Ministry of Commerce Responds to U.S. Release of New Proposed Outbound Investment Restrictions: On October 23, the U.S. Treasury Department issued a new version of proposed rules on outbound investment restrictions, seeking public comment. In response, the Chinese side stated it has noted the development. The proposed rules discriminately expand the scope of restrictions on investment in China, intensify restrictive measures, and represent a typical practice of overstretching the concept of national security, violating the important consensus reached by the two heads of state, disrupting normal economic and trade cooperation between Chinese and American enterprises, and undermining the international economic and trade order. China expresses serious concern and firm opposition, will closely monitor subsequent developments, and reserves the right to take corresponding measures. China has a super-large market with enormous consumption and investment potential; investing in China is investing in the future. U.S. restrictions on investment in China are detrimental to China-U.S. economic and trade cooperation and will also harm the interests of American companies themselves. China urges the U.S. to respect market economy principles, stop overstretching the concept of national security, stop politicizing and weaponizing economic and trade issues, and create a favorable environment for China-U.S. economic and trade cooperation.
Market Outlook: Nasdaq Golden Dragon China Index Closes Down 0.84%
In overnight U.S. trading, the Dow Jones Industrial Average fell 652.82 points, or 1.23%, to close at 52,215.16; the S&P 500 dropped 39.75 points, or 0.52%, to 7,623.68; and the Nasdaq Composite declined 53.52 points, or 0.21%, to 25,955.34. Last week, the Dow gained 0.41% cumulatively, the Nasdaq lost 0.71%, and the S&P 500 fell 0.47%. Large-cap tech stocks were mixed: Microsoft rose 0.66% as its AI cloud business continued to attract capital; Apple fell 0.14% after briefly surpassing Nvidia intraday to reclaim the world's most valuable company title before pulling back at the close. The oil and gas energy sector led gains, with ConocoPhillips up 3.55%, Exxon Mobil up 2.79%, and Chevron up 2.88%, all hitting record highs; Schlumberger surged 7.08%, EOG Resources rose 3.21%, and Occidental Petroleum gained 2.67%. Semiconductor stocks were mixed, with AMD up 1.74% and TSMC up 1.49%. Popular Chinese concept stocks generally underperformed, with the Nasdaq Golden Dragon China Index closing down 0.84%. The Hang Seng Index ADR declined, calculated to close at 23,069.53 points, down 23.84 points or 0.10% from the Hong Kong close. On the New York Mercantile Exchange, the front-month WTI crude oil futures contract rose $3.97 to settle at $103.44 per barrel, up 3.99%. The front-month COMEX gold futures contract fell $50.40, or 1.24%, to $4,010.0 per ounce.
Key Developments to Watch
Trump Says U.S. Could Strike Iran Again at Any Time, or Reach a Deal: According to CCTV, on October 24 local time, U.S. President Trump participated in midterm election voting in West Palm Beach, Florida. When asked by reporters on site whether the U.S. might launch another attack on Iran, Trump responded that he would not disclose such information to the media, but also said the U.S. could strike Iran again at any time, or could reach a deal. Trump also said he could have used B-2 bombers to "get it done and leave" a year ago, but he believed Iran would always find a way to build a nuclear bomb, so a permanent agreement with Iran must be reached.
Foreign Ministry: U.S. Should Abide by Market Economy Principles and Stop Interfering in Normal Economic and Trade Cooperation Between Enterprises: On October 23, Foreign Ministry spokesperson Mao Ning presided over a regular press conference. A reporter asked about the U.S. Treasury Department's proposal to include biotechnology in the list of restricted technologies under the outbound investment security program. In response, Mao Ning stated that overstretching the concept of national security, taking discriminatory measures against specific countries, and artificially imposing limits on economic, trade, and investment activities do not serve anyone's interests. The U.S. should abide by market economy principles, stop interfering in normal economic and trade cooperation between enterprises, and effectively maintain the stability of global industrial and supply chains. China will closely monitor relevant developments and take necessary measures to safeguard its legitimate rights and interests.
