Market Performance - A-shares showed resilience with a trading volume of 1.89 trillion, down approximately 500 billion from the previous trading day[1] - The Shanghai Composite Index rose by 0.23%, while the Shenzhen Component increased by 0.37% and the ChiNext Index gained 1.03%[4] - The October China Warehousing Index improved to 50.6%, up 1 percentage point from the previous month, indicating economic vitality[1] Sector Analysis - The power equipment sector, including energy storage and distribution, was the standout performer, driven by AI computing infrastructure concerns and energy shortages[2] - Main capital inflows were observed in power grid equipment, batteries, and photovoltaic equipment, while software development, semiconductors, and IT services saw capital outflows[4] Policy Developments - The State Council announced the suspension of additional tariffs on certain U.S. imports effective November 10, 2025, as part of trade negotiations[5][8] - China signed an economic partnership framework agreement with several Pacific island nations to enhance bilateral trade and investment cooperation[6][7] Fund Dynamics - The total trading volume of ETFs reached 497.25 billion, with stock ETFs accounting for 112.1 billion and bond ETFs for 246.06 billion[13][14] - Public fund reports indicate a concentration in technology growth sectors, with increased holdings in TMT while reducing positions in large finance and consumer sectors[15]

Key Points - Premier Li Qiang attended the opening ceremony of the 8th China International Import Expo and emphasized the importance of mutual benefit and cooperation in international trade, especially in the face of rising unilateralism and protectionism [1] - The State Council Tariff Commission announced the suspension of additional tariffs on certain imported goods from the United States, maintaining a 10% tariff while suspending a 24% tariff starting from November 10, 2025 [2] - The National Energy Administration reported that by the end of September, China's new energy storage capacity exceeded 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [4] Domestic News - The service sector PMI for China in October was reported at 52.6, slightly down from 52.9 in the previous month, while the manufacturing PMI was at 50.6, down from 51.2 [5] - In October, retail sales of new energy vehicles reached 1.4 million units, a year-on-year increase of 17%, with cumulative retail sales for the year reaching 10.27 million units, up 23% [6] International News - The U.S. federal government has entered its longest shutdown in history, now in its 36th day [7] - The Eurozone's service sector PMI for October was finalized at 53, exceeding expectations, while Germany's service sector PMI was at 54.6, also above expectations [7]

Core Viewpoint - The Beijing-Tianjin-Hebei region aims to significantly advance the Beidou space-time industry through a collaborative action plan, targeting substantial growth in application and industry scale by 2027 [1] Group 1: Action Plan Goals - The action plan aims to promote the application of over 800,000 new Beidou independent positioning terminal products by 2027 [1] - The total scale of Beidou applications in the three regions is expected to reach 5 million units by 2027 [1] Group 2: Industry Development - The plan includes the goal of nurturing 10 leading enterprises in the industry and cultivating 50 "specialized, refined, distinctive, and innovative" companies [1] - The initiative aims to create a Beidou space-time industry cluster in the Beijing-Tianjin-Hebei region with a scale exceeding 200 billion yuan [1]