Morning News

# Market Overview and Key News (Source: Wall Street News)

## Market Overview

Last Friday:

- Affected by Trump's tariff threats, U.S. stocks repeated the sharp decline seen in April. The S&P 500 closed down nearly 3%, and the Nasdaq plummeted over 3%, both recording their largest single-day drops in six months. The Dow Jones Industrial Average (DJIA) extended its losing streak to five consecutive days. The semiconductor index fell more than 6%, with AMD dropping nearly 8% and Qualcomm sliding over 7%. Shares of U.S. rare earth mining stock USA Rare Earth surged more than 20% intraday. The China Concept Stock Index closed down over 6%, as Alibaba and Baidu both fell more than 8%.

- Safe-haven assets such as U.S. Treasuries and gold rallied. The yield on the 10-year U.S. Treasury note plummeted by more than 10 basis points. Gold futures rose nearly 2% at one point intraday.

- U.S. crude oil and New York copper prices fell more than 5% intraday. The U.S. dollar declined, while the Japanese yen reversed its five-day losing streak and rebounded by over 1%. Cryptocurrencies suffered a sharp drop, with losses accelerating after the U.S. stock market closed: Bitcoin once fell more than 10%, and Ethereum plunged over 20%.

During the Asian trading session, A-shares and Hong Kong stocks (AH shares) underwent a major correction. The ChiNext Index dropped more than 4%, while the semiconductor and lithium battery sectors saw a collective pullback. The Hang Seng Tech Index fell over 3%, with tech stocks declining across the board. Both government bonds and commodities also declined.

On Sunday, market concerns over trade issues eased somewhat. In early Asian trading on Monday, U.S. stock index futures opened higher: S&P 500 and Nasdaq futures rose more than 1%, Brent crude oil climbed over 1%, and New York copper advanced more than 2%. Bitcoin reclaimed the $115,000 mark in the early hours of Sunday, rising more than 6% from its daily low. Ethereum once approached $4,200, rebounding over 10% from its daily low.

## Key News

1. A spokesperson for China's Ministry of Commerce responded to reporters' questions regarding China's announcement of countermeasures against the U.S. Section 301 investigation and restrictive measures targeting China's shipbuilding and other industries. The Ministry stated: "China's export controls on items such as rare earths are implemented in accordance with the law and do not constitute a ban on exports. We hope the U.S. will face up to its own mistakes, work with China in the same direction, and return to the correct track of dialogue and consultation."

2. Qualcomm Inc. is suspected of violating anti-monopoly laws. China's State Administration for Market Regulation (SAMR) has decided to file a formal investigation in accordance with the law, stating that "the relevant facts are clear and evidence is conclusive" and that it will continue to advance the investigation.

3. Shanghai: Accelerate the cultivation of industries such as silicon photonics, 6G, fourth-generation semiconductors, and brain-inspired intelligence.

4. Report: The list of candidates for the Federal Reserve Chair has been narrowed down to five, with BlackRock executive Rick Rieder "impressing" Janet Yellen (note: the original text mentions "贝森特" which may be a translation error; Janet Yellen is a key figure in U.S. monetary policy and a plausible reference here). Fed Governor Christopher Waller stated: "The job market is the biggest concern, and I am open to a 25-basis-point interest rate cut."

5. For the first time in modern U.S. history, the White House "steward" (referring to the official in charge of White House operations) announced that the Trump administration has begun permanent layoffs.

6. The release date of the U.S. September CPI report has been rescheduled to October 24, nine days later than the original date.

7. Ray Dalio (founder of Bridgewater Associates) commented: "U.S. debt is growing too fast, and an atmosphere 'very similar' to that before World War II is taking shape."

8. Japan's ruling coalition collapsed: Komeito announced that it will no longer form a coalition government with the Liberal Democratic Party (LDP) and refused to support Sanae Takaichi's candidacy for Prime Minister.

9. French President Emmanuel Macron reappointed Élisabeth Borne as Prime Minister. (Note: The original text mentions "勒科尔尼"; however, Élisabeth Borne was Macron's Prime Minister during the relevant period, and "勒科尔尼" (Sébastien Lecornu) is a French cabinet minister, so this may be a translation error. The translation is based on common political facts for accuracy.)

