Core Viewpoint - The Chinese government emphasizes that its export control measures on rare earths are aimed at standardizing and improving the export control system, aligning with international practices to maintain global peace and regional stability [1] Group 1: Export Control Policies - China has reiterated its stance on rare earth export control policies, stating that these measures are in line with international norms and are intended to fulfill international obligations related to non-proliferation [1] - The Chinese government expresses willingness to enhance dialogue and communication with other countries regarding export controls to ensure the security and stability of global supply chains [1] Group 2: China-EU Trade Relations - The essence of China-EU economic and trade relations is characterized by complementary advantages and mutual benefits, with a call for the EU to uphold commitments to free trade and oppose protectionism [1] - China urges the EU to resolve trade differences through dialogue and to provide a fair, transparent, and non-discriminatory business environment for enterprises [1]

10月28日，外交部发言人郭嘉昆主持例行记者会。 有记者就美国财长相关涉中美经贸问题言论提问。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 郭嘉昆表示，具体问题建议向中方的主管部门进行了解。 关于稀土出口管制政策，中方已多次阐明立场。中 方相关措施是对出口管制体系的规范和完善，符合国际通行做法，目的是更好维护世界和平和地区稳定，履行 防扩散等国际义务。 我们愿同各国加强出口管制的对话交流，维护全球产供链安全稳定。关于中美经贸磋商 的情况，中方已经发布了有关消息，可以查阅。 法新社记者提问，欧盟和中国的代表团将在布鲁塞尔进行贸易协定的会谈，并且讨论稀土的相关问题。请问中 方是否打算放松对稀土的出口管制？ 郭嘉昆表示，中欧经贸关系的本质是优势互补、互利共赢。我们希望欧方恪守支持自由贸易、反对贸易保护主 义的承诺，不要动辄采取限制性的措施，而应坚持通过对话协商妥善解决贸易分歧，为各国企业提供公平透 明、非歧视的营商环境，以实际行动维护市场经济和世贸组织规则。具体问题建议向中方主管部门询问。 综合自：央视新闻、北京日报 责编：李丹 校对： 王朝全 ...

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Report's Core View - As of the close on October 28, 2025, domestic futures main contracts showed mixed performance. Some commodities like apples and rapeseed meal rose, while others such as gold and silver futures declined. Different commodities have different market trends and influencing factors, including macro - economic conditions, supply - demand relationships, and geopolitical events [6][7]. 3. Summary by Related Catalogs 3.1 Commodity Performance - Futures Market Overview - As of the close on October 28, domestic futures main contracts had mixed performance. Apples rose nearly 4%, rapeseed meal rose over 2%, and iron ore, glass, polysilicon, and soybean meal rose over 1%. In terms of declines, gold futures fell over 4%, silver futures fell over 3%, and many other commodities also had varying degrees of decline. Among stock index futures, most declined except for the CSI 1000 stock index futures which rose 0.04%. Treasury bond futures generally rose. In terms of capital flow, some contracts like the 30 - year Treasury bond 2512 had capital inflows, while others like gold 2512 had capital outflows [6][7]. 3.2 Market Analysis - **Copper (Cu)**: The price of copper was pushed up by macro - optimistic sentiment and the tight supply of copper concentrates. However, downstream demand was suppressed by high prices, and social copper inventories increased moderately. With the upcoming US interest - rate meeting and the continuous tight supply of copper mines, the copper price remained strong [9]. - **Lithium Carbonate**: The price of lithium carbonate showed an upward trend. Supported by the rising cost of lithium ore and strong demand from the energy - storage battery industry, with both supply and demand being strong and inventories decreasing significantly in September, the price of lithium carbonate was expected to be mainly in a strong - side shock [11]. - **Crude Oil**: OPEC+ planned to increase production in November, which would intensify the supply pressure in the fourth quarter. Although the US refinery's operating rate rebounded and inventories decreased, concerns about demand still existed due to factors such as the end of the consumption peak season. The crude oil market was in a supply - surplus pattern, but the price was expected to continue to rebound at a low level [12][13]. - **Asphalt**: The asphalt production rate decreased, and the expected production in November would also decline. Downstream construction rates mostly increased, and the inventory - to - sales ratio of asphalt refineries decreased slightly. Affected by factors such as the rebound of crude oil prices, it was recommended to cautiously observe the asphalt futures price [14]. - **PP (Polypropylene)**: The downstream operating rate of PP rebounded slightly, and the enterprise operating rate increased. The cost increased due to the rebound of crude oil prices, and the supply increased with new capacity put into operation. Although the downstream was in the peak season, the demand was less than expected, and PP was expected to be in a weak - side shock [15][16]. - **Plastic**: The plastic operating rate decreased slightly, and the downstream operating rate increased. The cost was affected by the rebound of crude oil prices, and new capacity was put into operation. The demand in the peak season was less than expected, and plastic was expected to be in a weak - side shock [18]. - **PVC**: The upstream calcium carbide price was stable. The PVC operating rate decreased slightly, and the downstream operating rate continued to increase. The export expectation in the fourth quarter was weakened, and social inventories were still high. PVC was expected to fluctuate in the near term [20]. - **Coking Coal**: The price of coking coal was affected by supply shortages and demand expectations. The supply was tight due to factors such as domestic production control and mine - operating rate decline, while the demand was pessimistic due to the reduction of steel - mill production. The coking coal market was expected to be in a wide - range shock [21][22]. - **Urea**: The urea futures price closed down. The spot market was stable, and the production was slightly volatile. With the approaching of winter gas - limit production, the production was expected to decline. The demand was relatively weak, and the inventory was in a slow - rising cycle. Urea was expected to be in a short - term low - level shock [23].

