Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][15] Core Views - The company's net profit for Q3 2025 decreased by 34% year-on-year, primarily due to asset impairment provisions of 450 million yuan, alongside a potential decline in smelting processing fees [1][6] - The company is the largest copper smelting company globally, with a smelting capacity of 2.2 million tons, benefiting from the clearing of production capacity in the industry [2][7] - The outlook for Q4 is cautiously optimistic, with expectations that adjustments in production and raw material structure will mitigate the impact of declining processing fees [1][6] Financial Performance and Forecast - Revenue for Q3 2025 was 45.8 billion yuan, a year-on-year increase of 31.7%, while net profit was 330 million yuan, down 39.9% year-on-year [1][6] - Projected revenues for 2025-2027 are 198.3 billion, 235.8 billion, and 238.3 billion yuan respectively, with net profits expected to be 2.9 billion, 6.5 billion, and 7.3 billion yuan [3][4][13] - The estimated diluted EPS for 2025-2027 is 0.23, 0.50, and 0.57 yuan, with corresponding P/E ratios of 22.2, 10.0, and 8.8 [3][4][13] Industry Context - The copper smelting industry is currently in a downturn, but there is a higher probability and potential for upward movement in the future due to the global clearing of smelting capacity [2][7] - The company primarily processes copper concentrate, making it more sensitive to fluctuations in processing fees compared to competitors that use a higher proportion of raw copper [2][7]

江西铜业（600362）股份(00358)现跌超4%，截至发稿，跌3.91%，报30港元，成交额2.62亿港元。 消息面上，江西铜业此前发布业绩，公司第三季度营业收入1390.88亿元，同比增长14.09%；净利润 18.49亿元，同比增长35.2%；扣非归母净利润19.1亿元，同比增长94.7%。三季度公司毛利润40.8亿元， 环比下降11亿元，主因铜精矿冶炼加工费下滑。 国信证券发布研报称，全球铜精矿供应愈加紧张。当前长单加工费和现货加工费劈叉，现货加工费 在-40美元/吨以下，长单加工费在21美元/吨。冶炼厂全部使用长单盈利尚可，如果使用部分现货，冶炼 利润就会受到影响。对于江西铜业而言，2025年阴极铜产量目标237万吨，前三季度产量估计180万吨， 四季度生产压力不大。另外公司可以一定程度上灵活选择铜精矿、冷料的使用配比，预计四季度加工费 压力不会显著增加。 ...

Summary of Jiangxi Copper's Conference Call Company Overview - **Company**: Jiangxi Copper - **Industry**: Copper Smelting and Mining Key Points Financial Performance - In Q3 2025, Jiangxi Copper reported a revenue of **396.046 billion CNY**, a year-on-year increase of **0.98%** [3] - The net profit attributable to shareholders was **6.024 billion CNY**, reflecting a year-on-year growth of **20.85%** [3] - Despite a decline in Q3 profits compared to Q2, the overall operational plan remains on track without adjustments [3] Profitability Factors - Q3 profits decreased primarily due to rising copper prices impacting hedging operations, resulting in losses on the futures side while the spot market remained profitable [2][6] - The smelting business faced challenges due to low long-term contract prices, leading to a shift towards spot purchases, which affected profitability [2][7] - By Q3 2025, the smelting business contributed approximately **15%** to the overall profit, maintaining profitability despite a decline [8] Industry Dynamics - The copper smelting industry is currently experiencing limited effectiveness in anti-competitive measures, with the non-ferrous metals association advocating for reduced competition since 2024 [4] - The potential for production cuts among domestic copper smelting plants depends on whether TC long-term contract prices fall below cost levels or if there are unified policy directives from authorities [9] - The cancellation of long-term contract negotiations could lead to less transparent pricing, which is unfavorable for smelting plants [10] Production and Cost Management - Jiangxi Copper plans to maintain its copper concentrate production at **200,000 tons** without expansion, relying on cooperative mining rights or acquisitions for any increases [11] - The company’s overall production costs are below the industry average, with the Dexing copper mine being a significant contributor to low costs [12][13] Future Outlook - For 2025, profits are expected to be primarily driven by mining activities, accounting for about **85%** of total profits, while smelting will contribute around **15%** [14] - The profitability of the smelting segment is supported by rising sulfuric acid prices and stable metal prices, which help offset losses in processing operations [15] - The copper processing segment is projected to incur losses of approximately **200 million CNY** for the year, primarily due to losses in lithium battery copper foil business [15] Strategic Initiatives - The company is actively pursuing copper mine acquisitions, focusing on projects in Central Asia, Africa, and South America, although no significant