National Medical Products Administration: Will Further Increase Policy Support for Traditional Chinese Medicine Sector: On October 23, the National Medical Products Administration held a symposium on traditional Chinese medicine regulation in Beijing, deeply listening to opinions and suggestions from academicians, national medical masters, and senior experts in the TCM field regarding advancing the reform of the TCM review and approval system, strengthening whole-chain regulation of TCM, and recent key work, in order to pool wisdom and strength for improving the mechanism for inheriting and innovating TCM. The meeting held that in recent years, the reform of the TCM review and approval system has continued to deepen, promoting sustained vitality in TCM innovation. The meeting stated that the NMPA will further increase policy support for the TCM sector, optimize regulatory models and evaluation methods, improve the guideline system, consolidate and expand TCM innovative research and development, promote the transformation of famous and proven prescriptions and medical institution TCM preparations into new drugs, broaden the research and development pathways for natural medicines, and solidly advance the inheritance and innovative development of TCM.
Goldwind Science & Technology (02208) Reports First Three Quarters Net Profit Attributable to Shareholders of Approximately RMB 2.875 Billion, Up 11.25% Year-on-Year
According to Zhitong Finance APP, Goldwind Science & Technology (02208) announced its 2026 first three quarters results, with operating revenue of approximately RMB 52.023 billion, up 8.05% year-on-year; net profit attributable to shareholders of the listed company of approximately RMB 2.875 billion, up 11.25% year-on-year; basic earnings per share of RMB 0.6594.
China Molybdenum (03993) Reports First Three Quarters Net Profit Attributable to Shareholders of RMB 24.02 Billion, Up 68.21% Year-on-Year
According to Zhitong Finance APP, China Molybdenum (03993) released its 2026 first three quarters results, with the group achieving operating revenue of RMB 207.29 billion, up 42.48% year-on-year; net profit attributable to shareholders of the listed company of RMB 24.02 billion, up 68.21% year-on-year; basic earnings per share of RMB 1.12.
Chifeng Gold (06693) Reports First Three Quarters Net Profit Attributable to Shareholders of RMB 2.285 Billion, Up 11.05% Year-on-Year
According to Zhitong Finance APP, Chifeng Gold (06693) released its 2026 first three quarters results, with the group achieving operating revenue of RMB 10.087 billion, up 16.69% year-on-year; net profit attributable to shareholders of the listed company of RMB 2.285 billion, up 11.05% year-on-year; basic earnings per share of RMB 1.21.
Zijin Mining: Q3 2026 Net Profit Attributable to Shareholders of RMB 18.356 Billion, Up 25.97% Year-on-Year
Zijin Mining announced Q3 2026 operating revenue of RMB 89.274 billion, up 3.22% year-on-year; net profit attributable to shareholders of RMB 18.356 billion, up 25.97% year-on-year; non-GAAP net profit of RMB 17.808 billion, up 42.43% year-on-year. For the first three quarters of 2026, operating revenue was RMB 283.453 billion, up 11.51% year-on-year; net profit attributable to shareholders was RMB 57.526 billion, up 51.93% year-on-year; non-GAAP net profit was RMB 55.842 billion, up 63.63% year-on-year.
China Shenhua Energy (01088) Reports First Three Quarters Net Profit Attributable to Shareholders of RMB 47.317 Billion, Up 2.1% Year-on-Year
According to Zhitong Finance APP, China Shenhua Energy (01088) announced that for the nine months ended September 30, 2026, revenue was RMB 296.031 billion, up 9.0% year-on-year; profit attributable to owners of the company was RMB 47.317 billion, up 2.1% year-on-year; basic earnings per share of RMB 2.198.
