At 8:00, Here's the Latest | Zhang Xuefeng Changed His Tune After Returning to Live Streaming, Saying that "Liberal Arts Have Great Potential"; Birth Rate Data of 31 Provinces Last Year Were Released; Shenzhen Airport Announced the Investigation of Zheng Zhihua's Boarding Incident

Today's Hotspot Guide

• Two suspects in the Louvre robbery have been arrested
• Displeased with Canada's anti - tariff advertisement, Trump announced an additional 10% tariff on Canada
• *ST Rongkong: Independent director Liu Changkun is out of contact
• JPMorgan Chase will allow institutional clients to use Bitcoin and Ethereum as collateral
• Moutai Changes Leadership: Chen Hua, Director of the Guizhou Provincial Energy Bureau, takes over as Chairman of Moutai Group

Top 3 Big News

After Zhang Xuefeng's Ban was Lifted and He Resumed Broadcasting, He Said that Liberal Arts Majors Have Great Potential

On the evening of October 22nd, Zhang Xuefeng's ban was lifted across all platforms, and he resumed live - streaming on his Douyin account "Zhang Xuefeng Talks about College Entrance Examination Planning". More than 40,000 people were online. He had a big change in style and said that liberal arts majors "have great potential". As previously reported, on September 24th, the social accounts of well - known college entrance examination volunteer advisor Zhang Xuefeng on Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu showed anomalies and were prohibited from being followed. The total number of fans of these five platform accounts exceeded 65 million.

In recent years, Zhang Xuefeng's remarks have sparked discussions many times. In 2023, when asked about "a child wanting to apply for a journalism major" during a live - stream, Zhang Xuefeng said that the journalism major has a narrow employment scope and low income, and the "theory that journalism is useless" triggered a huge controversy. Zhang Xuefeng also once said that "ordinary undergraduate graduates have weak competitiveness in the job market", and this view was considered to have intensified degree anxiety. Zhang Xuefeng also once said that "liberal arts are all about the service industry", which also made it onto the hot search and triggered a controversy. (China Newsweek, Cover News)

Birth rate data of 31 provinces in the past year released

In 2024, the number of births in China was 9.54 million, an increase of 520,000 compared to 2023; the birth rate was 6.77‰, an increase of 0.38 per thousand points compared to the previous year. Data shows that in 2024, 14 provinces had birth rates higher than the national average (6.77‰). Among them, a total of 10 provinces had birth rates exceeding 8‰, namely Tibet, Ningxia, Guizhou, Qinghai, Xinjiang, Hainan, Guangdong, Yunnan, Guangxi, and Gansu, mainly located in the western and southern regions of China. (Yicai Global)

Shenzhen Airport Announces Investigation Results of Zheng Zhihua's Boarding Incident

At around 11 p.m. on October 25th, in response to the incident of "singer Zheng Zhihua complaining about the inconvenience of boarding the plane in a wheelchair", Shenzhen Airport's official WeChat account released a statement.

The statement shows that during the process of passengers boarding and cargo loading, the plane will move up and down. To prevent the support equipment from scratching the plane, according to safety operation regulations, there needs to be a 20 - cm height difference between the boarding vehicle and the aircraft cabin door, which brings inconvenience to wheelchair passengers entering the cabin.

In response to the deficiencies in this boarding service, Shenzhen Airport will cooperate with airlines to make immediate improvements. Starting from the evening of October 25th, it will provide jet - bridge docking support for flights with wheelchair passengers as much as possible. For flights that cannot dock at the jet - bridge, the number of on - site support staff for wheelchair passengers will be increased to 2; a boarding connection device with a certain slope will be piloted to use to solve the inconvenience caused by the height difference between the boarding vehicle, the jet - bridge and the aircraft cabin door for wheelchair passengers. Subsequently, singer Zheng Zhihua responded via Weibo, saying that Shenzhen Airport had apologized to him and he would not pursue the matter further. (Yicai Global)

Major Companies/Major Events

Two suspects in the Louvre robbery have been arrested

According to French media reports on October 26 local time, two suspects involved in the Louvre robbery were arrested on October 25.