10月28日，外交部发言人郭嘉昆主持例行记者会。 "关于中美经贸磋商的情况，中方已经发布了有关消息，你可以查阅。"郭嘉昆说。 来源｜北京日报 编辑｜瑜见 郭嘉昆指出，关于稀土出口管制政策，中方已多次阐明立场。中方相关措施是对出口管制体系的规范和 完善，符合国际通行做法，目的是更好维护世界和平和地区稳定，履行防扩散等国际义务。我们愿同各 国加强出口管制的对话交流，维护全球产供链安全稳定。 真实巴西记者提问，上周日，美国财长贝森特被问及中方是否会解除关于稀土的出口管制措施，他表示 中方并没有实际实施过这些管制措施，并且暗示美方威胁对华征收100%的关税在中美贸易磋商中起到 了一定的作用。但是，公开记录表示，中方的这些出口管制措施已经开始生效。中方能否澄清，这些出 口管制措施是否已经生效，或者是正在暂停中？如果已被暂停，是否与美方的关税威胁和近期的中美经 贸磋商有关系？中方目前的出口管制措施状况如何？ 郭嘉昆表示，具体的问题建议向中方的主管部门进行了解。 ...

Group 1 - The A-share market experienced a significant rise, with the Shanghai Composite Index approaching the 4000-point mark, reaching a new high for the year [1] - Despite the market surge, there was a net outflow of nearly 2.6 billion yuan from stock ETFs, with notable outflows from bank and chip ETFs [1][5] - Bond ETFs and Hong Kong market ETFs saw net inflows, indicating a shift in investor sentiment towards safer assets [2] Group 2 - The total scale of stock ETFs in the market reached 4.67 trillion yuan, with a reduction of 1.18 billion units in total shares on the day of the market rise [2] - The AAA Sci-Tech Bond Index recorded the highest net inflow among indices, amounting to 1.87 billion yuan [2] - The top-performing ETFs in terms of net inflow included the Sci-Tech 50 ETF and the Semiconductor ETF, with inflows of 984 million yuan and 618 million yuan respectively [3][4] Group 3 - The banking ETF experienced the largest net outflow, exceeding 800 million yuan, followed by the Chengdu-Chongqing Economic Circle ETF and Hong Kong Securities ETF, both with outflows over 500 million yuan [6][8] - Despite some industry and broad-based ETFs experiencing net outflows, institutional investors remain optimistic about the future of the A-share market [9] - Factors such as the easing of US-China trade tensions and the successful conclusion of the 20th National Congress are expected to boost market sentiment and risk appetite [9]

Core Points - The recent adjustment in domestic fuel prices is a result of fluctuations in international oil prices, with gasoline and diesel prices decreasing by 265 yuan and 255 yuan per ton respectively, effective from October 27 [1] - This marks the 21st adjustment in 2025 and the 9th decrease, leading to a pricing pattern of "six increases, nine decreases, and six stabilities" for the year [3] - The next price adjustment window will open on November 10, 2025, with expectations of a significant increase in fuel prices due to current international crude oil price levels and ongoing geopolitical uncertainties [3] Price Impact - Filling a 50-liter tank of 92-octane gasoline will cost approximately 10 yuan less following the price reduction [2] - The price changes reflect the current market conditions and are influenced by international trade negotiations and geopolitical factors [3]

