Core Points - The UAE delegation participated in the G20 Energy Transition Working Group (ETWG 4) meeting held in South Africa on October 9, reaffirming its commitment to multilateral cooperation and promoting global efforts to build a more sustainable and inclusive energy system [1] - The UAE representatives also engaged in side events focused on creating demand for sustainable fuels, as well as attending the G20 Ministerial Meeting on Nuclear Energy [1]

Group 1: CPI Analysis - The core CPI excluding food and energy prices increased by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3] - In September, the overall consumer price index (CPI) rose by 0.1% month-on-month, while the year-on-year CPI decreased by 0.3%, a reduction that is 0.1 percentage points smaller than the previous month [2][3] - Food prices saw a month-on-month increase of 0.7%, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef ranging from 0.9% to 6.1% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month, with a year-on-year decline of 2.3%, which is a reduction of 0.6 percentage points compared to the previous month [4][5] - The PPI's year-on-year decline was influenced by improved supply-demand structures in certain industries, leading to price stabilization in coal processing, black metal smelting, and photovoltaic equipment manufacturing [4][5] - Input factors such as falling international oil prices contributed to the decrease in domestic oil-related industry prices, with oil extraction prices down by 2.7% and refined oil product manufacturing prices down by 1.5% [4][5]

Group 1 - The company, Tianhao Energy (300332.SZ), currently has no business related to the hydrogen energy sector [1]

Core Viewpoint - The recent actions of Reshaping Energy indicate a belief that its H-share stock price does not adequately reflect its intrinsic value, business fundamentals, and long-term growth prospects [1] Group 1: Shareholder Actions - On October 10, shareholders of Reshaping Energy deposited shares into the China Securities Depository and Clearing Hong Kong, with a market value of HKD 2.29 billion, representing 38.24% of the total [1] Group 2: Company Announcements - The board of Reshaping Energy has announced a share repurchase plan for H-shares, with a maximum fund allocation not exceeding HKD 80 million [1]

