● Rare Earth: According to the Ministry of Commerce website on October 9, the Ministry of Commerce and General Administration of Customs jointly issued 4 announcements to implement export controls on superhard materials, rare earth equipment and raw auxiliary materials, 5 types of medium and heavy rare earths including holmium, lithium batteries and artificial graphite negative electrode materials. The controls will be officially implemented on November 8.
● NDRC: On October 9, the National Development and Reform Commission and the State Administration for Market Regulation issued the "Announcement on Governing Disorderly Price Competition and Maintaining Good Market Price Order." The announcement proposes that for goods and services with market-regulated pricing, operators should follow the principles of fairness, legality, and good faith in accordance with the Price Law of the People's Republic of China, taking production and operating costs and market supply and demand conditions as the basic basis, legally exercising autonomous pricing rights, consciously maintaining market price order, and jointly creating a fair and orderly competitive market environment. The announcement states that operators who fail to regulate price behavior after reminders and warnings will be given key attention, and cost investigations and price supervision inspections will be conducted when necessary. If price violations are discovered, they will be investigated and dealt with according to law.
1. People's Bank of China: On October 9, the first working day after the National Day and Mid-Autumn Festival holidays, the People's Bank of China conducted 1.1 trillion yuan in 3-month outright reverse repo operations through fixed quantity, rate bidding, and multiple price winning methods. Given that 800 billion yuan in 3-month outright reverse repos expire in October, this operation resulted in a net increase of 300 billion yuan in 3-month outright reverse repo operations for the month.
2. Ministry of Commerce: The Ministry of Commerce announced that the unreliable entity list working mechanism has decided to include 14 foreign entities, including Anti-Drone Technologies, TechInsights and its subsidiaries, on the unreliable entity list. The announcement takes effect from the date of publication, and matters not covered shall be implemented according to the "Unreliable Entity List Regulations." In recent years, foreign entities such as Anti-Drone Technologies and TechInsights and its subsidiaries have disregarded strong Chinese opposition and respectively engaged in so-called military-technical cooperation with Taiwan, published malicious statements concerning China, and assisted foreign governments in suppressing Chinese enterprises, seriously harming China's national sovereignty, security and development interests.
3. State Administration for Market Regulation: On October 9, the State Administration for Market Regulation published an article seeking public comments on the "Market Supervision and Administration Serious Illegal and Dishonest Entity List Management Measures (Revised Draft for Comments)." Main revisions include: adopting a "small incision" legislative model to quickly fill key institutional gaps; solving key bottlenecks that constrain the full play of regulatory effectiveness, prioritizing solutions to urgent problems such as cumbersome listing processes and unclear departmental responsibilities, effectively clarifying responsibilities, optimizing procedures, and enhancing operability while ensuring coordination with relevant laws and administrative regulations.
4. People's Bank of China: Data released by the People's Bank of China shows that during the 2025 National Day and Mid-Autumn Festival holidays, UnionPay and NetsUnion processed a total of 41.552 billion payment transactions, an increase of 9.523 billion transactions compared to last year's National Day holiday; payment transaction amounts totaled 13.26 trillion yuan, an increase of 1.86 trillion yuan compared to last year's National Day holiday.
5. China Council for the Promotion of International Trade: On October 9, Ren Hongbin, Chairman of the China Council for the Promotion of International Trade, met with Estelle Brachlianoff, Global CEO of Veolia Group, and her delegation in Beijing. The two sides exchanged views on China's high-quality economic development and high-level opening up, supporting foreign enterprises to deepen their presence in the Chinese market, and strengthening international cooperation in industrial and supply chains.
1. A-shares: On the first trading day of October, the A-share market achieved an "opening success." Technology and cyclical hotspots collectively strengthened, driving all three major indices higher, with the Shanghai Composite Index returning to 3900 points for the first time in ten years. At closing, the Shanghai Composite Index reported 3933.97 points, up 1.32%, reaching a new high since August 2015; the Shenzhen Component Index reported 13725.56 points, up 1.47%, reaching a new high since February 2022; the ChiNext Index reported 3261.82 points, up 0.73%, reaching a new high since January 2022.
