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].

Group 1 - The Ministry of Commerce of China firmly opposes Mexico's recent anti-dumping investigations against Chinese products, including float glass and PVC-coated fabrics, and will closely monitor the investigation's progress to protect the legitimate rights of Chinese enterprises [2] - In October, the total cross-regional personnel flow in China was 30,177.02 million, a month-on-month decrease of 10.1% but a year-on-year increase of 6.4% [2] - The China Railway Group reported that on October 2, 19.288 million passengers were sent by rail, with a forecast of 18.25 million for October 3, indicating sustained high passenger flow [2] Group 2 - The Ministry of Commerce estimates that China's digital consumer spending will reach 23.8 trillion yuan in 2024, accounting for 44.2% of total consumer spending that year [2] - The China Council for the Promotion of International Trade organized 2,249 business groups to visit 102 countries and regions in 2024, averaging six groups per day [2] - The National Healthcare Security Administration reported that there are over 230 anti-cancer drugs in the national medical insurance catalog, covering more than 20 common cancers [2] Group 3 - Morgan Stanley reported a net inflow of $4.6 billion from foreign investors into the Chinese stock market in September, the highest monthly figure since November 2024, driven mainly by $5.2 billion inflow from passive funds [2] - The report noted that since mid-July, U.S. funds have significantly flowed into the Chinese stock market, with European passive funds also beginning to invest [2] - Active funds increased their holdings primarily in capital goods and semiconductors, while reducing their positions in insurance, durable goods, and apparel [2]

Core Viewpoint - Mexico has initiated multiple anti-dumping investigations against Chinese products, which China firmly opposes as a form of protectionism that harms its legitimate rights and interests [1] Group 1: Anti-Dumping Investigations - Mexico's Ministry of Economy has launched four anti-dumping investigations against Chinese products including float glass, self-adhesive tape, PVC coated cloth, and steel bolts [1] - This year, Mexico has conducted a total of 11 anti-dumping investigations against Chinese products, nearly double the total from the previous year [1] Group 2: China's Response - China emphasizes the need for countries to collectively oppose unilateralism and not allow protectionism to spread, especially under external pressure [1] - The Ministry of Commerce has initiated an investigation into Mexico's proposed increase in import tariffs and other trade investment restrictions against China, based on relevant regulations [1] - China will take all necessary measures, including in trade and investment, to firmly protect the legitimate rights and interests of its enterprises based on the investigation results and actual circumstances [1]

