**Macroeconomic News**

**Seven Ministries Including MIIT: Strengthen New Information Infrastructure Construction, Deploy Computing Power Infrastructure as Needed, Accelerate Integration of Computing Power with Industries**

Seven ministries including the Ministry of Industry and Information Technology issued the "Implementation Plan for Deepening the Innovative Development of Service-oriented Manufacturing (2025-2028)". The plan calls for strengthening new information infrastructure construction, deepening "5G + Industrial Internet" integration innovation and large-scale application, deploying computing power infrastructure as needed, and accelerating the integration of computing power with industries. It aims to enhance industrial data element supply, promote data resourceization, capitalization and elementalization, and build high-quality industry datasets. The plan promotes integration innovation between artificial intelligence technology and service-oriented manufacturing, guiding the deployment and application of general large models, industry large models and intelligent agents in key scenarios, while enhancing network and data security capabilities.

**Ministry of Commerce Spokesperson Responds to Recent Chinese Economic and Trade Policy Measures**

A Ministry of Commerce spokesperson answered journalists' questions regarding recent Chinese economic and trade policy measures. When asked about the recently announced export controls on rare earth materials, the official responded: "Going forward, the Chinese government will conduct licensing reviews in accordance with laws and regulations, granting licenses to compliant applications while actively considering various facilitation measures such as general licenses and license exemptions to effectively promote compliant trade. I want to emphasize that China's export controls are not export bans. All compliant export applications for civilian use can be approved, and relevant enterprises need not worry. The Chinese government will continue to work with all countries to firmly maintain world peace and regional stability, and jointly ensure global industrial and supply chain stability."

**Ministry of Commerce Spokesperson Responds to China's Countermeasures Against US Section 301 Tariffs on Chinese Shipbuilding Industry**

When asked about the countermeasures announced by the Ministry of Transport regarding US Section 301 investigation restrictions on China's maritime, logistics and shipbuilding industries, the spokesperson said: "On April 17 Eastern Time, the US Trade Representative announced final measures for the Section 301 investigation on China's maritime, logistics and shipbuilding sectors. The measure to impose port fees on relevant Chinese vessels will officially take effect on October 14. The US measures are typical unilateral actions with obvious discriminatory characteristics, seriously damaging Chinese enterprise interests. China strongly disapproves and has repeatedly stated its firm opposition. To protect domestic industry interests, relevant Chinese departments will collect special port service fees from vessels with US elements including US-flagged, US-built, US-owned, invested or operated vessels, in accordance with the International Maritime Transport Regulations and other relevant provisions. These measures will be officially implemented simultaneously with the US port fee measures on Chinese vessels on October 14. China emphasizes that the relevant countermeasures aim to maintain fair competition in the international shipping and shipbuilding markets and constitute 'legitimate defense' actions. We hope the US will carefully consider, correct its erroneous practices, and work with China toward each other, finding solutions through equal consultation and cooperation."

**MIIT Chief Engineer: Implement Bidirectional Empowerment of Industrial Internet and AI, Develop Industrial Intelligent Agents**

At the 2025 China Mobile Global Partner Conference, MIIT Chief Engineer Zhong Zhihong stated: "We will persist in deep integration, promoting information and communication technology empowerment across all industries. We will implement bidirectional empowerment actions for industrial internet and artificial intelligence, develop industrial intelligent agents, and provide high-level empowerment for new industrialization. We will actively expand large-scale applications of information and communication technology in smart cities, digital villages, intelligent transportation, smart energy and other fields, helping improve the modernization level of social governance."

**MIIT: Launch Commercial Trials for Satellite IoT Services, Enrich Satellite Communication Market Supply**

MIIT publicly solicited opinions on the "Notice on Organizing Commercial Trials for Satellite IoT Services (Draft for Comments)". The proposal states that through conducting commercial trials for satellite IoT services, it aims to enrich satellite communication market supply, stimulate market entity vitality, enhance industry service capabilities, establish security supervision systems, and form replicable and promotable experiences and models to support the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy, serving the construction of a new development pattern.

