【钛媒体综合】据证券时报，从业内相关人士处了解到，11月2日，中国人民银行、证监会将召集一些证券公司、基金公司举行会议，研究推动支持资本市场工具使用。同日，中国人民银行、金融监管总局和证监会将召集银行开会，研究优化股票回购增持再贷款政策。
此前于10月30日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习习近平总书记在党的二十届五中全会上的重要讲话和全会精神，研究部署贯彻落实举措。会议强调，以更高标准更实举措贯彻落实党中央关于金融工作的重大部署。继续实施适度宽松的货币政策，综合运用多种货币政策工具，保持流动性充裕。做好金融“五篇大文章”，加快建设多层次现代化金融市场体系，提升金融服务实体经济适配性，更好支持经济转型升级和增长动能转换。有力有效防范化解重点领域金融风险。扩大金融高水平开放，推进人民币国际化，加快建设和发展多渠道、广覆盖的人民币跨境支付体系。坚定维护国家金融安全。
中国证监会党委书记、主席吴清同日主持召开党委（扩大）会议。会议要求，深入学习贯彻全会精神是当前和今后一个时期的重大政治任务，证监会系统要认真组织开展宣讲解读，分层分类做好全覆盖培训，持续在解决突出问题上下功夫，推动学习宣传贯彻迅速掀起热潮，形成浓厚氛围。同时，充分发挥全面从严治党的政治引领和政治保障作用，牢固树立大局意识、系统观念，全力稳市场稳预期，深化投融资综合改革，完善全链条监管体系，持续提升资本市场韧性和信心，确保“十五五”开局之年资本市场各项任务圆满完成。
国家金融监管总局当日也召开党委（扩大）会议强调，要以高质量党建引领金融监管高质量发展。稳妥推进中小金融机构改革化险、减量提质，积极支持配合化解房地产和地方政府债务风险。坚持严监管强监管，坚守监管姓监定位，做到严格监管、专注监管，不断提升监管有效性。持续推动行业改革转型，督促机构树牢正确的经营观、业绩观、风险观，引导行业围绕“十五五”规划纲要重点任务，优化金融资源配置，持续提升金融服务适配性。
钛媒摘声：
本轮调整主要受到海外市场波动和外部风险偏好变化影响，前期涨幅较大的科技成长方向因估值预期较高，回撤也更为明显。但短期价格调整并不意味着长期趋势逆转。拉长视角看，市场的中长期增长逻辑依然清晰。科技产业升级有望推动上市公司盈利增长，居民资产配置迁移有望为A股带来国内增量资金，人民币国际化则有望拓宽海外资金配置中国资产的空间。三条逻辑分别作用于A股的盈利端、国内资金端和海外资金端。
——中信建投证券宏观首席分析师 周君芝
AI产业本身发展完全符合预期，甚至在某些方面超出预期，并不存在“泡沫”；但资本市场习惯用线性外推给非线性技术革命定价，这种错配会带来“低于预期”的体感。如果简单将AI产业链分为算力、模型、应用三层，现在可能是一个“倒金字塔”结构：算力分掉了最大的价值量，然后是模型，最后是应用。如果未来人工智能产业走得更长远，形成良性循环，应用端肯定会做大。一个良性的产业应该是一个“正金字塔”。
——中信建投国际董事长 武超则
国内公司：
据中国证监会，截至10月31日，沪深两市5224家上市公司披露了2026年三季报，73%的上市公司实现盈利。前三季度，沪深两市上市公司实现营业收入56.6万亿元，净利润5.1万亿元，同比分别增长5.8%、8.5%，规模及增速均创2022年以来新高。前三季度，科创板上市公司净利润增长474.6%，创业板上市公司净利润增长22.7%，以人工智能、机器人、创新药为代表的新质生产力上市公司业绩高速增长。人工智能板块净利润同比增长281.0%，增速较半年报加快14.5个百分点，机器人、智能穿戴设备领域上市公司净利润同比增长94.8%、63.2%。
新能源汽车10月交付情况速览：5家交付量超5万，2家同比增超50%
11月1日，多家车企陆续公布2026年10月新能源汽车交付数据。整体来看，5家企业单月交付超5万辆，2家同比增幅超50%，4家出现同环比双降。其中，比亚迪以49.0万辆的月销领跑，上汽集团销量25.9万；零跑汽车交付10.6万，实现连续4个月月销超10万辆；小鹏、小米双双站上5万辆台阶。增速端，极氪同比增长51.63%居首，零跑汽车（50.99%）紧随其后；鸿蒙智行、赛力斯同比降幅均超50%，环比双双降逾10%。
国有某大行计划向中国国新和中国诚通各新增千亿级股票回购增持专项贷款额度
11月1日，从相关渠道了解到，一家国有超大型银行近日计划向中国国新、中国诚通两家央企新增股票回购增持贷款额度，单家新增额度或可达到1000亿元。据悉，此次新增的再贷款额度规模，或将超过2024年该政策工具设立时该行向上述主体发放的首期额度。
