中国：欢迎在漫长的竞争中获得解脱——渣打银行。中国：欢迎在漫长的竞争中获得解脱——渣打银行

China: Welcome relief in a long race – Standard Chartered.China: Welcome relief in a long race – Standard Chartered

根据中国汽车工业协会（CAAM）的数据，继9月份增长14.9%之后，中国汽车销量在2025年10月同比增长8.8%，达到332.2万辆，为十个月来的最高点。10月份，新能源汽车（NEV）同比增长20%，达到创纪录的171.5万辆，占新车总销量的51.6%，这是连续第八个月增长。2025年前十个月，汽车总销量增长了12.4%，而新能源汽车销量飙升了32.7%，占所有新车销量的46.7%。上个月，包括工业和信息化部在内的八个政府部门设定了2025年汽车销量约3230万辆的目标，同比增长约3%，新能源汽车销量预计将达到1550万辆，同比增长20%。10月份汽车总销量环比增长3%，较9月份的12.9%大幅放缓。

China’s vehicle sales rose 8.8% year-on-year to a ten-month high of 3.322 million units in October 2025, following a 14.9% increase in September, according to data from the China Association of Automobile Manufacturers (CAAM). New energy vehicles (NEVs) surged 20% year-on-year to a record 1.715 million units in October, accounting for 51.6% of total new car sales, marking the eighth consecutive monthly increase. In the first ten months of 2025, total vehicle sales climbed 12.4%, while NEV sales soared 32.7%, representing 46.7% of all new car sales. Last month, eight government departments, including the Ministry of Industry and Information Technology, set a target of approximately 32.3 million vehicle sales for 2025, up around 3% year-on-year, with NEV sales expected to reach 15.5 million units, a projected 20% year-on-year increase. On a monthly basis, total car sales rose 3% in October, slowing sharply from the 12.9% growth recorded in September.

上证综指下跌0.39%，收于4003点，而深证成分股周二下跌1.03%，收于13289点，因投资者在上证指数创下十年新高后获利回吐。市场情绪进一步减弱，此前有报道称，中国正在开发一个稀土出口体系，可能会限制一些美国公司的准入，这增加了中美贸易紧张局势再次爆发的风险，因为稀土仍然是最近谈判的核心。投资者也从高飞的科技和人工智能相关股票转向高股息价值的股票，因为人们怀疑科技公司的盈利能否证明高昂的估值是合理的。据报道，由于对泡沫的担忧，几位资深的中国基金经理停止了对其产品的新订阅。科技公司如中技创新（-4.5%）、Eoptolink Technology（-3%）、Cambricon Technologies（-4.4%）、Shannon Semiconductor（-9.8%）和Victory Giant（-4.2%）均出现大幅亏损。

The Shanghai Composite fell 0.39% to close at 4,003, while the Shenzhen Component dropped 1.03% to 13,289 on Tuesday as investors took profits after the Shanghai index hit fresh decade highs. Sentiment weakened further after reports that China is developing a rare earth export system that could restrict access for some US firms, raising the risk of renewed Sino-US trade tensions as rare earths remain central to recent negotiations. Investors also rotated out of high-flying technology and AI-linked stocks into high-dividend value plays amid doubts that tech earnings can justify lofty valuations. Several veteran Chinese fund managers reportedly halted new subscriptions to their products amid bubble concerns. Sharp losses were seen from tech firms such as Zhongji Innolight (-4.5%), Eoptolink Technology (-3%), Cambricon Technologies (-4.4%), Shannon Semiconductor (-9.8%), and Victory Giant (-4.2%).

据报道，中国正在考虑建立新的稀土出口快速跟踪系统。据知情人士透露，《华尔街日报》报道称，北京正在考虑设计一个新的稀土出口促进系统，该系统将排除与美国军方有联系的公司。新系统被称为“经过验证的最终用户”系统（VEU），这将使涉及民用和国防部门的汽车/航空航天公司更加困难或复杂。

China reportedly considers new system in fast-tracking rare earth exports.The Wall St Journal is reporting that Beijing is looking into designing a new system in facilitating its rare earth exports, one that will exclude firms with ties to the US military, according to the people familiar with the plan. The new system is dubbed the "validated end-user" system (VEU) and will make it more difficult or complicated for automotive/aerospace firms that are involved in both civilian and defence sectors.