**National Healthcare Security Administration Deploys Strict Investigation of "Dual Pricing" Issues at Designated Pharmacies**

The National Healthcare Security Administration recently issued the "Notice on Special Rectification of 'Dual Pricing' Issues at Designated Retail Pharmacies", conducting strict investigations into discriminatory pricing practices by designated pharmacies toward insured and non-insured patients in some regions. The notice emphasizes that designated pharmacies' profit-seeking through high-priced drug sales to insured patients constitutes suspected price fraud, violating medical insurance service agreement requirements of "not implementing unfair, discriminatory pricing toward medical insurance participants." Local medical insurance departments should strengthen drug price management at designated pharmacies, include "dual pricing" behavior in key monitoring items, organize self-inspection and self-correction, actively screen key product issue leads, mobilize social supervision forces, and strictly investigate "dual pricing" issues. They should also include these in flight inspection scopes, strengthen agreement management, standardize data uploads, remind insured persons to pay attention to price information, ensure medical insurance fund security, and protect public drug purchase rights.

**Two Departments: Qualified Central and State Organs, Provinces May Uniformly Deploy Intelligent Computing Resources and AI Large Models**

The Cyberspace Administration of China and the National Development and Reform Commission recently jointly issued the "Guidelines for Deployment and Application of AI Large Models in Government Affairs". The guidelines state that government departments should deploy AI large models in government affairs in a coordinated and intensive manner, relying on the "East-West Computing" project and the national integrated computing network to coordinate intelligent computing infrastructure layout, implementing centralized and unified security management and systematic technical protection measures to avoid "fragmented" security risks. Qualified central and state organs and provinces may uniformly deploy intelligent computing resources and AI large models, providing AI large model services under e-government external network environments to subordinate units or jurisdictions. Prefecture-level cities should conduct deployment and application under unified provincial requirements, while county-level and below should in principle reuse superior intelligent computing and model resources for applications and services, no longer independently conducting government large model construction and deployment.

**Ministry of Housing: Will Research and Formulate Supporting Documents for Central Urban Work Conference Implementation**

On October 11, at a State Council Information Office press conference, Housing and Urban-Rural Development Minister Ni Hong stated that regions and departments nationwide are deeply studying and implementing the Central Urban Work Conference spirit, jointly promoting task implementation. As the lead department, the Ministry of Housing will fully play its coordination and guidance role. On one hand, according to the "1+N" document system work deployment, it will work with relevant departments to research and formulate several "N" supporting documents based on the "1" opinion. On the other hand, it will guide localities to research and propose specific work arrangements and measures for implementing the conference spirit, incorporating them into local "15th Five-Year Plan" development plans.

**Luoyang: Encourage Local State-Owned Enterprises to Purchase Existing Commercial Housing for Affordable Housing**

Luoyang Municipal Government Office issued the "Implementation Plan for Purchasing Existing Commercial Housing for Affordable Housing in Luoyang". It proposes encouraging local state-owned enterprises in Luoyang's central urban area to focus on core area supporting services and industrial development needs, purchasing existing commercial housing for affordable housing. This aims to revitalize existing commercial housing resources, improve housing supply systems, and promote sustainable healthy development of Luoyang's real estate market. The plan coordinates central and provincial urban affordable housing project subsidy funds, supporting qualified affordable housing projects through investment subsidies and loan interest discounts (not exceeding 2%). It will prepare bond project reserves for purchasing existing commercial housing for affordable housing, seeking government special bond support under risk-controllable conditions, implementing national tax and fee preferential policies for all aspects of purchasing existing commercial housing for affordable housing, and utilizing financial support policies including affordable housing purchase loans, policy bank special loans, and People's Bank affordable housing re-lending.

**Seven Ministries Including MIIT Issue "Implementation Plan for Deepening Service-oriented Manufacturing Innovation Development (2025-2028)"**

To implement the Government Work Report's deployment on accelerating service-oriented manufacturing development, seven ministries including MIIT recently jointly issued the "Implementation Plan for Deepening Service-oriented Manufacturing Innovation Development (2025-2028)". The plan proposes that by 2028, it will create an upgraded version of service-oriented manufacturing, complete 20 standard formulations, build 50 leading brands, establish 100 innovation development highlands, widely popularize typical service-oriented manufacturing models with continuously emerging new models, providing strong support for promoting deep integration of informatization and industrialization and accelerating modern industrial system construction.

