【钛媒体综合】11月4日，国家发展改革委等五部门印发《实施全面节约战略行动方案》。目标到2030年，中国单位国内生产总值能耗、用水量、建设用地使用面积比2025年分别降低10%左右、10%、15%，粮食全产业链各环节损失率持续降低，主要再生资源年循环利用量达到5.1亿吨；并从推进“能水粮地矿材”各类资源要素节约和增强全民节约意识等7个方面，明确重点任务举措。
其中，在能源领域，方案提出，大力推进重点领域节能。聚焦钢铁、有色、石化、化工、建材等重点行业，“一行一策”开展节能降碳改造，持续提升能效水平。积极推进既有建筑节能降碳改造，促进超低能耗建筑规模化发展。推广节能低碳运输工具，合理优化车辆能耗限值要求，大力发展新能源重卡和绿色燃料船舶。加大公共机构节能降碳改造挖潜力度，推广合同能源管理等第三方治理模式。推进算力、通信基站和机房等基础设施节能降碳改造，优化用能结构。提高能源生产效率，加强煤电机组低碳化改造等，稳步降低电网综合线损率。到2030年，规模以上工业单位增加值能耗比2025年降低10%以上，通过重点行业节能降碳改造实现节能量1.5亿吨标准煤以上。
土地方面，方案提出，盘活利用存量土地。稳步开展全域土地综合整治，节约集约利用农村集体经营性建设用地，依法盘活用好农村闲置土地。实施产业园区用地专项治理，盘活存量产业用地用于战略性新兴产业、先进制造业、生产性服务业。加大闲置土地处置力度，深化扩大低效用地再开发试点。
矿产角度，方案提出，加强矿产资源综合利用。系统推进矿产资源节约集约利用，加强重要战略性矿产高质高效综合利用，强化开采回采率、选矿回收率、综合利用率等关键指标的激励约束作用。深化战略性矿产共伴生、低品位资源再评价，鼓励对共伴生矿产进行综合利用。到2030年，主要有色金属共伴生矿产综合利用率比2025年提高2个—3个百分点。
至于原材料，方案提出，加快提升资源化利用水平。深入推进工业、城镇、农林等领域大宗固体废弃物综合利用提质增效，加强尾矿回收利用，完善大宗固体废弃物分类分级管理体系。完善产业侧和社会源废弃物精细化、规范化回收网络。加强废钢铁、报废机动车、废弃电器电子产品等“城市矿产”回收利用。大力推动“新三样”等固体废弃物回收利用，构建新能源汽车动力电池全生命周期管理体系，完善风电、光伏设备退役报废管理规定。加快布局一批稀贵金属资源循环利用项目，推进有价组分回收和高值化利用。促进废塑料、废旧纺织品等回收利用。到2030年，大宗固体废弃物年利用量达到45亿吨左右。
钛媒摘声：
具身智能的“GPT时刻”，是机器人能够在约80%的陌生场景中，通过语音指令完成约80%的任务。全球顶尖模型距离这一目标已经非常接近，但仍存在关键技术障碍。这一障碍是“最后几个毫米的问题”，AI模型对物理世界的接触这部分做得不是特别好，也就是AI模型的输入输出和真实世界的对齐还是差了一点。机器人对物理世界的接触、触觉等信息仍缺乏足够准确的理解，而这恰恰是完成复杂操作的关键。这类问题有望在未来一至三年得到解决。
——宇树科技创始人、董事长 王兴兴
自动驾驶最大的意义，不是让专车司机、出租车司机的工作没有了。自动驾驶最大的意义就是解放了司机的精力，减少交通相关的事故。随着人工智能加速从数字世界走向物理世界，智能电动汽车已成为规模最大的AI应用产业。全球汽车产业规模庞大，从零部件到整车、销售，再到服务和金融，总规模大体上在7万亿到9万亿美元，而AI在汽车行业的应用将创造超过1.2万亿美元的商业价值。
——蔚来创始人、董事长、CEO 李斌
国内公司：
华为、阿里等20家单位共建智能体互联基础设施，加速智能体赋能千行百业
11月4日，中国信通院、华为、阿里、腾讯、小米等20家单位联合发布《智能体发展自律公约》。其中提到，建设智能体互联基础设施。共建可互联的基础设施，发展智能体注册与解析、能力描述与发现、意图理解与转换、网络路由与连接、资源调度与计量、协议兼容与互认等技术与标准。不断降低智能体跨域发现连接成本，支撑智能体互联协同；加速智能体赋能千行百业。坚持服务实体经济，发展低门槛智能体开发部署工具，合作研发面向真实作业场景、创造实际价值的智能体，推动智能体嵌入现有生产系统和业务流程，打造标杆型应用。不断降低智能体落地应用成本，助力行业提质增效。
据报道，字节跳动近日出台新的内部AI工具使用管理规定，将大范围限制Claude、Codex等个人账号的内部使用。自本月起，字节跳动将对全公司所有L4级别的代码仓库和飞书文档实施外部AI访问封禁，员工自行购买的AI账号将无法继续访问相关内部资源。对此，知情人士表示，“员工使用外部AI工具的个人账号，处理市场上公开的工作信息，或者用于非工作场景（个人生活），是不受限制的。”