Core Points - China Smart Energy (01004) has fully repaid the outstanding amounts under the Amber petition by September 30, 2025, and all parties have submitted consent to withdraw the Amber petition [1] - The High Court held a hearing on October 8, 2025, and ordered the withdrawal of the Amber petition [1] - The company remains suspended from trading [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A - shares are expected to maintain an upward - trending oscillation in the context of stable economic fundamentals, continuous inflow of incremental funds, global liquidity easing, and improved Sino - US relations [28][29]. - During the "Double Festival" in China, the international gold futures price reached a new historical high. Although there is a callback risk in the short term, gold will still perform well in the long - term due to the expected decline in the credibility and purchasing power of the US dollar [21][22]. - To achieve the goal of doubling the economic aggregate or per capita income compared to 2020 by 2035, China's economy needs to maintain a moderate average annual growth rate of about 4% - 4.5% during the "14th Five - Year Plan" period. Policies in various fields will focus on technological innovation and industrial upgrading [29]. 3. Summary by Directory 3.1 Macro Data Overview - In Q2 2025, GDP at constant prices grew by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% but higher than the same period last year (4.7%) [1]. - In September 2025, the manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing business activity index was 50.0%, down 0.3 percentage points [1][16]. - In August 2025, social financing increment was 2566.8 billion yuan, M0 increased by 11.7% year - on - year, M1 by 6.0%, and M2 by 8.8% [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Mexico launched 4 anti - dumping investigations on Chinese products such as float glass and PVC coated fabrics, and China initiated a trade and investment barrier investigation [2]. - On October 9, the A - share market started the fourth - quarter trading. Overseas stock markets generally strengthened during the holiday, and the international gold price exceeded $4000 per ounce, while domestic consumption during the Golden Week showed resilience, which may support the A - share market [2]. - The Fed showed a willingness to cut interest rates further in 2025, but many officials were cautious due to inflation concerns. The WTO raised the 2025 global goods trade growth forecast to 2.4% and lowered the 2026 forecast to 0.5% [3]. 3.2.2 Metals - During the "National Day" holiday, the global commodity market was dominated by the metal sector. The international gold price exceeded $4000 per ounce, and domestic gold jewelry prices reached new highs. The price of copper may rise due to supply shortages [5]. - The central bank's gold reserve increased for 11 consecutive months. The LME inventory of some metals changed, and the copper market is expected to shift from a surplus in 2025 to a shortage in 2026 [6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - The State Council's Work Safety Committee deployed the investigation, sealing, and rectification of abandoned mines and the crackdown on illegal mining [8]. - The Xinjiang Jinghe County coal reserve project was completed and put into use, with a total construction area of 131,647.92 square meters and a new 250,000 - ton coal storage bunker [8]. - Brazil and China plan to jointly establish a $1 - billion investment fund focusing on energy transition, infrastructure, and other fields [8][9]. 3.2.4 Energy and Chemicals - On October 8, the US crude oil futures rose due to a decline in US refined oil inventories and a rise in the stock market. Azerbaijan's BTC crude oil exports in November are expected to decrease [10]. - Russia is committed to fulfilling the OPEC+ agreement, gradually increasing oil production, and its refineries have increased fuel production [10]. 3.2.5 Agricultural Products - Brazil is expected to export 1.92 million tons of soybean meal and 7.12 million tons of soybeans in October 2025 [12]. - China proposed to strengthen regional agricultural cooperation at the ASEAN - China - Japan - South Korea Agriculture and Forestry Ministers' Meeting [13]. - Ukraine approved a tax - free export mechanism for rapeseed and soybeans [13]. 3.3 Financial News Compilation 3.3.1 Open Market - On October 9, the central bank conducted 1.1 trillion yuan of 3 - month (91 - day) outright reverse repurchase operations, with an incremental roll - over of 300 billion yuan [14]. - On September 30, the central bank conducted 242.2 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 33.9 billion yuan [14]. - This week, 2.6633 trillion yuan of reverse repurchases will mature, with 2.0633 trillion yuan maturing on October 9 [14]. 3.3.2 Important News and Information - China and the US should expand cooperation and resolve issues through equal negotiation [15]. - As of the end of June 2025, China's total external debt was 1.74437 trillion yuan, and the debt risk was generally controllable [15][16]. - In September 2025, China's manufacturing PMI was 49.8%, and the non - manufacturing business activity index was 50.0% [16]. 3.3.3 Bond Market Summary - On September 30, the bond market and futures market recovered, with yields of major interest - rate bonds in the inter - bank market generally declining [23]. - On October 8, European and US bond yields generally fell [25][26]. 3.3.4 Foreign Exchange Market Express - On September 30, the on - shore RMB against the US dollar closed at 7.1186, up 18 points from the previous trading day [27]. - On October 8, the US dollar index rose 0.27%, and most non - US currencies fell [27]. 3.3.5 Research Report Highlights - CITIC Construction Investment believes that precious metals and copper prices have risen, and A - shares are expected to rise in the future [28][29]. - Yangtze River Fixed Income analyzed the situation of the money market last week [29]. - CITIC Securities estimated China's economic growth rate during the "14th Five - Year Plan" period [29]. 3.4 Stock Market Important News - On Wednesday, the Hang Seng Index fell 0.48%, and the Hang Seng Technology Index fell 0.55%. Gold and nuclear power stocks rose, while AI and consumer stocks were weak [32]. - During the "Double Festival", overseas stock markets and Chinese concept stocks performed well, and foreign capital flowed into the Chinese stock market in September [32]. - On October 9, 23 funds were launched, and about 70 new funds are scheduled to be issued in October, mainly including active equity funds, index funds, and convertible bond funds [33].