The Implementation Plan proposes systematic measures for promoting service-oriented manufacturing innovation development from four dimensions of "point, line, surface, body", focusing on enterprises, industries, regions and ecosystems. First, taking enterprises as "points", it will build leading enterprises and brands through service-oriented manufacturing brand enhancement actions and integrated application scenario innovation demonstration actions, stimulating business entity development vitality. Second, taking industries as "lines", it will promote typical service-oriented manufacturing model applications including shared manufacturing, personalized customization, full lifecycle management, and total integration and contracting by industry and field, implementing shared manufacturing cultivation and enhancement actions. It will cultivate and strengthen productive service industries including technology services, industrial design, software and information services, and productive financial services. Third, taking regions as "surfaces", it will build service-oriented manufacturing innovation development highlands using provincial and above high-tech industrial development zones, industrial parks, and industrial clusters as carriers, exploring replicable and promotable experiences. Fourth, taking ecosystems as "bodies", it will strengthen key common technology research and model innovation, accelerate service-oriented manufacturing standard system construction, strengthen new information infrastructure construction, and consolidate service-oriented manufacturing development foundations.

**Financial News**

**Former CSRC Issuance Review Committee Chairman Guo Xudong Under Investigation**

According to the Central Commission for Discipline Inspection and National Supervisory Commission's disciplinary inspection and supervision group stationed at CSRC and Zhejiang Provincial Commission for Discipline Inspection and Supervisory Commission: Guo Xudong, former Chairman of CSRC's Issuance Review Committee, Deputy Director of Issuance Supervision Department, and first-level inspector, is suspected of serious duty-related violations and voluntarily surrendered. He is currently under investigation by the disciplinary inspection and supervision group and Taizhou Municipal Supervisory Commission of Zhejiang Province.

**CSRC Severely Punishes ST Yuancheng Serious Financial Fraud Case: Proposes 37.45 Million Yuan Fine for Listed Company, 42 Million Yuan Total Fines for 5 Responsible Personnel**

CSRC recently issued administrative penalty preliminary notices for Shanghai Stock Exchange main board listed company Yuancheng Environment Co., Ltd. (ST Yuancheng) suspected of false records in periodic reports and other financial data. Investigation found that ST Yuancheng falsely inflated revenue and profits for three consecutive years, violating securities laws and regulations. CSRC proposes to fine the listed company 37.45 million yuan, impose total fines of 42 million yuan on 5 responsible personnel, and impose a 10-year securities market ban on the actual controller. ST Yuancheng is suspected of triggering major illegal mandatory delisting circumstances, and Shanghai Stock Exchange will legally initiate delisting procedures. For potentially criminal clues, CSRC will adhere to the principle of transferring all appropriate cases, strictly transferring to public security organs according to "Criminal Law" and "Supreme People's Procuratorate and Ministry of Public Security Provisions on Case Filing and Prosecution Standards for Criminal Cases Under Public Security Jurisdiction (II)."

**Shanghai Stock Exchange: This Week Conducted Key Monitoring of ST Zhengping and Other Abnormally Fluctuating Risk Warning Stocks**

Shanghai Stock Exchange announced that from September 29 to October 10, 2025, it took self-regulatory measures against 70 cases of abnormal trading behaviors including price manipulation and false declarations, conducted key monitoring of abnormally fluctuating risk warning stocks like ST Zhengping, conducted special inspections of 8 listed company major matters, and reported 1 suspected illegal case lead to CSRC.

**National Real Estate Whitelist Project Loan Approval Amount Exceeds 7 Trillion Yuan**

On October 11, at a State Council Information Office press conference, Housing and Urban-Rural Development Vice Minister Dong Jianguo stated that the real estate financing coordination mechanism implements a project whitelist system by city. Currently, national whitelist project loan approval amounts have exceeded 7 trillion yuan, strongly ensuring commercial housing project construction and delivery.

**Shenzhen Stock Exchange: Terminated Review of 3 Private Bond Projects Totaling 2 Billion Yuan, Involving Jining High-tech Industrial Investment and Other Entities**

Shenzhen Stock Exchange disclosed the termination of reviews for 3 private bond projects totaling 2 billion yuan. Specific project information: Xingning Qichang Asset Management Co., Ltd. 2025 non-public corporate bond issuance to professional investors with declared scale of 1 billion yuan; Jining High-tech Industrial Investment Group Co., Ltd. 2025 non-public SME support bond issuance to professional investors with declared scale of 500 million yuan; Shouguang Agricultural Holdings Group Co., Ltd. 2025 non-public rural revitalization corporate bond issuance to professional investors with declared scale of 500 million yuan.

