Summary of Key Points from Conference Call Records Industry or Company Involved - The records primarily discuss the Chinese economy and its future development plans, particularly focusing on the "14th Five-Year Plan" and the "15th Five-Year Plan" [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]. Core Points and Arguments 1. **Economic Challenges**: The Chinese economy faces three major challenges: a decline in the real estate market, local government debt risks, and an aging population [4][5]. 2. **Growth Targets**: The expected economic growth target for the next five years is an average of 4.5% to 5% annually, with a goal of maintaining a growth rate of around 5% in 2026 [5][19]. 3. **Modern Industrial System**: The plan emphasizes the construction of a modern industrial system, focusing on the importance of the real economy and manufacturing, as well as the development of new productive forces [1][7][8]. 4. **New Productive Forces**: Key tasks include technological innovation, upgrading traditional industries, nurturing future industries, and integrating technology with the real economy [8][12]. 5. **Regional Development**: The marine economy is highlighted as a potential growth area, with marine GDP currently at approximately 10 trillion yuan, accounting for about 8% of national GDP [9]. 6. **Green Development**: Emphasis on energy conservation, carbon reduction, and recycling, with increased investment in new and clean energy sources [12]. 7. **Social Welfare**: Focus on reducing income disparity and enhancing the quality of life for lower-income groups, which is a key aspect of achieving common prosperity [6][10]. 8. **Major Tasks**: The plan outlines 13 major tasks, including the construction of a modern industrial system and enhancing service sector competitiveness [7][16]. 9. **Investment Trends**: Recent declines in fixed asset investment are concerning, attributed mainly to the real estate sector's downturn, necessitating measures to stimulate investment [19][20]. 10. **Infrastructure Projects**: The "8+1 Super Projects" include significant infrastructure initiatives like the Sichuan-Tibet Railway and the Yangtze River Waterway, which are crucial for economic development [18]. Other Important but Possibly Overlooked Content 1. **Policy Adjustments**: The order of policy priorities has shifted, with industrial policy and foreign openness gaining more emphasis, reflecting the central government's focus on these areas [2][3]. 2. **Investment in Human Capital**: The importance of investing in social welfare sectors such as education, healthcare, and cultural industries is noted as a means to drive consumption growth [10][11]. 3. **Reform and Opening Up**: Recommendations for reform include expanding the consumption tax base and cautiously advancing property tax to alleviate local fiscal pressures [13][14]. 4. **Capital Outflow**: The significance of capital outflow and foreign investment is highlighted as a means to balance the economy and promote global economic cooperation [14][15]. 5. **Future Planning**: The planning for major projects in the 15th Five-Year Plan involves a focus on technology innovation, key industries, and social welfare, ensuring a comprehensive approach to development [17][21].

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Economic Growth Analysis - The overall economic growth in China has shown a slowdown in Q3, with GDP growth at 4.8%, down from 5.2% in the first three quarters [2][3] - Nominal GDP growth for Q3 was 3.7%, with a cumulative nominal GDP growth of 4.1% for the first three quarters [2] Factors Contributing to Slowdown - The slowdown is attributed to three main factors: reduced policy effectiveness, diminishing internal growth momentum, and weak consumer sentiment [3][4] - Macro policies were strong in the first half of the year but weakened in the second half, impacting economic support [3] - The effectiveness of certain policies, such as the consumption upgrade program, has diminished, leading to a decline in retail sales growth [3][4] Positive Economic Indicators - Despite the slowdown, there are positive signs such as improved industrial capacity utilization and a rebound in PPI [6][7] - Exports have remained resilient, with a year-on-year growth of 8.3% in September, supported by diversified markets and competitive products [7] - High-tech industries have shown robust growth, with a 9.6% increase in value-added output in the first three quarters [8] September Economic Performance - In September, exports and industrial production saw a rebound, while consumer spending and investment continued to decline [9][10] - Retail