10月31日，DeepSeek Harness团队在官方公众号发表技术文章《Super-agent 设计探索：迈向更自主的Agent系统》。DeepSeek表示，模型能力提升催生了新的应用形态，个人助手（Personal Agent）开始集中涌现。然而，现有主流Agent设计还难以在多任务和团队协作的规模上支撑这一模式，多任务上限取决于人的注意力。通过双层架构、事件驱动、异步多信道交互、存算分离与外部Watchdog等思路，DeepSeek团队突破了这些限制，系统在底层接管了繁琐的会话管理与上下文同步，使人类得以从具体的执行细节进一步上移到更高层的决策与验收。DeepSeek把这种Agent形态及其系统架构称为Super-agent，文章提到，目前，基于这套思路构建的内部Super-agent实例已经在持续运行，日常参与问题复现与修复、代码审查响应与 DeepSeek Harness自身的迭代。当团队成员在群聊中反馈软件问题时，即使没有人主动@ AI，它也能识别潜在缺陷，在后台尝试复现问题、寻找修复方案。
长鑫科技前三季度营收同比增长738.5%，归母净利润超1320亿元
根据长鑫科技第三季度报告披露的信息，前三季度营收2690.24亿元，同比增长738.51%；归母净利润1320.40亿元；经营现金流净额2547.51亿元，同比增长1864.52%；业绩高增长主要源于全球算力需求拉动、DRAM供不应求带来量价齐升，以及规模效应下单位成本持续下降。
中央纪委国家监委网站10月31日通报，原中国石油化工集团公司党组书记、董事长傅成玉涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律审查和监察调查。
10月30日，工业富联发布2026年员工持股计划草案，拟筹集资金总额不超过20亿元，参与总人数不超过1.2万人，股票来源为二级市场购买。该计划存续期不超过84个月，分三期解锁，解锁比例分别为50%、30%、20%，并设定了2027-2029年净利润累计不低于2400亿元的业绩考核目标。
日前，重庆市知识产权局披露，“ZXMOTO”等一批核心商标完成注册，权利归属重庆张雪机车工业有限公司，历经多轮博弈，“张雪机车”这一品牌名称在法律层面正式回归创始人张雪。
国外企业：
在近期于美国旧金山举行的SEMICON West 2026上，英伟达展示了下一代共封装光学（CPO）方案原型，并命名为OOI（Optics-on-Interposer，中介层上集成光学）。不同于现有CPO方案，OOI选择拿下有机封装基板，将光引擎直接集成到承载GPU的硅中介层之上，把光电转换环节进一步向芯片内核靠拢，为下一代超大规模AI集群提供全新互联思路。英伟达未公布任何OOI的商业化时间表，仅表示已经拿到原型样品。
10月31日，阿里巴巴与苹果达成合作，将千问集成至Apple智能，中国用户可以在Siri、写作工具及视觉智能中，直接调用千问的文本与图像理解、内容生成等能力。这些功能将于11月4日起随最新的iOS开发者Beta版开放测试，并将于12月iOS 27.3正式发布时面向中国用户推出。
10月31日，OpenAI已将最新一轮融资目标下调100亿美元，计划融资200亿美元，对应估值1.25万亿美元。此前，该公司原计划以1.4万亿美元估值融资300亿美元。
近期，汇丰、渣打、永丰、东亚等多家外资银行密集上架人民币大额存单，部分三年期产品利率，较同期限国有大行的大额存单高出近40个基点。具体来看：永丰银行（中国）三年期个人大额存单，20万元起存，年利率1.92%，较国有大行同期限产品高出近40个基点；东亚银行（中国）年内发行了多款三年期大额存单，年利率1.90%；汇丰银行（中国）1个月期到6个月期大额存单，年利率0.85%到1.3%；渣打银行（中国）发行大额存单覆盖1个月至1年，50万元起存的6个月和1年期的年利率最高可达1.2%。中国邮政储蓄银行研究员娄飞鹏表示，近期人民币升值比较明显，居民持有人民币的意愿增加，外资银行想要扩大跨境结算、贸易融资、财富管理等业务，需要增加人民币存款，发行大额存单是个相对比较好的选择。同时，外资银行在国内的网点比较少，吸收存款的优势相对不够明显，需要比较高的利率来吸引投资者。
政策风向：
涉电动自行车3C认证、儿童用品强制性国标等，一批新规正式施行
11月1日起，一批新规将正式施行，涉及社会民生多个领域。
