Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
China's official manufacturing PMI contracted in October; China launches second space station lab module Mengtian. Here’s what you need to know about China in the past 24 hours中国经济要闻
China's official manufacturing Purchasing Managers' Index (PMI) fell into contraction in October, data from the National Bureau of Statistics (NBS) showed on Monday.
The official PMI came in at 49.2 this month, down 0.9 percentage points from September, due to frequent outbreaks of COVID-19 in the country and economic recovery needs further consolidation, NBS senior statistician Zhao Qinghe said in a statement.
On the other hand, the National Day holidays in October also have an impact on the slowing of manufacturing production activity, Zhao added.
In breakdown, sub-indexes showed a slowed activity in both production and demand sides due to soaring raw material prices, experts said.
In October, the production index reached 49.6 percent, down 1.9 percentage points from the reading in September. On the demand side, the new order index was 48.1 percent, down 1.7 percentage points from the previous month. Another cause for the decline is a contraction in energy-intensive industries, with the sub-reading at 48.8, down from 50.6 in September.
However, firms anticipate manufacturing activities to pick up in the near term, with the sub-index for production and business expectations at 52.6.
Although global headwinds and downward pressure have mounted, the improved efficiency in epidemic prevention and control and a host of stimulus measures are expected to keep China’s economy on the track of recovery, expert said.
In October, the non-manufacturing business activity index reached 48.7 percent, down 1.9 percentage points from the previous month as recovery of the non-manufacturing sector is slowing down.
Market activity in the service sector weakened due to the sporadic COVID-19 flare-ups. The business activity index of the service sector dropped to 47.0, lower 1.9 percentage points from the previous month.
A reading reflecting the market expectations showed that postal services, internet software and information technology services remain upbeat on business outlook due to the nearing of the double 11 shopping festival in November.
10月份首个重要经济数据今日出炉。
10月31日，国家统计局发布的数据显示，10月制造业采购经理指数（PMI）为49.2%，较上月下降0.9个百分点，低于临界点；非制造业商务活动指数为48.7%，比上月下降1.9个百分点，低于临界点；综合PMI产出指数为49.0%，比上月下降1.9个百分点，落至临界点以下。
数据显示，10月份，制造业PMI有所回落，大型企业PMI保持扩张，制造业景气面总体稳定。非制造业方面，建筑业继续位于较高景气水平。国家统计局服务业调查中心高级统计师赵庆河指出，10月份，在调查的21个制造业行业中，有11个位于扩张区间，制造业景气面总体稳定。
从制造业PMI指数的构成上看，5大构成项中的生产指数较前下行1.9个百分点至49.6%，新订单指数下行1.7个百分点至48.1%。其中，10月高耗能行业中反映市场需求不足的企业比重为56.7%，高于总体3.9个百分点；高耗能行业PMI为48.8%，低于上月1.8个百分点，降至收缩区间，是制造业景气回落的主要原因之一。
分析人士表示，10月长假会对环比性质的PMI指数形成一定影响。同时，10月楼市继续处于低迷状态，房地产投资、涉房消费下滑，也会对制造业乃至服务业PMI指数形成一定不利影响。其次，10月省会及大型城市疫情波动更为明显，对制造业生产经营和市场需求影响较大。疫情波动是10月制造业PMI指数下滑的主要原因。
10月份，非制造业商务活动指数为48.7%，比上月下降1.9个百分点，低于临界点，非制造业恢复态势放缓。
分行业看，建筑业商务活动指数为58.2%，低于上月2个百分点，仍位于较高景气区间。10月份国内疫情点多面广频发，服务业商务活动指数降至47%，低于上月1.9个百分点，服务业景气水平有所回落。
赵庆河表示，10月份，零售、道路运输、航空运输、住宿、餐饮、租赁及商务服务等接触性聚集性服务行业商务活动指数低位回落，业务总量下降。从市场预期看，业务活动预期指数为56.7%，高于上月0.6个百分点，其中邮政、互联网软件及信息技术服务等行业受“双十一”促销活动临近等因素带动，业务活动预期指数均位于60%以上高位景气区间，企业预期向好。