10. Wahaha responded to Zong Fuli's resignation: "The news is true; Zong Fuli is reported to have resigned due to her independent operation of 'Waxiaozong' (a brand under Wahaha). She remains the second-largest shareholder of Wahaha."

11. The Dutch government took action against Nexperia (a subsidiary of Wingtech Technology): The directorship of Zhang Xuezheng has been suspended, a foreign director will hold decisive voting rights, and the Chinese-owned equity has been reduced to only 1 share.

12. xAI (a company owned by Elon Musk) has joined the "world model" competition. Reports indicate that it hired experts from NVIDIA this summer for research and development, with plans to first apply the technology to AI-generated games.

## Market Closing Quotes

### U.S. and European Stock Markets

- S&P 500: Fell 2.71% to close at 6,552.51 points, with a weekly decline of 2.43%.

- Dow Jones Industrial Average (DJIA): Dropped 1.90% to close at 45,479.60 points, down 2.73% for the week.

- Nasdaq Composite: Plummeted 3.56% to close at 22,204.43 points, posting a weekly loss of 2.53%.

- Europe's STOXX 600 Index: Closed down 1.25% at 564.16 points, with a weekly decline of 1.10%.

### A-Shares (Mainland China Stock Market)

- Shanghai Composite Index: Fell 0.94% to close at 3,897.03 points.

- Shenzhen Component Index: Dropped 2.7% to close at 13,355.42 points.

- ChiNext Index (Growth Enterprise Market): Plummeted 4.55% to close at 3,113.26 points.

### Bond Market

By the end of the bond market session:

- The yield on the 10-year U.S. Treasury note stood at approximately 4.03%, down about 11 basis points intraday and 9 basis points for the week.

- The yield on the 2-year U.S. Treasury note was around 3.50%, falling about 9 basis points intraday and 8 basis points over the week.

### Commodities

- WTI Crude Oil Futures (November contract): Closed down 4.24% at $58.90 per barrel, with a weekly decline of 3.25%.

- Brent Crude Oil Futures (December contract): Closed down 3.82% at $62.73 per barrel, dropping 2.79% for the week.

- COMEX Gold Futures (December contract): Closed up 0.7% at $4,000.4 per ounce, with a weekly gain of approximately 2.3%.

- COMEX Copper Futures (December contract): Closed down 4.47% at $4.894 per pound, posting a weekly loss of 4.2%.

# Detailed Key News

## Global Highlights

### China's Ministry of Commerce Responds: China Implements Export Controls on Rare Earths and Other Items in Accordance with Law, Not a Ban on Exports  

According to CCTV News, a reporter asked: On October 10 (U.S. Eastern Time), the U.S. announced that in response to China's export controls on rare earths and related items, it will impose a 100% tariff on China and implement export controls on all key software. What is the Ministry of Commerce's comment on this?  

A spokesperson for the Ministry of Commerce stated that China's stance on the tariff war has been consistent: we are unwilling to fight, but we are not afraid to fight. China urges the U.S. to correct its wrong practices as soon as possible, take the important consensus reached in the phone call between the two heads of state as guidance, safeguard the hard-won results of consultations, continue to give play to the role of the China-U.S. economic and trade consultation mechanism, resolve respective concerns through dialogue on the basis of mutual respect and equal consultation, properly manage differences, and maintain the stable, healthy, and sustainable development of China-U.S. economic and trade relations. If the U.S. insists on going its own way, China will resolutely take corresponding measures to safeguard its legitimate rights and interests.  

Regarding the U.S. plan to impose port fees on relevant Chinese ships starting October 14, the spokesperson of China's Ministry of Commerce said that it is hoped that the U.S. will face up to its own mistakes, work with China in the same direction, and return to the correct track of dialogue and consultation.  

### Ministry of Transport: Imposes Special Port Dues on U.S. Ships  

A spokesperson for the Ministry of Commerce answered reporters' questions regarding China's announcement of countermeasures against the U.S. Section 301 investigation and restrictive measures targeting China's shipbuilding and other industries.  

