Group 1 - The recent adjustment in the A-share market has caused significant declines, with major indices like the Shenzhen Component and ChiNext Index dropping over 3% [1] - The current market situation is viewed as nearing the end of the adjustment phase, with expectations for a recovery rally in late October [1][3] - The policy environment is supportive, with the Fourth Plenary Session emphasizing technology innovation, industrial chain security, and high-end manufacturing as key areas for investment [3] Group 2 - There is a notable shift in capital, with funds not leaving the market but rather reallocating; financing balances and ETF investments continue to flow in, indicating underlying strength [3] - The technical analysis shows that the Shanghai Composite Index has found support between 3800-3850 points, and a volume increase above the 5-day moving average could signal a rebound [3] - Two main investment themes are highlighted: 1. Technology growth sectors such as semiconductor equipment, AI computing power, and domestic substitution, which are supported by industry trends and policies [4] 2. Resource and low-valuation defensive sectors, including rare earths and gold, which are gaining value due to global liquidity and rising risk aversion [4] Group 3 - Recommendations for investment strategies include gradually building positions in key sectors while maintaining a cautious approach to avoid panic selling [4] - The market's volatility presents opportunities for long-term investors who can identify strong companies and sectors [4]

Group 1: Gold Market Insights - Deutsche Bank reports that gold's share in global "foreign exchange and gold" reserves has risen to 30%, while the dollar's share has decreased from 43% to 40%. If gold is to match the dollar's share, its price would need to rise to approximately $5,790 per ounce [1] - Western Securities suggests that the current high gold prices indicate the potential for a long-term bull market, driven by central bank purchases, despite some investor concerns about short-term overbought conditions [2] Group 2: U.S. Banking Sector Analysis - CICC states that recent bank failures in the U.S. do not pose a systemic risk to the financial system, as they are more localized credit risk events rather than widespread issues. However, rising credit risks in a high-interest environment could lead to tighter lending conditions [2] - Huatai Securities highlights that while the U.S. banking sector currently shows healthy cash flows and liquidity, long-term integration pressures remain due to the large number of small banks facing challenges in asset quality and competition [7] Group 3: Economic Indicators and Market Trends - CICC emphasizes that the expectation of an economic cycle recovery is the most significant factor influencing asset pricing this year, with indicators showing diminishing resistance to recovery [6] - CICC also notes that while maintaining optimism towards the stock market, investors should be cautious in their asset allocation, focusing on undervalued sectors and commodities expected to perform well in the fourth quarter [6] Group 4: Rare Earth and Cobalt Market Opportunities - CITIC Securities reports that China's recent export controls on rare earths are expected to strengthen its strategic position, potentially leading to price increases and challenges for overseas supply chains [4] - The report indicates that the tightening of controls on rare earths will likely benefit high-performance magnetic materials, increasing demand for iron oxide permanent magnets [4] Group 5: Environmental Regulations and Market Potential - Huatai Securities estimates that the market space for tail gas treatment under the National Seven standards could reach 100 billion yuan, benefiting companies with advanced technology and competitive products in this sector [8]

Core Viewpoint - A-shares experienced a strong upward trend, with major indices showing significant gains, indicating positive market sentiment and sector performance [1] Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.69% to 3866.09 points, the Shenzhen Component Index increased by 1.38%, and the ChiNext Index surged by 2.49% [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 11.711 trillion yuan [1] Sector Analysis - Key sectors that saw notable gains include coal, gas, semiconductors, automobiles, and insurance [1] - Emerging concepts such as CPO, brain engineering, and humanoid robots were also active in the market [1] Structural Insights - Current structural fundamental clues in A-shares are primarily related to Chinese companies going abroad, with the ongoing US-China tensions impacting market pricing for overseas ventures [1] - The experience from TACO since April, combined with increased confidence in China, has led to investor hesitation in reallocating assets, creating opportunities for high dividend sectors [1] Strategic Intent - The new strategic focus for China is on ensuring long-term and systematic resource security, supply chain safety, and leading technology security [1] - After the rotation of dividend sectors, it is essential to closely monitor new trends that may persist into the next year, particularly regarding supply chain security and edge AI [1]