据悉，京东本地生活业务负责人郭庆（业内称老K、Kevin）近日已经因个人原因离职。2024年1月，郭庆正式以京东集团CEO顾问身份加入京东，先期参与机器人相关业务的研究。同年8月出任达达集团董事会主席，接管达达与即时零售板块。京东外卖业务在去年年初官宣上线。
11月4日，腾讯混元发布最新一代大语言模型Hy4。相比于Hy4 preview，Hy4在预训练和后训练上显著扩展了数据和训练规模，首次引入视觉理解能力，并大幅提升了指令遵循、长文理解、长程智能体等综合效果。Hy4也首次支持电脑操作（Computer Use），可以结合命令行和图形界面，处理工作和生活中的各类任务。据了解，Hy4将于近期开源模型权重，发布模型系统卡片，并重点关注网络和生物安全等风险。
11月4日，比亚迪方面发文表示，近期，网络上出现“比亚迪天神之眼C停产、天神之眼B/天神之眼C将更换智驾方案”等相关传言为不实信息。比亚迪始终坚持全栈自研，相关智驾软件也在持续迭代更新中。
与辉同行宣布推出自有品牌“禾与春时”，首款产品千层蛋糕系列将于11月5日上线。抖音平台显示，禾与春时旗舰店粉丝量已超50万。
德明利：拟每10股派现6元合计派现1.91亿元，控股股东承诺延长一年不减持公司股票
11月4日，德明利公告称，公司董事会审议通过2026年第二次中期利润分配预案，以总股本3.18亿股为基数，拟向全体股东每10股派发现金红利6元，合计派现1.91亿元，不送红股，不进行资本公积金转增股本。该议案将提交11月20日召开的临时股东会审议。公司控股股东、董事长李虎承诺延长一年不减持公司股票，即自2026年7月27日起24个月内，不以任何方式减持其持有的公司股票。截至公告披露日，李虎持有公司股票1.11亿股，占总股本比例为35.01%。
11月4日，三环集团公告称，公司拟使用自有资金或自筹资金以集中竞价方式回购部分A股股份，回购资金总额不低于5亿元且不超过10亿元，回购价格不超过100元/股，用于维护公司价值及股东权益。
倍轻松：实控人因操纵证券市场被罚款1184.19万元，禁入证券市场5年
11月4日，倍轻松公告称，公司控股股东、实控人马学军收到证监会《行政处罚决定书》，因其涉嫌操纵证券市场，证监会决定没收违法所得1011.83万元，并处以罚款3035.48万元，合计罚没4047.31万元。其中马学军个人承担罚款1184.19万元。同时，马学军被采取5年证券市场禁入措施及5年证券市场禁止交易措施。同日公告，公司董事长、总经理马学军因个人原因辞去董事、董事长、总经理等全部职务，辞任后不再担任公司任何职务。董事会推举董事刘志华代行董事长、总经理及相关委员会委员职责。
11月4日，朗源股份公告称，公司董事长赵征自愿放弃自2026年10月1日起按公司薪酬管理制度应领取的薪酬并退还部分薪酬。自2026年10月1日起，公司董事、总经理曹宇晨自愿降低薪酬的50%，董事、财务总监王涛自愿降低薪酬的30%，至其本人另行书面决定恢复领取薪酬之日止。
国外企业：
11月4日，据报道，消息人士透露，谷歌正将自愿离职补偿计划扩大至多个国家。
11月4日，据报道，Meta首次发行欧元债券获得约530亿欧元认购订单。此前，Meta已通过美元债发行募资150亿美元，美元债认购订单最高达到580亿美元。此次欧元债发行分为6个期限档，期限从约4年至38年以上。
SpaceX选用高通平台建设星链移动美国全国5G网络，计划2027年启动部署
11月4日，高通宣布，SpaceX选择其Dragonwing蜂窝基础设施平台，为星链移动（Starlink Mobile）美国全国5G地面网络提供技术支持。此次合作涉及Dragonwing QRU100和QDU100平台，采用64T64R大规模MIMO技术。SpaceX计划在多年合作期内部署数万个基站，预计2027年启动美国全国范围内的网络部署。
政策风向：
国务院关于金融情况的报告：实施好支持资本市场的货币政策工具，巩固完善资本市场稳市机制
十四届全国人大常委会第二十五次会议11月3日上午在北京人民大会堂举行第二次全体会议。会议听取了中国人民银行行长潘功胜受国务院委托作的关于金融工作情况的报告。报告介绍了2025年10月以来金融工作主要进展及成效、当前经济金融形势和问题挑战，提出下一步工作考虑：继续实施好适度宽松的货币政策，为经济持续向新向优向好发展营造适宜的货币金融环境；进一步加强和完善金融监管，不断增强监管质效；提升金融服务实体经济适配性，加快建设多层次现代金融市场体系，服务经济结构转型升级和高质量发展；稳步深化金融改革和高水平对外开放，维护国家金融安全；实施好支持资本市场的货币政策工具，巩固完善资本市场稳市机制。维护股票、债券、外汇等金融市场平稳运行，守住不发生系统性金融风险底线。
