在中国，上海综合指数周五下跌38点，跌幅0.96%。用友软件（-7.09%）、三安光电（-4.93%）和紫金矿业（-4.66%）领跌。涨幅最大的是华泰证券（3.30%）、安徽海螺水泥（1.90%）和中国中铁（1.89%）。

In China, the Shangai Composite Index decreased 38 points or 0.96 percent on Friday. Losses were driven by Yonyou Soft (-7.09%), Sanan Optoelectron (-4.93%) and Zijin Mining (-4.66%). Biggest rises came from Huatai Securities (3.30%), Anhui Conch Cement (1.90%) and China Railway (1.89%).

据英国《金融时报》报道，中国在推动国内芯片发展的同时，加大了对美国半导体（包括英伟达的人工智能芯片）进口限制的执行力度。海关官员已被派往主要港口进行严格检查，最初针对的是Nvidia的H20和RTX Pro 6000D，这两款机型旨在符合美国的出口管制。此后，这些检查已扩大到涵盖所有可能违反美国限制的先进芯片。8月，唐纳德·特朗普总统提出了允许英伟达向中国出售更先进芯片的可能性。与此同时，据英国《金融时报》报道，中国监管机构指控英伟达违反反垄断法，并命令领先的科技公司停止购买其人工智能芯片并取消现有订单。

China has ramped up enforcement of its import restrictions on U.S. semiconductors, including Nvidia’s AI chips, as it pushes for domestic chip development, according to the Financial Times. Customs officials have been sent to major ports to conduct strict inspections, initially targeting Nvidia’s H20 and RTX Pro 6000D—models designed to comply with U.S. export controls. These checks have since expanded to cover all advanced chips that may violate U.S. curbs. In August, President Donald Trump suggested the possibility of allowing Nvidia to sell more advanced chips to China. Meanwhile, Chinese regulators have accused Nvidia of breaching anti-monopoly laws and ordered leading tech firms to stop buying its AI chips and cancel existing orders, FT reported.

周五，离岸人民币兑美元汇率升至7.12左右，连续第二周上涨。本周，投资者在中国延长“超级黄金周”假期后恢复了市场活动，并将注意力转向了不断发展的美中贸易关系。北京似乎在与华盛顿的谈判中获得了影响力，尽管正值收获季节，但仍推迟了对美国大豆的采购，同时加强了对稀土出口的控制。随着两国经济紧张局势升级，特朗普总统威胁要停止从中国进口，同时承诺为美国农民提供更大的市场准入。与此同时，尽管特朗普对本月晚些时候举行的高级别会议表示乐观，但中国尚未提供任何正式确认。投资者现在正在等待下周的关键经济数据，特别是通货膨胀和贸易数据，以了解中国在国内外逆风中的经济前景。

The offshore yuan strengthened to around 7.12 per dollar on Friday, marking its second consecutive week of gains. During the week, investors resumed market activity following China’s extended 'Super Golden Week' holiday and turned their attention to evolving US–China trade relations. Beijing appears to be gaining leverage in talks with Washington, holding off on American soybean purchases despite the harvest season, while tightening control over rare earth exports. As tensions between the two economies escalate, President Trump has threatened to halt Chinese imports while promising greater market access for US farmers. Meanwhile, although Trump has expressed optimism about a high-level meeting expected later this month, China has yet to provide any formal confirmation. Investors now await key economic data next week, particularly inflation and trade figures, for insights into China’s economic outlook amid domestic and external headwinds.

上证综指下跌0.3%，收于3920点左右，而深证成分股周五下跌0.8%，收于13613点，在全球疲软的信号下，部分回吐了前一交易日的涨幅。美国股市隔夜暴跌，因对估值过高的担忧加剧，尤其是与人工智能相关的公司，而投资者评估了美国政府长期停摆和美联储利率前景的影响。周四，美国上市的中国公司指数下跌2%，表明最近内地股市的反弹可能正在失去动力。投资者现在将注意力转向10月20-23日的共产党领导人会议，以及本月晚些时候可能在亚太经合组织峰会上举行的习峰会，以寻求新的政策信号。主要下跌股包括现代安培（-5.3%）、力士精密（-3.5%）、无锡领德智能（-10.7%）和紫金矿业（-2.6%）。

The Shanghai Composite fell 0.3% to around 3,920, while the Shenzhen Component dropped 0.8% to 13,613 on Friday, giving back part of the prior session’s gains amid soft global cues. US stocks tumbled overnight as concerns grew over stretched valuations, particularly among AI-related firms, while investors assessed the impact of the prolonged US government shutdown and the Federal Reserve’s rate outlook. A gauge of US-listed Chinese firms slid 2% on Thursday, suggesting that the recent rally in mainland shares may be losing steam. Investors now turn their attention to the Communist Party’s leadership meeting on Oct. 20–23 and a possible Xi-Trump meeting at the APEC summit later this month for new policy signals. Major decliners included Contemporary Amperex (-5.3%), Luxshare Precision (-3.5%), Wuxi Lead Intelligent (-10.7%), and Zijin Mining (-2.6%).