Core Insights - The report from the China Internet Network Information Center indicates that by June 2025, the user base for generative artificial intelligence in China is expected to reach 515 million, an increase of 266 million from December 2024, resulting in a penetration rate of 36.5% [1] Group 1: Market Performance - As of October 20, 2025, the CSI Artificial Intelligence Industry Index has risen by 4.00%, with notable increases in constituent stocks such as Zhongji Xuchuang (up 12.23%), Xinyi Sheng (up 9.16%), and Youkede (up 6.74%) [1] - The Artificial Intelligence ETF has seen a 3.95% increase, with a cumulative rise of 45.34% over the past three months as of October 17, 2025 [1] Group 2: Liquidity and Fund Flow - The Artificial Intelligence ETF recorded a turnover of 2.51% and a transaction volume of 192 million yuan, with a total fund inflow of 244 million yuan over the past seven trading days [3] Group 3: Policy and Strategic Insights - The Ministry of Science and Technology has identified the "14th Five-Year Plan" as a critical period for becoming a technology powerhouse, emphasizing the need for high-level technological self-reliance, which will benefit cutting-edge technology research and core technology breakthroughs [3] - CITIC Securities highlights that the current structural fundamental clues in A-shares are primarily related to Chinese companies going global, with a focus on resource security, industrial chain security, and leading technology security as new strategic intentions [3] Group 4: Investment Strategy - The Huafu Artificial Intelligence ETF employs quarterly rebalancing and focuses on AI revenue share and growth indicators to identify potential high-growth companies within the AI sector [4] - The ETF aims to provide comprehensive coverage of the AI industry while adapting to changes in industry trends, thus enhancing returns for investors [4] - For investors without stock accounts, the Huafu Artificial Intelligence ETF offers connection funds (Class A 008020, Class C 008021) [4]

Group 1 - The AI sector experienced a strong rally, with significant stocks like Yidao Information hitting the daily limit, and institutions seeing a net inflow of 1.77 billion yuan [1] - The current structural fundamental clue in the A-share market is the overseas expansion of Chinese companies, influenced by the ongoing US-China tensions [1] - The market is in a bull market consolidation phase, characterized by high cutting low of funds, index stagnation, and reduced trading volume, due to uncertainties in US-China relations and upcoming key meetings [1] Group 2 - The Hong Kong stock market is gathering core domestic AI assets, covering the entire industry chain including computing power, models, software applications, and hardware terminals, becoming a pioneer in the revaluation of Chinese assets [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The international precious metals futures generally closed lower, with the Fed officials' statements strengthening the interest - rate cut expectations and the uncertainty of the US government shutdown driving funds to precious metals. The oil prices rose due to the expected supply - side contraction. Most London base metals declined. The domestic futures contracts showed mixed trends [4]. - The financial market shows a strong recovery in the fund market, with active ETF and index fund issuance. The capital markets are affected by policies and strategic intentions, and the M&A in the stock market is mainly focused on industry integration. The silver price in the industry has risen significantly, and the shipping, banking, and real - estate industries have also had relevant developments. Overseas, there are developments in trade negotiations, visa policies, and credit ratings [34][39]. