A[Afternoon Commentary: The ChiNext Index fell more than 1% in half a day. Bank of China, China CITIC Bank, and Industrial and Commercial Bank of China continued to hit record highs] On October 12, the market fluctuated and fell back in early trading. The ChiNext Index and the Shenzhen Component Index both fell by more than 1%. The half-day turnover of the Shanghai and Shenzhen stock markets was 1.01 trillion, a decrease of 155.2 billion from the previous trading day. More than 4,000 stocks across the market fell. On the market, banking stocks bucked the trend and strengthened, with Bank of China, China CITIC Bank, and Industrial and Commercial Bank of China continuing to hit record highs; the film and television and media sectors continued to rise during the session, with Guomai Culture rising to the daily limit of 20cm, Bona Pictures and Jishi Media closing their daily limits and going out of the two-day limit, Decai Shares, Ciwen Media, and Xinhua Wenxuan hitting their daily limits; Wind Power Tianshunfengneng rose by the daily limit, and Power Transmission and Shuangyi Technology rose by more than 10%. In terms of decline, the agricultural sector fluctuated and fell, with Xinsai Shares, Nongfa Seed Industry, Denghai Seed Industry, Jinjian Rice Industry, etc. all falling. As of the close, the Shanghai Stock Exchange Index fell 0.12%, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.27%. A[The film, television and media sectors continue to rise, and nearly ten stocks such as Guomai Culture have hit their daily limits] On October 12, the film, television and media sectors continued to rise during the session, with Guomai Culture reaching its daily limit of 20cm, and Jishi Media covering its daily limit and going out for two consecutive days. Previously, Bona Pictures, Decai Shares, Ciwen Media, Xinhua Wenxuan and other stocks hit their daily limit, and Huanrui Century, Palm Reading Technology, Huace Film and Television, Inner Mongolia Xinhua and other stocks were among the top gainers. A[GEM Index fell more than 1%, nearly 4,200 stocks fell] On October 12, the index weakened, the GEM Index fell more than 1.00%, the Shanghai Index fell 0.13%, and the Shenzhen Component Index fell 0.88%. Computing hardware, semiconductor chips, medicine and biology, and real estate were among the top decliners, with nearly 4,200 stocks falling in Shanghai, Shenzhen and Beijing. A[Banking sector strengthened again, Bank of China and China CITIC Bank rose more than 2% and continued to hit record highs] On October 12, the banking sector strengthened again during the session, with Bank of China and China CITIC Bank rising more than 2%. Continuing to hit record highs, Chongqing Rural Commercial Bank, Bank of Chongqing, Minsheng Bank, and Bank of Ningbo were among the top gainers. In terms of news, so far, 21 A-share banks have disclosed their 2026 mid-term dividend plans, with a total planned dividend of more than 260 billion yuan, of which 15 have increased their dividend ratio compared with last year. The cash dividend ratio of the six major banks has been raised from 30% to 31%. The total planned dividend payment exceeds 220 billion yuan, accounting for more than 80%. A[Morning News Selection on October 12]
1. The Central Committee of the Communist Party of China and the State Council recently issued the "Opinions on Developing New Productivity". The opinion proposes to fully implement the "artificial intelligence +" action. Accelerate the application of new generation intelligent terminal scenarios such as intelligent connected new energy vehicles, artificial intelligence mobile phones and computers, and humanoid robots; strengthen the efficient supply of computing power, algorithms, data, etc.; vigorously promote the application of artificial intelligence in various industries; ensure that artificial intelligence is safe, reliable, and controllable.
2. The China Securities Regulatory Commission held an expert symposium on capital markets and financial situations on the 10th to listen to opinions and suggestions. Experts at the meeting suggested: continue to strengthen the construction of market stabilization mechanisms, further expand medium and long-term funding sources, channels and market entry methods, develop and expand patient capital, etc.
3. Zheng Shanjie, director of the National Development and Reform Commission, chaired a symposium on private enterprises on the 10th. Zheng Shanjie said that the National Development and Reform Commission will increase counter-cyclical adjustments, promote the early start of construction of clear major projects such as the "15th Five-Year Plan" and the "Six Networks" construction implementation plan, and stimulate the release of domestic demand potential.
4. Four departments including the Ministry of Industry and Information Technology jointly issued the "Notice on Further Strengthening the Management of Innovative Design and R&D Testing and Verification of Automotive Products (Draft for Comments)". It is mentioned that automobile manufacturers are not allowed to make false, exaggerated or misleading publicity, and are not allowed to induce drivers to ignore their safe driving responsibilities; they are not allowed to equip fully hidden door handles, and are not allowed to use folding displays, flexible displays, etc.
