Investment News - Three new stocks are available for subscription this week, including Delijia on the main board, Fengbei Biotechnology, and Zhongcheng Consulting on the Beijing Stock Exchange [4] - A total of 52 restricted shares will be unlocked this week, amounting to 4.069 billion shares with a market value of 47.701 billion yuan. Xiamen Bank ranks first in the unlocking list with 9.014 billion yuan, followed by Arrow Home and Weic Technology with 5.146 billion yuan and 4.048 billion yuan respectively [4] - According to CRIC, over 87% of publicly listed REITs reported profits in the first half of the year, with a stable return rate. As of October 21, the total fundraising amount for publicly listed REITs this year reached 41.538 billion yuan, and the total scale of publicly listed REITs in China has reached 207.572 billion yuan [4] - Recently, "B-type" stocks in Hong Kong have become the main targets for reduction by pharmaceutical fund managers. Analysts suggest that the internal differentiation of innovative drugs will accelerate, and the previous strategy of buying into the sector will gradually become ineffective, leading to a focus on stock selection based on commercialization capabilities [4] - Since the launch of the first batch of securities companies' sci-tech bonds in May, the issuance scale of these bonds has steadily increased. As of October 24, the issuance scale of securities companies' sci-tech bonds this year reached 59.17 billion yuan, with expectations for continued rapid growth supported by relevant policies [4] Company Developments - Huawei updated its management information, with Yu Chengdong appointed as the chairman of the Product Investment Committee while continuing to serve as an executive director and chairman of the terminal BG, overseeing Huawei's terminal and HarmonyOS business [5] - WuXi AppTec reported third-quarter revenue of 12.057 billion yuan, a year-on-year increase of 15.26%, and a net profit of 3.515 billion yuan, up 53.27%. The company plans to sell 100% equity of Kande Hongyi and Jinshi Pharmaceutical to Hillhouse Capital for 2.8 billion yuan [6] - Laopu Gold announced its third price adjustment of the year, with multiple products seeing price increases exceeding 20%. For instance, the price of the Cross Gold Vajra No. 1 (8.39 grams) was adjusted to 18,500 yuan, an increase of 3,500 yuan, representing a 23.33% rise [6] - The domestic white cardboard market is experiencing a new round of concentrated price adjustments, with companies like Bohui Paper, Jiu Long Paper, and Wanguo Paper announcing a unified price increase of 200 yuan per ton for their white cardboard products starting November 1 [6] - Yingtang Zhikong is planning to acquire 100% equity of Guanglong Integration and 76% equity of Aojian Microelectronics, with its stock set to be suspended from trading starting October 27 [6] - Porsche reported a third-quarter loss of 966 million euros (approximately 8 billion yuan), leading to a significant 99% year-on-year decline in sales profit for the first three quarters. The company announced delays in the launch of certain electric vehicle models and extended the market lifecycle of several fuel and hybrid models, incurring an additional expense of approximately 2.7 billion euros (about 22.4 billion yuan) due to restructuring measures [6]

报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。 执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行和监 督，推动社会综合融资成本下降。 根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监管平 台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金融"五篇 大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消费、小微 企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动 ...

Group 1 - The core discussion between China and the US includes topics such as export controls, tariff suspensions, fentanyl cooperation, and trade expansion, leading to a preliminary consensus [1] - The State Council's report emphasizes the need for a moderately loose monetary policy to support economic recovery and enhance financial regulation [2][6] - A breakthrough in photoresist technology has been achieved by a research team at Peking University, which could significantly reduce defects in lithography processes [3] Group 2 - The latest report on state-owned assets reveals that by the end of 2024, the total assets of state-owned enterprises (excluding financial enterprises) amount to 401.7 trillion yuan, with state capital equity at 109.4 trillion yuan [4] - The successful launch of the Gaofen-14 02 satellite enhances capabilities for high-precision imaging and digital terrain mapping [5] - The storage industry is experiencing disruptions, with some manufacturers halting quotes for DRAM and Flash products, impacting the domestic supply chain [10] Group 3 - A Chinese research team presented new clinical data on a transcatheter aortic valve system at a global cardiovascular conference, showcasing innovation and effectiveness in treating aortic valve regurgitation [9] - The Ministry of Science and Technology emphasizes the importance of original innovation and key technology breakthroughs to support China's modernization and technological independence [11]

据新华社电国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提 出，下一步金融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。 执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行和监 督，推动社会综合融资成本下降。 根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监管平 台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 （文章来源：期货日报网） 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9% ...

美国评级突遭下调 欧洲信用评级机构范围评级公司日前发布报告，将美国主权信用评级从"AA"下调至"AA-"，原因是美国公 共财政状况持续恶化及政府治理标准下降。 宏观•要闻 中美在马来西亚吉隆坡举行经贸磋商 当地时间10月25日至26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝 森特和贸易代表格里尔在马来西亚吉隆坡举行中美经贸磋商。双方以今年以来两国元首历次通话重要共识 为引领，围绕美对华海事物流和造船业301措施、延长对等关税暂停期、芬太尼关税和执法合作、农产品 贸易、出口管制等双方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。 国务院关于金融工作情况的报告：落实落细适度宽松的货币政策，推动社会综合融资成本下降 国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提出，下一步金 融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务。报告指出，要落实落细适度宽松的 货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。执行好各项已出台货币政 ...