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - **Precious Metals**: COMEX gold futures fell 0.85% to $4267.90 per ounce (weekly gain of 6.69%), and COMEX silver futures fell 5.01% to $50.63 per ounce (weekly gain of 7.15%) [4]. - **Crude Oil**: The US oil main contract rose 0.46% to $57.25 per barrel (weekly loss of 2.80%), and the Brent crude main contract rose 0.46% to $61.34 per barrel (weekly loss of 2.22%) [4]. - **London Base Metals**: Most declined, such as LME tin down 2.07% to $35030 per ton (weekly loss of 3.16%), LME nickel down 1.03% to $15110 per ton (weekly loss of 1.11%) [4]. - **Domestic Futures**: Some rose, like coking coal up over 3%, coke up over 2%, and soda ash up over 1%. Some declined, such as caustic soda down over 1%, iron ore, corn, and double - gum paper down over 0.5% [6]. Important Information Macro Information - The Shanghai Export Container Freight Index rose 149.9 points to 1310.32, while the China Export Container Freight Index fell 4.1% to 973.11 [8]. - If the US government shutdown continues after the weekend, President Trump may increase his actions [9]. - The national general public budget revenue in the first three quarters of 2025 was 16.3876 trillion yuan, a year - on - year increase of 0.5% [10]. - The central government allocated 500 billion yuan from the local government debt balance limit to local governments [10]. - The US initial jobless claims decreased during the government shutdown, with about 215,000 in the week ending October 11, lower than the previous week's estimate of 234,000 [10]. - Governor Pan Gongsheng of the People's Bank of China pointed out that trade frictions and geopolitical uncertainties drag on the world economy, and emerging markets face challenges [10]. - President Trump will impose new tariffs on imported medium and heavy - duty trucks and parts (25%) and passenger cars (10%) starting from November 1 [12]. - The Israeli Defense Forces resumed the cease - fire in the Gaza Strip [12]. Energy and Chemical Futures - Russia cancelled fuel import tariffs due to decreased domestic demand for petroleum products [14]. - China's styrene factory output in the week ending October 16 was 339,400 tons, a decrease of 2.33% from the previous week, and the capacity utilization rate was 71.88%, a decrease of 1.73% [14]. - Ukrainian President Zelensky discussed energy reconstruction and long - term cooperation with US energy company executives [15]. Metal Futures - The Shanghai Futures Exchange adjusted the price limit range and margin ratios of gold and silver futures contracts from October 21 [17]. - Last week, copper inventory increased by 550 tons, aluminum inventory decreased by 2749 tons, etc. in the Shanghai Futures Exchange [19]. - China's 14 - port nickel ore inventory increased by 279,100 wet tons to 15.2884 million wet tons, a 1.86% increase [19]. - Tianqi Lithium's 30,000 - ton lithium hydroxide project in Zhangjiagang, Jiangsu, produced the first bag of battery - grade lithium hydroxide that met the standards [19]. - Peru's zinc concentrate output in August 2025 was 146,700 metric tons, a month - on - month increase of 17.2% and a year - on - year increase of 29.2% [19]. - The four - province weekly operating rate of recycled lead from October 10 - 16 was 35.11%, an increase of 1.07 percentage points from the previous week [20]. - The Indonesian president handed over six seized tin smelters to a state - owned enterprise [20]. - As of Thursday, the alumina raw material inventory of electrolytic aluminum plants was 3.126 million tons, an increase of 32,000 tons from the previous week, and the spot market was in a state of oversupply [21]. - The silver price has risen by nearly 70% this year, and most shops in Yongxing County, Hunan, are out of stock [21]. Black - Series Futures - Coke prices in Xingtai and Yuncheng markets are planned to be raised, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton starting from October 20 [24]. - The National Energy Administration issued an opinion on promoting the high - quality development of coal washing [24]. - The inventory of 63 independent ferrosilicon - manganese enterprises reached 262,500 tons, a new high in over 17.5 months, and the inventory of 60 independent ferrosilicon enterprises increased by 4.62% [24]. - The inventory of imported iron ore at 45 ports was 142.7827 million tons, an increase of 2.5377 million tons, and at 47 ports was 149.6187 million tons, an increase of 3.2079 million tons [24]. - The blast furnace operating rate of 247 steel mills was 84.27%, unchanged from the previous week, and the iron - making capacity utilization rate was 90.33%, a decrease of 0.22 percentage points [25]. - The total urban inventory this week was 9.6274 million tons, a decrease of 53,600 tons (- 0.55%) from the previous week [26]. Agricultural Product Futures - The Ministry of Commerce will hold a hearing on the anti - dumping case of pork and pork by - products [29]. - The actual soybean crushing volume of oil mills in the 42nd week (October 11 - 17) was 2.1662 million tons, with an operating rate of 59.59%, 0.12 million tons lower than the forecast [29]. - Argentina's soybean planting area in the 2025/26 season is expected to be 17.5 