Group 1: Earnings Reports - Tonghuashun reported a 39.67% increase in revenue to 3.261 billion yuan for the first three quarters of 2025, with a net profit increase of 85.29% to 1.206 billion yuan [2] - Weihua New Materials experienced a 15.18% decline in revenue to approximately 660 million yuan for the first three quarters, but a significant net profit increase of 250.04% in Q3 to approximately 25.38 million yuan [1] - Yanjing Co. achieved a 22.99% revenue growth to 1.295 billion yuan for the first three quarters, with a net profit increase of 27.95% to approximately 42.5 million yuan [1] - XH Technology reported a 26.47% revenue increase to approximately 742 million yuan for the first three quarters, with a net profit increase of 186.19% to approximately 95.47 million yuan [5] - Dongtian Micro reported a 53.91% revenue increase to approximately 637 million yuan for the first three quarters, with a net profit increase of 99.2% to approximately 80.03 million yuan [6] Group 2: Corporate Actions - China Unicom plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance innovation and competitiveness in the vehicle networking industry [3] - Kailer Co. is planning to acquire at least 50% of Kesheng Electromechanical, aiming to enter the high-end coating equipment sector [11] - Huitong Technology is preparing for an H-share listing in Hong Kong, with management authorized to initiate the process [11] Group 3: Other Notable Developments - Hengyi Petrochemical's subsidiary has successfully entered the trial production phase of a new project aimed at increasing its nylon production capacity [12] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract for a highway project, with a total transaction amount expected to be under 100 million yuan [14] - Sanwang Communication's board received a proposal for a share buyback plan, with a total amount not less than 20 million yuan [14]

Group 1 - The three major indices collectively declined, with the Shanghai Composite Index down 0.44%, the Shenzhen Component down 0.81%, and the ChiNext down 0.89% [1] - Over 2,700 stocks in the two markets fell, with a total trading volume of 1.1 trillion [1] Group 2 - The deep earth economy concept continued to show strength, with stocks like ShenKai Co. and Petrochemical Machinery achieving three consecutive trading limits [3] - The Hubei state-owned assets concept remained strong, with stocks such as Wuhan Holdings and Hubei Broadcasting achieving two consecutive trading limits [3] - The controllable nuclear fusion concept strengthened again, with AnTai Technology and Atlantic both hitting the daily limit [3] - Other sectors like combustible ice, lab-grown meat, and wind power equipment followed closely behind [3] Group 3 - Precious metals opened lower and collectively retreated, with a drop of 5.21%, including Hunan Silver hitting the daily limit down and XiaoCheng Technology down 7.09% [3] - The natural gas sector weakened, with China New Energy hitting the daily limit down [3] Group 4 - Agricultural Bank recorded a 14-day consecutive rise, also refreshing its historical high for the fourth consecutive trading day [3] - Spot gold experienced significant fluctuations, narrowly holding above the $4,000 mark before returning above $4,100 [3] - The probability of a 25 basis point rate cut by the Federal Reserve in October is 98.9% [3]

Core Points - Tongyuan Petroleum's stock increased by 7.05% with a turnover rate of 43.27% and a trading volume of 1.659 billion yuan, indicating significant market activity [2] - Institutional investors net bought 17.088 million yuan, while brokerage seats collectively net sold 9.9917 million yuan, reflecting mixed investor sentiment [2] - The stock has appeared on the "Dragon and Tiger List" 13 times in the past six months, with an average price increase of 0.08% the day after being listed and an average decline of 5.15% over the following five days [2] Trading Data - The top five brokerage seats accounted for a total trading volume of 312 million yuan, with a net buying amount of 7.0961 million yuan [2] - Specific trading details show that four institutional seats were involved in buying, with a total buying amount of 121 million yuan and selling amount of 104 million yuan, resulting in a net buying of 17.088 million yuan [2] - The main capital flow for the stock showed a net inflow of 7.7097 million yuan today, with large orders contributing a net inflow of 31.6874 million yuan and large orders seeing a net outflow of 23.9777 million yuan over the past five days [2]