**CSRC Issues 3 Financial Industry Standards Including "Securities and Futures Industry Business Domain Data Element Specification Part 4: Stock Exchanges"**

CSRC recently issued 3 financial industry standards: "Securities and Futures Industry Business Domain Data Element Specification Part 4: Stock Exchanges," "Securities and Futures Industry Business Domain Data Element Specification Part 5: Enterprise Asset Securitization Business," and "Futures Company Regulatory Data Collection Specification Part 2: Asset Management Business," effective from publication date. These standards regulate business classification, names, business meanings, data types and length attributes of relevant data items in China's stock exchange business, providing necessary guidance for securities and futures industry institutions in data construction and application practices. The formulation and implementation of these standards help standardize data processing and storage, improve data circulation efficiency, strengthen key area information disclosure while accelerating industry digital transformation.

**Shenzhen Stock Exchange: From September 29 to October 10, Took Self-regulatory Measures Against 86 Abnormal Securities Trading Behaviors**

Shenzhen Stock Exchange: From September 26 to October 9, issued regulatory letters for 6 violations involving information disclosure and standardized operation violations. This week issued 11 inquiry letters and 15 other letters. From September 29 to October 10, took self-regulatory measures against 86 abnormal securities trading behaviors involving intraday price manipulation, false declarations and other abnormal trading situations; continued key monitoring of "*ST Yushun"; conducted investigations into 3 listed company major matters and reported 2 suspected illegal case leads to CSRC.

**Qichacha IPO Application Accepted, Plans to List on Shanghai Stock Exchange Main Board**

Qichacha Technology Co., Ltd.'s IPO application was accepted, planning to list on Shanghai Stock Exchange main board. This IPO plans to raise 1.5 billion yuan, with 458 million yuan for Qichacha C-end commercial big data product R&D upgrade project, 171 million yuan for B-end commercial big data product R&D upgrade project, 368 million yuan for multi-dimensional big data database upgrade project, and 503 million yuan for commercial big data AI R&D project. Before this issuance, Chen Deqiang is the company's controlling shareholder and actual controller, collectively controlling 53.00% of company shares.

**Beijing Stock Exchange Plans to Optimize Convertible Bonds and Margin Trading Businesses**

On October 10, Beijing Stock Exchange issued a notice planning to optimize directed convertible corporate bond issuance and margin trading businesses. Changes include: adding information announcement documents disclosing conversion prices and put prices for directed convertible bonds; changing share conversion declaration price input to actual conversion price; expanding default data and default data summary interface file name field lengths for defaulters.

**Shanghai Stock Exchange: Henan Wangwushan Cultural Tourism Industry 420 Million Yuan Rural Revitalization Corporate Bond Project Approved**

Shanghai Stock Exchange disclosed that Henan Wangwushan Cultural Tourism Industry Co., Ltd.'s 2025 non-public rural revitalization corporate bond issuance to professional investors project status updated to "Approved," with planned issuance amount of 420 million yuan, private placement variety, acceptance date of July 9, 2025, update date of October 10, 2025. The issuer has not previously issued bonds.

**Industry News**

**Zhiyuan Robotics Responds to Hong Kong IPO Rumors: False Information**

Today there were reports that Zhiyuan Robotics plans to list in Hong Kong next year, having hired China International Capital Corporation, CITIC Securities and Morgan Stanley for its stock issuance, targeting a valuation of $5.1-6.4 billion. Zhiyuan Robotics responded to journalists: "False information."

**Shanghai: Accelerate Cultivation of Silicon Photonics, 6G, Fourth-generation Semiconductors, Brain-like Intelligence Industries**

On October 11, Shanghai held a municipal government press conference introducing the newly issued "Several Measures for Accelerating Frontier Technology Innovation and Future Industry Cultivation." Shanghai Science and Technology Commission Vice Director Qu Wei revealed that Shanghai, focusing on six major directions of future manufacturing, future information, future materials, future energy, future space, and future health, reasonably plans, promotes by layers, and precisely cultivates in three levels: near, medium, and long-term. Specifically: developing and strengthening cell and gene therapy, brain-computer interfaces, biomanufacturing, embodied intelligence and other fields, focusing on supporting cost reduction, accessibility improvement, and industrial ecosystem construction; accelerating cultivation of silicon photonics, 6G, fourth-generation semiconductors, brain-like intelligence and other fields, focusing on supporting product design optimization, application scenario expansion, and market value verification; accelerating deployment in quantum technology, controlled nuclear fusion, regenerative medicine and other frontier fields, focusing on supporting technical challenge resolution, technical route convergence, and product feasibility verification.

