China Business Daily

2 October 2026 · 07:30 CST · Daily intelligence brief

This edition draws on 42 reports across 13 Chinese outlets.

At a Glance

  • The central bank’s October 8 three-month outright reverse repo of 1.2 trillion yuan is an increased rollover that leaves a net 200 billion yuan of liquidity in the banking system. economy.caijing.com.cn, 2026-10-01.
  • China’s September manufacturing PMI returned to expansion at 50.1%, alongside a 50.2% non-manufacturing business activity index and a 50.7% composite output index. m.21jingji.com, 2026-10-01.
  • A fiscal interest subsidy of 1 percentage point on newly issued first-home mortgages took effect on October 1, with banks auto-deducting the subsidy from each repayment. finance.eastmoney.com, 2026-10-01.

Top Stories

Policy

  • PBOC to inject 1.2 trillion yuan via three-month outright reverse repos · covered by 6 outlets
  • The People’s Bank of China (央行) announced on September 30 that it will conduct a 1.2 trillion yuan outright reverse repo operation on October 8 with a 3-month (89-day) term maturing January 5, 2027, using a fixed-quantity, rate-tender, multiple-price auction method, according to the central bank. finance.ce.cn, 2026-10-01.
  • October sees 1 trillion yuan of 3-month outright reverse repos maturing, making the October 3-month operation an increased rollover with an extra 200 billion yuan. economy.caijing.com.cn, 2026-10-01.
  • Wang Qing, chief macro analyst at Oriental Credit (a Chinese credit-rating agency), said the larger rollover partly reflects expanded government bond issuance and a notable rise in net financing, with October government bond financing remaining high; the fiscal authorities will also use the local government debt carryover quota, issue additional local government bonds and deploy 800 billion yuan of new policy-based financial instruments, all requiring central bank liquidity support, according to Wang. finance.sina.com.cn, 2026-09-30.

  • Wang Qing also said a reserve requirement ratio cut will be delayed while the central bank injects large-scale medium-term liquidity through outright reverse repos and MLF, as the two policy tools are partly substitutable. finance.eastmoney.com.

  • China starts mortgage-interest subsidy, with another fiscal stimulus measure in the pipeline · covered by 1 outlet

  • Starting October 1, individuals taking out newly issued commercial personal housing loans to buy a first home (under 120 square meters and priced under 1.5 million yuan) receive a 1 percentage point annualized interest subsidy from the fiscal authority on loan principal of no more than 1 million yuan, for a term of no more than 5 years, with the policy tentatively set to run for 1 year, according to the Ministry of Finance and other departments. finance.eastmoney.com, 2026-10-01.
  • Bank of China and other state-owned major banks announced that qualifying loans issued on or after October 1, 2026 can enjoy the subsidy, which banks determine automatically under a “no application needed” process and deduct from each repayment. Yicai, 2026-10-01.
  • For a long-term 1 million yuan commercial personal housing loan, the subsidy can reduce the borrower’s cumulative interest payments by nearly 50,000 yuan, according to Ministry of Finance officials. finance.eastmoney.com, 2026-10-01.

  • On the separate debt measure, the State Council executive meeting on September 28 required making good use of the outstanding local government debt limits, of which about 1.16 trillion yuan is usable this year after 2 trillion yuan is applied to replacing existing hidden debt, out of about 3.16 trillion yuan at end-2025, according to Ministry of Finance data. Yicai, 2026-10-01.

  • Digital yuan cross-border cooperation network expands to more markets · covered by 1 outlet

  • By the end of September, 39 additional domestic and overseas financial institutions had submitted applications to join the CBETS cross-border settlement platform as direct participants, following the initial signing of 26 financial institutions, according to the Digital RMB International Operation Center. People’s Daily, 2026-10-02.
  • The overseas version of the digital RMB App supports wallet registration and activation using mobile phone numbers from more than 210 countries and regions, and CBETS has achieved interconnection with Hong Kong’s Faster Payment System (FPS) and Laos’ National Payment Network (LAPNet) while piloting support for Singapore digital RMB cross-border payments, according to the Digital RMB International Operation Center. People’s Daily, 2026-10-02.

Macro

  • China’s September PMI climbs back into expansion territory · covered by 2 outlets
  • The National Bureau of Statistics Service Survey Center and the China Federation of Logistics and Purchasing released the September PMI indexes on the 30th. m.21jingji.com, 2026-10-01.
  • In September the manufacturing PMI, non-manufacturing business activity index and composite PMI output index stood at 50.1%, 50.2% and 50.7% respectively, up 0.3, 1.2 and 1.2 percentage points from the previous month, according to the two bodies. m.21jingji.com, 2026-10-01.
  • The manufacturing PMI rose for two consecutive months, the non-manufacturing business activity index rebounded significantly and the composite PMI output index stayed above the critical point, according to the two bodies. m.21jingji.com, 2026-10-01.