Core Viewpoint - The Asian Development Bank (ADB) has approved a funding support of $82.5 million for the second phase of Cambodia's energy transition development plan, aimed at enhancing the efficiency and sustainability of the energy sector [1] Group 1: Project Overview - The first phase of the energy transition development plan was initiated in 2022, focusing on key policy measures to guide Cambodia's energy sector towards more efficient and renewable development [1] - The second phase will deepen regulatory reforms, strengthen energy efficiency frameworks, and improve policy transparency to attract more private sector investment into Cambodia's energy market [1] Group 2: Key Achievements and Initiatives - A significant outcome of the second phase project is the establishment of Cambodia's first minimum energy efficiency standards for household appliances, starting with air conditioning products [1] - The project will also create an energy efficiency revolving fund to provide financing for local small and medium-sized enterprises to invest in energy-saving technologies [1] Group 3: Future Goals - The energy transition development plan aims to help the Cambodian government achieve its goal of having renewable energy account for 70% of the electricity structure by 2030, which is crucial for ensuring sustainable economic growth [1] - The third phase of the energy transition development plan is expected to begin in 2027, focusing on expanding the energy efficiency regulatory framework and developing renewable energy technology standards for the building and industrial sectors [2]

Group 1 - Shunlong Holdings (00361) saw a more than 13% increase during trading, with a cumulative rise of approximately 300% since the offer announcement on September 23 [1] - As of the report, the stock price increased by 9.74%, reaching HKD 0.169, with a trading volume of HKD 14.08 million [1] - Shunlong Holdings announced the sale of 2.601 billion shares and convertible bonds worth HKD 74.1 million to Hancheng Energy Group for a total consideration of approximately HKD 93.34 million [1] Group 2 - Upon completion of the transaction, the offeror will hold 50.11% of the company's equity [1] - Hancheng Energy Group, a private enterprise based in Hubei, has an annual output value of nearly HKD 10 billion [1] - The ownership of Hancheng Energy Group is divided between Mr. Liu Jincheng and Mr. Liu Gang, holding 80% and 20% respectively [1] - Analysts suggest that one of the core purposes of Hancheng Energy Group's acquisition of Shunlong Holdings may be to achieve a reverse listing [1]

Core Viewpoint - Energy and Energy Global (01142) announced the receipt of multiple transfer documents for the remaining convertible bonds totaling $103.1 million between July 1, 2025, and September 25, 2025 [1] Group 1 - On September 25, 2025, the board received conversion notices from subscribers and other remaining convertible bondholders for the total principal amount of $184 million, which represents the entire principal amount of the remaining convertible bonds [1] - According to the conversion notices, 2.5768 billion shares and 3.173 billion shares were issued and allotted to the subscribers and other remaining convertible bondholders, respectively [1] - Following the issuance and allotment of the unexercised conversion shares, the enlarged issued share capital amounts to 12.637 billion shares [1] Group 2 - The board confirmed that as of September 25, 2025, and the date of this announcement, no less than 25% of the issued shares are held by the public, maintaining the required public float as per listing rules [1] - During the period from July 1, 2025, to the date of this announcement, the company issued and allotted no less than 3.2167 billion conversion shares to 14 remaining convertible bondholders (excluding subscribers), accounting for 25.45% of the enlarged issued share capital [1]

Core Viewpoint - The company, Energy and Energy Global (01142.HK), is undergoing a significant financial restructuring through the conversion of convertible bonds, which is expected to improve its financial condition substantially [1] Group 1: Convertible Bonds and Share Issuance - The company received multiple transfer documents regarding a total principal amount of USD 103 million for remaining convertible bonds between July 1, 2025, and September 25, 2025 [1] - On September 25, 2025, the board received conversion notices for the remaining convertible bonds totaling USD 184 million, which represents the entire principal amount of the remaining convertible bonds [1] - Following the conversion notices, 2.577 billion shares and 3.173 billion shares were issued and allocated to the subscribers and other remaining convertible bondholders, respectively [1] Group 2: Impact on Share Capital and Debt - After the issuance and allocation of the unexercised conversion shares, the total number of issued shares expanded to 12.637 billion [1] - During the period from July 1, 2025, to the announcement date, the company issued and allocated no less than 3.217 billion conversion shares to 14 remaining convertible bondholders (excluding subscribers), accounting for 25.45% of the expanded total issued shares [1] - As of March 31, 2025, the company recorded a net debt position of HKD 1.978 billion, and after the full conversion of the remaining convertible bonds, the debt is expected to decrease by USD 400 million (approximately HKD 3.123 billion), significantly improving the company's financial condition [1]