Market Performance - The Asia-Pacific stock market experienced a strong rebound on October 20, with the A-share indices showing significant gains, particularly the ChiNext Index which surged by 2.5% [1] - Major indices such as the Shanghai Composite Index and Shenzhen Component Index also reported increases of 0.69% and 1.38% respectively, indicating a broad-based market recovery [2] Sector Highlights - Technology stocks saw widespread gains, with leading companies in the optical module sector, such as Yuanjie Technology, rising over 15%, and others like Tianfu Communication and Zhongji Xuchuang increasing by more than 10% [2] - The robotics sector was notably active, with Huazhi Co. and Zhongwei Electronics both hitting the daily limit up [2] Precious Metals - Precious metals experienced a pullback but later rebounded, with gold prices reaching as high as $4,263 per ounce in London and $4,266 per ounce on COMEX, marking a 1.3% increase [5] - Despite the recent highs, analysts caution that short-term investment risks are increasing, particularly if U.S. economic data exceeds expectations, which could pressure gold prices [5] Trading Activity - The trading volume in the A-share market saw a significant year-on-year increase of 106.8% in the first three quarters, reflecting a boost in market confidence due to supportive policies [5] - The number of active users on securities trading apps reached approximately 175 million in September 2025, marking a 9.73% year-on-year growth and setting a new monthly record [5] Future Outlook - Analysts from Huajin Securities suggest that technology growth and core assets may dominate the market post-National Day, with sectors like artificial intelligence and robotics expected to continue their upward trend [3]

Core Viewpoint - The A-share market experienced a collective rise in the three major indices, indicating positive market sentiment and investor confidence [1] Market Performance - The Shanghai Composite Index increased by 0.67% - The Shenzhen Component Index rose by 1.49% - The ChiNext Index saw a significant gain of 2.45% [1] Sector Performance - Leading sectors with notable gains included CPO, optical chips, insurance, optical communication, and memory concepts - Conversely, sectors that faced declines included gold jewelry and precious metals [1]

两家美国区域性银行——Zions Bancorp（齐昂银行）和Western Alliance Bancorp（西联银行）的股价周四暴跌，此前这两家 公司表示，它们在向投资不良商业抵押贷款的基金发放贷款时遭遇了欺诈。 美东时间周四，美股三大股指集体收跌，截至收盘，道指跌0.65%，报45952.24点；纳指跌0.47%，报22562.54点；标普500 指数跌0.63%，报6629.07点。由于两家美国银行的不良贷款加剧了人们对信贷市场的担忧，华尔街风险情绪低落。 据新华社报道，匈牙利总理欧尔班16日在社交媒体发文说，他当天与美国总统特朗普通了电话，美国与俄罗斯领导人会晤 的筹备工作正在进行中。 美联储理事米兰周四表示，美联储应该降息50个基点，但预计实际将降25个基点。"没有必要以超过50个基点的幅度降息。 我与同事之间政策观点的分歧更多在于降息的速度，而非最终的目标。" 美股三大指数集体收跌 美东时间周四，美股三大股指集体收跌，截至收盘，道指跌0.65%，报45952.24点；纳指跌0.47%，报22562.54点；标普500 指数跌0.63%，报6629.07点。 近几周，尽管标普500指数徘徊在历史高 ...

Group 1 - A-shares opened lower on October 13, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 2.49%, 3.88%, and 4.44% respectively, closing at 3800.11 points, 12837.25 points, and 2975.03 points [1] - Only the genetically modified, grain concept, and precious metals sectors showed gains, while all other sectors declined [1] Group 2 - Out of the A-shares, only 116 stocks were in the green, while 5295 stocks were in the red [2]

Core Viewpoint - The stock market showed positive performance with the Shanghai Composite Index rising by 1.24% to 3931.07 points, while the Shenzhen Component Index and the ChiNext Index increased by 1.75% and 1.77% respectively [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3931.07 points, reflecting a gain of 1.24% [1] - The Shenzhen Component Index experienced a rise of 1.75% [1] - The ChiNext Index saw an increase of 1.77% [1] Group 2: Sector Performance - Nuclear power, semiconductors, and precious metals sectors all experienced significant gains [1] - Conversely, cyclical sectors such as cultural tourism, shipping, and liquor stocks faced notable declines, with these sectors leading the losses [1]