It is reported that the two arrested men are in their early 30s and are both from the Seine - Saint - Denis department in the Île - de - France region. These two suspects were previously known to the police for theft cases. They are experienced and may have committed the crime under someone's orders. Investigators said that the police learned that one of the suspects might be preparing to flee to Algeria, so they launched an operation and arrested him at Paris Charles de Gaulle Airport around 22:00 on the 25th. The other suspect was also arrested in the Seine - Saint - Denis department on the 25th.

The Paris Prosecutor's Office confirmed on the 26th that suspects in the Louvre robbery had been arrested, but did not disclose the details of the arrests. According to the Paris Prosecutor's Office, around 9:30 on the 19th local time, four masked men came outside the Louvre. They divided the work and operated a lifting device, sneaked into the museum through an external balcony of the building, and robbed the displayed jewelry. During the process, they also threatened the museum security guards with an angle grinder. Within a few minutes, nine pieces of jewelry were stolen, and a crown belonging to Empress Eugénie has been recovered by the police.

After the robbery at the Louvre Museum in Paris, some of the jewelry collections have now been transferred to the vault of the Banque de France, the central bank of France. The bank stores these collections in the main vault 26 meters underground, where about 90% of France's gold reserves are stored. Several notebooks of the Renaissance master Leonardo da Vinci, valued at over 600 million euros, have also been stored in this vault for many years. (CCTV News, Xinhua News Agency, NBD)

Trump Announces 10% Extra Tariffs on Canada in Response to Anti - Tariff Ads

On October 25 local time, US President Trump once again accused Canada on the social media platform "Truth Social" of releasing a "fake" video of former US President Ronald Reagan's speech. He claimed that Canada "used edited audio - visual materials to mislead the public" and described this act as "fraudulent behavior". Trump cited a statement from the Reagan Foundation, saying that Canada had used or edited Reagan's speech content without authorization, and the foundation was studying legal countermeasures. He said that Canada's move was intended to influence the US Supreme Court's ruling on the tariff issue through false propaganda. Trump also announced that in response to Canada's "serious distortion of facts and hostile actions", the US would impose an additional 10% tariff on Canada. (CCTV News)

Latest News on the National Civil Service Examination: 3.718 Million People Passed the Eligibility Review

According to CCTV News, the online registration and eligibility review for the recruitment examination of civil servants in central government agencies and their directly affiliated institutions for the 2026 recruitment cycle ended at 18:00 on October 24th and 18:00 on October 26th, 2025 respectively. A total of 3.718 million people passed the eligibility review by the recruiting units, and the ratio of the number of people who passed the eligibility review to the number of recruitment positions is approximately 98:1. The State Civil Service Administration solemnly reminds candidates that they must complete the registration confirmation to participate in the examination. Candidates who have passed the eligibility review can log in to the "Special Website for the Recruitment Examination of Civil Servants in Central Government Agencies and Their Directly Affiliated Institutions for the 2026 Recruitment Cycle" from November 1st to November 6th to complete the registration confirmation and payment, and then print the admission ticket and take the exam at the specified time. (Yicai Global)

The number of passengers that can be added to a single 12306 account has been adjusted to 30

According to China Railway, starting from October 25, the 12306 Customer Service Center has added a telephone acceptance service for group passenger tickets. On the 12306 client (including the website), the upper limit of the number of train tickets that can be purchased in a single order has been increased from the original 9 to 19. The number of "passengers" that can be added to a single 12306 account has been increased from the original 15 to 30. At the same time, all railway passenger stations will continue to accept on - site business for group passengers to buy train tickets, making it more convenient for group passengers such as those in tourism, study tours, performances, and sports events to purchase tickets in a centralized manner. (Beijing News)

Zhang Yong, former CEO of Alibaba, buys a luxury mansion in Mid-Levels, Hong Kong for HK$53.54 million

Zhang Yong, who "retired" from Alibaba, has had new developments recently. Hysan Development, a listed company on the Hong Kong Stock Exchange, announced on October 24 that on the same day, its wholly-owned subsidiary, Kwong Wan, as the seller, entered into an agreement with the buyer. According to the terms and conditions of the agreement, Kwong Wan agreed to sell a residential unit in Bamboo Grove Court (with a practical area of approximately 2,084 square feet, about 193 square meters) to the buyer at a price of HK$53.54 million.

