Market Overview - US stock markets saw a broad increase last Friday, with the Dow Jones rising by 1.01%, the Nasdaq by 1.15%, and the S&P 500 by 0.79%. Notably, Apple reached a record closing price of $262.83 [1] - The core CPI in the US for September grew by 0.2%, marking the slowest growth in three months, which has heightened expectations for another interest rate cut by the Federal Reserve [2] Company Developments - NVIDIA's CEO Jensen Huang will deliver a keynote speech at the NVIDIA GTC event from October 27 to 29 [3] - IBM announced that common AMD chips can run quantum computing error correction algorithms [4] - Elon Musk's Neuralink co-founder achieved a milestone in artificial vision [5] - Goldman Sachs significantly raised Alibaba's capital expenditure forecast to 460 billion yuan, citing explosive growth in inference demand and increased AI efficiency driving stronger revenue [6] Domestic Events - China and the US reached a basic consensus on trade negotiations in Kuala Lumpur, agreeing to further define specific details and follow domestic approval procedures [7] - President Xi Jinping will attend the APEC informal leaders' meeting in South Korea from October 30 to November 1 [7] - The People's Bank of China emphasized the need for a robust monetary policy framework and the promotion of the internationalization of the renminbi [7] Industry Insights - The National Development and Reform Commission aims to promote quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication as new economic growth points [8] - Tencent disclosed that AI now generates 50% of its new code, with a 67% year-on-year increase in R&D automation levels [9] Stock Market Highlights - A new IPO for Fengbei Biotechnology is set at a price of 24.49 yuan per share, requiring a minimum subscription value of 110,000 yuan [24] - Several companies announced significant changes, including Ying Tang Intelligent Control planning to acquire stakes in Guanglong Integration and Ao Jian Microelectronics, and Shutaishen planning to raise up to 1.253 billion yuan for innovative drug development [25] Performance Metrics - Notable companies reaching historical highs include Xiangnan Chip Creation with a 20% increase, and Jin Feng Technology with a 170.64% rise in net profit for Q3 [26][25]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [7] Core Insights - The passenger transport volume is recovering, with domestic passenger volume increasing by 3% year-on-year and international passenger volume rising by 17% [5][13] - Shipping rates for container shipping are showing strong support, while oil and bulk shipping rates have slightly adjusted downwards [6][39] - Logistics technology financing is accelerating, with express delivery volume increasing by 7.8% year-on-year [5][50] Summary by Sections Passenger Transport - Domestic passenger volume has shown a 3% year-on-year increase as of October 24, with international passenger volume up by 17% [5][13] - The average domestic seat occupancy rate has improved by 1.0 percentage points year-on-year, while international occupancy has increased by 5.1 percentage points [22] - Oil prices have decreased by 0.7% year-on-year, putting slight pressure on industry revenue [22] Shipping - The average VLCC-TCE rate has decreased by 8.4% to $79,000 per day [39] - The SCFI index for foreign trade container shipping has increased by 7.1% to 1,403 points, indicating strong pricing support from shipping companies [6][39] - The BDI index has decreased by 3.8% to 1,991 points, reflecting a softening demand for large vessel rentals [39] Logistics - The express delivery volume from October 13 to October 19 reached 3.944 billion pieces, a year-on-year increase of 7.8% [50] - The average price for bulk commodity road transport has increased by 4.8% year-on-year, reaching 0.33 yuan per ton [50] - The average daily transport volume at Ganqimaodu was 900 vehicles, with a short-distance average price of 90 yuan per ton, reflecting a 13 yuan increase [50]

