【钛媒体综合】10月23日，国务院国资委党委召开理论学习中心组集体学习会，专题学习习近平总书记在纪念中国工农红军长征胜利90周年大会上的重要讲话精神，强调要深刻领悟“两个确立”的决定性意义，坚决做到“两个维护”，切实把各项工作放到党和国家事业全局中谋划定位、对标落实，大力弘扬伟大长征精神，切实扛牢职责使命，推动国有企业和国有资本做强做优做大，不断巩固中国特色社会主义的重要物质基础和政治基础，在新的长征路上为党和国家事业发展贡献更大力量。国务院国资委党委书记、主任程福波主持会议并讲话，国务院国资委党委委员分别谈了学习体会。国务院国资委秘书长、总会计师列席会议。
大家一致认为，习近平总书记的重要讲话深情回顾了党领导红军进行长征的伟大历程，总结长征胜利的伟大意义，揭示长征胜利蕴含的党和人民军队铿锵前进的制胜之道，阐发伟大长征精神的时代价值，就弘扬伟大长征精神、走好新的长征路提出“五个必须”的明确要求，具有很强的政治性、思想性和指导性，是立足新的历史方位、对全党全国走好新时代长征路的政治动员和战略部署。国资央企要深学细悟习近平总书记重要讲话的精髓要义，坚决把思想和行动统一到党中央决策部署上来，自觉从党的红色奋斗史中汲取奋进力量，准确把握新时代弘扬伟大长征精神的实践要求，坚守对党绝对忠诚的政治本色、矢志不渝的理想信念、实事求是的思想路线、敢于斗争的奋斗姿态、团结奋进的大局观念、为民担当的初心使命，确保各项工作始终沿着党中央指引的方向前进，直面改革创新、高质量发展中的矛盾问题，较真碰硬、攻坚克难，实事求是谋改革、抓发展、防风险、促治理，坚定不移发展壮大国有经济，更好服务党和国家工作大局。
会议强调，要紧密结合国资央企职责使命，对标落实新时代长征路上的重点任务。要加快实现高质量发展，完整准确全面贯彻新发展理念，持续优化国有经济布局，加强关键核心技术攻关，切实增强核心功能、提升核心竞争力，更好发挥国有经济战略支撑作用；大力推进国资国企改革，扎实抓好进一步深化国资国企改革任务落地，真正破除影响企业高质量发展的体制机制障碍；大力提高监管效能，深入转变监管方式，加快推进穿透式监管，健全国资监管法规制度体系，推动各类监督贯通协同，持续提升监管专业化、体系化、法治化、高效化水平；坚持党的全面领导，推动党建与业务深度融合，持之以恒纵深推进全面从严治党，以高质量党建引领保障高质量发展。
会议要求，要强化统筹闭环落实，推动学习贯彻习近平总书记重要讲话精神在国资央企全系统走深走实、见行见效。坚持深学细悟、学用结合、常态长效，推动全体干部职工持续深化思想认识、传承红色血脉、赓续奋斗精神，把学习成效转化为改革发展、生产经营、科技创新、巡视整改、风险化解等工作中攻坚克难、担当作为的实际行动，奋力走好新时代的长征路。
驻国务院国资委纪检监察组，国务院国资委各厅局、直属事业单位负责同志列席会议。
钛媒摘声：
当前AI算力需求依然旺盛，但基板、内存等关键环节的产能约束，正在限制基础设施扩张。与此同时，融资成本大幅攀升，缺乏长期客户订单的新兴云服务商越来越难以获得资金，AI投资能否持续推进，不仅取决于需求，也取决于项目的融资能力与回报。
——SemiAnalysis创始人兼CEO Dylan Patel
英伟达的产品性能提升仍能支撑较高售价，但云厂商自研芯片正在改变竞争格局。随着Google TPU、亚马逊Trainium以及OpenAI等企业的自研芯片计划推进，英伟达即使继续增长，也可能面临市场份额和定价能力的双重压力。
——Bernstein董事总经理兼高级分析师 Stacy Rasgon
国内公司：
德明利：前三季度净利润87.46亿元，同比增长32399.91%
10月25日，德明利公告称，前三季度实现营业收入285.55亿元，同比增长328.81%；归属于上市公司股东的净利润87.46亿元，同比增长32399.91%。第三季度营业收入116.45亿元，同比增长356.64%；归属于上市公司股东的净利润27.29亿元，同比增长2902.75%。
天齐锂业：第三季度归母净利润13.6亿元，同比增长1323.97%
10月25日，天齐锂业公告，2026年第三季度实现营业收入60.37亿元，同比增长135.4%；归母净利润13.6亿元，同比增长1323.97%；基本每股收益0.79元。
华盛锂电：第三季度归母净利润3.13亿元，同比增长800.58%
10月25日，华盛锂电公告，2026年第三季度实现营业收入6.78亿元，同比增长259.1%；归母净利润3.13亿元，同比增长800.58%；基本每股收益2.02元。