5. The Ministry of Finance released the "Report on the Implementation of China's Fiscal Policy in the First Half of 2026" on the 9th. It is proposed that a more proactive fiscal policy will be effectively implemented to support the all-round expansion of domestic demand.
6. The Ministry of Finance recently arranged to use local government debt balance limit of 550 billion yuan to improve counties and districts’ general public budget security capabilities and support local governments to expand effective investment.
7. The China Securities Regulatory Commission revised and issued the "Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comments)" after a lapse of 12 years. It plans to lower the threshold for the establishment of equity funds, hybrid funds, and FOF from 200 million yuan to 50 million yuan, and plans to lift the mandatory liquidation line of "200 million yuan in three years" for sponsored funds and equalize the exit conditions with ordinary funds.
8. According to dealers, wholesalers and terminal retailers in Henan, Shandong, Guangdong, Anhui and other places, overall channel inventory is still being reduced. The inventory of some interviewed wine merchants has dropped by about 10%-20% year-on-year. The turnover of large single products of famous wines is relatively fast, and some terminal inventories have been controlled within 1-2 months.
9. This week (October 12 to 16), many companies have lifted their bans. Shaanxi Energy and Jinke Co., Ltd. have the largest number of shares lifted, accounting for more than 80% of the total number of shares lifted this week. In addition, the market value of five stocks of Shougang Holdings-U, Dapuwei-UW, Jinke, Jerry Technology, and Changjiang Nengke has exceeded 1 billion yuan.
10. Yuexin Semiconductor announced that it will be listed on the GEM on October 13.
11. Luxshare Precision announced that the company and Luxshare Technology are involved in the Section 337 investigation and are still in the early stages of filing the case. Fii Industrial announced that the U.S. International Trade Commission has launched a Section 337 investigation into the company and its holding subsidiaries, involving a "vertical power supply system" patent.
12. Guanghe Technology announced that its net profit in the first three quarters is expected to increase by 100%-107% year-on-year; Jingwang Electronics announced that its net profit in the first three quarters is expected to increase by 205%-265% year-on-year; Hongfuhan announced that its net profit in the first three quarters is expected to increase by 108%-145% year-on-year; China Jushi announced that its net profit in the first three quarters is expected to increase by 100%-110% year-on-year.
13. Tianfu Communications announced in response to rumors of restrictions on overseas import and export policies: Currently, relevant policies do not restrict optical device products and do not affect the company's business.
14. The Shanghai Stock Exchange issued a supervisory letter to Dongbai Group. Dongbai Group announced on the same day that its wholly-owned subsidiary Dongbai Chuangzhi plans to acquire 52.67% of the equity of Kuailing Optoelectronics, a light detection chip company, for 316 million yuan.
15. Beibu Gulf Port announced that it plans to acquire 100% equity of Henggang Terminal, and the stock will resume trading today.
16. Xiontao Co., Ltd. announced that its solid-state battery business has not yet entered the mass production stage.
17. Harbin Pharmaceutical Co., Ltd. announced that the company’s director and president were placed on file and a lien was implemented.
18. Bohai Leasing announced that a subsidiary of its holding subsidiary Avolon plans to purchase 140 B737 MAX series aircraft from Boeing, with a total value of no more than US$26.953 billion.
19. The three major U.S. stock indexes collectively closed higher last Friday, with the Dow Jones Industrial Average rising 0.83%, the Nasdaq Composite Index rising 0.64%, and the S&P 500 Index rising 0.59%. Most popular technology stocks rose. Amazon rose by more than 3%, Microsoft and Tesla rose by more than 2%, Apple fell by more than 1%, and AMD and Intel fell by more than 2%. Popular Chinese concept stocks generally rose, with Century Internet rising nearly 7%, Li Auto, Alibaba, and Miniso rising more than 5%.
20. The airport in Riyadh, the capital of Saudi Arabia, was attacked consecutively on Saturday and Sunday, killing 12 people and injuring more than 300 people. The Houthis claimed responsibility and said the attack was a response to "Saudi aggression." Trump said the United States might consider joining a Saudi-led military campaign and changed his tune to say he would not rule out attacking Iran before the midterm elections.
21. The United States and Russia have reached an arrangement to allow Russia to export diesel. Trump said that relevant diesel will enter the global market starting this month, with a total volume of approximately 13.5 million barrels.