"数字交通如何赋能新质生产力？"日前，在常州开幕的第九届数字交通创新发展大会上，省综合交 通运输学会理事长史和平表示，近年来，江苏交通运输系统坚持创新驱动，强化数字赋能，在交通基础 设施数字化转型、智能交通技术应用等方面取得显著成效。 自由流收费实现高速"秒过"，纯电动船舶穿梭于绿色航道，无人"轨道吊"在港口高效运转……如 今，江苏数字交通建设全面提速，一幅"人享其行、物畅其流"的智慧图景正徐徐展开。 智慧赋能，高速行"快"且"畅" 国庆假期，江苏高速公路网再次迎来"大流量"考验——联网高速出口总流量突破3400万辆，日均流 量达434.67万辆，同比增长10.39%。假期首日更创下峰值纪录，达495.10万辆，较2024年国庆峰值增长 14.11%，日均流量与峰值流量双双刷新历史纪录。 面对屡创新高的通行压力，"逢节必堵"一度成为车主的共同记忆。仅靠扩建道路的传统方式已难以 为继，如何破局？作为全国首批交通基础设施数字化转型升级试点省份，江苏交控以"智慧站点"为突破 口，聚焦"自由流收费"核心场景，推动"人—车—路—云"深度融合，不仅破解传统收费"效率低、成本 高、体验差"的痛点，更蹚出一条"技术赋能、管理 ...

党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》，一系列重大目标任务和战略部署指引方向、催人奋进，在我省经济界人士中引发热烈反响。 标定行动路线，提供砥砺奋进的方向与动力 坚持统筹发展和安全，苏粮集团党委书记、董事长单晓敏表示，集团将认真学习贯彻全会精神，坚 决扛起全省粮食安全压舱石责任，做优粮油储备、做强粮油产业，将发展重心转换到增强核心功能、提 升核心竞争力上来，培育创新动能，提升粮食流通质效，以科技赋能粮食安全保障体系建设，统筹推进 品牌建设，加快实现苏粮产品上平台，更好地服务乡村振兴和百姓放心消费，为中国式现代化提供坚实 战略支撑。 连日来，江苏经济界人士认真学习领会党的二十届四中全会精神，纷纷表示要切实把思想和行动统 一到全会精神上来，以历史主动精神守正创新、实干担当，在强国建设、民族复兴新征程上赢得主动、 赢得优势、赢得未来。 大家认为，在乱云飞渡的百年变局下，全会确定的指导思想和"六个坚持"重要原则，为基本实现社 会主义现代化标定出主线清晰、可感可及的行动路线，为江苏凝心聚力、砥砺奋进提供了战略指引、强 大动力。 "贯彻落实全会精神，江苏经济各界在'十五五 ...

Industry News - Some original manufacturers' DRAM and Flash products are currently in a state of suspended quotation, with prices changing daily even if quoted [6] - A breakthrough in the photoresist field has been achieved by a research team from Peking University, which has developed an industrial solution to significantly reduce lithography defects [4] - The logistics industry is experiencing a price increase success rate of 100% due to factors like "anti-involution" and the upcoming Double Eleven shopping festival [6] - The Shanghai and Shenzhen stock exchanges reported that as of the end of September, the total market value of ETFs in both markets has exceeded 5.6 trillion yuan [6] - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [7] Company News - Chen Hua, the director of the Guizhou Provincial Energy Bureau, has been appointed as the chairman of Kweichow Moutai Group, following the departure of Zhang Deqin [8] - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84%, and plans to sell 100% equity in two subsidiaries for 2.8 billion yuan [8] - Cambridge Technology achieved a revenue of 3.36 billion yuan in the first three quarters, a year-on-year increase of 21.57%, with a net profit of 259 million yuan, up 70.88% [9] - Zhenhai Magnetic Materials reported a net profit growth of 189.72% in the third quarter, primarily due to rising rare earth prices [10] - Dongfang Caifu announced a total revenue of 4.733 billion yuan in the third quarter, a year-on-year increase of 100.65%, with a net profit of 3.53 billion yuan, up 77.74% [11]

Core Points - Jushen Co., Ltd. has signed an agreement for bauxite transshipment services with a mining company in Guinea [1][2] - The contract includes a five-year operational period with a potential five-year extension, contingent on the client's decision [1] - The target transshipment volume starts at 10 million tons per year in the first year, increasing to 12 million tons in the second year, and 15 million tons from the third year onward, with a guaranteed average of 6 million tons per year [1] Contract Details - The client is a mining company from the Republic of Guinea, and the operator is SOCIETE JUSHEN GUINEE-SARLU [1] - The service involves transshipment of bauxite from inland ports to offshore anchorage [1] - The service fee is set at $4.1 per wet ton, excluding VAT [2] - The agreement becomes effective upon signing and requires the provision of relevant guarantees by Jushen Guinea [2] - Additional terms cover settlement methods, breach of contract responsibilities, delay fees, and dispute resolution [2]