million hectares, a 2.8% decrease from the previous year [30]. - Canada's rapeseed exports in the week ending October 12 increased by 97.8% to 159,200 tons [31]. - The State Council executive meeting pointed out that this year's grain is expected to have a good harvest, and the supply of vegetable - basket products is sufficient [32]. - Tangrenshen sold 3.7622 million pigs from January to September, and its 2025 pig - slaughtering target is 5 - 5.5 million [32]. Financial Market Finance - As of October 19, 2025, the number of newly established funds this year reached 1,163, exceeding the 1,135 in 2024. Stock - type funds had 661 new establishments, with a issuance scale of 339.396 billion yuan, accounting for 37.45% of the total issuance scale, a 15 - year high since 2011 [34]. - As of October 17, the net inflow of the ETF market in October was 99.161 billion yuan, with equity - based ETFs contributing 92.457 billion yuan, accounting for over 90% [34]. - The two capital - market monetary policy tools created by the People's Bank of China last year injected billions of yuan into the market, boosting investor confidence and reducing A - share volatility [35]. - At least 8 Shanghai - listed companies announced the completion of restructuring in the third quarter, with industry integration as the main line [35]. - The main structural clue in the A - share market is Chinese enterprises going global. After the dividend rotation, new clues such as industrial chain security and end - side AI should be tracked [37]. - The market is in a bull - market consolidation period, and key sectors to focus on include dividends, precious metals, and AI [37]. - The unit net value of the "Sanmao Fund" has risen to 0.9854 yuan, close to full recovery [38]. Industry - The silver price has risen by nearly 70% this year, and most shops in Yongxing County are out of stock [39]. - Banks are in the "year - end battle" phase, and some small and medium - sized banks have started next year's "good start" activities two months earlier [39]. - The China Shipowners' Association signed cooperation MOUs with international shipping institutions, promoting the development of the shipping industry [41]. - The Wuhan Economic and Technological Development Zone launched housing purchase subsidy policies [41]. Overseas - Australian Prime Minister Albanese will meet with US President Trump to discuss issues such as the rare - earth material supply chain [42]. - South Korea and the US are likely to reach a trade agreement before the APEC meeting [43]. - Japan will increase visa application fees in 2026 to address over - tourism and cost - increase issues [43]. - S&P downgraded France's long - term foreign - currency issuer default rating from "AA -" to "A+", the second downgrade in about 1.5 years [44]. - 8 pieces of valuable jewelry were stolen from the Louvre in France [45]. International Stocks - South Korean investors are actively investing in leveraged VIX products, with about $130 million flowing into 2x long VIX futures ETFs this year [46]. Commodities - The international gold price has risen strongly, and gold - related ETFs have seen an expansion in management scale. The long - term support for gold prices remains [47]. - India's oil imports from Russia increased in the first half of October, with an average daily import of about 1.8 million barrels, 250,000 barrels more than in September [47]. Bonds - The performance of "fixed - income plus" products varies greatly, with a difference of over 42 percentage points for mixed - bond - type secondary funds [48]. - Bond ETFs can better capture investment opportunities in the bond market, and the current bond - market adjustment is more favorable [49]. Upcoming Events - At 09:20, the People's Bank of China has 253.8 billion yuan of 7 - day reverse repurchases maturing [51]. - At 09:30, the monthly report on residential sales prices in 70 large and medium - sized cities will be released [51]. - At 10:00, the State Council Information Office will hold a press conference on the national economic situation [51]. - At 11:50, Bank of Japan board member Takada So will give a speech [51]. - At 16:00, ECB Executive Board member Schnabel will give a speech [51]. - At 22:30, the Bank of Canada will release business and consumer expectation survey reports [51]. - Haixi New Drug will be listed on the Hong Kong Stock Exchange [51]. - Ningde Times, China Mobile, and other companies will release financial reports [51]. - The Fourth Plenary Session of the 20th CPC Central Committee will be held from October 20 - 23 [51]. - President Trump will meet with Prime Minister Albanese [51]. - At 03:00 the next day, the governors of the German and French central banks will give speeches in New York [51].

