Core Viewpoint - GLP Renewable Energy Investment I Limited plans to reduce its stake in嘉泽新能源股份有限公司 by up to 3% of the total shares within three months, starting 15 trading days after the announcement [2][3]. Shareholder Reduction Details - As of the announcement date, GLP holds 251,780,000 shares, representing 8.64% of the total share capital of 2,912,656,123 shares [2]. - The reduction plan allows for a maximum of 87,379,683 shares to be sold, with specific limits on the methods of sale: up to 58,253,122 shares via block trades and up to 29,126,561 shares through centralized bidding [3]. Implementation Conditions - The reduction plan is subject to adjustments if there are changes in the company's capital structure, such as dividends or stock splits [3]. - The actual start of the reduction may be postponed if the company's stock is suspended [4]. Compliance and Regulations - GLP has confirmed that it does not have any other arrangements regarding the reduction and is not subject to restrictions that would prevent the sale of shares [5]. - The company will adhere to all relevant laws and regulations during the share reduction process [9].

短期波动孕育布局良机 外资看好A股业绩与创新双主线 惠理集团投资组合总监盛今对上海证券报记者表示：从估值、政策支持、产业升级和外资回流等多方面 来看，中国资产中长期仍具备一定的吸引力。其中，从估值层面来看，A股整体估值水平仍低于美股， 尤其在科技、消费、医药等领域，部分互联网龙头企业的估值与盈利匹配度较高；从政策层面来看，绿 色转型、数字经济、高端制造等重点领域的政策支持力度持续加大，积极推动新质生产力发展。 "我们持续看好中国资产中长期表现。随着科技创新成果不断落地，预计未来将有更多新产品与新技术 公布，从而为市场注入新的增长动力。中国在全球创新供应链中占据着关键且不可或缺的地位，我们相 信，中国股市在创新驱动下的估值重塑趋势仍将延续。"景顺投资高级基金经理刘徽对上海证券报记者 表示。 展望四季度，贝莱德基金权益、量化及多资产首席投资官王晓京对上海证券报记者表示，其主要关注点 在于基本面，也就是上市公司盈利能力的提升。他认为，今年以来A股市场持续走强，更多是由流动性 充裕环境下投资者风险偏好提升、情绪回暖所驱动。"若上市公司盈利能力稳步提升，现金流价值进一 步显现，则有可能进入由估值兑现驱动、更为健康的市场 ...

Core Insights - On October 20, no A-share listed companies disclosed any increase in shareholding, while 18 companies announced share reductions [1][3] Group 1: Companies with Share Reductions - Dingyang Technology: Shareholders Qin Ke, Shao Haitao, and Zhao Yafeng plan to transfer 2.00% of their shares [3] - Jifeng Technology: Wang Xinming, Wang Hongyan, and their concerted action partner, Shan Nan Shenyu, intend to reduce their holdings by up to 3% [3] - Jiaze New Energy: Shareholder GLP plans to reduce its stake by up to 3% [3] - Meng Tian Home: The controlling shareholder's concerted action partner intends to reduce its holdings by up to 0.77% [3] - Liaoning Energy: Shareholder Liaoning Jiao Investment plans to reduce its stake by up to 1% [3] - Blue Arrow Electronics: Shareholders plan to reduce their holdings by up to 3% [3] - Longhua Technology: Major shareholder General Group plans to reduce its stake by up to 0.97% of the total share capital [3] - Zhekuang Co.: Shareholders plan to collectively reduce their holdings by up to 3% [3] - Shannon Chip Creation: The third-largest shareholder, New Momentum Fund, intends to reduce its stake by up to 1% [3] - Tongji Technology: Plans to reduce up to 0.71% of the repurchased shares [3] - Yandong Micro: The National Integrated Circuit Fund has reduced its stake by 1% [3] - Xiyu Tourism: Shareholder Xinjiang Kunlun Investment Development Partnership plans to reduce its holdings by up to 3% [3] - Nanjing Julong: Shareholder Suhao Fashion plans to reduce its stake by up to 2.94% [3] - Shen Shen Fang A: Controlling shareholder Shentou Investment plans to reduce its stake by up to 1% [3] - Yihe Da: The controlling shareholder's concerted action partner intends to reduce its holdings by up to 2% [3] - Huilv Ecology: Ningbo Huining has completed a reduction of 2.7% within three months [3] - Baolingbao: Shareholder Park Futong plans to reduce its stake by up to 3% [3]