10月25日，申通快递在业绩说明会表示，本轮“反内卷”核心是禁止低于成本的恶性价格战，淡旺季之间的价格波动乃是跟随电商促销节奏、节假日以及货品结构的影响所致，是正常的价格波动。7-8月淡季过后，9月起部分快递核心区域揽收价有所修复，价格环比7-8月有所回升。展望未来，随着行业件量增速趋缓以及燃油等刚性成本提升，快递行业的“反内卷”预计有望持续，并逐步演变为行业长期的高质量发展共识。
国外企业：
10月25日，据业内消息，三星电子正在研发的移动端应用处理器Exynos 2700，在内部性能测试中的成绩高于高通最新旗舰芯片，这款芯片预计将用于明年初发布的Galaxy S27系列。业内消息人士称，Exynos 2700在小米18 Pro Max设备上进行Geekbench 6.5测试时，多核CPU分数约13000分，较高通骁龙8 Elite Extreme 6th Gen（约11000分）高出约20%；在Geekbench 7.0测试中，领先幅度约15%。
10月25日，美国太空探索技术公司首席执行官马斯克发文称，乌克兰军方曾违反“星链”服务条款，将其用于发动造成人员伤亡的进攻性无人机打击，相关漏洞已于上周封堵。他强调，商业版“星链”绝不允许也不应被用于进攻性无人机作战，而“星盾”是另一套独立系统，归美国政府管控。
乌克兰总统泽连斯基24日通过社交媒体表示，乌军使用的军用版本“星链”（即“星盾”）卫星通信系统已完全恢复运行，服务水准恢复到一周多前遭限制之前的水平。
Anthropic称已调查英国人工智能安全研究所于8月4日发布的报告
10月23日，据报道，Anthropic表示，公司已调查英国人工智能安全研究所（UK AISI）于8月4日发布的报告，并进一步研究了Claude Mythos 5的相关行为。Anthropic称，Mythos表现出的相关行为本应触发安全防护机制。公司同时指出，较新版本的模型主动发起攻击的可能性更低，并强调人工智能能力的提升应当循序渐进。Anthropic还表示，其内部研究模型能够持续遵循这一原则，但将Mythos 5的相关行为定性为一次严重的AI对齐失败。
Bolt与Stellantis计划自2028年起在大巴黎地区开展自动驾驶试验
10月23日，爱沙尼亚网约车公司Bolt与Stellantis宣布，计划通过向欧盟委员会“ADACities”倡议提交的一项试点项目，在大巴黎地区试验自动驾驶出行服务。该项目计划从2028年开始，目标是到2030年将服务扩展至约30个市镇。
政策风向：
10月24日，问：10月23日，美财政部发布新版对外投资限制拟议规则，征求公众评论意见。请问中方对此有何评论？答：中方注意到有关情况。该拟议规则歧视性扩大对华投资限制范围，加大限制力度，是典型的泛化国家安全做法，违背两国元首达成的重要共识，干扰中美两国企业正常经贸合作，破坏国际经贸秩序。中方对此表示严重关切、坚决反对，将密切关注事态后续发展，保留采取相应措施的权利。中国拥有超大规模市场，蕴含巨大消费和投资潜力，投资中国就是投资未来。美方限制对华投资，既不利于中美经贸合作，也会损害美国企业自身利益。中方敦促美方尊重市场经济规律，停止泛化国家安全概念，停止将经贸问题政治化、武器化，为中美经贸合作创造良好环境。
10月23日，根据国家统计局社科文司《中国创新指数研究》课题组测算，2025年中国创新指数为185.5（以2015年为100），比上年增长6.4%。分领域看，创新环境指数、创新投入指数、创新产出指数和创新成效指数分别为199.9、172.2、233和137，分别比上年增长7.5%、5.9%、8.0%和2.9%。结果显示，2025年中国创新指数呈现稳步增长态势，创新环境持续优化，发展新动能积聚壮大，科技创新能力持续提升，为经济高质量发展提供有力支撑。
10月23日，住房城乡建设部、工业和信息化部等六部门近日联合印发《关于推进老旧街区厂区改造提升的指导意见》，明确了各类老旧街区厂区的改造提升重点。按照要求，各地要结合城市体检结果，将房屋和市政基础设施老化、公共服务和公共空间短缺、功能产业和发展活力有待提升的街区厂区作为改造提升对象，统筹确定改造提升范围和实施时序。同时，制定老旧街区厂区改造提升项目实施方案，将城市设计要求纳入项目实施方案，引导街区厂区高质量改造提升。
上海：力争到2028年培育10个数智原生的独角兽企业，工业服务业中人工智能应用普及率达到85%以上
