Core Viewpoint - The National Development and Reform Commission (NDRC) and the State Administration for Market Regulation (SAMR) have announced measures to regulate market price behavior and maintain a sound pricing order in key sectors, emphasizing the importance of orderly competition for economic health [1] Group 1: Market Regulation - The announcement aims to address disorderly price competition, which negatively impacts industry development, product innovation, and quality safety [1] - The NDRC and SAMR will closely monitor market price competition and maintain pricing order in key areas [1] Group 2: Pricing Principles - Businesses are required to adhere to the principles of fairness, legality, and good faith in pricing, based on production costs and market supply and demand [1] - The announcement reinforces the importance of self-regulation in pricing to foster a fair and orderly competitive market environment [1] Group 3: Credit Supervision - The NDRC and SAMR will utilize credit supervision to implement penalties for dishonest practices in the market [1]

为深入贯彻落实党中央、国务院决策部署，依法依规治理企业无序竞争，近日，国家 发展改革委、市场监管总局发布《关于治理价格无序竞争 维护良好市场价格秩序的 公告》（以下简称《公告》）。 答： 价格竞争是市场竞争的重要方式之一。在社会主义市场经济中，市场机制合理配置资源的作用， 是以价格机制的正常发挥为前提的，价格机制的正常发挥又是以价格良性竞争为条件的。当前，我国部 分产业出现无序竞争现象，可能导致劣币驱逐良币，对行业发展、产品创新、质量安全等造成负面影 响，不利于国民经济健康发展。为解决这一问题，国家正在组织实施化解重点产业结构性矛盾的政策措 施，推动落后低效产能退出，扩大中高端产能供给。同时，需要价格政策与产业政策协同发力，采取有 效措施切实治理价格无序竞争，维护良好市场价格秩序。为此，国家发展改革委、市场监管总局根据价 格法、招标投标法等法律法规规定，制定了《公告》。 《公告》在保护经营者自主定价权的前提下， 按照事前引导和事中事后监管相结合的思路，采取调研 评估行业平均成本、加强价格监管、规范招标投标行为等措施，维护公平竞争市场环境 。 二、调研评估行业平均成本可以发挥什么作用？ 答： 《公告》提出，对价 ...

10月9日，国家发展改革委、市场监管总局发布《关于治理价格无序竞争 维护良好市场价格秩序的公告》。 公告提出多项治理举措。调研评估行业平均成本。对价格无序竞争问题突出的重点行业，指导行业协会等有关机构调研评估行业平均成本，为经营者合理 定价提供参考。要求行业协会严格遵守价格法、反垄断法规定，促进行业自律，引导经营者共同维护行业公平竞争秩序。 开展提醒告诫。对涉嫌价格无序竞争的经营者进行提醒告诫，要求其自觉规范价格行为，严守价格竞争底线。 加强监管执法。对提醒告诫后仍未规范价格行为的经营者予以重点关注，必要时开展成本调查、价格监督检查，发现价格违法违规问题的，依法予以查 处。充分发挥信用监管作用，依法依规实施失信惩戒。 同时，要求经营者严格遵守招标投标法、招标投标法实施条例规定，自觉规范招标投标行为。 为深入贯彻落实党中央、国务院决策部署，依法依规治理企业无序竞争，近日，国家发展改革委、市场监管总局发布《关于治理价格无序竞争 维护良好 市场价格秩序的公告》（以下简称《公告》）。 《公告》提出，价格竞争是市场竞争的重要方式之一，但无序竞争会对行业发展、产品创新、质量安全等造成负面影响，不利于国民经济健康发展。国家 ...

