**Special Report: Highlights from Four Major Securities Newspapers**

October 14 (Tuesday), key highlights from today's newspaper front page headlines are as follows:

**China Securities Journal**

**Multiple Companies Report Massive Earnings Growth with Some Exceeding 2000%**

A-share listed companies are accelerating the disclosure of their third-quarter performance forecasts. According to Wind data, as of 8 PM on October 13, 75 A-share listed companies have disclosed their third-quarter performance forecasts. Among them, 18 companies showed slight increases, 4 companies turned profitable, and 41 companies showed significant growth, with a positive outlook ratio reaching 84%.

**2025 Nobel Prize in Economics Announced**

On the evening of October 13, Beijing time, the 2025 Nobel Prize in Economics winners were announced. The Royal Swedish Academy of Sciences announced that Joel Mokyr, Philippe Aghion, and Peter Howitt jointly won the 2025 Nobel Prize in Economics for their "explanation of innovation-driven economic growth." The three will share the 11 million Swedish kronor prize money, equivalent to over 8.3 million yuan.

**Three Parties Acquire 9 Million Shares as Jinlong Shares' Controlling Shareholder's Stakes Sold at Judicial Auction**

On October 13, information released by JD Asset Trading Platform showed that 30 million shares of Jinlong Shares held by controlling shareholder New Century were sold through judicial auction on that day, with a total transaction value of 376 million yuan, representing a 14.8% discount compared to Jinlong Shares' closing price on October 13. This marks the fourth time this year that New Century's Jinlong Shares have been put up for auction.

**Duan Yongping Speaks Out: "Bought Some Moutai Today"**

On October 13, renowned investor Duan Yongping posted on social media again: "Bought some Moutai today." Recently, Kweichow Moutai's stock price has been declining, falling 7.73% cumulatively from its September 12 high to the October 13 close. Year-to-date, Kweichow Moutai has declined 5.05%.

**Shanghai Securities News**

**Three Major Indices Recover from Lows, Resources Sector Rises Against Trend; Institutions: A-Share Market Will Remain "Self-Reliant"**

On October 13, A-shares demonstrated a recovery from lows pattern, with the three major indices continuously narrowing their losses in the afternoon. At close, the Shanghai Composite Index fell 0.19%, the Shenzhen Component Index fell 0.93%, and the ChiNext Index fell 1.11%. The combined trading volume of Shanghai, Shenzhen, and Beijing markets was 2.37 trillion yuan, down 159.9 billion yuan from the previous day.

**Current Status, Challenges, and Countermeasures of the M&A Market**

In exploring countermeasures for listed company mergers and acquisitions, focus should be placed on several key aspects, controlling critical checkpoints for M&A activities and improving M&A quality to promote long-term stable and healthy development of capital market M&A activities.

**China's Import and Export Growth Accelerates Quarter by Quarter with Eight Consecutive Quarters of Year-over-Year Growth**

Data released by the General Administration of Customs on October 13 showed that in the first three quarters of this year, China's total goods trade import and export value reached 33.61 trillion yuan, up 4% year-over-year. Exports totaled 19.95 trillion yuan, up 7.1% year-over-year; imports totaled 13.66 trillion yuan, down 0.2% year-over-year. In September alone, imports and exports totaled 4.04 trillion yuan, up 8% year-over-year.

**Silver Experiences Rare Short Squeeze**

London market liquidity tightening directly catalyzed silver's historic breakthrough. On October 13, London spot silver surged rapidly, reaching an intraday high of $51.714 per ounce, setting a new historical high with a maximum daily gain exceeding 3%. The one-month implied lease rate for London silver, representing physical borrowing costs, has risen to 42.72%, indicating extremely tight silver supply. Industry insiders told reporters that this elevated data reflects the chain reaction of short squeezing triggered by tight physical delivery tensions, with a rare short squeeze unfolding.

**Securities Times**

**Solid Foundation, Multiple Advantages, Strong Resilience, Great Potential: China's Imports and Exports Grow for 8 Consecutive Quarters**

On October 13, the General Administration of Customs released the latest import and export data showing that in the first three quarters of this year, China's total goods trade import and export value reached 33.61 trillion yuan, up 4% year-over-year. Exports totaled 19.95 trillion yuan, up 7.1%; imports totaled 13.66 trillion yuan, down 0.2%. "Governments at all levels have overcome difficulties and worked hard, while foreign trade enterprises have actively adapted and innovated. China's foreign trade has demonstrated resilience and optimized structure, achieving both quantity and quality improvements—achievements that were hard-won," said Wang Jun, Deputy Director of the General Administration of Customs, at a press conference that day.

