1. Overnight Night Market Trends - INTERNATIONAL PRECIOUS METALS: COMEX gold futures fell 0.45% to $4126.90 per ounce, down 2.05% for the week; COMEX silver futures dropped 0.60% to $48.41 per ounce, down 3.38% for the week [4] - CRUDE OIL: The U.S. oil main contract fell 0.57% to $61.44 per barrel, up 7.51% for the week; Brent crude's main contract declined 0.57% to $64.92 per barrel, up 7.06% for the week [5] - LONDON BASE METALS: LME copper rose 0.85% to $10947 per ton, up 3.23% for the week; LME lead increased 0.30% to $2016.50 per ton, up 2.36% for the week; LME zinc edged up 0.07% to $3019.50 per ton, up 2.93% for the week; LME aluminum dropped 0.21% to $2856.50 per ton, up 2.84% for the week; LME nickel fell 0.25% to $15325 per ton, up 1.32% for the week; LME tin declined 0.34% to $35650 per ton, up 1.75% for the week [5] - DOMESTIC FUTURES: As of the close on October 24 at 23:00, domestic futures' main contracts mostly rose. Low - sulfur fuel oil, LPG, and fuel oil rose over 1%, while asphalt, coking coal, and rapeseed meal had small increases. Synthetic rubber, caustic soda, corn, and sugar slightly declined [5] 2. Important Information Macroeconomic Information - President Xi Jinping will visit South Korea from October 30 to November 1 to attend the 32nd APEC Economic Leaders' Meeting and conduct a state visit [8] - The "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five - Year Plan for National Economic and Social Development" aims to break market barriers [8] - The central bank will conduct 900 billion yuan of MLF operations on October 27 [8] - The China Securities Regulatory Commission emphasizes enhancing the resilience and risk - resistance of the capital market [8] - Shipping indices show an increase in export container freight rates [9] - The central bank will adjust monetary policy according to economic and financial conditions and maintain the stability of the RMB exchange rate [9][10] - U.S. September CPI is slightly lower than expected, paving the way for a rate cut [10] - U.S. October PMI data shows improvement [10] - China and the U.S. held economic and trade consultations in Kuala Lumpur, reaching preliminary consensus on multiple issues [10][11] Energy and Chemical Futures - Russia's central bank forecasts average oil prices for 2025 and 2026 [12] - India's Reliance Industries bought hundreds of thousands of barrels of crude oil due to concerns about supply disruptions [14] Metal Futures - China's non - ferrous metal industry had a good performance in the first three quarters [16] - Last week, copper, aluminum, zinc, and lead inventories decreased, while nickel and tin inventories increased [17] - This month's estimated retail sales of narrow - sense passenger cars are about 2.2 million, with a decline in both month - on - month and year - on - year terms, and the penetration rate of new energy vehicles may reach 60% [17] Black - Series Futures - In mid - October, steel production of key enterprises had different trends in daily output [19] - The Ministry of Industry and Information Technology solicits opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry", with specific replacement ratios and restrictions [19][21] - Some steel mills in Tangshan and Xingtai plan to raise coke prices [21] - This week's total urban inventory of steel decreased [22] - Shanxi is increasing coal production to meet winter demand, with a 3.7% year - on - year increase in the first three quarters [22] Agricultural Futures - Pig - farming losses have decreased [24] - Pig and pork prices are expected to stop falling and rise slightly in the second half of the fourth quarter [25] - In the 43rd week, soybean crushing volume in oil mills exceeded expectations [25] - Imported cotton port inventory increased slightly [26] - The domestic edible vegetable oil market is expected to have stable prices, while palm oil prices may rise slightly [28] - Malaysia's October 1 - 25 palm oil exports are expected to decline 0.4% [29] 3. Financial Markets Finance - Many A - share companies released positive third - quarter reports, with some having significant profit growth [31] - Fund managers will adjust investment strategies based on third - quarter reports, focusing on technology stocks [31] - As of the end of the third quarter, social security funds held shares in 135 stocks, with new entries, increases, and decreases in positions, and increased investment in technology sectors [32] - Many A - share companies were surveyed by institutions, with technology stocks being popular [34] - Many companies distributed dividends, and some will distribute more in the future [34] - Nearly 2000 public funds' third - quarter reports show that innovation - related assets are the main allocation [34] - The market