Company

  • Huawei Mate 90 lineup debuts flagship tau chip with industry-first four-card eSIM · covered by 2 outlets
  • Huawei (华为) held a launch event for the Mate90 series and all-scenario new products on October 1, where executive director Yu Chengdong said the whole Mate90 series carries flagship τ chips with performance leaps in CPU, GPU and NPU — the Mate90 with the Kirin 9030, the Mate90 Pro with the Kirin 9035 and the Mate90 Pro Max with the Kirin 9050 Pro logic-folded chip. National Business Daily, 2026-10-01.
  • The Mate90 line is the industry’s first to offer four-card three-standby eSIM plus a physical card. National Business Daily, 2026-10-01.

  • The full Mate 90 series went on sale at 12:08 on October 1 starting at 5,999 yuan, with the Mate 90 RS 16GB+2TB version priced at 18,999 yuan. finance.eastmoney.com.

  • BYD September NEV sales rise 16.99% to 463,600 units · covered by 2 outlets

  • BYD (比亚迪; a Chinese electric-vehicle maker) announced on October 1 that its September new energy vehicle sales reached 463,600 units, up 16.99% year on year. National Business Daily, 2026-10-01.
  • September battery electric vehicle sales were 273,100 units, up 33.21% year on year, while plug-in hybrid sales were 183,600 units, down 2.36%, according to the company announcement. Jiemian.

  • September new energy vehicle exports were 180,700 units, and cumulative January-September sales were 3.1316 million units, down 3.94% year on year. National Business Daily, 2026-10-01.

  • JAC Motor confirms Huawei and Stellantis cooperation talks, terms undecided · covered by 3 outlets

  • JAC Motors (江淮汽车; a Chinese automaker) confirmed it has cooperation intentions with Huawei and Stellantis, but the content and form of cooperation are undetermined and no binding formal agreement has been signed, according to a company announcement. National Business Daily, 2026-09-30.
  • JAC Motors’ shares rose more than 20% cumulatively over three consecutive trading days from September 28 to September 30, 2026, triggering an abnormal trading fluctuation announcement. finance.sina.com.cn, 2026-10-01.

  • In the first half of 2026 JAC Motors recorded revenue of about 22.13 billion yuan, up 14.31% year on year, and a net loss attributable to shareholders of 749 million yuan, compared with a loss of 773 million yuan a year earlier, according to its half-year report. finance.sina.com.cn, 2026-10-01.

  • Canada Goose Greater China revenue jumps 44% even as shares hit 52-week low · covered by 1 outlet

  • Canada Goose reported fiscal 2027 first-quarter revenue of 118.9 million Canadian dollars, up 10.3% year on year. Economic Observer, 2026-10-02.
  • Greater China revenue surged 44.2% year on year in the quarter, making it the brand’s core global growth engine, while the company remained in a loss-making range in the same quarter. Economic Observer, 2026-10-02.

  • The stock hit a 52-week low in mid-September, which the market attributed to US-Canada tariffs and weakening North American demand. Economic Observer, 2026-10-02.

  • China Merchants Securities names Liu Bo president after four-month vacancy · covered by 5 outlets

  • China Merchants Securities (招商证券; a Chinese brokerage) appointed Liu Bo as president for the remainder of the current board term, with Liu ceasing to serve as vice president, according to the company. m.21jingji.com, 2026-10-01.
  • On September 30, 2026 the brokerage held an internal meeting appointing Vice President Liu Bo as deputy party secretary, and the same day announced that the 38th meeting of its eighth board of directors approved his appointment as president by telecommunication vote. Caixin, 2026-09-30.

  • In the first half of 2026 China Merchants Securities reported revenue of 21.902 billion yuan, up 108.19% year on year, and net profit attributable to shareholders of 10.624 billion yuan, up 104.87%. finance.eastmoney.com.

  • Ralph Lauren Asia revenue climbs 24% on China growth · covered by 1 outlet

  • Ralph Lauren (RL) reported that its Asia revenue grew 24% year on year. Economic Observer, 2026-10-02.

  • The company’s price-to-book ratio climbed to the 80th percentile of the past three years, driven by the 24% year-on-year increase in Asia revenue, with the high growth rate of the Chinese market cited as one of the core narratives behind foreign investors’ bullishness on the stock. Economic Observer, 2026-10-02.

