Core Viewpoint - Zhaojin Gold has experienced a significant decline in stock price, dropping 5.06% on October 23, with a cumulative drop of 10.99% over three consecutive days [1] Group 1: Company Overview - Zhaojin International Gold Co., Ltd. is located in Jinan, Shandong Province, and was established on May 11, 1988, with its listing date on March 12, 1993 [1] - The company's main business involves mining and leasing its own properties, with gold sales accounting for 98.37% of its revenue and other businesses contributing 1.63% [1] Group 2: Shareholder Information - According to data, a fund under GF Fund Management is among the top ten circulating shareholders of Zhaojin Gold, specifically the GF Strategy Optimal Mixed Fund (270006), which entered the top ten in Q3 with 12.73 million shares, representing 1.37% of circulating shares [2] - The fund has incurred a floating loss of approximately 8.40 million yuan today and a total floating loss of 20.49 million yuan over the three-day decline [2] - The GF Strategy Optimal Mixed Fund was established on May 17, 2006, with a current scale of 2.55 billion yuan and has achieved a year-to-date return of 22.3% [2] Group 3: Fund Performance - The GF Quality Optimal Mixed Fund A (018220) held 52,900 shares of Zhaojin Gold in Q2, making it the fourth-largest holding, with a net asset value proportion of 3.14% [3] - The fund has experienced a floating loss of approximately 34,900 yuan today and a total floating loss of 85,200 yuan during the three-day decline [3] - The GF Quality Optimal Mixed Fund A was established on June 27, 2024, with a current scale of 13.82 million yuan and has achieved a year-to-date return of 54.12% [3]

Group 1 - The 2025 China Industrial AI Conference will be held in Hangzhou, Zhejiang from October 23 to 24, focusing on "AI Empowerment, Industrial Rebirth" and gathering top experts and industry leaders to discuss advancements in industrial AI technology and practical applications [1] - The 2025 International Energy Transformation Forum will take place from October 23 to 25, with the theme "Ten Years Hand in Hand for Energy Transformation Innovation Leading a Green Future," covering topics such as international cooperation in new energy technology and the construction of a green low-carbon energy transition model [2] - The 2025 China International Mining Conference will be held from October 23 to 25, covering over 50,000 square meters with nearly 500 domestic and international exhibitors from 27 countries [3] Group 2 - On October 23, a total of 8 companies will have their restricted shares unlocked, with a total unlock volume of 92.45 million shares, amounting to a market value of 484 million yuan at the latest closing price [4] - Three companies have over 10 million shares unlocked, with Meili Ecology, Aotegia, and Ruankong Co. leading in unlock volume at 48.84 million, 21.96 million, and 18.25 million shares respectively [4] - Eleven companies disclosed stock repurchase progress on October 23, with one company proposing a repurchase exceeding 10 million yuan, and three companies completing their repurchase plans [5]

Core Viewpoint - The announcement details the voluntary share buyback plan by certain directors, supervisors, and senior management of Jinhui Mining Co., Ltd., reflecting their confidence in the company's future and long-term investment value [2]. Summary by Sections 1. Buyback Plan Disclosure - The buyback plan was initiated on April 21, 2025, with a commitment to use personal funds to purchase shares through the Shanghai Stock Exchange, with a total planned investment between 6 million and 7.7 million yuan [2]. 2. Implementation Results - As of the announcement date, the buyback plan resulted in the acquisition of 509,700 shares, totaling an investment of 6.3377 million yuan, thus completing the buyback plan [2][3]. 3. Participants' Compliance - Participants in the buyback will adhere to legal regulations, committing not to sell their shares within six months post-completion of the buyback, and will avoid insider trading and short-term trading [4]. 4. Impact on Company Structure - The implementation of the buyback plan will not affect the company's status, nor will it lead to changes in the controlling shareholder or actual controller, and it will not impact the company's governance structure or ongoing operations [4].