央行公告，为保持银行体系流动性充裕，2026年11月5日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展3000亿元买断式逆回购操作，期限为3个月（91天），到期日为2027年2月4日（遇节假日顺延）。
央行加力实施股票再贷款政策：利率下调0.25个百分点，参与银行扩容
央行公告，为维护资本市场平稳运行，加力实施股票回购增持再贷款政策。公告称，自2026年11月4日起，下调股票回购增持再贷款利率0.25个百分点至1%。股票回购增持再贷款的支持对象为21家全国性银行和5家系统重要性城商行，支持比例为100%，期限1年，可根据银行需要展期。银行可在再贷款利率基础上适当加点，合理确定股票回购增持贷款期限和利率，加快贷款投放，增强上市公司、主要股东市值管理能力。同时，向银行提供充足的再贷款额度保障。11月2日股票回购增持再贷款座谈会之后，银行已向中国人民银行报送股票回购增持再贷款额度申请超过2000亿元。后续，中国人民银行将继续充分满足银行的再贷款需求，支持银行积极对接上市公司、主要股东融资需求。
上证港股通指数编制方案修订：剔除过去一年日均成交金额不足500万港元的证券
11月4日，上海证券交易所和中证指数有限公司公告，经研究，决定修订上证港股通指数编制方案，修订内容包括：（1）样本空间修订为：“上海证券交易所公布的港股通证券并经以下条件筛选：剔除上市不满1年的证券，除非证券总市值位于相应市场前10名或同公司内地市场证券上市已满1年；剔除过去一年日均成交金额不足500万港元的证券；计算每月日换手率中位数作为月换手率，剔除过去12个月或过去3个月平均月换手率不足0.1%的证券，除非该证券过去一年日均成交金额大于5000万港元”；（2）指数计算规则修订为：“调整市值＝ ∑(证券价格×调整股本数×权重因子×汇率)。汇率、调整股本数的计算方法、除数修正方法参见计算与维护细则。权重因子介于0和1之间，以使单个样本权重不超过 10%。”；（3）定期调整规则修订为：“指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变”；（4）临时调整规则修订为：“特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通范围发生变动使指数样本不再满足互联互通资格时，将相应调出”。
股市行情：
11月4日，A股迎来大幅反弹，上证指数涨超2%，创业板指数涨超6%，多个科技类ETF涨停。为何终于迎来大涨？对此，多家公募机构指出，当日行情回暖的背后，是前期市场调整已经较为充分。估值层面来看，大盘蓝筹定价处于历史中低区间，成长板块多个优质企业的估值也显著回调，这为投资者提供了较强的安全边际。从基本面来看，A股三季报整体交出亮眼答卷，上市企业整体营收、净利润增速创下2022年以来新高。科技成长细分板块也有亮眼业绩表现，半导体、电子、通信设备领域的多个优质企业的利润大幅上行。虽然近期科技成长板块波动加剧，但业内人士强调，AI产业主线仍在持续演进，成长赛道长期投资机会依然丰富。
但斌执掌的东方港湾旗下东方港湾宏远2期私募证券投资基金单位净值跌至约0.63元
市场震荡中，私募业绩普遍承压，不少知名管理人旗下产品净值跌破1元，成了“毛基”。但斌执掌的东方港湾旗下东方港湾宏远2期私募证券投资基金的最新净值报告显示，截至10月30日，该基金单位净值跌至约0.63元。私募排排网数据显示，同期，私募大V、嘉越投资基金经理吴悦风管理的产品净值更是跌至0.55元，今年以来最大回撤超70%。另外，多家头部量化私募旗下产品也出现了“7毛基”。渠道人士透露，10月以来市场波动加剧，尤其是科技板块回撤明显，在此背景下，重仓科技或者风格暴露相对激进的私募基金出现了净值回撤。不过，在业内人士看来，经过10月的快速调整，估值合理乃至低估的个股持续增加，市场机会正在孕育当中。“接下来可以考虑逢低、分批增持具有基本面支撑的风险资产。”
中国黄金协会最新统计数据显示，2026年前三季度，中国黄金消费量684.623吨，同比增长0.28%。其中，黄金首饰178.612吨，同比下降33.86%；金条及金币444.576吨，同比增长26.26%；工业及其他用金61.434吨，同比增长1.41%。前三季度，国内黄金ETF累计增仓量为56.114吨，同比下降28.98%。截至9月底，国内黄金ETF持仓量为303.965吨。
