**Today's Headlines**

Rare Short Squeeze Unfolds as Spot Silver Prices Surge Dramatically

In the early hours of October 14th Beijing time, the silver market experienced a rare short squeeze not seen in nearly half a century. The historic "short squeeze" in the London market intensified, with spot silver surging as much as 3.9% at one point, breaking through $52 per ounce and hitting multi-decade highs, far exceeding last week's peak. Meanwhile, gold continued its eight-week winning streak, setting new historical records with intraday highs breaking through $4,115 per ounce.

Liquidity tightening in the London market directly catalyzed silver's historic breakthrough. The London silver 1-month implied lease rate, representing the cost of borrowing spot silver, has risen to 42.72%, indicating extremely tight physical silver supplies. Industry insiders noted that this elevated data reflects the chain reaction of short squeezing triggered by tight physical delivery, with a rare short squeeze scenario unfolding.

The silver sector involves CHI SILVER GP (00815) among Hong Kong-listed stocks.

**Market Outlook**

Popular Chinese Concept Stocks Rise Broadly, COMEX Gold Futures at $4,133.0 per Ounce

Overnight US markets closed with the Dow Jones Industrial Average up 587.98 points to 46,067.58, gaining 1.29%; the S&P 500 rose 102.21 points to 6,654.72, up 1.56%; and the Nasdaq Composite gained 490.18 points to 22,694.61, advancing 2.21%.

Popular tech stocks rose broadly, with Broadcom up over 9%, Tesla and Oracle gaining over 5%, Google rising over 3%, and NVIDIA advancing over 2%. Crypto mining companies, precious metals, and semiconductors led gains, with Bitfarms up over 28% and Navitas Semiconductor rising over 21%.

Popular Chinese concept stocks gained broadly, with 21Vianet up over 10%, NIO rising 7%, MINISO gaining over 5%, Alibaba and JD.com up over 4%, and XPeng and Baidu advancing over 3%.

Hang Seng Index ADRs declined, closing at 25,857.32 points on a proportional basis, down 32.16 points or 0.12% from Hong Kong's close.

COMEX gold futures front-month contract rose $132.60 or 3.31% to $4,133.0 per ounce.

**Hot Topics Ahead**

Ministry of Transport Issues "Implementation Measures for Collecting Special Port Service Fees from US Vessels"

Vessels engaged in international maritime transport that berth at Chinese ports and meet any of the following conditions must pay special port service fees: (1) vessels owned by US enterprises, organizations, and individuals; (2) vessels operated by US enterprises, organizations, and individuals; (3) vessels owned or operated by enterprises or organizations in which US entities hold 25% or more equity; (4) US-flagged vessels; (5) vessels built in the US.

JPMorgan Launches $1.5 Trillion Plan to Invest in US Defense and Critical Industries

JPMorgan Chase announced Monday the launch of a $1.5 trillion plan aimed at supporting, financing, and investing in industries critical to US national security and economic resilience, including defense, energy, and advanced manufacturing. The bank also plans to hire more investment banking personnel and invest up to $10 billion in US companies through direct equity and venture capital, focusing on rapidly growing enterprises and key manufacturers.

Hong Kong SFC Launches New Hotline and Streamlines Authorization Process to Support REIT Market Development

On October 13th, the Hong Kong Securities and Futures Commission launched a "REIT Hotline" to facilitate the authorization of new Real Estate Investment Trusts for public offerings. This new one-stop hotline helps local and international REIT applicants consult with the SFC confidentially about their applications, enhancing preparation efficiency and promoting Hong Kong's REIT market development.

**Individual Stock Highlights**

Sinopec Kantons (00934): Rizhao Shihua Added to OFAC SDN List

Sinopec Kantons announced that the US Treasury's Office of Foreign Assets Control (OFAC) has added Rizhao Shihua Crude Oil Terminal Co., Ltd. (in which the company holds a 50% stake) to the Specially Designated Nationals List.