10月23日，上海市经济和信息化委员会印发《上海市加快推动人工智能赋能工业服务业高质量发展行动方案（2027-2028年）》，总体目标是，到2028年，工业服务业中人工智能应用普及率达到85%以上，力争培育10个数智原生的独角兽企业。建设5个行业级协同设计平台；聚焦高端装备、整车制造等重点领域提升供应链韧性与安全水平；推动500个优质企业构建柔性制造服务体系、打造上海市先进级智能工厂；面向集成电路、新能源汽车等重点行业普及嵌入式质检；进一步提升设备预测性运维服务能力。为我市加快推进新型工业化、建设现代化产业体系提供有力支撑。
10月25日，上交所网站9月24日发布《关于修订上证系列综合指数编制方案的公告》。拟修订指数包括上证指数、上证A股指数、上证流通指数、科创综指，上述指数及衍生指数的编制方案修订将于2026年10月26日实施。
根据《公告》，上海证券交易所和中证指数有限公司决定修订部分上证系列综合指数编制方案，修订内容包括：（1）增加单个样本权重不超过15%的权重上限规则；（2）将风险警示证券的剔除时间从“风险警示实施日次月第二个星期五的下一交易日”调整为“风险警示公告日次月第二个星期五的下一交易日”。指数编制方案其余部分保持不变。
股市行情：
10月25日，美国标普道琼斯指数公司出台新规，调整成长股和价值股的划分规则。新规将把无形资产、预期盈利、自由现金流纳入价值股评估因素；成长股评估标准不再参考个股过去12个月的上涨势头。新规将在当地时间12月21日美股开盘前生效。跟踪指数的基金需要相应调仓，约3750亿美元被动基金将受到影响。研究人员和基金经理认为，价值股长期表现低迷，部分原因在于现有衡量标准存在缺陷。
高盛将韩国Kospi指数12个月目标价下调25%至9000点，因对AI交易担忧加剧
10月25日，随着市场对AI交易的担忧加剧，高盛集团策略师将韩国Kospi指数的目标位下调25%。这是该行今年多次上调目标后的首次大幅下调。分析师把该指数未来12个月的目标位从12,000点下调至9,000点，理由是基准指数较6月高点下跌逾35%后，需要采用更为保守的估值假设。策略师认为，这轮抛售已令韩国股票处于严重低估状态，调整后的目标仍意味着该指数较当前水平有逾60%的上涨空间。
三星电子和SK海力士等芯片制造巨头使韩国Kospi指数成为人工智能交易的风向标。投资者日益担忧该行业巨额基础设施支出能否持续，同时融资成本不断上升，却鲜有迹象显示这些投入可带来足够回报。相关抛售压力已经蔓延至韩国整体股市。高盛策略师估计，当前半导体股估值意味着该行业2027年盈利将下降65%，但该行认为这种情景过度悲观。存储芯片行业以外的股票约占该指数一半，目前的预期市盈率为7.6倍。
部分QDII专户产品陆续清盘？业内人士：与QDII专户额度比例调整有关
10月25日，近日，有公募机构人士透露，自家公司的部分专户产品陆续清盘，而这些产品基本为QDII类专户产品。该人士透露，这一动作与公司在公募和专户两类产品上QDII投资额度的比例调整有关。年初，多家基金公司收到通知，须调整QDII投资额度在公募产品与专户产品上的使用比例，在2027年底之前将用于专户的QDII投资额度调整至20%以内。围绕着这一规则，各家基金公司的QDII专户调整步伐已在加速进行中。
华鑫股份：控股股东筹划股份转让可能导致公司控制权变更，股票停牌
10月25日，华鑫股份公告称，公司控股股东仪电集团正在筹划涉及所持有公司股份转让事宜，该事项可能导致公司控股股东发生变更。鉴于该事项尚存在不确定性，为保证公平信息披露，维护投资者利益，公司股票于2026年10月26日开市起停牌，预计停牌时间不超过2个交易日。停牌期间，公司将根据事项进展及时履行信息披露义务。
豫能控股：子公司拟投建濮阳综合能源项目，动态总投资139.27亿元
10月25日，豫能控股公告称，公司子公司豫能（濮阳）智慧能源有限责任公司拟投资建设濮阳综合能源项目，该项目为“豫能台前2×1000MW煤电+1200MW风电”综合能源项目，动态总投资139.27亿元，其中煤电项目动态总投资84.39亿元，风电项目动态总投资54.88亿元。本次投资实施后，公司将新增2000MW煤电、1200MW风电装机，符合公司发展战略，有利于公司向综合能源服务商转型发展。
10月25日，科瑞思公告称，拟通过发行股份及支付现金的方式购买李刚等7名交易对方持有的宏钢光电100%股份，并向不超过35名特定投资者发行股份募集配套资金。经申请，公司股票自10月26日起复牌。宏钢光电主要从事激光器、光通讯、混合集成电路、半导体功率器件等领域的封装壳体及高功率光纤激光器芯片热沉的研发、生产与销售。
东山精密：H股发行价确定为每股86.80港元，预计10月28日上市交易