（综合自新华社、北京商报、财联社、上证报等）
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On 4 November, five departments, including the National Commission for Development and Reform, issued the Operational Plan for the Implementation of the Comprehensive Economy Strategy. By 2030, China will have reduced energy consumption per unit of GDP, water consumption and land use for construction by about 10 per cent, 10 per cent and 15 per cent, respectively, compared with 2025. The rate of loss in the entire food chain will continue to decrease, with annual recycling of major renewable resources reaching 510 million tons.
Among them, in the area of energy, the programme proposes to significantly advance energy efficiency in the focus areas. Focused on key sectors such as steel, colour, petrochemicals, chemical and construction materials, “one-size-fits-all” approaches to carbon conservation and sustainable energy efficiency improvements. (c) Actively promote carbon reduction in built-up buildings and the scaling up of buildings with very low energy consumption. Promote low-carbon energy-efficient transport, rationalize vehicle energy limit requirements, and vigorously develop new energy weight cards and green fuel vessels. Increase the potential of public institutions to reduce carbon sequestration and promote third-party governance models such as contract energy management. (c) Energy-saving carbon conversion and optimization of energy-use structures for infrastructure, such as computing, communications base stations and machine rooms. Increased efficiency in energy production and low-carbon retrofitting of coal power units have steadily reduced grid combined loss rates. By 2030, more than 10 per cent of energy consumption per unit of added value in industries above scale was lower than in 2025, and more than 150 million tons of standard coal were saved through carbon conservation in key industries.
