【Today's Headlines】
Gold and Silver Prices Deeply Correct
International gold and silver prices have plummeted, with spot gold down 5.18%, reported at $4,130.41 per ounce, hitting the largest single-day drop since April 2013 at one point during the session. Spot silver fell 7.16%, reported at $48.705 per ounce, marking the largest drop since 2021 at one point during the session. The COMEX gold futures settlement price for the current month fell by $250.30, a decrease of 5.74%, reported at $4,109.1 per ounce.
XTB Research Director Kathleen Brooks pointed out that the sharp drop in gold and silver prices lacks a clear catalyst. She analyzed that the combination of overvaluation and signals that U.S. CPI data may underperform expectations triggered the sell-off. Brooks believes that the price correction is not necessarily a bad thing, as it shows that investors are not overly enthusiastic, indicating a rational boundary to the rise of gold. She emphasized that despite the drop exceeding expectations, the fundamental factors driving the rise of gold and silver remain solid.
【Market Outlook】
U.S. Stock Indices Mixed; General Motors Rises Nearly 15% for Best Single-Day Performance in Nearly Five Years
Overnight, U.S. stocks closed with the Dow Jones Industrial Average up 218.16 points from the previous trading day, closing at 46,924.74 points, an increase of 0.47%; the S&amp;P 500 index rose 0.22 points, closing at 6,735.35 points, an increase of 0.0%; the Nasdaq Composite Index fell 36.87 points, closing at 22,953.67 points, a decrease of 0.16%. Large tech stocks were mixed, with Amazon rising over 2%, while Intel, Apple, Microsoft, and Meta saw slight increases; among individual stocks, General Motors rose nearly 15%, marking its best single-day performance in the last five years. &#34;The first stock of artificial meat&#34; Beyond Meat surged over 146%, with a cumulative increase of about 600% over the past three trading days.
Most popular Chinese concept stocks fell, with Alibaba down nearly 4% and Miniso down nearly 3%; Bilibili, however, rose nearly 6%. The Hang Seng Index ADR fell, closing at 25,918.18 points, down 109.37 or 0.42% compared to the Hong Kong close.
【Hot Topics Ahead】
Hong Kong Investment Promotion Agency: It is the Right Time for Hong Kong to Promote Gold Market Development and Seize Opportunities to Build an International Gold Trading Center
According to Zhitong Finance APP, the Hong Kong Special Administrative Region Government's Investment Promotion Agency stated that the growth potential of the gold market is increasingly evident. In the second quarter of 2025, global gold demand by value is expected to rise 45% year-on-year, reaching $132 billion; meanwhile, global official gold reserves increased by 166 tons, indicating that central banks continue to view gold as a cornerstone of stable assets. As a globally recognized stable asset, gold possesses dual attributes of physical commodities and financial investments, aligning perfectly with Hong Kong's positioning as an international financial center, thus becoming an important direction for Hong Kong's policy deployment.
CATL (03750): The Company is Building a Heavy-Duty Truck Battery Swap Ecosystem to Accelerate Electrification of Heavy-Duty Trucks
CATL (03750) stated at its earnings briefing on October 20 that with advancements in product technology, economic viability, improved infrastructure, and multiple policy drives, the domestic new energy commercial vehicle market is experiencing rapid growth, with the domestic electrification rate currently reaching 23%
The company is building a heavy-duty truck battery swap ecosystem to accelerate the electrification of heavy-duty trucks. The company's commercial power battery shipments are growing rapidly, with a gradually increasing proportion, currently accounting for about 20% of total shipments.
RoboSense (02498) launches new Active Camera product AC2
On October 21, during the International Conference on Intelligent Robots and Systems, RoboSense (02498) officially launched the new Active Camera product AC2. It is understood that AC2 is positioned as the &#34;eye of robotic operation&#34; and is the industry's first dToF + RGB dual-camera + IMU integrated super sensor system, capable of flexibly outputting fused or independent precise data on depth, images, and motion posture, with a clear and organized perception effect across the board.
China Telecom (00728) reports a shareholder profit of RMB 30.8 billion for the first three quarters, a year-on-year increase of 5.0%
According to Zhitong Finance APP, China Telecom (00728) announced that for the first three quarters of 2025, the company's operating revenue was RMB 397 billion, a year-on-year increase of 0.6%, with service revenue at RMB 366.3 billion, up 0.9% year-on-year. The company's profit attributable to shareholders was RMB 30.8 billion, a year-on-year increase of 5.0%. The basic earnings per share were RMB 0.34, with EBITDA at RMB 115.6 billion, a year-on-year increase of 4.2%, and an EBITDA margin of 31.6%.
Luk Fook Holdings (00590) reports overall retail value, retail revenue, and same-store sales in the second quarter all outperforming the first quarter, rising 18%, 15%, and 10% respectively
According to Zhitong Finance APP, Luk Fook Holdings (00590) announced that the group's overall sales performance in the second quarter continued the growth momentum from the previous quarter, combined with a low base effect, resulting in a more favorable overall retail sales performance in the second quarter compared to the first quarter. The group's overall retail value (including self-operated stores, brand stores, and e-commerce) and retail revenue (including self-operated stores and e-commerce) for the second quarter of the 2026 fiscal year increased by 18% and 15% year-on-year, respectively. Notably, the retail value proportion of priced gold products increased by 4 percentage points compared to the same period last year, reaching 16%.
Sihuan Pharmaceutical Holdings Group-B (02410): ESMO 2025 conference announces multiple positive clinical data on CDK inhibitors