Company News - China Mobile (00941.HK) reported a total operating revenue of 794.7 billion yuan for the first three quarters, a year-on-year increase of 0.4%, with a net profit of 115.4 billion yuan, up 4% [1] - As of September 30, communication service revenue was 683.1 billion yuan, a 0.8% increase year-on-year, while sales of products and others were 111.5 billion yuan, a decrease of 1.7% [1] - Mobile internet traffic increased by 8.3% year-on-year, with a mobile ARPU of 48.0 yuan [1] - Contemporary Amperex Technology Co., Ltd. (宁德时代) (03750.HK) achieved revenue of approximately 283.07 billion yuan from January to September, a year-on-year increase of 9.28%, with a net profit of approximately 49.03 billion yuan, up 36.2% [1] Financing and Buyback Dynamics - HSBC Holdings (00005.HK) repurchased 4.64 billion HKD worth of shares, totaling 4.5664 million shares, at prices ranging from 100.6 to 102.4 HKD [6] - Mengniu Dairy (02319.HK) repurchased shares worth 10.14 million HKD, totaling 700,000 shares, at prices between 14.37 and 14.52 HKD [6] - Lianyi Technology (09959.HK) repurchased shares worth 743.93 million HKD, totaling 2.45 million shares, at prices ranging from 2.97 to 3.07 HKD [7]

Core Viewpoint - China Titanium (00893) has seen a significant shareholder transfer, with shares worth HKD 20.49 million being moved from GF Securities Hong Kong to China Minmetals Bank, representing 10.85% of the company's stock [1] Financial Performance - For the six months ending June 30, 2025, China Titanium reported revenue of RMB 280 million, a year-on-year decrease of 3.35% [1] - The company achieved a profit of RMB 2.941 million during the same period, marking a turnaround from a loss [1] - Basic earnings per share were reported at 0.04 cents [1]

Group 1 - The Hainan duty-free shopping policy has been adjusted, increasing the number of duty-free product categories from 45 to 47, allowing domestic products like clothing and ceramics to be sold duty-free starting November 1 [1] - The State Council has emphasized the need to enhance green trade and improve logistics efficiency, with a focus on reducing costs and increasing investment in logistics infrastructure [1] - China's fiscal revenue has shown a gradual recovery, with a total public budget revenue of 16.39 trillion yuan in the first three quarters, reflecting a year-on-year growth of 0.5% [1] Group 2 - The 138th Canton Fair is currently ongoing, attracting over 32,000 exhibitors, with a record number of high-quality enterprises participating [2] - A new tax policy will be implemented from November 1, 2025, providing a 50% VAT refund for electricity products generated from offshore wind power [2] - The China Express Development Index increased by 3.9% year-on-year in September, with an expected 12% growth in express delivery volume [2] Group 3 - The China Securities Regulatory Commission has released new corporate governance guidelines, which will take effect on January 1, 2026, focusing on limiting significant adverse impacts from competition among listed companies [3] - In September, the number of new margin trading accounts reached 205,400, marking a 12.24% month-on-month increase and a 288% year-on-year increase [3] - The company Cambrian Technology reported a 1332.52% year-on-year increase in revenue for Q3, reaching 1.727 billion yuan [4] Group 4 - Zijin Mining reported Q3 revenue of 86.489 billion yuan, a year-on-year increase of 8.14%, with a net profit of 17.056 billion yuan, up 52.25% [4] - Alibaba and Ant Group announced a joint investment of $925 million to acquire a commercial office building in Hong Kong [5] - The U.S. stock market saw all three major indices rise, with the Dow Jones increasing by 0.52% [5]

Core Insights - The approval of Brazilian ETFs by China Asset Management and E Fund marks a significant step in the interconnection of capital markets between China and Brazil, allowing investors to easily access the Brazilian market [1] Group 1: Brazilian Capital Market Overview - The Brazilian capital market is the largest and most influential financial system in Latin America, offering global investors opportunities to share in its resource dividends and economic growth potential, while also being affected by domestic fiscal policies, interest rate cycles, and political ecology [2] - Brazil is a key emerging market and a member of the BRICS nations, with a significant consumer market and ongoing recovery in domestic demand, alongside increasing digital penetration and growth potential in the service sector [2] - The Ibovespa index, as the most representative index of the Brazilian capital market, covers industries with comparative advantages such as mining and agriculture, with a high weight in financial and energy sectors [2] Group 2: Performance and Investment Potential - The Ibovespa index has shown a strong performance among emerging economies, reflecting Brazil's resilience as the largest economy in Latin America and its role as the "world's granary" [2] - The index has an annualized return of over 12% over the past decade, with a year-to-date return of 21.6% as of the end of September, indicating its ability to capture global capital flows into emerging markets [3] - The index's performance is closely linked to international commodity prices and Chinese economic demand, presenting significant growth potential amidst its volatility [3] Group 3: Previous Collaborations and Future Prospects - Prior collaborations between China and Brazil in capital market interconnectivity include the successful launch of the Bradesco ChinaAMC ChiNext ETF in May, which allows Brazilian investors to access the Chinese market [4] - The establishment of mutual ETF listings between China and Brazil enhances the recognition of these products among overseas investors and strengthens the influence of domestic capital markets [4] - China Asset Management has been a pioneer in domestic ETFs and is actively promoting the mutual connectivity of ETF products globally, having previously launched a mutual ETF project with Japan [4]

