Report Summary Core View - The central bank will use repurchase agreements and MLF to inject medium - term liquidity into the market, and the scale of medium - term liquidity increase may decline due to the expected RRR cut in the fourth quarter. The resumption of treasury bond trading in October releases a signal of stabilizing growth and does not affect the RRR cut expectation [3][4] Key Points 1. Open Market Operations - On November 5, 2025, the central bank will conduct 700 billion yuan of 3 - month (91 - day) outright repurchase operations, equivalent to a 300 - billion - yuan roll - over of 3 - month outright repurchase in November. It is expected to conduct a 6 - month outright repurchase operation with a likely increase in volume, resulting in a continuous 6 - month injection of medium - term liquidity [1] - There will be 900 billion yuan of MLF maturing in November, and the central bank may conduct an equivalent or slightly increased roll - over [3] 2. Reasons for Liquidity Injection - The issuance of 500 billion yuan of local government bonds by the end of the year, the growth of supporting loans after the 500 - billion - yuan policy - based financial instruments are put into use, and the increase in the maturity volume of inter - bank certificates of deposit in November will lead to a tightening of the capital market. The central bank injects medium - term liquidity to maintain a stable and abundant capital supply [2] 3. Treasury Bond Trading - In October, the central bank resumed treasury bond trading, injecting 20 billion yuan of long - term liquidity into the banking system. The resumption is due to the rise of the 10 - year treasury bond yield to around 1.8% and the widening of the term spread, and it also helps to stabilize the macro - economy [4] 4. Policy Outlook - A new round of growth - stabilizing policies may be introduced in the fourth quarter, with fiscal stimulus, monetary easing, and efforts to stabilize the real estate market. The central bank will use various price - based and quantity - based policy tools to boost growth, and there is ample room for monetary policy due to low inflation [3][4]

Market Overview - In October, the Shanghai Composite Index showed a trend of upward fluctuation, with major indices experiencing more declines than gains. The overall large-cap stocks outperformed small-cap stocks, and value stocks outperformed growth stocks. Sectors such as coal, steel, and non-ferrous metals saw significant gains, while media, beauty care, and automotive sectors lagged behind. The average daily trading volume was 2.16 billion, with margin trading remaining at 2.4 trillion [1]. Macroeconomic Analysis - The US-China trade conflict has entered a phase of easing. In October, the manufacturing PMI in China fell to 49.0%, down 0.8 percentage points from the previous month, indicating a gradual adaptation to external changes. The focus of macroeconomic policy may shift towards areas that are relatively "not hot," with potential for monetary policy easing, including possible rate cuts and the implementation of investment-boosting policies [2][3]. Investment Strategy - The market is expected to experience a rebound, supported by the outcomes of the 20th National Congress and progress in US-China trade negotiations. However, without significant policy catalysts, the market may enter a phase of adjustment post-meeting. The investment outlook remains positive, with expectations for a "spring rally" and opportunities for positioning in the market as economic transformation accelerates and risk-free rates decline [4][5]. Specific Investment Directions - Focus areas for investment include: 1) Technology growth sectors such as internet, TMT, new energy, innovative pharmaceuticals, and defense [5] 2) New materials and cyclical products with improved market conditions, including chemicals, non-ferrous metals, and steel [5] 3) Financial sectors such as brokerage, banking, and insurance [5] 4) Consumer goods towards the end of the year [5]

10月31日，四川省人民政府办公厅发布《关于巩固拓展经济回升向好势头的若干政策措施》，针对消 费、生产、流通、提振预期等重点领域提出18条具体举措，综合运用贴息、担保、奖补等方式，发挥财 政资金引导带动作用，撬动金融资本、社会资金支持经济社会高质量发展。 在消费提振方面，四川将从实施消费新场景运营激励、支持房地产市场平稳健康发展、发放"蜀里安 逸"消费券、实施个人消费贷款贴息、实施二手车销售奖励等5个方向发力。如对2025年10月1日至2026 年3月31日期间，举办"消费+"多元融合消费促进活动，营业收入达到一定规模且符合条件的消费新场景 运营主体，省级财政按其消费促进活动实际投入的50%给予补助，单户企业最高100万元。 巩固拓展经济回升向好势头 四川出台18条稳增长政策举措 在推进企业快速成长方面，四川将实施工业项目竣工达产激励、工业企业生产增长激励、建筑业企业生 产增长激励、商贸企业经营增长激励、大企业大集团定向采购激励以及支持培育新业态消费经营主体。 如对2025年10月1日至2026年3月31日期间，竣工投产且新增生产规模2000万元以上的工业项目，省级财 政按不超过核定项目设备（含软件）投资的1 ...