10月25日，东山精密在港交所发布公告称，发行价已于2026年10月24日厘定为每股H股86.80港元，预计H股将于2026年10月28日上午九时正开始在联交所主板买卖。H股将以每手买卖单位100股H股进行买卖。
其他重要内容：
10月25日，英国政府24日宣布，将设立人工智能（AI）生物安全实验室，利用前沿AI技术加强对生物威胁的监测与应对，并加快疫苗、药物等医疗应对手段的研发。英国政府当天发布公报说，AI技术发展正为科学发现和疾病研究创造新机遇，但能力日益强大的AI系统也可能带来新的生物安全风险，降低开展有害生物活动的技术门槛。为加强对生物威胁的抵御能力，政府决定设立AI生物安全实验室。
10月25日，英国南安普敦大学等机构的研究人员提出，一种在以往理论研究中常被忽略的重中微子可能影响早期宇宙演化，这为解释为何物质比反物质多提供了新线索。该校与印度理工学院坎普尔分校的研究人员合作开展的一项新研究主要关注理论模型中的一种“解耦”重中微子。重中微子是一种理论假设的粒子，目前还没有被实验直接发现。重中微子被认为是中微子的“亲戚”，“解耦”指它不再与其他粒子发生相互作用。以往相关理论研究常忽略这种粒子，认为它对物质与反物质不对称的形成影响有限。这项研究认为，“解耦”重中微子衰变极慢。随着大爆炸后的宇宙逐渐冷却，它可能因存活时间足够长而短暂主导宇宙的能量密度，触发一个物质主导阶段，从而影响物质与反物质不对称的形成过程。
（本文综合自新华社、央视新闻、央视财经、证券时报、中证金牛座等）
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On October 23, the State Council's State Council's National Investment Commission Committee held a collective learning session of the Centre for Theory Studies Group, which focused on the important message of the General Secretary Xi Jinping at the commemoration of the 90th anniversary of the victory of China's industrial, agricultural and Red Army, stressing the need to understand the decisive significance of the “two-buildings” and to be determined to “two-maintenances” and to ensure that all efforts are put in place within the overall party and national career, that they are implemented in a manner that promotes the spirit of the great and long march and that effectively carries out its responsibilities and that promotes State-owned enterprises and capital. To do well, to continue to consolidate the important material and political foundations of Chinese socialism and to contribute more to the development of the Party and the State on the new long march. The meeting was chaired and addressed by the Secretary-General and Director of the State Council Committee on National Investment, and members of the State Council Committee on National Accounts spoke about learning. The meeting was attended by the Secretary-General and Chief Accountant of the State Council.
