Core Points - Huadian International (SH 600027) announced the convening of its 29th meeting of the 10th Board of Directors on November 18, 2025, in Beijing, where it reviewed the proposal for the re-election of members to the Strategic Committee of the Board [1] - For the year 2024, Huadian International's revenue composition is as follows: electricity sales account for 83.85%, heating accounts for 8.62%, coal sales account for 7.0%, and other businesses account for 0.53% [1] - As of the report date, Huadian International has a market capitalization of 60 billion yuan [1]

Core Viewpoint - The company is facing legal challenges regarding the revocation of its mining license in Russia, which could significantly impact its financial status despite current operations remaining unaffected [1]. Group 1: Legal and Regulatory Developments - A Russian court upheld the decision to revoke the mining license on November 17, 2025, and the company is seeking legal advice and measures to protect its rights [1]. - The company plans to closely monitor the status of the license and the appeal ruling, with intentions to inform shareholders and potential investors of any relevant developments [1]. Group 2: Financial Implications - As of the announcement date, the revocation and appeal ruling are not expected to have a significant adverse impact on the company's overall daily operations, which include energy commodity trading [1]. - The exploration and evaluation asset value related to the mining license in Russia is approximately HKD 1.423 billion, accounting for about 96% of the company's total assets [1]. - If the license cannot be extended or is legally revoked, the comprehensive mining plan for the Lapichevskaya mine in Russia may be affected, potentially leading to significant adverse financial consequences for the company [1]. Group 3: Trading Resumption - The company has applied for the resumption of trading of its shares on the stock exchange starting from November 18, 2025, at 1:00 PM [2].

Core Viewpoint - The company is facing legal challenges regarding the revocation of its mining license in Russia, which may impact its financial status despite current operations remaining unaffected [1]. Group 1: Legal and Regulatory Developments - A Russian court upheld the decision to revoke the mining license on November 17, 2025, and the company is seeking legal advice and measures to protect its rights [1]. - The company plans to monitor the situation closely and will inform shareholders and potential investors of any relevant developments [1]. Group 2: Financial Implications - The revoked mining license and the court's ruling are not expected to significantly impact the company's overall operations, which primarily involve energy commodity trading [1]. - As of March 31, 2025, the value of the exploration and evaluation assets related to the mining license in Russia is approximately HKD 1.423 billion, accounting for about 96% of the company's total assets [1]. - If the license cannot be extended or is legally revoked, the comprehensive mining plan for the Lapichevskaya mine may be affected, potentially leading to significant adverse effects on the company's financial condition [1]. Group 3: Trading Resumption - The company has applied for the resumption of trading of its shares on the stock exchange starting from November 18, 2025, at 1:00 PM [2].

（文章来源：人民日报） 近日，国家发展改革委组织召开2025—2026年供暖季能源保供视频会议，对供暖季能源保供工作进行安 排。会议要求，各地区、有关企业要准确把握供暖季能源保供面临的形势和困难挑战，切实把工作做实 做细做到位。 会议要求，稳定能源生产供应，抓好能源中长期合同履约，全力做好高峰期能源保供，重点保障民生采 暖用能，提升低温雨雪冰冻等灾害应对水平，做好安全生产工作。重点保障好北方集中供暖地区特别是 东北地区的用煤需求。确保煤电高峰出力，充分发挥气电、水电、抽水蓄能和电化学储能装机的顶峰保 供作用。发挥好储气库、LNG（液化天然气）储罐等调峰资源作用。 ...

Core Viewpoints - The inflation rebound in October is primarily driven by factors other than the anti-involution effect, with significant contributions from commodity price increases [2][60] - The Consumer Price Index (CPI) rose to 0.2% year-on-year, up from -0.3% previously, while the Producer Price Index (PPI) decreased by 2.1% year-on-year, showing a slight improvement from -2.3% [9][59] Factors Influencing Inflation - **Factor One**: The anti-involution effect has led to an increase in coal prices, but its impact on downstream PPI is limited. In October, PPI increased by 0.1% month-on-month, with a year-on-year improvement of 0.2 percentage points to -2.1%. The significant rise in copper prices, which increased by 7% month-on-month, was a major contributor to the PPI increase [2][10][60] - **Factor Two**: The CPI's rise above zero is attributed to a low base and reduced supply in certain food categories, which pushed food CPI up. The year-on-year food CPI improved by 1.5 percentage points to -2.9%, with fresh vegetables and fruits seeing increases of 6.4 and 2.2 percentage points, respectively [2][17][61] - **Factor Three**: Core CPI continued to rise, supported by improved travel demand and rising gold prices. In October, core CPI increased to 1.2% year-on-year, with significant price increases in accommodation, airfares, and tourism due to the overlapping National Day and Mid-Autumn Festival [3][24][61] Future Outlook - The price increases in bulk commodities are expected to continue influencing inflation, but the anti-involution effect on downstream prices may take time to manifest. It is anticipated that the PPI will remain around -2.2% year-on-year in the fourth quarter, while the CPI's year-on-year increase may be limited due to the tapering of national subsidies and slow recovery in downstream PPI [4][37][62] Regular Tracking - The CPI showed a rebound, with contributions from both food and non-food items. In October, the CPI rose by 0.5 percentage points to 0.2% year-on-year, with food CPI at -2.9%, reflecting a 1.5 percentage point increase from the previous month [5][43][63] - Non-food consumer goods saw a decline in CPI for household appliances and communication tools, with respective decreases of 0.5 percentage points to 5.0% and 0.3 percentage points to 1.2% [5][48][63] - Overall service CPI increased, with core service CPI performing better than seasonal trends, rising by 0.2 percentage points to 0.8% year-on-year [7][52][63]