The buyer is wholly-owned by Mr. Zhang Yong, an independent non-executive director. According to the listing rules, this transaction constitutes a connected transaction. On December 9, 2024, Hysan Development appointed Zhang Yong as an independent non-executive director and a member of the board committee, which once attracted attention. It is understood that Hysan Development is an established real estate developer in Hong Kong, mainly engaged in businesses such as leasing of shops, office buildings, and residential properties. (Daily Economic News)

Putin Advocates: Having at Least Three Children Should Become the Norm in Russia

Russian President Vladimir Putin chaired the first meeting of the Population Policy Committee, where the issue of the declining birth rate in Russia and support for young families were discussed. Putin said, "The decline in the birth rate has become a global challenge. Economically developed countries are the first to face this problem. Unfortunately, Russia is not spared either." Putin also said, "Russia's choice is quite clear, which is to fully support families, the cornerstone of society. I have repeatedly emphasized that families raising three or more children should become the norm in our country and a natural way of life."

Putin said, "The state will not exert any pressure in this regard. Deciding whether to have children is a private matter for everyone. Our task is, through joint efforts, to make people (especially the younger generation) sincerely aspire to the happiness of being parents and be convinced that the state will offer help when they need it." (Yicai Global)

China and the United States Hold Economic and Trade Consultations in Kuala Lumpur, Malaysia

From October 25th to 26th local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade issues and Vice Premier of the State Council, held China-US economic and trade consultations in Kuala Lumpur, Malaysia, with the US lead negotiators, US Treasury Secretary Bessent and US Trade Representative Greer. Guided by the important consensus reached in the previous phone calls between the two heads of state this year, the two sides had candid, in-depth and constructive exchanges and consultations on important economic and trade issues of common concern, such as the US Section 301 measures against China's maritime logistics and shipbuilding industries, the extension of the suspension period of reciprocal tariffs, fentanyl tariff and law - enforcement cooperation, agricultural product trade, and export controls. They reached a basic consensus on arrangements to address each other's concerns. The two sides agreed to further finalize specific details and go through their respective domestic approval procedures. (Xinhua News Agency)

The latest "inventory" of state-owned assets is released: The total assets of national state-owned enterprises amount to 401.7 trillion yuan, and the state-owned capital equity is 109.4 trillion yuan

On October 26, the comprehensive report of the State Council on the management of state-owned assets in 2024 was submitted for deliberation to the 18th meeting of the Standing Committee of the 14th National People's Congress, and the latest "inventory" of state-owned assets was released. As of the end of 2024, the total assets of national state-owned enterprises (excluding financial enterprises) reached 401.7 trillion yuan, and the state-owned capital equity was 109.4 trillion yuan. The total assets of state-owned financial enterprises reached 487.9 trillion yuan, and the state-owned financial capital equity was 33.9 trillion yuan. The report also announced the situation of administrative and institutional state-owned assets and state-owned natural resource assets.

The report stated that all regions and departments have continuously improved the management level of state-owned assets and firmly managed and utilized the common precious wealth of all the people. (Yicai Global)

The prices of popular products from Laopu Gold have increased by over 20%, with one product rising by 6,000 yuan overnight

Laopu Gold's third price adjustment of the year, which was previously announced, has been officially implemented. Compared with the 5% - 13% price increase of its products in August this year, the prices of many Laopu Gold products have increased by over 20% this time, showing a significant price hike. After the price adjustment, the No. 1 Cross Vajra (8.39 grams) is priced at 18,500 yuan, with a price difference of 3,500 yuan compared to before, representing a 23.33% increase. The gem - studded No. 1 Rose Window (14.8 grams) is priced at 30,610 yuan after the adjustment, with a price difference of 6,150 yuan compared to before, representing a 25.15% increase. (Caixin Press)

Moutai Announces Major Personnel Adjustment: Chen Hua, Director of the Guizhou Provincial Energy Bureau, Takes Over as Chairman of Moutai Group

It was learned from relevant departments that on the morning of October 25th, Moutai Group held a meeting to announce a major personnel adjustment: Zhang Deqin will no longer serve as the chairman of Moutai Group. Chen Hua, the director of the Guizhou Provincial Energy Bureau, will take over as the chairman of Moutai Group.