**Shenzhen: Supporting Semiconductor Industry Development with Extraordinary Efforts, Established 5 Billion Yuan Industry Investment Fund**

On October 10, at a Shenzhen municipal government press conference, Shenzhen Development and Reform Commission Director Guo Ziping stated that Shenzhen established a "six-in-one" working mechanism of "one fund, one exhibition, one forum, one association, one alliance, one team" to accelerate innovation element aggregation and continuously improve industrial development ecosystems. In 2024, the city's semiconductor and integrated circuit industry scale reached 256.4 billion yuan, growing 26.8% year-on-year; in the first half of 2025, it continued rapid growth with industry scale reaching 142.4 billion yuan, growing 16.9% year-on-year. In funding input, Shenzhen supports semiconductor and integrated circuit industry development with extraordinary efforts, continuously increasing government funding annually. It guides social capital to support integrated circuit industry development, establishing a first-phase 5 billion yuan Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund now in operation, focusing on key industry chain areas and weak links, working to build an independent, controllable, efficient, collaborative, balanced and complete integrated circuit industry supply system.

**Shanghai Adds 5 Newly Registered Generative AI Services**

On October 11, according to "Cyberspace Shanghai" WeChat account, as of October 11, Shanghai added 5 newly completed generative AI service registrations, with cumulative total of 119 completed generative AI service registrations.

**Crude Oil and Chemical Futures Decline Expands**

Crude oil and chemical futures decline expanded. Fuel oil, low-sulfur fuel oil (LU), and SC crude oil main contracts rose over 3%. Asphalt, PX, PTA, and bottle flake main contracts fell over 1%. Polyvinyl chloride (PVC), styrene (EB), and short fiber main contracts fell nearly 1%.

**US Chip Stocks Decline**

US chip stocks declined. Philadelphia Semiconductor Index fell 4.7%. AMD fell over 8%, ARM fell over 7%, Micron Technology fell over 6%, Taiwan Semiconductor and Qualcomm fell over 4%, ASML and Broadcom fell over 3%, NVIDIA fell over 2%.

**Figure AI Releases Third-generation Humanoid Robot Figure 03, Capable of Serving Tea, Sorting Packages**

US humanoid robot startup Figure AI recently released its third-generation humanoid robot Figure 03. In demonstration videos, it showed multi-task processing capabilities across home and commercial scenarios, including serving tea, organizing rooms, washing dishes, working as hotel reception, and sorting packages. Beyond home scenarios, its new actuators have doubled speed and increased torque density, making it more efficient in commercial goods handling. The company emphasizes that Figure 03 is the first robot designed from scratch for high-volume manufacturing, aiming to reduce costs through simplified assembly and fewer components.

**Eve Energy Signs Cooperation Agreement with Chongming Aviation**

Recently, Eve Energy signed a cooperation agreement with Shenyang Chongming Aviation Technology Co., Ltd. Both parties will focus on aviation power technology innovation and industrial collaboration, deepening strategic cooperation. This cooperation with Chongming Aviation marks a key step in the company's deepening aviation power track layout. Both parties will fully integrate resources and advantages, focusing on breakthrough in aviation power reliability, safety, environmental adaptability and lightweight technical bottlenecks, providing strong support for aviation equipment power system upgrades and green transformation.

**Unitree Technology Spring Festival Yangge Humanoid Robot Patent Authorized**

According to Qichacha APP, recently, Hangzhou Unitree Technology Co., Ltd.'s humanoid robot patent was authorized. The patent abstract shows this industrial design product is used for mechanical robots, with design focus on shape. This humanoid robot, wearing floral cotton-padded jackets and performing yangge dance at this year's CCTV Spring Festival Gala, attracted domestic and international attention.

**Changan Automobile Group Signs Strategic Cooperation Agreement with People's Daily**

On October 11, China Changan Automobile Group Co., Ltd. and People's Daily signed a strategic cooperation agreement in Beijing. This cooperation aims to fully leverage both parties' advantages, integrate quality resources, explore new automobile brand building models, and aggregate new momentum for industrial collaborative development.