22. Trump said on Sunday that Russia and Ukraine agreed to implement an "energy ceasefire" immediately. Zelensky responded that Ukraine supported the arrangement, while stressing that Russia must also abide by it.
23. A University of Michigan survey showed that the U.S. consumer confidence index fell to a five-month low in October, with inflation expectations rising slightly. The United States will release CPI data for September on Wednesday. Rising gasoline prices are expected to accelerate overall inflation, but core price pressures have eased, which is expected to support the Federal Reserve's view that it will not raise interest rates this month.
24. Nvidia is in preliminary negotiations with Reflection AI, a US open weight model developer, to discuss acquiring the startup or further increasing investment. Amazon is in talks to acquire artificial intelligence startup Decart AI, a deal that could be worth about $7 billion.
25. Micron Technology’s board of directors approved expanding the size of the stock repurchase plan to US$35 billion, which will take effect in December.
26. Anthropic disclosed new misconduct by its AI model, some involving US government websites. Microsoft's CEO has called for an "emergency brake" mechanism for advanced artificial intelligence to prevent agent models from spiraling out of control.
27. The yield premium between France and Italian government bonds reached a new high since the creation of the euro last Friday. Well-known economist Krugman warned that France's deteriorating public finances may trigger a European debt crisis. Bundesbank officials also believe that the risk of the European debt crisis has risen sharply. A[Reminder of important events in the capital market next week: China’s CPI and PPI data for September will be released. ASML and TSMC’s financial reports verify whether the growth momentum of AI infrastructure investment can continue]
1. The National Bureau of Statistics will announce September CPI at 09:30 on October 14, with a year-on-year increase of 0.8% in August. The PPI for September was announced on the same day, with a year-on-year figure of 3.8% in August. In addition, September financial data may be released next week.
2. The General Administration of Customs will announce September import and export data at noon on October 14. In August, exports increased by 25% year-on-year and imports increased by 28.2%.
3. The price adjustment window for this round of refined oil products is 24:00 on October 15, and the domestic retail price of gasoline and diesel is expected to be reduced by 270 yuan/ton.
4. Next week (October 12th to October 16th), a total of 37 companies will gradually lift their restricted shares, with a total market value of 42.61 billion yuan. The top three companies in terms of market value after the lifting of the ban are: Shaanxi Energy (23.856 billion yuan), Shougang Holdings-U (3.008 billion yuan), and Dapu Micro-UW (2.673 billion yuan).
5. One new stock will be issued next week. Wenfeng Optoelectronics officially launched the public issuance process on the Beijing Stock Exchange and determined the issuance price to be 11.45 yuan per share. The online subscription date is October 12.
6. The U.S. Bureau of Labor Statistics will announce September CPI at 20:30 on October 14, with the previous value being 3.4% year-on-year. Agencies expect headline inflation to rise, driven in part by higher energy prices. On October 15 (Thursday), the Federal Reserve will release the Beige Book on Economic Conditions.
7. The 2026 Nobel Prize in Economics will be announced on October 12 (Monday) at 17:45 Beijing time.
8. The 140th Canton Fair will be held in Guangzhou from October 15th (Thursday) to November 4th. 64% of exhibitors apply new technologies such as industrial Internet and artificial intelligence.
9. The 26th China International Industrial Expo will be held in Shanghai from October 12 to 16 (Monday to Friday); the 2026 10th International Industrial Internet Conference and the Space Computing Industry Technology Application Ecological Forum will also be held at the same time.
10. The 2026 Artificial Intelligence Industry Conference will be held in Jinan from October 14th to 16th (Wednesday to Friday). The conference has attracted more than 3,000 high-quality companies in subdivided tracks, and more than 50 domestic and foreign industry leaders, including Nvidia, Huawei, ZTE, Haier, Baidu, and Yushu Technology, will make a concentrated appearance.
11. JD.com’s 2026 “Double 11” event is scheduled to launch on October 12 (Monday), and Taobao and Tmall’s “Double 11” event will launch on October 15 (Thursday).
12. Apple announced that it will hold a "Welcome Home" theme event on October 13, and is expected to launch a new generation of Apple TV 4K, HomePod mini, and a new home hub device. iPhone Duo will start pre-sale on October 16th and will be officially launched on October 23rd.
13. Anthropic will hold a Pre-IPO Investor Day with potential investors on October 14, and may launch formal IPO marketing as early as the week of November 9.