Group 1 - The Ministry of Commerce of China has initiated an investigation into trade and investment barriers imposed by Mexico, which plans to increase import tariffs on products from non-free trade partners, including China [1] - The proposed measures by the Mexican government will significantly harm the trade and investment interests of Chinese enterprises, affecting various product categories such as automobiles, textiles, plastics, and more [1] - The investigation will also cover other trade and investment restrictions that Mexico has implemented concerning China in recent years [1] Group 2 - Xiaomi has officially launched its new smartphone, Xiaomi 17, with a starting price of 4,499 yuan, featuring the fifth-generation Snapdragon 8 processor and a 7,000mAh battery [1] Group 3 - Aowei New Materials has announced that there are no plans for a backdoor listing through the company in the next 36 months, following media speculation regarding asset integration with its actual controller [2] - The company confirmed that there are no clear plans for asset sales, mergers, or joint ventures involving the listed company or its subsidiaries in the next 12 months [2] Group 4 - Dazhihui is planning a merger with Xiangcai Co. through a share exchange, with a total fundraising amount not exceeding 8 billion yuan, aimed at various financial and technological projects [4] - The share exchange price for Xiangcai Co. is set at 7.51 yuan per share, while Dazhihui's price is 9.53 yuan per share [4] Group 5 - Xibu Lide Fund has terminated the employment of fund manager Xie Wenzeng due to his involvement in illegal gambling activities [5] Group 6 - President Trump has approved the reinstatement of the death penalty in Washington, D.C., and announced a 25% tariff on all imported heavy trucks starting October 1 [6] - The U.S. stock market saw a collective decline, with major indices falling, while Intel shares rose nearly 9% [6]

Core Viewpoint - Chao Hong Ji has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand image while raising funds for overseas expansion and new production facilities [1] Company Overview - Chao Hong Ji, listed on the Shenzhen Stock Exchange, has a market capitalization of 13.106 billion yuan and a share price of 14.75 yuan as of September 12 [1] - The company primarily generates revenue from jewelry sales, with a market share of 1.4% in the mainland China fashion jewelry market, ranking first among local competitors [3] Financial Performance - Revenue figures for Chao Hong Ji during the reporting period are approximately 4.364 billion yuan, 5.836 billion yuan, 6.452 billion yuan, and 4.062 billion yuan, with corresponding profits of 205 million yuan, 330 million yuan, 169 million yuan, and 333 million yuan [5] - The company’s revenue from jewelry sales constitutes 89.3%, 89.5%, 91.3%, and 93.6% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] Sales Channels - Chao Hong Ji operates a total of 1,542 jewelry stores, including 201 self-operated stores and 1,337 franchise stores across over 200 cities in China, as well as 4 overseas stores [3] - The gross margin for self-operated stores is significantly higher than that of franchise stores, with self-operated store margins at 36.4%, 33.3%, 33.3%, and 35.3% compared to franchise margins of 22.6%, 18.9%, 16.6%, and 16.6% during the reporting period [4] Supplier Concentration - The company faces high supplier concentration, with the top five suppliers accounting for 71.7%, 77.9%, 83%, and 78.9% of total procurement during the reporting period [7] - Gold procurement constitutes a significant portion of the company's raw material costs, with gold purchases making up 94.4%, 96.6%, 98.3%, and 97.3% of total raw material procurement [8] Market Trends - Chao Hong Ji's stock price has increased by over 165% in 2025, driven by rising international gold prices and market speculation on precious metals [10] - The company has seen a shift in revenue contribution from self-operated stores, which decreased from 37.4% in 2022 to 27.3% in the first half of 2025, while franchise revenue increased from 32.5% to 54.6% during the same period [4][5]