报告提出：着力提供高质量金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金融"五篇 大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消费、小微 企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动，管好用好现有各项结构性货币政 策工具，加力支持重点领域和薄弱环节。精准有效推进金融支持重点产业提质升级。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势 ...

报告提出：着力提供高质量金融服务。 国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提出， 下一步 金融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务 。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 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。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 报告指出， 要落实落细适度宽松的货币政策，为巩固拓展经 ...

Core Viewpoint - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch held a press conference, highlighting the implementation of supportive monetary policies to enhance financial support for key sectors and promote high-quality economic development in Shenzhen [1]. Group 1: Loan Growth and Financial Support - As of September 2025, the total loan balance in Shenzhen reached 9.94 trillion yuan, a year-on-year increase of 5.0%, with an increase of 457.41 billion yuan since the beginning of the year, exceeding last year's growth by over 200 billion yuan [1]. - The loan structure has been optimized, with manufacturing loans growing by 13.2% and loans for scientific research and technical services increasing by 15.9% year-on-year [2]. - The balance of technology loans reached 2.18 trillion yuan, up 8.2% year-on-year, while inclusive small and micro loans totaled 1.97 trillion yuan, growing by 7.1% [2]. Group 2: Support for SMEs and Consumption - Shenzhen is enhancing the financing environment for private small and medium-sized enterprises (SMEs) through innovative models like "credit + credit reporting" and "credit + guarantee" [3]. - The average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year, indicating a decline in overall financing costs [4]. - Financial support for consumption and foreign trade has been prioritized, with 476.1 billion yuan in loans issued to service sectors, and new products like "micro trade loans" and "cross-border e-commerce loans" introduced to meet financing needs [5][6]. Group 3: Cross-Border Financial Services - Since the implementation of high-level pilot policies in February 2024, the level of cross-border trade and investment facilitation in Shenzhen has improved, benefiting over 1,800 enterprises with a business scale exceeding 210 billion USD [7]. - The cross-border RMB business in Shenzhen has seen increased volume and expanded coverage, with banks customizing financial services to meet enterprise needs [7]. - The "Cross-Border Wealth Management Connect" 2.0 measures have attracted approximately 31,000 new individual investors, with cross-border payment amounts totaling 50.74 billion yuan, representing nearly 50% of the Greater Bay Area's total [8].

其中，信贷总量平稳增长，增速持续上升。截至2025年9月末，深圳市本外币各项存款余额14.36万亿 元，同比增长5.6%，较年初增加7871.52亿元，同比多增超5000亿元；本外币各项贷款余额9.94万亿 元，同比增长5.0%，较年初增加4574.11亿元，同比多增超2000亿元。其中，住户存款、非金融企业存 款、住户贷款、非金融企业及机关团体贷款均实现同比多增。 北京商报讯（记者 刘四红）10月24日，人民银行深圳市分行、国家外汇管理局深圳市分局举行2025年 三季度新闻发布会，介绍深圳金融运行有关情况。 会上介绍，2025年以来，人民银行深圳市分行落实落细适度宽松的货币政策，坚持支持性立场，强化逆 周期调节，推动一揽子货币政策措施落地见效，引导辖内金融机构持续加大重点领域金融支持力度，推 动社会综合融资成本低位下行，为深圳经济高质量发展提供有力支撑。 ...

Core Insights - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch held a press conference to discuss the financial operations in Shenzhen for the third quarter of 2025, highlighting the implementation of a moderately loose monetary policy to support high-quality economic development in Shenzhen [1] Group 1: Financial Performance - As of the end of September 2025, the total balance of deposits in Shenzhen reached 14.36 trillion yuan, a year-on-year increase of 5.6%, with an increase of 787.15 billion yuan since the beginning of the year, exceeding the increase of 500 billion yuan compared to the previous year [1] - The balance of loans in Shenzhen stood at 9.94 trillion yuan, reflecting a year-on-year growth of 5.0%, with an increase of 457.41 billion yuan since the beginning of the year, surpassing the increase of 200 billion yuan from the previous year [1] - The weighted average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year, indicating a decline in the overall financing cost [1] Group 2: Sectoral Financial Support - The People's Bank of China Shenzhen Branch has guided financial institutions to enhance financial services for major strategies, key sectors, and weak links, optimizing financial supply in the consumption sector and promoting cross-border financial services to stabilize foreign trade [2] - As of the end of September 2025, loans to the manufacturing sector increased by 13.2% year-on-year, while loans to the scientific research and technical services sector grew by 15.9% year-on-year, indicating a structural optimization in loan distribution [2] - The balance of technology loans reached 2.18 trillion yuan, with a year-on-year growth of 8.2%, and inclusive small and micro loans amounted to 1.97 trillion yuan, reflecting a year-on-year increase of 7.1% [2]