Group 1 - The fourth plenary session of the 20th Central Committee of the Communist Party of China is being held from October 20 to 23, focusing on the formulation of the 15th Five-Year Plan for national economic and social development [2] - Trump is signaling a relaxation of tariffs, having exempted dozens of products from "reciprocal tariffs" and indicating a willingness to exclude more products from tariffs during trade agreements [3] - A ship has successfully completed a journey from Ningbo-Zhoushan Port to Europe via the Arctic route, significantly reducing transit time to 20 days compared to traditional routes [4] Group 2 - StarNet achieved a revenue of 266 million yuan in the first three quarters of 2025, a year-on-year increase of 14.97%, with net profit rising by 260% [5] - Tongyou Technology reported a revenue of 154 million yuan in Q3 2025, a 197.06% increase year-on-year, with net profit soaring by 300.46% [5] - The company achieved a net profit of 928.78 million yuan in the first nine months of 2025, marking a turnaround from losses [6] Group 3 - Silan Microelectronics announced a strategic cooperation agreement for a 200 billion yuan investment in a 12-inch high-end analog integrated circuit chip manufacturing project [7] - The number of private equity firms managing over 10 billion yuan in assets has increased to 96, with five new firms entering this category [8] Group 4 - The price of silver has surged, with spot silver exceeding $50 per ounce for the first time, leading to increased demand for silver bars [9] - The balance of margin trading in A-shares has surpassed 2.45 trillion yuan, with a significant increase in new margin accounts [10] Group 5 - Chinese companies are significantly increasing their overseas warehouse investments, with a threefold increase reported [11] - Major breakthroughs in chip research have been reported by several top Chinese universities, indicating a surge in domestic "hard technology" capabilities [12][13] Group 6 - Small and medium-sized banks in China are entering a new round of interest rate cuts, with expectations of a 10 basis point reduction in deposit rates [14] - A proposal for a tunnel connecting Russia and the U.S. across the Bering Strait has been suggested, highlighting potential collaboration in natural resource exploration [15] Group 7 - GoerTek has terminated a significant acquisition deal worth 9.5 billion yuan due to failure to reach consensus on key terms [16] - Yidao Information is planning a major asset restructuring involving the acquisition of two companies, with shares set to resume trading [17] Group 8 - Ansys Semiconductor's Dongguan factory is facing material shortages and has restricted shipments, implementing a new work schedule [18] - Nvidia's market share in AI chips for China has plummeted from 95% to 0% due to U.S. export controls [20] Group 9 - China Life Insurance expects a net profit increase of approximately 50% to 70% for the first three quarters of 2025 [39][40] - Yangjie Technology reported a 52.4% increase in net profit for Q3 2025, driven by strong growth in the semiconductor sector [41]

Market Overview - The trade tensions have eased, leading to a rebound in U.S. stock markets, with major indices rising over 1% for the week. The S&P 500 increased by 0.53%, the Dow Jones by 0.52%, and the Nasdaq by 0.52% [1] - Regional bank stocks rebounded, with the regional bank index rising nearly 2%. Zions and Western Alliance banks, which had previously dropped due to bad debt concerns, saw increases of nearly 6% and over 3% respectively [1] - The chip index halted a two-day rise but gained nearly 6% over the week. Oracle's stock fell nearly 7% after a previous day of gains [1] Currency and Commodity Trends - The U.S. dollar index fell for three consecutive days before rising again, while the offshore RMB briefly rose above 7.12, reaching a three-week high [2] - Oil prices ended a three-day decline but still fell over 2% for the week, marking three consecutive weeks of losses [3] - Gold prices experienced volatility, with spot gold dropping over 3% after reaching new highs, while silver saw a near 7% drop at one point. Gold still managed to rise for nine consecutive weeks, with futures up over 5% for the week, marking the largest weekly gain in nearly five months [1] Corporate Developments - NVIDIA's market share in the high-end chip market in China has dropped from 95% to 0%, with reports indicating Micron's exit from the Chinese server chip business [5] - Chery announced the launch of a solid-state battery module with an energy density of 600Wh/kg, which could enhance vehicle range to 1200-1300 kilometers [11][12] Policy and Economic Measures - The Chinese government is focusing on logistics cost reduction and enhancing the integration of artificial intelligence with logistics systems, as discussed in a recent State Council meeting [10][11] - The Ministry of Commerce and other departments released guidelines to promote high-quality development in the accommodation industry, emphasizing brand building and technological upgrades [12] Financial Performance - Several companies reported significant profit increases: - Sitoway's net profit for the first three quarters is projected to be between 656 million and 736 million yuan, a year-on-year increase of 140% to 169% [16] - China Life's net profit for the first three quarters is estimated at approximately 156.79 billion to 177.69 billion yuan, reflecting a growth of about 50% to 70% [16] - Zijin Mining reported a net profit of 37.864 billion yuan for the first three quarters, a year-on-year increase of 55.45% [18]