Market Overview - The Hang Seng Index fell by 245.78 points, a decrease of 0.94%, closing at 25,781.77 points [1] - The total turnover for the day was 227.536 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 78.88 points, closing at 9,223.78 points, a decline of 0.85% [1] - The Hang Seng Tech Index decreased by 84.85 points, closing at 5,923.09 points, a drop of 1.41% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.11%, closing at 623.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.58%, closing at 422.4 HKD [1] - China Mobile declined by 0.88%, closing at 84.45 HKD [1] - HSBC Holdings increased by 0.1%, closing at 102.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.26%, closing at 37.86 HKD [1] - Sun Hung Kai Properties decreased by 1.44%, closing at 92.35 HKD [1] - Henderson Land Development dropped by 0.87%, closing at 27.3 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.23%, closing at 4.36 HKD [1] - China Construction Bank fell by 0.13%, closing at 7.81 HKD [1] - Industrial and Commercial Bank of China increased by 0.17%, closing at 5.96 HKD [1] - Ping An Insurance dropped by 0.72%, closing at 55.5 HKD [1] - China Life Insurance decreased by 2.33%, closing at 24.36 HKD [1] Oil and Petrochemical Stocks - Sinopec increased by 0.24%, closing at 4.13 HKD [1] - PetroChina rose by 1.15%, closing at 7.89 HKD [1] - CNOOC increased by 0.93%, closing at 19.5 HKD [1]

A股主要指数今日小幅走低，截至收盘，沪指跌0.07%报3913点，深证成指跌0.62%，创业板指跌0.79%。全市场成交额1.69万亿元，较前一交易日缩量2024 亿元，超2900股下跌。 | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3913.76 | 12996.61 | 1471.0 | | -2.57 -0.07% -80.71 -0.62% +12.65 +0 | | | | 科创20 | 创业板指 | 万得全/ | | 1405.41 | 3059.32 | 6232.5 | | -0.91 -0.06% -24.40 -0.79% -23.68 -0 | | | | 沪深300 | 中证500 | 中证A5( | | 4592.57 | 7128.48 | 5494.7 | | -15.30 -0.33% -57.15 -0.80% -21.74 -0 | | | | 中证1000 | 中证2000 | 中证红和 | | 7312.21 | 3052.45 | 5645.9 | | -31.84 -0.43% -11.40 -0.37% +5.54 + ...

Core Viewpoint - The Guoqi Gongying ETF (159719) has shown a positive performance with a recent increase of 0.44%, marking a three-day consecutive rise, and a weekly gain of 1.08% as of October 21, 2025 [1] Performance Summary - As of October 21, 2025, the Guoqi Gongying ETF has achieved a net value increase of 53.53% over the past three years, ranking 337 out of 1897 in the index stock fund category, placing it in the top 17.76% [1] - The ETF has recorded a maximum monthly return of 14.61% since its inception, with the longest consecutive monthly gain being 7 months and a maximum cumulative increase of 24.70% [1] - The average return in the months of increase is 4.14%, with a total annual profit percentage of 100.00% and a historical three-year holding profit probability of 100.00% [1] - Over the past six months, the ETF has outperformed its benchmark with an annualized excess return of 7.35% [1] Liquidity and Scale - The ETF's latest scale reached 62.51 million yuan, marking a recent one-month high [1] - The trading volume showed a turnover of 4.25% during the session, with a total transaction value of 2.6597 million yuan [1] - The average daily transaction value over the past year was 13.2974 million yuan [1] Fee Structure - The management fee for the Guoqi Gongying ETF is 0.25%, and the custody fee is 0.05%, which are among the lowest in comparable funds [2] Tracking Precision - As of October 21, 2025, the ETF has a tracking error of 0.036% over the past month, indicating the highest tracking precision among comparable funds [3] - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [3] Top Holdings - The top holdings in the ETF include: - China Petroleum (601857) with a weight of 15.94% and a gain of 1.03% - China Petrochemical (600028) with a weight of 11.93% and a gain of 0.92% - China State Construction (601668) with a weight of 9.59% and a gain of 0.53% [5]

