【Today's Headlines】
Rare Short Squeeze Market Unfolds, Spot Silver Prices &#34;Soar&#34;
In the early hours of October 14th, Beijing time, Zhitong Finance APP learned that the silver market has witnessed a rare short squeeze not seen in nearly half a century. The historic &#34;short squeeze&#34; in the London market intensified, with spot silver prices surging 3.9% at one point, breaking through $52 per ounce, reaching a new high in decades, far exceeding last week's peak. Meanwhile, gold continued its eight-week upward trend, once again setting a historical record, with intraday highs surpassing $4,115 per ounce.
The tightening liquidity in the London market directly catalyzed the historic breakthrough in silver prices. As a representative indicator of the cost of borrowing spot silver, the implied leasing rate for London silver futures in January has risen to 42.72%, indicating that spot silver is in high demand. Industry insiders told reporters that this high figure reflects a chain reaction of short squeezes triggered by the tightness of physical delivery, with a rare short squeeze market currently unfolding.
The silver sector involves Hong Kong-listed China Silver Group (00815).
【Market Outlook】
Popular Chinese Concept Stocks Rise, COMEX Gold Futures at $4,133.0 per Ounce
Overnight, U.S. stocks closed with the Dow Jones Industrial Average up 587.98 points from the previous trading day, closing at 46,067.58 points, an increase of 1.29%; the S&amp;P 500 index rose 102.21 points, closing at 6,654.72 points, an increase of 1.56%; the Nasdaq Composite Index rose 490.18 points, closing at 22,694.61 points, an increase of 2.21%. Popular tech stocks rose broadly, with Broadcom up over 9%, Tesla and Oracle up over 5%, and Google up over 3%, while NVIDIA rose over 2%. Cryptocurrency mining companies, precious metals, and semiconductors led the gains, with Bitfarms up over 28% and Nuvoton Technology up over 21%.
Popular Chinese concept stocks rose broadly, with Century Internet up over 10%, Nio up 7%, Miniso up over 5%, Alibaba and JD.com up over 4%, and XPeng and Baidu up over 3%. The Hang Seng Index ADR fell, closing at 25,857.32 points, down 32.16 points or 0.12% compared to the Hong Kong close.
COMEX gold futures for the current month rose by $132.60, an increase of 3.31%, closing at $4,133.0 per ounce.
【Hot Topics Ahead】
Ministry of Transport Issues &#34;Implementation Measures for Special Port Fees for Vessels from the U.S.&#34;
Vessels engaged in international maritime transport that dock at Chinese ports and meet one of the following conditions must pay special port fees: (1) Vessels owned by U.S. enterprises, other organizations, and individuals; (2) Vessels operated by U.S. enterprises, other organizations, and individuals; (3) Vessels owned or operated by enterprises or other organizations in which U.S. enterprises, other organizations, and individuals directly or indirectly hold 25% or more of the equity (voting rights, board seats); (4) Vessels flying the U.S. flag; (5) Vessels built in the U.S.
JP Morgan Launches $1.5 Trillion Plan to Invest in U.S. Defense and Key Industries
JP Morgan announced on Monday the launch of a $1.5 trillion initiative aimed at supporting, financing, and investing in industries critical to U.S. national security and economic resilience, including defense, energy, and advanced manufacturing. The bank also plans to hire more investment banking personnel and invest up to $10 billion in U.S. companies through direct equity and venture capital, focusing on rapidly growing firms and key manufacturers. JP Morgan stated that its new &#34;Security and Resilience Program&#34; will drive financing and investment around four strategic areas: supply chains and manufacturing, defense and aerospace, energy independence, and cutting-edge technologies such as artificial intelligence and quantum computing. The four major investment areas are subdivided into 27 sub-industries, covering shipbuilding, nuclear energy, nanomaterials, and secure communications, involving medium-sized enterprises and large corporate clients.
The Hong Kong Securities and Futures Commission launches a new dedicated line and streamlines the approval process to support the development of the real estate fund market
According to Zhitong Finance APP, on October 13, the Hong Kong Securities and Futures Commission launched the &#34;Real Estate Fund Dedicated Line&#34; to facilitate the approval of new real estate investment trusts (real estate funds) for public offering. This brand-new one-stop dedicated line helps local and international real estate fund applicants consult the Securities and Futures Commission confidentially regarding their applications, thereby enhancing their preparation and efficiency for listing and promoting the development of the Hong Kong real estate fund market.
Sinopec Kantons Holdings Limited (00934): Rizhao Shihua listed on OFAC's SDN list
According to Zhitong Finance APP, Sinopec Kantons Holdings Limited (00934) announced that the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has placed Rizhao Shihua Crude Oil Terminal Co., Ltd. (Rizhao Shihua, in which the company holds a 50% stake) on the Specially Designated Nationals List (SDN list).
Hua Jian Medical (01931) acquires U.S. property and establishes U.S. subsidiary ETHK BANK to advance stablecoin and intellectual property securitization in the U.S.
According to Zhitong Finance APP, Hua Jian Medical (01931) announced that the company has recently completed the acquisition of a property located in Irvine, Orange County, California, for a total consideration of $4.365 million. At the same time, the company has registered a wholly-owned subsidiary, ETHKBANK Inc. (ETHKBANK, registration ID: 20251886812), in Colorado, USA, as an important platform for the group to carry out stablecoin, medical, and innovative drug intellectual property securitization transactions in the North American market.
