A[The "Double Entrepreneurship and Innovation Index" recorded its largest decline in a single quarter in the third quarter! Electronics and communications rank among the top two in the industry decline list] September 30th, September 30th, the A-share market in the third quarter officially came to an end. As of today's close, the GEM Index and the Science and Technology Innovation 50 Index fell 27.8% and 30.7% respectively this quarter (from July to September), both setting the largest single-quarter declines in their respective histories, and also significantly underperforming other major market indexes. From an industry perspective, the electronics and communications sectors led the decline in the third quarter, with declines of 32.6% and 28.7% respectively. The building materials, power equipment, and mechanical equipment sectors also performed poorly. Breaking down the secondary sectors, fiberglass, electronic chemicals, non-metallic materials, energy metals, and semiconductors ranked among the top five in terms of decline, while real estate, services, medical services, education, fishery, and plantation sectors saw the largest increases in the third quarter. B[Main Fund Monitoring: Electronic Sector Net Outflows Exceeded 10.9 Billion] On September 30, market tracking data showed that today's main funds had a net inflow into the pharmaceutical, chemical and pharmaceutical, food and beverage industries and other sectors, and a net outflow from the electronics, semiconductor, computer and other sectors, of which the electronic sector had a net outflow of 10.93 billion yuan. In terms of individual stocks, N Liqin ranked first with net purchases of 1.378 billion yuan, Tianfu Communications, Cambridge Technology, and Hengrui Pharmaceuticals ranked first in net inflows of main funds; GigaDevice ranked first in net sales of 930 million yuan, and Hengtong Optoelectronics, Changxin Technology, and VeriSilicon ranked first in net outflows of main funds. B[Main Fund Monitoring: GigaDevice’s net sales exceed 800 million yuan] September 30th, market tracking data showed that in early trading today, the main funds had a net inflow into the pharmaceutical, chemical pharmaceutical, optical optoelectronics and other sectors, and a net outflow from the electronics, semiconductor, computer and other sectors, of which the electronic sector had a net outflow of more than 7.2 billion yuan. In terms of individual stocks, Nliqin ranked first with net purchases of more than 1 billion yuan in main funds. Tianfu Communications, Minova, and Cambridge Technology ranked first in net inflows of main funds; GigaDevice saw net sales of more than 800 million yuan, and Hengtong Optoelectronics, VeriSilicon, and Changxin Technology ranked first in net outflows of funds. B[The Private Bureau of the National Development and Reform Commission has publicly promoted 52 investment projects to private enterprises in the manufacturing field] On September 29, the Private Bureau of the National Development and Reform Commission, in conjunction with the Investment Department, Industry Department, and High Technology Department of Venezuela, held a symposium with relevant private enterprises and industry associations to listen to problems, obstacles, opinions and suggestions that existed in the investment process, and continued to promote a number of investment projects in the manufacturing field to private enterprises, actively attracting the participation of private enterprises. A total of 52 projects were promoted this time, involving chemical raw materials and chemical products, non-metallic mineral products, metal products, general equipment, special equipment and other manufacturing types. The total investment is expected to be 52.4 billion yuan, and private capital of 15.5 billion yuan is planned to be introduced. Private enterprises are supported to participate through various methods such as sole proprietorship, holding, and equity participation in project companies. B[The National Development and Reform Commission publicly promotes 52 investment projects to private enterprises in the manufacturing field with an estimated total investment of 52.4 billion yuan] On September 29, the National Development and Reform Commission’s Private Affairs Bureau, in conjunction with the Investment Department, Industry Department, and High Technology Department, held a symposium on relevant private enterprises and industry associations to listen to problems, obstacles, opinions and suggestions that existed in the investment process, continue to promote a number of investment projects in the manufacturing field to private enterprises, and actively attract private enterprises to participate. A total of 52 projects were promoted this time, involving chemical raw materials and chemical products, non-metallic mineral products, metal products, general equipment, special equipment and other manufacturing types. The total investment is expected to be 52.4 billion yuan, and private capital of 15.5 billion yuan is