【Key Highlights】 • The Ministry of Commerce addressed issues related to Nexperia Semiconductor and rare earth exports. • The State Council Tariff Commission announced the termination of additional tariffs on certain U.S. imports. • The National Immigration Administration introduced 10 innovative measures to support openness and high-quality development. • Two ministries issued guidelines to promote high-efficiency water-saving equipment, accelerating industrialization in smart water usage and cooling technologies. • The National Bureau of Statistics reported a rebound in October CPI and a narrowing PPI decline. • The central bank resumed open-market treasury bond transactions and conducted equivalent rollovers for 3-month reverse repos. • The Ministry of Finance successfully issued USD sovereign bonds in Hong Kong, attracting strong international investor demand. • New national standards for sci-tech achievements transformation were released, focusing on AI and quantum information. • The CSRC unveiled the revised "Securities Settlement Risk Fund Management Measures," enhancing risk prevention and internal oversight. • Beijing-Tianjin-Hebei collaboration aims to build a CNY 200 billion Beidou spatiotemporal industry cluster by 2027. • U.S. Senate negotiations continue to avert a government shutdown.

【Domestic Updates】 • The Ministry of Commerce emphasized responsible rare earth export controls and approved Nexperia Semiconductor’s export permits to stabilize global supply chains. • China extended the suspension of measures against certain U.S. entities on the Unreliable Entities List for one year, effective November 10. • Additional tariffs on U.S. goods will be lifted on November 10, following Sino-U.S. trade consultations. • New immigration policies include expanded visa-free transit and smart customs clearance at select ports. • A joint plan targets breakthroughs in water-saving technologies by 2027, fostering industry leaders and SMEs. • October CPI rose 0.2% YoY, while PPI declined 2.1% YoY, marking a third consecutive month of narrowing drops. • The PBOC injected CNY 200 billion via treasury bond transactions and CNY 400 billion via reverse repos in October. • China and Korea renewed a CNY 400 billion/₩70 trillion currency swap agreement for five years. • Q3 current account surplus reached CNY 139.48 billion, driven by goods trade. • The USD sovereign bond issuance saw 30x oversubscription, with 5-year bonds attracting 33x demand. • Ocean economy grew 5.6% YoY in Q1-Q3, with marine-related IPOs raising CNY 26 billion. • New standards facilitate tech-to-production conversion, prioritizing AI and quantum sectors. • The CSRC’s updated risk fund rules mandate stricter internal controls and accountability. • Regulatory support for Hong Kong includes expanding Stock Connect and introducing treasury futures. • The Beijing-Tianjin-Hebei action plan aims for 500,000 Beidou terminal deployments by 2027.

【International Updates】 • UNEP’s 2025 Emissions Gap Report warns of insufficient climate commitments under the Paris Agreement. • U.S. October ADP employment rose by 42,000, exceeding forecasts, while ISM services PMI hit an 8-month high. • U.S. Senate negotiations on government funding saw limited progress. • U.S. ISM manufacturing PMI fell to 48.7, signaling an eighth month of contraction. • Eurozone manufacturing PMI stabilized at 50, but new orders stagnated, with Germany and France remaining below 50. • The U.S. Treasury maintained quarterly debt issuance at $125 billion. • The Bank of England held rates at 4%, with a split vote hinting at potential December cuts. • Global gold ETF outflows totaled $2.5 billion in late October, reducing holdings by 22.1 tons.