14. The Business, Innovation, Science and Trade Committee of the British Parliament has sent letters to Meta, Google, OpenAI and Anthropic, inviting them to attend the AI safety evidence hearing on October 13.
15. Tesla posted on the X platform that the Roadster event has been rescheduled to October 15; the new car may be equipped with an air-conditioned propulsion system from SpaceX.
16. Step Star will officially open source Step 5 Preview on October 15th. Step Terminal will release the first smart phone STEPX Neo on the 13th; Qianwen AI glasses will be released on the 13th. It is rumored that Gemini 4.0, Claude Opus 5.2, and GLM-5.4 will be released, but there is no official announcement.
17. The Q3 earnings season for the U.S. stock market has kicked off. JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo will be the first to announce their results on Tuesday, followed by Bank of America, Morgan Stanley and BlackRock on Wednesday. Technology giants ASML and TSMC will also release financial reports on the 15th and 16th. A[Dongbai Group: Plans to acquire 52.67% equity of light detection chip company Kuailing Optoelectronics for 316 million yuan] On October 11, Dongbai Group (600693.SH) announced that the company’s wholly-owned subsidiary Dongbai Chuangzhi plans to acquire 52.6667% equity of Hangzhou Kuailing Optoelectronics Technology Co., Ltd., with a tentative transfer consideration of 316 million yuan. After the transaction is completed, Kuailing Optoelectronics and its subsidiary Guangte Technology will be included in the company's consolidated statements. The target company is mainly engaged in the R&D, production and sales of light detection chips. The light detector chips must be packaged and integrated to make optical devices (such as ROSA), and then further integrated into optical modules. The revenue from January to August 2025 and 2026 will be 39.7613 million yuan and 34.8693 million yuan respectively, and the net profits will be -15.0722 million yuan and -2.517 million yuan respectively. The overall revenue scale is small and has not yet made a profit. The target company's operating income in the field of optical communications currently mainly comes from low-speed products. The commercialization progress of high-speed products may result in the failure to pass customer certification or be shipped in large quantities due to factors such as weak product technical reliability, poor performance or inability to support large-scale mass production. At present, the company is not engaged in relevant business and has no relevant R&D technical personnel reserves. This transaction involves cross-border operation and integration management risks. If the integration does not go as expected, it will have an adverse impact on the profitability of the target company and the listed company. A[26 "Xinwen Lianbo" important news items for Saturday, October 10th] October 10th, the main contents of today's "Xinwen Lianbo" are:
1. [New ideas lead a new journey] Solve problems from the source and bottom to consolidate the foundation of a technologically powerful nation;
2. [Continue the spirit of the Long March and forge ahead on the journey of rejuvenation] Guizhou: inherit the red gene and write a new chapter of high-quality development;
3. [The "15th Five-Year Plan" has started well and started well] Implement the employment priority strategy and build a strong social security network;
4. Leading indicators release positive signals, and the economic recovery continues to consolidate;
5. [On the Field of Hope] The national autumn grain harvest is more than halfway progressed, and autumn and winter planting are starting one after another;
6. During the National Day holiday, service consumption demand is strong and commodity consumption has a good growth momentum;
7. The population of migratory birds in China is growing steadily;
8. The State Council Information Office held a meeting with Chinese and foreign journalists titled "Strugglers on the New Journey";
9. The Chinese sports delegation for the 5th Asian Para Games was established today;
10. The "National Disability Prevention Action Plan (2026-2030)" is issued;
11. Promulgation of regulations on the development and management of property insurance products;
12. Railways across the country will implement a new freight train operation chart from today;
13. China successfully launched 27 sets of satellite Internet low-orbit satellites;
14. “Fatong”, a national foreign-related legal service platform, was officially launched online;
15. During the National Day, the safety situation of special tourism-related equipment across the country is generally stable;
16. Yanwei 1000 kV UHV project was completed and put into operation;
17. Xinjiang cotton has entered the intensive harvesting period, and the harvesting progress is nearly half;
18. The 35th TV Drama "Feitian Awards" and the 29th TV Literature and Art "Starlight Awards" awards ceremony were held in Yantai;
19. The CCTV 2027 "Brand Power Strategy" co-construction action and the CCTV National Brand Credible Corpus Platform were launched;
20. Japanese civil society groups submitted a petition to oppose the government’s arms expansion. International figures: Be wary of Japan breaking through the post-war system and threatening regional and global security;
21. Russia will supply oil to the United States and the global market. The United States will relax diesel trade sanctions on Russia. The President of Ukraine said that relaxing sanctions on Russia without any preconditions is obvious weakness;
22. The Saudi-led coalition said it destroyed 136 targets of the Houthi armed forces;
23. Iran stated that it will not be limited to cracking down on illegal ships in the strait;
24. The Afghan prosecutor said that the co-pilot of Dubai Airlines attempted a suicide terrorist attack;
25. A 7.6-magnitude earthquake occurred in Panama, and the tremor was clearly felt in the capital;