Core Insights - The manufacturing Purchasing Managers' Index (PMI) in China for October is at 49.0%, indicating a decline of 0.8 percentage points from the previous month, reflecting a downturn in manufacturing activity [1][2] - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points from last month, indicating expansion in the service sector [1][5] - The comprehensive PMI output index decreased to 50.0%, down 0.6 percentage points from the previous month, suggesting overall stability in production and business operations [1] Manufacturing Sector - The manufacturing PMI has been in contraction for seven consecutive months, matching the longest stretch since August 2015 [2] - Key sub-indices such as production index (49.7%), new orders index (48.8%), and raw material inventory index (47.3%) all fell below the critical point, indicating weakened manufacturing activity [2][3] - The new export orders index dropped by 1.9 percentage points to 45.9%, reflecting reduced demand [3] Price Indices - The main raw material purchase price index and factory price index decreased by 0.7 percentage points to 52.5% and 47.5%, respectively, continuing a downward trend for two months [3][4] - The decline in price indices is attributed to weakened downstream consumer demand and reduced upward pressure from upstream raw material prices [4] Service Sector - The service sector's business activity index increased to 50.2%, indicating a recovery in service sector activity, driven by holiday effects [5] - Industries closely related to consumer travel, such as rail and air transport, showed strong performance with indices above 60.0% [5] Construction Sector - The construction business activity index fell to 49.1%, indicating a decline in activity for three consecutive months, primarily influenced by the real estate sector [6] - Despite the decline, the business activity expectation index rose to 56.0%, suggesting improved market outlook among construction firms [6] Policy Outlook - There are expectations for increased policy support to stabilize market conditions, with potential monetary policy easing on the horizon [7][8] - The anticipated impact of new policy measures, including significant financial tools for investment, may help the construction sector recover [7] Economic Trends - The ongoing demand contraction in the market is leading to an imbalance in the macroeconomic landscape, with supply exceeding demand [7] - Analysts emphasize the need for stronger counter-cyclical economic policies to stimulate demand and support business investment [7]

Manufacturing Sector - In October, the manufacturing PMI recorded 49.0, a decrease of 0.8 from the previous month, marking a significant decline and the lowest level for the same period in nearly five years[1] - The production index and new orders index fell to 49.7 and 48.8, down 2.2 and 0.9 respectively, indicating a retreat in production and market demand[1] - New export orders index dropped to 45.9, a decline of 1.9, the second-lowest point this year, only higher than the April figure following the introduction of tariffs[1] Service Sector - The service sector PMI increased by 0.1 to 50.2, showing resilience in service consumption driven by the National Day and Mid-Autumn Festival[1] - The business activity expectation index for services stood at 56.1, indicating strong confidence among service enterprises regarding industry development[1] Construction Sector - The construction PMI fell to 49.1, down 0.2, remaining at the lowest level since 2019, reflecting ongoing demand weakness[1] - However, the civil engineering index rose significantly, exceeding 55, suggesting signs of accelerated infrastructure investment activities[1] Future Outlook - For November, favorable seasonal factors are expected to boost manufacturing PMI due to upcoming domestic and overseas demand events, including "Double Eleven" and Christmas[1] - Infrastructure investment is anticipated to increase in Q4, providing a solid foundation for growth, although the overall construction PMI may remain at historically low levels[1]

