Economic Overview - Guangdong's GDP for the first three quarters reached 10,517.698 billion yuan, with a year-on-year growth of 4.1%, showing a stable economic performance [2] - The primary industry added value was 383.85 billion yuan (4.5% growth), the secondary industry 3,927.075 billion yuan (2.7% growth), and the tertiary industry 6,206.773 billion yuan (4.9% growth) [2] Industrial Growth - Guangdong's industrial production growth rate increased to 3.5% year-on-year, up 1.3 percentage points from January to August [4] - Advanced manufacturing and high-tech manufacturing sectors saw value-added growth of 5.4% and 6.4%, respectively, accounting for 55.5% and 33.8% of total industrial value-added [4] - Notable increases in production for industrial robots (33.7%), service robots (15.2%), civilian drones (44.8%), and 3D printing equipment (40.3%) were reported [4] New Product Development - New products such as robots, drones, 3D printing equipment, and electric vehicles maintained double-digit growth rates in production [3] - Investment in research and experimental development, internet services, and software and IT services grew by 12.7%, 81.2%, and 23.5%, respectively [3][7] Service Sector Performance - The service sector's value-added increased by 4.9%, with financial services growing by 9.8% [5] - Key service industries such as information transmission, software and IT services, and transportation saw revenue growth of 9.5%, 6.6%, and 8.3%, respectively [5] Consumption and Investment Trends - Retail sales of consumer goods grew by 2.8%, with online sales increasing by 16.2%, indicating a shift towards e-commerce [7] - Fixed asset investment decreased by 14.1%, with real estate development investment down by 20.6% [7] Foreign Trade Dynamics - Guangdong's foreign trade reached 7.02 trillion yuan, accounting for 20.9% of the national total, with a year-on-year growth of 3.8% [9] - The province is diversifying its trade markets and enhancing support for enterprises to maintain export growth amid global uncertainties [9] Future Outlook - The Guangdong provincial government emphasizes the need for confidence and proactive measures to address economic challenges and ensure a strong finish to the year [10]

Core Insights - Shenzhen's housing provident fund policy will temporarily increase the rental withdrawal ratio to 100% until October 31, 2025, after which it will be adjusted to 80% of the monthly contribution for non-homeowners from November 1, 2025, to October 31, 2027 [1][2] - As of September 28, 2023, the total accumulated housing provident fund in Shenzhen has surpassed 1 trillion yuan, reflecting a significant growth from 218 billion yuan in 2011 to over 1 trillion yuan in 2025, with an average annual growth rate in double digits over 15 years [1][2] Group 1: Policy Changes - The adjustment in the rental withdrawal ratio is part of the "Shenzhen Consumption Promotion Special Action Implementation Plan" aimed at stimulating housing demand [1] - Other cities are also adjusting their housing provident fund policies, with over 30 cities implementing new policies to allow the use of provident funds for down payments this year [2] Group 2: Demographics and Market Trends - Shenzhen's housing provident fund system has a broad coverage, including non-public enterprises and flexible employment groups, which is relatively advanced compared to other regions [2] - The average first-time home purchase age in Shenzhen is approximately 38 years, indicating that many young residents have not yet entered the housing market, reducing immediate demand for provident fund loans [2]

Market Overview - The Hang Seng Index rose by 0.74% to close at 26,160.15 points, while the Hang Seng Tech Index increased by 1.82% to 6,059.89 points, and the China Enterprises Index gained 0.68% to 9,363.94 points [1] - The index opened at 26,177.11 points, initially declined, and fluctuated around 26,000 points before closing up by 192.17 points with a total turnover exceeding 226.6 billion HKD [1] - There were 1,262 advancing stocks, 895 declining stocks, and 1,047 stocks remained unchanged [1] Sector Performance - Most sectors experienced gains, particularly in chips, local consumption, retail, lithium batteries, non-ferrous metals, and brokerage stocks [1] - Mixed performance was observed in sectors such as biomedicine, technology, banking, insurance, new energy vehicles, and electricity [1] - Declines were noted in new consumption, transportation (road and rail), and real estate sectors [1] Notable Stocks - Pop Mart fell by 0.86%, while Huahong Semiconductor surged by 13.73%, and Huitian Technology rose by 12.02% [1] - Contemporary Amperex Technology increased by 3.46%, and Weishi Jiajie rose by 6.48% [1] - Notable declines included Shandong Gold down by 1.53%, NIO down by 3.22%, and China Petroleum down by 0.12% [1] - Among the top three stocks by turnover, Alibaba rose by 2.25% with a turnover exceeding 14.1 billion HKD, SMIC increased by 8.04% with over 12 billion HKD in turnover, while Xiaomi fell by 1.75% with a turnover exceeding 7.9 billion HKD [2]