Market Performance - Major A-share indices showed mixed results, with the Shanghai Composite Index down 0.26% to 3860 points, while the Shenzhen Component Index rose 0.63% and the ChiNext Index increased by 1.52%, briefly surpassing 3100 points [1] - Total trading volume for the day was 2.3 trillion yuan, a decrease of 245.2 billion yuan compared to the previous trading day, with nearly 3400 stocks declining across the market [1] Sector Performance - The gaming and esports sectors saw gains, with stocks like Xinghui Entertainment and Perfect World hitting the daily limit [1] - The pork and chicken sectors also performed well, with Aonong Biological and Delisi reaching their daily limit [1] - The CRO sector experienced upward movement, with Zhaoyan New Drug hitting the daily limit [1] - The battery sector initially surged but later retreated, with CATL's gains falling to 9% after peaking at over 14%, marking a historical high [1] - The laser radar sector was active, with Haon Electric rising nearly 12% [1] - Sectors such as precious metals, gold, and minor metals faced declines, with companies like Xiaocheng Technology and Huayu Mining dropping over 5% [1] - The satellite internet sector saw a downturn, led by Sanwei Communication [1] - Other sectors with notable declines included electronic chemicals, superconductors, and aerospace [1] Index Summary - Shanghai Composite Index: 3860.50, down 10.09 points (-0.26%) [1] - Shenzhen Component Index: 13005.77, up 81.64 points (+0.63%) [1] - ChiNext Index: 3066.18, up 45.76 points (+1.51%) [1] - Other indices such as the CSI 300 and CSI 500 showed slight variations, with the CSI 300 up 11.06 points (+0.24%) and the CSI 500 down 10.39 points (-0.15%) [1]

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down 0.79% at 3844.84 points, the Shenzhen Component Index down 2.21% at 12545.82 points, and the ChiNext Index down 2.9% at 2870.72 points [3][4][6] - Nearly 4500 stocks fell across the Shanghai, Shenzhen, and Beijing markets, with only 858 stocks rising [3] Sector Performance - The consumer electronics, computing power, military, and trust innovation sectors led the declines, while the precious metals sector continued to rise [3][6] - Precious metals increased by 2.05%, while sectors like communication equipment and components saw declines of 5.53% and 5.47%, respectively [5] Trading Volume - The trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan for the 21st consecutive trading day [7] - The trading volume surpassed 1 trillion yuan for the 69th consecutive trading day [10] Notable Stocks - Innovative drug concepts saw a resurgence, with companies like BeiGene and Amgen rising over 10% [11] - Kweichow Moutai's stock price returned to 1500 yuan per share, marking a new high since May [12] Economic Indicators - The People's Bank of China conducted a 255.7 billion yuan reverse repurchase operation at an interest rate of 1.40%, unchanged from previous rates [21] - The Chinese yuan depreciated by 17 basis points against the US dollar, with the central parity rate reported at 7.1089 [22]