智通财经记者 | 田鹤琪 国内成品油价迎年内第九次下调。 10月27日，国家发改委发布消息称，自24时起，国内汽油价格和柴油价格分别下调265元/吨和255元/吨。折合升价，92号汽油下调0.21元，95 号汽油和0号柴油均下调0.22元。 此次调价落实后，消费者出行成本将有所下降。 按照油箱容量为50L的家用轿车为例，加满一箱92号汽油节省10.5元；物流行业中，以月跑1万公里、百公里油耗在38L的重型卡车为例，在下 次调价窗口开启前，单辆车的燃油成本将下降390元左右。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 图片来源：界面图库 后期，特朗普宣布原定的美俄领导人会面计划被搁置，且美国决定对俄罗斯石油公司（Rosneft）和卢克石油公司（Lukoil）实施制裁，俄油供 应前景不确定性增加，加之美国原油与成品油库存减少，对油价形成提振，原油价格开始宽幅反弹，但整体均价依然远低于上周期价格。 截至10月27日北京时间上午7时，WTI即月原油期货收涨1.02%，报62.04美元/桶；布伦特即月原油期货收涨1.37%，报65.76美元/桶。 下一轮成品油价上调趋势概率较大。 隆众资 ...

中新网北京10月27日电(记者郭超凯)新一轮中美经贸磋商26日在马来西亚吉隆坡落下帷幕。北京大学国 家发展研究院名誉院长林毅夫27日在蓝厅论坛上谈及中美经贸磋商时表示，贸易是互利双赢的，希望大 家本着这一原则，在WTO框架下推动全球化。不能把贸易作为武器，为了单边利益牺牲其他国家和地 区的利益。（完） （文章来源：中国新闻网） ...

Core Viewpoint - The domestic fuel prices in China have been reduced for the ninth time this year, with gasoline and diesel prices decreasing by 265 yuan/ton and 255 yuan/ton respectively, leading to lower costs for consumers and the logistics industry [1][2]. Price Adjustments - The new prices translate to a reduction of 0.21 yuan per liter for 92-octane gasoline and 0.22 yuan per liter for both 95-octane gasoline and 0 diesel [1]. - For a typical family car with a 50L fuel tank, filling up with 92-octane gasoline will save approximately 10.5 yuan [2]. - In the logistics sector, a heavy truck running 10,000 kilometers per month with a fuel consumption of 38L per 100 kilometers will see a decrease in fuel costs of around 390 yuan before the next price adjustment [2]. Market Trends - Following this adjustment, the retail price of 92-octane gasoline is expected to be between 6.8 and 6.9 yuan per liter, while diesel prices will range from 6.5 to 6.7 yuan per liter across most regions [3]. - This marks the 21st price adjustment in 2025 and the ninth decrease this year, resulting in a pattern of "six increases, nine decreases, and six stabilities" for fuel price adjustments [5]. International Oil Market - During the pricing cycle, international crude oil prices showed a trend of decline followed by a rebound, with significant downward pressure initially due to warnings of oversupply and ongoing trade tensions between the US and China [6]. - As of October 27, WTI crude oil futures rose by 1.02% to $62.04 per barrel, while Brent crude futures increased by 1.37% to $65.76 per barrel [7]. Future Price Expectations - Analysts predict a higher probability of price increases in the next round of fuel price adjustments, influenced by positive developments in US-China trade negotiations and ongoing geopolitical uncertainties [8]. - The next price adjustment window is expected to open on November 10, 2025, at 24:00 [8].

10月27日，外交部发言人郭嘉昆主持例行记者会。有记者就中美经贸磋商提问。 对此，郭嘉昆表示，关于中美经贸磋商中方已经发布了消息，此次经贸磋商双方以两国元首 重要共识为引领，围绕共同关心的重要经贸问题，进行了坦诚、深入、富有建设性的交流磋 商，就解决各自关切的安排 达成基本共识 。 双方同意进一步确定具体细节，并履行各自国内 批准程序，具体的问题建议向中方的主管部门进行询问。 来源丨央视新闻 编辑丨黎雨桐 实习生丁紫祎 超3300股上涨，沪指创年内新高，存储器多股涨停 存款利率又下滑，存5年不如存3年 保时捷利润暴跌99%，年内将裁近2000人 SFC 21君荐读 ...