InnoCare Pharma (02577) provides a full GaN power solution for 800 VDC power architecture, empowering the next generation of AI Factories
According to Zhitong Finance APP, InnoCare Pharma (02577) announced that NVIDIA will support the 800 VDC power architecture. The 800 VDC rack power architecture brings breakthrough advancements to artificial intelligence data centers, achieving higher efficiency, higher power density, while reducing energy consumption and carbon dioxide emissions. Just as the electric vehicle industry upgrades from 400V to 800V, increasing the rack voltage from 48V to 800V can reduce current by 16 times, significantly reducing I²R losses and minimizing the demand for copper materials. InnoCare Pharma is collaborating with NVIDIA to jointly support the 800 VDC power architecture, ensuring the expansion of the next-generation GPU roadmap
Ruipu Lanjun (00666) Q3 Shipment Exceeds 23GWh, Setting Record for Quarterly Shipments
According to Zhitong Finance APP, Ruipu Lanjun (00666) announced that the group's shipment volume in Q3 2025 exceeded 23GWh, setting a record for the group's quarterly shipments; among them, the highest monthly shipment exceeded 8GWh, setting a record for the group's monthly shipments.
China Biologic Pharmaceutical (01177): TQB2102 &#34;HER2 Dual Antibody ADC&#34; Included in Breakthrough Therapy Designation Program
According to Zhitong Finance APP, China Biologic Pharmaceutical (01177) announced that the group's self-developed national class 1 new drug, injectable TQB2102 &#34;HER2 bispecific antibody conjugate drug (ADC),&#34; has been included in the Breakthrough Therapy Designation (BTD) program by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) of China, for the treatment of HER2 IHC 3+ advanced colorectal cancer that has failed previous treatments with oxaliplatin, irinotecan, and fluorouracil-based drugs.
Shiyao Group (01093): New Drug Application for Idaglutide α Injection Accepted by National Medical Products Administration
According to Zhitong Finance APP, Shiyao Group (01093) announced that the new drug application for Idaglutide α injection developed by its subsidiary, Shiyao Group Baike (Shandong) Biopharmaceutical Co., Ltd., has been accepted by the National Medical Products Administration of the People's Republic of China. This product is filed as a class 1 new drug for therapeutic biological products, indicated for long-term weight management in overweight or obese adults based on dietary control and increased physical activity.
Fudan Zhangjiang (01349): Application for Obeticholic Acid Tablets for Primary Biliary Cholangitis Treatment Not Approved
According to Zhitong Finance APP, Fudan Zhangjiang (01349) announced that its subsidiary, Taizhou Fudan Zhangjiang Pharmaceutical Co., Ltd., received a &#34;Notice of Non-Approval of Drug Listing Application&#34; issued by the National Medical Products Administration, stating that the application for Obeticholic Acid Tablets (specifications: 5mg, 10mg) for the treatment of primary biliary cholangitis (PBC) was not approved.
New China Life Insurance (01336) Expects Net Profit Attributable to Parent Company to Increase by 45% to 65% in First Three Quarters
According to Zhitong Finance APP, New China Life Insurance (01336.HK) announced that, based on the company's preliminary calculations, the net profit attributable to the parent company's shareholders for the first three quarters of 2025 is expected to be between RMB 29.986 billion and RMB 34.122 billion, an increase of RMB 9.306 billion to RMB 13.442 billion compared to the same period in 2024, representing a year-on-year growth of 45% to 65%; the net profit attributable to the parent company's shareholders after deducting non-recurring gains and losses is expected to be between RMB 28.998 billion and RMB 33.141 billion, an increase of RMB 8.285 billion to RMB 12.428 billion compared to the same period in 2024, representing a year-on-year growth of 40% to 60%.
[Stock Highlights]
BeiGene (06160): Sotigalimab Receives Breakthrough Therapy Designation from the U.S. FDA
This designation is based on the early positive results of a Phase 1/2 study of sotigalimab in patients with relapsed or refractory mantle cell lymphoma. BeiGene will participate in the Orbis program to support the rapid advancement of the drug's global accessibility. San Carlos, California, USA — BeiGene, Ltd. is a global biotechnology company focused on innovative cancer treatments, announced that the U.S. Food and Drug Administration has granted sotigalimab Breakthrough Therapy Designation for the treatment of adult patients with relapsed or refractory mantle cell lymphoma.
Additionally, the FDA has accepted BeiGene's application to participate in the Orbis program. Under this program, anti-cancer drugs can be submitted for simultaneous application and review by participating global health authorities

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The spot silver price surged significantly due to short squeezes in the London market, breaking through $52 per ounce, reaching a new high in decades with an increase of 3.9%. At the same time, gold prices continued to rise, peaking above $4,115 per ounce. Market liquidity tightening has led to a shortage of spot silver, with the implied leasing rate for London silver futures in January rising to 42.72%. U.S. stocks rose broadly, with technology stocks performing strongly

- The silver market is experiencing a rare short squeeze, with prices surging 3.9% to over $52 per ounce, a historic high.  
- This surge is attributed to tightening liquidity in the London market, which has led to increased borrowing costs for silver.  
- Meanwhile, gold prices also reached new records, and major U.S. stock indices saw significant gains, reflecting a broader positive trend in the financial markets.

Zhitong Hong Kong Stock Early Knowledge | Spot silver prices "skyrocket" BeiGene's Sotigalimab receives breakthrough therapy designation