Macro Economy - The 138th Canton Fair concluded on October 19, with over 150,000 overseas buyers attending, representing a 6.3% increase compared to the previous session [5] - The Ministry of Agriculture and Rural Affairs reported that nearly 70% of the autumn grain harvest is complete, with over 70% for medium rice, over 60% for corn, and over 80% for soybeans [5] - Wuhan's Housing and Urban Renewal Bureau announced measures to stabilize the housing market, including loan interest subsidies and group purchase discounts to stimulate housing demand [5] - The Jinsha River upstream Changbo Hydropower Station successfully completed its river diversion, expected to generate over 4.3 billion kilowatt-hours of clean energy annually after completion in 2028 [5] Investment News - As of October 19, 2025, a total of 1,163 new funds have been established this year, surpassing the total of 1,135 for the entire year of 2024, indicating a strong recovery in the fund market [7] - Southbound capital has seen a net inflow exceeding 1.1 trillion yuan this year, reflecting significant interest in the Hong Kong stock market despite recent adjustments [7] - The number of newly registered private equity fund managers reached a record high of 10 in September, with most having extensive experience in the securities industry [7] - CITIC Securities reported that the main structural fundamental clue in A-shares is the overseas expansion of Chinese enterprises, with a focus on resource security and technological leadership [8] Company Movements - Wuliangye Group announced a notice to consumers, listing 46 unauthorized stores across various platforms including Douyin and JD.com [9] - Silan Microelectronics plans to invest 20 billion yuan in a joint project to build a 12-inch high-end analog integrated circuit chip manufacturing line [10] - UBTECH Robotics won a project for the procurement and installation of equipment for the "Guangxi Embodied Intelligent Data Collection and Testing Center," with an order amount of 126 million yuan [10] - FAW Jiefang signed a strategic cooperation agreement with Lingong Group to enhance collaboration in products, markets, and intelligent manufacturing [10] - Kering Group plans to sell its beauty division to L'Oréal for approximately 4 billion USD, equivalent to about 285 billion yuan [10]

Group 1 - The Trump administration is signaling a willingness to ease trade tensions by exempting more products from tariffs, which may impact the upcoming Supreme Court hearing on "reciprocal tariffs" [1] - The only silver futures fund in the market, Guotou Ruijin Silver Futures, has implemented purchase limits due to soaring silver prices, which have increased by 58.10% year-to-date as of October 17 [1] Group 2 - Hong Kong's Financial Secretary expressed concerns about the economic outlook during discussions at the IMF and World Bank meetings, emphasizing the importance of stable US-China relations for global economic development [2] Group 3 - A total of 1,163 new funds have been established this year, surpassing the total for 2024, indicating a strong recovery in the fund market, with stock funds accounting for 661 of these and a total issuance scale of 906.27 billion yuan [3] - The ETF market has seen a net inflow of 99.16 billion yuan since October, primarily driven by equity ETFs, which contributed over 92.46 billion yuan [3] Group 4 - The People's Bank of China has introduced monetary policy tools to support the capital market, injecting thousands of billions into the market and stabilizing A-share volatility [4] - Several companies have completed restructuring, with a focus on industrial integration, as seen in notable acquisitions in the automotive and optical communication sectors [4] Group 5 - Current structural fundamentals in A-shares are influenced by Chinese companies going abroad, with market dynamics affected by US-China relations [5] - The market is in a consolidation phase, with a focus on sectors such as precious metals, finance, and technology [5] Group 6 - A private equity product managed by Wu Yuefeng has shown significant recovery, nearing breakeven, while prominent investors express optimism about the A-share market [6] Group 7 - Companies like Silan Microelectronics and China Life are projecting significant profit growth, with China Life expecting a 50%-70% increase in net profit [7] Group 8 - Silver prices have surged nearly 70% this year, leading to shortages in local markets, with prices for silver bars increasing from over 8,000 yuan to 13,000 yuan [8] - Banks are preparing for a decisive fourth quarter, with some smaller banks initiating early promotional activities for the next year [8] Group 9 - The China Shipowners' Association has signed cooperation agreements with major international shipping organizations, marking a new phase in the collaboration of China's shipping industry [9] Group 10 - The People's Bank of China emphasizes the need for a financial system that aligns with the country's technological development stage [10] Group 11 - Kering Group plans to sell its beauty division to L'Oréal for approximately 4 billion USD, which includes ownership of the Creed perfume brand [11] Group 12 - Australian Prime Minister is expected to discuss rare earth supply chains with US President Trump [12] Group 13 - South Korean investors are increasingly betting on leveraged VIX investments to hedge against their US stock holdings [13] Group 14 - There is a significant performance disparity among "fixed income +" products, with some achieving over 20% returns while others have negative returns [14] Group 15 - International gold prices have surged, leading to increased investment in gold ETFs, driven by geopolitical risks and liquidity factors [15]