Market Overview - The market experienced fluctuations, with the Shenzhen Component Index and the ChiNext Index briefly turning positive before declining again [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.1 trillion, a decrease of 53.5 billion compared to the previous trading day [1] Sector Performance - The deep earth economy concept continued to perform strongly, with companies like Shenke Co. and Shihua Machinery achieving three consecutive trading limit increases [1] - The Hubei state-owned assets concept maintained its strength, with stocks such as Wuhan Holdings and Hubei Broadcasting reaching two consecutive trading limit increases [1] - The controllable nuclear fusion concept saw a resurgence, with Antai Technology and Atlantic both hitting the trading limit [1] - Conversely, the gold sector experienced a collective pullback, with Hunan Silver hitting the trading limit down [1] - The natural gas sector weakened, with Guoxin Energy also hitting the trading limit down [1] - Sectors such as engineering machinery, plant-based meat, and wind power showed significant gains, while gold and battery sectors faced notable declines [1] Index Performance - By the end of the trading session, the Shanghai Composite Index fell by 0.44%, the Shenzhen Component Index decreased by 0.81%, and the ChiNext Index dropped by 0.89% [1]

Group 1: Gold and Silver Market - International gold prices experienced a significant drop, with December gold futures closing at $4,109.1 per ounce, a decrease of 5.74% [3] - Silver prices also fell sharply, with December silver futures closing at $47.70 per ounce, down 7.16% [3] - The decline in gold prices was attributed to reduced market demand for safe-haven assets due to signs of easing global trade tensions and profit-taking ahead of the U.S. September CPI data [3] Group 2: Oil Market - International oil prices rose, with November light crude oil futures closing at $57.82 per barrel, an increase of 0.52% [6] - Brent crude oil futures for December delivery closed at $61.32 per barrel, up 0.51% [6] - The rise in oil prices was supported by a significant reduction in U.S. crude oil inventories, which fell by approximately 2.98 million barrels, exceeding expectations [6] Group 3: Company Earnings Reports - Coca-Cola reported a 30% year-over-year increase in net profit for Q3 2025, reaching $3.69 billion, driven by a 6% increase in product pricing [9] - Despite the positive earnings report, Coca-Cola's sales in North America and Latin America showed zero growth, indicating potential demand weakness in these key markets [9] - General Motors' adjusted EBIT fell by 18% year-over-year, but the results were better than analysts' concerns, leading to a 14.86% increase in GM's stock price following the earnings release [9] Group 4: European Stock Market - European stock indices collectively rose, driven by gains in military stocks, with the UK market up 0.25%, France up 0.64%, and Germany up 0.29% [11] - The CAC40 index in France reached a record closing high [11] Group 5: Gold Jewelry Demand - There was a surge in demand for gold jewelry, with reports of long queues at gold stores, indicating consumer enthusiasm despite falling gold prices [12][14] - The price of gold jewelry is closely tied to real-time gold prices, with significant increases noted in retail prices, such as a rise of 30 yuan per gram for Chow Tai Fook gold products [16]