Core Insights - China's EAST device has set a new world record for controlled nuclear fusion, achieving a stable operation of 102 seconds, significantly advancing the timeline towards commercial nuclear fusion power [3][4] - The breakthrough in nuclear fusion is seen as a game-changer, providing a nearly limitless energy source with minimal environmental impact, as it utilizes deuterium from seawater and produces negligible long-lived radioactive waste [4][6] - China has established a clear roadmap for nuclear fusion development, aiming to complete a new generation fusion engineering experimental reactor by 2025, build a demonstration power plant by 2035, and achieve commercial fusion energy by 2050 [6] Group 1 - The EAST device has achieved a remarkable 102 seconds of stable high-confinement mode operation, far surpassing other countries' efforts [3] - The temperature reached during this operation is 100 million degrees Celsius, seven times hotter than the core of the sun, showcasing the extreme conditions under which plasma can be confined [3] - The unique superconducting tokamak technology developed by the Chinese team is pivotal in maintaining the necessary high temperature, density, and long confinement time for nuclear fusion [4] Group 2 - The advancements in nuclear fusion technology have positioned China from a follower to a competitor, with the potential to lead in this field [6] - The EAST facility is open for global scientific collaboration, reflecting China's commitment to international scientific cooperation and leadership in energy innovation [6] - The shift towards nuclear fusion could signify a major transition in global energy dynamics, potentially positioning China as a key player in the future energy landscape [6]

Core Viewpoint - The company, Trina Solar, is focusing on its digital energy services, which include new energy operation and maintenance services, new energy generation business, and other related activities. The company aims to maximize asset returns for users through comprehensive lifecycle operation and maintenance services [1] Group 1 - The digital energy services are primarily composed of new energy operation and maintenance services, new energy generation business, and other activities [1] - The company utilizes an intelligent operation and maintenance platform to manage the entire lifecycle of smart energy management, ensuring safe and efficient operation of power plants [1] - The current development trend of this business is positive, with expectations for further revenue and profit growth in the future [1]

【文/观察者网 王一】韩国四大财阀掌门人刚在美国总统特朗普的海湖庄园打完高尔夫，韩国总统室政 策室长金容范10月19日对外透露，两国关税谈判在大多数关键问题上取得了"实质性进展"。 金容范表示，韩美在许多问题上达成了广泛一致，但仍有几点需进一步谈判。他认为，在10月底即将于 韩国举行的亚太经合组织（APEC）第三十二次领导人非正式会议上，韩美敲定协议的可能性有所增 加。 金容范说，"两国在非常认真且建设性的氛围中进行了谈判"，对"谈判方案必须在韩国能够承受的范围 内"这一问题，"韩美两国的意见与之前相比明显趋同"。 韩国《朝鲜日报》20日指出，金容范的言论被解读为美方在某种程度上接受了韩国的立场。此前在两国 达成的贸易协议框架中，美国同意将对韩的25%关税降至15%，但要求韩国以全额直接投资的方式进行 3500亿美元的投资，韩方则认为这一要求"超出韩国所能承受的范围"。 韩国总统李在明此前直言，韩国外汇储备为4163亿美元，在未与美国签订货币互换协议的情况下，韩方 若按照美方要求以现金形式投资3500亿美元，韩国经济可能陷入堪比1997年金融危机的困境。 报道称，虽然韩企负责人并未与特朗普在同一组打球，但他们 ...

Core Viewpoint - GLP Renewable Energy Investment I Limited, a major shareholder of Jiaze New Energy, plans to reduce its stake by up to 87.38 million shares, representing no more than 3% of the company's total share capital, from November 11, 2025, to February 11, 2026, due to its own strategic and operational needs [1] Summary by Category - **Shareholder Actions** - The shareholder intends to reduce its holdings through block trades and centralized bidding, with a maximum of 2% through block trades and 1% through centralized bidding [1] - **Reason for Reduction** - The reduction is driven by the shareholder's strategic and operational requirements [1] - **Uncertainty of Implementation** - The implementation of this reduction plan carries uncertainty [1]

