Today’s headlines indicate a steep correction in gold and silver prices, with international gold and silver witnessing significant declines. Spot gold dropped 5.18% to $4,130.41 per ounce, marking its largest single-day decline since April 2013. Spot silver fell by 7.16% to $48.705 per ounce, also experiencing its largest drop since 2021. The COMEX gold futures for this month settled at a decrease of $250.30, a drop of 5.74%, concluding at $4,109.1 per ounce. Kathleen Brooks, Director of Research at XTB, noted that this sudden decrease in gold and silver prices lacks a clear catalyst. She analyzed that high valuations, combined with signals suggesting the US CPI data may fall short of expectations, have led to significant sell-offs. Brooks believes this price correction is not inherently negative, as it reflects investor moderation, indicating a rational boundary to gold's upward trend. She stressed that despite the unexpected decline, the fundamental factors supporting the rise of gold and silver remain robust.

Market Overview: Mixed Performances in US Indices - General Motors Surges Nearly 15%, Achieving Best Single-Day Performance in Five Years In overnight trading, the Dow Jones Industrial Average rose by 218.16 points to close at 46,924.74, a gain of 0.47%. The S&P 500 increased by just 0.22 points to finish at 6,735.35, a virtually unchanged result. The Nasdaq Composite Index slipped 36.87 points, closing at 22,953.67, down 0.16%. Major tech stocks showed mixed results, with Amazon rising over 2%, while Intel, Apple, Microsoft, and Meta had modest increases. Notably, General Motors surged nearly 15%, marking the best single-day performance in nearly five years. Beyond Meat, dubbed the "first artificial meat stock," skyrocketed over 146%, accumulating about a 600% increase over the last three trading days. Most popular Chinese concept stocks declined, with Alibaba falling nearly 4% and Miniso down nearly 3%. Conversely, Bilibili saw a notable increase of almost 6%. The Hang Seng Index ADR also saw a decline, closing at 25,918.18 points, down 109.37 or 0.42% from its Hong Kong closing.

Hot Topics Ahead: HK Investment Promotion Agency Highlights Timely Development of Gold Market, Emphasizing Opportunity to Build an International Gold Trading Center According to reports, the Hong Kong SAR government's Investment Promotion Agency stated that the growth potential of the gold market is increasingly evident. Global total demand for gold increased by 45% year-on-year in value, reaching $132 billion in Q2 2025. During this period, global official gold reserves rose by 166 tons, indicating that central banks continue to view gold as a cornerstone stable asset. With gold recognized globally as a stable asset possessing both physical commodity and financial investment characteristics, it aligns perfectly with Hong Kong's positioning as an international financial center, making it a crucial direction for Hong Kong's policy deployment.

CATL (03750): The Company is Developing a Heavy-Duty Truck Battery Swap Ecosystem to Accelerate Electrification On October 20, CATL (03750) announced during its earnings briefing that the rapid growth of the domestic new energy commercial vehicle sector is supported by advancements in product technology, economic viability, improved infrastructure, and multiple policy drivers, with the domestic electrification rate reaching 23%. The company is developing a battery-swapping ecosystem for heavy-duty trucks to speed up electrification. The company’s commercial power battery shipments are rapidly increasing, making up approximately 20% of total shipments.

ROBOSENSE (02498) Launches New Active Camera Product AC2 On October 21, at the International Conference on Smart Robotics and Systems, ROBOSENSE (02498) officially launched its new product AC2 Active Camera. The AC2 is positioned as the "Operational Eye for Robots" and is the industry's first dToF+RGB dual-camera + IMU integrated super sensor system, capable of flexibly outputting precise data on depth, images, and motion posture, resulting in a clear perception experience across various environments.