With regard to land, the programme proposes the active use of the land stock. There has been a steady process of integrated land rehabilitation throughout the country, which has resulted in savings in the intensive use of rural collective land for construction and the legal use of rural unused land. (c) Implementation of dedicated land management for industrial parks, with active stock-taking industries used for strategic and emerging industries, advanced manufacturing and productive services. Increase the disposal of idle land and deepen and expand the low-impact redevelopment pilot.
From a mineral perspective, the programme proposes to enhance the integrated use of mineral resources. The system promotes the intensive use of mineral resource conservation, strengthens the high-quality and efficient use of key strategic minerals, and strengthens incentives for key indicators, such as recovery rates, recovery rates and combined utilization rates. Deepening strategic mineral co-generation, low-grade resource re-evaluation and encouraging integrated use of co-symbiotic minerals. By 2030, the combined utilization rate of the minerals associated with the main non-ferrous metals was 2-3 percentage points higher than in 2025.
As for raw materials, the programme proposes to accelerate the upgrading of resource utilization. Promote the integration of bulk solid waste in industrial, urban, agro-forestry and other areas, taking advantage of efficiency gains, enhancing tailings recycling and improving the classification system for bulk solid waste. Improve the industrial and social waste fine-tuning and standardized recycling networks. Strengthening the recycling of “city minerals” such as scrap steel, end-of-life motor vehicles and waste electrical and electronics. Strong promotion of solid waste recycling, such as the “new three”, construction of a life-cycle management system for new energy car-powered batteries and improvement of end-of-life regulations for wind power and photovoltaic equipment. Accelerated layout of a group of rare precious metal resource recycling projects to promote valuable group recovery and high-value utilization. Promote recycling of waste plastics, used textiles, etc. By 2030, the annual use of bulk solid waste reached about 4.5 billion tons.
titanium pick:
Smart GPT time is the ability of robots to perform about 80 per cent of their tasks through voice commands in about 80 per cent of strange scenes. The global top model is very close to that goal, but key technical barriers remain. This obstacle is the “last few millimeters problem”, and the part of AI's exposure to the physical world is not particularly good, i.e. the input output of AI's model and the alignment of the real world are still a little off. Robots still lack a sufficiently accurate understanding of the physical world ' s exposure, touch, etc., which is the key to complex operations. Such problems are expected to be resolved in the next one to three years.
Mr. Wang Hing Hing.
Autopilot is the most important thing, not the job of a car driver or taxi driver. The most important thing is to free the drivers and reduce traffic-related accidents. As artificial intelligence accelerates from the digital to the physical world, smart electric cars have become the largest AI application industry. While the global automobile industry is large, ranging from spare parts to whole cars, sales, services and finance, to a total of $7 trillion to $9 trillion, AI applications in the automobile industry will generate more than $1.2 trillion in commercial value.
The founder, chairman, CEO Li Bin.
Domestic companies:
The construction of the AI agent interconnection infrastructure in 20 different units, including Huacheng and Ali, has accelerated the ability of AI agent to do everything.
On 4 November, the AI agent Convention for the Self-regulation of Development of 20 units of the Chinese Institute of Information and Communication Technology, Huacheng, Ali, Tencent and Mi, together with publish. It refers to the construction of AI agent connectivity infrastructure. Joint interconnectable infrastructure for the development of AI agent registration and analysis, capability description and discovery, intent understanding and conversion, network route and connection, resource movement and measurement, protocol compatibility and mutual recognition techniques and standards. AI agent cross-domain discovery costs are constantly reduced, supporting AI agent connectivity; accelerating AI agent ' s ability to do business. Insisting on the real economy of services, developing low-threshold AI agent development of deployment tools, cooperating in the development of AI agent, which is oriented towards real operating scenarios and creates real value, promoting the embedding of AI agent into existing production systems and business processes and the construction of pole-based applications. Continuously reducing the cost of land-use applications of AI agent, contributing to efficiency gains in the industry.
It was reported that the recent byte beat had introduced new regulations on the use of internal AI tools, which would limit the internal use of personal accounts such as Claude and Codex on a wide scale. Since this month, the byte jump will impose an external AI access ban on all company-wide L4-grade code stores and flight book files, and staff will not be able to continue to access the related internal resources by purchasing their own accounts. In response, informed sources stated that “the use by employees of their personal accounts with external AI tools to process publicly available job information on the market or for non-working scenes (personal life) is unrestricted”.