26. The hurricane made landfall in Florida, and hundreds of thousands of customers were without power. A[The China Securities Regulatory Commission held an expert symposium on the capital market and financial situation] On October 10, Wu Qing, Secretary and Chairman of the Party Committee of the China Securities Regulatory Commission, held a symposium in Beijing to have in-depth exchanges with the heads of some listed companies and experts from securities fund institutions to fully listen to opinions and suggestions on the current capital market and financial situation. At the symposium, everyone agreed that China's macro-economy is stable and improving, the industrial structure transformation continues to deepen, the capital market is generally stable, and the multi-level market functions effectively. Although it faces some risks and challenges, the trend of high-quality development will not change, and they are full of confidence in the economic operation and capital market. At the same time, experts attending the meeting put forward specific suggestions to better promote the stable and healthy development of the capital market, which mainly include: continue to strengthen the construction of market stabilization mechanisms, further expand medium and long-term funding sources, channels and market entry methods, develop and expand patient capital; promote qualified listed companies to increase dividend repurchase efforts, and improve investor returns and rights protection mechanisms;
Optimize the issuance and listing system to support the development and growth of high-quality enterprises of different types, industries, and diversification; strengthen transaction supervision and strengthen cross-border risk monitoring and response; research and reserve more incremental policy tools; etc.
Wu Qing said that listed companies and industry organizations are important players in the market. He hopes that everyone can actively provide suggestions and jointly build a better capital market, better return investors, and actively contribute to China's modernization drive.
Responsible comrades from relevant departments and bureaus of the China Securities Regulatory Commission attended the discussion. A[National Development and Reform Commission: Promote the early start of construction of clear major projects such as the "15th Five-Year Plan" and the "Six Networks" Construction Implementation Plan to stimulate the release of domestic demand potential] Zheng Shanjie, director of the National Development and Reform Commission, chaired a private enterprise symposium on the 10th to focus on accurately grasping the three quarters In order to monitor the economic situation and actively respond to changes in international supply and demand, we have in-depth exchanges with leaders of Shenghong Holdings, Dongming Petrochemical, ENN Group, Jifeng Sannong, Jingtai Technology and other fields from petrochemical, natural gas supply, agricultural machinery, artificial intelligence applications and other fields to listen to opinions and suggestions. Zheng Shanjie said that the fourth quarter is the final season of the year and is also a critical window period to consolidate the economic recovery. The National Development and Reform Commission will conscientiously implement the decisions and arrangements of the Party Central Committee and the State Council, increase countercyclical adjustments, strengthen the consistency assessment of macro policy orientations, strengthen the coordinated development of existing policies and incremental policies; promote the "15th Five-Year Plan" and the "Six Networks" construction implementation plan to clarify Start construction of major engineering projects as early as possible to stimulate and release the potential of domestic demand; promote the deep integration of technological innovation and industrial innovation, further enhance the resilience of industrial and supply chains, improve energy and resource security, and consolidate the foundation of national food security; timely plan more stimulating policy tools and work starting points to promote the continuous development of the economy in a new and better direction, and strive to complete the annual goals and tasks. A[Multiple Departments: Automobile manufacturers shall not make false, exaggerated or misleading publicity, and shall not induce drivers to ignore their responsibilities for safe driving] On October 10, four departments including the Ministry of Industry and Information Technology jointly issued a notice (Draft for Comment) on further strengthening the management of innovative design and R&D testing and verification of automotive products, intending to standardize marketing and publicity activities. Automobile manufacturers shall carry out marketing and publicity activities truthfully and objectively, and truthfully publicize the usage boundaries, restrictions, R&D test verification, etc. of product innovative designs. They shall not make false, exaggerated or misleading publicity, shall not use scenes that violate road traffic regulations to promote product functions, shall not induce drivers to ignore their safe driving responsibilities, and ensure that consumers correctly understand and use the functions related to the innovative design of automobile products. A[The head of the European Department of the Ministry of Commerce interprets the results of the second regular meeting of the China-EU Trade and Investment Consultation Mechanism] October 10th. From October 8th to 9th, Chinese Minister of Commerce Wang Wentao and European Commission Commissioner for Trade and Economic Security Maroš Sefcovic co-chaired the second regular meeting of the China-EU Trade and Investment Consultation Mechanism (hereinafter referred to as the mechanism) in Beijing. The two sides conducted reciprocal, professional and constructive talks on trade and investment balance, export control, intellectual property rights, WTO reform and other issues, comprehensively took stock of the consultations and progress since the first meeting of the mechanism, and formed a consensus on the results. The person in charge of the European Department of the Ministry of Commerce explained the relevant results.