I. Report Industry Investment Rating No information provided in the given content. II. Core Views of the Report - The report presents a comprehensive overview of macro - economic data, commodity investment trends, financial news, and stock market performance. It indicates that the economy shows mixed trends, with some sectors improving while others face challenges. For example, the export and import values have increased, but the fixed - asset investment has declined. In the commodity market, there are significant price fluctuations, and in the financial market, various policies and events are influencing the bond, stock, and currency markets [1][2][31]. III. Summary According to Relevant Catalogs 1. Macro Data - GDP in Q3 2025 (constant price, quarterly YoY) was 4.8%, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. The manufacturing PMI in September 2025 was 49.8%, slightly up from 49.4% in the previous month and the same as last year. The non - manufacturing PMI for business activities was 50.0%, down from 50.3% in the previous month and the same as last year [1]. - In September 2025, M0 (currency in circulation) YoY was 11.5%, down from 11.7% in the previous month and the same as last year; M1 (money) YoY was 7.2%, up from 6.0% in the previous month and significantly up from - 3.3% last year; M2 (money and quasi - money) YoY was 8.4%, down from 8.8% in the previous month but up from 6.8% last year [1]. - The CPI in September 2025 was - 0.3% YoY, up from - 0.4% in the previous month but down from 0.4% last year. The PPI was - 2.3% YoY, up from - 2.9% in the previous month but down from - 2.8% last year [1]. - Fixed - asset investment (excluding rural households) cumulative YoY in September 2025 was - 0.5%, down from 0.5% in the previous month and 3.4% last year. The cumulative YoY of total retail sales of consumer goods was 4.46%, down from 4.6% in the previous month but up from 3.3% last year [1]. - The export value in September 2025 was 8.3% YoY, up from 4.3% in the previous month and 2.33% last year. The import value was 7.4% YoY, up from 1.2% in the previous month and 0.13% last year [1]. 2. Commodity Investment 2.1 Comprehensive - The Ministry of Commerce held a policy - interpretation round - table meeting for foreign - invested enterprises, emphasizing responsible export control and maintaining global supply - chain stability [2]. - 92 - octane gasoline may return to the 6 - yuan era, with the next price adjustment on October 27. The expected price cut is 320 yuan/ton, and if implemented, it will be a four - year low [2]. - The Chinese government's stance on Sino - US economic and trade issues is to resolve problems through negotiation on an equal, respectful, and reciprocal basis [2]. - Trump plans to visit China early next year, and currently, there is no specific information available [3]. - High - City Sanae was elected as the 104th Prime Minister of Japan, advocating expansionary fiscal policies and increased defense spending [3]. 2.2 Metals - Precious - metal prices tumbled. CitiBank expects gold to enter a volatile phase in the next 3 weeks due to the end of the US government shutdown and eased Sino - US trade frictions. It now has a short - term bearish view on gold, with a 1 - 3 month target price of $4000/ounce [4][5]. - The LME zinc market faces a severe supply shortage, with the spot - to - three - month futures premium reaching a record high since 1997. The LME warehouse inventory is extremely low [5]. - Swiss gold exports in September increased by 37% MoM. CitiBank is bullish on copper and aluminum prices in the medium term, with a 6 - 12 month target price of $12000/ton for copper and $3500/ton for aluminum in 2027 [7]. 2.3 Coal, Coke, Steel, and Minerals - In September 2025, India's crude - oil production decreased by 1.3% YoY, natural - gas production decreased by 3.8% YoY, while steel production increased by 14.1% YoY, cement production increased by 5.3% YoY, power generation increased by 2.1% YoY, fertilizer production increased by 1.6% YoY, and the output of key industries increased by 3.0% YoY [8]. 2.4 Energy and Chemicals - The Trump administration plans to purchase 100 million barrels of crude oil for the US Strategic Petroleum Reserve. The US benchmark WTI crude has fallen by about 30% since January [9][10]. - Brazil's national oil company may delineate an oil field in two years and start production in 7 - 8 years if the potential of the Amazon estuary block is confirmed [10]. - South Korea will extend the fuel - tax cut for 2 months until the end of December [10]. - Egypt plans to buy over 1 million tons of diesel, gasoline, and butane gas in November [10]. - Kazakhstan's KARACHAGANAK oil field has reduced production by 8500 - 9000 tons, aiming to lift production restrictions in three days [10]. - The EU plans to stop importing Russian natural gas by the end of 2027 [11]. 2.5 Agricultural Products - A corn pest - control demonstration area in Hohhot achieved a high yield of 1315 kg per mu, with effective pest control and reduced pesticide use [12]. - In September, 373,800 tons of out - of - quota raw sugar arrived in China, and 119,000 tons are expected to arrive in October [12]. - US soybeans are being stored instead of exported, and some farmers may face a financial crisis [13]. - Brazil's October soybean and soybean - meal export volumes are expected to be 7.34 million tons and 2.09 million tons respectively [13]. - As of October 19, the EU's 2025/26 soft - wheat exports were 5.87 million tons, down from 7.45 million tons in the same period last year [13]. 3. Financial News 3.1 Open Market - On October 21, the central bank conducted 159.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 68.5 billion yuan after 91 billion yuan of reverse repurchases matured [14]. 3.2 Key News - The Ministry of Commerce and relevant departments held meetings to discuss economic and trade issues, emphasizing the importance of maintaining global supply - chain stability and resolving trade issues through negotiation [2][15]. - In the first three quarters, domestic tourism increased by 18% YoY in terms of person - times and 11.5% YoY in terms of spending [16]. - Guangzhou issued a plan to boost consumption, including measures to increase income, improve housing consumption, and promote rural development [17]. - As of June 2025, the trust industry's asset - management scale reached 32.43 trillion yuan, a 20.11% YoY increase [17]. - In September, the real - estate industry's bond financing was 56.1 billion yuan, a 31% YoY increase, with an average interest rate of 2.68% [18]. - Three policy banks have invested nearly 300 billion yuan in new policy - based financial instruments, expected to drive over 4 trillion yuan in project investment [18]. - Since October, over 10 small and medium - sized banks have cut deposit rates to stabilize interest margins [18]. - As of October 21, 93 panda bonds worth 151.15 billion yuan have been issued this year, and the market is expected to expand [19]. - 16 A - share listed companies plan to use convertible bonds for mergers and acquisitions [19]. - European leaders support a cease - fire in the Russia - Ukraine conflict through negotiation [19]. - The Japanese bond market is experiencing a severe sell - off, and Japanese government bonds have a negative return this year [20]. 3.3 Bond Market Summary - The Chinese bond market is oscillating, with most spot - bond yields declining, and long - term bonds performing well. The 30 - year Treasury bond yield decreased by nearly 3bp, and Treasury - bond futures rose [21]. - In the exchange - bond market, some bonds rose while others fell, and the real - estate and high - yield urban - investment bond indices had slight increases [21]. - The convertible - bond index rose by 0.99%, and the weighted convertible - bond index rose by 1.29%. Some convertible bonds had significant price changes [21]. - Money - market interest rates showed mixed trends, with some rising and some falling [22]. - The yields of European and US government bonds decreased [24]. 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1171, up 60 basis points. The central parity rate was 7.093, up 43 basis points [26]. - The US dollar index rose by 0.35%, and most non - US currencies fell. The offshore RMB against the US dollar fell 28 basis points [26]. 3.5 Research Report Highlights - CITIC Securities believes that the bond - market sentiment is improving, but trading should be cautious. It suggests that trading desks be more active in intraday trading and that allocation desks maintain a neutral position [27]. - Huatai Fixed - Income believes that the fourth - quarter fundamentals may weaken slightly, and the bond market will be volatile. It also has a positive long - term view on the stock market [27]. - Shenwan Fixed - Income expects local - government bond issuance to increase in the fourth quarter [27]. - Yangtze River Fixed - Income points out that the inter - bank bond - market leverage has increased slightly, and the funds will remain relatively loose before tax payments and month - end [28]. 4. Stock Market News - On Tuesday, the A - share market rose unilaterally, with technology stocks and some short - term themes performing well. The Shanghai Composite Index rose 1.36%, the Shenzhen Component Index rose 2.06%, and the ChiNext Index rose 3.02%, with a trading volume of 1.89 trillion yuan [31]. - The Hong Kong Hang Seng Index rose 0.65%, the Hang Seng Tech Index rose 1.26%, and the Hang Seng China Enterprises Index rose 0.76%. Southbound funds had a net purchase of HK$1.171 billion [32]. - As of October 21, 843 A - share companies announced 850 mid - year dividend plans worth 662.026 billion yuan, with 595 plans already implemented and 255 pending [32].