According to the information received, Guo Qing, head of local life operations in Kyoto (known as K. and Kevin) has recently left for personal reasons. In January 2024, Guo Qing formally joined Kyoto as CEO of the Kyoto Group and participated in research on robot-related operations. In August of the same year, he was the Chairman of the Darda Group Board, taking over the Darda and Immediate Retail Blocks. At the beginning of last year, the government announced the launch of the Kyodong marketing business.
On 4 November, Hy4, the latest-generation large-language model of Tencent, publish. Compared to Hy4 preview, Hy4 has significantly expanded the scope of data and training in pre- and post-training, introduced visual understanding for the first time and significantly enhanced the combined effects of command compliance, long-text understanding, long-range AI agent etc. Hy4 also supports computer Use for the first time, which combines command line and a graphical interface to handle tasks in work and life. It is understood that Hy4 will have an open source model weight, publish model system cards in the near future, with a focus on such risks as networks and biosafety.
On 4 November, the Biadi side sent a message that there had recently been rumours on the Internet that “Byadi Eye C had ceased production, and the Eye B/Eight C would replace the smart driving programme”. Biadi has been pursuing self-study, and the relevant smart driving software is continuously being updated.
The launch of its own brand, "Wows and Springs", was announced with his fellow Fai, and the first product, the 1,000-storey cake series, will be online on November 5. According to the Douyin platform, the volume of fans at the Wow and Spring Flag Shop is over 500,000.
Deminley: a total of $191 million is proposed for each 10 shares, with holding shareholders committing to one year without loss of company shares
On 4 November, the De Mingli Proclamation stated that the company ' s board of directors had considered the adoption of the second medium-term profit allocation in 2026, based on a gross equity share of 318 million, and proposed to find a gold dividend of $6 per 10 shares for all shareholders, totalling $191 million, without sending red shares, and without capital pool transfers. The bill will be submitted for consideration at a temporary shareholders meeting on 20 November. The controlling shareholders and chairman of the company, Li Tiger, undertook to extend the holding of the company shares for one year, i.e. for 24 months from 27 July 2026, without in any way reducing the holding of the company shares. As at the announcement disclosure date, Li Hu held 111 million shares of shares in the company, or 35.01 per cent of total equity.
On 4 November, the troika announced that the company intended to repurchase part A shares using its own or self-financed funds at a centralized competitive bidding, with a total of not less than $500 million and not exceeding $1 billion, at a return price not exceeding $100/equity, to preserve the company ' s values and shareholders ' interests.
Easier than that: the real-timer was fined $11,8419,000 for manipulating the securities market and banned from the securities market for five years.
On 4 November, it was stated in a light announcement that the Controlled Shareholders of the Company, the Realist Mathematics Army, had received the CSRC ' s Decision on Administrative Punishment for their alleged manipulation of the securities market, and that the CSRC had decided to confiscate $10,183 million of the illegal proceeds and had imposed a fine of $30,354.8 million, totalling $40,473.1 million. Of these, the Ma ' academies incurred a personal fine of $11,8419,000. At the same time, the Ma ' academies were banned from the securities market for five years and from trading for five years. On the same day, it was announced that the chairman and general manager of the company had resigned, for personal reasons, from all their positions as directors, directors and general managers and had resigned from any position in the company. The Board of Trustees nominated the Chairman, the Managing Director and the members of the relevant committees.
On 4 November, the Langen Stock Proclamation stated that the Chairman of the Company, Zhao Zhao, had voluntarily abandoned and returned part of the remuneration due under the company ' s remuneration management system effective 1 October 2026. Since 1 October 2026, company directors and general managers have voluntarily reduced their remuneration by 50 per cent, while directors and financial directors Wang Tao have voluntarily reduced their remuneration by 30 per cent until the date on which they decide otherwise in writing to resume their remuneration.
Foreign enterprises:
On 4 November, it was reported that sources had revealed that Google was expanding the voluntary separation compensation scheme to several countries.
