**【Market Data】** As of November 4, the Shanghai Composite Index fell 0.41% to 3,960.19, while the STAR 50 Index dropped 0.97% to 1,387.24. The Shenzhen Component Index declined 1.71% to 13,175.22, and the ChiNext Index slid 1.96% to 3,134.09.

In U.S. markets, the Dow Jones lost 251.44 points (0.53%) to close at 47,085.24, the Nasdaq plunged 486.08 points (2.04%) to 23,348.64, and the S&P 500 retreated 80.42 points (1.17%) to 6,771.55.

Oil prices dipped on November 4. WTI crude futures for the current month fell $0.49 (0.80%) to $60.56/barrel, while Brent crude futures dropped $0.45 (0.69%) to $64.44/barrel.

**【Key Financial Updates】** 1. The 8th China International Import Expo (CIIE) kicks off in Shanghai from November 5–10, featuring participation from 155 countries, regions, and international organizations. A record 4,108 overseas exhibitors will cover over 430,000 square meters.

2. He Lifeng, a Politburo member and head of the Central Financial Commission, met with Goldman Sachs Chairman and CEO David Solomon in Beijing. He emphasized implementing the consensus reached by Chinese and U.S. leaders to stabilize bilateral economic ties. Solomon expressed optimism about China’s economic outlook and pledged continued contributions to its capital markets.

3. China’s Commerce Ministry urged the Netherlands to resolve issues related to Nexperia Semiconductor constructively, safeguarding Sino-Dutch/EU trade relations and supply chain stability. China vowed to protect corporate rights and maintain global semiconductor supply chains.

4. The PBOC injected medium-term liquidity via a ¥700 billion three-month (91-day) outright reverse repo operation on November 5 to ensure ample banking system liquidity.

5. The PBOC resumed treasury bond trading in October, injecting a net ¥20 billion. Governor Pan Gongsheng noted stable bond market conditions and hinted at flexible future operations. The central bank had paused purchases in January 2025 due to supply-demand imbalances after net buying ¥1 trillion from August–December 2024.

6. China’s medical insurance authority concluded negotiations for the 2025 national drug reimbursement list, involving 127 new drugs and 24 innovative medicines for commercial insurance. The updated list will be released in early December and take effect on January 1, 2026.

7. Draft guidelines for mutual fund performance benchmarks were issued, proposing a two-tier index system (69 mainstream indices in Tier 1 and 72 niche/innovative indices in Tier 2). A quarterly review mechanism will assess index eligibility.

8. The State Council announced the 2026 holiday schedule, including a nine-day Spring Festival break from February 15–23 (the longest on record).

9. Alibaba’s food delivery platform Ele.me is testing a rebrand as “Taobao Quick Purchase” in its latest beta app (v12.0.1), though the change remains unconfirmed officially.

10. The U.S. Senate again failed to pass a stopgap funding bill on November 4, extending the federal government shutdown beyond the 35-day record set in 2018–2019.