电动自行车3C认证要“一车一池一充一码”。电动自行车3C认证新规于11月1日起实施。新规要求严格实施“一车一池一充一码”，生产企业出厂时必须配齐全部必需部件；每辆车出厂都要随车附带一致性证书，内容和车辆登记要求完全匹配。
单位欠缴社保最高处罚三倍罚款。11月1日，《全国税务行政处罚裁量基准（2026年版）》施行，社保缴费违法行为首次被纳入全国统一的税务行政处罚裁量体系。新规明确，用人单位欠缴社保最高可处以三倍罚款。同时，用人单位和员工签订的“自愿放弃社保协议”不具备法律效力。
不得擅自改变烈士纪念设施用途。新修订的《烈士纪念设施保护管理办法》11月1日起施行。新规补齐零散烈士设施管护短板，规范建设行为，细化展陈、祭扫、寻亲等内容。新规明确未确定保护级别、零散分布的烈士纪念设施管护责任，不得擅自改变烈士纪念设施用途，不得买卖、抵押烈士纪念设施。
首个儿童用品全品类强制性国标今起实施。中国首部《儿童用品通用安全要求》强制性国家标准今起实施，标准为儿童用品安全设立兜底底线要求，基本解决新型儿童用品“暂时无标可依”的难题。这项标准适用于设计或预定供14岁以下儿童使用、玩耍、穿戴的全部产品。
央行公告，为进一步优化短端利率调控机制，从2026年11月2日起，公开市场操作进行如下调整：一、每个工作日开展隔夜逆回购操作招标，采用固定利率、数量招标。目前操作利率为1.25%。二、7天期逆回购操作调整为固定数量、利率招标、多重价位中标，主要在税期、月末等时点开展。三、原在7天期逆回购操作利率基础上加减点的其他工具，包括临时正/逆回购、境外央行类机构回购工具等，均调整为在隔夜逆回购操作利率基础上加减点，加减点幅度不变。
10月30日，国家发展改革委等五部门印发《关于加强消费基础设施建设 促进消费投资良性互动的指导意见》。其中指出，拓展投资渠道。统筹用好中央和地方各类资金渠道，支持符合条件的消费基础设施建设。充分发挥新型政策性金融工具、不动产投资信托基金的作用，引导金融机构按市场化、法治化原则提供信贷支持。积极引导社会资本依法合规参与消费基础设施建设，形成多元化、可持续的资金保障机制。
10月30日，国家能源局市场监管司副司长王云波表示，为进一步规范电力零售市场，即将出台一系列的政策文件，比如《售电公司管理办法》《电力零售市场基本规则》《电力市场风险防控管理办法》等，从四个方面引导售电公司“提质量、防风险、促转型”： 一是强化风险管控，推动电力交易机构“逐日盯市”； 二是强化运营管理，从市场交易、市场竞争等方面提出明确要求； 三是强化信用管理，进一步开展售电公司信用评价工作，探索建立评价结果应用机制； 四是强化责任落实，明确各方职责，强化电力交易机构、电网企业在市场注册、风险监测等方面的责任义务。
从多家航司了解到，自2026年11月5日起，调整国内航线旅客运输燃油附加费征收标准。800公里(含)以下航段向每位成人旅客收取燃油费80元，800公里以上航段向每位成人旅客收取燃油费140元，较此前分别上涨了30元和50元。
股市行情：
11月1日，中信证券提出四种配置思维来应对当下的市场。一是稳健回报策略，核心是围绕高股息或具备供给出清潜力的行业，在需求线索混沌的阶段聚焦供给的变化。二是预期演绎策略，类似于“2022年的航空和酒店”，找到市场对基本面一致看空，持仓比例极低的板块，拿到最终政策变化的时点再兑现，只做估值修复博弈。三是海外利率回落策略，把北美AI投融资预期修正、海外长端利率相应回落作为宏观前提，待市场修正EPS预期后，看非AI领域的制造业出海和资源股能否走出短期需求抑制。四是赛道热度+筹码出清策略，类似于找寻“2022年的户储和逆变器”，以新领域需求的超预期爆发作为抄底科技的时机，寻找机构和活跃资金能够共振的领域，而非简单博弈“无机”。中信证券认为四种策略都有获取相对收益的潜力，适合不同收益-风险偏好的资金，市场的资金面压力决定了哪类策略阶段性占优。
其他重要内容：
10月31日，国家统计局服务业调查中心、中国物流与采购联合会公布10月中国采购经理指数。10月中国制造业采购经理指数为49.3%，较上月下降0.8个百分点，回落至荣枯线以下。从历史数据看，每年这个时段容易受季节性因素扰动，本轮回落主要是海外相关订单在上月集中释放后有所回落、长假过后消费高峰趋于平淡，叠加基础原材料行业转入淡季，属于阶段性变化。10月份制造业景气出现季节性回调，行业分化特征比较明显，装备制造、高技术制造等新动能行业延续扩张态势，对冲了传统行业下行带来的压力。