On 4 November, it was reported that Meta had obtained some €53 billion in subscription orders for the first euro bond issue. Previously, Meta had raised $15 billion through the issuance of United States dollar debt, and up to $58 billion in dollar debt subscription orders. The euro bond issue is divided into six slots, ranging from about 4 to more than 38 years.
SpaceX selects a high-intensity platform to build a chain to move the 5G network across the United States.
On 4 November, Chase announced that SpaceX had chosen its Dragonwing cellular infrastructure platform to provide technical support for Starlink Mobile's 5G national ground network. The collaboration involved Dragonwing QRU100 and QDU100 platforms, using 64T64R large-scale MIMO technology. SpaceX plans to deploy tens of thousands of base stations over a multi-year period of cooperation and is expected to launch a nationwide United States network deployment in 2027.
Policy direction:
Report of the State Council on finance: implementation of monetary policy instruments in support of capital markets and consolidation and improvement of stable market mechanisms in capital markets
The twenty-fifth meeting of the Standing Committee of the Fourteenth National People ' s Congress held its second plenary meeting on the morning of 3 November in the People ' s Hall of Beijing. The meeting heard a report on financial work by the President of the People ' s Bank of China, Ban Kung-hyun, commissioned by the State Council. The report describes the main developments and achievements in the financial sector since October 2025, the current economic and financial situation and challenges, and suggests that next step consider: continuing to implement moderate and liberal monetary policies to create an appropriate monetary and financial environment for the economy to continue to move towards new and better development; further strengthening and improving financial regulation and increasing the quality of regulation; improving the economic suitability of financial services entities, accelerating the construction of a multi-layered modern financial market system, upgrading the services economy ' s structure and high-quality development; steadily deepening financial reform and high levels of openness to the external sector and maintaining national financial security; and implementing monetary policy instruments in support of capital markets and consolidating and improving market stability mechanisms. Financial markets, such as equities, bonds and foreign exchange, are maintained to operate smoothly and to protect against systemic financial risk.
The Central Bank announced that on 5 November 2026, in order to maintain the liquidity of the banking system, the People ' s Bank of China would conduct a buy-back of 300 billion yuan in the form of a fixed amount, a bid for interest rates and a multiple-price winning bid, for a period of three months (91 days) and the expiry date of 4 February 2027 (on holidays in transit).
Central Bank has increased its efforts to implement the equity re-lending policy: a 0.25 percentage point reduction in interest rates and participation in bank expansion
The Central Bank announced that, in order to maintain the smooth operation of the capital market, it would increase its efforts to implement the re-financing policy for stock buy-backs. The bulletin states that, with effect from 4 November 2026, the downward repurchase of shares was increased by 0.25 percentage points to 1 per cent of the re-financing rate. The increase in refinancing of stock buy-backs was supported by 21 national banks and 5 systemically important city comptoirs, with a 100 per cent support period of one year, renewable on the basis of bank needs. Banks may increase the interest rate on re-loans by making reasonable adjustments to the maturity and interest rate of the equity buy-back, accelerating loan lending and enhancing the market value management capacity of listed companies and major shareholders. At the same time, banks are provided with adequate guarantees for refinancing quota. On 2 November, following a seminar on stock buy-backs, the Bank submitted to the People ' s Bank of China a copy of the stock buy-backs for an additional loan of quota over $200 billion. In follow-up, the People ' s Bank of China will continue to fully meet the Bank ' s re-financing needs and support the Bank ' s active financing needs for listed companies and major shareholders.
