A股回购方案下回购的A股将全部用于注销并减少注册资本。回购A股数量总额为5000万股至1亿股，约 占本公司截至2025年9月30日总股本的0.32%至0.65%。按回购价格上限每股人民币14.98元测算，本次回 购A股的资金总额上限为人民币14.98亿元。具体回购A股数量、占总股本比例及回购总金额以后续实施 情况为准。 除回购A股外，本公司拟同步根据H股回购一般性授权，按香港上市规则、公司章程及其他适用法律法 规的规定，在该H股回购一般性授权架构下实施H股回购。上述H股回购安排无须再提交本公司股东会 审议批准。 中远海控（601919）(01919)发布公告，于2025年10月13日，董事会审议通过了《关于中远海控回购公 司股份的议案》，建议在A股回购一般性授权架构下以集中竞价交易方式回购A股(A股回购方案)以及在 H股回购一般性授权架构下实施H股回购(H股回购安排)。 因本公司A股收盘价格低于本公司最近一期每股净资产，为维护本公司价值和股东权益，增强投资者信 心，综合考虑本公司财务状况、未来发展及合理估值水平等因素，拟使用自有资金或符合相关法律、法 规规定的自筹资金进行A股回购，以推进本公司股票市场价格与内 ...

Core Viewpoint - The report from CICC anticipates that the liquidity environment between China and the U.S. will continue to resonate from September to October, with the dollar in a downward cycle, benefiting various asset classes including stocks, bonds, gold, and commodities [1][28]. Group 1: Market Outlook - October is expected to remain a favorable macroeconomic period, similar to September, suggesting a high risk appetite and an overweight position in Chinese stocks [1][28]. - The dynamic price-to-earnings ratio of the CSI 300 index is close to historical averages, indicating potential for further expansion compared to previous bull market peaks [1][28]. - A-shares and Hong Kong stocks offer better relative value compared to U.S. stocks due to the easing macro liquidity environment and the diminished independence and credibility of the U.S. dollar [1][35]. Group 2: Federal Reserve's Interest Rate Outlook - The Federal Reserve's interest rate cut cycle is expected to switch between "fast-slow-fast" phases, with the first phase starting in Q4 2025 characterized by rapid rate cuts due to rising inflation and employment risks [4][28]. - The second phase in H1 2026 will see a slowdown in rate cuts as inflation continues to rise, requiring a balance between growth and inflation risks [4][28]. - The third phase in H2 2026 may see accelerated rate cuts again, particularly if a more dovish Fed chair is appointed, and tariff impacts on inflation diminish [4][28]. Group 3: Economic Indicators and Asset Allocation - The U.S. economy is currently trending towards stagflation or recession, with stagflation being more likely, but the Fed's reintroduction of easing measures may eventually lead to growth recovery [8][28]. - Key economic indicators should be monitored to predict turning points in the economy, with a focus on consumption and employment data as leading indicators [16][21]. - The report suggests maintaining a focus on A-shares and Hong Kong stocks, while also being cautious of potential volatility in the market due to previous significant price increases [28][30]. Group 4: Gold and Other Assets - Despite a rapid increase in gold prices since the beginning of the year, the report advises to downplay short-term trading value and focus on long-term allocation opportunities, suggesting to accumulate on dips [1][35]. - The report highlights that during the dollar's down cycle, gold, commodities, and non-U.S. stocks tend to outperform U.S. stocks [5][35]. - The recommendation is to maintain an overweight position in gold due to the ongoing macro liquidity easing, despite short-term risks of price corrections [1][35].

Core Viewpoint - Yanzhou Coal Mining Company Limited has announced a share repurchase plan for both A-shares and H-shares, with a total funding amount ranging from RMB 200 million to 500 million [1] Summary by Sections A-share Repurchase Plan - The company will repurchase A-shares with a budget of RMB 50 million to 100 million, which will be used as treasury stock for equity incentives over a period of three years [1] H-share Repurchase Plan - The H-share repurchase plan has a budget of RMB 150 million to 400 million, which will be used to reduce the company's registered capital [1] Approval Process - The A-share repurchase plan was approved by more than two-thirds of the board members and does not require shareholder meeting approval [1] - The general authorization for the H-share repurchase was granted during the 2024 annual general meeting held on May 30, 2025 [1] Legal Compliance - The repurchased H-shares must be canceled within 10 days after the buyback, in accordance with Chinese law [1]

Group 1 - The Federal Reserve's unexpected announcement of interest rate cuts, supported by two board members, signals a shift in monetary policy, which is rare and indicates a potential easing of financial conditions [1] - The U.S. July CPI data shows a month-on-month increase of 0.2% and a year-on-year increase of 2.7%, with core CPI exceeding expectations, leading to heightened expectations for a rate cut in September [1] - The anticipation of lower interest rates is expected to enhance global liquidity, positively impacting global stock markets, including A-shares and Hong Kong stocks [1] Group 2 - The A-share market experienced a high of 3704.77 points but closed down 0.46% at 3666.44 points, ending an eight-day winning streak, indicating short-term technical adjustment pressure [2] - The Shanghai Composite Index is approaching historical highs, with the market showing an overall upward trend, suggesting potential for continued upward movement next week [5] - Despite potential adjustments, the market remains strong, with limited downside expected, indicating resilience in the face of short-term fluctuations [7]