It is worth noting that Moutai has changed its chairman four times within five years. In March 2020, Gao Weidong succeeded Li Baofang as the chairman of Moutai Group. However, in August 2021, the chairman of Moutai was replaced by Ding Xiongjun. In April 2024, Zhang Deqin succeeded Ding Xiongjun as the chairman of the group. (Yicai Global)

Well - known hemorrhoid medication, Taining Suppository, exits the market

The news that the well - known hemorrhoid medication, Taining Suppository, has exited the market has attracted the attention of many patients. Recently, the official website of the National Medical Products Administration (NMPA) issued an announcement regarding the cancellation of the registration certificates of 80 drugs, including Loratadine Tablets. In accordance with the relevant provisions of the "Regulations for the Implementation of the Drug Administration Law of the People's Republic of China" and the "Drug Registration Administration Measures", the NMPA completed the cancellation of these certificates upon application. Reporters noticed that among the list of drugs whose registration certificates were cancelled upon application, Compound Carraghenates Cream and Compound Carraghenates Suppository (commonly known as "Taining Suppository") were both included.

In fact, as early as November 2023, the relevant company stopped supplying Compound Carraghenates Suppository. Due to the shortage of supply, the price of this drug soared from more than twenty yuan per box to over two hundred yuan, an increase of more than ten times. A relevant industry insider responded to reporters, "Since the main active ingredient of the raw material, compound carraghenates, is naturally extracted and non - renewable, there is currently no raw material available for continuous production on a global scale. Therefore, the company stopped supplying Compound Carraghenates Suppository in November 2023." (Southern Metropolis Daily)

Huawei's official website updates Yu Chengdong's position: additionally appointed as Director of Huawei's Product Investment Committee

36Kr learned that Huawei's official website has updated the management information, and Yu Chengdong has been additionally appointed as the Director of the Product Investment Committee. Meanwhile, Yu Chengdong still serves as an Executive Director of Huawei and the Chairman of the Consumer Business Group, in charge of Huawei's consumer terminal business, Hongmeng Smart Mobility business, etc.

JPMorgan Chase to Allow Institutional Clients to Use Bitcoin and Ethereum as Collateral

It is reported that JPMorgan Chase & Co. plans to allow institutional clients to use their held Bitcoin and Ethereum as collateral for loans by the end of this year, marking Wall Street's accelerating integration into the cryptocurrency ecosystem. (Cailian Press)

*ST Rongkong: Independent Director Liu Changkun Out of Contact

36Kr learned that on October 26, *ST Rongkong (000668.SZ) announced that the company has been unable to contact its independent director Liu Changkun recently. Liu Changkun serves as an independent director on the company's 11th - session board of directors and does not participate in the company's daily production, operation, and management. Currently, among the seven members of the company's board of directors, six directors are performing their duties normally. The above - mentioned matter does not affect the operation of the company's board of directors or its production and operation. The company will closely monitor the progress of this matter and take measures based on Liu Changkun's ability to perform his duties to ensure the standardized operation of the board of directors.

Public information shows that in April 2020, the board of directors of Rongfeng Holdings elected Liu Changkun as an independent director of the company, and nearly five and a half years have passed since then. In April 2025, the 2024 annual work report of independent directors disclosed by Rongfeng Holdings showed that Liu Changkun attended one on - site board meeting and eight board meetings by correspondence in 2024 without any absences. In addition, due to a huge loss in performance in 2024 and the operating income after deductions being less than 300 million yuan, the company has been subject to the "delisting risk warning" since April 30, 2025, and the stock abbreviation has been changed from "Rongfeng Holdings" to "*ST Rongkong". (36Kr, China Fund News)

Myanmar Military Uses Drones to Blow Up KK Park

At around 6:30 p.m. local time on October 24th, the Myanmar military began to detonate the buildings in the KK Park located in the Myawaddy area on the Myanmar - Thailand border. Reports said that the explosion was so powerful that the loud blast could even be heard in Mae Sot, Thailand, and thick smoke filled the air for several minutes. Early on October 25th, the Myanmar military carried out a second round of blasting operations in the KK Park. A local social media user said that the second - round blasting was more intense, "The Myanmar military used drones."