planned to be introduced. Private enterprises are supported to participate through various methods such as sole proprietorship, holding, and equity participation in project companies. B[The status of China's fishery resources and water ecological environment remains stable] On September 28, the Ministry of Agriculture and Rural Affairs and the Ministry of Ecology and Environment jointly issued the "Bulletin on the Status of China's Fishery Ecological Environment (2025)". The "Communique" shows that China's fishery resources and water ecological environment conditions will remain stable in 2025. In 2025, the Ministry of Agriculture and Rural Affairs organized 48 monitoring stations in the national fishery ecological environment monitoring network to conduct fishery resource surveys in the four major sea areas and important river basins such as the Yangtze River and Yellow River, and carried out routine monitoring of 18 indicators such as fishery water quality, sediments, and plankton in 164 important fishery waters. The "Bulletin" shows that the concentrations of zinc, lead, mercury and arsenic in all monitored waters are better than the evaluation standards; the proportion of chemical oxygen demand and petroleum-exceeding areas in important marine fishery waters dropped by 59.3% and 45.7% respectively, and the proportion of petroleum in important inland fishery waters dropped by 34.6%. The "Communique" includes for the first time the status of fishery resources in the four major sea areas and key river basins such as the Yangtze River and Yellow River, and analyzes the changing trends during the "14th Five-Year Plan". In 2025, 93 species, 202 species, 283 species, and 496 species of fishery organisms were surveyed in the Bohai Sea, Yellow Sea, East China Sea, and northern South China Sea respectively;
There are 351 and 114 species of indigenous fish detected in the Yangtze River and Yellow River basins respectively. During the "14th Five-Year Plan" period, the fishery water environment is stable and improving. Chemical oxygen demand in important marine natural fishery waters, inorganic nitrogen in key seawater aquaculture areas, active phosphate in national aquatic germplasm resources reserves (ocean), and areas with chemical oxygen demand exceeding the standard dropped by 51.6% and 3% respectively. 3.7%, 55.4%, 90.2%; the proportion of total phosphorus in important fishery waters of rivers, total nitrogen in important fishery waters of lakes and reservoirs, and the area with permanganate index exceeding the standard in national aquatic germplasm resources protection areas (inland) decreased by 47.0%, 16.5%, and 22.8% respectively. A[China and the United States reached an eight-point consensus on outcomes] From September 23 to 25, local time, Chinese President Xi Jinping paid a state visit to the United States. During the period, the two heads of state had an in-depth exchange of views on China-US constructive strategic and stable relations and major international and regional issues, and reached an eight-point consensus on outcomes, including:
1. Both sides agree to build a "constructive strategic and stable relationship between China and the United States based on respect, fairness and reciprocity."
2. The two sides agreed to support each other in successfully hosting the Asia-Pacific Economic Cooperation (APEC) Leaders’ Informal Meeting and the Group of Twenty (G20) Leaders’ Summit. The two heads of state intend to attend meetings hosted by each other.
3. The two heads of state agreed that Iran should fulfill its commitment not to develop nuclear weapons and that no country or institution should impose tolls on international waterways.
4. The two heads of state recalled that China and the United States were allies in World War II and fought side by side to win the war.
5. The two heads of state recognized the positive role of the China-US economic and trade consultation mechanism and the results of the consultations between the two sides’ economic and trade teams, including establishing and promoting mechanisms such as the Trade Council, reaching a “US$30 billion” reciprocal tax reduction arrangement, extending the results of the Kuala Lumpur economic and trade consultation, etc., and instructed their implementation.
6. The cooperation between China and the US anti-drug law enforcement agencies has achieved visible results. Recently, the two sides have cooperated closely and jointly solved many cases involving new psychoactive substances and precursor chemicals, and arrested dozens of related criminal suspects in both countries.
7. The two sides agree to establish a China-US Artificial Intelligence Dialogue to exchange information on risks and benefits related to artificial intelligence. The next dialogue will be held in November this year. Both parties agreed to establish communication channels for artificial intelligence events.
8. The United States welcomes the arrival of a pair of giant pandas leased from China to the Atlanta Zoo in the United States.