Manufacturing PMI Insights - In October 2025, China's manufacturing PMI fell to 49.0%, a decrease of 0.8 percentage points from September, indicating a contraction in the manufacturing sector[2] - The production index dropped significantly by 2.2 percentage points to 49.7%, marking its first entry into the contraction zone since April[3] - The new orders index declined by 0.9 percentage points to 48.8%, reflecting weakened market demand due to seasonal factors and reduced policy impact[4] Economic Policy and Investment - A total of 500 billion yuan in new policy financial tools was fully deployed by the end of October, aimed at accelerating infrastructure investment[5] - An additional 500 billion yuan in local government debt was arranged to address existing debt and expand effective investment, indicating a strong focus on stabilizing growth[6] - The anticipated outcomes of the new round of Sino-U.S. trade talks are expected to bolster market confidence, despite ongoing external pressures[6] Sector Performance - High-tech manufacturing PMI remained in the expansion zone at 50.5%, despite a decline of 1.1 percentage points, supported by strong market demand and policy backing[7] - The service sector PMI rose slightly to 50.2%, driven by increased tourism during the extended holiday period, although overall consumer spending remains weak[8] - The construction PMI fell to 49.1%, continuing a contraction trend due to cooling real estate markets, although civil engineering activity showed signs of improvement[9] Future Outlook - The manufacturing PMI is projected to rebound to approximately 49.4% in November, influenced by seasonal factors and the impact of recent economic policies[10] - The overall economic climate is expected to depend heavily on the effectiveness and timing of growth-stabilizing policies leading up to the end of the year[10]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49% in October, down 0.8 percentage points from the previous month, indicating a slowdown in production activities [1][2] - Various sub-indices, including production, new orders, and export orders, showed declines ranging from 0.1 to 2.6 percentage points, reflecting weakened demand and production activities across enterprises of all sizes [2][3] - The overall economic imbalance of supply exceeding demand continues to develop, leading to increased downward pressure on the economy, necessitating stronger macroeconomic policy adjustments [3] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index rose slightly to 50.1%, with several sub-indices, such as inventory and input prices, showing increases between 0.2 and 1.1 percentage points [1][4] - The new orders index remained stable compared to the previous month, indicating steady operational activities in the non-manufacturing sector, supported by holiday consumption [4][5] - Significant increases were observed in sectors like transportation, retail, and construction, with business activity indices exceeding 60%, suggesting a positive trend in investment and consumption-related activities [5]

Core Viewpoint - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a range of 3.75%-4.00%, marking the second consecutive rate cut, aligning with market expectations [1][7]. Group 1: Federal Reserve Actions - The Federal Open Market Committee (FOMC) voted 10 to 2 in favor of the rate cut, with dissenting opinions advocating for a larger cut of 50 basis points [1]. - The Fed announced it will stop balance sheet reduction starting December 1, reinvesting maturing agency debt into Treasury securities [1]. - The Fed's statement indicated that while employment growth has slowed and unemployment has risen slightly, it remains low as of August [1]. Group 2: Market Reactions - Following the Fed's announcement, the domestic futures market saw most commodities rise, with coking coal increasing over 2% and PVC and coking coal rising over 1% [1]. - The U.S. stock indices showed mixed results, with the Shanghai Composite Index surpassing 4000 points and the North China 50 index rising over 8% [3][12]. - The market's liquidity environment is expected to remain loose, with increased equity asset allocation anticipated from residents and potential inflows from external funds due to the Fed's rate cut and RMB appreciation [3][12]. Group 3: Commodity Insights - Precious metals, particularly gold and silver, have experienced significant corrections following the Fed's rate cut, with market pricing adjustments reflecting the anticipated rate changes [2][19]. - Coking coal prices are supported by strong demand from the steel industry, with recent data showing a slight increase in production and a decrease in inventory levels [4][23]. - The copper market is facing tight supply conditions, with ongoing high growth in smelting output despite a challenging demand environment [20]. Group 4: International Relations and Economic Indicators - Geopolitical tensions have eased somewhat, with recent U.S.-China talks yielding basic consensus on addressing mutual concerns, which may influence market sentiment positively [2][8]. - The Indian central bank has accelerated the repatriation of gold reserves, reflecting a broader trend of increasing gold holdings by central banks globally amid rising distrust in the financial system [9].

