Key market-moving news over the weekend includes: the central bank and the CSRC will hold a symposium tomorrow to study and promote the use of capital market support tools; the central bank will convene a symposium on stock buyback and increased holdings refinancing; the central bank reaffirmed its stance on continuing to implement a moderately accommodative monetary policy to maintain ample liquidity; the CSRC pledged to spare no effort in stabilizing the market and expectations while continuously enhancing capital market resilience and confidence; five government departments issued the "Guiding Opinions on Strengthening Consumption Infrastructure Construction to Promote Positive Interaction Between Consumption and Investment"; the official October manufacturing PMI came in at 49.3%; the Nasdaq fell nearly 3%, the Philadelphia Semiconductor Index dropped over 7%, and Intel plunged more than 28%; spot gold lost the $3,900 mark, hitting a one-year low.
Macro Economy
The central bank stated it will continue to implement a moderately accommodative monetary policy to maintain ample liquidity. It will do a good job in the "five major articles" of finance, accelerate the construction of a multi-tiered modern financial market system, enhance the adaptability of financial services to the real economy, and better support economic transformation, upgrading, and the conversion of growth drivers. It will effectively and efficiently prevent and defuse financial risks in key areas. It will expand high-level financial opening, advance RMB internationalization, and accelerate the construction and development of a multi-channel, broadly covered cross-border RMB payment system. It will resolutely safeguard national financial security.
The National Bureau of Statistics reported that the official October manufacturing PMI was 49.3%. In October, the manufacturing purchasing managers' index (PMI) came in at 49.3%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing sector activity. By enterprise size, the PMI for large enterprises was 50.2%, down 0.4 percentage points from the previous month but still above the threshold. The PMIs for medium and small enterprises were 48.4% and 47.5% respectively, down 1.3 and 1.4 percentage points from the previous month, falling below the threshold.
The Ministry of Foreign Affairs stated that the U.S. is unreasonably suppressing Chinese enterprises, and China firmly opposes and strongly resents this. A reporter asked: There are reports that the relevant U.S. regulatory agency has decided to ban all Chinese laboratories from conducting testing services for American electronic devices such as smartphones. What is China's comment on this? Guo Jiakun stated that the U.S. has generalized the concept of national security and abused state power to unreasonably suppress Chinese enterprises. China firmly opposes and strongly resents this. The U.S. action seriously hinders normal economic and trade exchanges between Chinese and American enterprises and does not serve the interests of all parties, including American businesses and consumers. China will take necessary measures to firmly safeguard its legitimate rights and interests.
Global Markets
Global markets saw the Nasdaq fall nearly 3%, the Philadelphia Semiconductor Index drop over 7%, and Intel plunge more than 28%. In the U.S. stock market, all three major indices closed lower on October 30. At the close, the Dow Jones Industrial Average fell 572.25 points to 51,770.31, a decline of 1.09%; the S&P 500 fell 140.32 points to 7,580.07, a decline of 1.82%; and the Nasdaq Composite fell 747.72 points to 25,437.0, a decline of 2.86%. Spot gold lost the $3,900 mark, hitting a one-year low — has the long-term logic for gold prices changed? Spot gold fell below $3,900 on Friday. As of the local close on October 30, data showed that spot gold (London spot gold) fell 3.61% to $3,875.19 per ounce, hitting a new low since early October 2025; spot silver (London spot silver) fell 5.82% to $49.107 per ounce, falling below $50 for the first time since November 2025. COMEX gold futures fell 3.63% to $3,884.90 per ounce; COMEX silver futures fell 6.20% to $49.135 per ounce. The Ministry of Foreign Affairs refuted a New York Times China-related report, calling it groundless and purely slander and smear against China. Foreign Ministry spokesperson Guo Jiakun presided over a regular press conference. An AFP reporter asked that the New York Times published an exclusive story yesterday claiming that a Chinese female executive has close ties with Nvidia CEO Jensen Huang, and that U.S. intelligence agencies say the woman is a Chinese intelligence operative. Does China have any information on this, and what is its comment? Guo Jiakun stated that the relevant report is groundless and purely slander and smear against China.