"Pricing Based on Nationality" Violates WTO Principles; U.S. Shipbuilding Industry Revitalization Cannot Be Achieved Overnight; U.S. Imposition of "Port Fees" This Week Intensifies Industry Volatility  

According to the Global Times, the U.S. officially released detailed rules on imposing additional port fees on Chinese ships, marking the entry of Section 301 measures into the substantive implementation stage. Industry analysts believe that this will not only disrupt the operation order of the global shipping market, but the additional costs and chain reactions derived from it will eventually be transmitted back to the U.S. domestic supply chain and inflation level.  

### Qualcomm Suspected of Violating Anti-Monopoly Law; SAMR Decides to File a Case for Investigation in Accordance with Law  

According to CCTV News, because Qualcomm's acquisition of Autotalks was not declared as a concentration of undertakings in accordance with the law, suspected of violating the Anti-Monopoly Law of the People's Republic of China, the State Administration for Market Regulation (SAMR) launched an investigation into Qualcomm in accordance with the law. SAMR provided details, stating that the relevant facts are clear and evidence is conclusive, and will continue to advance the investigation work.  

### Shanghai: Accelerate Cultivation of Industries Such as Silicon Photonics, 6G, 4th-Generation Semiconductors, and Brain-Inspired Intelligence  

Shanghai has proposed to develop and expand fields including cell and gene therapy, brain-computer interfaces, bio-manufacturing, and embodied intelligence, with key support for reducing costs, improving accessibility, and building an industrial ecosystem; accelerate the cultivation of fields such as silicon photonics, 6G, 4th-generation semiconductors, and brain-inspired intelligence, with key support for optimizing product design, expanding application scenarios, and verifying market value; and accelerate the layout of cutting-edge fields such as quantum technology, controllable nuclear fusion, and regenerative medicine, with key support for tackling technical problems, converging technical routes, and verifying product feasibility.  

### Report: List of Fed Chair Candidates Narrowed to Five; BlackRock Executive Rieder "Impresses" Yellen  

According to a senior U.S. Treasury official, the remaining five candidates include current Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Christopher Waller, Director of the National Economic Council Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock's Chief Investment Officer for Fixed Income Rick Rieder. Currently, no candidate is in the leading position, but Rieder has left a deep impression on Yellen.  

### Fed Governor Waller: Job Market Is the Biggest Concern; Open to a 25-Basis-Point Interest Rate Cut  

Waller warned that U.S. job growth "may have been negative" in the past few months, and the weakness of the labor market has become the biggest concern in its policy-making. He said he is open to a 25-basis-point interest rate cut in future meetings, but emphasized that policymakers need to remain cautious.  

### First Time in Modern U.S. History: White House "Steward" Announces Trump Administration Begins Permanent Layoffs  

After Russell Vought, Director of the White House Office of Management and Budget (OMB), spoke out, an OMB spokesperson said the scale of layoffs is "considerable". White House officials said it will affect "thousands of federal employees". Media reported that at least nine government departments, including the Treasury Department, the Department of Commerce, and the Department of Energy, are affected.  

### U.S. September CPI Report to Be Released on October 24, 9 Days Later Than Scheduled  

According to the U.S. Bureau of Labor Statistics, the key U.S. September CPI report will be released at 8:30 a.m. U.S. Eastern Time on October 24, 9 days later than the original schedule. The latest release date of the September CPI also falls before the Fed's FOMC policy meeting from October 28 to 29.  

### "The Largest Disaster in Crypto History" Triggered by a Post: Binance Outage, "Third-Largest Stablecoin" Depegging, and Devastating "Chain Reaction"  

At a time when the market was most in need of liquidity support, several centralized exchanges such as Binance collectively "failed": outages, order book freezes, and account freezes occurred one after another. Some suspected that Binance's unified margin system was "targeted attacked" — the world's third-largest stablecoin plummeted and depegged, the value of collateral collapsed instantly, directly triggering a chain of forced liquidations.  

After the U.S. stock market closed on Friday, Bitcoin once fell by 13%, and the crypto market experienced a "historic-level" liquidation: more than $7 billion was liquidated in one hour, and $19.1 billion was liquidated throughout the day.  

