★Macro Developments★
MIIT Seeks Public Comments on Satellite IoT Commercial Trial Operations to Enrich Satellite Communication Market Supply
The Ministry of Industry and Information Technology is publicly soliciting comments on the "Notice on Organizing Satellite Internet of Things Business Commercial Trials (Draft for Comments)." The proposal aims to enrich satellite communication market supply through satellite IoT commercial trials, stimulate market participant vitality, enhance industry service capabilities, establish security regulatory systems, and create replicable and scalable 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.
PBOC Releases September Central Bank Liquidity Injection Data
The People's Bank of China released September central bank liquidity injection data for various tools. Short-term reverse repos recorded net injections of 390.2 billion yuan, outright reverse repos saw net injections of 300 billion yuan, open market treasury bond trading recorded zero net injections, Medium-term Lending Facility (MLF) posted net injections of 300 billion yuan, and Pledged Supplementary Lending (PSL) recorded net withdrawals of 88.3 billion yuan.
Ministry of Civil Affairs: National Urban and Rural Minimum Living Standards Increased 19.6% and 21.3% Respectively Since 2020
Minister of Civil Affairs Lu Zhiyuan announced at a State Council Information Office press conference on October 10th that during the "14th Five-Year Plan" period, China has preliminarily established a national dynamic monitoring and normalized assistance mechanism for people in difficulty. While consolidating and expanding poverty alleviation achievements, effective connection with rural revitalization has been realized. National urban and rural minimum living standards have increased 19.6% and 21.3% respectively compared to 2020, with normalized protection covering 39.4 million minimum living allowance recipients and 4.82 million people in extreme difficulty, maintaining the bottom line of preventing large-scale return to poverty and promoting improved living conditions for people in difficulty.
National Cultural Heritage Administration: Strictly Prohibits Renovation of Ancient Murals and Colored Sculptures
The National Cultural Heritage Administration recently issued a notice on strengthening full-process management of cultural building renovation projects. The notice requires careful survey and design work, strict adherence to cultural heritage protection engineering design document preparation requirements and project approval opinions when preparing cultural building renovation survey and design plans. For buildings requiring archaeological work, responsible designers should provide opinions on archaeological work scope to ensure effective support for renovation projects. In principle, renovation should not aim to restore to a specific historical period but should identify, evaluate, and preserve valuable components, forms, and historical information with temporal characteristics from various periods. In areas without traditional oil painting traditions, or in building complexes where oil paintings have been largely lost, oil paintings should generally not be restored. Paintings and gray sculptures from before 1911 should in principle undergo current status scientific protection, strictly prohibiting renovation of ancient murals and colored sculptures. Attention should be paid to preserving the historical weathered appearance of walls, and ancient towers should not be completely repainted.
September A-Share New Account Openings Reach 2.9372 Million, Up Over 60% Year-on-Year
According to data released on the Shanghai Stock Exchange website on October 10th, September A-share new account openings reached 2.9372 million, up 10.83% month-on-month and 60.73% year-on-year. Total new A-share account openings for the first three quarters reached 20.1489 million, compared to 13.4646 million in the same period of 2024, representing a 49.64% year-on-year increase.
Former UK Prime Minister Sunak Joins Silicon Valley Positions
According to reports from The Guardian and Reuters, former UK Prime Minister Sunak has joined Microsoft and AI startup Anthropic as a senior advisor. The UK's Advisory Committee on Business Appointments (ACOBA) announced this on Thursday (9th). Sunak confirmed his new positions on LinkedIn the same day, stating that all income from these positions will be donated to a charity called "The Richmond Programme" that he founded with his wife Murty. Sunak will provide advice on strategy, macroeconomic and geopolitical trends to Anthropic, and offer strategic perspectives on macroeconomic and geopolitical trends at Microsoft.
★Financial Institutions★
Ye Binghai Approved as Director and President of Zhejiang Chouzhou Financial Leasing
On October 10th, the Zhejiang office of the National Financial Regulatory Administration issued approval for Ye Binghai's appointment as Director and President of Zhejiang Chouzhou Financial Leasing Co., Ltd. The company is required to ensure the approved personnel strictly comply with relevant regulatory provisions, take office within 3 months of this administrative approval decision, and report appointment status as required. Failure to take office within the specified period will void this approval, and the Zhejiang office will process administrative license cancellation procedures.