10月份，非制造业商务活动指数为48.7%，比上月下降1.9个百分点。其中，10月份，服务业市场活跃度减弱，但从市场预期看，业务活动预期指数为56.7%，高于上月0.6个百分点。此外，建筑业位于较高景气水平。数据显示，建筑业商务活动指数为58.2%，低于上月2.0个百分点，仍位于较高景气区间。
China launched its space lab module Mengtian on Monday afternoon, taking the construction of the country's space station Tiangong into final stage. The Long March-5B Y4 carrier rocket, carrying Mengtian, blasted off at 3:37 pm from the Wenchang Spacecraft Launch Site in the southern island province of Hainan, according to the China Manned Space Agency. 梦天实验舱发射圆满成功：新华社消息，搭载着空间站梦天实验舱的长征五号B遥四运载火箭，10月31日15时37分在我国文昌航天发射场点火发射。梦天实验舱与长征五号B火箭成功分离并进入预定轨道，发射任务取得圆满成功。这是我国载人航天工程立项实施以来的第25次飞行任务。 Moving on to regional highlights区域观察
The construction and operation contract of high-speed railway linking Ningbo and Zhoushan in Zhejiang Province, the world’s longest subsea high-speed railway, was finalized between China Railway Construction Corporation (CRRC) and local government of Zhejiang, CRRC announced on Sunday. With a total length of 76.4 kilometers, the railway has 90 percent of bridges and tunnels. 世界最长海底高铁隧道开工在即：30日消息，新建宁波至舟山铁路 PPP项目（简称甬舟铁路项目）由中铁（上海）投资集团有限公司为牵头人的联合体第一顺位中标，施工部分报价约为208.25亿元，项目开工在即。中国铁道建筑报介绍称，新建宁波至舟山铁路正线全长76.396公里。全线有大中桥梁36座，隧道17座，桥隧比 90.26%。全线共设车站7个，中国铁建表示，新建宁波至舟山铁路金塘海底隧道，是国内首条外海盾构隧道，亦是世界上长度最长、地层最复杂、建设难度最大的海底高铁隧道。 Greater Bay Area, Greater future新使命，大未来
China Resources Microelectronics said it intendsto join hands with institutional investors under the Shenzhen government to build a 22 billion yuan plant in the tech hub. The JV will construct a factory to manufacture 12-inch (300-millimeter) wafers where a unit of CR Micro holds a 75 percent stake. 深圳再出手220亿投资芯片产业：10月29日上午，华润微电子深圳12英寸集成电路生产线建设项目开工。28日，华润微电子有限公司发布公告称，公司控股子公司华润微科技（深圳）有限公司与深圳市地方国资相关法人等在深圳市共同出资设立控股子公司润鹏半导体（深圳）有限公司，其中华微深圳持有项目公司75%股权。项目公司主要负责建设华润微电子深圳300mm集成电路生产线项目，总投资规模约220亿元，聚焦40纳米以上模拟特色工艺。 Next on industry and company news产业及公司新闻
Chinese display panel giant BOE Technology Group is planning to spend 29 billion yuan to build its first virtual-reality display screen factory. The new plant will manufacture high-end display panels, the majority of which will be VR screens as well as mini light-emitting diode backplanes, with a monthly output of 50,000 pieces, BOE said at the weekend. 京东方拟投290亿元建VR新产线：京东方10月30日晚公告透露，拟投资不超过290亿元建设第6代新型半导体显示器件生产线项目，着力布局VR（虚拟现实）显示产品市场。据公告，京东方将在北京投资应用LTPO技术的第6代新型半导体显示器件生产线项目，主要产品是VR显示面板、Mini LED直显背板等，每月设计产能5万片基板（1500mmX1850mm）。建设周期自2023年至2025年，2025年量产，2026年满产。 China's cross-border e-commerce firm Zibuyu starts its retail book-building in Hong Kong today to raise up to HK$276 million. The Zhejiang-based company is offering 29.25 million shares at between HK$7.86 and HK$9.42 apiece. The company plans to start trading in the exchange on November 11. 子不语拟赴港主板上市：10月31日，据跨境电商子不语集团有限公司公告，计划在香港主板上市，保荐机构为农银国际融资有限公司、华泰金融控股(香港)有限公司。公司曾于9月28日递表，本次IPO预计发行2925.00万股，其中香港公开发售292.50万股，国际发售2632.50万股。子不语将于10月31日至11月4日招股，发行价格区间为每股7.86至9.42港元。预计上市日期为2022年11月11日，每手500股。 The joint venture between China’s GAC Group and Stellantis, the owner of brands such as Maserati and Chrysler, will file for bankruptcy in a loss-making context. GAC and Stellantis have approved a resolution authorizing GAC Fiat Chrysler Automobiles to file for bankruptcy, the auto giant said today. 广汽菲克申请破产：10月31日，广汽集团公告，根据合营企业广汽菲克的申请，同意其因资不抵债，按现行法律法规相关规定，向法院申请破产。与此同时，Stellantis集团官网发布公告称，广汽菲克、广汽集团和Stellantis的股东已批准一项决议，同意广汽菲克在处于亏损的情况下向法院申请破产。 Earnings reports express财报速递
