【Today's Headlines】
The Ministry of Finance and the State Administration of Taxation issued an announcement on tax policies related to gold
According to the Ministry of Finance website on November 1, the Ministry of Finance and the State Administration of Taxation recently issued an announcement on tax policies related to gold. For investment demand, the exchange implements immediate VAT refund, while exempting urban maintenance and construction tax and education fee surcharge, and issues special VAT invoices to member units of the buying party based on the actual transaction price. For non-investment demand, the exchange exempts VAT and issues ordinary invoices to member units of the buying party based on the actual transaction price. For member units of the buying party that are general VAT taxpayers, the input tax amount is calculated based on the amount indicated on the ordinary invoice and a deduction rate of 6%.
After the policy is implemented, non-investment demand can deduct input tax at a rate of 6%, which reduces the burden on enterprises and benefits non-investment consumption gold jewelry merchants. After the implementation of this policy, the impact on gold prices is minimal, and the impact on gold mining enterprises' production is also small, benefiting leading gold jewelry merchants.
【Market Outlook】
Last Friday, the three major U.S. stock indices closed higher, with the Nasdaq recording gains for the seventh consecutive month
As of the close of the overnight U.S. stock market, the Dow Jones Industrial Average rose 40.75 points, an increase of 0.09%, closing at 47,562.87 points; the Nasdaq rose 143.81 points, an increase of 0.61%, closing at 23,724.96 points; the S&amp;P 500 index rose 17.86 points, an increase of 0.26%, closing at 6,840.20 points. Amazon (AMZN.US) rose 9.58%, Tesla (TSLA.US) rose 3.74%, Nvidia (NVDA.US) fell 0.2%, and Meta Platforms (META.US) fell 2.72%. Last week, the Dow Jones rose 0.75%, the Nasdaq rose 2.24%, and the S&amp;P 500 index rose 0.71%.
The Nasdaq China Golden Dragon Index rose 0.53%, Nio (NIO.US) rose 3.46%, and Alibaba (BABA.US) fell over 2%. The Hang Seng Index ADR rose, closing at 25,977.41 points, up 70.76 or 0.27% compared to the Hong Kong close.
【Hot Topics Ahead】
Vanke A: Shenzhen Metro Group plans to provide the company with a loan limit of no more than 22 billion yuan
Vanke A announced that on November 2, the company signed a &#34;Framework Agreement on Shareholder Loans and Asset Guarantees&#34; with its largest shareholder, Shenzhen Metro Group. The &#34;Framework Agreement&#34; stipulates that from 2025 until the date of the company's 2025 annual shareholders' meeting, Shenzhen Metro Group will provide the company with a loan limit of no more than 22 billion yuan, which includes credit loans that have actually occurred before the effectiveness of the &#34;Framework Agreement&#34; but for which the company has not provided collateral/pledge guarantees, as well as loans for which guarantees have been provided but later confirmed to be unable to implement or partially unable to implement, and loans that occur after the effectiveness of the framework agreement. The company will provide collateral/pledge guarantees for the loans actually incurred under the &#34;Framework Agreement.&#34; This involves Hong Kong-listed Vanke Enterprises (02202).
China Railway Construction (01186) plans to invest 11 billion yuan to acquire approximately 18.38% equity in China Railway 11th Bureau, 14.36% equity in China Railway Construction, 12.66% equity in Railway Construction Investment, and 29.23% equity in Kunlun Investment
According to the Zhitong Finance APP, China Railway Construction Corporation (01186) announced that on October 31, 2025, the company entered into equity transfer agreements with eight investors, including Taiping Life Insurance, Chengtong Industrial Fund, Bank of Communications Investment, Everbright Jinou, Bank of China Asset Management, Agricultural Bank of China Investment, CCB Investment, and Xinmaisu Investment. Accordingly, the company agrees to acquire all equity interests in the target companies held by the investors in accordance with the terms and conditions of each equity transfer agreement, with a total cash acquisition price of RMB 11 billion. Upon completion of the acquisition, the target companies will become wholly-owned subsidiaries of the company.
Junshengtai Pharmaceutical-B (02511): The world's first anti-inflammatory metabolic regulator HTD1801 completes Phase III clinical study for type 2 diabetes, demonstrating sustained 52-week comprehensive benefits and safety advantages
According to the Zhitong Finance APP, Junshengtai Pharmaceutical-B (02511) announced that the two Phase III clinical trials (SYMPHONY-1 and SYMPHONY-2) of HTD1801 in patients with type 2 diabetes (T2DM) have been successfully completed, with positive efficacy and safety results obtained from the 52-week study (including an open-label extension (OLE)).