1. About China-EU Economic and Trade Relations
First of all, the two sides reaffirmed the stable and balanced positioning of China and Europe as key trading partners, and confirmed that they will handle economic and trade differences and mutual concerns in a balanced manner within the framework of WTO rules, discuss deepening mutually beneficial cooperation, and promote China-EU trade to be more balanced and develop forward.
Second, both parties agreed that the mechanism operates smoothly and efficiently, and the successful convening of the second regular meeting is a new starting point, not the end. The consensus reached by both sides fully demonstrates that China and the EU have the will and wisdom to manage and properly handle differences through dialogue and consultation, effectively avoiding the escalation of friction.
Third, both sides believe that stable and healthy China-EU economic and trade relations not only benefit Chinese and European enterprises and people, but also serve the common interests of both sides. It also injects certainty and positive energy into global economic growth and the stability of production and supply chains.
2. Regarding trade and investment balance
Adhering to the principles of mutual respect, equality and mutual benefit, the two sides conducted intensive consultations, focusing on topics such as medical devices, cosmetics, pharmaceuticals, inverters, agricultural and food products, and conducted in-depth discussions on how to reciprocally resolve each other's concerns, expand two-way market access, and promote the dynamic balance of China-EU trade.
First, the two sides agreed to play the role of the trade monitoring mechanism, explore the possibility of reducing tariffs on some goods under the framework of WTO rules, and conduct technical dialogue on EU foreign subsidy regulations to create a fair, transparent and predictable environment for China-EU trade and investment cooperation. The two sides are willing to communicate on market access issues in fields such as medical devices and agricultural products on the basis of previous good cooperation, and continue to communicate on the EU's financing guidance documents for inverter projects, cosmetics and drug supervision and other issues.
Second, the two sides conducted in-depth discussions on the trade of electric vehicles and hybrid vehicles based on the basic principles of respecting facts, non-discrimination and compliance with WTO rules, avoiding the escalation of the situation and effectively safeguarding the actual export interests of Chinese companies and the stable development of China-EU hybrid vehicle trade.
At the same time, the two sides reviewed the previously agreed general guidance document on price commitments in electric vehicle countervailing cases, and the European side will actively promote the relevant procedures for enterprise price commitments and review of electric vehicle cases.
Third, both sides actively look forward to future cooperation and believe that China and Europe have great potential for cooperation in the fields of new energy, artificial intelligence, service trade, digital economy, green and low carbon, and can further explore new opportunities and expand new space. The two sides agreed to explore two-way investment cooperation. China, as always, welcomes EU companies to invest and operate in China and continuously improves the business environment. At the same time, it hopes that the EU will create a fair, transparent and predictable business environment for Chinese companies, effectively safeguard the legitimate rights and interests of Chinese companies, and enhance the confidence and expectations of Chinese companies in investing and operating in Europe.
3. About export control
Since the establishment of the China-EU export control dialogue mechanism, the two sides have maintained close communication at all levels. Both sides agreed to further leverage the export control dialogue mechanism, strengthen policy communication, and maintain the stability and smoothness of the global industrial and supply chains. The two sides reiterated their commitment to resolving each other's concerns in the field of export control, and the EU will continue to promote progress in resolving key licensing cases with China in the dual-use field. The two sides will explore the possibility of mutually introducing facilitation measures around the compliance trade of dual-use items between China and the EU. The EU will consider taking possible facilitation measures towards China. The two sides also agreed to strengthen communication on the issue of sanctions transfer orders in the field of export control, and support and substantively launch the mutual transfer orders process within their respective legal frameworks.
4. About intellectual property rights
China and the EU have maintained a long-term friendly cooperative relationship in intellectual property protection and have continued to make progress. Both sides are willing to continue to deepen exchanges and expand cooperation space. China hopes that the EU will pay attention to China's demands and actively promote resolution. Both sides believe that it is necessary to set phased goals and continue to play the role of the main channel of the China-EU Intellectual Property Working Group to deepen cooperation and monitor progress.