**Company News**

**Swancor Renewables: Stock Resumes Trading, Zhiyuan Innovation Has No Plans for Backdoor Listing Through Listed Company Within 36 Months**

Swancor Renewables announced its stock will resume trading from market opening on October 13, 2025, after suspension for abnormal trading fluctuation investigation. The company has noted recent market discussions and reports about potential asset integration between Swancor Renewables and actual controller Deng Taihua's controlled Zhiyuan Innovation assets. After verification with acquirer and controlling shareholder Shanghai Zhiyuan Hengyue Technology Partnership (Limited Partnership) and actual controller Deng Taihua, currently, acquirer Zhiyuan Hengyue and its acting-in-concert party Shanghai Zhiyuan Xinchuang Technology Equipment Partnership (Limited Partnership) have no clear plans to sell, merge, joint venture or cooperate with others regarding the listed company and its subsidiaries' assets and business within the next 12 months, nor does the listed company have clear reorganization plans to purchase or replace assets. Currently, within the next 36 months, Zhiyuan Innovation has no plans or arrangements for backdoor listing through the listed company.

**Northern Rare Earth: Expects Q1-3 Net Profit to Increase 272.54%-287.34% Year-on-Year**

Northern Rare Earth announced expected Q1-3 2025 net profit attributable to parent company shareholders of 1.51-1.57 billion yuan, increasing 1.105-1.165 billion yuan compared to the same period last year, growing 272.54%-287.34% year-on-year. Expected Q1-3 2025 net profit attributable to parent company shareholders excluding non-recurring items of 1.33-1.39 billion yuan, increasing 1.064-1.124 billion yuan compared to the same period last year, growing 399.90%-422.46% year-on-year.

**Capital Development: Stock Triggers Severe Abnormal Fluctuation, Subsidiary Indirectly Holds About 0.3% of Unitree Technology Equity**

Capital Development announced that from September 3-12, 2025, the company's stock cumulative closing price deviation reached 100% within 10 consecutive trading days. From September 3-16, 2025, the company's stock showed abnormal fluctuations in the same direction 4 times within 10 consecutive trading days. From September 3-18, 2025, the company's stock cumulative closing price deviation reached 205.68%, triggering severe abnormal fluctuation circumstances under Shanghai Stock Exchange trading rules. The company's production and operations are normal, main business unchanged, and the company is currently still in loss state. Controlling subsidiary Beijing Capital Development Yingxin Investment Management Co., Ltd. indirectly holds about 0.3% of Unitree Technology equity, a very low shareholding ratio. Yingxin Company's fund investment is purely financial investment, with no control or influence over fund decision-making operations.

**CATL: Repurchased 15.99 Million Shares, Total Transaction Amount 4.386 Billion Yuan**

CATL announced that as of September 30, 2025, the company cumulatively repurchased 15.99 million A-shares through Shenzhen Stock Exchange centralized competitive trading, accounting for 0.3629% of the company's total A-share capital on the same date. Highest transaction price was 317.63 yuan/share, lowest was 231.5 yuan/share, total transaction amount was 4.386 billion yuan (excluding transaction fees). The company's repurchase timing, prices, and centralized competitive trading delegation periods all comply with the company's repurchase plan and relevant regulations. The company will continue implementing this repurchase plan based on market conditions within the repurchase period.

**Northern Rare Earth: Q4 2025 Rare Earth Concentrate Trading Price Adjusted to 26,205 Yuan/Ton Excluding Tax**

Northern Rare Earth announced Q4 2025 rare earth concentrate trading price adjusted to 26,205 yuan/ton excluding tax (dry weight, REO=50%), with price increasing/decreasing 524.10 yuan/ton excluding tax for every 1% REO increase/decrease.

**GRINM Advanced Materials: Expects Q1-3 Net Profit to Increase 101%-127% Year-on-Year**

GRINM Advanced Materials announced expected Q1-3 2025 net profit attributable to listed company shareholders of 230-260 million yuan, increasing 115-145 million yuan compared to the same period last year, growing 101%-127% year-on-year. Expected Q1-3 2025 net profit attributable to listed company shareholders excluding non-recurring items of 155-170 million yuan, increasing 59.53-74.53 million yuan compared to the same period last year, growing 62%-78% year-on-year. Same period last year's net profit attributable to listed company shareholders was 115 million yuan, excluding non-recurring items was 95.47 million yuan.