Group 1 - The company Shibei Gaoxin (SH 600604) held its 24th meeting of the 10th board of directors on October 24, 2025, via telecommunication to discuss the proposal for the second extraordinary general meeting of shareholders in 2025 [1] - For the first half of 2025, Shibei Gaoxin's revenue composition was as follows: leasing and business services accounted for 65.85%, real estate accounted for 34.13%, and other businesses accounted for 0.03% [1] - As of the report date, Shibei Gaoxin's market capitalization was 12.2 billion yuan [1] Group 2 - The Chinese innovative drug sector has sold overseas authorizations worth 80 billion USD this year, indicating a hot secondary market in biomedicine, while the primary market is facing challenges in fundraising [1]

Core Viewpoint - The company reported a loss of HKD 13.895 million for the year ending July 31, 2025, marking a shift from profit to loss compared to the previous year [1] Financial Performance - The loss attributable to shareholders was HKD 13.895 million, translating to a loss per share of HKD 0.066 [1] - The profit from an associated company decreased significantly from HKD 20.3 million for the year ending July 31, 2024, to HKD 5 million [1] - Depreciation expenses for the group's hotel properties increased by over HKD 2.5 million following renovations [1]

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - China's economy shows an external - stable and internal - weak pattern, with large deflationary pressure and no urgent need for a new round of comprehensive growth - stabilizing measures. The new policy - based financial instruments are expected to boost the economy in Q4 [4]. - Sino - US trade tensions show signs of easing, and the upcoming consultations and summit are expected to reach agreements on relaxing export controls, commodity purchases, and extending the suspension of high - tariffs [15]. - The 20th Fourth Plenary Session of the CPC Central Committee sets the goals for the 15th Five - Year Plan period, aiming to promote high - quality development and modernization [17]. - The US dollar index is expected to fluctuate in a low - level range in H2 2025, and the RMB exchange rate against the US dollar will be oscillatingly strong with pressure [19][21]. - The upward trend of precious metals since late August may continue until 2026, but investors need to control positions due to short - term adjustment risks [32]. 3. Summary by Relevant Catalogs 3.1 Macro Environment Review 3.1.1 Economy - **GDP**: In Q3 2025, China's real GDP grew 4.8% year - on - year, a 0.4 - percentage - point decline from Q2. The nominal GDP grew 3.73% year - on - year, a 0.21 - percentage - point decline from the previous quarter. The GDP deflator shrank 1.02% year - on - year, with deflationary pressure remaining high [4]. - **Investment**: From January to September 2025, cumulative fixed - asset investment decreased by 0.3% year - on - year, turning from a 0.5% increase in January - August. Real estate investment decreased by 13.9% year - on - year, manufacturing investment increased by 4%, and infrastructure investment increased by 3.34% [6]. - **Consumption**: In September 2025, total retail sales of consumer goods increased by 3% year - on - year, a 0.4 - percentage - point decline from August [6]. - **Output**: In September 2025, industrial output increased by 6.5% year - on - year, a 1.3 - percentage - point increase from August [7]. - **Real Estate**: From January to September 2025, new - home sales area decreased by 5.5% year - on - year, and new - home sales volume decreased by 7.9% year - on - year. Housing prices continued to decline, and inventory pressure increased [8][10]. 3.1.2 Focus - Sino - US trade tensions have shown signs of easing. After multiple rounds of tariff hikes and counter - measures, the two sides will hold the fifth - round economic and trade consultations in Malaysia from October 24 - 27, and the leaders will meet on October 30 in South Korea [11][15]. 3.1.3 Policy - The 20th Fourth Plenary Session of the CPC Central Committee was held from October 20 - 23, 2025. It put forward the main goals for the 15th Five - Year Plan period, including high - quality development, technological self - reliance, and social progress [16][17]. 3.2 Precious Metals Market Analysis 3.2.1 US Treasury Yields and US Dollar Exchange Rate - The US dollar index is expected to fluctuate in a low - level range of 95 - 102 in H2 2025. The RMB exchange rate against the US dollar will be oscillatingly strong with pressure, and the 10 - year US Treasury yield will fluctuate between 3.8% - 4.5% [19][21][23]. 3.2.2 Market Investment Sentiment - As of October 23, 2025, the SPDR Gold ETF holdings were 1052.4 tons, 22.8% higher than the low point in May 2024, and the SLV Silver ETF holdings were 15469 tons, 16% higher than the low point in May 2024 [24][25]. 3.2.3 Precious Metals Review and Outlook - In the long - term, geopolitical risks and the restructuring of the global trade and currency system support the upward trend of gold prices. In the medium - term, economic recession risks and liquidity premium expectations make gold prices stronger. In the short - term, gold prices have entered a new upward trend since late August. The short - term adjustment risks exist, but the upward trend may continue until 2026 [28][29][32]. 3.2.4 Precious Metals - Related Charts - The gold - silver ratio has rebounded slightly in the second half of October. The correlation between gold and the US dollar index has changed from negative to positive, and the negative correlation between gold and crude oil has increased [33][34].