从10月31日开幕的第七届载人航天学术大会了解到，中国载人月球探测工程采用“两次发射、环月对接”方案，工程登月阶段任务各项研制建设工作正在扎实稳步推进。中国载人航天工程副总设计师、月球探测工程总设计师王翔介绍，“两次发射、环月对接”方案，即两枚火箭分别将揽月月面着陆器与梦舟载人飞船精准送入地月转移轨道，之后在环月轨道交会对接。航天员从梦舟飞船进入揽月着陆器进行着陆，开展相关科研工作。
（综合自央视、证券时报、财联社等）
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According to the securities Times, it was learned that on 2 November the People ' s Bank of China, the CSRC, would convene a meeting of securities companies and foundations to study and promote support for the use of capital market instruments. On the same day, the People ' s Bank of China, the General Financial Supervisory Authority and the CSRC will convene a meeting of banks to study the policy of optimizing the refinancing of stock buy-backs.
Earlier, on 30 October, the Secretary-General and President of the People ' s Bank of China, Ban Kung-sung, chaired the meeting of the Committee to convey the key messages and the spirit of the plenary meeting of the twenty-fifth plenary session of the Conference, and to study the deployment of the follow-up initiatives. The meeting emphasized the need to follow up on the major deployment of the Party Centre on finance with a more realistic and higher standard. (c) Continue to implement moderate and liberal monetary policies, combining a wide range of monetary policy instruments and maintaining liquidity. (b) Making a financial “five articles”, accelerating the construction of a multi-layered modern financial market system, enhancing the economic suitability of financial services, and better supporting the upgrading of the economy and the dynamic transformation of growth. Strong and effective protection against financial risks in priority areas. To expand the high level of financial openness, promote the internationalization of the renminbi and accelerate the construction and development of a multi-channel, widely covered system of cross-border payments of the renminbi. The country ' s financial security is firmly maintained.