**Hefei Forging Machine: Regarding Recently High Market Attention on Nuclear Fusion Concept, Company Has Not Generated Related Business Revenue**

Hefei Forging Machine announced the company's main business is high-end forming machine tools and intelligent photoelectric sorting equipment. Regarding the recently high market attention on nuclear fusion concept, the company has not generated related business revenue.

**Dongyangguang: Expects Q1-3 Net Profit to Increase 171.08%-199.88% Year-on-Year**

Dongyangguang announced expected Q1-3 2025 net profit attributable to listed company shareholders of 847-937 million yuan, growing 171.08%-199.88% year-on-year; expected net profit attributable to listed company shareholders excluding non-recurring items of 736-826 million yuan, growing 154.15%-185.22% year-on-year. During the reporting period, the refrigerant industry ecology and competitive order continued optimizing, third-generation refrigerant prices steadily increased, providing strong support for the company's significant operating profit improvement. Meanwhile, the company's deep technical accumulation in electrode foil and capacitor fields precisely grasped industry upgrade opportunities, further consolidating market advantages.

**Guomai Culture: Director and Senior Management Cai Yuru Terminates Share Reduction Plan Early**

Guomai Culture announced that employee representative director, board secretary and CFO Cai Yuru reduced 8,000 company shares through centralized competitive trading on September 25-26, 2025, accounting for 0.0081% of total share capital. Cai Yuru decided to terminate this reduction plan early, with remaining unreduced shares no longer to be reduced. The company previously announced on August 26 that Cai Yuru planned to reduce no more than 50,000 shares (no more than 0.05% of total share capital) through centralized competitive trading and/or block trading within 3 months after 15 trading days from announcement disclosure.

**China Unicom: Structural Adjustment Fund Plans to Reduce 1.20% Stake**

China Unicom announced that China State-owned Enterprise Structural Adjustment Fund Co., Ltd. holds 1.9 billion shares (6.08% stake) and plans to reduce no more than 375 million shares (1.20% of total share capital) through centralized competitive trading and block trading from November 3, 2025 to February 3, 2026. Centralized competitive trading will reduce no more than 313 million shares, block trading no more than 375 million shares, with shares sourced from agreement transfers.

**International News**

**Iranian Officer: Whether to Block Hormuz Strait Depends on External Pressure on Iran**

Iranian Revolutionary Guard Navy Commander Tangsiri stated that the decision to open or block the Hormuz Strait rests with Iran's supreme leadership, depending on the degree of external pressure on Iran's oil exports.

**US Treasury Department Begins Issuing Layoff Notices**

A US Treasury Department spokesperson said the Treasury's layoff notices have begun being issued.

**Explosion at Tennessee Explosives Factory Kills Multiple People**

On October 10 local time, an explosion occurred at an explosives factory in Tennessee, causing multiple deaths and missing persons. Local sheriff said rescue personnel have rushed to the scene, and the cause of the accident is under investigation.

**98.3% Probability of Fed 25bp Rate Cut in October**

According to CME "FedWatch": 1.7% probability of Fed maintaining rates unchanged in October, 98.3% probability of 25bp rate cut. For December: 0.1% probability of maintaining rates unchanged, 8.1% probability of cumulative 25bp rate cut, 91.7% probability of cumulative 50bp rate cut.

**US Bank Deposits Rise to $18.522 Trillion**

US bank deposits increased from $18.421 trillion the previous week to $18.522 trillion.

**US Department of Education Issues Layoff Statement**

The US Department of Education issued a layoff statement.

**US Bureau of Labor Statistics to Release September CPI Report on October 24**

The US Bureau of Labor Statistics will release the September CPI report at 8:30 AM Eastern Time on October 24.

**Musk Says Key to Solving AI Power Demand is Energy Storage Batteries**

Musk responded to Zero Hedge's post about US power grid inability to meet AI power demand, stating the solution is energy storage batteries. Musk wrote: "Batteries. The US grid has stable capacity of 1TW but average usage of ~0.5TW. Run power plants at night to charge battery packs, then discharge battery packs during the day to power AI." "This would double America's annual electrical energy output," he added.