Group 1 - The core point of the article is that Zhongju Gaoxin (SH 600872) held its 11th fourth board meeting on October 24, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, Zhongju Gaoxin's revenue composition was 98.42% from manufacturing, 1.75% from real estate and services, and -0.17% from inter-segment elimination [1] - As of the report date, Zhongju Gaoxin's market capitalization was 14.3 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have sold overseas licenses worth 80 billion USD this year [1] - There is a discussion on the hot secondary market for biomedicine, while the primary market is experiencing a fundraising slowdown [1]

Core Viewpoint - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1402.3 points on October 24, with a gain of 0.39% and a trading volume of 35.566 billion yuan, indicating a stable performance in the market [1]. Group 1: Index Performance - On the same day, 24 constituent stocks of the index rose, with Deep Technology leading at a 6.01% increase, while 25 stocks declined, with China National Chemical leading the decline at 4.16% [1]. - The turnover rate of the index was 1.02%, reflecting moderate trading activity [1]. Group 2: Constituent Stocks Details - The top ten constituent stocks of the Shenzhen State-owned Enterprise ESG Index are as follows: - Hikvision (sz002415) with a weight of 9.64% and a latest price of 33.29 yuan, down 0.42% [1]. - BOE Technology Group (sz000725) with a weight of 9.31% and a latest price of 4.05 yuan, unchanged [1]. - Wuliangye Yibin (sz000858) with a weight of 8.62% and a latest price of 120.29 yuan, down 0.86% [1]. - Inspur Information (sz000977) with a weight of 7.30% and a latest price of 67.80 yuan, up 3.23% [1]. - Weichai Power (sz000338) with a weight of 6.78% and a latest price of 14.20 yuan, up 0.14% [1]. - AVIC Optoelectronics (sz002179) with a weight of 4.48% and a latest price of 37.45 yuan, up 1.22% [1]. - Shenwan Hongyuan (sz000166) with a weight of 4.14% and a latest price of 5.46 yuan, up 0.55% [1]. - Yunnan Aluminum (sz000807) with a weight of 4.08% and a latest price of 23.18 yuan, up 1.09% [1]. - Changchun High-tech (sz000661) with a weight of 3.73% and a latest price of 117.84 yuan, up 0.16% [1]. - China Merchants Shekou (sz001979) with a weight of 3.31% and a latest price of 9.50 yuan, down 2.56% [1]. Group 3: Capital Flow - The net inflow of main funds into the constituent stocks of the Shenzhen State-owned Enterprise ESG Index totaled 86.5205 million yuan, while the net outflow of speculative funds was 306 million yuan, and the net inflow of retail funds was 21.9 million yuan [1]. - Detailed capital flow for specific stocks shows that Inspur Information had a net inflow of 34.2 million yuan from main funds, while Deep Technology experienced a net outflow of 12.26 million yuan from speculative funds [2].

Core Viewpoint - The company, Shahe Co., Ltd. (stock code: 000014), has stated that it will fulfill its disclosure obligations in a timely manner regarding any matters that need to be disclosed, and investors are advised to pay attention to the company's announcements [1] Group 1 - The company responded to investor inquiries on an interactive platform [1] - The company emphasized its commitment to timely disclosure of relevant information [1] - Investors are encouraged to monitor the company's official announcements for updates [1]

Core Viewpoint - Suning Universal (000718) indicated that investors should pay attention to the number of shareholders in the company's Q3 2025 report [1] Group 1 - The company responded to investor inquiries on an interactive platform [1] - The latest number of shareholders will be disclosed in the Q3 2025 report [1]