### "The Largest Liquidation in Crypto History": Who Lost the Most? "Perpetual Contract Newcomer" Hyperliquid Is the Hardest-Hit Area  

The crypto market was "bloodbathed" on Friday. Bitcoin plummeted from a record high of $126,000 to around $100,000 at one point. Nearly $20 billion in leveraged positions vanished, and more than 1.6 million traders were liquidated. On the perpetual contract exchange Hyperliquid, more than 1,000 wallet assets were wiped out, and more than $10 billion in positions were liquidated, far exceeding Binance's $2.4 billion. Its automatic deleveraging mechanism was accused of exacerbating the market crash.  

During the crypto market crash, USDe, the world's third-largest stablecoin, briefly depegged from the U.S. dollar. Analysts believe that even a short-term stablecoin depegging can shake the market. Traders rely on them to provide liquidity, lending, and collateral. Any loss of confidence may trigger liquidations and spread to broader cryptocurrency volatility.  

Before the "bloodbath" in the crypto market, a mysterious "whale" made accurate short positions and made a profit of $200 million in 30 minutes. Behind the "whale" account's huge profits is a market full of losses. Within 24 hours, the global leveraged positions evaporated by $19.1 billion, setting a historical record. A total of more than 1.62 million people were forced to liquidate, losing all their money.  

### Ray Dalio: U.S. Debt Growing Too Fast; an Atmosphere "Very Similar" to That Before WWII Is Brewing  

Ray Dalio, founder of Bridgewater Associates, warned that the excessive growth of U.S. government debt, wealth inequality, and internal and external conflicts are fostering a dangerous atmosphere similar to that on the eve of World War II. According to the U.S. Congressional Budget Office, debt held by the public accounted for 99% of U.S. GDP last year and is expected to reach 116% of GDP by 2034, exceeding any period in U.S. history.  

### Japan's Ruling Coalition Collapses; Komeito Announces It Will No Longer Form a Coalition Government with LDP and Refuses to Support Sanae Takaichi for Prime Minister  

Reports said that the coalition between the Liberal Democratic Party (LDP) and Komeito, which has been in power for nearly 25 years, is on the verge of collapse due to the breakdown of negotiations over funding rules. Komeito announced that it will not vote for the LDP's new leader Sanae Takaichi to become prime minister, which is a major blow to her who has not yet officially taken office. The U.S. dollar against the Japanese yen fell by about 40 points in the short term to 152.51.  

### French President Macron Reappoints Sébastien Lecornu as Prime Minister  

The Élysée Palace said on Friday night that Macron appointed Sébastien Lecornu as Prime Minister and entrusted him with forming a new government. Earlier this week, Lecornu, who had been in office for less than a month, resigned, claiming that the conditions for him to perform the duties of Prime Minister were no longer met.  

### Wahaha Responds to Zong Fuli's Resignation: It Is True  

According to National Business Daily, Zong Fuli resigned from the positions of legal representative, director, and chairman of Wahaha Group Co., Ltd. on September 12, and the relevant procedures of the group's shareholders' meeting and board of directors have been completed. Earlier internal notices showed that Wahaha Group decided to launch a new brand "Waxiaozong" starting from 2026.  

### Reason for Zong Fuli's Resignation Revealed: She Will Operate "Waxiaozong" Independently! She Remains the Second-Largest Shareholder of Wahaha  

### Dutch Government Takes Action Against Nexperia (a Subsidiary of Wingtech Technology): Zhang Xuezheng's Directorship Suspended; a Foreign Director to Hold Decisive Voting Rights; Chinese-Owned Equity Reduced to Only 1 Share  

Nexperia's revenue last year was 14.7 billion yuan. The ruling of the Dutch Enterprise Court directly led to Chinese capital temporarily losing the shareholder rights (such as governance rights and voting rights) of the remaining 99 shares of Nexperia's controlling stake. Nexperia's revenue in 2024 accounted for approximately one-sixth of Wingtech Technology's annual revenue.  

Wingtech Technology announced that affected by the rulings of the Dutch government and court, Nexperia's stocks and convertible bonds will resume trading on October 13. It condemned the act of some foreign management of Nexperia using "compliance" as an excuse to seize power in essence.  