Revision of the Proximity Index: elimination of securities with a turnover of less than HK$ 5 million per day over the past year
On 4 November, the Shanghai Stock Exchange and China Securities Index Ltd. announced that, following a study, it had been decided to revise the OPI preparation programme to include: (1) the sample space amendment to read: “Hong Kong stock securities published by the Shanghai Stock Exchange are subject to the following conditions: the total market value of the securities listed for less than one year is excluded unless the total market value of the securities is in the top 10 of the respective markets or has reached the end of one year of the market with the company's inland market securities; securities with a turnover of less than HK$5 million on the previous year have been eliminated; and the calculation of the median daily hand exchange rate as a monthly hand exchange rate excludes securities with an average hand exchange rate of less than 0.1 per cent for the last 12 months or the last 3 months, unless the total value of the securities was greater than HK$50 million on the previous year”; and (2) the index calculation rule was amended to read: “The adjusted market value = (the stock x adjusted shares x weight factor x exchange rate). Rates of exchange, method of calculation for adjustment of equity numbers and method of amendment for division are referred to in the rules for calculation and maintenance. The weight factor is between 0 and 1, so that the weight of a single sample does not exceed 10 per cent.); (iii) The regular adjustment rule is revised to read: “Indicator sample is adjusted quarterly and sample is adjusted on the next day of the transaction on the second Friday of March, June, September and December, respectively. The weight factor is adjusted periodically with sample, which is adjusted at the same time as the index sample is adjusted periodically. The weight factor will normally remain fixed until the next periodic adjustment date; (4) The provisional adjustment rule will be amended to read: “In exceptional circumstances, the index will be adjusted temporarily. When sample withdrew, it was removed from the index sample. sample deals with cases of acquisition, mergers, break-ups, etc., by reference to the rules of calculation and maintenance. The index sample will be transferred out of the port when there is a change in the scope of the port unit so that the index sample no longer meets the connectivity eligibility”.
Stock market:
On 4 November, Unit A rebounded significantly, with the upper-certificate index rising by more than 2 per cent, the entrepreneurship index rising by more than 6 per cent and the multi-technology category ETF rising. What's the big deal? In response, several public institutions noted that, behind the warming of the day, prior market adjustments were more adequate. At the valuation level, large plate blue price is in the middle and low of history, and valuations of many high-quality enterprises on the growing board have been reciprocated significantly, providing investors with a strong security margin. In terms of basics, the three-quarter report of Unit A, in its entirety, gave out bright-eyed responses, and the total earnings and net profits of the listed enterprises have increased at a high rate since 2022. Science and technology growth subdivisions also show bright performance, with many high-quality enterprises in the fields of semiconductors, electronics and communication equipment moving up significantly. Despite recent increases in the volatility of science and technology, industry has stressed that the main line of AI industry continues to evolve and that long-term investment opportunities for growth tracks remain abundant.
But the net value of the Port East 2 private equity investment fund unit under the Eastern Bay flag fell to about $0.63.
In the midst of the market shock, private fund-raising performance was generally underpressed, with many well-known managers falling a dollar in net product value and becoming a “gross base”. However, the most recent net value report of the East Bay-owned East Bay PIF 2 shows that, as at 30 October, the net value of the Fund ' s units had fallen to about $0.63. According to data from the Private Collection Network, during the same period, the net value of products managed by V.C., the manager of the Kawaki Investment Fund, U.K., fell to $0.55, the largest withdrawal since this year being over 70 per cent. In addition, many head quantization privately recruited products have emerged as “70 Mbs”. Sources revealed that market volatility has increased since October, particularly with regard to the retreat of the technology sector, and against this background that heavy-barrel technology or style has revealed a net withdrawal of relatively radical private fund-raising. However, it appears to industry that market opportunities are being nurtured as a result of rapid adjustments in October, which have resulted in a steady increase in the number of well-valued and even undervalued shares. “The possibility of low-cost, batch-based, risk assets may then be considered.”
The latest statistics from the China Gold Association show that during the first three quarters of 2026, China consumed 684,623 tons of gold, an increase of 0.28 per cent over the same period. Of that total, 178.612 tons of gold jewellery represented a decrease of 33.86 per cent over the same period; 444.576 tons of gold bars and coins, an increase of 26.26 per cent over the same period; and 61.34 tons of industrial and other gold, an increase of 1.41 per cent over the same period. In the first three quarters, the accumulated domestic gold ETF build-up was 56.114 tons, a decrease of 28.98 per cent over the same period. At the end of September, the domestic gold holding stock of ETF was 303.965 tons.
(Consolidated from Xinhua, Beijing Business Journal, Associated Press, Lists, etc.)
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