Hua Medicine (01931) Acquires US Property and Establishes US subsidiary ETHK BANK to Advance Stablecoin and IP Securitization

Hua Medicine announced it has recently completed the acquisition of a property in Irvine, Orange County, California, for a total consideration of $4.365 million. The company has also incorporated a wholly-owned subsidiary ETHK BANK Inc. in Colorado as an important platform for stablecoin and medical/innovative drug IP securitization businesses in North America.

INNOSCIENCE (02577) Provides Complete GaN Power Solutions for 800 VDC Power Architecture, Enabling Next-Generation AI Factories

INNOSCIENCE announced that NVIDIA will support 800 VDC power architecture. The 800 VDC rack power architecture brings breakthrough progress to AI data centers, achieving higher efficiency and power density while reducing energy consumption and carbon emissions. Similar to the automotive industry's upgrade from 400V to 800V, raising rack voltage from 48V to 800V reduces current by 16 times, significantly reducing I²R losses and minimizing copper requirements.

REPT BATTERO (00666) Q3 Shipments Exceed 23GWh, Setting Best Quarterly Record

REPT BATTERO announced that the group's Q3 2025 shipments exceeded 23GWh, setting the group's best quarterly shipment record, with monthly shipments reaching over 8GWh at peak, also setting the group's best monthly record.

Sino Biopharm (01177): TQB2102 "HER2 Dual Antibody ADC" Included in Breakthrough Therapy Drug Program

Sino Biopharm announced that its self-developed Class 1 new drug TQB2102 injection, a "HER2 bispecific antibody-drug conjugate (ADC)," has been included in the Breakthrough Therapy Drug (BTD) program by China's Center for Drug Evaluation, for treating HER2 IHC 3+ advanced colorectal cancer after failure of prior oxaliplatin, irinotecan, and fluoropyrimidine treatments.

CSPC PHARMA (01093): New Drug Application for Etedeseglupatide Alpha Injection Accepted by NMPA

CSPC PHARMA announced that the new drug application for Etedeseglupatide Alpha Injection developed by subsidiary CSPC Baike (Shandong) Biopharmaceutical has been accepted by China's National Medical Products Administration. The product is filed as a Class 1 therapeutic biological new drug for long-term weight management in overweight or obese adults alongside diet control and increased exercise.

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical (01349): Obeticholic Acid Tablets Application for Primary Biliary Cholangitis Treatment Not Approved

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical announced that subsidiary Taizhou Fudan-Zhangjiang Pharmaceutical received a "Drug Marketing Application Disapproval Notice" from NMPA, with the application for Obeticholic Acid tablets (5mg, 10mg specifications) for treating primary biliary cholangitis not approved.

NCI (01336) Expects Q1-Q3 Net Profit Attributable to Shareholders to Rise 45%-65% YoY

NCI announced preliminary estimates showing Q1-Q3 2025 net profit attributable to shareholders of RMB 29.986-34.122 billion, representing a YoY increase of RMB 9.306-13.442 billion or 45%-65%; and adjusted net profit of RMB 28.998-33.141 billion, up RMB 8.285-12.428 billion or 40%-60% YoY.

**Stock Spotlight**

BEIGENE (06160): Sotorasib Receives FDA Breakthrough Therapy Designation

This designation is based on early positive results from a Phase 1/2 study of sotorasib in patients with relapsed or refractory mantle cell lymphoma. BEIGENE will participate in the Orbis program to support rapid advancement of global drug accessibility.

San Carlos, California — BEIGENE Limited, a global oncology innovation company, announced that the US Food and Drug Administration has granted sotorasib Breakthrough Therapy Designation for treating adult patients with relapsed or refractory mantle cell lymphoma. Additionally, FDA has accepted BEIGENE's application to participate in the Orbis program, under which oncology drugs can be simultaneously submitted to and reviewed by participating global health authorities.