【Top News】 The polysilicon industry's proposed "reserve purchase" plan has yet to reveal concrete progress. Recent market sources suggest that a merger and restructuring plan for the sector is imminent. According to reports, executives from 11 polysilicon companies met in Shanghai on October 31 to discuss details of the reserve purchase scheme. The meeting was later corroborated by a group photo circulating in industry circles, featuring leaders from companies like Tongwei, GCL Technology, Daqo New Energy, and others, alongside representatives from the China Photovoltaic Industry Association. While some companies confirmed the meeting's occurrence, details remain confidential.
Under the backdrop of anti-overcapacity measures in the solar sector, major polysilicon producers are reportedly forming a consortium to phase out excess capacity and address accumulated debt. Sources indicate that contributions from involved parties could range between RMB 20-30 billion, though the total funding required for capacity absorption remains uncertain. This development impacts Hong Kong-listed solar stocks.
【Market Outlook】 US Stocks Decline as Nasdaq Drops 1.9%; Microsoft Extends Losing Streak Overnight, US markets closed lower: the Dow fell 0.84%, the S&P 500 dropped 1.12%, and the Nasdaq plunged 1.9%. Tech giants led the decline, with Nvidia and Tesla down over 3%, while Microsoft extended its losing streak to seven days—its longest since 2022. Robinhood tumbled nearly 11%, marking its worst day since March. Chinese ADRs were mixed, with XPeng up over 9% and Baidu gaining 3%. The Hang Seng Index ADR closed 0.44% lower at 26,368.44.
【Key Highlights】 - **IATA Adds CNY as Settlement Currency**: The International Air Transport Association (IATA) will now allow airlines to settle transactions in CNY, alongside seven other currencies. China Southern Airlines and Xiamen Airlines will pilot the initiative in November 2025, reducing forex risks for local carriers. - **Indonesia Halts Nickel Processing Approvals**: The world’s top nickel producer has suspended approvals for new projects producing intermediate nickel products (e.g., NPI, MHP) to address oversupply. Affected HK stocks include Xinjiang Xinxin Mining and MMG. - **Tesla Shareholders Back Musk’s $878B Pay Package**: The proposal passed with 75% support, aligning with Musk’s vision to transform Tesla into an AI/robotics leader. - **Zhaoke Ophthalmology’s Distribution Deal**: The firm signed an exclusive agreement with PT Ferron to commercialize BRIMOCHOL™ PF in Indonesia, targeting age-related vision loss. - **Shanghai Pharma’s FDA Approval**: Its ANDA for ticagrelor tablets received final FDA approval. - **AutoHome’s Q3 Earnings**: Net profit reached RMB 436.6 million, with online marketing revenue up 32.1% YoY. A dividend of $1.20 per ADS was declared.
【Company Spotlight】 **BEIGENE (06160)**: Q3 adjusted net profit surged 489% YoY to $304 million, with revenue up 41%. The company raised its 2025 revenue forecast to RMB 36.2–38.1 billion.
**DAMAI ENT (01060)**: Expects H1 net profit to exceed RMB 500 million, driven by strong performance in its Aliyu business and reduced investment losses.