In addition, the Chinese and American militaries also agreed to sign a memorandum of understanding to strengthen crisis communication and prevention as soon as possible and continue to cooperate in the search for the remains of missing US military personnel in China. (Xinhua News Agency) B[The Ministry of Commerce and other five departments have adjusted the "Management Catalog of Exports of Precursor Chemicals to Specific Countries (Regions)"] On September 22, in order to further improve the management of the export of precursor chemicals, according to the "Interim Regulations on the Administration of the Export of Precursor Chemicals to Specific Countries (Regions)", the Ministry of Commerce, the Ministry of Public Security, and the Emergency The Ministry of Management, the General Administration of Customs and the State Food and Drug Administration decided to adjust the "Management Catalog of Precursor Chemicals Exported to Specific Countries (Regions)" and add two new varieties, including 1-phenylethyl-4-oxo-3-piperidinecarboxylic acid methyl ester and 1-phenylethyl-4-oxo-3-piperidinecarboxylic acid ethyl ester, to the first part of Annex 1. The adjusted "Management Catalog of Precursor Chemicals Exported to Specific Countries (Regions)" will now be announced. From the date of this announcement, those who export chemicals listed in Part 1 of Annex 1 to the United States, Mexico, and Canada, and those who export chemicals listed in Part 2 of Annex 1 to Myanmar, Laos, and Afghanistan, must apply for a license in accordance with the "Interim Regulations on the Export of Precursor Chemicals to Specific Countries (Regions)". No license is required for exports to other countries (regions). B[The "15th Five-Year Plan for the Development of the Light Industry Textile Industry" was issued: Encourage enterprises to become bigger and stronger through new layouts, mergers and reorganizations, strategic cooperation, industrial chain integration, etc.] On September 22, the Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation issued the "15th Five-Year Plan for the Development of the Light Industry Textile Industry." It pointed out that cultivating high-quality enterprises. Establish a competitiveness evaluation index system for light industry textile enterprises and strengthen analysis and research on enterprise competitiveness. Encourage enterprises to become bigger and stronger through new layout, mergers and reorganizations, strategic cooperation, industrial chain integration, etc., and cultivate a number of world-class enterprises. Cultivate more specialized and new "little giant" enterprises in the field of light industry and textiles and individual champion enterprises in the manufacturing industry. Strengthen the announcement and management of standardized conditions for lead-acid batteries, electric bicycles, printing and dyeing, recycled chemical fibers (polyester), viscose and other industries. Support leading companies to build smart supply chain platforms to share resources such as orders, production capacity, data, market monitoring, and brand operations to achieve the integrated development of large, medium and small enterprises. B[Main Fund Monitoring: Net outflows from the electronics sector exceed 6.5 billion] On September 21, the market tracking data showed that today's main funds had a net inflow into the pharmaceutical, chemical and pharmaceutical, communications and other sectors, and a net outflow from the electronics, semiconductor, non-ferrous metals and other sectors, of which the electronic sector had a net outflow of 6.567 billion yuan. In terms of individual stocks, Shenghong Technology ranked first with a net purchase of 1.102 billion yuan, followed by Xinyi Sheng, Zhongji InnoLight, and Sinoma Technology with a net inflow of main funds; Tianfu Communications ranked first with a net sale of 1.292 billion yuan, and Huatian Technology, Dongshan Precision, and C Shengu ranked first with a net outflow of main funds. B[Main Fund Monitoring: Tianfu Communications’ Net Sales Exceeded 900 Million] On September 21, market tracking data showed that in early trading today, main funds had a net inflow into the pharmaceutical, communications, chemical and pharmaceutical sectors, and a net outflow from the semiconductor, electronics, electronics and new industries, among which the pharmaceutical sector had a net inflow of over 5.4 billion yuan. In terms of individual stocks, Zhongji InnoLight ranked first with a net purchase of over 1.3 billion yuan in main funds. Xinyi Sheng, Sinoma Technology, and Harbin Pharmaceutical Co., Ltd. ranked first in net inflows of main funds; Tianfu Communications had a net sale of more than 900 million yuan, and Huatian Technology, C Shengu, and Changdian Technology ranked first in net outflows of funds. B[Photoresist concept continues to be active, HuaRuan Technology 2-Connect Board] According to reports on September 18, the photoresist concept continued to be active in early trading. HuaRuan Technology 2-Connect Board, Xilong Science, Jushi Chemical, Kent Catalysis, Jiuri New Materials, and Anji Technology were among the top gainers. On the news, on September 16, Japan’s JSR, Tokyo Onka, Shin-Etsu Chemical, etc. announced that the new photoresist pricing for global customers will increase by 15% starting from October 1, 2026. Among them, spot orders increased by 32% to 38%. B[Office of the State Council: It is strictly prohibited to use explosives such as azide and hydrazine nitrate salts to produce fireworks and firecrackers. It is strictly prohibited to purchase semi-finished products containing drugs for processing and sale] On September 17, the General Office of the State Council issued the "Opinions on Further Strengthening Safety Supervision of the Whole Chain of Fireworks and Firecrackers", which pointed out that the control of drugs and semi-finished products should be strengthened. Strengthen the safety management of the production, processing, storage, purchase, sale, and transportation of black powder, fuses, and decommissioned propellants used in the production of fireworks and firecrackers. In principle, black powder, fuses, and decommissioned propellants after crushing and processing are not allowed to be transported across provinces. It is strictly prohibited for production enterprises to resell pyrotechnic powder (including bright beads and other naked powder effect parts), black powder, fuse, decommissioned propellant, semi-finished products containing medicine, and dangerous chemicals that can lead to explosives to any unit or individual. It is strictly prohibited to use azide, hydrazine nitrate and other detonating explosives to produce fireworks and firecrackers, and it is strictly prohibited to purchase semi-finished products containing drugs for processing and sale. Strengthen the registration and filing management of the purchase, sale, use, inventory and other information of hazardous chemicals that can produce explosives, and it is strictly prohibited for individuals to purchase hazardous chemicals that can produce explosives.
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