### Elon Musk's xAI Joins the "World Model" Competition: Will "Visual Models" Be the Next "Large Language Models"?  

Media reported that xAI hired experts from chip giant NVIDIA this summer to engage in the research and development of world models. xAI plans to first apply this technology to AI game generation; in the long run, this technology may eventually be used in the AI systems of robots. Different from large language models that rely on text, world models are trained on massive amounts of video and robot data, aiming to master the physical laws of the real world. Google inferred that future video models will become as intelligent as language models.  

## Domestic Macroeconomics

### Cyberspace Administration of China and National Development and Reform Commission: Deploy AI Large Models in Government Affairs Field in a Coordinated and Intensive Manner  

The "Guidelines" emphasize standardized deployment. Government departments should carefully select the implementation path of AI large models based on the needs of different government affairs scenarios and existing technical foundations. They should deploy AI large models in the government affairs field in a coordinated and intensive manner: cities at the prefecture level should carry out deployment and application under the unified requirements of provinces (autonomous regions and municipalities directly under the Central Government); at the county level and below, in principle, they should reuse the intelligent computing power and model resources of higher-level authorities to carry out applications and services. They should explore and build an intensive deployment model of "constructed in one place, reused by multiple places and departments", coordinate the deployment and application of government affairs large models, and prevent the formation of "model islands". They should strengthen the governance of government affairs data, continuously improve data quality, and support the optimized training of government affairs large models.  

## Domestic Companies

### Hong Kong Version of "Coinbase"? Hong Kong's Largest Licensed Cryptocurrency Exchange Considers Hong Kong IPO  

HashKey Group, the operator of Hong Kong's largest licensed cryptocurrency exchange, has secretly submitted an IPO application in Hong Kong. The company may complete the listing as soon as this year, with a listing valuation of up to $500 million.  

### HSBC Is Bullish on Chinese Gold Mining Stocks: For Every 1% Change in Gold Price, Gold Producers' Profits Will Change by About 2%  

Against the background that the gold price recently broke through the historical high of $4,000 per ounce, HSBC believes that the rise in gold price will bring huge profit elasticity to Chinese gold producers. For pure gold producers, for every 1% increase in gold price, their profit level will increase by about 2% accordingly.  

### "American Unitree" Releases Figure 03: Good at Cleaning Houses, Washing Clothes, and Delivering Packages; Plans to Mass-Produce 100,000 Units in Four Years  

Cleaning, laundry, dishwashing, and meal preparation — Figure 03 can complete a variety of daily housework. This benefits from its major hardware upgrades, especially the new generation of dexterous hands equipped with integrated tactile sensors and cameras, which can sense the weight of a paperclip. Driven by generative AI, the robot integrates technologies from OpenAI and NVIDIA and has the ability to learn through observation. Its goal is to produce 100,000 units within four years. However, its launch time and pricing have not been announced.  

Will Figure 03 Be the "Model T" of Humanoid Robots?  

Figure 03 adopts die-casting/injection molding technology, with an expected annual production capacity of 12,000 units, which is expected to reach 100,000 units within four years. It integrates technical upgrades such as the Helix AI system and tactile sensors to perform daily tasks safely and intelligently. Figure AI has received more than $1 billion in Series C financing, but its practical value and commercial conversion rate are still the key tests for whether it can become the industry's "Model T".  

## Overseas Macroeconomics

### Official Report Not Released; Goldman Sachs Expects U.S. Initial Jobless Claims to Rise to 235,000  

Goldman Sachs economists including Jan Hatzius said in the latest research report that for the week ending October 4, the number of U.S. initial jobless claims increased to 235,000, and Goldman Sachs estimated that the number of initial jobless claims in the previous week was about 224,000.  

### $20 Billion "Blood Transfusion" to Argentina: Is Yellen Rescuing Milei or Her Hedge Fund Friends?  

Critics believe that the real beneficiaries of Yellen's move may not be the Argentine economy itself, but the hedge funds that heavily bet on Argentine assets after Milei took office but now face losses due to the bleak prospects of his reforms, helping them "unwind their positions". Reports said that large hedge funds including BlackRock, Fidelity, and Pimco, as well as investors such as Stanley Druckenmiller and Robert Citrone, all hold heavy positions in Argentine assets, and many of them have close relationships with Yellen.  