2. Hong Kong stocks: On October 9, Hong Kong new stock Golden Leaf International Group (08549) surged as much as 900% in grey market trading. The company's public offering was oversubscribed by more than 9030 times, becoming the most oversubscribed new stock in Hong Kong stock history. Additionally, new stock Shanghai Zhida Technology Development (02650) rose over 228% in grey market trading. In the first three quarters of this year, a total of 68 new stocks listed on the Hong Kong stock market, raising a total of HK$182.45 billion, representing year-on-year increases of 51% and 227% respectively. Deloitte China's Capital Markets Services recently stated that it has raised its forecast for Hong Kong's new stock market financing scale for the full year 2025, expecting it to reach HK$250-280 billion.
3. Wealth management research: Data shows that as of October 9, 25 wealth management companies have conducted over 2000 research visits to A-share listed companies this year, with technology, pharmaceuticals and other new productive forces becoming key focus areas. Ningyin Wealth Management, China Merchants Bank Wealth Management, Industrial Bank Wealth Management, Hangzhou Bank Wealth Management and other institutions conducted more research visits to listed companies.
4. Margin trading conversion rates: On the afternoon of October 9, some investors reported receiving SMS notifications from Orient Securities informing them that starting October 9, the conversion rate for SMIC held in credit accounts was adjusted from 0.7 to 0, and the conversion rate for Baiwei Storage was adjusted from 0.5 to 0. It was learned that this was not a special operation by a single securities firm targeting specific stocks. On October 9, multiple securities firms including Orient Securities, Oriental Securities, Guotai Haitong, China Galaxy Securities, Industrial Securities, Ping An Securities, and Everbright Securities all adjusted the conversion rates for Baiwei Storage and SMIC to 0. Other stocks whose conversion rates were also adjusted to 0 include Yongding Co., Manster, Harbin Air Conditioning, Honghui Fruit & Vegetable, Tianma Technology, Ruisheng Intelligence, and several others.
5. Options: Hong Kong Exchanges and Clearing announced on October 9 that it will introduce weekly contracts for five stock option categories starting November 10, 2025. The newly launched weekly option contracts will complement monthly contracts, providing investors with more flexible and effective short-term risk management tools.
6. Funds: On October 9, data showed that based on disclosed offering announcements, 73 new funds will begin offering in October (counting only initial shares) as of October 31, with equity funds accounting for the majority. Among them, 38 are equity funds, accounting for more than half.
Global Markets
1. U.S. stocks: On October 9 local time, all three major U.S. stock indices closed lower, with the Dow falling 0.52%, the Nasdaq falling 0.08%, and the S&P 500 falling 0.28%. Oracle rose over 3%, Meta rose over 2%, NVIDIA and Amazon rose over 1%, while Apple and Google fell over 1%. The Nasdaq Golden Dragon China Index closed down 2.03%, with XPeng and NIO falling about 5%, Li Auto and Alibaba falling over 4%; Bilibili rose nearly 3%.
2. European stocks: On October 9 local time, Europe's three major stock indices closed mixed, with Germany's DAX index up 0.06%, France's CAC 40 index down 0.23%, and the UK's FTSE 100 index down 0.41%.
3. Federal Reserve: On October 9 local time, Federal Reserve Chairman Powell delivered welcome remarks via video at the Federal Reserve Board Community Banking Conference in Washington, D.C., but did not comment on the current economic situation and monetary policy outlook, while the New York Fed official clearly stated that the Fed should continue cutting interest rates.
4. U.S. stocks: Recently, foreign media reported that the U.S. has approved NVIDIA's sale of AI chips worth billions of dollars to the UAE. Stimulated by this news, NVIDIA's stock price surged over 3% during Thursday's U.S. trading session, reaching a high of $195.3 per share, setting a new record high with a total market value exceeding $4.7 trillion. There are also reports that Musk's xAI has secured up to $20 billion in financing, including a $2 billion equity investment from NVIDIA.
5. Spot silver: On October 9, spot silver broke through $50 per ounce for the first time, setting a historical record. After breaking through the $50 barrier, spot silver continued its strong upward momentum, quickly breaking through $51 per ounce, rising $2.3 intraday and reaching a high of $51.22 per ounce, with gains reaching 4.8%.
Industry Observations
1. New energy vehicles: On October 9, the Ministry of Industry and Information Technology and two other departments issued the "Announcement on Technical Requirements for New Energy Vehicle Products Eligible for Vehicle Purchase Tax Exemption in 2026-2027," adjusting relevant technical requirements for pure electric passenger cars and plug-in (including extended-range) hybrid passenger cars. The most significant change is that the pure electric driving range for plug-in (including extended-range) hybrid passenger cars should meet conditional equivalent all-electric range requirements, adjusted from the previous 43 kilometers to no less than 100 kilometers.
