Core Viewpoint - The Shanghai Composite Index fell by 0.19% on October 13, with six industries experiencing gains, notably non-ferrous metals and environmental protection, which rose by 3.35% and 1.65% respectively. Conversely, the automotive and home appliance sectors saw declines of 2.33% and 1.7% respectively [1] Industry Performance - Among the industries, the steel sector led in net inflow of funds, with a total of 1.49% increase and a net inflow of 1.351 billion yuan. Non-ferrous metals also saw significant inflow [1] - A total of 22 industries experienced net outflows, with the power equipment sector leading with a net outflow of 7.198 billion yuan, followed closely by the electronics sector with a net outflow of 7.140 billion yuan [1] Home Appliance Sector Analysis - The home appliance industry declined by 1.74%, with a net outflow of 607 million yuan. Out of 94 stocks in this sector, 13 rose, including one that hit the daily limit, while 80 stocks fell [1]

Market Overview - The three major indices in the A-share market adjusted, with the ChiNext index falling over 1% and total trading volume decreasing to 2.37 trillion yuan [1][2] - The non-ferrous metals sector led the gains among the Shenwan first-level industries [1] Trade Data - In September, China's total goods trade value reached 4.04 trillion yuan, a year-on-year increase of 8%, marking the highest monthly growth rate of the year [2][3] - Exports amounted to 2.34 trillion yuan, up 8.4% year-on-year, while imports were 1.70 trillion yuan, increasing by 7.5% [2] Economic Indicators - The rebound in both export and import growth indicates a synchronized improvement in domestic and external demand [3] - The resilience in exports is attributed to China's ongoing market diversification strategy and product structure optimization, enhancing overall competitiveness and value-added exports [3] Market Sentiment - The market is currently observing a high-risk preference, with attention on the changes in incremental capital, especially high-risk preference funds [1][2] - The Federal Reserve's continued interest rate cuts and manageable tariff risks contribute to maintaining a high market risk appetite [1][2] Sector Performance - On October 13, the A-share market saw declines in major indices, with the Shanghai Composite Index down 0.19% and the Shenzhen Component Index down 0.93% [4] - The non-ferrous metals, environmental protection, and steel sectors showed notable gains, while the automotive, home appliances, and beauty care sectors experienced significant declines [4]

Core Points - The Shanghai Composite Index fell by 0.45% today, with a trading volume of 1,187.92 million shares and a total transaction value of 19,319.18 billion yuan, a decrease of 5.04% compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Non-ferrous metals: increased by 1.63%, with a transaction value of 1,706.59 billion yuan, up by 2.02% from the previous day, led by Yinhe Magnetic Materials, which rose by 20.01% [1] - Environmental protection: increased by 0.82%, with a transaction value of 225.49 billion yuan, down by 3.31%, led by Huicheng Environmental Protection, which rose by 20.00% [1] - Steel: increased by 0.58%, with a transaction value of 174.32 billion yuan, up by 17.44%, led by Guangdong Mingzhu, which rose by 10.06% [1] - The worst-performing industries included: - Automotive: decreased by 2.58%, with a transaction value of 998.80 billion yuan, down by 6.08%, led by Riying Electronics, which fell by 9.25% [2] - Home appliances: decreased by 1.98%, with a transaction value of 275.39 billion yuan, down by 10.32%, led by Rongtai Health, which fell by 6.58% [2] - Beauty care: decreased by 1.81%, with a transaction value of 40.80 billion yuan, down by 8.27%, led by Jiaheng Home Care, which fell by 16.55% [2]

Core Points - Beijing's market supervision authority has released six local standards aimed at promoting the city as a benchmark for international green economy, focusing on carbon emissions, energy consumption limits, resource recycling, and energy measurement systems [1] Group 1: Carbon Emissions - The new guideline for carbon emissions in industrial parks outlines technical requirements for carbon emission evaluation indicators, accounting, analysis, and pollution reduction measures, integrating low-carbon concepts into planning stages [1] - The standard aims to upgrade environmental impact assessments to include climate change responses, enhancing resource allocation and carbon efficiency in industrial parks [1] Group 2: Energy Consumption Limits - Revised standards for energy consumption limits in the production of liquor and synthetic detergents provide specific energy consumption thresholds based on production processes, encouraging the adoption of advanced energy-saving technologies [2] - These standards are designed to optimize energy management levels in production enterprises and provide a scientific basis for government energy-saving monitoring [2] Group 3: Resource Recycling - A new technical specification for the use of sludge products in mine soil reconstruction sets requirements for utilization, environmental monitoring, and documentation, supporting the large-scale application of sludge in mine restoration [2] - The revision of the sewage source heat pump system design specification enhances the design level and operational reliability of sewage source heat pump systems, promoting broader application of this technology [2] Group 4: Energy Measurement - A guideline for energy measurement in enterprise energy systems focuses on the hierarchical measurement of energy use, including renewable energy systems, and specifies measurement methods for various renewable energy technologies [3] - The standard outlines two main applications for renewable energy measurement data: energy audits and carbon footprint accounting, aiding enterprises in optimizing energy structure and carbon reduction strategies [3]