sales and catering revenue showed a decrease, indicating ongoing consumer weakness [10] - Real estate sales saw a slight improvement due to new policies in major cities, but overall investment remains low [11] Future Economic Outlook - The economic performance in Q4 will depend on the introduction of new policies, with potential GDP growth forecasted between 4.6% and 4.8% [13] - The need for new incremental policies is emphasized to support economic recovery [14][19] Recommendations for Policy Adjustments - Suggestions include increasing fiscal support, optimizing debt management, and enhancing monetary policy to stimulate economic activity [15][16] - A comprehensive approach to real estate policy is recommended to stabilize the market and support local governments [17][18] - Consumer-oriented policies should be developed to boost spending and improve income distribution [19][20]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In Q3, the economic growth slowed marginally, and there was still pressure on the price front. The actual GDP in Q3 increased by 4.8% year - on - year, and the cumulative growth from Q1 to Q3 was 5.2%. Achieving the annual 5% target is not difficult. However, the nominal GDP increased by only 3.7% year - on - year, hitting a new low since Q4 2022, and the GDP deflator was about - 1.02% year - on - year in the current quarter, indicating continuous price pressure [7]. - Industrial production showed resilience, and high - end manufacturing remained prosperous. In September, the industrial added value increased to 6.4% year - on - year, and the seasonally adjusted month - on - month growth accelerated to 0.64%. The export of technology - intensive products was an important increment, and the export delivery value turned positive to 3.8% year - on - year. The production of high - tech products such as automobiles (14%) and industrial robots (28%) maintained high growth year - on - year [7]. - The investment side continued to weaken, and the monthly declines in real estate, infrastructure, and manufacturing all widened. In September, the monthly fixed - asset investment decreased to - 6.9% year - on - year, and the cumulative year - on - year growth turned negative to - 0.5%, the weakest since August 2020 [7]. - The growth rate of residents' income and expenditure slowed down, and the effect of consumption subsidies may have weakened marginally. In September, the year - on - year growth rate of social retail sales decreased to 3.0%, slowing down for the fourth consecutive month [7]. - The economy in Q4 faces a high base, weak domestic demand, and external uncertainties. It is expected that the actual GDP year - on - year growth may slow down to about 4.5%, but the annual economic growth rate of 5% can still be achieved. Strong pro - growth policies may still need to wait. If external changes bring new pressure to the capital market, monetary policy may be intensified. It is expected that the bond market will continue to fluctuate and recover in Q4, and it is recommended to allocate the active bonds of 10 - year treasury bonds when the yield is above 1.75% [1][7]. 3. Summary by Relevant Catalogs 3.1 Event Description - In Q3, the economy slowed down marginally, and the economic data in September was generally weak due to the drag on the demand side. The actual GDP in Q3 increased by 4.8% year - on - year, basically in line with expectations, and the cumulative year - on - year growth in the first three quarters was 5.2%. In September, the year - on - year growth rate of the added value of industrial enterprises above the designated size rebounded by 1.3 pct to 6.5%, higher than the expected 5.2%. The year - on - year growth rate of social retail sales decreased by 0.4 pct to 3.0% compared with the previous month, lower than the expected 3.1%. From January to September, the cumulative year - on - year growth rate of fixed - asset investment decreased by 1.0 pct and turned negative to - 0.5%, lower than the expected 0.03% [4]. 