Core Viewpoint - The development of the "multi-point hydroxylamine controllable plugging and adjustment system" by Shengli Oilfield Petroleum Engineering Technology Research Institute has successfully completed product pilot processing optimization, achieving a production capacity of 10 tons per day, and has been applied in 19 well groups, resulting in an additional oil output of 5,570 tons [1] Industry Summary - China's medium and high permeability oil reservoirs have significant reserves, with geological reserves totaling 13.3 billion tons and an annual production of 57.65 million tons, accounting for 38.7% and 27.1% of developed oil fields respectively [1] - Many medium and high permeability oil reservoirs have entered a "double super high" stage after years of development, leading to severe inefficiencies in water injection [1] - Water plugging and profile adjustment is a crucial method for achieving balanced displacement, but it faces challenges such as increased strength requirements for plugging agents due to fractures and large pores, as well as unavoidable degradation of polymer materials under high temperature and high salinity conditions [1] Company Summary - The research team has initiated the project "Research and Application of Multi-point Hydroxylamine Controllable Plugging and Adjustment System" to address the aforementioned challenges [1] - By analyzing the gelation rules of hydroxylamine gel and conducting microscopic analysis, the team clarified the reaction mechanism of the system, which involves "hydrolysis-self-polymerization-crosslinking," and created application diagrams for different scenarios [1] - Through optimization of reaction product ratios and conditions, the team synthesized indoor small samples, constructed the plugging and adjustment system, and conducted evaluation experiments, which showed significant improvements in strength and thermal stability, effectively overcoming technical bottlenecks in deep migration and high-strength sealing of existing plugging products [1]