Core Insights - China's goods trade maintained steady growth in the first ten months of 2025, with a total import and export value of 37.31 trillion yuan, an increase of 3.6% year-on-year [1] Trade Performance - Exports reached 22.12 trillion yuan, growing by 6.2% year-on-year [1] - Imports totaled 15.19 trillion yuan, remaining stable compared to the same period last year [1] - In October, the total value of goods trade was 3.7 trillion yuan, a slight increase of 0.1% [1] - October exports were 2.17 trillion yuan, down by 0.8%, while imports were 1.53 trillion yuan, up by 1.4%, marking five consecutive months of growth [1] Commodity Import Trends - Major commodity import prices declined: - Iron ore imports were 1.029 billion tons, up by 0.7%, with an average price drop of 10.7% [1] - Crude oil imports reached 471 million tons, increasing by 3.1%, with an average price drop of 12.1% [1] - Coal imports decreased by 11% to 388 million tons, with an average price drop of 24.5% [1] - Natural gas imports fell by 6.2% to 103 million tons, with an average price drop of 8.8% [1] - Soybean imports increased by 6.4% to 95.682 million tons, with an average price drop of 11.1% [1] - Refined oil imports decreased by 16.3% to 34.193 million tons, with an average price drop of 4.6% [1] - Primary form plastic imports fell by 7.6% to 22.12 million tons, with an average price drop of 0.6% [1] - Copper and copper products imports decreased by 3.1% to 4.456 million tons, with an average price increase of 5.7% [1]

Core Viewpoints - The inflation rebound in October is primarily driven by factors other than the anti-involution effect, with significant contributions from commodity price increases [2][4][23] - The Consumer Price Index (CPI) rose to 0.2% year-on-year, up from -0.3% previously, while the Producer Price Index (PPI) decreased by 2.1% year-on-year, showing a slight improvement from -2.3% [6][26] Summary by Factors Factor 1: Commodity Price Increases - The rise in coal prices due to anti-involution has had a limited impact on downstream PPI, while copper prices, which are less affected by anti-involution, saw a significant increase [2][7] - In October, PPI increased by 0.1% month-on-month, with a year-on-year improvement of 0.2 percentage points to -2.1% [7][10] - The price of copper rose by 7% month-on-month, contributing significantly to the PPI increase, while coal prices rose by 7.5% [7][10] Factor 2: CPI Rebound - The CPI's rise above zero is attributed to a low base effect and reduced supply in certain food categories, particularly fresh vegetables and fruits [2][10] - The CPI increased by 0.2% month-on-month, slightly above the average of 0.15% since 2017, with a year-on-year increase of 0.5 percentage points [10][28] - The food CPI remains low at -2.9% year-on-year, despite a 1.5 percentage point increase from the previous month [10][28] Factor 3: Core CPI Improvement - The core CPI rose to 1.2% year-on-year, supported by increased travel demand and rising gold prices [3][13] - The core service CPI showed better-than-seasonal performance due to the overlap of the National Day and Mid-Autumn Festival, with significant price increases in accommodation and travel [3][13] - Excluding gold, the remaining core goods CPI remained flat at 0.5%, indicating a potential adjustment in subsidy distribution by businesses [18][23] Future Outlook - The upward pressure on inflation from commodity price increases is expected to continue, but the impact of anti-involution on downstream prices may take time to materialize [4][23] - It is anticipated that the PPI will remain around -2.2% year-on-year in the fourth quarter, while the CPI's year-on-year increase may be limited due to declining subsidy support and slow recovery in downstream PPI [4][23] Regular Tracking - The CPI showed an overall increase, with contributions from both food and non-food items [26][28] - The PPI recorded a year-on-year change of -2.1%, with a notable recovery in living materials [26][28] - Non-food items such as household appliances and communication tools saw a decline in CPI, while transportation fuel prices showed a significant increase [30][33]