Market Overview - On October 10, Hong Kong stocks were influenced by the decline of the Nasdaq Golden Dragon Index, leading to a drop in the Hang Seng Index by 462 points, closing at 26,290 points. The Hang Seng Tech Index fell by 211 points to 6,259 points, with a total turnover of HKD 333.73 billion. The Hang Seng Index has now declined for five consecutive trading days, with a net outflow of southbound funds amounting to HKD 399 million [1][2]. Macro Dynamics - On October 9, the Ministry of Commerce announced new export controls on rare earth-related items and technologies, affecting five additional rare earth metals: holmium, erbium, thulium, europium, and ytterbium. This move is part of a broader strategy to strengthen export regulations [3]. Industry Dynamics Smart Driving Sector - The automotive sector, particularly smart driving companies, experienced a downturn due to market declines. Xpeng Motors announced significant breakthroughs in physical AI during its AI Technology Day, but the stock still fell by 4.2%. Other new energy vehicle stocks also saw declines ranging from 2% to 4% [4]. Pharmaceutical Sector - The Hang Seng Healthcare Index dropped by 6.4%, primarily due to declines on Thursday and Friday. There are concerns regarding the overseas licensing agreement of Innovent Biologics, which fell short of expectations in terms of transaction value and the reputation of the licensed party. However, a USD 100 million upfront payment is expected to solidify funding [4]. New Energy/Public Utilities - The new energy and public utility sectors showed volatility, with significant fluctuations in stock performance. Xinyi Solar, GCL-Poly Energy, and Longyuan Power fell by 6.0%, 3.7%, and 2.3%, respectively. Conversely, Huadian International, China Everbright Environment, and China Resources Gas saw increases of 4.8%, 3.2%, and 3.5% [5].

此外，在能耗限额方面，本市修订《白酒单位产品能源消耗限额》《合成洗涤剂单位产品能源消耗限 额》。其中，《白酒单位产品能源消耗限额》结合有无制曲工艺、是否为灌装白酒，分类给出了能源消 耗限额的限定值和先进值。《合成洗涤剂单位产品能源消耗限额》针对洗衣粉和液体洗涤剂，分别给出 了能源消耗额的限定值、准入值和先进值。在循环利用方面，《污泥产品矿山土壤重构利用技术规 范》，规定了污泥产品在矿山土壤重构过程中的利用要求、环境跟踪监测与评价、记录与存档等要求。 当前，全市污泥年产量约为219万吨，且每年持续增长。该标准的发布有助于推动污泥产品在矿山修复 中的规模化应用，降低矿山修复成本。而修订后的《污水源热泵系统设计规范》则新增污水源热泵系统 规划、多能耦合系统、监测与控制系统等相关要求，完善污水源水质、可用水量相关要求。在能源计量 方面，本市制定《企业用能系统耦合可再生能源计量技术指南》，明确了企业用能系统的能源计量层 次，包括用能单位、主要次级用能单位和主要用能设备的分级计量要求。 来源：北京日报客户端 在碳排放方面，将于2026年1月1日起实施的《产业园区规划环境影响评价技术指南 碳排放》这一地方 标准，结合产业园 ...

Market Overview - The Shanghai Composite Index fell by 1.30% today, with a trading volume of 977.15 million shares and a total transaction value of 1,590.694 billion yuan, a decrease of 3.91% compared to the previous trading day [1] Industry Performance - The banking sector showed the smallest decline with a change of 0.02%, leading to a transaction value of 26.969 billion yuan, which is an increase of 5.62% from the previous day. The top-performing stock in this sector was Pudong Development Bank, which rose by 4.48% [1] - The automotive sector experienced the largest decline at 3.26%, with a transaction value of 81.481 billion yuan, down by 5.28% from the previous day. The leading stock in this sector was RY Electronics, which fell by 10.00% [2] - Other sectors with significant declines included electric power equipment (-2.71%), communication (-2.65%), and non-bank financials (-1.99%) [1][2] Notable Stocks - In the banking sector, Pudong Development Bank was the standout performer with a gain of 4.48% [1] - In the automotive sector, RY Electronics led the decline with a drop of 10.00% [2] - In the electric power equipment sector, Mingzhi Electric fell by 8.33% [2]