On the same day, Wu Qing, Secretary-General and Chairman of the CSRC Party, chaired the meeting of the (expansion) Committee. The meeting called for an in-depth study of the implementation of the spirit of the plenary to be a major political task for the present and the coming period, and for the CVM system to organize and interpret in a serious manner, to provide training on the full coverage of the classification, to continue to work on the outstanding issues, and to promote the rapid development of a high level of awareness and atmosphere. At the same time, the full political leadership and security role of the ruling party is being fully realized, the general and systemic vision is being firmly established, the market expectations are being stabilized, a comprehensive reform of investment financing is being deepened, a chain-wide regulatory system is being improved, the resilience and confidence of the capital market is being continuously enhanced, and the successful completion of the tasks of the capital market in the year of the 15th will be ensured.
The meeting of the party committee (expansion) held on the same day by the National Financial Supervisory Authority also emphasized the need for a high-quality party to lead a high-quality development of financial regulation. A sound push for small and medium-sized financial institutions to reform their risk and reduce their quality and to actively support cooperation to address real estate and local government debt risks. The effectiveness of the regulatory system is constantly improved by maintaining strict supervision and monitoring, and by ensuring that it is closely monitored and focused. (c) To continue to promote the transformation of the sector and to encourage institutions to develop a sound business, performance and risk perspective, and to direct the sector around the priorities of the “Fifty-five” programme, to optimize the allocation of financial resources and to continuously improve the adequacy of financial services.
Titanic pick:
The current round of adjustments was mainly affected by fluctuations in overseas markets and changes in external risk preferences, and the direction of larger technological growth in the preceding period was more pronounced owing to higher valuation expectations. However, short-term price adjustments do not imply a reversal of the long-term trend. From a long-term perspective, the medium- and long-term growth logic of the market remains clear. The upgrading of the science and technology industry is expected to boost the profitability of listed companies, the relocation of residential assets is expected to generate domestic capital for share A, and the internationalization of the renminbi is expected to widen the space for overseas financing of Chinese assets. The three logics work for the profit end of Unit A, domestic and overseas.
- Zhou Junjie.
The development of the AI industry itself was fully in line with expectations, and even in some respects exceeded expectations, and there was no “foams”; however, capital markets were used to extrapolate linearly to non-linear technology revolution pricing, which created a “lower than expected” perception. If the AI industrial chain is simply divided into three tiers of algorithm, model, application, it may now be a “verted pyramid” structure: the arithmetic divides the maximum value, then the model, and finally the application. The application side will certainly be large if the artificial intelligence industry moves longer and creates a virtuous circle in the future. A virtuous industry should be a “proper pyramid”.
- Chairman of Cino-Sino-Sino-Sino.
Domestic companies:
According to the CSRC, as of 31 October, 5224 listed companies in the cities of Guangxi disclosed that 73 per cent of the listed companies had made a profit from the 2026 quarterly newspaper. In the first three quarters, companies listed in the two markets achieved a business income of 56.6 trillion yuan and net profits of 5.1 trillion yuan, an increase of 5.8 per cent and 8.5 per cent, respectively, up from 2022. In the first three quarters, the net profits of companies listed on the board grew by 474.6 per cent, the net profits of companies listed on the board grew by 22.7 per cent, and the performance of companies listed on the board on the new quality of productivity, represented by artificial intelligence, robotics and innovative medicines, increased at a high rate. The net profits of artificially intelligent plates increased by 281.0 per cent over the same period, by 14.5 percentage points more than the six-monthly report, while the net profits of listed companies in the robotics and smart wear and clothing sector increased by 94.8 per cent and 63.2 per cent over the same period.
New energy vehicle delivery in October: 5 over $50,000 and 2 over 50 per cent over each year
On 1 November, a number of cars continued to publish new energy vehicle delivery data for October 2026. Overall, five enterprises delivered more than 50,000 vehicles a month, two had an increase of more than 50 per cent each year and four had a decline in the same ring. Of these, Biadi runs with 490.0 million monthly collars, with 259,000 to go up to the gas group; a zero-run vehicle delivers 106,000, with over 100,000 for four consecutive months; and 50,000 steps on the platinum and milli double station. At the end of the increase, the polar kryptonite rose by 51.63 per cent from year to year, followed by a zero-run car (50.99 per cent); both Jimun and Syracuse fell by more than 50 per cent and the ring by more than 10 per cent.