Financial Capital
The central bank and the CSRC will hold a symposium tomorrow to study and promote the use of capital market support tools. Some securities firms and fund companies received notices that the central bank and the CSRC will hold a meeting tomorrow morning to study and promote the use of capital market support tools. The CSRC stated it will spare no effort in stabilizing the market and expectations, continuously enhancing capital market resilience and confidence. On October 30, Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, presided over an enlarged Party Committee meeting. The meeting required that thoroughly studying and implementing the spirit of the plenary session is a major political task for the current and future period. The CSRC system should earnestly organize and carry out publicity and interpretation, conduct full-coverage training at different levels and categories, continuously work hard to solve prominent problems, and rapidly create a wave of learning, publicity, and implementation to form a strong atmosphere. At the same time, it is necessary to fully leverage the political leadership and political guarantee role of comprehensive strict Party governance, firmly establish a sense of the big picture and systematic thinking, spare no effort in stabilizing the market and expectations, deepen comprehensive investment and financing reform, improve the full-chain regulatory system, continuously enhance capital market resilience and confidence, and ensure the successful completion of all capital market tasks in the opening year of the "15th Five-Year Plan." The central bank announced that starting November 2, overnight reverse repo operations will be conducted through tender every working day. To further optimize the short-end interest rate control mechanism, starting from November 2, 2026, open market operations will be adjusted as follows: First, overnight reverse repo operations will be conducted through tender every working day, using a fixed rate and quantity tender. The current operation rate is 1.25%. Second, the 7-day reverse repo operation will be adjusted to a fixed quantity, rate tender, and multiple-price allotment, mainly conducted during tax periods, month-end, and other time points. Over 390 billion yuan more earned! The complete A-share Q3 report rankings are here. A-share 2026 Q3 report disclosures have concluded. As of October 31, 5,572 A-share companies have disclosed their 2026 Q3 reports, achieving total revenue of 56.66 trillion yuan, up 5.66% year-on-year, with growth slowing from the interim report's 7.63% year-on-year increase; net profit attributable to parent companies was 5.10 trillion yuan, an increase of 390.646 billion yuan from the same period last year, up 8.30% year-on-year, compared with a 19.40% year-on-year increase in the interim report.
Industrial Economy
Five departments issued the "Guiding Opinions on Strengthening Consumption Infrastructure Construction to Promote Positive Interaction Between Consumption and Investment." The opinions call for strengthening the construction of urban and rural commodity trading markets. They promote the upgrading of agricultural product markets such as wholesale markets for agricultural products, farmers' markets, rural fairs, and township commercial centers, and improve supporting facilities such as market stalls, water supply and drainage, power supply, lighting, and waste treatment. They promote the renovation and upgrading of industrial consumer goods markets for daily necessities, food, clothing, home appliances, automobiles, and others, and enhance supporting facilities such as warehousing, sorting, packaging, and fire protection. The Ministry of Commerce responded to questions regarding the U.S. Federal Communications Commission's vote to approve restrictive measures on testing laboratories. On October 29 U.S. Eastern Time, the U.S. Federal Communications Commission (FCC) voted to approve restrictive measures on testing laboratories. Starting December 1, 2028, it will prohibit authorization of testing laboratories, telecommunications certification bodies, and laboratory accreditation bodies located in China and other so-called "non-reciprocal economies," and prohibit conducting FCC-related testing, certification, or accreditation business in "non-reciprocal economies." China strongly resents and firmly opposes this, and has previously taken countermeasures in response. The third-quarter reports of the six major state-owned banks were released! Agricultural Bank of China and Bank of Communications saw third-quarter net profit increase by more than 10% year-on-year. On Friday, the six major banks — ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China — successively announced their third-quarter reports, with Agricultural Bank of China and Bank of Communications seeing third-quarter net profit growth exceed 10%.
Company Focus
Cxmt Corporation (688825.SH): net profit for the first three quarters was 132.04 billion yuan, and it plans to repurchase shares for 1 billion to 2 billion yuan. Cxmt Corporation announced that in the first three quarters it achieved operating revenue of 269.024 billion yuan, up 738.51% year-on-year; net profit attributable to shareholders of the listed company was 132.04 billion yuan, turning profitable year-on-year. In the third quarter, it achieved operating revenue of 118.714 billion yuan, up 613.18% year-on-year; net profit attributable to shareholders of the listed company was 54.435 billion yuan, turning profitable year-on-year. The performance change was mainly due to global DRAM products being in short supply, with the company's product sales volume and selling prices rising sharply, combined with lower unit costs, resulting in a significant increase in product gross margin. Kweichow Moutai Co.,Ltd. (600519.SH): third-quarter net profit was 19.951 billion yuan, up 3.78% year-on-year and up 15% quarter-on-quarter. Kweichow Moutai Co.,Ltd. announced that in the first three quarters it achieved operating revenue of 130.971 billion yuan, up 1.96% year-on-year; net profit attributable to shareholders of the listed company was 64.467 billion yuan, down 0.25% year-on-year. In the third quarter, it achieved operating revenue of 40.267 billion yuan, up 3.08% year-on-year; net profit attributable to shareholders of the listed company was 19.951 billion yuan, up 3.78% year-on-year. Note: The company's Q3 net profit was 19.951 billion yuan, and Q2 net profit was 17.274 billion yuan; based on this calculation, Q3 net profit increased 15% quarter-on-quarter. DeepSeek released a new Agent architecture: Super-agent. On the evening of October 31, the DeepSeek Harness team published a technical article on its official WeChat account titled "Super-agent Design Exploration: Toward a More Autonomous Agent System." DeepSeek stated that improvements in model capabilities have given rise to new application forms, and Personal Agents have begun to emerge intensively.
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