【钛媒体综合】10月26日，中国央行公告，设立债市非银大额赎回互换便利（Bond Market NBFI Swap Facility，简称BNSF）。在资管机构面临群体性流动性风险、债券市场出现系统性压力的特定情景下，支持具有系统性影响的银行理财子公司、公募基金管理人（或对应母行、证券母公司等），从中国人民银行借入央行票据用于市场回购融资，以购买本公司（或资管子公司）遭赎回公募产品的符合条件的债券或产品份额，并向中国人民银行抵押。
此前，央行行长潘功胜于今年6月在2026陆家嘴论坛上提出，研究设立特定情景非银流动性支持宏观审慎工具，明确将以互换方式在债市出现系统性压力时为非银机构提供流动性支持；在近期举行的2026金融街论坛年会上，潘行长再次指出，将设立应对非银机构大额赎回的流动性支持工具，目的是建立债券市场稳定机制，构成人民银行宏观审慎管理的一项新工具。
据央视财经报道，正常市场情况下，资管产品赎回通常可以通过现金储备、资产到期回款和正常市场交易予以应对。当多家机构同时面临较大赎回压力时，集中出售债券可能带低市场价格，进一步影响产品净值和投资者预期，形成赎回与抛售相互强化的循环。有代表性的是2022年底的理财“赎回潮”。
本次设立的大额赎回流动性支持工具借鉴相关实践，支持资管类非银机构从人民银行借入央行票据，在市场上融资后再认购遭遇大额赎回产品的合格资产，从而打破赎回到被动抛售的负面循环。这样的安排符合《人民银行法》关于央行不能直接对非银机构发放贷款的要求，又通过合适方式，有效实现了对非银机构的紧急流动性支持，与股市互换便利一起，构建了覆盖股市和债市的非银应急流动性支持机制。
需要注意的是，该工具设计的机制是救市场而非救机构，特别是因自身经营不审慎而出问题的机构不会在救助行列，机构过度投机行为产生的损失不会转交其他主体承担。央行也在公告中指出，参与机构应持续满足金融市场审慎管理要求，维护市场纪律。
钛媒摘声：
今年国际航空货运运价整体高于去年同期，主要受到市场需求和运力供给两方面因素影响。其中，AI相关产品运输需求增长推动部分航线运价维持高位。而受贸易政策和关税变化影响，跨境电商货运需求增长有所放缓，部分航空运力开始转向AI相关产品运输。
——DHL全球货运大中华区首席执行官 艾若馨
支撑AI革命的巨大资本需求，正与态度谨慎、不愿承担如此大风险的贷款机构发生冲突。这将迫使追求数倍投资回报的选股投资者与需要确保资金能够收回的债权人之间重新寻求平衡。AI浪潮虽会水涨船高，但也会让一些船沉没，而且这股浪潮还将充满起伏。
——城堡投资联席首席投资官 Pablo Salame
国内公司：
中金公司“三合一”完成交割，部分新增股份将于10月29日上市流通
10月26日，中金公司发布公告称，公司换股吸收合并东兴证券、信达证券已完成交割。本次交易涉及新增发行A股31.04亿股，其中11.36亿股将于10月29日上市流通。根据交易安排，自交割日起，中金公司将承继及承接东兴证券、信达证券的全部资产、负债、业务、人员、合同、资质及其他一切权利与义务，并将办理注册资本等相关的工商变更登记手续。东兴证券、信达证券将在完成客户及业务迁移及各项清算程序后，依法办理工商注销登记。
10月26日，在寒武纪2026年第三季度业绩说明会上，针对市场有关“公司明年芯片出货量超过100万颗”的讨论，其董事长、总经理陈天石回应表示，公司从未进行过相关沟通，公司公告是所有投资者平等获取公司信息的有效途径，如涉及法规要求披露的重大事项，公司将依法履行信息披露义务，并提醒投资者以公司在上交所官网或公司官方网站披露的信息为准。
10月26日，奥迪中国宣布，与中国一汽和上汽集团签署战略协议，进一步明确“双品牌、双合作伙伴”渠道架构。按照协议，中国一汽将全面强化奥迪四环品牌在智能豪华新能源车型和燃油车型双领域的市场优势；上汽奥迪将聚焦AUDI（奥迪字母标）品牌、专注新能源市场，推出符合中国消费者需求的下一代智能网联汽车。其中，上汽奥迪在2027年底前仍可正常销售四环产品。上汽奥迪旗下四环品牌产品以及全新AUDI（奥迪字母标）品牌产品的售后服务，均将保持平稳运营。
Seedance核心研发负责人周畅被曝离职？接近字节人士否认
近期有消息称，字节Seed AI研发核心负责人之一周畅已经提出离职，据消息人士透露，周畅将会开启创业，或为具身智能相关，并已获各知名基金、大厂战投、头部大模型独角兽积极接触。10月26日，接近字节人士回应称，周畅没有离职。