1、 当地时间 10月25日上午，中美两国经贸团队在马来西亚吉隆坡开始举行中美经贸磋商。 1、国务院总理李强对新加坡进行正式访问。 李强指出，中新关系进一步向前发展，建立了全方位高质量的前瞻性伙伴关系，各领域合作不断 走深走实，为两国人民带来更多福祉，也为地区和平与发展作出积极贡献。 中方愿同新方一道，加强发展战略对接，全面拓展互利合作，在现 代化道路上继续携手同行，为维护真正的多边主义、促进地区共同发展贡献更大力量。 2、 科技部党组召开会议强调，要锚定科技强国建设战略目标，抓住新一轮科技革命和产业变革历史机遇 ，发挥新型举国体制优势，加强战略 规划、政策措施、重大任务、科研力量、资源平台、区域创新等方面的统筹，加强原始创新和关键核心技术攻关，推动科技创新和产业创新深度融合。 3、 商务部数据显示， 1-9月，全国新设立外商投资企业48921家，同比增长16.2% ；实际使用外资金额5737.5亿元人民币，同比下降10.4%。9 月当月实际使用外资同比增长11.2%。 4、国家能源局局长王宏志会见英国气候事务特别代表瑞秋•凯特和英国驻华大使魏磊，双方就能源发展转型重点议题交换意见。 王宏志表示，中方愿 与英 ...