updates are available yet [4][25] - Jiangxi Copper is considering increasing its stake in Jiaxin International, currently holding nearly **30%** of the shares, with plans to achieve control by 2026 [21] Capital Expenditure and Dividends - The company has significant capital expenditure plans primarily for resource acquisitions, which may impact dividend distributions [28] - Dividends will be adjusted based on performance, with a preference for steady growth rather than substantial increases due to investment plans [29] Digital Management - Jiangxi Copper is working on implementing management assessment indicators set by the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, focusing on market value management despite operational challenges [30]

Report Overview - Report Title: Copper Futures Monthly Report - Date: November 3, 2025 - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin - Industry: Copper Futures 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Supply - The tightness in the ore end is spreading to the smelting end. The supply tension of copper mines persists, and the TC of copper mines is still falling. The supply pressure of refined copper at home and abroad is easing. - Demand - Short - term high copper prices inhibit downstream consumption, but there are still growth expectations for medium - term copper demand. - Macro - The bullish pattern in the macro - aspect remains. Sino - US monetary policy easing expectations will continue to benefit base metals, and copper prices will strengthen [7]. 3. Summary According to the Table of Contents 3.1. Market Review and Future Outlook - **Market Review**: In October, the main contract of Shanghai copper operated in the range of (82300, 89270), with the total open interest rising 11% to 594,000 lots. The spot market turned from premium to discount. Social inventories continued to accumulate slightly. LME copper and COMEX copper also showed certain trends [9]. - **Future Outlook**: The supply pressure of refined copper at home and abroad is easing. The short - term high copper price inhibits downstream consumption, but the medium - term copper demand is expected to grow. The macro - environment is favorable, and copper prices are expected to strengthen [11][13]. 3.2. Supply Side: The Tightness of Raw Materials is Spreading to the Smelting End - **Copper Concentrate Market**: The supply and demand of the global copper concentrate market remain tight. In 2025, the incremental production of global copper mines is expected to be reduced to 270,000 tons. The TC of imported copper concentrates continues to decline, and the domestic supply - demand tension of copper concentrates intensifies [14][15]. - **Cold Material Market**: The import volume of anode copper in China from January to September 2025 decreased significantly year - on - year. The import volume of scrap copper increased. The supply - demand situation of the cold material market is expected to improve in November, and the processing fees are expected to rise steadily [18][19]. - **Smelter Production**: The production of smelters decreased. It is expected that the output of refined copper in China will continue to decline in November, and the output in December may increase slightly [21][22]. 3.3. Demand Side: The Peak Season of Copper Products is Not Prosperous, and the Terminal Demand Shows Resilience - **Domestic Copper Products Production**: From January to September, the output of domestic copper products increased year - on - year. In October, the operating rates of copper rods and their downstream industries were lower than expected, and the new orders were limited [27][29]. - **Automobile Market**: The production and sales of the automobile market have increased for five consecutive months, and the production and sales of new energy vehicles have reached a record high [31][32]. - **Power System**: From January to September, the investment in the power grid increased year - on - year, and it is expected to further increase. The investment in the power source is expected to lag behind that in the power grid [37][38]. - **Home Appliance Industry**: From January to September 2025, the output and export growth rates of home appliances slowed down, and the global home appliance production and sales are expected to face downward pressure [41]. - **Real Estate Industry**: From January to September 2025, the investment, new construction, and completion growth rates of the real estate industry were negative, and it is expected that the real estate industry will not contribute to copper demand in the short term [43].

