October 13 (Monday), today's major headlines include:

**Commerce Ministry: Prudent Implementation of Export Control Measures**

The Ministry of Commerce and General Administration of Customs recently issued an announcement implementing export controls on relevant rare earth materials. A spokesperson stated on October 12 that China has released export control measures for rare earth and related materials, which is a legitimate practice by the Chinese government to improve its export control system in accordance with laws and regulations. The spokesperson noted that given the current volatile global situation and frequent military conflicts, China has observed that medium and heavy rare earth materials have important military applications. As a responsible major country, China implements export controls on relevant materials to better maintain world peace and regional stability, and fulfill international obligations including non-proliferation.

**Gold Surges as Market Exploration Reveals Price Jumps of 50 Yuan Per Gram, 5G Gold Products in High Demand**

With international gold prices strengthening recently, the gold jewelry consumer market has attracted significant attention. On October 12, a visit to China's largest gold and jewelry distribution center - Shenzhen Shuibei International Gold Trading Market - revealed bustling crowds and consumer gold products' benchmark selling prices (excluding processing fees) reaching 922 yuan per gram, up 11 yuan per gram from the previous day.

**New Development in Debt Dispute Between Jianshin Trust and Huawen Jincheng**

The debt dispute between Jianshin Trust and Hainan Huawen Jincheng Investment Co., Ltd. (formerly "Shannan Huawen Venture Investment Co., Ltd.") has seen new developments. Huawen Group recently disclosed a progress announcement regarding guarantees provided for its wholly-owned subsidiary Huawen Jincheng's related debts. The announcement shows that Jianshin Trust won the first-instance lawsuit, with Huawen Jincheng required to pay 72.89 million yuan in equity transfer consideration, maintenance fees, and penalty interest, with Huawen Group bearing joint guarantee liability.

**Semiconductor Leader Issues Sudden Announcement, Trading Resumes Today**

On the evening of October 12, Wingtech Technology announced that its subsidiary Nexperia and Nexperia Holdings recently received ministerial orders from the Dutch Ministry of Economic Affairs and Climate Policy and rulings from the Amsterdam Court of Appeal's Enterprise Chamber. Wingtech Technology stated that the ruling temporarily limits the company's control over Nexperia, while economic benefit rights as a shareholder remain unaffected.

**Shanghai Selects Six Major Directions for Future Industry Layout**

To systematically, proactively, and comprehensively cultivate future industries, Shanghai recently formulated and issued "Several Measures on Accelerating Frontier Technology Innovation and Future Industry Cultivation" after approval by the municipal government executive meeting. The city aims to achieve breakthrough progress in frontier disruptive technologies by 2027, systematically establish future industry clusters, and cultivate approximately 20 future industry ecosystem-leading enterprises. By 2030, Shanghai plans to nurture and strengthen future industries, promote the formation of several strategic emerging industries, and become a globally influential future industry leader.

**All-Out Sprint for Q4 Economy: What Incremental Policies Are Worth Expecting?**

Experts believe that for stable economic operation throughout the year, Q4 is expected to require approximately 15 trillion yuan in total investment and 13-14 trillion yuan in total consumption. Incremental policies may be introduced in areas such as stable investment, consumption, and foreign trade, with enhanced implementation of existing policies and coordinated fiscal, monetary, and industry policy combinations.

**Domestic and Foreign Institutions: Long-term Attractiveness of Chinese Innovative Drugs Highlighted**

Under the multiple drivers of policy support, R&D breakthroughs, and value reassessment, China's innovative drug industry is experiencing a "double-hit moment" of performance and valuation. Since the beginning of the year, several innovative drug stocks have doubled in price, with pharmaceutical-themed funds averaging nearly 40% net value growth over the past year. Currently, domestic and foreign institutions generally believe that as companies enter a profit harvest period and demonstrate global competitiveness, China's innovative drug sector has entered a long-term growth trajectory with current valuations remaining attractive.

**Five New Stocks Available for Subscription This Week, Global Automotive Electronics PCB Supply Leader Arrives**

After the National Day holiday, the new stock market remains active. Last week, Aomosen officially listed on the Beijing Stock Exchange, rising 349.82% on its first trading day. Research analysis indicates that 15 Beijing Stock Exchange companies completed listings in the first nine months of 2025, raising 4.9 billion yuan, with the Beijing Stock Exchange IPO pace maintaining acceleration. With rising first-day returns and market expectation recovery, Beijing Stock Exchange new stock subscription enthusiasm continues to rise, showing good market attractiveness and liquidity improvement trends.