10月26日，国科微公告称，第三季度营业收入为9.98亿元，同比增长131.81%；归属于上市公司股东的净利润为2.29亿元，同比增长1903.77%。前三季度营业收入为23.76亿元，同比增长102.71%；归属于上市公司股东的净利润为4.25亿元，同比增长5640.94%。业绩增长主要系本报告期智慧视觉等产品线营业收入同比增加所致。
10月26日，格力电器公告称，第三季度营业收入为366.77亿元，同比下降7.97%；归属于上市公司股东的净利润为39.96亿元，同比下降43.31%。前三季度营业收入为1260.75亿元，同比下降8.10%；归属于上市公司股东的净利润为172.74亿元，同比下降19.51%。净利下降主要受消费电器业务同比下降影响。
10月26日，药明康德公告称，第三季度营业收入为166.40亿元，同比增长38.01%；归属于上市公司股东的净利润为83.18亿元，同比增长136.67%。前三季度实现营业收入455.37亿元，同比增长38.59%；归属于上市公司股东的净利润193.98亿元，同比增长60.64%。业绩增长主要系公司持续聚焦CRDMO业务模式，后期和商业化项目比例提升，早期业务量价提升所带来的毛利提升，叠加精益运营带来的规模效益持续显现。预计2026年公司整体收入由人民币585-605亿元上调至人民币610-619亿元，持续经营业务收入同比增速由35%-39%上调至40%-42%。
10月26日凌晨，Kimi智能助手发文，对于近期Kimi会员使用K3.1 Pro时出现的限流及不必要的额度消耗致歉。并表示，将为所有档位的订阅会员进行一次重置：所有有效期内的会员都将获得月度总额的25%作为补偿，相当于一周的用量。如果当前用量不足月度总额的25%，将重置为0。Kimi还表示，已调整配置，正在减少不必要的子Agent调用和输出长度，以让相同额度完成更多实际任务。
国外企业：
Anthropic提交IPO注册文件，拟以“ANT”为代码在纳斯达克上市
10月26日，人工智能初创公司Anthropic向美国证券交易委员会提交S-1注册文件，计划首次公开发行A类普通股，并申请在纳斯达克全球精选市场以“ANT”为代码上市。文件暂未披露发行股数、发行价格区间及具体发行日期。财务数据显示，Anthropic 2025年营收为45.85亿美元，净亏损419.65亿美元。2026年上半年营收达162.86亿美元，同比增长约13倍，净亏损807.48亿美元；同期，公司营业亏损从上年同期的21.35亿美元收窄至6.93亿美元，调整后营业利润则由亏损18亿美元转为盈利16亿美元。
Meta拟融资350亿美元并计划推出600亿美元股票发行计划，加码AI基础设施投资
10月26日，Meta宣布启动总规模约350亿美元的同步公开发行，包括225亿美元A类普通股和125亿美元强制可转换优先股存托股份，并计划于2027年第一季度推出最高600亿美元的场内股票发行计划。英伟达、AMD和博通已表示有意合计认购最高50亿美元的A类普通股，但尚未作出有约束力的承诺。Meta表示，融资将用于一般公司用途，支持人工智能基础设施及个人超级智能等业务发展。公司预计2026年资本支出将达1350亿至1450亿美元。截至第三季度末，Meta持有约820亿美元现金、现金等价物及有价证券；前三季度经营现金流为970亿美元。
10月26日，据报道，苹果正在测试一款超大尺寸折叠屏平板电脑。知名苹果分析师郭明錤此前预测，苹果可能于2028年推出屏幕展开后为18至20英寸的折叠屏iPad，并采用超薄玻璃盖板。据悉，苹果这款产品可能采用类似书本的折叠设计，科技记者马克·古尔曼曾将其描述为两台iPad mini并排组合。郭明錤预计，该设备2028年出货量最高约为100万台。
SK海力士拟追加最高60万亿韩元股东回报，全年规模或达100万亿韩元
10月26日，据报道，SK海力士计划追加50万亿至60万亿韩元（约合350亿至420亿美元）股东回报，连同此前已完成的40万亿韩元股票回购及注销，今年股东回报总额或达100万亿韩元，创韩国上市公司纪录。受人工智能存储芯片需求旺盛推动，SK海力士业绩有望创下新高，预计今年自由现金流约为200万亿韩元。公司希望通过大规模股东回报提升估值，缩小与全球顶尖企业的差距。