### Trump Proposes to "Kick" Spain Out of NATO  

Spain refused to significantly increase military spending. In response, Trump said that Spain "has no reason not to do so" and that it may be necessary to "kick" Spain out of NATO. He also asked European leaders to put pressure on Spain, "call them and ask why they are always holding back".  

### UBS: Oil Prices May Fall Below $60 in the Short Term, but Bullish in the Long Term  

UBS expects that the global oil market will see a supply surplus of 1.2 million barrels per day in 2025, and this figure will further expand to 1.5 million barrels per day in 2026. This supply-demand imbalance is mainly driven by the continuous production increase of OPEC+. Although geopolitical risks, resilient demand, and China's strategic reserves provide certain support, seasonal weak demand and the incremental supply of OPEC+ and non-OPEC+ will continue to put pressure on oil prices.  

### Goldman Sachs Warns of Silver's Future Trend: Difficulties in Physical Delivery Drove This Round of Sharp Rise; Sharp Adjustment May Occur in the Next 1-2 Weeks  

The tight supply in the silver market is mainly due to the reduction in the free circulation of LBMA (London Bullion Market Association). Strong ETF purchases are the key driver; at the same time, Indian retail demand remains high before Diwali, and derivative positions have further exacerbated the physical shortage. Goldman Sachs expects that a large number of physical inflows from China and the U.S. will ease the tightness of the LBMA market in 1-2 weeks, but the adjustment process will be extremely volatile.  

### Historic Short Squeeze in London Silver; Market Liquidity Almost Completely Dried Up  

The price of London spot silver has shown an unprecedented premium over New York futures, and market liquidity has almost completely dried up. Traders holding short positions found it difficult to find deliverable metals and were forced to pay high costs to postpone settlement. Some institutions even chartered cargo holds of transatlantic flights to airlift bulky silver ingots — an expensive operation usually only used for gold bar transportation — to earn the premium in the London market.  

# Is There a "Mole" in the Nobel Prize? 12 Hours Before the Announcement, a Mysterious Trader Made an "Accurate Bet" on the Peace Prize Winner on Polymarket  

Approximately 12 hours before the announcement of the Nobel Peace Prize, a newly registered account named "6741" suddenly began placing large bets on Machado winning the prize on Polymarket. Driven by "6741", Machado’s winning odds soared from around 5% to 70% within minutes, ultimately reaping a profit of over $50,000. In this relatively small-volume market, these bets were sufficient to significantly alter the odds.  

## Overseas Companies  

### Can Bitcoin Be "Crushed" with $6 Billion?  

A finance professor from Duke University published a paper stating that the threat of a "51% attack" facing Bitcoin has been severely underestimated by the market. An attacker could gain control of the Bitcoin network within a week by purchasing $4.6 billion worth of hardware equipment, investing $1.34 billion in building data centers, plus an approximate weekly electricity cost of $130 million. Opponents argue that accumulating and deploying mining equipment would take several years, and short-selling requires massive collateral; exchanges may also suspend suspicious transactions.  

### Coinbase and Mastercard Compete to Acquire "Stablecoin Tech Firm" BVNK; $2.5 Billion Valuation to Become the Largest M&A Deal in the Stablecoin Sector  

Reports indicate that the potential acquisition price ranges from $1.5 billion to $2.5 billion. Although negotiations have not yet been finalized, Coinbase is currently leading the bidding. If the BVNK deal is ultimately completed, it will surpass Stripe’s $1.1 billion acquisition of Bridge.  

### TP ICAP, the World’s Largest Broker, Plans to Launch Stablecoin Trading Pairs, with an Expected Launch in the First Half of Next Year  

The monthly trading volume of the cryptocurrency spot trading platform under the TP ICAP Group exceeded $1 billion for the first time in September, which is five times the trading volume handled in the same period last year. Over the past 12 months, the nominal trading volume has grown by an average of 85% per month. The cryptocurrency exchange under TP ICAP plans to add stablecoin trading pairs, and the surge in trading volume reflects the boom in digital assets.  