**Hot Topic: Commerce Ministry Announcement Attachment Uses WPS Format for First Time**

On October 12, "Commerce Ministry announcement attachment uses WPS format for first time" became a trending topic on Weibo. Netizens discovered that the Ministry of Commerce's Announcement No. 61 of 2025, published on October 9, implementing export controls on certain overseas rare earth-related materials containing Chinese components, used WPS format for attachments and required Chinese-language application submissions, generating significant discussion. Previously, announcement attachments were typically in Word or PDF formats.

**Selling Spree: Jensen Huang Continues Cashing Out**

Jensen Huang sold again. According to SEC filings disclosed after market close on October 10 Eastern Time, NVIDIA CEO Jensen Huang initiated intensive selling actions recently. From October 8-10, over just three days, Huang sold 225,000 NVIDIA shares through 20 separate transactions at an average price of approximately $190.2 per share, cashing out about $42.8 million. Prior to this, from October 1-7, he maintained a steady pace of "selling 75,000 shares daily" for five consecutive trading days, with average transaction prices ranging from $186.8 to $191.5 per share, cashing out over $70.24 million.

**Precious Metals Price Volatility Intensifies, Banks Issue Business Risk Warnings**

Since October, international spot gold prices broke through $4,000 per ounce, creating historical highs before experiencing severe volatility. Recently, multiple banks have made dynamic adjustments to precious metals business from risk warnings and investor participation threshold adjustments. On October 10, China Construction Bank announced on its official website: "Recent domestic and international precious metals price volatility has intensified, with elevated market risks. Please enhance risk awareness for precious metals business, reasonably control positions, timely monitor position status and margin balance changes, and invest rationally."

**Non-ferrous Metals "Heat Wave" Rolling, Funds Deconstruct New Super Cycle**

International gold prices reach historical peaks, London copper prices strongly approach the 10,000-yuan threshold, while silver demonstrates remarkable elasticity in catch-up rallies... Recently, a "heat wave" regarding non-ferrous metals is sweeping globally. Capital markets have responded enthusiastically, with Wind data showing non-ferrous metals-related ETFs becoming focal points for recent capital pursuit, gaining over 20 billion yuan in net inflows in just the past month. Leading stocks within the sector like Zijin Mining, China Molybdenum, and Xinye Yinxi have repeatedly hit new highs.

**Operation Mechanism Optimization: "Swap Connect" Daily Net Limit Increased to 45 Billion Yuan Starting Today**

October 13 marks the optimization of "Swap Connect" operation mechanisms. Previously, on September 25, the China Foreign Exchange Trade System announced that under People's Bank of China guidance, it would optimize the Mainland-Hong Kong interest rate swap market connectivity cooperation mechanism. Specific measures include two aspects: improving the daily net limit dynamic assessment mechanism and increasing the daily net limit to 45 billion yuan starting October 13, 2025.

**Over 40 A-Share Listed Companies Disclose Q3 Earnings Previews**

Data shows that as of October 12, over 40 A-Share listed companies have disclosed Q3 earnings previews, showcasing excellent "report cards" early. Multiple listed companies show positive earnings expectations (including projected increases and turnarounds). Among them, Guangdong Yinglian Packaging and Guangdong Mingzhu Group expect their first three quarters' net profit attributable to shareholders to increase by over 10 times year-over-year. Additionally, Limin Holdings Group, China Northern Rare Earth Group, Brother Technology, Zhejiang Yonghe Refrigeration, and Zhangjiagang Guangda Special Materials expect first three quarters' net profit attributable to shareholders to increase by over 200% year-over-year.

**Convertible Bond Market Trading Active, Year-to-Date Trading Volume Up Over 37%**

Entering Q4 2025, multiple listed companies have disclosed latest progress on convertible bond conversions. On the evening of October 9, three securities sector listed companies - Huaan Securities, Caitha Securities, and SDIC Capital - announced their latest convertible bond conversion status. Such regular information disclosures provide investors with important channels to understand year-to-date convertible bond market changes.

**Gold Price Long-term Bull Case Remains Solid and Strong**

Over the past week, international gold prices experienced "roller-coaster" volatility. On October 9, London spot gold prices briefly surged to $4,059 per ounce, creating historical peaks, before experiencing significant corrections with a single-day decline of 1.62% to close at $3,976 per ounce. However, markets quickly regained upward momentum. According to latest Wind data as of October 12, London spot gold quoted $4,017.85 per ounce, up 1.05% from the previous day with intraday highs touching $4,021.96 per ounce. Meanwhile, New York gold futures performed even stronger with single-day gains of 1.58%, closing at $4,035.5 per ounce and refreshing historical highs.