflects a commitment to multilateralism and free trade, demonstrating a united front against unilateralism and protectionism [5] - It signifies a deeper level of cooperation in trade, moving beyond traditional trade and investment liberalization to include emerging sectors [9] - The trade volume between China and ASEAN reached $982.3 billion in 2024, a 17-fold increase since the establishment of the China-ASEAN Free Trade Area in 2002 [7] Group 2 - The protocol is expected to enhance the quality and upgrade of economic cooperation between China and ASEAN, contributing to the construction of a high-standard free trade network [11] - The implementation of the protocol will facilitate advancements in areas such as digital trade and cross-border payments, linking the two regions more closely [9] - Agricultural imports from ASEAN to China increased by 15.3% in the first three quarters of this year, with a notable 37.8% growth in fruits entering China via the China-Laos Railway [7]