政策风向：
商务部就《保护中国商业秘密特别规定（征求意见稿）》公开征求意见
10月26日，商务部研究起草了《保护中国商业秘密特别规定（征求意见稿）》，现向社会公开征求意见。征求意见稿提出，外国实体实施本规定第二条规定行为的，商务部可以决定对相关外国实体采取下列一项或者多项措施：（一）限制或禁止其从事与中国有关的货物、技术进出口以及国际服务贸易活动、禁止向其出口相关物项；（二）限制或禁止其在中国境内新增投资；（三）限制或禁止其相关人员、交通运输工具等入境；（四）限制或取消其相关人员在中国境内工作许可、停留或者居留资格；（五）根据情节轻重依法给予相应数额的罚款；（六）其他必要的措施。
10月26日，香港证监会发文称，已批准首批合规公募数字基金在持牌虚拟资产交易平台（VATP）上进行二级市场交易，此举属于全球首创。业内人士表示，首批合规公募数字基金7*24实时交易获准，突破了传统公募基金固定交易时段、多日结算周期等限制。投资者运用该服务，能够每周七天、每天24小时交易数字货币市场基金。此外，未来，香港证监会将密切观察首批产品的交易运作，并结合市场发展情况，适度考虑扩大产品范围。
海南：到2027年新增汽车中新能源汽车比例不低于70%，平稳推进2030年禁售燃油车
10月26日，中共海南省委、海南省人民政府印发《关于建设生态环境友好型自由贸易港的意见》。其中提出，培育壮大新兴绿色环保产业。推广先进节能环保技术、装备和产品，壮大全生物降解材料和终端制品生产规模。发展环保新材料等绿色产业。到2027年新增汽车中新能源汽车比例不低于70%，平稳推进2030年禁售燃油车。安全有序加快海上风电、昌江核电等项目建设。支持企业建设绿色数据中心、绿色基站。
股市行情：
宇树科技：人形机器人行业尚处商业化早期，物理AI技术从实验室演示走向真实场景规模化落地仍面临多重挑战
10月26日，宇树科技公告称，公司股票连续三个交易日收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动情形。截至2026年10月26日，公司滚动市盈率为465.22倍，显著高于通用设备制造业行业平均滚动市盈率38.54倍。人形机器人行业尚处于商业化早期，技术成熟度、下游市场需求培育、产业链配套能力均存在不确定性。同时，物理AI技术从实验室演示走向真实场景的规模化落地仍面临感知精度、运动控制稳定性、数据积累及软硬件协同等多重挑战，相关技术路径与商业模式的成熟尚需时间验证。若行业大规模商业化落地进度不及预期，公司未来营收扩张及业绩释放可能受到不利影响，存在估值回归的投资风险。
上纬新材：公司消费级具身智能机器人业务目前处于规模化量产爬坡及商业化验证阶段
10月26日，上纬新材公告称，公司股票连续3个交易日收盘价格涨幅偏离值累计达30%，属于股票交易异常波动。公司消费级具身智能机器人业务目前处于规模化量产爬坡及商业化验证阶段，尽管相关产品已上市销售，但规模化生产、交付及商业化能力均具有一定不确定性，公司尚不能预测对2026年度营收及盈利的影响情况。近期二级市场“物理AI”、数据采集等相关概念较为活跃，市场关注度较高。公司相关机器人及模型开发产品目前尚处于研发阶段，其技术路线、研发进度、性能表现及商业化应用均需持续验证，存在较大不确定性。
10月26日，再多4家基金公司旗下主动ETF宣布提前结募。继南方、华泰柏瑞、华夏之后，平安基金也宣布旗下主动ETF提前结募。这意味着，首批主动ETF发售两日，已有7家基金公司宣布提前结募。上周五提前结募的为摩根、易方达、富国。
中基协最新披露，截至9月末，私募存续总规模已达25.83万亿元，再度刷新历史纪录，已连续12个月攀升新高。
其他重要内容：
10月26日，调查中发现，目前内存销量比价格波动更加明显，走访中多位商家反映，10月份以来他们的销量普遍下滑20%至30%，整个内存流通渠道甚至出现了价格倒挂的情况。目前内存出厂价仍然在涨，但是由于不少渠道商前期囤了很多货，而大部分消费者在内存价格高企的时刻选择观望，整个市场需求下滑，为了迅速回笼资金减轻库存压力，不少渠道商还是会选择降价出货。业内人士表示，内存市场价格出现小幅下调，主要是有些渠道商资金压力大，必须出货回笼资金，但大家都是高成本进货，谁也不敢降太多，于是市场出现了报价坚挺、成交冷清、局部倒挂的现象，整个渠道库存和资金压力正在累积。