Ruifeng New Energy (00527) plans to deploy approximately 340,000 improved clean stoves in Laos, expecting a total emission reduction of about 2.7 million tons of carbon dioxide equivalent over a ten-year period
According to the Zhitong Finance APP, Ruifeng New Energy (00527) announced that on October 31, 2025 (after trading hours), Carbon Dimension Technology Co., Ltd. (a subsidiary jointly owned by the company and Shanghai Baocarbon New Energy Environmental Technology Co., Ltd.) entered into a clean stove carbon credit project terms list with an independent third-party supplier. Accordingly, Carbon Dimension will act as the leading investor to jointly launch the clean stove carbon credit project (the project) in Laos with partners. The project plans to deploy approximately 340,000 improved clean stoves in rural and underdeveloped areas of Laos, benefiting about 170,000 households, with distribution expected to be completed between 2026 and 2027, and a carbon credit generation cycle of about ten years, with a total expected emission reduction of approximately 2.7 million tons of carbon dioxide equivalent (CO2e) over the ten-year period.
BYD Company (01211) sells approximately 3.7019 million new energy vehicles in the first ten months, a year-on-year increase of 13.88%
According to the Zhitong Finance APP, BYD Company (01211) announced that in October 2025, the production of new energy vehicles was approximately 429,800 units; sales were approximately 441,700 units. From January to October, the production of new energy vehicles was approximately 3.6434 million units, a year-on-year increase of 10.5%; sales were approximately 3.7019 million units, a year-on-year increase of 13.88%.
Seres (09927): The issue price for each H-share is HKD 131.50
According to the Zhitong Finance APP, Seres (09927) announced that the issue price has been set at HKD 131.50 per H-share (excluding a 1% brokerage commission, 0.0027% Securities and Futures Commission transaction levy, 0.00565% Hong Kong Stock Exchange transaction fee, and 0.00015% Financial Services and the Treasury Bureau transaction levy). Seres released a production and sales report for October, with new energy vehicle sales of 51,456 units in the month, a year-on-year increase of 42.89%;
From January to October, cumulative sales reached 356,085 vehicles, a year-on-year increase of 0.95%.
【Stock Highlights】
Kelong Botai Biotech-B (06990): Rapid Commercialization Progress
In the first half of 2025, the company obtained marketing licenses for products such as sac-TMT (Jiatailai®), Tagolizumab (Ketailai®), and Cetuximab N01 (Datailai®), and fully initiated the commercialization process. During this period, the company achieved drug sales revenue of RMB 310 million, with Jiatailai® contributing approximately 97.6%. The cash flow is stable, and all accounts receivable were collected within the payment period.
The company's commercialization is progressing rapidly, with a comprehensive layout of ADC and large/small molecule targeted drugs. Three products have been commercialized domestically, one NDA is pending approval, and over 10 products are in early clinical stages. The company has collaborated multiple times with Merck in the ADC field, with six self-developed ADCs entering clinical trials, and the total transaction value exceeding USD 10 billion, validating the leading advantages of the OptiDC™ ADC platform in clinical and commercialization aspects. Subsequent R&amp;D and commercialization milestones are expected to continue to be fulfilled, enhancing profits.
The company's core product Sac-TMT sets a new benchmark for the treatment of EGFR mutation-resistant NSCLC: The results of the Phase III OptiTROP-Lung04 study (second-line EGFR mutation, TKI treatment-progressing NSCLC, Sac-TMT monotherapy compared to platinum-based chemotherapy) were announced at the ESMO conference: The Sac-TMT treatment group achieved statistically and clinically significant improvements in both PFS and OS compared to the control group

The Ministry of Finance and the State Administration of Taxation issued an announcement regarding the gold tax policy, stating that investment demand will enjoy immediate VAT refunds, while non-investment demand is exempt from VAT, which is favorable for gold and jewelry merchants. In the U.S. stock market, the Nasdaq has risen for the 7th consecutive month, closing up 0.61%

- The Ministry of Finance and the State Taxation Administration announced new tax policies for gold, implementing VAT refunds for investment demand and exempting various taxes for non-investment demand.  
- The policies aim to reduce costs for non-investment gold jewelry businesses, with minimal impact on gold prices and mining production.  
- In the U.S. stock market, major indices rose, with the Nasdaq achieving a 7-month gain, while companies like Amazon and Tesla saw significant stock increases.

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Zhitong Hong Kong Stock Early Knowledge | The Ministry of Finance and the State Administration of Taxation issued an announcement on tax policies related to gold. The Nasdaq recorded an increase for the 7th consecutive month