Group 1 - The core viewpoint of the articles highlights the significant growth and global dominance of China's manufacturing sector, which has seen its value-added manufacturing increase from 26.6 trillion yuan to 33.6 trillion yuan from 2020 to 2024, contributing over 30% to global manufacturing growth during the 14th Five-Year Plan period [2][3][4] - China's manufacturing value-added accounted for approximately 30% of the global total, maintaining the largest share for 15 consecutive years, with projections indicating it could rise to 45% by 2030 [6][9] - The manufacturing sector's output is primarily driven by domestic demand, with less than 30% of production being exported, indicating a strong internal market [14][15] Group 2 - The automotive and semiconductor industries are identified as key areas for growth, with China's automotive production expected to reach 31.28 million units in 2024, accounting for 33.8% of global output [10][11] - Despite the strong performance in manufacturing, challenges remain in specific sectors such as semiconductors, where China faces significant trade deficits, highlighting the need for improvement in these critical areas [12][18] - The articles emphasize the importance of China's manufacturing capabilities in supporting various sectors, including agriculture and services, and the potential for further development in the third industry [58][59] Group 3 - The articles discuss the implications of China's manufacturing strength on global trade dynamics, noting that China's trade surplus has reached unprecedented levels, significantly impacting the global economy [17][30] - The manufacturing sector's ability to adapt and respond to global demands is underscored, with the potential for continued expansion in international markets, particularly in developing regions [22][25] - The articles also highlight the increasing internationalization of the renminbi, driven by China's manufacturing exports, which is reshaping global payment systems [31][33] Group 4 - The articles point out the internal challenges within China's manufacturing sector, including issues related to overcapacity and the need for regulatory oversight to ensure fair competition [54][56] - The manufacturing industry's employment impact is significant, with approximately 1.3 billion people employed in this sector, underscoring its role in the broader economy [56] - The articles conclude that while China's manufacturing sector has achieved remarkable growth, it must navigate both domestic and international challenges to sustain its competitive edge [58][59]

Core Viewpoint - GLP Renewable Energy Investment I Limited plans to reduce its stake in Jiaze New Energy (601619.SH) by up to 3% of the total shares, equating to a maximum of 87.3797 million shares, within three months from the announcement date [1] Group 1 - The reduction in stake is part of GLP's strategic and operational considerations [1] - The planned reduction will occur through block trades and centralized bidding [1] - The timeframe for the reduction is set for three months starting from 15 trading days after the announcement [1]

IPO Pipeline Overview - As of October 19, there are 275 companies in the IPO pipeline, with 20 on the Shanghai Main Board, 37 on the Sci-Tech Innovation Board, 22 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 169 on the Beijing Stock Exchange [1] IPO Application Status - The statistics for IPO applications show that there were 11 accepted, 97 in inquiry, 3 approved, 152 halted, and 12 submitted for registration across all boards [2] Newly Listed Companies - During the period from October 13 to October 19, two companies were newly listed: - Changjiang Samsung Energy Technology Co., Ltd. closed at 18.87 yuan per share, with a rise of 254.03% and a trading volume of 524 million yuan [3] - Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. closed at 29.68 yuan per share, with a rise of 396.32% and a trading volume of 2.301 billion yuan [4] New Counseling Registrations - Seven new companies registered for counseling from October 13 to October 19, including: - Zhongke Fuhai Technology Co., Ltd. focuses on advanced low-temperature equipment and solutions for energy applications [5] - Wuhu Youpai Nursing Products Technology Co., Ltd. specializes in disposable hygiene products [6] - Qingdao Wuxiao Group Co., Ltd. engages in the research and production of steel structures [7] - Shanghai Shanyuan Electronic Technology Co., Ltd. develops smart mining communication and safety products [7] - Xuyu Optoelectronics (Shenzhen) Co., Ltd. focuses on semiconductor lighting devices [7] - Xinjiang Xinxin Mining Co., Ltd. is involved in the mining and refining of non-ferrous metals [7] - Jiangsu Tianbing Aerospace Technology Co., Ltd. specializes in liquid rocket engines [7] CSRC Review Status - Three companies successfully passed the review process from October 13 to October 19: - Xiamen Youxun Chip Co., Ltd. specializes in optical communication chips [8] - Beijing Angrui Microelectronics Technology Co., Ltd. focuses on RF and analog integrated circuit design [8] - Shenzhen Tiansu Measurement and Testing Co., Ltd. provides independent third-party measurement services [8] CSRC Registration Approval - Two companies received registration approval during the same period: - Bai'ao Saitou (Beijing) Pharmaceutical Technology Co., Ltd. is a preclinical CRO and biotechnology firm [9] - Southern Power Grid Digital Grid Research Institute Co., Ltd. offers digital solutions for the power energy sector [9] Termination of IPO Reviews - No companies withdrew their IPO applications from October 13 to October 19 [10]