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1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The economy shows mixed trends with GDP growing, but some indicators like CPI in negative territory. The holiday consumption market has a good momentum, and policies are expected to support economic growth in Q4 [1][15][16]. - The metal market is affected by various factors such as export controls and macro - economic trends. Copper prices are expected to rise, and silver has reached a historical high [4][5][7]. - The bond market has a positive start after the holiday, with yields mostly down. Different institutions have different outlooks on the bond market's future trends [19][26][27]. - The stock market has a strong performance after the holiday, with A - shares rising and certain sectors having significant movements. Stock ETFs have attracted large - scale capital inflows [30]. 3. Summary by Directory 3.1 Macro Data - GDP in Q2 2025 had a 5.2% year - on - year growth at constant prices, slightly lower than the previous quarter [1]. - In September 2025, the manufacturing PMI was 49.8%, up from the previous month, while the non - manufacturing PMI was 50%, down from the previous month [1]. - In August 2025, the CPI was - 0.4% year - on - year, and the PPI was - 2.9% year - on - year [1]. - In August 2025, the social financing scale increment was 25668 billion yuan, and the new RMB loans of financial institutions were 5900 billion yuan [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The new energy vehicle purchase tax exemption technical requirements for 2026 - 2027 are adjusted, and the pure - electric range of plug - in hybrid and extended - range passenger cars is increased [2]. - The added value of small and medium - sized industrial enterprises above the designated size increased by 7.6% year - on - year in the first eight months, outperforming large enterprises [2][15]. - Regulatory measures are taken to address price disorderly competition in some industries [2][14]. - Fed officials have different views on interest rate cuts [3]. 3.2.2 Metal - China implements export controls on multiple metal - related items and includes foreign entities in the unreliable entity list [4][14]. - London basic metals rose on October 9, 2025, with LME copper hitting $11,000 per ton for the first time since May 2024 [4]. - Spot silver prices reached a record high, and silver futures have risen by over 70% this year [5]. - The global refined copper market is expected to have a surplus in 2025 and a shortage in 2026 [6]. - High - grade copper premiums in Europe are expected to reach a record high in 2026, and Goldman Sachs raises its copper price forecast for 2026 [6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - Zangge Mining's subsidiary obtains new mining rights for associated minerals such as lithium [8]. - Copper production of some major mines in Chile decreased in August 2025 [8][9]. 3.2.4 Energy and Chemicals - Russia destroys 60% of Ukraine's natural gas production capacity before winter [10]. - The US expects India to reduce Russian oil purchases [10]. - Saudi Arabia sets the official selling price of Arabian light crude oil to the US in November [10]. 3.2.5 Agricultural Products - The State Development and Reform Commission releases the application and allocation rules for grain import tariff quotas in 2026 [11]. - Pig prices have fallen below the cost line and may continue to decline [11]. - Malaysia's palm oil exports from October 1 - 5 decreased by 6.62% month - on - month [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On October 9, 2025, the central bank carried out a 6120 - billion - yuan 7 - day reverse repurchase operation, resulting in a net withdrawal of 14513 billion yuan [12]. - The central bank conducts a 11000 - billion - yuan 3 - month买断式 reverse repurchase operation, with a net investment of 3000 billion yuan in October [13]. 3.3.2 Key News - China strengthens extraterritorial jurisdiction through export controls and lists foreign entities [4][14]. - Regulatory measures are taken to address price disorderly competition [2][14]. - The holiday consumption market has a good growth momentum [15]. - Policies are expected to support economic growth in Q4 [16]. - The bond ETF market has expanded significantly this year [16]. - Some securities firms raise capital through fixed - increase and bond issuance [17]. - Some bond - related events include debt maturity, new borrowing, and disciplinary actions [18]. 3.3.3 Bond Market Review - After the holiday, the bond market has a positive start, with yields mostly down and futures up [19]. - Different bond varieties have different price movements in the exchange and over - the - counter markets [19][20]. - Interest rates in the money market show mixed trends [20][21]. - Bond issuance yields and related multiples are announced [22]. - European and US bond yields mostly rise [23]. 3.3.4 Foreign Exchange Market - The on - shore RMB depreciates against the US dollar, while the off - shore RMB appreciates [24]. - The US dollar index rises, and most non - US currencies fall [24]. 3.3.5 Research Report Highlights - Huatai Fixed Income believes that the bond market will be in a weak shock in October, and investors should pay attention to potential opportunities [26]. - CITIC Securities predicts the bond market trend based on policy and liquidity factors [26][27]. - CITIC Securities analyzes the impact of the US government shutdown and the expected decline of Chinese deposit rates [27]. - Hongze Fixed Income Ye Qing comments on the investment risks of science - tech enterprises [27]. 3.3.6 Today's Reminders - Multiple bonds are scheduled for listing, issuance, payment, and principal - and - interest repayment on October 10, 2025 [28][29]. 3.4 Stock Market Key News - A - shares perform strongly after the holiday, with some sectors having significant gains and losses [30]. - The Hong Kong stock market has mixed performance, with some stocks having large net purchases or sales [30]. - Stock ETFs have attracted over 1100 billion yuan in September [30]. - The online issuance of Shanghai ETFs will be optimized [31].