5. Regarding WTO reform
China and the EU are both firm supporters and active contributors to the multilateral trading system. Both sides emphasized the value of the rules-based multilateral trading system, supported WTO reform, and stressed the importance of abiding by WTO rules. Both sides agreed to further strengthen communication and cooperation in an open and constructive manner and conduct discussions on all issues related to WTO reform with a view to promoting substantial progress in the reform.
6. Regarding follow-up work
Looking forward to the next stage of work, both sides will continue to further intensify work on important economic and trade issues of common concern and jointly promote the implementation of the consensus reached at the second regular meeting. The two sides also agreed to hold the third regular meeting of the mechanism in March 2027. Prior to that, the two sides would maintain close communication at all levels, including holding a ministerial-level video conference in January. A[Overnight global news you need to know on Saturday: Trump said Russia will immediately supply diesel; the three major U.S. stock indexes collectively closed higher; Micron Technology expanded its stock buyback plan to US$35 billion in December]
1. Trump said that the United States and Russia have reached an agreement that Russia will immediately supply more than 300,000 tons of diesel to the U.S. and global markets, followed by an additional 500,000 tons in November, and 1 million tons shortly thereafter. In addition, Russia will deliver an additional 3 million tons of diesel fuel at short notice, depending on the status of its refineries.
2. According to the report of the European-Mediterranean Seismological Center, at 12:56 local time on the 9th, a 7.7-magnitude earthquake occurred in the Makarakas area of central Panama, with a focal depth of 12 kilometers. The U.S. Tsunami Warning System issued a tsunami warning.
3. Information released by the White House on the 9th showed that US President Trump signed a memorandum on the 7th to establish a committee to investigate allegations that US Federal Reserve Board Director Lisa Cook was involved in housing mortgage fraud and make recommendations on whether this constitutes grounds for dismissal from her position.
4. U.S. President Trump announced on social media on the 9th that he has appointed conservative commentator Katie Zakaria as White House press secretary to replace Caroline Leavitt, who resigned.
5. Russian Deputy Prime Minister Novak said that Russia will immediately begin to lift restrictions on diesel exports, earlier than originally planned.
6. U.S. bank deposits rose to $19.693 trillion from $19.638 trillion the previous week.
7. The latest survey by the Federal Reserve shows that by the end of 2025, the proportion of households with overdue loan repayments has increased from about 12% in the previous round of surveys to nearly 20%, an increase of approximately 67%.
8. Since the United States and Israel started war with Iran, the price of diesel in the United States has increased by about 70%, with the national average price reaching $6.28 per gallon on October 8.
9. Standard & Poor's confirmed the UK's "AA/A-1+" rating, with a stable outlook. S&P affirms Egypt's 'B/B' rating with stable outlook.
10. Micron Technology’s board of directors approved the expansion of the stock repurchase plan, which will take effect in December. Micron said in its 10-K filing that its board of directors "approved an increase in the maximum amount of common stock that may be repurchased at its discretion beginning December 9, 2026 to $35.16 billion."
11. The three major U.S. stock indexes collectively closed higher. The Dow Jones Industrial Average rose 0.83%, with a cumulative gain of 0.93% this week; the Nasdaq rose 0.64%, with a cumulative gain of 0.64% this week; the S&P 500 Index rose 0.59%, with a cumulative gain of 1.15% this week. Livermore's leading Chinese concept stock index closed up 2.34%, and popular Chinese concept stocks generally rose.
12. The settlement price of WTI crude oil futures was US$91.85/barrel, up 36 cents, or 0.39%. Brent crude oil futures settled at $104.72 per barrel, up 44 cents, or 0.42%.
13. COMEX gold futures closed up 1.52% at US$4,220.3 per ounce; COMEX silver futures rose by 2.84% at US$61.11 per ounce. A【October 9th Evening News Selection】
1. The Central Committee of the Communist Party of China and the State Council issued the "Opinions on Developing New Productivity". The opinions deploy 19 key measures, covering five aspects: vigorously promoting technological innovation, promoting the deep integration of technological innovation and industrial innovation, focusing on promoting innovation in development methods, solidly promoting innovation in systems and mechanisms, and deepening innovation in talent work mechanisms.
2. Vice Premier He Lifeng met with European Commission Commissioner for Trade and Economic Security Sefcovic in Beijing on the afternoon of the 9th. The two sides exchanged views on China-EU economic and trade relations. He Lifeng said that China has always attached great importance to developing economic and trade relations with the EU and is willing to work with the EU to implement the important consensus reached by leaders of both sides.