Core Viewpoints - The inflation rebound in October is primarily driven by factors other than the anti-involution effect, with significant contributions from commodity price increases [2][60] - The Consumer Price Index (CPI) rose to 0.2% year-on-year, up from -0.3% in the previous month, while the Producer Price Index (PPI) decreased by 2.1% year-on-year, showing a slight improvement from -2.3% [9][59] Group 1: Factors Influencing Inflation - Factor 1: The anti-involution effect led to an increase in coal prices, but its impact on downstream PPI was limited. In contrast, copper prices, which were less affected by anti-involution, saw a significant increase, contributing 0.2% to the PPI [2][10][60] - Factor 2: The CPI's rise above zero was attributed to a low base and reduced supply in certain food categories, with pork prices remaining low despite the anti-involution effect. The food CPI increased by 1.5 percentage points to -2.9% year-on-year [2][17][61] - Factor 3: Core CPI continued to rise, supported by improved travel demand and rising gold prices. The core CPI increased to 1.2% year-on-year, with significant price increases in accommodation and travel services due to the overlapping National Day and Mid-Autumn Festival [3][24][61] Group 2: Future Outlook - The price increases in bulk commodities are expected to continue influencing inflation, but the impact of anti-involution on downstream prices may take time to materialize. The PPI is projected to remain around -2.2% year-on-year in the fourth quarter [4][37][62] - Although the low base, steady improvement in service consumption demand, and high gold prices may support core CPI, the limited rebound in CPI for the year is anticipated due to the tapering of national subsidies and slow recovery in downstream PPI [4][37][62] Group 3: Regular Tracking - The CPI showed an overall increase, with contributions from both food and non-food items. The food CPI rose by 1.5 percentage points to -2.9% year-on-year, with significant increases in fresh vegetables and fruits [5][43][63] - Non-food items such as household appliances and communication tools saw a decline in CPI, with household appliances dropping to 5.0% and communication tools to 1.2% [5][48][63] - The overall service CPI increased, with core service CPI performing better than seasonal trends, rising to 0.8% year-on-year [7][52][63]

Group 1: Inflation Data Overview - In October, the CPI increased to 0.2% year-on-year, up from -0.3% in the previous month, and slightly above the expected -0.1%[1] - The PPI recorded a year-on-year decline of -2.1%, an improvement from -2.3% in the previous month, with a month-on-month increase of 0.1%[1] Group 2: Factors Influencing Inflation - The rise in October's CPI was primarily driven by a low base effect and reduced supply in certain food categories, with food CPI increasing by 1.5 percentage points to -2.9% year-on-year[3] - Core CPI rose to 1.2% year-on-year, supported by improved travel demand and rising gold prices, with hotel accommodation and airfare prices increasing by 8.6% and 4.5% respectively[3] - The increase in copper prices, which rose by 7% month-on-month, significantly contributed to the PPI, while coal prices also saw a month-on-month increase of 7.5%[8] Group 3: Future Outlook - The upward pressure on inflation from commodity price increases is expected to continue, but the impact on downstream prices may take time to materialize, with a forecasted PPI of -2.2% year-on-year for Q4[4] - Despite improvements in service consumption and high gold prices supporting core CPI, the overall increase in CPI for the year is expected to be limited due to reduced government subsidies and slow recovery in downstream PPI[4]

Core Viewpoints - The inflation rebound in October is primarily driven by factors other than the anti-involution effect, with significant contributions from commodity price increases [2][60] - The Consumer Price Index (CPI) rose to 0.2% year-on-year, compared to -0.3% in the previous month, while the Producer Price Index (PPI) decreased by 2.1% year-on-year [1][9] Factors Influencing Inflation - **Factor One**: The anti-involution effect has led to an increase in coal prices, but its impact on downstream PPI is limited. In contrast, copper prices, which are less affected by anti-involution, saw a larger increase, contributing significantly to the PPI [2][10][60] - **Factor Two**: The CPI's rise above zero is attributed to a low base and reduced supply in certain food categories, with pork prices remaining low despite the anti-involution impact [2][17][61] - **Factor Three**: Core CPI continued to rise, supported by improved travel demand and rising gold prices. The core service CPI showed better performance than seasonal trends due to holiday travel [3][24][30][62] Future Outlook - The price increases in bulk commodities are expected to continue influencing inflation, but the anti-involution effect on downstream prices may take time to manifest. The PPI is projected to remain around -2.2% year-on-year in the fourth quarter [4][37][62] Regular Tracking - The CPI showed an overall increase, with contributions from both food and non-food items. The food CPI rose by 1.5 percentage points to -2.9% year-on-year, while non-food items like household appliances and communication tools saw a decline [5][40][63] - The overall service CPI increased, with core service CPI performing better than seasonal expectations. However, rental prices remained weak compared to previous years [7][52][63]