Four of China's largest lenders posted third quarter profit rises of over 6 percent as non-performing loan ratios shrunk, underlying the resilience of China's biggest banks to the turmoil in the property market. ICBC, the world's biggest bank by assets, reported that its net profit rose 6.76 percent year-over-year in the third quarter to 94.32 billion yuan, while earnings of CCB grew by 8.61 percent to 85.64 billion yuan. BOC reported 4.83 percent yearly growth for third quarter net income to 53.16 billion yuan, slowing from the 6.3 percent in the first half due to decline in fee and commission incomes. ICBC said its nonperforming loans ratio stood at 1.40 percent at the end of the third quarter, down 2 basis points since the start of the year. AgBank also reported an NPL ratio of 1.4 percent, down 3 basis points from nine months ago. All four state-owned lenders reported double-digit loan growth – from AgBank's 12.8 percent to BOC's 10.7 percent – during the first nine months, with newly added credit lines of three lenders exceeded 2 trillion yuan. However, net interest margin, a key measure of banks' ability to generate profit from lending, continued to grind lower at most banks. 四大国有行三季报出炉：10月28日，四大国有银行三季报纷纷出炉。从营收来看，“宇宙行”工商银行前9个月实现营收7113.92亿元，同比微降0.1%；紧随其后的建设银行、农业银行、中国银行分别实现营收5769.65亿元、5646.2亿元和4679.36亿元。归属于母公司股东的净利润方面，前三季度建设银行增速最快，净利润为2473亿元。除此之外，工商银行、农业银行、中国银行归母净利润分别实现2658亿元、1977亿元和1731亿元。从信贷资产质量来看，四大行均保持总体稳定。截至9月末，工商银行不良贷款率为1.40%，比年初下降0.02个百分点；不良贷款率、逾期率、逾期贷款与不良贷款的剪刀差等指标持续改善，剪刀差连续10个季度为负。从前三季度新增信贷规模来看，工商银行、建设银行、农业银行均突破2万亿，分别达到2.2万亿元、2.12万亿元和2.2万亿元，其中，农业银行前三季度信贷增量已超过去年全年。中国银行前三季度新增贷款规模则创历史同期新高，达到1.69万亿元。 China Merchant Bank(CMB), China’s largest joint stock commercial bank, reported on Friday a 14.2 percent jump in net profit to nearly 107 billion yuan in the first nine months of the year, while operating revenue stood at 85.7 billion yuan. The country’s top retail bank saw its retail business continue to grow in the period, as retail clients expanded 5.2 percent to 182 million with total asset of 11.96 trillion yuan, jumping 11 percent from the end of last year. 招行前三季净利超千亿：10月28日，招商银行披露2022年三季度“成绩单”。数据显示，2022年1-9月，招商银行实现营业收入2648.33亿元，同比增长5.34%；实现归属于招商银行股东的净利润1069.22亿元，同比增长14.21%。其中，第三季度，招商银行营业收入857.42亿元，同比增长3.73%；归母净利润375.02亿元，同比增长15.52%。零售业务保持强劲增长，截至报告期末，招行零售客户1.82亿户（含借记卡和信用卡客户），较上年末增长5.20%；管理零售客户总资产（AUM）余额11.96万亿元，较上年末增加1.2万亿元，增幅11.16%。 China’s eight listed airlines have lost a total of 106 billion yuan in the first three quarters of the year, because of sporadic Covid-19 outbreaks in the period and rising costs due to high fuel prices. China’s four major carriers, Air China, China Eastern Airlines, Hainan Airlines, and China Southern Airlines, widened their losses from 28.1 billion yuan to 17.6 billion yuan in the nine months ended Sept. 30. Spring Airlines, the only profitable listed airline in the first three quarters last year, lost 1.7 billion yuan in the same period this year. 前三季8家航司亏逾千亿元：截至10月30日8家上市航空公司三季报全部披露完毕。数据显示，今年前三季度8家航企总营收合计约为1881.9亿元，净亏损1062亿元，已远超去年和前年的全年亏损额。其中，国航、东航、南航三大航的亏损额738亿元。除三大航外，其他航司也是严重亏损。