According to Zhitong Finance APP, Sihuan Pharmaceutical Holdings Group-B (02410) announced that the board of directors is pleased to report that early clinical research results of three drugs in the field of cyclin-dependent kinase inhibitors (CDKi) that the company is focusing on—TYK-00540 (CDK2/4i), TY-2699a (CDK7i), and TY-302 (CDK4/6i)—were presented in poster form at the European Society for Medical Oncology annual meeting.
Xiaoyu Yingtong (00139) has produced five short dramas using AIGC technology
According to Zhitong Finance APP, Xiaoyu Yingtong (00139) announced that the company's investment in AIGC technology has initially equipped it with script writing capabilities, dialogue dubbing capabilities, and special effects synthesis capabilities, demonstrating the significant effectiveness brought by AIGC technology in short drama creation and production. Recently, the group has produced five short dramas using AIGC technology, including &#34;My Two Cute Babies Come from the Underworld,&#34; &#34;The Little Judge is Not to be Messed With, the Tyrant Father Spoils Him to the Heavens,&#34; and &#34;My Cultivation Method Can Cultivate Itself.&#34;
&#34;The Little Divine Beast Falls from the Sky, the Farm is Breaking Ground,&#34; &#34;The Chattering Cute Baby Little Koi,&#34; compared to short dramas shot with real people, the average production cost of a single episode is reduced by about half, and the production cycle is compressed by about two-thirds.
China Shenhua (01088): Unit 4 of the Jiujiang Phase II Project Passes 168-Hour Trial Operation
According to Zhitong Finance APP, China Shenhua (01088) announced that recently, the wholly-owned subsidiary of China Shenhua Energy Company Limited, Guoneng Shenhua Jiujiang Power Co., Ltd., successfully passed the 168-hour continuous full-load trial operation of Unit 4 of the Phase II expansion project (&#34;Jiujiang Phase II&#34;) and has been handed over for commercial operation. Thus, all two 1 million kilowatt ultra-supercritical secondary reheating coal-fired generating units of Jiujiang Phase II have been completed and put into operation.
Beijing Enterprises (00392): Yanjing Beer (000729.SZ) Net Profit Attributable to Parent Company for the First Three Quarters is Approximately 1.77 Billion Yuan, a Year-on-Year Increase of 37.45%
According to Zhitong Finance APP, Beijing Enterprises (00392) announced the performance of Yanjing Beer (000729.SZ) for the first three quarters of 2025, with operating income of approximately 13.433 billion yuan, a year-on-year increase of 4.57%; net profit attributable to shareholders of the listed company is approximately 1.77 billion yuan, a year-on-year increase of 37.45%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses is approximately 1.685 billion yuan, a year-on-year increase of 33.59%; basic earnings per share is 0.6281 yuan.
Pop Mart (09992) Third Quarter Overall Revenue Year-on-Year Growth of 245%-250%
According to Zhitong Finance APP, Pop Mart (09992) announced that in the third quarter of 2025, overall revenue (unaudited) increased by 245%-250% compared to the third quarter of 2024, with revenue from China increasing by 185%-190% year-on-year and overseas revenue increasing by 365%-370%.
Minmetals Resources (01208): Total Copper Production in the Third Quarter is 127,000 Tons, a Year-on-Year Increase of 11%
According to Zhitong Finance APP, Minmetals Resources (01208) announced that in the third quarter of 2025, total copper production (including copper concentrate and electrolytic copper) was 127,000 tons, an increase of 11% compared to the same period last year. Total zinc production was 58,700 tons, a year-on-year increase of 26%.
[Stock Highlights]
Jingwei TianDi (02477): Acquisition of TCSP Licensed Company and Launch of FOPAY New Function
According to Zhitong Finance APP, Jingwei TianDi (02477) announced that on September 30, 2025, the group completed the acquisition of 80% of the issued share capital of Hwabao Trust Limited (target company) from multiple individuals (independent third parties not related to the company). The target company is a company registered under Hong Kong law and currently holds and maintains a trust and company service provider license issued by the Hong Kong Companies Registry. Through the acquisition of the TCSP license required by the group, the acquisition allows the group to provide smoother and seamless services for Fopay users. In light of the above, the board believes that the acquisition is in the overall interest of the company and its shareholders
In addition to expanding its service scope after acquiring a target company holding a TCSP license, Fopay will officially launch two new features: cross-border transfers and QR code payments. In the first phase, these features will cover selected markets through the licenses of its partners that have already obtained the necessary licenses. The new features will enable Fopay to provide local users in these selected markets with a more efficient and cost-effective payment experience, leveraging the characteristics of stablecoin for instant settlement, low cost, and high transparency

International gold and silver prices fell sharply, with spot gold down 5.18% to $4,130.41 per ounce, marking the largest single-day decline since 2013; spot silver dropped 7.16% to $48.705 per ounce, the largest decline since 2021. Analyst Kathleen Brooks pointed out that the lack of clear catalysts, overvaluation, and the possibility of U.S. CPI data falling short of expectations triggered the sell-off, but the fundamental factors remain solid

- Gold and silver prices experienced significant declines, with spot gold dropping 5.18% to $4,130.41 per ounce, marking the largest single-day drop since April 2013.  
- XTB's Kathleen Brooks noted that the price drop lacked a clear catalyst, attributing it to overvaluation and potential underperformance in U.S. CPI data, while emphasizing that the fundamentals supporting gold remain strong.  
- In the U.S. stock market, General Motors surged nearly 15%, while the Dow Jones Industrial Average rose 0.47%, reflecting mixed performance among major tech stocks.

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Zhitong Hong Kong Stock Early Knowledge | Gold and silver prices undergo deep correction, institutions indicate that the fundamental factors driving the rise of gold and silver remain solid