近期，多所大学发布相关通知，学校在职在编人员工资将通过数字人民币钱包发放。扬州大学财务处10月20日发布通知，接省财政厅预通知，自2026年11月起，学校在职在编人员（含人事代理）工资将通过数字人民币钱包发放，请相关人员根据自己目前的工资卡情况，于10月23日前完成数币钱包的开立与升级。南通大学财务处发布《关于做好数字人民币钱包开通及11月份工资数币发放工作的通知》。江苏师范大学计财处发布《关于统计报送数币钱包信息的通知》：根据上级主管部门统一工作部署，我校将稳步推进在职人员工资数字人民币（以下简称“数币”）发放工作。
国家能源局数据显示，今年1-9月，风电和太阳能发电新增装机容量约1.7亿千瓦，截至2026年9月底，风电和太阳能发电累计装机容量达到20.1亿千瓦，其中，太阳能发电装机容量13.1亿千瓦，同比增长16.5%；风电装机容量7.0亿千瓦，同比增长20.4%。
（综合自央视、澎湃、上证报、蓝鲸新闻等）
本文由 AI宝库自动抓取并翻译，版权归原作者所有；如需查看原文请点下方链接。
On October 26, the Central Bank of China announced the creation of a debt market for non-silver foreclosure facilities (Bond Market NBFI Swap Finance, known as BNSF). In a specific scenario where the institution is exposed to group liquidity risks and systemic pressure on the bond market, support is given to bank management subsidiaries with systemic implications, public fund managers (or their respective parent, securities parent, etc.), borrowing from the People ' s Bank of China for market buy-back finance to buy the eligible bond or product shares of their own company (or a pipeline company) for publicly collected products and mortgages to the People ' s Bank of China.
Prior to that, Central Bank President Ban Zhang Zhuang had proposed in June of this year at a forum of 2026 Luxuan, to study the creation of a microprudential tool for non-silver liquidity in a given scenario, with a clear view to providing liquidity support to non-silver institutions in the event of systemic pressure in debt markets, in exchange. At the recent annual meeting of the Financial Street Forum, Ban once again stated that a liquidity support tool would be set up to deal with large ransoms from non-silver institutions, with the aim of establishing a bond market stabilization mechanism that would constitute a new tool for the macroprudential management of the People ' s Bank.