Report Summary 1. Industry Investment Rating No information provided in the report. 2. Core Viewpoints - China's extraterritorial jurisdiction takes a solid step forward with multiple export control measures announced by the Ministry of Commerce [6]. - The technical requirements for new - energy vehicle purchase tax exemptions from 2026 - 2027 are adjusted by three departments including the Ministry of Industry and Information Technology [6]. - The consumer market during the National Day and Mid - Autumn Festival holidays this year shows good growth momentum, with increased domestic travel spending and consumption revenue [6]. - The National Development and Reform Commission and the State Administration for Market Regulation issue a notice to govern price disorderly competition [7]. - China and India will resume direct flights by the end of October [7]. - On the first trading day after the holiday, the A - share market runs at a high level, with the Shanghai Composite Index hitting a new high in more than a decade [7]. - A cease - fire agreement in Gaza is announced by a Hamas official [8]. - A bill to end the US government shutdown proposed by the US Republicans fails to pass in the Senate [8]. 3. Summary by Categories 3.1 Chemical and Agricultural Product Price Changes - **Chemicals**: On October 10, 2025, among various chemical products, glass, coke, and others rose, while crude oil, plastic, etc. fell. For example, glass rose by 0.985% to 1,230.00 yuan, and crude oil fell by 1.444% to 464.20 yuan [4]. - **Agricultural Products**: On October 10, 2025, among agricultural products, yellow soybean 2, palm oil, etc. rose, while yellow soybean 1, rapeseed meal, etc. fell. For example, yellow soybean 2 rose by 0.138% to 3,637.00 yuan, and rapeseed meal fell by 0.698% to 2,418.00 yuan [4]. 3.2 Main Varieties Morning Meeting Views - **Agricultural Products** - **Peanuts**: On October 9, peanut futures closed down 0.85%, showing a downward - breaking trend. With increased supply and weak demand, prices are expected to decline, and it is recommended to wait and see, focusing on the 7600 - 7650 support range [11]. - **Sugar**: On October 9, sugar futures rose 0.69%. Supported by domestic low inventory and high sales - to - production ratio, prices may continue to rebound in the short term. It is recommended to go long at low prices near the 5500 - yuan support level [11]. - **Corn**: On October 9, corn futures fell 0.42%. With new grain supply pressure and weak demand, the price is expected to be weak and volatile. Short - term waiting and seeing is recommended, focusing on the 2120 - yuan support [11]. - **Pigs**: The pig market is under pressure due to concentrated supply release and weakening consumption after the holiday, and the price is expected to be weak and volatile [11]. - **Eggs**: After the double festivals, egg prices fall due to slow sales, high inventory, and weak consumption. Futures are recommended to be short - sold, and month - spread reverse arbitrage is the main strategy [11][13]. - **Energy and Chemicals** - **Urea**: The domestic urea market price is weak. With high supply, weak demand, and