It was agreed that the important speech of General Secretary Xi was a reflection of the great journey of the Red Army, which led the party, and the great significance of the victory, which revealed the party and the People's Army. The way forward, the time values of the great spirit of the long march, the clear demand for “the five musts” for the promotion of the great spirit of the long march and for a new long march, the strong political, ideological and guiding political mobilization and strategic deployments based on a new historical position and a new march for the whole country. The State Secretariat is called upon to study the essence of the important speech of Xi Jinping's Secretary-General, to resolutely integrate ideas and actions into the Party's central decision-making process, to draw the strength of the Party's red struggle and to grasp the practical requirements of the new era for the promotion of the great spirit of the march, to adhere to the political nature of the Party's absolute loyalty, to the ideals of faith, to the spirit of truth, to the spirit of truth, to the spirit of the struggle, to the spirit of unity, to the initial mission of the people, and to ensure that the work is always carried out in the direction of the Party's central direction, to confront the contradictions of innovation, high-quality development, to be more rigorous in its efforts to reform, to pursue development, to guard against risk, to promote governance, to strengthen the economy and to better serve the Party and the State.
The meeting stressed the need for a close integration of the responsibilities of the National Corporation for the implementation of the priorities of the New Era Long March. To accelerate the achievement of high-quality development, to implement the new concept of development in a comprehensive and accurate manner, to continuously optimize the state-owned economy, to strengthen key core technical challenges, to effectively strengthen its core functions, to upgrade its core competitiveness and to better support the state-owned economy; to vigorously promote reform of the state-owned enterprises, and to ensure that the institutional obstacles to their high-quality development are firmly entrenched and further deepened; to significantly improve the effectiveness of regulation, to make a profound change in the way it is regulated, to accelerate the advance of penetrating regulation, to improve the system of regulatory and regulatory regulations of the state administration, to promote coherence and coordination among the various types of oversight, and to continue to increase the level of professionalization, institutionalization, rule of law and efficiency; and to maintain the overall leadership of the party, to promote a deeper integration of party-building and business, and to promote, in a sustained and far-reaching effort, full compliance with the party, so as to ensure high-quality development.
The meeting called for the strengthening of integrated and closed implementation and for the promotion of learning from the spirit of the important speech of the Secretary-General of Xi Jinping, and for a strong and effective system-wide approach by the national capital. In this regard, it is important to ensure that all staff members continue to develop a better understanding of the problem, that they have a red bloodline, and that they continue to work hard, and that the results of their studies are translated into changes and changes in development, production, science and technology, and innovation, and that they carry out their work and perform their work.
The Monitoring and Inspection Team of the National Council of State for State Administration, the departments and offices of the National Council of State for Administration, and the direct offices of the State Council, are responsible for holding meetings with gays.
Titanic pick:
The current demand for al-calculation remains strong, but capacity constraints at key points, such as foundation boards and memory, are limiting infrastructure expansion. At the same time, the cost of financing has risen significantly, and it has become increasingly difficult for emerging cloud service providers who lack long-term customer orders to obtain funding, and the sustainability of AI investments depends not only on demand, but also on the ability and return of the project to finance.
— SemiAnalysis Founder and CEO Dylan Patel
The improved product performance of Ingweida can still support higher sales prices, but cloud manufacturers are changing the pattern of competition through self-study chips. As the self-research chip schemes of Google TPU, Amazon Trainium and Open AI companies advance, Britain, even if it continues to grow, may face double pressure on market share and pricing capacity.
— General Manager and Senior Analyst, Bernstein Board
Domestic companies:
Deminy: Net profit in the first three quarters of $8,746 million, an increase of 323,999.91 per cent over the same period
On 25 October, the De Minli Proclamation stated that the first three quarters had resulted in an operating income of $28,555 million, an increase of 328.81 per cent over the previous three quarters, and a net profit of $8,746 million, an increase of 323,99.91 per cent over the same period, attributable to shareholders in listed companies. In the third quarter, operating income was $11,645 million, an increase of 356.64 per cent over the same period; net profits attributable to shareholders in listed companies amounted to $2.729 billion, an increase of 2902.75 per cent over the same period.
Lithium Tianjia: net profit to mother in the third quarter 1.36 billion yuan, an increase of 1323.97 per cent over the same year
On 25 October, the Tianxi Lithium Industry Proclamation achieved operating income of $6,037 million in the third quarter of 2026, an increase of 135.4 per cent over the same period; net profit of 1.360 billion to the mother, an increase of 1323.97 per cent over the same period; and an increase of $0.79 per share.
Lithium Dynasty: Net profit to mother in the third quarter, $313 million, an increase of 800.58 per cent over the same period
On 25 October, the China-Shin Lithium Electricity Proclamation achieved a business income of 678 million yuan in the third quarter of 2026, an increase of 259.1 per cent over the same period; a net profit of 313 million yuan for the mother, an increase of 800.58 per cent over the same period; and an income of 2.02 yuan per share.