One of the state-owned majors plans to buy back hundreds of billions of new classes of stock from China and China, each with a special loan of quota.
On 1 November, it was learned from relevant sources that a State-owned super-large bank had recently planned to buy back quota, an additional quota, or $100 billion, from two new Chinese and Chinese companies. It is known that this new re-loan quota size will exceed the first quota issued by the Bank to the above-mentioned subjects when the policy instrument was established in 2024.
On 31 October, the DeepSeek Harness team published a technical article, Super-Agent Design Exploration: Towards a More Autonomous Agent System, at the official WeChat Official Account. DeepSeek stated that the upgrading of model capacity had led to new application patterns and that the personal assistant (Personal Agent) had begun to emerge. However, the current mainstream Agent design has not yet been able to sustain the model in terms of the scale of multitasking and teamwork, with the multitasking cap depending on human attention. Through a two-tiered structure, event-driven, multi-channel interaction, memory separation and external Watchdog, the DeepSeek team has broken these limitations and the system has taken over cumbersome session management at the bottom, synchronized with context, allowing humans to move further from specific implementation details to more senior decision-making and acceptance check. DeepSeek called this Agent form and its system structure Super-agent, and the article mentions that at present, the internal Super-agent example, based on this set of ideas, is in operation on an ongoing basis, and daily participation issues are reproduced and repaired, code review responses and DeepSeek Harness itself. When members of the team talk about feedback on software, even if no one takes the initiative @AI, it can identify potential deficiencies and try to recreate problems and find a fixer in the backstage.
The first three quarters of Changsung technology grew by 738.5 per cent over the same period, and net profits to the mother exceeded $132 billion.
According to information disclosed in the third trimester report on long-term technologies, the first three quarters received $26.924 billion, representing an increase of 73.851 per cent over the same period; net return to the mother ' s profit of $13.204 billion; net operating cash flows of $25.475 billion, or an increase of 186.452 per cent over the same period; and high performance growth was due mainly to the pull-up of global computing demand, a rise in the price of the supply of and demand for DRAM, and a continuous decline in unit costs under the size effect.
On 31 October, the National Monitoring Board website of the Central Disciplinary Commission informed that the former Secretary-General and Director-General of the China Petrochemical Group Company, Fu Sung-yu, was suspected of serious disciplinary violations and was currently under disciplinary review and inspection by the National Monitoring Board of the Central Disciplinary Commission.
On 30 October, the ICFTU Z publish2026 draft employee shareholding plan proposed to raise no more than RMB 2 billion and a total of no more than 12,000 participants, with shares purchased from the secondary market. The plan lasts no more than 84 months and is unlocked in three stages, 50 per cent, 30 per cent and 20 per cent, respectively, and sets a performance appraisal target of not less than $240 billion in aggregate net profits for 2027-2029.
Recently, the Chongqing City Intellectual Property Authority disclosed that a number of core trademarks, such as “ZXMOTO”, had been registered, that the right was vested in Chongqing Snow Truck Industry Ltd., which had passed many rounds of games, and that Zhang Snow Truck had officially returned to its founder, Zhang Xue, at the legal level.
Foreign enterprises:
At the recent Semicon West 2026 in San Francisco, United States of America, Weida demonstrated the prototype of the next generation of co-encapsulating optical (CPO) programmes and named OOI (Optics-on-Interposer, Integrated Opticals on the Intermediate Layer). Unlike the existing CPO programme, OOI chooses to remove the organic encapsulation base, to integrate the light engine directly over the Silicon Intermediaries that carry GPU, to further align the PV to the core of the chip, and to provide a whole new interconnectivity for the next generation of super-large AI clusters. In Weida did not publish any OFI commercialization schedules, but merely indicated that the prototype was available.
On October 31, Alibaba entered into a partnership with Apple to integrate the questions into Apple ' s intelligence, and Chinese users could call directly into Siri, writing tools and visual intelligence the ability to understand the texts and images of the questions and to generate content. These features will be launched on 4 November with the latest iOS developer, Beta, and will be available to Chinese users in December, when iOS 27.3 is officially publish.