Report Industry Investment Rating No relevant content provided. Report's Core View - The price center of Shanghai Copper is expected to move up as the financial and commodity attributes of copper resonate. The copper market in October 2025 showed a collective upward trend, with both LME Copper and Shanghai Copper hitting record highs. The inflow of funds into the copper market and the repair of the copper - gold ratio drove the price increase. In the fourth quarter, the macro - level is favorable for copper prices, and the supply - demand pattern will turn to supply - weak and demand - strong, which is expected to push the price of Shanghai Copper to continuously set new historical highs [8][122]. Summary by Directory 1. Global Macro and Copper Market - **Domestic Macro Policy**: China's GDP in the first three quarters of 2025 was 1015036 billion yuan, with a year - on - year increase of 5.2%. The manufacturing industry showed good growth, and the profit of industrial enterprises increased significantly. The manufacturing PMI is expected to break through the boom - bust line in the fourth quarter. The "15th Five - Year Plan" emphasizes the importance of copper in future industries. The Fed's new round of interest - rate cuts provides conditions for China's macro - policy to exert force again in the fourth quarter, which is generally favorable for copper prices [13][14]. - **Domestic Re - inflation Logic**: Since the third quarter, the macro - level has shifted to trading the re - inflation logic. Although the real - estate data is weak, copper and the CSI 300 index continue to rise. With the Fed's interest - rate cuts, the re - inflation logic is expected to be further strengthened, which is beneficial to copper prices [17]. - **US Manufacturing**: The US manufacturing industry is expanding at an accelerating pace and is about to enter the inventory - replenishment cycle. The US has a large potential for copper demand growth in the future, and its market increment will be the main marginal variable affecting copper prices [23]. 2. Copper Supply Situation Analysis - **Mine - end Supply**: Globally, the supply of copper mines has been loose since the second quarter but showed a turning point in September. The accident at the Grasberg copper mine in Indonesia will affect the supply. It is expected that the global copper concentrate output will increase by about 2% in 2025, with a gap of about 300,000 metal tons. The supply shortage at the mine end will be transmitted to the smelting end, and the domestic refined copper output is expected to decline in the fourth quarter [28][35]. - **Refined Copper Production**: Although the supply of domestic copper concentrates has been tight this year, the output of electrolytic copper increased in the first half of the year and reached a historical high in the third quarter. However, in September, the output decreased due to factors such as increased maintenance and shortage of anode supply. It is expected that the output will continue to decline in the fourth quarter [37]. - **Scrap Copper and Anode Supply**: The spread between refined and scrap copper has widened, and the supply of scrap - produced anodes is tight, which restricts the output of electrolytic copper. The import of scrap copper from the US has decreased, and the production of scrap - copper rods has decreased, further affecting the supply of anodes [43]. - **Electrolytic Copper Trade**: In 2025, the export and import of electrolytic copper in China changed due to the US tariff policy. After the US imposed a 50% tariff on semi - finished copper products, the export of electrolytic copper decreased, and the import increased. It is expected that the export will further decline in the fourth quarter, while the import may continue to rise moderately [46]. 3. Copper Demand Situation Analysis - **Domestic Copper Products Output**: The output of domestic copper products was strong in the first three quarters, and it is expected to reach a new high in the fourth quarter. The output of copper rods increased significantly, while the output of copper tubes, copper bars, and copper strips showed different trends. The output of copper foils increased against the trend, and the demand for power grid investment remained high [52]. - **Specific Demand Sectors**: - **Copper Rods**: The output of electrolytic copper rods showed a strong performance in the peak season, and it is expected to reach a high in the fourth quarter, but the downstream cable