On 25 October, Shin Express stated in its performance statement that the core of the current round of “anti-infiltration” was the prohibition of vicious price wars below cost, and that price fluctuations between seasons were the result of the influence of electrician promotions, holidays and product structures and were normal price fluctuations. Following the late July-August season, the price recovery for some of the delivery core areas has been restored since September and prices have recovered from July-August. Looking to the future, as the pace of growth in the volume of the industry slows down and the rigid costs of fuel, for example, are expected to continue and evolve into a long-term, high-quality development consensus in the express delivery sector.
Foreign enterprises:
On 25 October, according to industry sources, the mobile end-end application processor Exynos 2700, which is being developed by Samsung electronics, performed better in internal performance tests than the latest high-intensity flagship chip, which is expected to be used in the Galaxy S27 series at the beginning of next year. According to industry sources, when Exynos 2700 conducted the Geekbench 6.5 test on millimetre 18 Pro Max equipment, the multi-nuclear CPU score was about 13,000 minutes, and the higher turbosaurus 8 Elite Extreme 6th Gen (approximately 11,000 points) was about 20 per cent higher; in Geekbench 7.0, the lead was about 15 per cent.
On 25 October, the Chief Executive Officer of the United States Space Exploration Technology Corporation, Mask, wrote that the Ukrainian military had used it to launch an offensive drone strike that had caused casualties, in violation of the “star chain” service terms, and that the loopholes had been closed last week. He stressed that the commercial version of the “star chain” could never and should not be used in offensive drone operations, while the “star shield” was another independent system under the control of the United States Government.
Through social media, President Zelensky of Ukraine indicated that the Ukrainian military version of the satellite communication system, the “star chain” (the “star shield”), used by the Army, had been fully restored to its level of service, which had been restricted more than a week earlier.
Anthropic claims to have investigated the report of the British Institute of Artificial Intelligence Security dated 4 August publish.
On 23 October, it was reported that Anthropic had indicated that the company had investigated the report of the British Institute for Artificial Intelligence Security (UK AISI) dated 4 August publish and had further studied Claude Mythos 5. Anthropic states that the act in question demonstrated by Mythos should have triggered the safety mechanism. At the same time, the company noted that the risk of a proactive attack was lower than that of a new version of the model, and stressed that the upgrading of artificial intelligence should be gradual. Anthropic also stated that its internal research model could consistently follow this principle, but characterized Mythos 5 as a serious AI failure.
Bolt and Stellantis are planning to conduct self-pilot tests in Greater Paris since 2028.
On 23 October, Bolt and Stellantis, an Estonian Internet-based car company, announced plans to test the self-driving service in the Greater Paris region through a pilot project submitted to the European Commission's DACities initiative. The project is planned to start in 2028 and aims to extend services to approximately 30 municipalities by 2030.
Policy direction:
On 24 October, a question was asked: on 23 October, a new version of the publish proposed rules on foreign investment restrictions was requested from the United States Treasury Department for public comment. May I ask what comments China has made in this regard? The proposed rule, which is discriminatory in broadening the scope and intensity of restrictions on investment in China, is a typical general national security practice, contradicting the important consensus reached between the two heads of State, disrupting normal trade and economic cooperation between Chinese and American enterprises and undermining the international economic and trade order. China expresses its grave concern at this situation and firmly rejects it. We will follow developments closely and reserve the right to take appropriate measures. China has a huge market with huge consumption and investment potential, and investing in China is investing in the future. The United States limits investment in China to the detriment of trade and economic cooperation between China and the United States, as well as to the interests of United States enterprises themselves. China urges the United States to respect the rules of the market economy, to cease the generalization of the concept of national security, to stop the politicization and weaponization of economic and trade issues and to create a favourable environment for trade and economic cooperation between China and the United States.
On 23 October, according to the subject group of the China Innovation Index Study of the Department of Social Sciences of the National Statistical Office, the China Innovation Index was calculated at 185.5 in 2025 (100 in 2015), an increase of 6.4 per cent over the previous year. By area, the Innovation Environment Index, the Innovation Input Index, the Innovation Output Index and the Innovation Effectiveness Index were 199.9, 172.2, 233 and 137 respectively, representing an increase of 7.5, 5.9, 8.0 and 2.9 per cent, respectively, over the previous year. The results show that China ' s innovation index showed steady growth in 2025, a continuously optimized innovation environment, the growth of new dynamic energy, and the continuous growth of STI capacity to provide strong support for high-quality economic development.