2. Cloud computing: The Ministry of Industry and Information Technology announced on October 9 that the Ministry of Industry and Information Technology and the Standardization Administration of China have issued the "Cloud Computing Comprehensive Standardization System Construction Guidelines (2025 Edition)." The guidelines clarify that by 2027, more than 30 new national and industry standards for cloud computing will be developed, continuously improving the cloud computing industry standard system. More than 1,000 enterprises will conduct standard promotion and implementation, with the effectiveness of standards empowering enterprise digital transformation and upgrading becoming more prominent. The supply of international standards in cloud computing will be accelerated to promote global industrial development.
3. Tourism: This year's National Day and Mid-Autumn Festival holidays overlapped, and the tourism market again showed rapid growth. According to calculations by the Data Center of the Ministry of Culture and Tourism, during the 8-day 2025 National Day and Mid-Autumn Festival holiday, domestic trips nationwide totaled 888 million person-times, an increase of 123 million person-times compared to the 7-day 2024 National Day holiday; total domestic tourism spending reached 809.006 billion yuan, an increase of 108.189 billion yuan compared to the 7-day 2024 National Day holiday.
4. National Medical Products Administration: The National Medical Products Administration recently issued the "National Medical Products Administration, National Health Commission, National Administration of Traditional Chinese Medicine Announcement on Further Promoting Drug Marketing Authorization Holders to Accelerate Post-Marketing Research and Evaluation of Traditional Chinese Medicine Injections (Draft for Comments)," seeking public comments. The draft clarifies that through a combination of voluntary and mandatory approaches, drug marketing authorization holders will be promoted to accelerate post-marketing research and evaluation of traditional Chinese medicine injections, ultimately achieving the goal of "voluntarily evaluating a batch, mandatorily evaluating a batch, and legally eliminating a batch." Drug marketing authorization holders are the primary responsible parties for the quality and safety of traditional Chinese medicine injections and need to voluntarily conduct post-marketing research and evaluation, deeply study the material basis and mechanisms related to clinical efficacy, confirm product safety and effectiveness, and improve quality controllability.
5. Consumer-related industries: According to the State Administration of Taxation, VAT invoice data shows that during the National Day and Mid-Autumn Festival holidays, daily average sales revenue in consumer-related industries nationwide increased by 4.5% year-on-year, with commodity consumption and service consumption increasing by 3.9% and 7.6% respectively. Digital products and automobile consumption grew rapidly, tourism and cultural, artistic and sports services showed strong demand, and food and health product consumption grew steadily.
6. Charging facilities: According to the National Energy Administration on October 9, based on monitoring data from the national charging facility monitoring service platform, through statistical analysis of 48,400 highway charging facilities (guns) included in the platform monitoring service, from 0:00 on October 1 to 24:00 on October 8, highway new energy vehicle charging sessions in China totaled 5.169 million times, with charging volume reaching 123 million kWh. The daily average charging volume during this year's National Day holiday was 15.3591 million kWh, 2.59 times the usual weekday volume this year, an increase of 23.61% compared to this year's "May Day" holiday and 45.73% compared to last year's National Day holiday, setting a historical record.
7. Movie box office: On October 9, the National Film Administration released 2025 National Day film market data: total box office during the period reached 1.835 billion yuan, with over 50.07 million viewers and 3.1466 million screenings; average ticket price was 36.64 yuan; domestic films accounted for 98.93% of box office revenue.
8. National Healthcare Security Administration: The General Office of the National Healthcare Security Administration and the General Department of the National Administration of Traditional Chinese Medicine issued a notice on launching pilot work for disease-based payment for traditional Chinese medicine advantageous diseases. It proposes selecting about 15 provinces or prefecture-level cities to conduct pilots for disease-based payment for traditional Chinese medicine advantageous diseases under national unified guidance. Over 2-3 years, pilot programs will accumulate experience in traditional Chinese medicine medical insurance payment method reforms and gradually promote them nationwide.
9. NDRC: The National Development and Reform Commission has formulated detailed rules for 2026 grain import tariff quota applications and arrangements. The 2026 grain import tariff quota totals are: wheat (including flour and grains, hereinafter referred to as wheat) 9.636 million tons, of which 90% is state trading quota; corn (including flour and grains, hereinafter referred to as corn) 7.2 million tons, of which 60% is state trading quota; rice (including flour and grains, hereinafter referred to as rice) 5.32 million tons, including 2.66 million tons of long-grain rice and 2.66 million tons of medium and short-grain rice, with 50% being state trading quota.