Report Investment Rating - No report industry investment rating is provided in the content [1][2][3] Core Viewpoints - The yield of treasury bond cash bonds on Wednesday was strong in the short - term and weak in the ultra - long - term. The yields of 1 - 7Y maturities declined by about 0.40 - 4.0bp, while the 10Y and 30Y yields changed by about - 0.4 and 0.5bp to 1.81% and 2.17% respectively. Treasury bond futures were also strong in the short - term and weak in the ultra - long - term. The TS, TF, and T main contracts rose by 0.10%, 0.16%, and 0.13% respectively, while the TL main contract fell by 0.27%. The weighted average rate of DR007 fluctuated around 1.54%. [3] - Domestically, in September, the profits of industrial enterprises above designated size continued to recover due to the low - base effect, with a year - on - year increase of 3.2%. In Q3, China's GDP grew by 4.8% year - on - year, with a stable growth rate but a slowdown compared to the previous value. In September, industrial added value increased significantly year - on - year, social retail growth slowed down, and fixed - asset investment continued to shrink. [3] - Policy - wise, the communiqué of the Fourth Plenary Session of the 20th Central Committee pointed out that the current economic development faces a complex environment, emphasizing that the steady - growth policy will continue to exert force, enhancing the endogenous driving force of the economy through expanding domestic demand, promoting consumption, and stabilizing investment, and requiring the firm completion of the annual economic and social development goals. [3] - The central bank governor, Pan Gongsheng, said at the Financial Street Forum that the bond market is currently operating well, and the central bank will resume open - market treasury bond trading operations. Overseas, the US CPI in September was lower than expected; ADP data showed that the employment market in October was recovering. The new round of Sino - US trade consultations ended with positive signals, alleviating market concerns about the escalation of trade frictions. [3] - The central bank's resumption of treasury bond trading will inject stable liquidity into the market, driving down long - term interest rates by lowering short - term rates, boosting the bullish sentiment in the bond market. The weak fundamentals may push the bond market to fluctuate upwards. It is recommended to take a small - position long - trial strategy. [3] Summary by Directory Futures Disk - T main contract closing price was 108.570, up 0.13%; trading volume was 91,358, an increase of 16,290. TF main contract closing price was 106.070, up 0.16%; trading volume was 99,318, an increase of 31,449. TS main contract closing price was 102.576, up 0.1%; trading volume was 56,118, an increase of 16,695. TL main contract closing price was 115.830, down 0.27%; trading volume was 125,436, an increase of 2,105. [2] Futures Spread - TL2512 - 2603 spread was 0.31, up 0.04; T12 - TL12 spread was - 7.26, up 0.28. T2512 - 2603 spread was 0.33, up 0.01; TF12 - T12 spread was - 2.50, up 0.02. TF2512 - 2603 spread was 0.13, up 0.01; TS12 - T12 spread was - 5.99, down 0.04. TS2512 - 2603 spread was 0.09, up 0.00; TS12 - TF12 spread was - 3.49, down 0.06. [2] Futures Positions - T main contract open interest was 246,279, an increase of 7,086. The long positions of the top 20 were 229,274, an increase of 7,125; the short positions of the top 20 were 244,936, an increase of 7,726; the net short positions of the top 20 were 15,662, an increase of 601. [2] - TF main contract open interest was 149,109, an increase of 10,861. The long positions of the top 20 were 134,888, an increase of 11,395; the short positions of the top 20 were 157,956, an increase of 12,895; the net short positions of the top 20 were 23,068, an increase of 1,500. [2] - TS main contract open interest was 71,222, an increase of 2,282. The long positions of the top 20 were 56,899, an increase of 2,394; the short positions of the top 20 were 64,700, an increase of 3,412; the net short positions of the top 20 were 7,801, an increase of 1,018. [2] - TL main contract open interest was 146,041, a decrease of 1,892. The long positions of the top 20 were 141,200, an increase of 914; the short positions of the top 20 were 158,654, a decrease of 1,625; the net short positions of the top 20 were 17,454, a decrease of 2,539. [2] Top Two CTD (Clean Prices) - 220017.IB (4y) was 106.6589, up 0.0971; 250018.IB (4y) was 99.0955, up 0.1290. 