According to financial and economic reports, in normal market situations, the redemption of a regulated product can normally be dealt with through cash reserves, dues of assets and regular market transactions. When multiple institutions are under considerable retrieving pressure at the same time, a concentrated sale of bonds may lead to lower market prices, further affecting net product values and investor expectations, and creating a mutually reinforcing cycle of foreclosure and sale. It is representative of the “flood of redemption” in late 2022.
The Big Foreclosure Liquidity Support Tool, which builds on practice, supports non-banking institutions that borrow central bank instruments from the People’s Bank and then subscribe to eligible assets that are subject to large foreclosures after financing in the market, thereby breaking the negative cycle of foreclosure back to passive sales. Such an arrangement is in line with the People ' s Bank Act ' s requirement that the central bank cannot directly extend loans to non-bank institutions, and, by the appropriate means, has effectively achieved emergency liquidity support to non-bank institutions, and, together with stock market swaps, has created a non-bank emergency liquidity support mechanism covering stock and debt markets.
It is important to note that the instrument is designed to save markets rather than institutions, especially when institutions that have problems because of their own prudential operations are not on the line of rescue, and that losses from excessive speculation by institutions are not passed on to other subjects. The Central Bank has also stated in its bulletin that participating institutions should continuously meet the requirements of prudential regulation of financial markets and maintain market discipline.
Titanic pick:
This year, international air freight prices were generally higher than in the same period last year, largely influenced by both market demand and supply of capacity. Among them, the growth in demand for AI-related transport contributed to the maintenance of high shipping prices on some routes. As a result of changes in trade policies and tariffs, the growth of cross-border freighter demand slowed, and some air power began to shift to AI-related transport.
DHL Chief Executive Officer, Grand Central China
The huge capital needs that underpin the AI revolution are in conflict with lending institutions that are cautious and unwilling to take such a high risk. This will force a rebalancing between selected equity investors who seek multiple returns on investment and creditors who need to ensure that the funds can be recovered. Although the wave of AI will rise, it will sank some ships, and it will be full of ups and downs.
— Chief Investment Officer, Castle Investment Joint
Domestic companies:
The “Triple One” of China Gold Company is closed and some of the additional shares will be on the market on October 29th.
On 26 October, the Chinese gold company publish announced that the sale of the consolidated Easting securities and the Sindar securities had been completed by the company in exchange for shares. The transaction involves the new distribution A unit of 3.104 billion, of which 1,136 million will be on the market on 29 October. On the basis of the trading arrangements, as of the date of delivery, China Gold will take over and take over all assets, liabilities, operations, personnel, contracts, qualifications and all other rights and obligations of Dongxi securities and will register business changes related to the registered capital. Easting securities, credit securities and securities will be registered for commercial and commercial cancellations in accordance with the law upon completion of customer and business relocation and liquidation procedures.
On 26 October, in response to a discussion in the market at the third quarter of 2026, in response to the discussion on “a company with more than 1 million chips next year”, the Chairman and General Manager of the company responded that the company had never communicated and that the company's bulletin was an effective way for all investors to have equal access to company information, such as in respect of important matters for which disclosure was required by statute, the company would comply with its information disclosure obligations in accordance with the law and would alert investors to the information disclosed by the company on its official network or on the company's official website.
On 26 October, Audi China announced the signing of a strategic agreement with the Chinese First and Upstream Groups to further clarify the “two brands, two partners” channel structure. In accordance with the agreement, China’s first steam will fully reinforce the Audi Four’s market edge in both smart, luxurious, new-energy-type and fuel-car-type areas; the upper-Odi will focus on the Audi (Odi-letter) brand, focus on new energy markets, and launch the next generation of smart-networked cars that meet the needs of Chinese consumers. Of these, the upper Odi could still sell the four-ring product normally by the end of 2027. Post-sale services for four-ring brands under the upper-Odi flag and for brand-new Audi (Odi alphabet) brands will remain smooth.
Seedance core research and development director Zhou Zhou Zheng Zheng Zheng Zheng? People near byte deny it.