10. Brain-computer interface: Recently, Wuhan East Lake High-tech Development Zone (Optics Valley) issued "Several Measures to Support Innovation and Development of Brain-Computer Interface Industry," proposing 11 measures to accelerate the development and cultivation of the brain-computer interface industry. The measures mention supporting research and development of key technologies and major products in brain-computer interfaces, including supporting brain-computer interface enterprises to collaborate with universities, research institutes, and medical institutions in developing major brain-computer interface products in motor control, speech synthesis, neurological disease treatment, vision reconstruction, and other areas, with support of up to 30% of total project investment and R&D expenses, providing maximum support of 50 million yuan.
11. Mobile games: On October 9, Sensor Tower released the September 2025 global revenue ranking of Chinese mobile game publishers, with 32 Chinese manufacturers entering the global TOP100 mobile game publisher revenue ranking in September, collectively earning $1.95 billion.
12. Real estate market: According to China Index Academy statistics, the real estate market performed relatively quietly during the National Day and Mid-Autumn Festival holidays (October 1-8), with high-quality projects in core cities maintaining high popularity, and cities like Beijing, Shanghai, and Shenzhen achieving year-on-year growth in new home online contract signing areas.
13. Humanoid robots: Humanoid robots are experiencing intensive catalysts. On October 9, DeepRobotics officially released a new generation of industrial-grade humanoid robot - DR02. Additionally, Walmart's U.S. website recently listed China's Unitree G1 humanoid robot.
14. Nanjing: Nanjing Housing Provident Fund Management Center issued the "Notice on Increasing Housing Provident Fund Loan Limits." The maximum amount for individual contributors' housing provident fund loans has been increased from 500,000 yuan per person to 800,000 yuan per person. The maximum amount for family (dual contributor couples) housing provident fund loans remains 1 million yuan per household. This notice takes effect from October 9, 2025, and is valid until December 31, 2027.
15. Shanghai: On October 9, Gong Zheng, Deputy Secretary of the Shanghai Municipal Party Committee and Mayor, chaired a municipal government executive meeting that day. The meeting agreed in principle to the "Shanghai Smart Terminal Industry High-Quality Development Action Plan (2026-2027)" and pointed out the need to seize opportunities, focus on technological innovation and ecosystem cultivation, and make every effort to build consumer terminal brands with global influence. Focus on technological breakthroughs, strengthen underlying technological support capabilities, encourage terminal enterprises to collaborate with chip and algorithm companies on joint research, and build a safer and more efficient industrial chain and supply chain system. Target segmented tracks, seize new terminal opportunities, capture new blue ocean markets, and lead clustered and scaled industry development. Persist in data-driven approaches, unleash terminal data value, build "product + scenario + ecosystem" integrated competitive advantages, and make "Shanghai Smart Manufacturing" a new benchmark leading high-quality industrial development.
1. TCL Technology: Completed acquisition of 80% equity in LGDCA and 100% equity in LGDGZ.
2. Yongzhen Co.: Signed "Strategic Cooperation Agreement" with BYD Auto Industry Co., Ltd.
3. JL MAG Rare-Earth: Net profit for the first three quarters is expected to increase by 157%-179% year-on-year.
4. Cubic Sensor: Plans to invest 600 million yuan to build high-end sensor industrial base.
5. Guangdong Mingzhu: Expected to achieve net profit of 215-263 million yuan in the first three quarters, up 858.45%-1071.44% year-on-year.
6. Tianhe Magnetic Materials: Wholly-owned subsidiary Tianhe New Materials plans to invest 850 million yuan in "High-Performance Rare Earth Permanent Magnet and Components, Equipment Manufacturing and R&D Project."
7. Guangda Special Materials: Expected to achieve net profit of approximately 248 million yuan in the first three quarters, up approximately 213.92% year-on-year.
8. Sinotrans Logistics: Controlling shareholder plans to increase holdings of company shares by 64.5 million yuan to 129 million yuan.
9. Muyuan Foods: 2025 interim dividend of 9.3 yuan per 10 shares, with total dividends of 5.002 billion yuan.
10. Ganfeng Lithium: Solid-state batteries have reached cooperation with well-known drone and eVTOL companies.
11. Lizhong Group: Signed "Robot Strategic Cooperation Agreement" with Weijing Intelligence, extending into humanoid robot industry.