Economic Performance - Xiamen's GDP for the first three quarters reached 641.81 billion, with a year-on-year growth of 5.7%, maintaining a steady upward trend [4][18] - The industrial added value for the first nine months increased by 10.4%, while the revenue of other profit-making service industries grew by 16% [5][21] - Exports rose by 9.4% year-on-year, demonstrating resilience despite external challenges [5][20] Structural Optimization - The city is focusing on cultivating new productive forces and optimizing industrial structure, with 102 industrial projects starting and 49 completed this year [8][12] - High-tech manufacturing added value increased by 18.4%, accounting for over 40% of the total industrial added value [12][21] - The service sector's added value grew by 5%, with significant contributions from leasing, business services, and internet software industries [19][21] Employment and Social Welfare - Xiamen added 144,000 urban jobs in the first nine months, with support for impacted enterprises [14] - Public services improved with the addition of 39,000 new school places and advancements in healthcare technology [15] - The city maintained high environmental quality, with excellent air and water quality indices [16] Innovation and Investment - The city has seen a strong increase in national high-tech enterprises, with 227 companies reporting over 50% revenue growth [10] - Industrial investment grew by 11.3%, with a significant focus on advanced manufacturing and modern services [20][21] - The city is recognized as a leading hub for various industries, including touch screen modules and lithium battery manufacturing [12][21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides a weekly economic analysis from October 19 - October 25, 2025, covering various aspects including industrial production, personnel and freight flow, consumption, investment, exports, and performance of major asset classes, along with important policies and events [1]. 3. Summary by Directory 3.1. Major Asset Classes - This week, bond indices showed mixed performance, stock indices generally rose, most commodities increased, and foreign currencies generally fell. Among bond indices, the ChinaBond Corporate Bond AAA and AA+ indices had the highest weekly gains of 0.14%, while the ChinaBond 10 - year Treasury Bond index had the largest weekly decline of 0.13%. The ChiNext index led the stock market with a weekly gain of 8.05%. The Nanhua Energy and Chemicals Index in commodities rose the most, by 3.66%, and the Nanhua Precious Metals Index fell the most, by 6.69%. Foreign currencies depreciated against the RMB, with the Japanese yen having the largest weekly decline of 2.06%, and the US dollar depreciated by 0.05% [1]. 3.2. Industrial Production - Production performed well. In the upstream sector, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the petroleum asphalt plant operating rate increased by 1.30 pcts to 35.80%, the blast furnace operating rate increased by 0.48 pcts to 84.73%, and the crude steel output decreased by 0.89%. In the real - estate chain, the rebar operating rate increased by 1.64 pcts to 42.97%, the float glass operating rate remained flat at 76.65%, and the mill operating rate increased by 0.38 pcts to 38.27%. In the consumer goods chain, the polyester filament operating rate remained flat at 91.04%, the PTA operating rate increased by 0.42 pcts to 75.98%, and the methanol operating rate decreased by 1.67 pcts to 82.71%. In the automotive chain, the semi - steel tire operating rate increased by 0.95 pcts to 73.67%, and the full - steel tire operating rate increased by 1.06 pcts to 65.58% [1]. 3.3. Personnel and Freight Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.68% week - on - week. The 7DMA of domestic flight operations increased by 1.53%, while that of international flights decreased by 0.79%. The subway passenger volumes in Beijing, Shenzhen, and Guangzhou increased, while that in Shanghai decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.01% week - on - week, and the total volume was higher than the same period in previous years [1]. 3.4. Consumption - The growth rate of automobile sales declined, and price performance continued to diverge. The previous period's automobile wholesale increased by 1.00% year - on - year, while retail sales decreased by 3.00%. Both the 4WMA of the wholesale and retail year - on - year growth rates declined. This period's movie box office decreased by 39% week - on - week, and the 7DMA of the number of moviegoers decreased by 41%. Agricultural product prices showed divergence, with pork prices decreasing by 1.66% week - on - week and vegetable prices increasing by 5.65% [1]. 3.5. Investment - Construction showed good performance, while the commercial housing market declined. The cement inventory - to - capacity ratio increased by 0.2 pcts week - on - week, the cement price index increased by 0.23%, and the cement shipping rate increased by 0.6 pcts. Rebar inventory decreased by 4.1% week - on - week, the proportion of profitable steel mills nationwide decreased by 7.8 pcts, and the apparent demand for rebar increased by 2.8%. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large - and medium - sized cities decreased by 7.3% week - on - week. By city tier, the transaction area in first - tier cities increased, while those in second - and third - tier cities decreased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 4.7%, and the national second - hand housing listing price index decreased by 0.2%. The land transaction area in 100 large - and medium - sized cities increased, and the land transaction premium rate increased week - on - week [1]. 3.6. Exports - Port throughput increased, and shipping indices showed divergence. Port cargo throughput increased by 2.5% week - on - week, and container throughput increased by 3.6%. The BDI index decreased by 3.77% week - on - week, while the domestic SCFI and CCFI indices increased by 7.11% and 2.02% respectively [1]. 3.7. Important Policies/Events - In the third quarter of 2025, the economic growth rate declined; the October LPR quote remained unchanged; a new round of China - US trade consultations started on the 24th in Malaysia; the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China successfully concluded; the central bank announced a 900 - billion - yuan MLF operation on October 27 [1].

Star Brands - Bawang Tea Ji opened its largest store in Malaysia, bringing the total number of stores in the country to over 200 [2] - Wuliangye held dealer meetings in multiple locations, emphasizing strict measures against low-priced products and increasing subsidies for various dealer sizes [2] - Unilever postponed the spin-off of its ice cream company, with plans to complete the separation by 2025 due to delays in U.S. regulatory approvals [2] Consumer Platforms - Cainiao Supply Chain has entered the "hourly delivery" era, expanding its services to major cities in China, covering various product categories [5][12] - Ozon introduced a social sharing feature for users to publicly display their product wish lists, enhancing the platform's social interaction [6] - Taobao Flash Sale launched a "hot store" channel with a "20-minute late delivery compensation" service to improve user experience [13] Financial Reports - Carrefour reported third-quarter sales of €22.61 billion, below analyst expectations of €23.44 billion [14] - Zhujiang Brewery's third-quarter net profit reached ¥332 million, an increase of 8.16% year-on-year, despite a slight decline in revenue [14] - Double Tower Foods reported a third-quarter net loss of ¥19.92 million, with a significant year-on-year revenue decline of 33.66% [15] Consumption Dynamics - The State Post Bureau reported that the postal industry generated revenue of ¥152.57 billion in September, a year-on-year increase of 6.8% [17] - In the first nine months, China's postal industry completed a total of 1.5826 billion packages, reflecting a year-on-year growth of 15% [18]