According to recent information, one of the byteSeed AI ' s core R & D directors has proposed Zhou Zhou Zheng ' s departure and, according to the source, Zhou Zhou Zheng will start a business, or be of intellectual relevance, and has been actively approached by various well-known funds, large-scale project investments and head LLM unicorns. On 26 October, close to byte responded that Zhou Xianqian had not left his post.
On 26 October, the State Science and Technology Department announced that income from business in the third quarter was 998 million yuan, an increase of 131.81 per cent over the same period, and net profits attributable to shareholders in listed companies was 229 million yuan, an increase of 1903.77 per cent over the same period. Business income in the first three quarters was 2,376 million yuan, an increase of 102.71 per cent over the same period; the net profit attributable to shareholders in listed companies was 425 million yuan, an increase of 56.40.94 per cent over the same period. The increase in performance was mainly the result of the year-on-year increase in business income from product lines such as smart vision during the reporting period.
On 26 October, the Gwig Electric Proclamation stated that the income from business in the third quarter was $36,677 million, a decrease of 7.97 per cent over the same period; the net profit attributable to shareholders in listed companies was $3,996 million, a decrease of 43.31 per cent over the same period. The income from business in the first three quarters was $12.60775 billion, a decrease of 8.10 per cent over the same period; the net profit attributable to shareholders in listed companies was $17.274 billion, a decrease of 19.51 per cent over the same period. The decline in net gains was mainly affected by the year-on-year decline in consumer electrical operations.
On 26 October, the Pharmacology Conde Proclamation stated that business income in the third quarter was $16.640 billion, an increase of 38.01 per cent over the same period; the net profit attributable to shareholders in listed companies was $8.318 billion, an increase of 136.67 per cent over the same period. During the first three quarters, business income was 45,537 million yuan, an increase of 38.59 per cent over the same period; net profits attributable to shareholders in listed companies were 19,398 million yuan, an increase of 60.64 per cent over the same period. The growth in performance was mainly due to the company ' s sustained focus on the CRDMO business model, the increase in the proportion of post-production and commercialized projects, the increase in the gross domestic product resulting from the earlier increase in business volume prices, and the continued emergence of the economies of scale associated with superseding and streamlining operations. In 2026, corporate income is expected to increase from RMB 585-60.5 billion to RMB 61,61.9 billion, and income from business continuity from the same rate of increase from 35 to 39 per cent to 40 to 42 per cent.
In the early hours of 26 October, Kimi ' s smart assistant wrote to apologize for the recent consumption of rate limit and unnecessary quota when Kimi members used K3.1 Pro. It was indicated that there would be one reset for all slot subscribers: All members during the validity period will receive 25 per cent of the total monthly amount, equivalent to one week. If the current usage is less than 25 per cent of the total monthly amount, the replacement will be zero. Kimi also stated that the configuration had been adjusted to reduce the unnecessary subAgent call and output length to allow the same quota to perform more actual tasks.
Foreign enterprises:
Anthropic submits IPO registration document to be listed in NASDAQ under the code ANT
On 26 October, the artificial smart-starter Anthropic submitted a S-1 registration document to the United States Securities and Exchange Commission, planning the first public release of an A-class common stock and applying for a “ANT” code for listing in the NASDAQ global niche market. The number of distribution units, the price range and the specific date of issuance are not disclosed. Financial data show that Anthropic received $4.585 billion in 2025, resulting in a net loss of $41,965 million. During the first half of 2026, revenues amounted to $16,286 million, an increase of about 13 times the same year, resulting in a net loss of $80,748 million. During the same period, corporate operating losses narrowed from $2,135 million to $693 million over the same period of the previous year, while adjusted operating profits shifted from a deficit of $1.8 billion to a profit of $1.6 billion.
Meta proposes to finance $35 billion and plans to launch a $60 billion equity distribution scheme plus AI infrastructure investment
On 26 October, Meta announced the launch of a synchronized public release of approximately $35 billion, including $22.5 billion in general-purpose A shares and $12.5 billion in mandatory transferable priority shares, and plans to launch an in-house stock distribution scheme of up to $60 billion in the first quarter of 2027. In Weida, AMD and Chase have indicated their intention to jointly subscribe to up to $5 billion in generic A units, but no binding commitments have yet been made. Meta indicated that financing would be used for general corporate purposes to support business development such as artificial intelligence infrastructure and personal super intelligence. The company expects capital expenditure to reach between $135 billion and $145 billion in 2026. By the end of the third quarter, Meta held approximately $82 billion in cash, cash equivalents and marketable securities; the cash flow from operating in the first three quarters was $97 billion.