Group 1: Transportation and Economic Activity - On October 2, the total inter-regional personnel flow reached 30,177.02 million trips, a month-on-month decrease of 10.1% but a year-on-year increase of 6.4%. Railway passenger volume was 19.288 million trips, down 16.6% month-on-month but up 5.8% year-on-year. Road transport accounted for 27,838 million trips, down 9.9% month-on-month and up 6.4% year-on-year. Waterway passenger volume increased by 25.7% month-on-month and 19.1% year-on-year to 1.6606 million trips. Civil aviation passenger volume was 2.4416 million trips, down 1.3% month-on-month and up 5% year-on-year [2] Group 2: Regulatory and Trade Developments - The State Council's Work Safety Committee has initiated a crackdown on illegal mining activities and the sealing of abandoned mines, emphasizing the need for coordinated efforts across departments to prevent such incidents [3] - The Ministry of Commerce announced that Mexico's Ministry of Economy has initiated four anti-dumping investigations against Chinese products, including float glass and PVC-coated fabrics. China will investigate Mexico's proposed import tariff increases and take necessary measures to protect its enterprises [3] Group 3: Market Performance and Investment Trends - The Hang Seng Index closed down 0.54% at 27,140.92 points, with a weekly increase of 3.88%. The Hang Seng Tech Index fell 0.9% but saw a weekly gain of 6.9%. Notably, shares of electric vehicle manufacturers like BYD fell nearly 4%, while Shanghai Electric surged over 14%, reaching a 10-year closing high [4] - Multiple public funds have released their strategies for Q4 2025, expressing optimism about the A-share and Hong Kong stock markets, anticipating a continued upward trend supported by policy measures [4] - According to Morgan Stanley, foreign capital inflow into the Chinese stock market rebounded to $4.6 billion in September, marking the highest monthly inflow since November 2024. Year-to-date, passive funds have seen a total inflow of $18 billion [5] Group 4: Industry Insights and Future Projections - The artificial intelligence industry in China is projected to exceed 900 billion yuan in 2024, with a year-on-year growth of 24%. By September 2025, the number of AI companies is expected to surpass 5,300, accounting for 15% of the global total [6] - In August, Chinese domestic car manufacturers recorded overseas sales of 286,000 units, a year-on-year increase of 16%. From January to August, total overseas sales reached 2.1 million units, up 11% year-on-year [6] - The real estate market in Beijing has seen a significant increase in second-hand housing transactions, with an average daily transaction of 525 units in September, a 22% increase from August [6] Group 5: Financial Market Movements - The total market capitalization of stablecoins has surpassed $300 billion, positioning them as systemically important financial products comparable to large retail money market funds in the U.S. [7] - OpenAI's video application Sora has shown strong initial traction, achieving 164,000 downloads in its first two days despite being limited to the U.S. and Canada [8] - Tesla reported a third-quarter energy product installation of 12.5 GWh, contributing to a total of 32.5 GWh for the first three quarters of the year [8] Group 6: Global Economic Indicators - The U.S. Senate failed to pass a temporary funding bill, leading to a continued government shutdown [9] - Brazil's National Bank for Economic and Social Development announced a joint investment fund with China's Export-Import Bank, targeting up to $1 billion for investments in energy transition, infrastructure, mining, agriculture, and AI [9] - The Federal Reserve is facing challenges with a softening job market and inflation above target, with officials emphasizing the need for caution regarding interest rate cuts [9]

Core Viewpoint - The Ministry of Commerce of China expresses strong opposition to Mexico's recent anti-dumping investigations against Chinese products, emphasizing the need to adhere to WTO rules and protect the legitimate rights of Chinese enterprises [2][2][2] Summary by Relevant Sections Anti-Dumping Investigations - Mexico has initiated four anti-dumping investigations against Chinese products including float glass, self-adhesive tape, PVC coated cloth, and steel bolts, following requests from domestic companies [2][2] - This marks a significant increase in anti-dumping investigations against Chinese products, with a total of 11 cases reported this year, nearly double the total from the previous year [2][2] China's Response - The Chinese side has stated its commitment to closely monitor the progress of Mexico's investigations and urges compliance with WTO regulations to safeguard the rights of Chinese companies [2][2] - In light of the current context of U.S. tariff impositions, China calls for collective opposition to unilateralism and protectionism among nations [2][2] Trade Barrier Investigation - The Ministry of Commerce has initiated a trade barrier investigation based on Mexico's proposed increase in import tariffs and other trade restrictions against China [2][2] - China will take necessary measures across trade and investment sectors based on the investigation results to protect the legitimate rights of its enterprises [2][2]

Core Viewpoint - The Chinese Ministry of Commerce firmly opposes Mexico's recent anti-dumping investigations against Chinese products, emphasizing the need to protect legitimate rights and interests of Chinese enterprises and urging compliance with WTO rules [1][1][1] Summary by Relevant Sections Anti-Dumping Investigations - Mexico's Ministry of Economy has initiated four anti-dumping investigations against Chinese products, including float glass and PVC coated cloth, based on applications from domestic companies [1][1] - This year, Mexico has launched a total of 11 anti-dumping investigations against Chinese products, nearly double the total from the previous year [1][1] China's Response - The Chinese government has expressed strong opposition to protectionist actions that harm its legitimate rights and interests, calling for collective resistance against unilateralism and protectionism in the current context of U.S. tariff imposition [1][1] - The Ministry of Commerce has initiated a trade and investment barrier investigation regarding Mexico's proposed increase in import tariffs and other trade restrictions against China, in accordance with relevant laws [1][1] Future Actions - China will take necessary measures across trade and investment sectors based on the results of the investigation and actual circumstances to safeguard the legitimate rights of its enterprises [1][1]