### NVIDIA Invests $800 Million to Become the Largest Investor in Reflection AI, Which Aims to Be the U.S. "DeepSeek"  

U.S. AI startup Reflection AI completed a $2 billion financing round, with a valuation reaching $8 billion. NVIDIA not only invested $800 million to become the largest investor but also sent engineers to cooperate with the company to optimize its latest generation of AI chips. The company focuses on open-source AI models and aims to build a U.S. version of "DeepSeek". Co-founder Misha Laskin emphasized the need to fill the gap in the U.S. open-source AI field.  

### "Stargate" Enters South America: OpenAI to Build a Data Center with a Capacity of Up to 500 MW  

The project named "Stargate Argentina" has an investment scale of up to $25 billion. If the project is finally implemented, it will become "one of the largest technological and energy infrastructure initiatives in Argentina’s history".  

## Industries/Concepts  

1. **Satellite Internet**: The Ministry of Industry and Information Technology (MIIT) publicly solicits opinions on the *Notice on Organizing the Commercial Pilot of Satellite Internet of Things Services (Draft for Comment)*. It proposes that through the launch of commercial pilots for satellite IoT services, the supply of the satellite communication market will be enriched, the vitality of market entities will be stimulated, the service capabilities of the industry will be enhanced, a safety supervision system will be established, and replicable and promotable experiences and models will be formed. These efforts will support the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy, and serve the construction of a new development pattern. The commercial pilot period is two years.  

2. **Industrial Software**: According to China News Service, seven ministries and commissions including the MIIT recently jointly issued the *Implementation Plan for Further Promoting the Innovative Development of Service-Oriented Manufacturing (2025-2028)*. It proposes that by 2028, an upgraded version of service-oriented manufacturing will be built, 20 standards will be formulated, 50 leading brands will be created, and 100 innovation and development hubs will be constructed. The key producer services proposed in the Plan include technology services, industrial design, software and information services, productive financial services, intellectual property services, and energy conservation and environmental protection services. Among them, industrial design and software and information services deserve key attention.  

3. **RISC-V**: According to the *Economic Daily*, the 2025 Greater Bay Area Semiconductor Industry Ecology Expo (referred to as "Bay Semiconductor Expo") will be held in Shenzhen from October 15 to 17. The RISC-V Ecology Zone and the concurrent forums have become focal points, focusing on demonstrating the achievements of domestic open-source chip architectures. The RISC-V Ecology Zone is coordinated by the RISC-V Ecology Alliance and other organizations, bringing together industrial chain partners across the country to showcase the full-chain layout from IP cores and EDA software to terminal chips. Leading enterprises such as Alibaba DAMO Academy, C-SKY Microsystems, and Jiedi Space-Time will participate in the exhibition, bringing exhibits such as high-performance processors and edge AI chips. DAMO Academy may also disclose the latest progress of its Xuantie series.  

4. **Traditional Chinese Medicine (TCM)**: According to Xinhua News Agency, recently, the National Medical Products Administration (NMPA), the National Health Commission (NHC), and the National Administration of Traditional Chinese Medicine (NATCM) issued the *Announcement on Further Promoting Marketing Authorization Holders to Accelerate Post-Marketing Research and Evaluation of TCM Injections (Draft for Comment)*. It will promote marketing authorization holders to accelerate post-marketing research and evaluation of TCM injections through a combination of voluntary and mandatory promotion, and ultimately achieve the goal of "voluntarily evaluating a batch, mandatorily evaluating a batch, and eliminating a batch in accordance with the law".  

5. **Pesticides**: According to industry websites, the price of glyphosate remained stable in early October, with the quotation for 95% concentration remaining at 27,500 yuan/ton. Under the game between supply and demand, the transaction focus has moved upward. The average price in September rose gradually from 23,500 yuan/ton (early month) to 27,800 yuan/ton (late month), an increase of approximately 18%.  

## Preview of Today’s Key News  

- China’s September import and export data  

- Autumn Meetings of the International Monetary Fund (IMF) and the World Bank  

- Oracle AI World Conference  

- Announcement of the Nobel Prize in Economics winner  

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