海南航空第三季度亏损80亿元，前三季亏损208.4亿元；吉祥航空第三季度亏损10.83亿元，前三季度累计亏损29.73亿元；春秋航空第三季度亏损4.9亿元，前三季度累计亏损17.37亿元。华夏航空第三季度亏损5.58亿元，前三季亏损15.1亿元；山东航空第三季度亏损20亿元，前三季累计亏损53亿元。 Gree Electric Appliances and Haier Smart Home, two leading Chinese white goods makers, both reported double-digits profit growth yesterday in the first three quarters. Gree logged a 17 percent jump in net profit in the first nine months from the same period a year ago to 18.3 billion yuan, while revenue advanced 6.8 percent to 147.5 billion yuan. Haier posted a 17.3 percent gain in net profit over the period to 11.7 billion yuan while revenue surged 8.9 percent to 184.7 billion yuan. 格力、海尔Q3净利两位数增长：10月30日晚，两大白电巨头格力电器和海尔智家发布三季报，两家公司业绩稳步向好。格力电器第三季度实现营业收入522.66亿元，实现净利润68.37亿元，同比增速分别为11.01%和10.5%。海尔智家第三季度营收628.91亿元、同比增长8.62%，净利37.17亿元、同比增长20.28%。 Switching gears to financial news金融市场消息
The total asset of China's financial industry has exceeded 400 trillion yuan, with the stock market, bond market and insurance market ranking second globally, while the size of forex reserves remains the largest in the world for 17 consecutive years, PBOC governor Yi Gang said yesterday. Yi vowed the central bank will continue with prudent monetary policy to keep the value of the yuan stable, as well as step up credit support for the economy. Yi also said the PBOC will keep lower mortgage rate for homebuyers, and make 200 billion yuan in special loans to ensure work for stalled housing projects is completed. 易纲称尽量长时间保持正常货币政策：10月30日，央行官网披露国务院关于金融工作情况的报告，央行行长易纲作报告发言。易刚介绍，我国金融业综合实力大幅提升，金融业总资产超过400万亿元，5家银行、保险机构成为全球系统重要性金融机构，股票市场、债券市场和保险市场规模均居全球第二，外汇储备规模连续17年稳居全球第一。对于下一阶段货币政策走势，易纲表示，今后一段时期，我国有条件尽量长时间保持正常的货币政策，维护币值稳定。在防范化解金融风险方面，易纲介绍道，推动房地产企业风险处置，做好金融支持保交楼工作。引导金融机构支持房地产业合理融资需求，校正过度避险行为，推动个人住房贷款利率下行。 Shares in Chinese property developer Longfor Group Holdings Ltd plunged 24 percent today after the resignation of chairwoman Wu Yajun. Longfor also said in a separate statement on Monday its controlling shareholder had bought 3 million shares in the company at HK$9.53 a piece today. It also said the company had repaid HK$5.1 billion that was part of a syndicated loan due next year. 龙湖提前偿还51亿港元银团贷款：10月31日，龙湖集团股价开盘暴跌，收跌23.78%。午间，龙湖集团发布提前偿还部分银团贷款及控股股东增持股权公告。龙湖集团公告称，其控股股东美贤国际有限公司今日于公开市场增持300万股公司股份，平均价格约为每股9.53港元。同时，龙湖集团提前偿还了2023年到期的部分银团贷款，偿还金额达51亿港元。 Wrapping up with a quick look at the stock market股市收盘情况
Chinese shares closed lower on Monday after another round of weak data, with the benchmark Shanghai Composite down 0.77 percent, while the Shenzhen Component closed nearly flat. In Hong Kong, the Hang Seng fell 1.18 percent while the TECH index added 1.05 percent. A股走弱港股分化：周一A股主要指数冲高回落，午后震荡下行，截至收盘，沪指跌0.77%，深成指跌0.05%，创业板指涨0.65%，沪深两市全天成交额8831亿元，超3200只个股上涨，北向资金全天净卖出90.12亿元。港股两大指数分化，恒生指数跌1.18%，恒生科技指数涨1.05%。Biz Word of the Day
财经词汇划重点
Net interest margin (NIM) is a measurement comparing the net interest income a financial firm generates from credit products like loans and mortgages, with the outgoing interest it pays holders of savings accounts and certificates of deposit. 净息差的全称是净利息收益率，衡量的是某时期内银行的生息资产赚取净利息收入的能力，是评价其风险定价能力的关键指标。从计算公式来看，净息差=（利息收入-利息支出）/平均生息资产余额= 生息资产收益率–付息负债成本率×（平均付息负债/平均生息资产）。Executive Editor: Sonia YU
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