On 31 October, Open AI had reduced the financing target for the latest round by $10 billion and planned financing by $20 billion, with a corresponding valuation of $1.25 trillion. Previously, the company had planned to finance $30 billion with a valuation of $1.4 trillion.
In the recent past, a number of foreign banks, including HSBC, Scum, Yongfung, and East Asia, have been placing high interest rates on RMBs, some three-year product interest rates, nearly 40 basis points higher than large bank statements for the same-term state. In particular, Yongfung Bank (China) has a three-year individual large deposit list of 200,000 yuan, with an annual interest rate of 1.92 per cent, which is nearly 40 basis points higher than that of a State-owned large bank of the same duration product; the Bank of East Asia (China) has issued a three-year large multi-value bill with an annual interest rate of 1.90 per cent; HSBC (China) has a one-month to six-month large bill with an annual interest rate of 0.85 to 1.3 per cent; and Standard Chartered Bank (China) has a six-month and one-year maximum interest rate of 1.2 per cent. According to Roo Fei Peng, a researcher at the China Post Savings Bank, the recent appreciation of the renminbi is more evident, the willingness of residents to hold it has increased, and foreign banks need to increase their deposits of the renminbi in order to expand cross-border settlements, trade finance, wealth management and so on. At the same time, foreign banks have fewer outlets in the country and the advantages of absorbing deposits are less evident and higher interest rates are needed to attract investors.
Policy direction:
A new set of regulations has been put into effect with regard to electric bike 3C certification, compulsory national standards for children's goods, etc.
As of 1 November, a number of new regulations will be in place, covering many areas of the life of the community.
The electric bike 3C certification requires "one size per car." The new 3C certification of electric bicycles was implemented on 1 November. The new regulations require the strict application of “one yard at a time” and that the manufacturer must complete all necessary components when leaving the plant; each vehicle must be accompanied by a conformity certificate that fully matches the contents and registration requirements of the vehicle.
The maximum penalty for failure to pay social security is three times the fine. On 1 November, the National Tax Administrative Discretionary Basis (2026 edition) was introduced, and for the first time the offence of contributions to social security was included in the national unified system of tax administrative penalties. The new regulations make it clear that the employer ' s failure to pay social security is punishable by up to three times the fine. At the same time, the “voluntary abandonment of social security agreement” between the employer and the employee has no legal effect.
No unauthorized change in the use of the Martyrs Memorial Facility shall be permitted. The newly revised regime for the protection of martyrs ' memorial facilities became effective on 1 November. New regulations have been introduced to provide for the provision of small-scale shelter for the martyrs, to regulate the conduct of construction and to fine-tune displays, rituals, family tracing, etc. The new regulations clearly do not establish responsibility for the care of the level of protection and scattered martyrs ' memorial facilities, do not permit unauthorized changes in the use of such facilities, and do not permit the sale or mortgage of such facilities.
The first mandatory national standard for the whole range of children ' s goods is now in place. China's first National Standard on Universal Safety Requirements for Children's Supplies is now in force. The Standard sets a bottom line requirement for the safety of children's supplies, essentially addressing the problem of new types of children's items being “temporaryly unmarked”. This standard applies to all products designed or destined for use, play and dress by children under 14.
The Central Bank announced that, with a view to further optimizing the short-end interest rate regulation mechanism, as of 2 November 2026, the open market operation would be adjusted as follows: first, a round-the-clock round-the-sale bidding exercise would be conducted every working day, with a fixed interest rate and a quantitative tender. The current operating rate is 1.25%. The repurchase operation for the seven-day period was adjusted to a fixed amount, an interest rate bid, a multiple price winning, mainly at the time of the tax period, the end of the month, etc. III. Other tools that would have added points to the seven-day reverse buyback operating rate, including temporary positive/reverse buy-backs, and off-shore central banker-type buy-backs, have been adjusted to add points to the overnight reverse buy-back operating rate, and to the same extent.