Core Viewpoint - Mexico has initiated multiple anti-dumping investigations against Chinese products, including float glass, self-adhesive tape, PVC coated cloth, and steel bolts, which raises concerns about protectionism and its impact on trade relations [2][3]. Group 1: Anti-Dumping Investigations - Mexico's Ministry of Economy has launched four anti-dumping investigations against Chinese products at the request of domestic companies [2]. - This year, Mexico has conducted 11 anti-dumping investigations against Chinese products, nearly double the total from the previous year [2]. Group 2: China's Response - The Chinese Ministry of Commerce firmly opposes protectionist actions that harm its legitimate rights and interests and will closely monitor the progress of Mexico's investigations [2]. - China has initiated a trade and investment barrier investigation based on its Foreign Trade Law and relevant regulations in response to Mexico's proposed increase in import tariffs and other trade restrictions [2][3]. Group 3: Broader Trade Context - The Chinese side emphasizes the need for countries to collectively oppose unilateralism and protectionism, especially in the context of the U.S. imposing tariffs [3]. - The potential implementation of Mexico's unilateral tax increases could harm not only China but also other trading partners and negatively affect the business environment in Mexico [3].

Core Viewpoint - Mexico has initiated multiple anti-dumping investigations against Chinese products, including float glass and PVC-coated cloth, which reflects a growing trend of protectionism that China opposes [2][3]. Group 1: Anti-Dumping Investigations - Mexico has launched four anti-dumping investigations against Chinese products, including float glass and PVC-coated cloth, at the request of domestic companies [2]. - This year, Mexico has conducted 11 anti-dumping investigations against Chinese products, nearly double the total from the previous year [2]. Group 2: China's Response - The Chinese Ministry of Commerce has expressed strong opposition to Mexico's protectionist actions and will closely monitor the investigations, urging Mexico to adhere to WTO rules [2]. - China has initiated a trade and investment barrier investigation in response to Mexico's proposed increase in import tariffs and other trade restrictions [3]. - The investigation will be conducted fairly and transparently, inviting participation from affected stakeholders, including Chinese industries and enterprises [3].

Core Viewpoint - The Chinese government firmly opposes Mexico's recent anti-dumping investigations against Chinese products, emphasizing the need for adherence to WTO rules and the protection of Chinese enterprises' legitimate rights and interests [1][2]. Group 1: Anti-Dumping Investigations - Mexico has initiated multiple anti-dumping investigations against Chinese products, including float glass, self-adhesive tape, PVC coated cloth, and steel bolts, responding to domestic enterprise applications [1]. - In 2023, Mexico has launched 11 anti-dumping investigations against Chinese products, nearly double the total number from the previous year [1]. Group 2: Trade Barrier Investigation - The Chinese Ministry of Commerce has initiated a trade barrier investigation regarding Mexico's proposed increase in import tariffs and other trade investment restrictions against China [2]. - China will take necessary measures across trade and investment sectors based on the investigation results and actual circumstances to protect the legitimate rights of its enterprises [2].

Core Viewpoint - Mexico has initiated multiple anti-dumping investigations against Chinese products, which China firmly opposes as protectionist behavior that harms its legitimate rights and interests [2]. Group 1: Anti-Dumping Investigations - Mexico's Ministry of Economy has launched four anti-dumping investigations against Chinese products including float glass and PVC coated cloth, following requests from domestic companies [2]. - In 2023, Mexico has conducted a total of 11 anti-dumping investigations against Chinese products, nearly double the total from the previous year [2]. Group 2: China's Response - China emphasizes the need for countries to collectively oppose unilateralism and not succumb to protectionism, especially in the context of the U.S. imposing tariffs [2]. - The Ministry of Commerce has initiated an investigation into Mexico's proposed increase in import tariffs and other trade restrictions against China, in accordance with relevant laws and regulations [2]. - China will take all necessary measures, including in trade and investment, to protect the legitimate rights of its enterprises based on the investigation results and actual circumstances [2].