increased inventory, the futures price may continue to be under pressure. Attention should be paid to Indian tender dynamics, macro - impacts, and export changes [13]. - **Caustic Soda**: On October 9, the price of 32% caustic soda in Shandong is stable, but inventory increases. The 2601 contract is under pressure, and attention should be paid to the 2400 - point support [13]. - **Coking Coal and Coke**: After the holiday, the coking coal market has low inquiry sentiment, and domestic mine supply recovers. With stable coke prices and high hot - metal production, they are expected to fluctuate within a range (coking coal: 1050 - 1300, coke: 1550 - 1800) [13]. - **Industrial Metals** - **Copper and Aluminum**: On October 9, copper prices rise to a new high this year, and attention should be paid to the pressure at last year's high. Aluminum prices follow the non - ferrous sector, but the increase in inventory after the holiday may put pressure on the premium [13][14]. - **Alumina**: The supply of alumina is high, and demand is weak, with a surplus in the fundamentals. The 2601 contract is weak, and attention should be paid to factors such as bauxite [14]. - **Rebar and Hot - Rolled Coil**: Night - session prices of rebar and hot - rolled coil rise. After the holiday, inventory accumulates, and demand is weak. The price is expected to fluctuate within a range (rebar: 3050 - 3200, hot - rolled coil: 3250 - 3400) [14]. - **Ferroalloys**: After the holiday, the black - series rebounds, but ferroalloys are weak. They are expected to fluctuate widely in the short term, and high - selling and low - buying operations are recommended [14]. - **Lithium Carbonate**: On October 9, the lithium carbonate futures price rises slightly. With supply and demand factors, attention should be paid to the 75240 - yuan pressure level. If it breaks through, a small - position long position can be tried [14][16]. - **Options and Finance** - **Options**: On October 9, the A - share market has a good start in October. The trading volume and open - interest PCR of 300ETF options and 50ETF options change, and the implied volatility decreases. Trend investors can focus on inter - variety arbitrage opportunities, and volatility investors can sell wide - straddles to short volatility [15][16]. - **Stock Index**: After the holiday, the A - share market has a good start, and the Shanghai Composite Index breaks through the long - term pressure line. In the fourth quarter, policies are expected to be introduced, and the short - term long - trend key is that the futures price does not fall below the 5 - day moving average [18][19].

《公告》根据现行法律法规，按照事前引导和事中事后监管相结合的思路，提出多项治理举措。调研评 估行业平均成本。对价格无序竞争问题突出的重点行业，指导行业协会等有关机构调研评估行业平均成 本，为经营者合理定价提供参考。要求行业协会严格遵守价格法、反垄断法规定，促进行业自律，引导 经营者共同维护行业公平竞争秩序。开展提醒告诫。对涉嫌价格无序竞争的经营者进行提醒告诫，要求 其自觉规范价格行为，严守价格竞争底线。加强监管执法。对提醒告诫后仍未规范价格行为的经营者予 以重点关注，必要时开展成本调查、价格监督检查，发现价格违法违规问题的，依法予以查处。充分发 挥信用监管作用，依法依规实施失信惩戒。同时，要求经营者严格遵守招标投标法、招标投标法实施条 例规定，自觉规范招标投标行为。 国家发展改革委、市场监管总局将会同行业主管部门指导各地加强政策宣贯，提示经营者依法合规经 营，规范价格行为，维护良好市场价格秩序。 据国家发展改革委网站消息，为深入贯彻落实党中央、国务院决策部署，依法依规治理企业无序竞争， 近日，国家发展改革委、市场监管总局发布《关于治理价格无序竞争 维护良好市场价格秩序的公告》 (以下简称《公告》)。 《公告》 ...