sentiment has stabilized, and the subsequent adjustment space may be limited [34] - Hong Kong stocks' "B - series" varieties are being sold by pharmaceutical fund managers, and innovation - drug funds are entering the stock - selection stage [35] Industry - A draft regulatory guideline for public fund performance comparison benchmarks may be released soon, and many funds have adjusted their benchmarks this year [36] - Banks have raised the minimum investment threshold for gold accumulation, and short - term gold price fluctuations may be normal [38] - Gold jewelry brands have raised prices, mainly to increase processing fees and maintain stable margins [38] - Many real - estate companies have made breakthroughs in debt restructuring [38] - As of September, China's power generation installed capacity increased, with significant growth in solar and wind power [39] - The flu vaccine vaccination season has arrived, with different price trends for different vaccines [39] - Multiple paper companies will raise the price of white cardboard from November 1 [39] Overseas - The U.S. and Vietnam, Thailand, Malaysia, and Cambodia reached trade - related agreements [41][42] - The U.S. Treasury Secretary believes inflation will continue to decline, and the government shutdown is eroding the economy [42] - The U.S. government shutdown may last until the end of November [43] - The IMF President suggests that ASEAN economies strengthen their fundamentals and predicts that AI will affect a large proportion of jobs [43] International Stock Markets - European countries will implement winter time starting Monday, adjusting trading and data - release times [45] Bonds - As of October 24, the issuance scale of securities firms' science and technology innovation bonds this year reached 59.17 billion yuan, and it is expected to continue growing [46] 4. Upcoming Economic Data and Events Economic Data - Various economic data will be released on October 27, including Japan's September corporate service price index, China's September industrial enterprise profits, etc. [48] Events - The central bank has 7000 billion yuan of 1 - year MLF and 189 billion yuan of 7 - day reverse repurchases maturing [50] - The governor of the Reserve Bank of Australia will participate in a talk [50] - There are new stock subscriptions and company earnings reports [50] - Multiple important events are scheduled, such as the East Asia Cooperation Leaders' Series Meetings, the 2025 Financial Street Forum Annual Conference, etc. [50]

Core Viewpoint - The meeting emphasized the importance of enhancing the resilience and risk resistance of the capital market, improving the inclusiveness and adaptability of market systems, and strengthening regulatory effectiveness to better serve the "14th Five-Year Plan" development goals and the construction of a financial power [1][2][3] Group 1: Capital Market Resilience and Risk Management - The focus is on cultivating high-quality listed companies and improving the market ecology for long-term investments, while establishing mechanisms to stabilize the market [3] - The meeting highlighted the need to enhance the capital market's resilience and risk resistance capabilities [3] Group 2: Regulatory Effectiveness and Market Adaptability - There is a commitment to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, and to strengthen the functions of the bond and futures markets [3] - The regulatory framework will be improved to effectively combat various securities and futures violations, with an emphasis on digital and intelligent regulation [3] Group 3: Capital Market Opening and International Cooperation - The meeting called for a balanced approach to opening up the capital market while ensuring security, promoting bilateral openness of markets, products, and institutions [3] - It aims to enhance international regulatory cooperation and improve risk prevention and regulatory capabilities in an open environment [3] Group 4: Party Discipline and Team Building - The meeting stressed the importance of strengthening the party's discipline and the construction of the regulatory team, ensuring accountability in party governance [3] - There is a focus on maintaining a balance between strict management and support, aiming to build a competent regulatory team [3] Group 5: Strategic Planning for the 15th Five-Year Plan - The meeting outlined the need for scientific planning of the capital market's strategic tasks and major initiatives for the 15th Five-Year Plan [4] - It emphasized the importance of achieving the annual work goals and ensuring a solid foundation for high-quality development in the capital market during the 15th Five-Year Plan [4]