On 26 October, it was reported that apples were testing an oversized folding plate. A well-known apple analyst, Guo Mingliang, had previously predicted that apples could be a folding iPad of 18 to 20 inches after their roll-out in 2028, with super thin glass panels. It has been learned that the apple product may be designed in a folding of similar books, which was described by technologist Mark Goulman as two iPad Mini in combination. Guo Mingliang projected that the equipment would have delivered up to about 1 million units in 2028.
SK Hercules is going to pay up to 60 trillion won in return for his stockholders, or up to 1 trillion won a year.
On 26 October, it was reported that between 50 and 60 trillion won (approximately $35 billion to $42 billion) of the SK Hercules plan had been added to the returns of the shareholders, together with the buy-back and write-off of 40 trillion won previously completed shares, and that the total returns this year, or up to 1 trillion won, had been recorded as a South Korean company. Driven by the demand for artificial intelligence chips, the SK Hercules performance is expected to be high, with a free cash flow of about 20 trillion won this year. Companies want to improve valuation through large-scale shareholder returns and close the gap with top global firms.
Policy direction:
The Ministry of Commerce made public comments on the Special Provisions for the Protection of China ' s Commercial Secrets (Approval Draft)
On 26 October, the Ministry of Commerce studied and drafted the Special Provisions for the Protection of China ' s Commercial Secrets (Advisory Draft) and is now seeking public comments. It is proposed that the Ministry of Commerce may decide to take one or more of the following measures against foreign entities for the commission of the acts provided for in article II of this provision: (i) to restrict or prohibit the import and export of goods, technology and international trade in services related to China, and to prohibit the export of related items to them; (ii) to restrict or prohibit new investments in China; (iii) to restrict or prohibit the entry of persons, means of transport, etc., of foreign entities; (iv) to restrict or revoke the permit to work, stay or stay in China of persons concerned; (v) to impose a fine in the amount prescribed by law, depending on the gravity of the case; and (vi) to take other necessary measures.
On 26 October, the Hong Kong Securities Commission issued a communication stating that the first compliance public fund-raising digital funds had been approved to conduct secondary-market transactions on a licensed virtual asset trading platform (VATP), a global first. Industry sources have indicated that the first compliance digital fund 7*24 real-time transactions have been approved, which has exceeded the limitations of the traditional public fund ' s fixed time-frame, multi-day settlement cycle, etc. Using this service, investors are able to trade digital money market funds 24 hours a day, 7 days a week. In addition, in the future, the CSRK will closely monitor the operation of the first batch of trades and give due consideration to expanding the range of products in the light of market developments.
Hainan: No less than 70 per cent of new energy vehicles will be added by 2027, and a smooth push towards the 2030 ban on fuel vehicles
On 26 October, the China-China Communist Party for South China Commission and the People ' s Government of Hainan Province issued an Opinion on the Establishment of Environmentally Friendly Free Trade Ports. It proposes to foster new green and green industries. Promote advanced energy-efficient and environmentally sound technologies, equipment and products to scale up the production of fully biodegradable materials and end products. Development of green industries such as new materials for the environment. By 2027, no less than 70 per cent of the newer cars will have contributed to the ban on fuel cars by 2030. Projects such as wind and electricity at sea and nuclear power at Changjiang are being built in a safe and orderly manner. Support for enterprises to build green data centres and green base stations.
Stock market:
Woo-tree technology: the human robotics industry is still in the early stages of commercialization, and physical AI technology continues to face multiple challenges in moving from laboratory demonstrations to the scale of the real scene.