★Market Data★
Closing Review: Shanghai Composite Down 0.94%, ChiNext Down 4.55%
On October 10th, A-share major indices collectively declined. At close, the Shanghai Composite Index fell 0.94% below 3,900 points, the Shenzhen Component Index dropped 2.7%, and the ChiNext Index declined 4.55%; the Beijing Stock Exchange 50 Index fell 1.24%. Combined Shanghai and Shenzhen market turnover was approximately 2.51562 trillion yuan, down about 137.582 billion yuan from the previous trading day. Market-wide, 2,774 stocks rose while 2,536 declined, with 69 hitting daily limits up and 15 hitting daily limits down. Sector-wise, semiconductors, batteries, precious metals, computing hardware, and solar equipment led declines; gas, textile manufacturing, coal, port shipping, pork, cement building materials, and power grid equipment led gains.
Margin Trading Balance Increases 50.709 Billion Yuan
As of October 9th, Shanghai Stock Exchange margin trading balance reached 1.23325 trillion yuan, up 24.632 billion yuan from the previous trading day; Shenzhen Stock Exchange margin trading balance reached 1.18843 trillion yuan, up 26.077 billion yuan from the previous trading day; combined total reached 2.42168 trillion yuan, up 50.709 billion yuan from the previous trading day.
Hong Kong Stock Market Close: Hang Seng Index Down 1.73%, Hang Seng Tech Index Down 3.27%
On October 10th, Hong Kong stocks closed with the Hang Seng Index down 1.73% and the Hang Seng Tech Index down 3.27%. Pharmaceutical stocks declined, with RongChang Biopharmaceuticals down over 12%, Nuscan Oncology down over 11%, and Ascletis Pharma-B down over 9%; technology stocks retreated, with Kuaishou down over 5% and Alibaba down over 4%.
★Company Updates★
China Energy Engineering Corporation Limited: Signs Major Contracts Worth Approximately 19.554 Billion Yuan
China Energy Engineering Corporation Limited (601868.SH) announced that a consortium formed by its subsidiaries signed three new energy EPC contracts with project companies established by Saudi International Company for Water and Electricity and others, with combined contract value of approximately $2.745 billion, equivalent to about 19.554 billion yuan. Specifically, the Saudi PIF Phase V Shagaya 1GW wind power project contract is valued at $663 million with a 26-month construction period; the Saudi PIF Phase V Sudra 2GW wind power project contract is valued at $1.251 billion with a 30-month construction period; and the Saudi PIF Phase VI Furaysh 2GW solar project contract is valued at $831 million with a 26-month construction period.
Northern Rare Earth: Q3 Net Profit Expected to Increase 273%-287% Year-on-Year
Northern Rare Earth (600111.SH) released its third-quarter 2025 performance forecast, expecting net profit attributable to shareholders of 1.51-1.57 billion yuan, up 272.54%-287.34% year-on-year. During the reporting period, the company seized market changes, strengthened budget management and cost reduction efforts, organized scientific production, enhanced market analysis and marketing operations, advanced key project construction and R&D innovation, with main product production and sales volumes increasing year-on-year, driving significant business performance improvement.
Douyin E-commerce Upgrades Governance of False Food Advertising
On October 10th, Douyin E-commerce Safety and Trust Center announced stricter standards to regulate business order and firmly combat false food advertising. Recently, the platform discovered multiple cases of false food advertising and illegal sales during inspections, affecting consumer experience, and has launched series of special governance measures: Taking mooncakes and other seasonal products as examples, the platform has cumulatively banned 404 products and handled 468 content creators. Going forward, the platform will strengthen data analysis, monitoring, and inspections. For merchants who fail to fulfill food safety responsibilities, engage in false advertising or illegal sales and refuse to rectify, strict measures will be taken according to rules such as the "Douyin E-commerce Creator 'Serious False Advertising' Implementation Rules"; cooperation with relevant departments will be strengthened, with serious cases referred to regulators according to law, continuously maintaining a safe and honest consumption environment.
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