3.2 Event Comment - **Economic Growth**: In Q3, the economic growth slowed down marginally, and price pressure persisted. The actual GDP in Q3 increased by 4.8% year - on - year, 0.4 pct lower than Q2, the lowest single - quarter growth since Q3 2023, and the quarter - on - quarter growth rate remained flat at 1.1%. The cumulative growth from Q1 to Q3 was 5.2%, and achieving the annual 5% target is not difficult. The nominal GDP increased by only 3.7% year - on - year, a new low since Q4 2022, and the GDP deflator was about - 1.02% year - on - year in the current quarter, showing continuous price pressure [7]. - **Industrial Production**: Industrial production showed resilience, and high - end manufacturing remained prosperous. In September, the industrial added value increased to 6.4% year - on - year, and the seasonally adjusted month - on - month growth accelerated to 0.64%. The export of technology - intensive products was an important increment, and the export delivery value turned positive to 3.8% year - on - year. The production of high - tech products such as automobiles (14%) and industrial robots (28%) maintained high growth year - on - year. In Q3, the industrial capacity utilization rate rose to 74.6%, a 0.6 pct increase quarter - on - quarter. The capacity utilization rates of industries such as automobiles, electrical machinery, and electronic communications increased, but some traditional industries such as the mining industry still faced over - capacity pressure. The year - on - year growth rate of the service industry production index remained flat at 5.6%, while construction activities were weak, and the year - on - year decline in cement production widened to - 8.6%, indicating a drag on the investment side [7]. - **Investment**: The investment side continued to weaken, and the monthly declines in real estate, infrastructure, and manufacturing all widened. In September, the monthly fixed - asset investment decreased to - 6.9% year - on - year, and the cumulative year - on - year growth turned negative to - 0.5%, the weakest since August 2020, and the decline in private investment reached 8.9%. All three investment sub - items deteriorated: 1) The year - on - year decline in real estate investment in the current month widened to - 21.3%, the year - on - year decline in sales area was - 11.9%, and the year - on - year decline in sales volume was - 12.4%. Although the new construction and completion areas improved marginally, the funds in place were weak, and real - estate enterprises lacked confidence. 2) The full - caliber infrastructure investment decreased by 8.0% year - on - year in the current month, affected by the limited fiscal space, and the investment in areas such as water conservancy and public facilities management declined. 3) Manufacturing investment decreased by 1.9% year - on - year in the current month. Weak terminal demand and the "anti - involution" phenomenon disturbed enterprises' willingness to make capital expenditures. The drag from construction and installation projects increased, and the implementation of physical work volume was slow. Weak investment became the core of weak domestic demand [7]. - **Consumption**: The growth rate of residents' income and expenditure slowed down, and the effect of consumption subsidies may have weakened marginally. In September, the year - on - year growth rate of social retail sales decreased to 3.0%, slowing down for the fourth consecutive month. Both commodity retail (3.3%) and catering (0.9%) weakened, especially the year - on - year growth rate of catering above the designated size turned negative to - 1.6%. The effect of the "trade - in" measure declined: the year - on - year growth rate of home appliance retail decreased from 14.3% to 3.3%, and the growth rate of cultural office supplies declined. Structurally, rural consumption (4.0%) continued to be stronger than urban consumption (2.9%), which may be because the decline in housing prices had a deeper impact on the wealth effect of urban families. In Q3, the growth rates of residents' income and expenditure slowed down simultaneously: the actual cumulative year - on - year growth rate of per - capita disposable income decreased by 0.2 pct to 5.2%, and the year - on - year growth rate of consumption expenditure decreased by 0.6 pct to 4.7%. The low - inflation environment affected consumer confidence. The urban surveyed unemployment rate slightly decreased to 5.2% in September, but as of August, the surveyed unemployment rates of the 16 - 24 - year - old and 25 - 29 - year - old labor forces were still high [7]. - **Outlook**: The bond market may have priced in the marginal slowdown of the Q3 economy. The economy in Q4 faces a high base, weak domestic demand, and external uncertainties. It is expected that the actual GDP year - on - year growth may slow down to about 4.5%, but the annual economic growth rate of 5% can still be achieved. Strong pro - growth policies may still need to wait. If external changes bring new pressure to the capital market, monetary policy may be intensified. It is expected that the bond market will continue to fluctuate and recover in Q4, and it is recommended to allocate the active bonds of 10 - year treasury bonds when the yield is above 1.75% [1][7].