250003.IB (4y) was 99.6819, up 0.1426; 240020.IB (4y) was 100.8844, up 0.0843. 220016.IB (1.7y) was 101.9407, up 0.0838; 250012.IB (2y) was 100.1099, up 0.0800. 210005.IB (17y) was 130.7675, down 0.3477; 220008.IB (18y) was 122.7161, down 0.2279. [2] Active Treasury Bonds - The yield of 1 - year bond was 1.4300%, down 0.5bp; 3 - year was 1.4600%, down 5bp; 5 - year was 1.5600%, up 1bp; 7 - year was 1.6725%, down 0.25bp; 10 - year was 1.8130%, up 1.8bp. [2] Short - term Interest Rates - The overnight inter - bank pledged repo rate was 1.3515%, up 5.15bp; Shibor overnight was 1.4140%, down 5.5bp. The 7 - day inter - bank pledged repo rate was 1.5318%, up 5.18bp; Shibor 7 - day was 1.5120%, down 1.8bp. The 14 - day inter - bank pledged repo rate was 1.5900%, unchanged; Shibor 14 - day was 1.5590%, down 8.8bp. [2] LPR Rates - The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged. [2] Open Market Operations - The issuance scale was 557.7 billion yuan, the maturity scale was 138.2 billion yuan, and the interest rate was 1.4% for 7 - day. The net investment was 419.5 billion yuan. [2] Industry News - On October 29, the spokesperson of the Ministry of Foreign Affairs announced that Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern. [2] - Central bank governor Pan Gongsheng said in a report on financial work that the next step is to prevent and resolve financial risks in key areas, strengthen the monitoring and assessment of systemic financial risks, continue to support the debt - to - equity swap of financing platforms, and improve the financing system suitable for the new model of real estate development. [2] - On October 29, the general offices of five departments including the Ministry of Commerce issued the "Action Plan for Improving the Quality of Urban Commerce", aiming to promote the integrated development of online and offline, encourage cooperation between e - commerce and express delivery companies, and improve the efficiency and quality of last - mile delivery. [2] Key Events to Watch - The 2025 Financial Street Forum Annual Conference is held from October 27 to 30. The US Federal Reserve will announce the interest rate decision (upper limit) as of October 29 at 2:00 on October 30. [3]

Report Industry Investment Rating - No information provided Core Views of the Report - After the high - level oscillation in September, the stock index is expected to enter a phase of direction selection again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme of the current upward market trend, considering the possible intensification of Q4 growth - stabilization policies and the potential resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4648.40, 4634.80, 4604.00, and 4567.40 respectively, with increases of 68.60, 68.00, 62.40, and 66.80, and increases of 1.50%, 1.49%, 1.37%, and 1.48% respectively. The trading volumes were 24392.00, 74172.00, 14177.00, and 3440.00, and the open interests were 40441.00, 153415.00, 55843.00, and 5714.00 respectively, with changes of - 2317.00, - 6793.00, - 1216.00, and 1074.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 3067.40, 3066.80, 3069.20, and 3067.40 respectively, with increases of 23.40, 22.40, 23.60, and 24.40, and increases of 0.77%, 0.74%, 0.77%, and 0.80% respectively. The trading volumes were 11960.00, 37476.00, 5043.00, and 1819.00, and the open interests were 15335.00, 65887.00, 14472.00, and 2468.00 respectively, with changes of 218.00, 1268.00, 850.00, and 497.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7310.40, 7254.40, 7083.00, and 6903.40 respectively, with increases of 125.00, 125.20, 121.20, and 126.40, and increases of 1.74%, 1.76%, 1.74%, and 1.87% respectively. The trading volumes were 27275.00, 87202.00, 16929.00, and 5288.00, and the open interests were 49174.00, 140233.00, 51880.00, and 11298.00 respectively, with changes of 1344.00, 5789.00, 409.00, and 1439.