**Opening Low but Closing High Shows Resilience, A-Share Structural Differentiation Breeds New Opportunities**

On October 13, A-share major indices opened collectively lower but recovered, showing volatile upward movement. The Shanghai Composite Index closed down 0.19% with a daily range of 2.46%; the ChiNext Index fell more than 4% intraday but closed down 1.11%; the STAR 50 Index rose against the trend, closing up 1.40%. The market showed structural differentiation, with nearly 1,700 stocks rising across Shanghai, Shenzhen, and Beijing markets, more than 70 stocks hitting daily limits, demonstrating resilience.

**2025 Sustainable Global Leaders Conference to Be Held in Shanghai**

The 2025 Sustainable Global Leaders Conference will be held from October 16-18 in Huangpu District, Shanghai. At a press briefing on October 13, the conference will focus on "Working Together to Address Challenges: Global Action, Innovation and Sustainable Growth," gathering global wisdom to explore new paths for sustainable development and injecting vigorous "Chinese momentum" into global sustainable governance.

**Rare Earth Supply and Demand Resonance, Ten Concept Stocks Receive High-Frequency Institutional Attention**

On October 13, rare earth permanent magnet themes triggered a wave of daily limit increases, with Galaxy Magnet, Xinlaifu, Guangsheng Nonferrous, China Rare Earth, Huahong Technology, Beijing Mining Technology, and Baotou Steel shares hitting daily limits.

**Securities Daily**

**China's Imports and Exports Have Achieved Year-over-Year Growth for 8 Consecutive Quarters**

On October 13, the State Council Information Office held a press conference introducing the import and export situation for the first three quarters of 2025. At the conference, Wang Jun, Deputy Director of the General Administration of Customs, introduced that according to customs statistics, in the first three quarters of this year, China's goods trade imports and exports totaled 33.61 trillion yuan, up 4% year-over-year. Exports totaled 19.95 trillion yuan, up 7.1%; imports totaled 13.66 trillion yuan, down 0.2%. September imports and exports totaled 4.04 trillion yuan, up 8%.

**Bullish Outlook and Active Investment: Foreign Capital Increasing Allocation to Chinese Assets Has Become Consensus**

Continuously being bullish on and increasing allocation to Chinese core assets has become market consensus. Recently, foreign institutions have not only conducted high-frequency research to deeply select targets but also quickly made substantial allocations after research, highlighting clear logic for being bullish on the long-term value of China's A-share market. According to Wind data, from September to October 13, 254 foreign institutions including Goldman Sachs, Morgan Stanley, and BlackRock conducted a total of 648 research visits to A-share listed companies, with Point72 Asset Management conducting 20 visits, ranking first. Meanwhile, capital movements have kept pace, with Morgan Stanley's latest report showing that in September, net foreign capital inflow into Chinese stock markets rebounded to $4.6 billion, the highest monthly level since November 2024.

**52 New Funds Launch This Week with Equity Funds Accounting for Over 80%**

Against the backdrop of A-share market strength, fund issuance and subscription have surged. According to public fund data, calculated by subscription start date, this week (October 13-19, 2025) saw 52 new funds launch subscription across the market, compared to 24 the previous week, a surge of over 116% week-over-week, creating the second-highest single-week fund issuance count this year. Meanwhile, the average subscription period for new funds has significantly shortened to 12.73 days, roughly unchanged from the previous week but overall faster than earlier periods, reflecting investors' strengthening willingness to allocate to equity assets.

**Storage Industry Chain Listed Companies Seize Opportunities to Expand Markets**

Since the beginning of this year, the global storage market has accelerated recovery, combined with global storage industry restructuring, A-share storage sector listed companies have entered a golden development period. A-share storage industry chain listed companies are seizing market opportunities and actively expanding domestic and international customers. Since the third quarter of 2021, the global storage market entered a downward cycle with product prices bottoming out. It wasn't until the second half of 2023 that the market showed positive changes, with prices gradually stabilizing and rising amid volatility. In the first three quarters of 2025, the market accelerated upward.