23 October, Ministry of Housing, Urban and Rural Construction, Ministry of Industry and Information Technology In recent days, the Department has jointly issued Guidance on the Promotion of Upgrading of Old Neighbourhoods, which identifies priorities for upgrading of old Neighbourhoods. Local authorities are required to take into account the results of the city ' s medical check-ups and to target the upgrading and upgrading of the housing and municipal infrastructure, the shortage of public services and public spaces, the functional industry and the development of new and dynamic neighbourhoods. At the same time, a programme for the implementation of the programme for the rehabilitation and upgrading of old and old neighbourhoods has been developed to incorporate urban design requirements into the programme for the implementation of the project and to guide the upgrading of high-quality facilities.
Shanghai: Endeavour to develop 10 intellectual unicorns by 2028, with over 85% penetration of artificial intelligence applications in industrial services
On 23 October, the Shanghai City Council for Economics and Information Technology published the Shanghai City Programme of Action for Accelerated Promotion of Quality Development of Artificial Intelligence in Industrial Services (2027-2028), with the overall goal of achieving over 85 per cent penetration of artificial intelligence applications in industrial services by 2028, with a view to developing 10 unicorn enterprises with a number of original talents. Building five industry-level synergistic design platforms; upgrading supply chain resilience and safety in focus areas such as high-end equipment and car-to-car manufacturing; promoting 500 high-quality enterprises to build flexible manufacturing service systems and build an advanced smart factory in Shanghai; expanding embedded quality testing for key industries such as integrated circuits and new energy vehicles; and further enhancing equipment forecasting service capabilities. It has provided strong support for our city to accelerate its new industrialization and build modern industrial systems.
On 25 October, the Institute ' s website, publish, dated 24 September, was handed over. The proposed revision of the index, which will be implemented on 26 October 2026, includes the above-mentioned index, the Super-A index, the Upper Circulation Index, and the Master Index.
In accordance with the Proclamation, the Shanghai Stock Exchange and China Securities Index Ltd. decided to revise the partial consolidated index preparation programme to include: (1) the addition of a maximum weight rule of up to 15 per cent for a single sample weight; and (2) the adjustment of the time for the removal of risk warning securities from “the next trading day on the second Friday of the next day of the day of implementation of the Risk Alert” to “the next trading day on the second Friday of the following month”. The rest of the indexing programme remains unchanged.
Stock market:
On 25 October, the United States Standard Dow Jones Index introduced new regulations to adjust the rules for the division of growth and value shares. The new rules would incorporate intangible assets, expected profits and free cash flows into the value unit assessment factors; the growth unit assessment criteria would no longer refer to the growth of the unit over the past 12 months. The new regulations will come into effect before the opening of the United States share on 21 December of local time. The funds for tracking the index would need to be scaled up accordingly, and some $375 billion in passive funds would be affected. According to researchers and fund managers, the long-term underperformance of the Value Unit is partly due to deficiencies in existing metrics.
Goldman Sachs reduced the Korean Kospi index by 25 to 9,000 points for a 12-month target price, which was exacerbated by concerns about transactions in AI.
On October 25, as the market's concerns about AI transactions increased, Goldman Sachs strategists lowered the Korean Kospi index by 25 per cent. This is the first time that the Bank has made a significant downward revision since it was repeatedly targeted this year. The analyst lowered the target of the index from 12,000 points to 9,000 points for the next 12 months on the grounds that a more conservative valuation assumption was required after the benchmark index had fallen by more than 35 per cent above the June high point. According to strategists, this round of sales has led to a serious underestimation of Korean stocks, and the adjusted target still means that the index has more than 60 per cent of the increase compared to its current level.
Tristar electrons and chip-making giants, such as SK Hercules, have made the Kospi index in Korea a windbeam for artificial intelligence trading. Investors are increasingly concerned about the sustainability of large infrastructure expenditures in the industry, while financing costs are rising, with little indication that these inputs will yield sufficient returns. The pressure of the sale has spread to the Korean stock market as a whole. The Goldman Sachs strategist estimated that the current semiconductor unit valuation meant that the industry would lose 65 per cent of its profits in 2027, but the Bank considered that the scenario was overly pessimistic. Equities outside the chip-storage industry account for about half of the index and are currently expected to gain 7.6 times the market rate.