Economic Goals - The "15th Five-Year Plan" aims for significant achievements in high-quality development and technological self-reliance, with a target for per capita GDP to reach the level of middle-income countries by 2035[3] - The plan emphasizes the importance of continuous efforts and reforms to achieve socialist modernization, marking the "15th Five-Year" period as crucial for foundational work[3] Supply-Side Strategies - Focus on building a modern industrial system to strengthen the real economy, with an emphasis on intelligent, green, and integrated development[4] - The plan aims to maintain a reasonable proportion of manufacturing, avoiding premature deindustrialization, and encourages breakthroughs in key technological areas to enhance self-innovation capabilities[4] Demand-Side Strategies - The strategy includes expanding domestic demand as a strategic foundation, promoting effective interaction between supply and demand, and enhancing the domestic market's internal dynamics[4] - The plan calls for a strong domestic market and high-level opening up to create a new development pattern that promotes mutual reinforcement between domestic and international cycles[4] Social Welfare and Housing - The plan highlights the need to enhance social welfare and promote common prosperity, with a focus on equal access to basic public services and high-quality development in the real estate sector[5] - Future policies may shift local fiscal spending from investment to public services, indicating a long-term view of the real estate market as a foundational industry for people's livelihoods[5] Risks - There are risks associated with the expansion of fiscal policies and the extent of monetary policy easing not meeting expectations[6]

风险提示： 国内政策的不确定性，贸易摩擦的不确定性，全球地缘政治的不确定性。 报告导读： 全球 AI 投资持续拉动电子产业链景气，存储器继续涨价；内需仍偏弱，反内 卷支撑下，煤炭 / 汽车价格明显改善；中美关税博弈再度升温，抢出口需求提升。 电子产业链景气延续，耐用品需求透支。 上周（ 10.13-10.19 ）中观景气表现分化，值得关注： 1 ）新兴科技景气延续高位，海外 AIDC 资本开支依然十 分旺盛，并带动电子产业链需求持续增长，供需紧张程度较高的存储器价格继续大幅上涨。 2 ）国内地产和建工需求仍然偏弱，耐用品补贴对需求的透支效 果持续显现，但随着反内卷政策的持续推进，部分行业也取得一定进展，供给约束较强的煤炭行业价格大幅上涨；价格竞争烈度有所减弱的乘用车零售价格同 环比有所改善。 3 ）中美关税博弈再度升温，国内抢出口需求提升，海运价格、港口吞吐量环比提高。后续继续关注国内"十五五"规划政策指引以及中美贸 易谈判进展。 下游消费：地产销售偏弱，乘用车零售价格企稳。 1 ）地产： 30 大中城市商品房成交面积同比比 -25.0% 。其中一线 / 二线 / 三线城市商品房成交面积同 比 -36.6%/ ...

智通财经APP获悉，克而瑞地产研究10月23日发文称，预计整体二手房市场成交规模仍将延续波动走势。 2025年9月二手房市场成交仍处于缓步下行通道，据CRIC监测数据，2025年9月30个重点城市二手房成交环 比下降1%，同比增长9%，增长动能放缓。 京深新增二手挂牌套数同环比双增仅杭州波动下行 为了更好的分析二手房业主心态变化，该机构主力聚焦了北京、上海、深圳、杭州等核心一二线城市，从 CRIC监测的四城新增挂牌套数来看，9月四城挂牌量与8月基本持平，京深同环比齐增，上海同比涨幅超2 成。仅杭州一城同环比齐跌，业主挂牌积极性稳步回落。 (1)北京小于300万元低总价段刚需刚改房源和600-3000万元中高改房源业主挂牌积极性回升，新增挂牌量占 比环比持增，其中100-300万既是新增挂牌量主力，占比超3成，同时增幅在各面积段中也较为显著。 (2)上海、深圳中高改业主较为活跃，9月总价500-600万元和800-3000万元房源占比显著回升的特征；高端房 源占比持稳，波幅较小。 (3)杭州总价600万以内房源占比超8成，不过9月集中度稳步下降，环比跌幅达1.77pcts；而600-800万元和 1000-30 ...