3. Minister of Commerce Wang Wentao co-chaired the second regular meeting of the China-EU Trade and Investment Consultation Mechanism in Beijing with European Commission Trade and Economic Security Commissioner Sevcovic and issued a joint statement. The two sides agreed to continue to maintain communication and consultation on market access issues, gradually promote the resolution of mutual concerns such as medical devices, agricultural and food products, and inverter financing bans, and continue to promote an upward balance in China-EU trade. Both sides agreed to further strengthen the China-EU export control dialogue mechanism, continue to strengthen policy communication, promote the resolution of individual concerns of both parties, and study the possibility of introducing facilitation measures.
4. For the first time in 12 years, the China Securities Regulatory Commission revised and issued the "Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comments)", which plans to lower the establishment threshold of equity funds, hybrid funds, and FOF from 200 million yuan to 50 million yuan, and plans to lift the mandatory liquidation line of "200 million yuan in three years" for sponsored funds and level the exit conditions with ordinary funds.
5. The Ministry of Finance released a report on China’s fiscal policy implementation in the first half of 2026, proposing to effectively and effectively implement more proactive fiscal policies to support the all-round expansion of domestic demand.
6. The Ministry of Finance recently arranged to use local government debt balance limit of 550 billion yuan to improve counties and districts’ general public budget security capabilities and support local governments to expand effective investment.
7. According to calculations by the data center of the Ministry of Culture and Tourism, during the seven-day National Day holiday, there were 826 million domestic trips across the country, and the total domestic travel expenditure was 738.375 billion yuan, an increase of 6.3% and 4.3% respectively year-on-year in 2025 on a comparable basis (daily average).
8. As the cost of memory chips has risen sharply, forcing Apple to raise prices and suppressing consumer demand, Apple has asked some suppliers to reduce component production for the newly released iPhone 18 Pro and iPhone 18 Pro Max.
9. Company announcements: ① Tianfu Communications responded to rumors of overseas import and export policy restrictions: Currently, relevant policies do not restrict optical device products and do not affect the company’s business; ② Bohai Leasing: A subsidiary of its holding subsidiary Avolon plans to purchase 140 B737 MAX series aircraft from Boeing The total value does not exceed US$26.953 billion; ③ Guanghe Technology: Net profit is expected to increase by 100%-107% year-on-year in the first three quarters; ④ Jingwang Electronics: Net profit in the third quarter is expected to increase 205%-265% year-on-year; ⑤ Hongfuhan: In the first three quarters Net profit is expected to increase by 108%-145% year-on-year; ⑥ China Jushi: Net profit in the first three quarters is expected to increase by 100%-110% year-on-year; ⑦ Luxshare Precision: No overseas control-related matters have been found to have a significant adverse impact on the company's overall production and operations. A[The spokesperson of the Ministry of Commerce responded to reporters’ questions regarding the United States’ convening of some economies to issue a ministerial-level joint statement to address the so-called “structural capacity and overproduction” issue] On October 9, the spokesperson of the Ministry of Commerce responded to reporters’ questions regarding the United States convening some economies to issue a ministerial-level joint statement to address the so-called “structural capacity and overproduction” issue. Q: On October 7, Eastern Time, the Office of the U.S. Trade Representative (USTR) announced that the United States had recently convened a meeting of senior officials from 14 economies to sign a joint ministerial statement to address the so-called "structural capacity and overproduction" problem. What is the Ministry of Commerce’s comment on this?
A: We have noticed the relevant situation. China has repeatedly stated its views on the so-called "overcapacity" issue on different occasions, and issued a relevant position paper in July this year.
China has always believed that production capacity issues must be viewed in a comprehensive, objective and fair manner, and economic and trade issues must not be politicized out of concerns about its own industrial competitiveness and market status. China opposes individual countries' actual trade protectionism in the name of so-called "overcapacity". This will only disrupt the global economic and trade order and the stability of the production and supply chain, and bring long-term risks to world economic growth. If relevant economies use this as an excuse in the future to take measures that harm China's interests, China will make necessary responses.
China insists on building a modern industrial system through open cooperation and supports the establishment of a fair and reasonable international economic order. China calls on all parties concerned to adhere to multilateralism, advocate mutual benefit and win-win results, respect market laws, and jointly maintain an open and inclusive global industry and supply chain cooperation pattern.
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