On 26 October, the Waki Technology Bulletin stated that the cumulative deviation of over 30 per cent in the closing price increase of the company ' s shares on three consecutive trading days was due to unusual fluctuations in stock transactions. As at 26 October 2026, the company had a rolling market gain of 465.22 times, which is significantly higher than the average rolling market gain of 38.54 times in the generic equipment manufacturing industry. The human robotics industry is still in the early stages of commercialization, with uncertainty about technological maturity, downstream market demand development, and industrial chain matching capabilities. At the same time, the scale of physical AI technology from laboratory demonstrations to real scenes still faces multiple challenges such as sensor precision, motor control stability, data accumulation and software and hardware synergy, and it will take time to validate the technological pathways and business models. If large-scale commercialization of the industry falls short of expectations, the future expansion of the company ' s revenue and the release of its performance may be adversely affected and there is an investment risk of a return to valuation.
Upper Latitude: The company ' s consumer-grade smart robot business is currently in the phase of scale-based roll-up and commercialization validation
On 26 October, the Haut-Ninz bulletin stated that the cumulative deviation of 30 per cent from the closing price increase in the company ' s shares over three consecutive trading days was due to the unusual volatility of the stock exchange. The company ' s consumer-grade smart robotics business is currently in the phase of scale-based roll-up and commercialization certification, and although the products in question have been marketed, there is some uncertainty about the capacity to scale up production, delivery and commercialization, and the company is not yet in a position to predict the impact on revenue and profitability in 2026. In the recent past, concepts such as “physical AI” in secondary markets and data collection have been more active and have received higher market attention. Company-related robotics and model development products are currently in the R & D stage, and there is considerable uncertainty about the continued validation of their technical routes, development progress, performance and commercialization applications.
On 26 October, an additional four foundation companies announced an advance start-up of the fund. Following the South, Watterbury, and Wahasha, the Peace Foundation also announced an advance start-up of the ETF. This means that seven fund companies have announced early collections for the first two days of active ETF sales. Last Friday's early fund-raisers were Morgan, Fanta, rich countries.
As recently revealed by the Central Bank, private fund-raising had reached a total of 25,83 trillion yuan by the end of September, re-enacting its historical record and rising for 12 months.
Other important elements:
On 26 October, the survey found that the current level of memory sales was more marked than the price volatility, and many of the merchants visited indicated that their sales had generally declined by 20 to 30 per cent since October, and that there had even been price reversals across the memory channels. At present, there is still an increase in the price of the memory factory, but many of them will still choose to sell at a reduced price because of the pre-stories of many of them, while most consumers choose to wait at a time when the price of the memory is high. Industry sources indicate that there has been a slight downward trend in the price of the memory market, mainly because of the high financial pressure on some of the sourcers to export back-to-cage funds, but that all of us have high-cost imports and no one dares to drop too much, so that the market has experienced a strong offer, a cold deal and a partial reversal, and the entire source stock and financial pressure is accumulating.
Recently, publish, a number of universities, have been informed that the salaries of the school ' s active staff will be paid through digital human purses. By circular publish of 20 October of the Finance Department of the University of Yangzhou, on the pre-notice of the provincial finance department, the salaries of the active staff of the school (including personnel agents) will be paid through the digital human purses from November 2026 onwards, and the persons concerned will be asked to complete the opening and promotion of the wallets by 23 October in accordance with their current salary cards. publish, Finance Department, Nantung University, Circular on the opening of digital human coin purses and the issuance of November wages. publish, from the Financial and Financial Department of Jiangsu Teacher University, " Circular on statistical reporting of information on wallets " : Our school will steadily move forward with the distribution of digital human (hereinafter referred to as “digital currency”) for the salaries of the employed, based on the unified work of the higher authorities.
According to data from the National Energy Agency, between January and September of this year, wind and solar power had an additional installed capacity of approximately 170 million kilowatts, and by the end of September 2026 the cumulative installed capacity of wind and solar power had reached 2.01 billion kilowatts, of which solar power had an installed capacity of 1.31 billion kilowatts, an increase of 16.5 per cent over the same period; wind and electricity had an installed capacity of 700 million kilowatts, an increase of 20.4 per cent.
(Consolidated self-observation, dilation, certification, blue whale news, etc.)
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