enterprises'开工 has declined [55]. - **Copper Tubes**: The output of copper tubes decreased in the second quarter and reached the lowest in August. Although it increased slightly in September, the demand in October was not as expected, and the demand in the fourth quarter is expected to be neutral [58]. - **Copper Bars**: The demand for copper bars has been at a low level throughout the year, mainly due to the weak real - estate market and high copper prices. It is expected that the demand will decline year - on - year [61]. - **Copper Strips**: The output of copper strips was lower than the average in the third quarter, and it is expected to increase slightly in the fourth quarter [64]. - **Copper Foils**: The output of copper foils increased against the trend in the third quarter, and the peak - season characteristics were prominent in October. It is expected that the output will continue to increase [71]. - **Power Grid and Power Supply Investment**: The power grid investment is expected to maintain a high growth rate in the fourth quarter, while the power supply investment has slowed down, and the copper demand from the power supply end is expected to decline [74]. - **Real - Estate**: The real - estate investment has not improved significantly and remains a drag on copper consumption [77]. - **Household Appliances**: The demand for household appliances declined in the third quarter, and it is expected to pick up in the fourth quarter [80]. - **New Energy Vehicles**: The output of new energy vehicles maintained high growth, and the future demand for AI - related copper will contribute to the incremental demand [83]. 4. Copper Inventory Change Analysis - In the first half of 2025, the global copper inventory decreased, and the structural contradiction was prominent. In the third quarter, the inventory of the three major exchanges increased, mainly in the US market. In October, the total inventory of the three major exchanges continued to increase, and the structural contradiction was further highlighted. The high inventory in the US is difficult to flow out in the short term, while the non - US inventory is at a low level, which will drive the copper price up in the fourth quarter [88]. 5. Global Copper Supply - Demand Balance - In 2025, the global copper supply - demand structure is tighter than in 2024, and the supply gap is expected to exceed 300,000 metal tons. The refined copper was in a state of oversupply in the first half of the year, and it is expected to turn to supply falling short of demand in the fourth quarter. The global electrolytic copper output is expected to increase by about 3% in 2025, while the demand growth rate is expected to exceed 4%, and the excess scale is expected to narrow [92][95]. 6. Copper Position Analysis - In the third quarter, the total position of COMEX copper futures and options increased, and the net long position increased slightly. The long - position of LME copper investment funds increased in October, which is consistent with the upward trend of copper prices [101]. 7. Arbitrage Analysis - **Copper Shanghai - London Ratio**: In the first half of the year, the Shanghai - London ratio of copper decreased, and it is expected to continue to decline in the fourth quarter. - **Copper - Zinc Ratio**: The copper - zinc ratio has continued to rise this year and reached a 10 - year high. It is expected to continue to rise in the remaining time of the year [106]. 8. Copper Option Market - The implied volatility of copper options has risen to the highest level this year, and it is suitable to sell options. It is recommended to construct a strategy of selling slightly out - of - the - money put options to collect premiums [111]. 9. Copper Market Outlook and Operation Suggestions - **Technical Analysis**: The monthly line of the Shanghai Copper main contract has broken through, and the short - term may have fluctuations near the 90,000 - yuan integer mark. Once it breaks through, it will open up a new upward space. - **Market Outlook and Suggestions**: The commodity and metal attributes of copper are expected to drive the price up. In the fourth quarter, the price is mainly driven by the supply side, and the demand is expected to be better than in the third quarter. It is recommended that downstream demanders conduct long - hedging operations in the far - month contracts, and consider selling slightly out - of - the - money put options or constructing a short - straddle strategy in the option market [120][122].

