Group 1 - The average national temperature in China since October is 11.1℃, close to the normal level for the same period, exhibiting characteristics of "warm at the front and cold at the back" and "cold in the north and warm in the south" [1] - There has been an increase in the activity of cold air since October compared to September, with three cold air processes occurring, which is close to the normal level for the same period [1] - The monitoring of seasonal progress indicates that most northern regions have entered winter, with significant differences in the timing of winter onset compared to normal years [1] Group 2 - As of September, the equatorial central and eastern Pacific is in a neutral to slightly cold state regarding ENSO, with expectations of entering a La Niña state in the late autumn and lasting until early 2026 [2] - The forecast for this winter suggests that the national average temperature will be close to or slightly above the normal level, with overall less precipitation and a "more in the north, less in the south" distribution [2] - There is a low risk of widespread persistent low-temperature rain, snow, and freezing weather in southern regions this winter, with significant fluctuations in temperature expected [2]

Economic News - The Chinese Ministry of Commerce announced that recent negotiations between China and the US resulted in a consensus, including the US's cancellation of the 10% "fentanyl tariff" on Chinese goods and a one-year suspension of its 301 investigation measures against China's maritime, logistics, and shipbuilding industries [1] - Several leading lithium iron phosphate cathode material manufacturers, including Jiangxi Shenghua New Materials Co., Ltd. and Hunan Youneng New Energy Battery Materials Co., Ltd., have announced plans for capacity expansion [1] - The manufacturing Purchasing Managers' Index (PMI) for October is reported at 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1] - The China Iron and Steel Association reported that key steel enterprises had a total operating income of 4.56 trillion yuan in the first three quarters, a year-on-year decrease of 2.36%, while total profits increased by 1.9 times to 96 billion yuan [1] Company Insights - Kefu Medical has launched its first respiratory mask and plans to introduce multiple new masks and next-generation ventilators next year, enhancing its smart respiratory ecosystem [4] - Zhenyu Technology signed a strategic cooperation agreement to invest 2.11 billion yuan in precision component manufacturing and humanoid robot modules in Ninghai County from 2025 to 2030 [4] - Huayu Pharmaceutical's subsidiary received approval for the market launch of injectable paclitaxel (albumin-bound) in Portugal and the UK [4] - Qiaoyin Co., Ltd. won a bid for a sanitation integration project in Lai County, with a contract value of approximately 204.98 million yuan per year for 25 years [4] - Pro Pharmaceutical's subsidiary received a drug registration certificate for L-carnitine injection, with a projected market size of 1.03 million units and sales of 9.65 billion yuan in 2024 [4] Daily Research Report - Qiaqia Food (002557.SZ) reported a total revenue of 4.501 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.38%, with net profit down 73.17% to 168 million yuan [5] - The sunflower seed segment, traditionally a revenue driver, faced challenges due to poor quality and increased competition, leading to significant revenue declines [6] - The nut segment showed resilience, maintaining a revenue share of around 20%, supported by seasonal sales during the Mid-Autumn Festival and National Day [6] - New product launches, including high-end sunflower seeds and low-calorie konjac products, are in the early promotion stage and are expected to contribute to future growth [7] - The company is experiencing increased pressure on raw material costs, with a sales gross margin of 21.94% and a net profit margin of 3.76%, both showing a significant decline year-on-year [7] Investment Forecast and Ratings - Due to ongoing cost pressures and competitive challenges, the profit forecast for Qiaqia Food has been revised downwards, with expected net profits of 459 million, 732 million, and 824 million yuan for 2025-2027, reflecting a year-on-year decline of 45.94% in 2025 [8] - Ningbo Bank (002142.SZ) reported a revenue of 54.98 billion yuan and a net profit of 22.45 billion yuan for the first three quarters of 2025, both showing an 8.3% year-on-year increase [10] - The bank's net interest income grew by 11.8% year-on-year, benefiting from a narrowing decline in net interest margins and strong growth in loan and bond investments [11] - The asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 375.9%, indicating effective risk management [13] - The bank is expected to maintain a strong growth trajectory in revenue and profit, with projected net profit growth rates of 8.6%, 9.5%, and 10.0% for 2025-2027 [12]

Core Viewpoint - The National Climate Center of China predicts that a La Niña event will occur in late autumn and last until early 2026, with a lower probability of forming a significant La Niña event due to its shorter duration [1] Summary by Relevant Sections - **Temperature Predictions** - The average national temperature during winter is expected to be close to or above the historical average, with significant fluctuations between cold and warm periods [1] - **Precipitation Forecast** - Overall precipitation is expected to be below average, with a "more in the north, less in the south" distribution pattern. Regions in southern China are likely to experience less rainfall [1] - **Weather Risks** - The risk of widespread and prolonged low-temperature rain, snow, and ice events in southern regions is generally low [1]

Group 1: Infrastructure Development - Beijing plans to complete 30 municipal traffic improvement projects by 2025, with 27 already completed, including the comprehensive management of the G4 Beijing-Hong Kong-Macau Expressway at Dujia Kancun [3] - Ongoing projects include the widening of the bottleneck section at Chongwenmen Inner Street and traffic organization optimization on the southern auxiliary road of Jianguo Road, expected to be completed within the year [3] Group 2: Public Services and Health - Beijing's heating authorities are proactively preparing for the winter heating season, ensuring timely delivery of warmth to residents by closely monitoring weather changes [4] - A total of 471 vaccination clinics in Beijing are available for flu vaccine administration, with the health commission encouraging residents to maintain good hygiene practices even after vaccination [4] Group 3: Retail Expansion - The retail network in Beijing is expanding with the opening of seven new "Fat Transformation" stores by Wumart, enhancing convenience for residents [6] Group 4: Cultural Events - The "Golden Threads: Ancient Gold Artifacts from the Hong Kong Palace Museum" exhibition opened at the Capital Museum, showcasing over 170 pieces of ancient gold artifacts, available for public viewing until March 1, 2026 [8]