Market Overview - The risk scoring for the stock market by Zhongtai Asset Management is 45.79, a significant drop from 62.77 last month, primarily due to a notable decline in market sentiment [2] - The valuation of the CSI 300 index has increased to 64.74 from 61.90 last month, marking a continuous rise in the overall valuation center for six months [2] - There is a clear differentiation in valuations across sectors, with industries like steel, electronics, real estate, and others remaining above the historical 60th percentile, while the agriculture sector remains below the 10th percentile [2] Economic Indicators - Market expectation scores have slightly improved to 55.00 from 50.00 last month, driven by better-than-expected import and export growth in September [3] - Economic growth has slowed since Q3, but there is no acceleration in the downturn compared to the same period last year [3] - The global liquidity environment is becoming more accommodative due to the Federal Reserve's preventive rate cuts, but geopolitical conflicts and uneven recovery among major economies add uncertainty to the domestic economic environment [3] Market Sentiment - Market sentiment has experienced a drastic decline to 22.24 from 70.03 last month, indicating a shift from a significantly positive to a low sentiment range [5] - Various sentiment indicators have shown a cooling trend, with margin financing scores dropping significantly and retail fund inflows into the equity market slowing down [5] - The current market presents a mixed pattern of rising valuation centers, stable expectations, and sharply declining sentiment, suggesting a need for investors to approach market indicators with rationality [5] Bond Market Analysis - The risk scoring for the bond market is 61.7, reflecting a continuation of weak economic data, particularly in consumption [7] - Fixed asset investment growth has turned negative for the first time since the pandemic, with a cumulative year-on-year decline of 0.5% [8] - The overall liquidity in the market has shown signs of marginal weakening, with a decline in social financing growth since July [9] Key Economic Data - In Q3 2025, the actual GDP growth rate is 4.8%, with nominal GDP growth at 3.7% [8] - The industrial value-added growth in September is reported at 6.5%, while retail sales growth is at 3.0% [8] - The total social financing in September is 3.53 trillion yuan, with new RMB loans amounting to 1.61 trillion yuan [9]

Investment Rating - The report indicates a positive outlook for RWA tokens in the real estate investment and financing sector, highlighting their potential for innovation and growth [5]. Core Insights - RWA tokens are positioned as a transformative force in the real estate industry, leveraging blockchain technology to enhance liquidity, transparency, and efficiency in transactions [4][33]. - The global RWA asset value has reached $25.4 billion, with projections estimating that the real estate RWA token market could reach $4 trillion by 2035, reflecting a compound annual growth rate (CAGR) of 27% [5][64]. Summary by Sections 1. Purpose of the Research - The research aims to clarify the concept of RWA, its relationship with the digital economy, digital currencies, and its significance in the real estate sector [11]. 2. Digital Economy, Digital Currency, RWA, and Crypto Assets - RWA represents the tokenization of real-world assets using blockchain technology, allowing for the digital representation of ownership and rights [15][24]. 3. Significance of Digital Currency for the Real Estate Industry - RWA enhances liquidity, reduces investment barriers, and improves asset transparency, fundamentally reshaping the real estate market [33][36]. - The characteristics of RWA include widespread accessibility, convenience, traceability, low transaction costs, and high efficiency [31][32]. 4. Application of RWA in Real Estate - RWA tokens are created by packaging real estate projects into special purpose vehicles (SPVs) and issuing tokens that represent ownership rights [45][46]. - The lifecycle of RWA tokens includes asset selection, legal structuring, valuation, compliance, and market trading [46][49]. 5. Development Trends and Risk Prevention for Real Estate RWA Tokens - The report forecasts a significant increase in the RWA market, with a projected value of $16 trillion by 2030 and a focus on the tokenization of real estate assets [64]. - Key risks include regulatory challenges, technological limitations, systemic risks, and valuation difficulties [5][65]. 6. Case Studies - Examples include the first compliant real estate investment trust (REIT) in Hong Kong and a mainland Chinese state-owned enterprise's RWA project, showcasing successful implementations of RWA tokens [74][78].

Core Viewpoint - The company, Minmetals Land (00230), and the offeror, June Glory International Limited, announced a proposal for privatization under Section 99 of the Companies Ordinance, with a cash offer of HKD 1 per share, representing a premium of approximately 104.08% over the last closing price of HKD 0.490 [1] Group 1 - The offer will be implemented through a scheme of arrangement, with the plan shares being cancelled in exchange for cash [1] - The offeror has no right to increase the cancellation price after this announcement [1] - As of the announcement date, the company has issued 3.347 billion shares, with 1.276 billion shares (approximately 38.12%) held by non-related plan shareholders and 2.071 billion shares (approximately 61.88%) held by the offeror [1] Group 2 - The offeror is a company registered in the British Virgin Islands, fully owned by Minmetals Hong Kong [2] - The ultimate controlling shareholder of the offeror is China Minmetals, a state-owned enterprise in China, with 94.11% and 5.89% ownership held by the State-owned Assets Supervision and Administration Commission and the National Social Security Fund of the People's Republic of China, respectively [2]