According to previous reports, the Myanmar military started to target the KK Park on October 16th. Thousands of people took advantage of the chaos to flee. More than 800 people entered Thailand, and some were taken away for processing at the Myanmar - Thailand border. Reports said that the Thai authorities have set up 24 - hour border checkpoints and strictly distinguish between criminals and forced victims. Some reports said that the Myanmar military found that there were more than 260 unregistered buildings in the KK Park. (Daily Economic News)

Going Public

Fourth Paradigm Precision Innovation Co., Ltd.

36Kr learned that on October 26th, Fourth Paradigm Precision Innovation announced that the company held a board meeting on October 24th, 2025, and approved authorizing the management to initiate the preliminary preparatory work for the overseas issuance of shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The specific plan still needs to be submitted to the board of directors and the shareholders' meeting for review, and obtain the record-filing, approval or authorization from relevant government agencies and regulatory authorities. There is significant uncertainty regarding this matter, and the company will promptly fulfill its information disclosure obligations.

Lenskart

The omnichannel eyewear retail e-commerce platform in India, Lenskart, will accept subscriptions for its IPO in India from October 31st to November. (Gelonghui)

The Cutting - Edge of AI

OpenAI is Developing AI for Music Creation

It is reported that OpenAI is actively developing an AI music model. OpenAI's engineers are collaborating with some students from the Juilliard School to annotate musical scores, which will serve as training data for the music model. In internal discussions, OpenAI has explored specific application scenarios for generating music using text and audio prompts. For example, users can input a description and ask the AI to add guitar accompaniment to an existing vocal track. This function can help users add background music to short videos, enabling the videos to be completely generated by AI. (Cailian Press)

Grok Launches New AI Companion Named Mika

On Friday local time, Grok launched a new AI companion named Mika. Currently, Grok has five AI companions, namely Mika, Ani, Valentine, Good Rudi, and Bad Rudi. (Sina Finance)

Report: SoftBank Approves Remaining $22.5 Billion Investment in OpenAI

According to a report by The Information on Saturday, SoftBank Group has approved an additional investment of $22.5 billion in OpenAI to complete its $30 billion investment plan in the company. The report said that a person familiar with the matter revealed that SoftBank's board of directors has approved the disbursement of the funds, but on the condition that the artificial intelligence startup must complete a corporate restructuring to pave the way for a possible future public listing. According to the report, this funding will be included in the $41 billion financing round announced by OpenAI in April this year. (IT Home)

Financial Reports of Big Companies

Porsche's sales profit plummeted by 99%, losing 8 billion yuan in a quarter

On the 24th local time, the latest data released by Porsche, a subsidiary of the German Volkswagen Group, showed that the company suffered a loss of 966 million euros in the third quarter, equivalent to about 8 billion yuan. Affected by this, its sales profit in the first three quarters of this year dropped by 99% year-on-year. The data released by Porsche on the 24th showed that in the first nine months of this year, the company's operating income was about 26.86 billion euros, a year-on-year decrease of 6%; the sales profit was only 40 million euros, a 99% decrease compared with 4.035 billion euros in the same period last year. Facing the current operating pressure, Porsche has launched an organizational structure optimization plan, planning to lay off 1,900 employees in the next few years and cut 2,000 temporary positions this year. The second round of layoff plan is expected to be announced before the end of this year. (Yicai Global)

WuXi AppTec: Net profit in the first three quarters was 12.076 billion yuan, a year-on-year increase of 84.84%

36Kr learned that WuXi AppTec released its third-quarter report for 2025. In the third quarter, it achieved an operating income of 12.057 billion yuan, a year-on-year increase of 15.26%; the net profit attributable to shareholders of the listed company was 3.515 billion yuan, a year-on-year increase of 53.27%. In the first three quarters, it achieved an operating income of 32.857 billion yuan, a year-on-year increase of 18.61%; the net profit attributable to shareholders of the listed company was 12.076 billion yuan, a year-on-year increase of 84.84%.

Investment and Financing

Songyan Power Completes Nearly 300 Million Yuan in Pre-B Round Financing

On October 26th, it was reported that Songyan Power has completed nearly 300 million yuan in Pre-B round financing, led by Fangguang Capital, with follow-on investments from Vertex Ventures, CRRC Transformation and Upgrading Fund, Juhe Capital, Orient Jafu, CCTV Media Convergence Fund, Jiadao Capital, Kuanqiao Hengsong, etc. (Star Market Daily)

Compiled | Chi Yu