Some of the QDII products are being cleared? Professionals: Related to the QDII quota ratio adjustment
On 25 October, public sources revealed that part of the company's exclusive products, which were essentially QDII, had been cleared. The person disclosed that this action was related to the QDII investment Q quota adjustment in both public and private products. At the beginning of the year, a number of fund companies were informed that QDII investment quota would have to be adjusted to the ratio of QDII investment quota to earmarked products and that QDII investment quota would be adjusted to less than 20 per cent by the end of 2027. Around this rule, the QDII account adjustment of the various fund companies is accelerating.
Juaquin shares: the holding shareholders plan for the transfer of shares may result in a change of control of the company and the stock is closed.
On 25 October, the Wigand shares announcement stated that the company's holding shareholders' tycoon group was preparing for a transfer of shares in the company in which they were held, which could lead to a change in the company's holding shareholders. In view of the uncertainty surrounding the matter, and in order to safeguard the interests of investors by ensuring fair disclosure of information, the stock of the company was closed on 26 October 2026 and was expected to stop for no more than two trading days. During the cut-off period, companies will meet their information disclosure obligations in a timely manner, subject to progress.
Preparative energy holdings: The subsidiary proposed to launch an integrated energy project with dynamic investments totalling $13.927 billion
On 25 October, it was announced that the company's subsidiary, Wisdom Energy Limited, intended to invest in the construction of an integrated energy project for the Sun yang, which is a dynamic energy project of 2 x 1000 MW coal + 1200 MW wind power, with a total investment of $13.927 billion, of which the coal power project was dynamic in total of $8.439 billion and the wind power project was dynamic in total of $5.488 billion. Following the implementation of this investment, the company will add 2,000 MW coal and 1,200 MW wind-loading, in line with the company ' s development strategy, to facilitate its transition to an integrated energy service provider.
On 25 October, the Kores Proclamation stated that it was proposed to purchase 100 per cent of the shares of the seven trading parties, Li Gang and others, by issuing shares and paying for cash, and to raise supporting funds for the issuance of shares to no more than 35 selected investors. Upon application, the stock of the company was renewed effective 26 October. Macro-steal photovoltaics are mainly involved in the development, production and sale of hot-heated casings and high-power fibre-optic laser chips in the areas of lasers, light communications, mixed integrated circuits, semiconductor power units, etc.
Equivalent: Price of HK$86.80 per share of H, expected to be traded on 28 October
On 25 October, the publish announcement at the Hong Kong Exchequer stated that the issue price had been set at HK$86.80 per share on 24 October 2026 and that the H Unit was expected to start trading on the main board of the Joint Exchange at 9 a.m. on 28 October 2026. Unit H will be bought and sold in 100 Unit H units per trade unit.
Other important elements:
On 25 October, the British Government announced the establishment of the AI Biosafety Laboratory, which will use cutting-edge AI technology to enhance monitoring and response to biological threats and accelerate the development of medical responses, such as vaccines and medicines. The British Government's communiqué publish on the same day stated that the development of AI technology was creating new opportunities for scientific discovery and disease research, but that an increasingly capable AI system could also create new biosafety risks and lower the technological threshold for harmful biological activities. To enhance resilience to biological threats, the Government has decided to establish an AI Biosafety Laboratory.
On 25 October, researchers from institutions such as the University of Southampton in the United Kingdom suggested that a heavy neutron microbe, which had often been overlooked in previous theoretical studies, could affect the early evolution of the universe, which provided new clues as to why more substances than anti-matters were. A new study conducted by the University in cooperation with researchers at the Institute of Technology, Campol, India, focused mainly on one of the “decorded” neutrinos in the theoretical model. The weighting of neutrons is a theoretically hypothetical particle that has not been directly detected by experiments. The weighting of neutrinos is considered to be the “relationship” of neutrinos and the “decomposition” means that it no longer interacts with other particles. Such particles have often been overlooked in previous theoretical studies, and their impact on the formation of asymmetrics between substances and anti-materials is considered to be limited. The study found that the `decomposition' of the heavy neutrinos decay was extremely slow. As the universe cools after the Big Bang, it can dominate the energy density of the universe for long enough and short enough to trigger a material-dominated phase, thus affecting the process of asymmetrical formation of substances and anti-matters.
(This is from Xinhua, Zonghua News, Zong Zhu, the Times of Securities, Chinese Golden Bull, etc.)
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