The People's Bank of China (PBOC) announced today that it conducted 212.8 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 212.8 billion yuan. The operating rate was 1.40%, unchanged from the previo

Key News 1. The People's Bank of China (PBOC): At the end of October, M2 balance was 335.13 trillion yuan, a year-on-year increase of 8.2%; M1 balance was 112 trillion yuan, a year-on-year increase of 6.2%. 2. The PBOC: As of the end of October 2025, the outstanding amount of social financing will be 437.72 trillion yuan, a year-on-year increase of 8.5%. 3. Chairman Wu Qing visited financial regulatory authorities in France and Brazil and held talks with representatives of international institutional investors. 4. my country completed the first phase of 6G technology trials. 5. The State Financial Regulatory Commission (SFC) will soon release the newly revised "Administrative Measures for Merger and Acquisition Loans of Commercial Banks." Individual Stock News 1. Moore Threads: The preliminary inquiry date for this issuance is November 19, and the subscription date is November 24. 2. SMIC: Third-quarter net profit was 1.517 billion yuan, a year-on-year increase of 43.1%. 3. Hefu China (12 limit-up days in 13 trading days): If the stock price continues to rise abnormally, a trading suspension may be applied for for investigation. 4. Damingcheng: Its wholly-owned subsidiary plans to acquire a 19.4293% stake in Baicaibang for 694 million yuan. Baicaibang is involved in 6G and satellite internet. 5. Dongbai Group (5 limit-up days in 7 trading days): It lacks duty-free business qualifications and is not involved in duty-free goods operations. 6. Leadman: It plans to acquire a 70% stake in Xiansheng Xiangrui for 1.733 billion yuan, quickly entering the biopharmaceutical industry. 7. Shunhao Shares: The computing power of the first experimental satellite of Orbita Chenguang is expected to be 25p, used to build a space data center. 8. Foshan Plastics Technology: It plans to establish a joint venture project company with Zijin Mining's subsidiary Zijin Lithium Yuan, etc., to invest in the construction of a battery-grade lithium sulfide pilot platform project. 9. Canadian Solar: Its controlling shareholder CSIQ expects total revenue of US$1.3 billion to US$1.5 billion in the fourth quarter of 2025, with energy storage system shipments between 2.1 and 2.3 gigawatt-hours. 10. Cambridge Technology: Test data for its 1.6T optical module products is roughly equivalent to that of leading companies in the industry, and some products have entered the small-batch supply stage. 11. Taihe Technology (20CM daily limit): The progress of the second phase of the VC project will be adjusted depending on the market expansion of the first phase, and is therefore subject to some uncertainty. 12. Haige Communications: Its wholly-owned subsidiary plans to increase its capital by no more than 800 million yuan to introduce strategic investors and increase investment in unmanned and low-altitude economic businesses.

1. Starting next year, the vehicle purchase tax will be halved, with 17 major automakers already pledging to cover the reduction. 2. National Bureau of Statistics: In October, the output of new energy vehicles and green products such as lithium-ion batteries for automobiles increased by 19.3% and 30.4% respectively. 3. China Automotive Technology and Research Center (CATARC) publicly clarified that batteries are classified into three main categories: solid-state batteries, solid-liquid hybrid batteries, and liquid batteries. 4. Tesla's AI chief, Eluswamy, warned all subordinates: Next year will be the most difficult year of your lives. 5. Tesla's in-vehicle system plans to support Apple CarPlay. 6. Xiaomi Auto announced a patent for vehicle speeding warning. 7. BYD: As of October 2025, the company's total installed capacity of new energy vehicle power batteries and energy storage batteries will exceed 230 GWh, an increase of over 55% year-on-year. 8. Dongfeng Motor plans to mass-produce and install its next-generation solid-state battery in vehicles next September, with an energy density of 350 Wh/kg. 9. Faraday Future reported an operating loss exceeding $200 million in the third quarter of 2025; its China team will seek cooperation with intelligent driving companies. 10. Evergrande Auto: The bankruptcy and liquidation petition for Evergrande New Energy Vehicle (Tianjin) Co., Ltd. has been accepted; trading in its shares remains suspended. 11. Several regions in Fujian Province announced the suspension of subsidies for car replacement and renewal. 12. South Korea is increasing car subsidies to boost its electric vehicle industry in response to US tariff pressure.