CHINA TELECOM (00728) Reports Shareholder Profit of 30.8 Billion Yuan for First Three Quarters, Up 5.0% Year-On-Year CHINA TELECOM (00728) announced that its operating revenue for the first three quarters of 2025 was CNY 397 billion, an increase of 0.6% year-on-year, with service revenue reaching CNY 366.3 billion, up 0.9% year-on-year. The company's shareholder profit amounted to CNY 30.8 billion, marking a 5.0% year-on-year increase. The basic earnings per share are CNY 0.34, with EBITDA reaching CNY 115.6 billion, up 4.2%, resulting in an EBITDA margin of 31.6%.

LUK FOOK HOLD (00590) Reports Q2 Retail Values, Revenues, and Same-Store Sales Exceeding Q1 Performance, Up 18%, 15%, and 10% Respectively LUK FOOK HOLD (00590) announced that the group's overall sales performance in Q2 has continued the momentum from the previous quarter, benefiting from a low base effect. The overall retail value (including self-operated stores, brand stores, and e-commerce) and retail revenue (including self-operated stores and e-commerce) increased year-on-year by 18% and 15% respectively in the second quarter of the 2026 financial year. Notably, the retail value of gold products increased by 4 percentage points to account for 16% compared to the same period last year.

TYK MEDICINES-B (02410): ESMO 2025 Conference Presents Positive Clinical Data on Several CDK Inhibitors TYK MEDICINES-B (02410) announced that positive early clinical research results for three key drugs in the cyclin-dependent kinase inhibitors (CDKi) field, namely TYK-00540 (CDK2/4i), TY-2699a (CDK7i), and TY-302 (CDK4/6i), were showcased in poster form at the European Society for Medical Oncology (ESMO) annual meeting.

XIAOYUYINGTONG (00139) Utilizes AIGC Technology to Produce Five Short Dramas XIAOYUYINGTONG (00139) reported that its investments in AIGC technology have enabled it to successfully create scripts, voiceovers, and visual effects. The company has recently developed five short dramas utilizing AIGC technology, including titles such as "My Two Cute Babies Come from the Underworld," and "My Cultivation Method Can Practice on Its Own." Compared to purely live-action short dramas, the average production cost of each piece has been reduced by approximately half, and the production cycle compressed by about two-thirds.

CHINA SHENHUA (01088): Unit 4 of the Jiujiang Phase II Project Successfully Completes 168-Hour Test Run CHINA SHENHUA (01088) announced that its wholly-owned subsidiary, Guoneng Shenhua Jiujiang Power Co., Ltd., has successfully completed a 168-hour continuous full-load test run of Unit 4 in the Phase II expansion project, which has now transitioned to commercial operation. With this, both 1 million kilowatt ultra-supercritical secondary reheating coal-fired generating units of the Jiujiang Phase II project have been constructed and put into operation.

BEIJING ENT (00392): Yanjing Brewery’s Net Profit of Approximately 1.77 Billion Yuan in First Three Quarters, Up 37.45% BEIJING ENT (00392) announced Yanjing Brewery’s (000729.SZ) performance for the first three quarters of 2025, reporting an operating income of approximately CNY 13.433 billion, a year-on-year increase of 4.57%. The net profit attributable to shareholders of the listed company was approximately CNY 1.77 billion, up 37.45% year-on-year, while the net profit excluding non-recurring losses and gains reached approximately CNY 1.685 billion, up 33.59% year-on-year, with basic earnings per share of CNY 0.6281.

POP MART (09992): Overall Revenue for Q3 Grows YoY by 245%-250% POP MART (09992) announced that its overall revenue (unaudited) for Q3 2025 has increased by 245%-250% compared to Q3 2024, with domestic revenue growing by 185%-190% and overseas revenue increasing by 365%-370% year-on-year.

MMG (01208): Third Quarter Copper Output Reaches 127,000 Tons, Up 11% Year-On-Year MMG (01208) reported that its total copper output (including copper concentrate with copper content and electrolytic copper) for Q3 2025 was 127,000 tons, representing an 11% year-on-year increase. Zinc output totaled 58,700 tons, a year-on-year increase of 26%.