Core Viewpoint - The approval of Brazil ETFs by China’s Huaxia Fund and E Fund marks a significant step in the interconnection of capital markets between China and Brazil, facilitating easier investment access for investors into the Brazilian market [2][3]. Group 1: Brazilian Capital Market Overview - The Brazilian capital market is the largest and most influential financial system in Latin America, offering global investors opportunities to share in its resource dividends and economic growth potential, while also being affected by domestic fiscal policies, interest rate cycles, and political ecology [3][4]. - Brazil is a key emerging market and a member of the BRICS nations, with a significant consumer market and ongoing recovery in domestic demand, alongside increasing digital penetration and growth in the service sector [3][4]. Group 2: Ibovespa Index Insights - The Ibovespa index is the oldest and most representative index in the Brazilian capital market, covering sectors with comparative advantages such as mining and agriculture, with high weights in finance and energy [4][5]. - The index is currently valued at a relatively low level compared to other emerging markets, and its performance shows low correlation with A-shares, making it an important destination for global asset allocation [4][5]. Group 3: Investment Performance and Opportunities - The Ibovespa index has delivered an annualized return of over 12% over the past decade, with a year-to-date return of 21.6% as of September, reflecting Brazil's political and economic reforms and capturing global capital flows into emerging markets [5]. - The interconnection of capital markets between China and Brazil has previously seen cooperation, such as the successful listing of the Bradesco Huaxia ChiNext ETF in Brazil, allowing Brazilian investors to easily access the vibrant Chinese market [5][6]. Group 4: ETF Connectivity Initiatives - The recent launch of mutual ETF listings between China and Brazil enhances the efficiency and convenience for overseas investors to allocate to Huaxia's ETFs, thereby increasing recognition of mutual ETFs and enhancing the influence of domestic capital markets [6]. - Huaxia Fund has been a pioneer in domestic ETFs and is actively promoting the two-way connectivity of ETF products, expanding its global market footprint [6].

Core Viewpoint - Ford is delaying its lithium metal purchase from Liontown Resources due to a decline in electric vehicle sales, impacting future lithium supply for electric vehicle batteries [1] Group 1: Ford's Actions - Ford will not receive any lithium resources from Liontown's Kathleen Valley project in 2027 and 2028 [1] - The future delivery volume to Ford will be halved to 256,250 tons, and Liontown will postpone the repayment of a $300 million loan due to Ford by one year [1] Group 2: Liontown Resources' Strategy - The change in the procurement agreement allows Liontown to release more ore to the market, including selling additional quantities on the spot market to promote transparent pricing and seek new strategic partnerships [1] Group 3: Electric Vehicle Tax Incentives - Ford has altered its plan regarding a $7,500 tax incentive for electric vehicle leasing, stating it will not apply for the incentive but will maintain competitive leasing rates in the market [1] - General Motors announced a similar initiative on the same day [1]

Core Viewpoint - Henghe Group (00513) reported a significant increase in revenue for the fiscal year ending June 30, 2025, with a revenue of approximately HKD 586 million, representing a year-on-year growth of 62.55%. However, the company recorded a loss attributable to shareholders of approximately HKD 259 million, a slight increase of 0.7% year-on-year, with a loss per share of 37.93 HKD cents [1]. Revenue Performance - The increase in revenue is primarily attributed to property sales amounting to approximately HKD 221 million [1]. Loss Analysis - The annual loss is mainly due to a fair value loss on investment properties amounting to approximately HKD 276 million, along with an impairment loss on mining rights of approximately HKD 26.6 million [1].