Lens Technology (06613) Reports First Three Quarters Net Profit Attributable to Shareholders of Approximately RMB 1.42 Billion, Down 50.06% Year-on-Year
Lens Technology (06613) released its 2026 first three quarters results, with operating revenue of RMB 47.902 billion, down 10.74% year-on-year; net profit attributable to shareholders of the listed company of RMB 1.42 billion, down 50.06% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses of RMB 998 million, down 63.07% year-on-year; basic earnings per share of RMB 0.27.
Feisu Innovation (03355) Reports First Three Quarters Adjusted Net Profit of RMB 778 Million, Up 68.9% Year-on-Year
According to Zhitong Finance APP, Feisu Innovation (03355) announced that benefiting from sustained strong industry demand, continued increases in AI infrastructure investment across various sectors, and business synergies from the Boda acquisition, the group's Q3 operations maintained rapid growth, with core business order scale maintaining good growth momentum. During the reporting period, the group continued to advance product iteration and capability upgrades for network solutions. For the nine months ended September 30, 2026, the company achieved total revenue of RMB 2.8945 billion, up 33.1% year-on-year, and adjusted net profit of RMB 778 million, up 68.9% year-on-year.
Tianjin Capital Environmental Protection (01065) Reports First Three Quarters Net Profit Attributable to Shareholders of Approximately RMB 718 Million, Up 2.34% Year-on-Year
According to Zhitong Finance APP, Tianjin Capital Environmental Protection (01065) announced that for the first three quarters of 2026, it achieved revenue of approximately RMB 3.447 billion, basically flat year-on-year; net profit attributable to shareholders of the company of approximately RMB 718 million, up 2.34% year-on-year; basic earnings per share of RMB 0.46.
Guoen Technology (02768) Announces First Three Quarters Results, Net Profit Attributable to Shareholders of Approximately RMB 982 Million, Up 59.73% Year-on-Year
According to Zhitong Finance APP, Guoen Technology (02768) announced its 2026 first three quarters results, with operating revenue of approximately RMB 17.793 billion, up 14.82% year-on-year; net profit attributable to shareholders of the listed company of approximately RMB 982 million, up 59.73% year-on-year; basic earnings per share of RMB 2.28.
iFlytek Healthcare (02506): Beijing Huiji Introduces iFlytek Cloud Innovation Capital Increase of RMB 32 Million
According to Zhitong Finance APP, iFlytek Healthcare (02506) announced that on October 23, 2026 (after trading hours), existing shareholders (including the company) and iFlytek Cloud Innovation entered into an investment agreement, pursuant to which the parties agreed that iFlytek Cloud Innovation would pay RMB 32 million to subscribe for RMB 2.30128 million of newly added registered capital of Beijing Huiji.
Dongshan Precision (02384): Offer Price Finalized at HK$86.80 per H Share
Dongshan Precision (02384) announced that the offer price was finalized on Saturday, October 24, 2026, at HK$86.80 per H share. Assuming the global offering becomes unconditional at or before 8:00 a.m. (Hong Kong time) on Wednesday, October 28, 2026, the H shares are expected to commence trading on the Main Board of the Stock Exchange at 9:00 a.m. (Hong Kong time) on Wednesday, October 28, 2026. The H shares will be traded in board lots of 100 H shares.
Stock Spotlight: RemeGen H1 2026 Revenue of RMB 5.853 Billion, Up 433.11% Year-on-Year
RemeGen announced that for the first half of 2026, it achieved operating revenue of RMB 5.853 billion, up 433.11% year-on-year; net profit attributable to shareholders of RMB 4.662 billion, turning profitable from a net loss of RMB 450 million in the same period last year. Its core product Telitacicept has been approved for five major indications and was included in the National Essential Medicines List in July 2026; Disitamab Vedotin added two new indications during the year. In January 2026, the company signed an exclusive licensing agreement with AbbVie for RC148, receiving US$650 million in upfront payments and up to US$4.95 billion in milestone payments, among other terms; currently, four core drugs have completed global licensing, with cumulative transaction value exceeding US$12.6 billion. The company's production and operations are currently normal.
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