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7399.40, 7322.60, 7105.20, and 6891.60 respectively, with increases of 55.80, 54.80, 54.80, and 58.60, and increases of 0.76%, 0.75%, 0.78%, and 0.86% respectively. The trading volumes were 45173.00, 137585.00, 23471.00, and 8513.00, and the open interests were 72266.00, 187588.00, 78846.00, and 20144.00 respectively, with changes of 2184.00, 4103.00, 2254.00, and 1214.00 [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 13.60, - 0.60, - 56.00, and - 76.80 respectively, compared with previous values of - 12.80, 0.20, - 52.00, and - 71.20 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4716.02, 3045.82, 7258.53, and 7495.38 respectively, with increases of 1.19%, 0.62%, 1.62%, and 1.03% respectively. The trading volumes (in billions of shares) were 6726.70, 1554.40, 3660.62, and 4581.70 respectively [1] - **Industry Indexes**: Among different industries, the raw materials, telecommunications services, and information technology industries had relatively high increases of 2.24%, 3.72%, and 2.63% respectively, while the major consumer industry had a slight decline of - 0.03% [1] 3. Futures - Spot Basis - The previous values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF far - quarter - CSI 300 were - 12.28, - 25.88, - 56.68, and - 93.28 respectively; those of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH far - quarter - SSE 50 were 2.58, 2.78, 4.18, and 5.98 respectively; those of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC far - quarter - CSI 500 were - 68.99, - 124.99, - 296.39, and - 475.99 respectively; and those of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM far - quarter - CSI 1000 were - 95.98, - 172.78, - 390.18, and - 603.78 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3996.94, 13489.40, 8272.63, and 3234.45 respectively, with increases of 1.18%, 1.51%, 1.63%, and 1.98% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26433.70, 49299.65, 6875.16, and 24308.78 respectively, with increases of 1.05%, 1.35%, 1.23%, and 0.28% respectively [1] 5. Macroeconomic Information - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work towards each other to prepare for high - level interactions and create conditions for bilateral relations. Spokesperson Guo Jiakun said that China and the US were in close communication regarding the possible meeting of the two heads of state [2] - The 2025 Financial Street Forum Annual Conference opened. Central Bank Governor Pan Gongsheng stated that the central bank would maintain a supportive monetary policy stance, resume open - market treasury bond trading, and take other measures. Financial Regulatory Administration Director Li Yunze said that a financial service model emphasizing both investment in things and people would be constructed. CSRC Chairman Wu Qing said that reforms of the ChiNext would be deepened [2] - Premier Li Qiang attended the 5th RCEP Leaders' Meeting, calling on all parties to collaborate more closely to address challenges and support the accession of applicants such as Hong Kong, China. Vice - Premier He Lifeng emphasized that the financial system should prevent risks, strengthen supervision, and promote high - quality development and opening - up [2] 6. Industry Information - Domestic gasoline and diesel prices were lowered on October 27th. The prices per ton were reduced by 265 yuan and 255 yuan respectively [2] - Relevant authorities were considering a new document to standardize the naming of "semi - solid - state batteries" as "solid - liquid batteries" [2] - Shandong Province issued the first provincial - level special plan for low - altitude information infrastructure, aiming to build a low - altitude communication network infrastructure in ten years [2] - The Bank of Korea stated that stablecoins should be issued by traditional banks under national supervision, and the South Korean government was considering launching a won - linked stablecoin [2]