Core Viewpoint - The Chinese capital market has undergone significant restructuring during the "14th Five-Year Plan" period, focusing on balancing development and safety while enhancing regulatory frameworks and market resilience [1][2][3]. Regulatory Framework and Market Stability - The introduction of the "New National Nine Articles" emphasizes the importance of a safe, transparent, and vibrant capital market, integrating safety as a primary concern [3][4]. - Over 60 supporting regulations have been implemented following the "New National Nine Articles," fundamentally restructuring the regulatory framework to ensure stable market development [4]. - The China Securities Regulatory Commission (CSRC) has enhanced monitoring and risk prevention mechanisms, effectively mitigating external shocks and improving investor confidence [4][5]. Risk Management and Enforcement - The CSRC has reported a significant increase in regulatory enforcement, with 2,214 administrative penalties issued during the "14th Five-Year Plan," resulting in fines totaling 41.4 billion yuan, marking a 58% increase in cases and a 30% increase in penalties compared to the previous five years [6][7]. - A comprehensive prevention and punishment system has been established to combat financial fraud and market manipulation, with a focus on dismantling fraudulent networks [7][8]. Investor Protection - Strengthening investor protection has been a key policy focus, with a comprehensive protection system being developed to enhance investor confidence and security [9][10]. - Landmark cases, such as the compensation of approximately 2.46 billion yuan to investors in the Kangmei Pharmaceutical case, highlight the effectiveness of investor protection measures [9]. Future Outlook - The capital market is expected to face unprecedented opportunities in the "15th Five-Year Plan," with a continued emphasis on balancing development and safety as a fundamental principle for sustainable growth [10][11][12]. - The integration of development and safety is crucial for enhancing market attractiveness and ensuring long-term returns for investors, ultimately supporting China's modernization efforts [10][12].

Core Viewpoint - The announcement of a comprehensive financial policy package by three major financial regulatory bodies aims to stabilize market expectations and enhance the resilience of the capital market through three dimensions: "stabilizing expectations," "activating funds," and "strengthening foundations" [1] Group 1: Stabilizing Expectations - Economic stability is crucial for maintaining investor confidence in the capital market, with the central bank implementing three types of policies: quantitative policies (0.5% reserve requirement ratio cut, releasing approximately 1 trillion yuan in long-term liquidity), price policies (0.1% reduction in policy interest rates, 0.25% reduction in structural monetary policy tool rates), and structural policies (establishment of 500 billion yuan in re-loans for service consumption and elderly care) [2] - The financial regulatory authority has introduced financing and support policies targeting weak economic sectors such as real estate and small enterprises, including measures to support foreign trade development and assist market entities affected by tariffs [2] - The policy package not only seeks stability but also aims for progress, with an increase of 300 billion yuan in re-loans for technological innovation and the creation of risk-sharing tools for technology innovation bonds [2][3] Group 2: Activating Funds - The capital market in China has historically been dominated by retail investors, leading to high volatility; however, recent reforms aim to attract long-term capital by enhancing the return characteristics of equity investments [4] - The establishment of a "stabilizer" in the form of a quasi-"stabilization fund" is emphasized, which will play a crucial role in mitigating irrational market fluctuations during times of risk [4] - The central bank's decision to merge 500 billion yuan in securities, fund, and insurance company swap facilities with 300 billion yuan in stock repurchase loans is expected to release more long-term capital into the market [4] Group 3: Strengthening Foundations - The implementation of the new "National Nine Articles" has accelerated reforms in the capital market, focusing on serving new productive forces and enhancing investor returns [5] - The regulatory authority plans to expedite the release of revised guidelines for major asset restructuring and other reforms related to the Sci-Tech Innovation Board and Growth Enterprise Market [5] - The introduction of a high-quality development action plan for public funds aims to link fund company revenues with investor returns, establishing mechanisms for performance-based fees and long-term assessments [6]