Economic Data Summary - In September, the GDP growth rate slowed to 4.8%, marking the lowest point in a year, while the cumulative GDP growth for the first three quarters reached 5.2% [3] - The industrial added value significantly exceeded expectations, growing by 6.5% year-on-year in September, supported by an increase in working days and strong export performance [4] - Fixed asset investment turned negative at -0.5% year-on-year for the first nine months, the first negative growth since mid-2020, with real estate investment in September dropping by 21.2%, a historical low [4] - Retail sales growth further slowed to 3.0%, the lowest since December last year, influenced by the timing of the Mid-Autumn Festival and a decrease in consumer spending [4] - Urban residents' disposable income grew by 4.5%, while spending increased by only 3.9%, indicating a savings rate of 38.3%, consistent with the past two years but higher than pre-pandemic levels [4] Market Trends - On October 20, A-shares saw collective gains, with the Shanghai Composite Index rising by 0.63%, Shenzhen Component by 0.98%, and ChiNext by 1.98% [8] - The coal and gas sectors experienced significant gains due to cold weather impacts, with coal prices rising, and expectations of supply tightening due to safety inspections [8] - The cultivated diamond sector saw a surge, with stocks like Huifeng Diamond hitting the daily limit [8] Company Performance - Keda Xunfei reported a net profit of 172 million yuan for Q3, a year-on-year increase of 202.40% [12] - Alloy Investment's Q3 net profit surged to 2.68 million yuan, up 4985.25% year-on-year [12] - China Shipbuilding's net profit for the first three quarters is expected to be between 4.08 billion and 4.68 billion yuan, reflecting a year-on-year increase of 106.93% to 137.36% [12] Industry Insights - The deep earth economy is gaining attention, focusing on the development of deep earth resources and related industries, as highlighted by the Ministry of Natural Resources [13] - Goldman Sachs noted China's strong influence over rare earths, suggesting that the country is unlikely to abandon proposed controls, which could lead to various market responses [7] Stock Market Dynamics - The net inflow of main funds reached 37.95 billion yuan, with the electronics sector seeing the largest inflow [17] - The top five sectors for net inflow included electronics, communication, machinery, power equipment, and coal [17] - Northbound trading totaled 234.73 billion yuan, with significant transactions in banks and rare earths [20]