China's year-to-date installed power generation capacity grew at an annualized rate of 11.2% in September, up from 11.1% previously.

1. China's 15th Five-Year Plan for Informatization: By 2030, my country will have made significant progress in informatization. 2. Important adjustments to the Shanghai Composite Index and the STAR Market Composite Index took effect on the 26th: Single-stock weight cap increased by 15%. 3. Goldman Sachs lowered its 12-month target for the South Korean KOSPI Index by 25%. 4. Hong Kong Stock Exchange launched artificial intelligence and semiconductor indices. 5. Some QDII segregated account products are being liquidated? Industry insiders say it's related to adjustments in QDII segregated account quotas. 6. my country successfully launched the Yaogan-53 07-09 and Yaogan-56 19-21 satellites. 7. The Nasdaq Technology ETF (Invesco Great Wall) premium is approximately 33.74%; trading will be suspended until 10:30 on October 26th. 8. The global chip LOF premium is approximately 26.80%; trading will be suspended until 10:30 on October 26th. 9. The Nasdaq ETF HuaAn has a premium of approximately 10.38% and will be suspended from trading until 10:30 AM on October 26th. 10. The Nasdaq ETF E Fund has a premium of approximately 15.22% and will be suspended from trading until 10:30 AM on October 26th. 11. The Nasdaq ETF Huitianfu has a premium of approximately 12.18% and will be suspended from trading until 10:30 AM on October 26th. 12. The S&P Consumer ETF Invesco has a premium of approximately 5.66%, and if the premium does not recede, it may apply for a temporary suspension. 13. The US 50 ETF E Fund has a premium of 7.56%, and may subsequently apply for a temporary suspension. 14. The Nasdaq ETF Huatai-PineBridge has warned of a significant premium risk and may subsequently apply for a temporary suspension. 15. The Nasdaq 100 ETF Bosera has experienced a significant premium and will be suspended from trading until 10:30 AM on October 26th.

El Niño could be bearish for the natural gas market, as warmer, wetter, and windier weather conditions will reduce heating and electricity demand. Current European weather forecasts indicate a significantly warmer winter: November and December temperatures are projected to be 1.4 standard deviations above the normal level for the same period over the past 10 years, and January and February 2027 are expected to be 0.5 standard deviations above normal. If these forecasts materialize, all else being equal, natural gas inventory levels at the end of March could be up to 6 percentage points higher than levels based on normal weather assumptions over the past 10 years. More favorable wind and hydropower conditions could further increase inventory levels by 9 percentage points at the end of March. Despite the significantly warmer winter outlook, especially for the first half of the heating season, we have only incorporated mild adjustments into our model due to the inherent uncertainties in seasonal forecasts. Currently, we assume November temperatures to be approximately 0.7 standard deviations above normal and December temperatures to be approximately 0.5 standard deviations above normal, lower than the approximately 1.4 standard deviations shown in current weather forecasts. Currently, we have not yet incorporated the potential impact of El Niño on wind and hydropower generation, as well as related changes in thermal power generation and natural gas consumption, into our model. If these factors materialize, it will further shift our assessment of the natural gas supply and demand balance towards a bearish bias.