**Market Overview** Both mainland and Hong Kong markets opened lower but rallied strongly today. The Shanghai Composite Index surged past the 4,000-point mark, hitting a decade-high, while the Hang Seng Index breached 27,000 points, just 300 points shy of this year’s peak. Trading volume exceeded HKD 270 billion.
The U.S. government shutdown, the longest in history at 43 days, ended after President Trump signed a temporary funding bill. This move is expected to ease recent dollar liquidity tensions, boosting both risk and safe-haven assets. However, with only 3 of 12 annual budgets approved, another shutdown looms in two months.
Gold prices climbed to $4,196.54/oz amid expectations of potential rate cuts, with gold ETFs seeing renewed inflows. China Gold International (02099) rose over 7%, while Zijin Mining (02899) and Lingbao Gold (03330) gained over 4%.
**Sector Highlights** *Price Hike Themes*: - VC electrolyte additives surged 68% to CNY 110,000/ton due to supply-demand imbalances and新能源 demand. Longpan Tech (02465) jumped 18%, with Ganfeng Lithium (01772) and Tianqi Lithium (09696) up over 10%. - Refrigerant prices (R32, R125, etc.) rose up to 46.5% YTD, benefiting Dongyue Group (00189) (+9%). - Iron ore supply dynamics shifted as Guinea’s Simandou project launched, lifting Maanshan Steel (00323) (+7%) and Angang Steel (00347) (+4%).
*Tech Revival*: - SMIC (00981) rose 3% after Q3 net profit grew 43.1% YoY, with utilization at 95.8%. - Alibaba (09988) advanced 3% on plans to revamp its AI app "Qwen," targeting ChatGPT-like capabilities. - Fourth Paradigm (06682) soared 9% after partnering with AlloyX Group on blockchain compliance.
**Spotlight: COSCO SHIP ENGY (01138)** The company plans to acquire Shanghai LPG for CNY 598 million, bolstering its liquefied gas transport segment. Q3 revenue dipped 2.5% YoY, but net profit rose 4.4%. With 50 LNG vessels and 41 on order, COSCO aims to rank among the top five global LNG transporters by 2030.
**Paper Industry Price Hikes** Led by Nine Dragons Paper (02689) and Lee & Man Paper (02314), paper producers raised prices by CNY 30–50/ton, driven by rising costs and "Double 11" demand.