Core Viewpoint - The Chilean Environmental Assessment Commission has approved a $1.7 billion modernization project for the Paipote copper smelter by the National Mining Company of Chile (Enami), which will significantly enhance environmental performance and production capacity [1] Group 1: Project Details - The modernization project will utilize Chinese-developed BBR+BCC smelting conversion technology, achieving a 99% capture rate of atmospheric emissions [1] - The annual processing capacity of copper concentrate will reach 850,000 tons, producing 240,000 tons of cathode copper [1] Group 2: Market Impact - This project addresses the domestic production capacity gap following the closure of the Codelco Ventanas smelter in 2023 [1] - The approval process for this project was completed in two years, which is 45% shorter than the average approval time for similar projects [1] Group 3: Regulatory Context - According to the Environmental Assessment Agency (SEA), the average environmental assessment time in Chile is projected to be 1,288 days by 2025 [1]

Group 1 - ENAMI, the Chilean state-owned mining company, has received environmental approval for a new $1.7 billion copper smelter [2] - The new smelter will process up to 850,000 tons of copper concentrate annually and produce up to 240,000 tons of cathode copper [2] - The modernization project aims to ensure profitability and sustainable operations, increasing capacity nearly threefold compared to the old smelter [2] Group 2 - China, as the largest copper consumer globally, faces three major challenges: rising dependence on foreign upstream resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3] - To assist the industry in addressing these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" [3]

Core Insights - Zhongjin Gold reported a significant increase in revenue and profit for the first three quarters of 2025, with operating income reaching 53.976 billion yuan, a year-on-year growth of 17.23%, and net profit attributable to shareholders at 3.679 billion yuan, up 39.18% [1][2] - The company produced 13.75 tons of gold, 27.87 tons of refined gold, 50,000 tons of copper ore, and 304,300 tons of electrolytic copper during the same period, indicating strong operational performance [2] Financial Performance - The basic earnings per share for Zhongjin Gold was 0.76 yuan, reflecting a year-on-year increase of 38.18% [1] - The weighted average return on equity reached 12.86%, an increase of 2.93 percentage points compared to the previous year [1] - Total assets amounted to 63.459 billion yuan, a growth of approximately 14.06% from the end of the previous year, while equity attributable to shareholders rose to 29.196 billion yuan, up about 6.58% [1] Market Context - The global non-ferrous metals market has maintained a high level of activity, with gold prices surpassing 4,000 USD per ounce for the first time on October 8, 2025, marking a historical high [2] - The outlook for the fourth quarter suggests that global economic recovery and monetary policy shifts in major economies may continue to support metal prices, particularly for gold and copper [2] - The anticipated easing of the Federal Reserve's monetary policy is expected to improve liquidity, boosting demand for gold and copper, alongside a recovery in domestic manufacturing and fixed asset investment [2]

Core Viewpoint - The report indicates that Zhongjin Gold has shown significant growth in revenue and profit for the first three quarters of 2025, driven by favorable market conditions and effective operational management [1][2]. Financial Performance - Zhongjin Gold achieved operating revenue of 53.976 billion yuan, a year-on-year increase of 17.23% [1] - The net profit attributable to shareholders reached 3.679 billion yuan, up 39.18% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 4.214 billion yuan, reflecting a 60.92% increase [1] - Basic earnings per share were 0.76 yuan, an increase of 38.18% [1] - The weighted average return on equity was 12.86%, up 2.93 percentage points year-on-year [1] - Total assets amounted to 63.459 billion yuan, a growth of approximately 14.06% compared to the end of the previous year [1] - Shareholders' equity was 29.196 billion yuan, an increase of about 6.58% from the previous year [1] Production and Market Conditions - In the first three quarters, Zhongjin Gold produced 13.75 tons of mined gold, 27.87 tons of refined gold, 50,000 tons of mined copper, and 304,300 tons of electrolytic copper [2] - The company attributed its performance growth to capitalizing on rising product prices and effective operational organization [2] Industry Outlook - The global non-ferrous metals market remains robust, with gold prices surpassing 4,000 USD per ounce, marking a historical high [2] - The economic recovery and monetary policy shifts in major economies are expected to support metal prices [2] - The anticipated easing of the Federal Reserve's interest rates is likely to enhance liquidity, boosting demand for gold and copper [2] - Increased recovery momentum in domestic manufacturing and sustained growth in fixed asset investment are expected to further drive non-ferrous metal consumption [2] - Zhongjin Gold is positioned to leverage its operational strengths to continue releasing performance potential amid favorable industry conditions [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Shanghai copper main