To The Moon

Evening major news roundup.

800 billion yuan in new policy-based financial instruments fully deployed, what are the implications?

Importance: five stars. According to Xinhua News Agency, reporters learned from three policy banks—China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China—that as of October 28, the 8 billion yuan? No, correction: 800 billion yuan in new policy-based financial instruments for 2026 had been fully deployed, totaling 800 billion yuan. Among them, China Development Bank's new policy-based financial instrument, the Export-Import Bank's new policy-based financial instrument, and the Agricultural Development Bank's new policy-based financial instrument deployed 365 billion yuan, 120 billion yuan, and 315 billion yuan, respectively. Luo Zhiheng, chief economist at Yuekai Securities, previously said that guiding private capital into these instruments can both open up new investment space for private enterprises and fully unlock the growth potential of emerging industries, promoting industrial upgrading.

Unitree's first financial report after listing: net profit up over 270% year-on-year in the first three quarters, but single-quarter profitability comes under pressure

Importance: four stars. Robot leader Unitree Technology delivered its first quarterly report since listing, with strong first-three-quarter results but pressure on single-quarter profitability. Specifically, revenue in the first three quarters was 1.817 billion yuan, up 55.71% year-on-year; net profit attributable to shareholders was 387 million yuan, up 270.54% year-on-year. However, excluding non-recurring gains and losses, non-GAAP net profit for the first three quarters was 349 million yuan, down 18.78% year-on-year. In the third quarter alone, the company's revenue was 665 million yuan, up 69.93% year-on-year, continuing strong top-line growth; but net profit attributable to shareholders was 113 million yuan, down 17.37% year-on-year, and non-GAAP net profit was 105 million yuan, down 17.42% year-on-year. At the same time, the company significantly increased R&D investment, with single-quarter R&D expenses up 249.58% year-on-year.

Tonight's Fed decision: inflation running hotter, but a rate hike pause?

Importance: three stars. Inflation data continues to exceed expectations, yet the Fed is almost certain to stay put this week. This contradiction is concentrating all pressure on tonight's press conference—how will Warsh explain to the market the choice to pause rate hikes when inflation is clearly off target, without damaging the Fed's policy credibility? According to the latest Reuters survey, 94 of 100 economists expect the Fed to keep rates unchanged at 3.75%-4.00% tonight, with CME federal funds futures implying only about a 10% probability of a hike this time, and Goldman Sachs' equity volatility desk estimating swap-implied odds as low as 7%.

Central bank: RMB real estate loan balance at 50.08 trillion yuan at end of Q3, down 5.2% year-on-year

Importance: three stars. The central bank released its Q3 2026 statistical report on financial institution loan flows. According to the People's Bank of China, at the end of Q3 2026, the balance of RMB loans from financial institutions was 283.44 trillion yuan, up 4.8% year-on-year, with RMB loans increasing by 11.52 trillion yuan in the first three quarters. At the end of Q3, the balance of RMB real estate loans was 50.08 trillion yuan, down 5.2% year-on-year, a decrease of 1.9 trillion yuan in the first three quarters. At the end of Q3 2026, the balance of real estate development loans was 12.37 trillion yuan, down 9.1% year-on-year, a decrease of 817.9 billion yuan in the first three quarters. The balance of individual housing loans was 35.91 trillion yuan, down 4.1% year-on-year, a decrease of 1.10 trillion yuan in the first three quarters.

People familiar with the matter: ChangXin Technology to start advanced AI memory chip production, prices may be higher than overseas competitors

Importance: three stars. According to reports, people familiar with the matter said ChangXin Technology has sent HBM3E samples to several domestic AI chip design companies in China. ChangXin Technology is expected to start small-batch production within the next two months. The people said ChangXin's HBM3E is expected to be priced higher than similar products from overseas competitors. The person added that the company began independent research and development of this technology as early as 2024.

Ministry of Commerce: step up efforts, innovate and create offline consumption scenarios

Importance: three stars. On October 28, the Ministry of Commerce held a national video and telephone conference on advancing the consumer goods trade-in program, summarizing progress in policy implementation and deploying next-step key tasks. The meeting stressed the need to combine local realities, strengthen departmental coordination, step up efforts, innovate and create offline consumption scenarios, accelerate subsidy payments, and effectively enhance people's sense of gain.

Super "savvy individual investor" Zhang Jianping's latest moves revealed

Importance: three stars. On October 28, third-quarter reports disclosed by Feilong Co., Hengtong Optic-Electric, and Hangdian Co. showed that Zhang Jianping aggressively increased his stake in Feilong Co., newly becoming its fourth-largest shareholder; he exited the top ten shareholder lists of Hengtong Optic-Electric and Hangdian Co. In addition, Zhang Jianping further increased his holdings in Yunnan Germanium in the third quarter and once again "returned" to Dongcai Technology. Zhang Jianping's associate Fang Wenyan heavily invested in PCB leader Founder Technology.

Opportunities to watch early

After sorting through investment opportunities drawing market attention, new energy and other sectors are in focus.

Beijing's major release on new energy, mentioning solar, green power, hydrogen, and more

The Beijing Municipal People's Government issued the "Beijing 15th Five-Year Plan Period New Energy System Plan." It mentions deeply tapping local renewable energy resource potential, formulating guidelines for renewable energy development and utilization planning, and achieving a citywide new energy utilization rate of over 95%. It calls for fully expanding the scale of green power entering Beijing, raising the high-end level of the wind power industry, expanding photovoltaic technology innovation application scenarios, focusing on perovskite solar cell and high-efficiency photovoltaic module R&D and equipment manufacturing, and promoting building-integrated photovoltaics. Wanlian Securities said that in the first three quarters of this year, rising lithium carbonate prices drove continued growth in the lithium battery sector's performance, while the wind power industry benefited from the gradual fulfillment of earlier orders and higher overseas exports. In the power equipment sector, domestic ultra-high-voltage construction continues to increase, China's capabilities in power equipment are clearly leading, and medium- to long-term overseas demand will still provide strong support for company performance. In addition, the following sectors are also worth watching:

Ice and snow economy | Meituan: since October, "skiing" searches rose 125% year-on-year, and bookings for accommodation around ski resorts increased 217%.

Natural gas | European natural gas approaches 100 euros per megawatt-hour, the first time since late 2022.

Listed company positive and negative announcements

Among positive announcements, watch the domestic GPU giant turning a profit from a loss; among negative announcements, note *ST Zhuoran's market value delisting.

Positive announcements

1. Moore Threads: third-quarter net profit was 49.2604 million yuan, turning profitable both year-on-year and quarter-on-quarter.

2. Tianfu Communication: third-quarter net profit up 55% year-on-year and 23% quarter-on-quarter.

3. Hengtong Optic-Electric: third-quarter net profit up 299% year-on-year and 51% quarter-on-quarter.

4. China Merchants Energy Shipping: third-quarter net profit up 327% year-on-year and 19% quarter-on-quarter.

5. PetroChina: third-quarter net profit 51.839 billion yuan, up 21.6% year-on-year.

Negative announcements

1. *ST Zhuoran: market value below 300 million yuan for 20 consecutive days triggers mandatory delisting, trading suspended from October 29.

2. China Pacific Insurance: Q3 net profit down 68% year-on-year and 73% quarter-on-quarter.

3. Sanhua Intelligent Controls: Q3 net profit down 9.64% year-on-year and 8% quarter-on-quarter.

4. Shandong Gold: third-quarter net loss of 363 million yuan.

5. CSG A: net loss of 589 million yuan in the first three quarters.