Report Summary 1. Report Industry Investment Ratings No specific industry - wide investment ratings are provided in the report. 2. Core Viewpoints - Overseas, the optimism about the interest - rate cut has subsided, the US dollar index has rebounded, and the global risk appetite has cooled. In China, the economic data in July was weaker than expected, but policy stimulus has increased, and the domestic risk preference has continued to rise. Different asset classes have different short - term trends and investment suggestions [2]. - The recent market trading logic focuses on domestic incremental stimulus policies and easing expectations, with the short - term macro upward driving force marginally strengthened. Attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies [3]. 3. Summary by Relevant Catalogs Macro Finance - **Stock Index**: Driven by sectors such as rare earths, liquor, precious metals, and non - ferrous metals, the domestic stock market continued to rise significantly. With the enhanced policy stimulus and reduced external risks, the domestic risk preference has increased. It is recommended to be cautiously bullish in the short term [3]. - **Precious Metals**: Precious metals oscillated on Monday. After Powell's dovish speech, the international gold price rose sharply. The market's expectation of a September interest - rate cut is over 86%. With stagflation risks and geopolitical uncertainties, gold has strong short - term support, but beware of the Fed's attitude reversal [3][4]. - **Black Metals** - **Steel**: The steel futures and spot markets rebounded slightly on Monday. Although the current demand is weak and the inventory is rising, with the approaching of the 9.3 parade, supply is likely to decline. It is recommended to treat the steel market as a range - bound oscillation [5]. - **Iron Ore**: The iron ore futures and spot prices rebounded significantly on Monday. With high steel - mill profits and increasing iron - water production, but due to the approaching parade and sufficient supply, the price is expected to oscillate in the short term [5]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Monday, and the futures prices rebounded slightly. With increasing production and supply, the iron - alloy prices are expected to oscillate in the short term [6][7]. - **Soda Ash and Glass** - **Soda Ash**: The soda - ash main contract oscillated strongly on Monday. With high supply, high inventory, and weak demand, the supply - side contradiction suppresses the price, and the upside space is limited [8]. - **Glass**: The glass main contract was strong on Monday, affected by real - estate news. With stable supply and limited demand growth, it is expected to oscillate in the short term [8]. Non - Ferrous Metals and New Energy - **Copper**: High tariffs affect the economy, and with increasing copper - mine supply and weakening domestic demand, the strong copper - price trend is hard to sustain [9][10]. - **Aluminum**: The aluminum price rose significantly on Monday, boosted by the Fed's interest - rate cut expectation. With increasing inventory, the medium - term upside space is limited, and it will oscillate in the short term [10]. - **Aluminum Alloy**: With tight scrap - aluminum supply, high production costs, and weak demand, the price is expected to oscillate strongly in the short term, but the upside space is limited [10]. - **Tin**: With increasing supply and weak demand, the tin price is expected to oscillate in the short term, with support from smelter maintenance and peak - season expectations, but restricted by high tariffs,复产 expectations, and weak demand [11]. - **Lithium Carbonate**: After the previous sentiment decline, it is expected to oscillate widely, short - term bearish and long - term bullish [13]. - **Industrial Silicon**: With the black and polysilicon markets oscillating at high levels, the industrial silicon is expected to oscillate in a range [13]. - **Polysilicon**: Facing the game between strong expectations and weak reality, it is expected to oscillate at a high level in the short term [14]. Energy and Chemicals - **Methanol**: With the restart of inland plants and concentrated arrivals, the price is under pressure. However, with the approaching of the traditional downstream peak season and the planned restart of MTO plants, the fundamentals are improving marginally, and the price is expected to oscillate [15][16]. - **PP**: With increasing supply pressure and a slight increase in downstream demand, the 09 contract is expected to oscillate weakly, and the 01 contract should be watched for peak - season stocking [16]. - **LLDPE**: With continuous supply pressure and a turning - point in demand, the 09 contract is expected to oscillate weakly, and the 01 contract is short - term bearish, with attention to demand and stocking [16]. Agricultural Products - **US Soybeans**: The overnight CBOT November soybeans closed down. The US soybean export inspection volume and the crop's good - to - excellent rate were better than expected, increasing the pressure of a bumper - harvest expectation [17]. - **Soybean and Rapeseed Meal**: The pressure of inventory accumulation of domestic oil - mill soybeans and soybean meal has eased. The supply in the fourth quarter may shrink, and rapeseed meal still has an upward - fluctuation basis [18]. - **Soybean and Rapeseed Oil**: The rapeseed - oil port inventory has been decreasing, and the supply - contraction expectation is strong. The soybean - oil cost expectation has strengthened, and a low - valuation rebound is expected [19]. - **Palm Oil**: In the production - increasing cycle, with no prominent supply - demand contradiction and no incremental consumption expectation from policies, the market may enter an oscillation. The domestic demand is restricted by the soybean - palm - oil price difference, and the inventory is decreasing [20]. - **Corn**: The national corn price is running weakly. The futures price has entered a relatively low - valuation range, and the possibility of breaking through last year's range is small [21]. - **Pigs**: The weight of pigs has declined, and there is some support from secondary fattening. However, with the increase in secondary - fattening transportation costs and limited replenishment, the market's pessimism about the fourth - quarter outlook has increased [22][23].