Investment Rating - The report maintains a "Positive" outlook on the hydropower sector, particularly large hydropower projects, due to improved fundamentals and favorable weather conditions [2][6]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected in the coming days [2][6]. - The announcement from the National Development and Reform Commission regarding the regulation of price competition is expected to alleviate irrational competition in the electricity market [2][8]. - Global natural gas prices are experiencing fluctuations, with U.S. prices remaining low while European prices are rebounding due to geopolitical tensions and increased heating demand [12][21]. Summary by Sections Electricity Sector - The report notes that hydropower generation in the Yangtze River basin has reached historical highs due to concentrated rainfall, with a total generation of approximately 235.13 billion kWh in the first three quarters of 2025, remaining stable compared to the previous year [2][6]. - The announcement on regulating price competition aims to create a fair market environment, which is expected to reduce irrational pricing behaviors in the electricity sector [7][8]. - Recommendations include focusing on large hydropower companies such as Guotou Power, Chuan Investment Energy, and Yangtze Power, as well as green energy firms like Xintian Green Energy and Longyuan Power [11]. Natural Gas Sector - As of October 10, 2025, U.S. Henry Hub spot prices were $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices, such as the TTF, saw an increase of 5.26% to €32.63/MWh [12][14]. - The report indicates that the natural gas consumption in August 2025 showed a year-on-year increase of 1.8%, with total consumption reaching 364.1 billion m³ [34]. - Investment recommendations include focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy, as well as gas trading firms [36]. Environmental Sector - The report suggests that companies with stable performance and high dividend yields, such as Zhongshan Public Utilities and Everbright Environment, should be monitored for potential investment opportunities [11]. - The ongoing development of carbon trading markets and environmental regulations is expected to enhance the performance of companies in the environmental sector [46].

Company Performance - The stock price of Sains has reached a historical high, increasing by 7.00% to 50.93 yuan, with a trading volume of 942,500 shares and a transaction amount of 46.88 million yuan, resulting in a turnover rate of 1.48% [2] - The latest total market capitalization of Sains in A-shares is 4.855 billion yuan, with a circulating market capitalization of 3.252 billion yuan [2] - The company reported a revenue of 423 million yuan for the first half of the year, representing a year-on-year growth of 18.81%, while the net profit was 49.03 million yuan, showing a year-on-year decline of 57.50% [2] Industry Overview - The environmental protection industry, to which Sains belongs, has an overall decline of 0.17%, with 23 stocks rising, including Huicheng Environmental Protection, Guolin Technology, and Zhongzhi Co., with increases of 18.90%, 15.55%, and 9.99% respectively [2] - Conversely, 112 stocks in the industry have seen declines, with Zhonghuan Environmental Protection, Zhongchuang Environmental Protection, and Fujie Environmental Protection experiencing drops of 5.55%, 3.95%, and 3.62% respectively [2] Margin Trading Data - As of October 10, the latest margin trading balance for Sains is 102 million yuan, with a financing balance of 102 million yuan, reflecting a decrease of 1.1013 million yuan over the past 10 days, which is a decline of 1.07% [2]

Core Viewpoint - The "Action Plan" aims to enhance the integration and development of the Yangtze River Delta urban agglomeration through 30 specific tasks, focusing on key areas and institutional frameworks to overcome existing challenges and promote coordinated growth [2][4]. Group 1: Action Plan Overview - The "Action Plan" was officially issued by the Yangtze River Delta Regional Cooperation Office in collaboration with the development and reform commissions of Shanghai, Jiangsu, Zhejiang, and Anhui, outlining strategies for urban integration from 2018 to 2024 [2]. - The region's GDP is projected to grow at an average annual rate of 5.58% from 2018 to 2024, indicating the potential for significant economic development despite existing challenges in urban integration [2]. Group 2: Three Focus Areas - Focus on key regions and fields to enhance cooperation and integration among urban areas, creating a layout of "central cities—important nodes—strategic supports" [3]. - Emphasize institutional development by improving planning, policy, and legislative coordination to support urban integration [3]. - Implement multiple measures that balance innovation and tradition, promoting both common practices and differentiated explorations within the urban agglomeration [3]. Group 3: Seven Key Initiatives - Establish a coordinated development "group" across regions led by central cities to enhance collaboration [3]. - Create an interconnected infrastructure "network" to improve commuting systems and logistics efficiency [3]. - Develop a collaborative innovation "chain" for technology and industry to enhance regional innovation capabilities [3]. - Optimize the market environment through a unified access and regulatory system to facilitate market integration [3]. - Promote high-level open cooperation as a "chess game" to enhance institutional openness and shared platforms [3]. - Ensure ecological protection through a unified approach to environmental management [3]. - Share public service resources conveniently through a "shared card" system [3]. Group 4: Strategic Importance - The construction of a modern urban agglomeration in the Yangtze River Delta is a priority for the 14th Five-Year Plan, aiming to unlock regional growth potential and enhance global competitiveness [4].