【Headline】Li Chenggang: China and U.S. Reach Preliminary Consensus on Key Economic Issues On October 25-26, China and the U.S. held economic and trade consultations in Kuala Lumpur. Li Chenggang, the Chinese Ministry of Commerce's International Trade Negotiation Representative and Vice Minister, stated after the consultations that both sides have reached a preliminary consensus on several key economic and trade issues of mutual concern and will proceed with their respective domestic approval processes. He noted that in the past month, there have been fluctuations and disruptions in China-U.S. trade relations, which have garnered global attention. Since the economic talks between the U.S. and China in Geneva in May, China has closely adhered to the consensus reached in multiple communications between the two heads of state, diligently fulfilling the agreements made during economic consultations to maintain the relatively stable China-U.S. economic and trade cooperation relationship. “These fluctuations are not something China wishes to see,” said Li. Over the last two days, the economic teams discussed in depth and candidly the U.S. measures on maritime logistics and shipbuilding industry, further extensions of the reciprocal tariff suspension period, fentanyl tariffs and anti-drug cooperation, as well as trade expansion and export controls, exploring constructive ways to handle both sides' concerns and reaching a preliminary agreement. “The U.S. side expressed a strong stance, while China firmly protects its interests,” Li added, highlighting that the teams maintained respect and engaged in equal dialogue throughout the consultations. Moving forward, the two sides will enhance communication to foster more stable and healthier development of China-U.S. economic and trade relations. Li also thanked the Malaysian government for its warm reception and thoughtful arrangements.

【Market Overview】 COMEX gold futures traded at $4,137.80 per ounce. In the U.S. markets, the Dow Jones Industrial Average closed up 472.51 points at 47,207.12, marking a 1.01% increase; the S&P 500 rose 53.25 points to finish at 6,791.69, up 0.79%; while the Nasdaq Composite gained 263.07 points, closing at 23,204.87, a rise of 1.15%. Recent CPI data showed U.S. inflation for September was lower than expected, increasing Wall Street's confidence in an interest rate cut by the Federal Reserve next week. Most major tech stocks rose, with NVIDIA and Google each up more than 2%. Memory stocks continued their strong performance, with SanDisk rising over 11% and Micron Technology up nearly 6%, both reaching historic highs. The Nasdaq China Golden Dragon Index closed up 0.27%, with a weekly increase of 2.4%. Yuantai Medical surged over 5%, while Kingsoft Cloud climbed over 2%. The ADR for the Hang Seng Index rose proportionally, closing at 26,231.98 points, up by 71.83 or 0.27%. The COMEX gold futures contract for the month settled down $7.80, a drop of 0.19%, to $4,137.80 per ounce. The Shenzhen Stock Exchange will suspend the Hong Kong Stock Connect service on October 29 (Chongyang Festival) and resume regular service on October 30.

【Upcoming Highlights】 The Ministry of Finance will issue U.S. dollar sovereign bonds in Hong Kong not exceeding $4 billion. According to a notice from the Ministry of Finance on October 24, approved by the State Council, the ministry plans to issue U.S. dollar sovereign bonds in the Hong Kong Special Administrative Region during the week of November 3, 2025, with the total amount not exceeding $4 billion. Specific issuance arrangements will be announced prior to the issue.

The People's Bank of China: MLF operation of 900 billion yuan will be carried out on October 27. The central bank announced on October 24 that to maintain ample liquidity in the banking system, it will conduct a fixed-amount, interest rate bidding MLF operation of 900 billion yuan on October 27 (Monday) with a term of one year, continuing to increase the volume for the eighth consecutive month.

Xipuni (02583) Recognized as the Seventh Batch of National-level Specialized and Innovative "Little Giant" Enterprises. Xipuni announced that it has been recognized by the Ministry of Industry and Information Technology as one of the seventh batch of specialized and innovative "little giant" enterprises as per the public announcement from the Shenzhen Small and Medium Enterprises Service Bureau.

Beyond Spring Cycle (00512): Global Innovative Ophthalmic Drug GPN00884 Completes First Patient Enrollment in Phase IIa Clinical Study in China. Beyond Spring Cycle announced the completion of the first patient enrollment for its global innovative ophthalmic drug GPN00884 in the Phase IIa clinical research conducted in China. This study is a randomized, double-blind, placebo-controlled Phase IIa trial aimed at initially evaluating the effectiveness of GPN00884 eye drops in delaying the progression of myopia in children aged 6–12 years and its safety profile for myopia patients.

WUXI APPTEC (02359): Net Profit Reaches 12.076 Billion Yuan in the First Three Quarters, up 84.84% Year-on-Year. WUXI APPTEC reported its Q3 financials, showing an operating revenue of 12.057 billion yuan, representing a year-on-year increase of 15.26%, with a net profit attributable to shareholders of listed companies at 3.515 billion yuan, up 53.27%. In the first three quarters, the total operating revenue reached 32.857 billion yuan, up 18.61%, with a net profit of 12.076 billion yuan, showcasing an 84.84% increase year-on-year.

WUXI APPTEC (02359) Plans to Sell 100% Equity of Kangde Hongyi and Jinshi Pharma. WUXI APPTEC has announced a sales agreement on October 24, 2025, where its wholly-owned subsidiary, Shanghai Wuxi Apptec New Drug Development Co., Ltd., agreed to sell its stakes in Shanghai Kangde Hongyi Medical Clinical Research Co., Ltd. and Shanghai Wuxi Jinshi Pharmaceutical Technology Co., Ltd. to Hillhouse Capital, a leading global private asset management firm focusing on healthcare, manufacturing, green energy, hard technology, and consumer technology sectors.

Official Announcement: Honor of Kings Breaks 139 Million Daily Active Users in 2025. At the 10th Anniversary Co-creation Night for Honor of Kings, it was announced that the daily active users surpassed 139 million, with total monthly active users exceeding 260 million, relating to Tencent Holdings (00700).

Luoyang Molybdenum (03993): Third-Quarter Net Profit Up 96.4% with Copper Product Sales Increasing Year-on-Year. Luoyang Molybdenum announced that for Q3, it achieved operating revenue of 50.713 billion yuan, a decrease of 2.36% year-on-year, while net profit attributable to shareholders reached 5.608 billion yuan, an increase of 96.40%. For the first three quarters, total operating revenue was 145.485 billion yuan, a decrease of 5.99%, and net profit was 14.280 billion yuan, marking a 72.61% rise. This was attributed to increasing prices of key products coupled with year-on-year growth in copper product sales.

【Stock Highlights】 CITIC Securities (06030): Third-Quarter Net Profit at 9.44 Billion Yuan, Up 51.54% CITIC Securities published its Q3 2025 results, reporting an operating revenue of 22.775 billion yuan, which represents a year-on-year growth of 55.71%, and a net profit of 9.440 billion yuan, an increase of 51.54%. For the first three quarters, CITIC Securities achieved an operating revenue of 55.815 billion yuan, reflecting a year-on-year increase of 32.70%, and a net profit of 23.159 billion yuan, up 37.86%.