On 30 October, five departments, including the National Development Reform Commission, issued Guidance on Enhancing Consumer Infrastructure Development and the Positive Interaction for Consumer Investment. It noted that investment channels were being expanded. Support for eligible consumer infrastructure through a combination of central and local funding channels. The role of new policy financial instruments and real estate investment trust funds should be fully utilized, leading financial institutions to provide credit support in accordance with the principles of market and rule of law. Actively involve social capital in the construction of consumer infrastructure, in accordance with the law, and create a diversified and sustainable financial security mechanism.
On 30 October, Wang Yunbo, Deputy Director of the Market Supervision Division of the National Energy Agency, indicated that, in order to further regulate the electricity retail market, a series of policy documents, such as the Electricity Company Management Scheme, the Basic Rules for the Electricity Retail Market, and the Electricity Market Risk Control Scheme, were to be put in place, which would lead to a “quality, risk-proofing and transformation” of the electricity sales company in four ways: first, enhanced risk control and promotion of “market-to-market” by electricity exchange agencies; second, enhanced operational management, with clear requirements from market transactions, market competition, etc.; third, enhanced credit management, further evaluation of the company's credit evaluation, and exploration of mechanisms for the application of evaluation findings; Fourth, enhanced accountability, clear responsibilities and responsibilities, and enhanced responsibilities of power exchange agencies and grid enterprises in terms of market registration, risk monitoring, etc.
From a number of divisions, it was understood that, effective 5 November 2026, the domestic passenger transportation fuel surcharge was adjusted. Each adult passenger is charged a fuel charge of $80 for the flight range below 800 km, and each adult passenger is charged a fuel charge of $140 for the flight range above 800 km, an increase of $30 and $50 respectively.
Stock market:
On 1 November, CSI proposed four configurations to deal with the current market. The first is a robust return strategy, centred around industries with high dividends or a potential to supply, focusing on changes in supply at a period of confusion in the demand trail. The second is the expected evolution strategy, similar to the “air and hotel in 2022”, to find the market with a consistent view of the fundamentals, with a very low percentage of warehouse hold, and to get the time of the final policy change and cash it with only valuation to repair the game. Third is the overseas interest rate fall-back strategy, which takes as a macro premise the expected revision of North American AI investment financing and the corresponding fall-back of long-term overseas interest rates, subject to a market revision of EPS expectations to see whether non-AI manufacturing access and resource units can emerge from short-term demand constraints. The fourth is the track heat + chip-out strategy, similar to the search for “house reserves and reversers in 2022”, with the super-expected outbreak of demand in new areas as an opportunity for bottom-up technology, looking for areas where institutions and active funds can resonate, rather than simply playing “inorganic”. In the view of CSI, all four strategies have the potential to generate relative returns and are suitable for different income-risk preferences, and market-based financial pressures determine which strategies are phased in.
Other important elements:
On 31 October, the Service Survey Centre of the National Bureau of Statistics and the China Logistics and Procurement Federation published the October China Procurement Manager Index. In October, China ' s manufacturing procurement manager index stood at 49.3 per cent, down 0.8 percentage points from the previous month and falling below the death line. In historical data, this period of time is prone to seasonal factors, with the return of the current round of overseas-related orders having receded after last month ' s centralization, a downward trend in consumption after long vacations, and a shift in the primary raw materials industry to a dry season, which is a gradual change. The seasonal turn-back in the manufacturing climate in October was marked by a marked segmentation of industries, and the continuing expansion of new dynamic industries, such as equipment manufacturing and high-technology manufacturing, has put pressure on the downside of traditional industries.
From the seventh Human Space Academic Congress, which opened on 31 October, it was learned that the Manned Moon Exploration Project in China was using the “Two Launches, Round-up” programme, and that the development and construction of the tasks of the Project Moon Phase was advancing steadily and steadily. Wang Shang, Deputy Chief Designer of Manned Space Engineering and General Designer of Moon Exploration Engineering of China, introduced the “Two Launches, Round-to-Moon” programme, whereby two rockets will be successfully placed in Earth moon transfer orbit with the Moon Lander and the Dream Boat manned spacecraft, respectively, and then will meet in the Ring Moon orbit. The astronaut enters the Moon Lander for landing from the Dream Boat and carries out related scientific work.
(Consolidated views, securities Times, financial union, etc.)
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