contract fluctuates strongly, with increasing positions, spot discount, and weakening basis. Fundamentally, the tight supply of copper concentrate has not improved, TC fees hover in the negative range, and the impact of overseas mine disturbances persists, keeping ore prices firm. [2] - On the supply side, due to many maintenance operations and the tight supply of copper ore and blister copper, smelting capacity may be restricted. Additionally, the price of sulfuric acid, a by - product of smelting, shows signs of decline, affecting smelting profits and potentially leading to a decline in the operating rate. Domestic refined copper supply is gradually shrinking. [2] - On the demand side, copper prices remain high due to cost support and overseas macro - sentiment. Downstream buyers are hesitant due to high prices, adopting a cautious wait - and - see procurement strategy. The spot market trading sentiment is weak, and high copper prices suppress downstream demand. [2] - Overall, the fundamentals of Shanghai copper may be in a situation of weak supply and demand, with industrial inventory accumulation. In the options market, the call - put ratio of at - the - money options is 1.32, down 0.0498 from the previous period, indicating a bullish sentiment in the options market with a slight decline in implied volatility. Technically, on the 60 - minute MACD, both lines are above the 0 - axis, and the red bars are expanding. The operation suggestion is to trade with a light position in a volatile market, controlling the rhythm and trading risks. [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 88,710 yuan/ton, up 1,730 yuan; the LME 3 - month copper price is 11,097 dollars/ton, up 58.5 dollars. The spread between the main contract and the next - month contract is 10 yuan/ton, down 20 yuan. The position of the main contract of Shanghai copper is 290,209 lots, up 8,903 lots. [2] - The net position of the top 20 futures holders of Shanghai copper is - 29,079 lots, up 1,010 lots. The LME copper inventory is 134,575 tons, down 1,400 tons; the Shanghai Futures Exchange inventory of cathode copper is 104,792 tons, down 5,448 tons; the LME copper cancelled warrants are 11,175 tons, up 1,200 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 35,745 tons, down 2,856 tons. [2] 3.2 Spot Market - The SMM 1 copper spot price is 87,765 yuan/ton, down 140 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 87,770 yuan/ton, down 405 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52 dollars/ton, unchanged; the average premium of Yangshan copper is 34.5 dollars/ton, unchanged. [2] - The basis of the CU main contract is - 945 yuan/ton, down 1,870 yuan; the LME copper spread (0 - 3) is - 19.54 dollars/ton, up 4.3 dollars. [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The TC fee of domestic copper smelters is - 42.7 dollars/kiloton, down 1.73 dollars. The price of copper concentrate in Jiangxi is 78,020 yuan/metal ton, down 420 yuan; the price of copper concentrate in Yunnan is 78,720 yuan/metal ton, down 420 yuan. [2] - The processing fee of blister copper in the South is 900 yuan/ton, down 100 yuan; the processing fee of blister copper in the North is 700 yuan/ton, unchanged. [2] 3.4 Industry Situation - The monthly output of refined copper is 1.266 billion tons, down 350 million tons; the import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons. The social inventory of copper is 418.2 million tons, up 4.3 million tons. The price of 1 bright copper wire in Shanghai is 60,440 yuan/ton, down 100 yuan; the price of 2 copper (94 - 96%) in Shanghai is 74,000 yuan/ton, down 50 yuan. [2] - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 730 yuan/ton, up 80 yuan. [2] 3.5 Downstream and Application - The monthly output of copper products is 223.2 billion tons, up 1 billion tons. The cumulative completed investment in power grid infrastructure is 437.8 billion yuan, up 58.224 billion yuan; the cumulative completed investment in real estate development is 6,770.571 billion yuan, up 739.652 billion yuan. The monthly output of integrated circuits is 4,371,236,100 pieces, up 120,949,000 pieces. [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 24.24%, up 0.46%; the 40 - day historical volatility of Shanghai copper is 18.28%, up 0.39%. The implied volatility of the at - the - money option in the current month is 19.98%, down 0.0397; the call - put ratio of at - the - money options is 1.32, down 0.0498. [2] 3.7 Industry News - The full text of the "15th Five - Year Plan" proposal is released, aiming to maintain economic growth within a reasonable range, improve total factor productivity, and significantly increase the household consumption rate. It also promotes the development of strategic emerging industries and technological breakthroughs in key areas, implements the "Artificial Intelligence +" action, boosts consumption, and improves the capital market system. [2] - The central bank governor said that the moderately loose monetary policy will be implemented in detail, existing policies will be carried out, and new policies will be studied and reserved. [2] - The U.S. Senate failed to pass the procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue. [2] - The ADP will launch weekly employment data. The first report shows that the average number of private - sector jobs in the U.S. increased by 14,250 in the four weeks ending October 11. [2]