Group 1 - The Ministry of Commerce and the General Administration of Customs announced export controls on superhard materials, certain rare earth equipment and raw materials, lithium batteries, and artificial graphite anode materials [2] - The State Council issued the "Electronic Seal Management Measures" to regulate the management and application of electronic seals for various organizations [3] - The National Development and Reform Commission and the State Administration for Market Regulation released measures to combat price disorder and maintain a good market price order [4] Group 2 - The Ministry of Industry and Information Technology reported that small and medium-sized enterprises in China showed stable economic performance with an increase in value-added of 7.6% year-on-year, outperforming large enterprises by 3.3 percentage points [5] - The latest data indicates that specialized and innovative small and medium-sized enterprises, referred to as "little giants," experienced a value-added growth of 8.7% [5] Group 3 - Silver prices in London reached $50 per ounce for the first time in history [6] - A ceasefire agreement in Gaza officially took effect, with negotiations facilitated by Egypt and Qatar [6] Group 4 - Companies such as Seres signed a business cooperation framework agreement with Volcano Engine [8] - Tongling Nonferrous Metals reported significant price increases for its main products, copper and gold, while copper concentrate processing fees remain low [8] - Ganfeng Lithium is in the process of introducing strategic investors for its energy storage segment, but no substantial agreements have been formed yet [8] Group 5 - Guandong Mingzhu expects a net profit of 215 million to 263 million yuan for the first three quarters, representing a year-on-year growth of 858.45% to 1071.44% [9] - TCL Technology completed the acquisition of 80% of LGDCA and 100% of LGDGZ [11]

Group 1 - The Ministry of Finance announced the issuance of 1.3 trillion yuan of ultra-long-term special government bonds, with the issuance scheduled to conclude on October 14 [2] - The issuance includes 50-year and 20-year bonds, reflecting a proactive fiscal policy to stabilize the economy [2] Group 2 - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for tax exemptions on new energy vehicles, effective from January 1, 2026 [3] - The new requirements will apply to pure electric passenger cars and plug-in hybrid vehicles, impacting the eligibility for tax exemptions [3] Group 3 - Local governments issued approximately 8.54 trillion yuan in bonds in the first three quarters of the year, a year-on-year increase of about 27% [9] - The accelerated bond issuance is part of a broader effort to implement a more active fiscal policy to support economic stability [9] Group 4 - The Nanjing Housing Provident Fund Management Center announced an increase in the maximum loan amount for individual contributors from 500,000 yuan to 800,000 yuan, effective from October 9, 2025 [11] - The maximum loan amount for families remains at 1 million yuan, aimed at promoting a stable and healthy real estate market [11] Group 5 - The transportation department reported a record high of 24.32 billion person-times of cross-regional travel during the recent holiday period, with an average of 3.04 billion person-times per day, a 6.2% increase year-on-year [10] - This surge in travel reflects strong consumer sentiment and the effectiveness of consumption promotion measures implemented by the government [10] Group 6 - The ASEAN+3 macroeconomic research office upgraded its economic growth forecast for the region to 4.1% for 2025, driven by strong export growth and economic performance in the first half of the year [18] - The positive outlook is attributed to easing market pressures following the U.S. government's tariff measures announced earlier this year [18] Group 7 - The stock market saw a collective decline in major indices, with the Nasdaq China Golden Dragon Index dropping by 2.01% [22] - Gold prices also fell below the 4,000 USD per ounce mark, indicating market volatility and investor sentiment shifts [22]

对价格无序竞争问题突出的重点行业，指导行业协会等有关机构调研评估行业平均成本。国家发展改革 委有关负责同志表示，开展此项工作可发挥三方面作用：一是为经营者合理定价提供参考，经营者可以 结合自身成本和行业平均成本，优化定价策略，合理制定价格，规范价格行为；二是引导经营者改进生 产经营管理，为消费者提供价格合理的商品和服务；三是通过对比行业平均成本和市场价格，可以更加 准确地监测、评估行业竞争状况，为宏观调控提供参考。 对价格无序竞争的经营者，《公告》提出三方面监管措施。一是提醒告诫。对涉嫌价格无序竞争的经营 者进行提醒告诫，要求其自觉规范价格行为，严守价格竞争底线。二是监管执法。对提醒告诫后仍未规 范价格行为的经营者予以重点关注，必要时开展成本调查、价格监督检查，发现价格违法违规问题的， 依法予以查处。三是失信惩戒。充分发挥信用监管作用，依法依规实施失信惩戒。 本报北京10月9日电（记者 刘志强）为规范市场价格行为，维护良好市场价格秩序，助力高质量发展， 国家发展改革委、市场监管总局近日发布《关于治理价格无序竞争维护良好市场价格秩序的公告》（以 下简称《公告》）。 《公告》提出，实行市场调节价的商品和服务，经营 ...