  • Li Auto delivers 31,817 vehicles in September · covered by 3 outlets

  • Li Auto (理想汽车; a Chinese electric-vehicle maker) delivered 31,817 new vehicles in September 2026, and as of September 30, 2026 its cumulative deliveries reached 1,833,651 vehicles, according to the company. National Business Daily, 2026-10-01.
  • Li Auto published its September 2026 delivery data on October 1, with cumulative historical deliveries reaching 1.8337 million vehicles as of September 30, 2026. finance.eastmoney.com.

  • Xiaomi Auto (小米汽车; a Chinese electric-vehicle maker) delivered more than 40,000 vehicles in September 2026. Securities Times.

  • Geely September vehicle sales rise about 7% to 292,000 units · covered by 2 outlets

  • Geely Auto (吉利汽车; a Chinese automaker) announced on October 1 that its September total vehicle sales reached 292,000 units, up about 7% year on year. National Business Daily, 2026-10-01.

  • Zeekr brand sales surged 104% year on year in September to 37,000 units, according to the company announcement. National Business Daily, 2026-10-01.

  • Leapmotor September deliveries rise 59% to 105,700 units · covered by 2 outlets

  • Leapmotor (零跑汽车; a Chinese electric-vehicle maker) delivered 105,700 vehicles globally in September, up 59% year on year, according to the company. National Business Daily, 2026-10-01.

  • Leapmotor’s September global deliveries reached 105,656 units, up 59% year on year, with monthly sales exceeding 100,000 units for three consecutive months and a new record high. finance.eastmoney.com.

  • Luxshare Precision posts five-day main-fund outflow, lagging market average · covered by 2 outlets

  • Luxshare Precision (立讯精密; a Chinese electronics manufacturer) has been in a bearish trend over the past five days, underperforming the broad market and matching the industry average, with main funds showing an overall net outflow on September 30 and over the five days at a net proportion far below the market average. Economic Observer, 2026-10-01.
  • The stock’s current PE TTM is 21.5, below the industry median and at the 19.5th percentile of its own past five years, with a margin financing and securities lending difference ratio of 1.5%. Economic Observer, 2026-10-01.

  • The latest quarterly report showed active equity funds’ holding proportion in the stock changed by +1.57%, while the stock price changed by +42.92% over the same period. Economic Observer, 2026-10-01.

  • Dongyangguang controlling shareholder plans up to 1.2 billion yuan stake increase and proposes equal buyback · covered by 1 outlet

  • Dongyangguang’s (东阳光; a Chinese diversified industrial group) controlling shareholder Shenzhen Dongyangguang Industrial and concert party Yichang Dongyangguang Pharmaceutical plan to increase their A-share holdings by a combined 600 million to 1.2 billion yuan within six months of the announcement, according to the company. National Business Daily, 2026-10-01.
  • On September 29 the controlling shareholder proposed that Dongyangguang repurchase part of its A-shares with its own or self-raised funds for 600 million to 1.2 billion yuan, at a price no more than 150% of the average trading price of the 30 trading days before the board resolution, according to the company. National Business Daily, 2026-10-01.
  • In the first half of 2026 Dongyangguang reported operating revenue of 9.376 billion yuan, up 31.61% year on year, and net profit attributable to shareholders of 389 million yuan, down 36.46%, while its AI business generated 289 million yuan of revenue, up 1,144.22%. National Business Daily, 2026-10-01.

Markets

  • Nasdaq Golden Dragon China index falls 1.03% as ADRs retreat · covered by 2 outlets
  • Most Chinese concept stocks declined in local time October 1 trading, with the Nasdaq Golden Dragon China Index falling 1.03%. National Business Daily, 2026-10-02.
  • Chagee (a Chinese tea-chain operator) and GDS Holdings (a Chinese data-center operator) each fell more than 4%, Futu Holdings (an online brokerage) dropped more than 3% and Li Auto fell more than 2%, while Shengmei Semiconductor (ACM Research) rose more than 3%. National Business Daily, 2026-10-02.
  • On local time September 30, Chinese concept stocks mostly rose, with the index up 0.60% and BOSS Zhipin (a Chinese online recruitment platform) up over 4%. finance.eastmoney.com.

Sources

42 source articles across 13 Chinese outlets. Each story below lists the outlets that corroborate it; click any source to read the original.

PBOC to inject 1.2 trillion yuan via three-month outright reverse repos — 6 outlets

China’s September PMI climbs back into expansion territory — 2 outlets

China starts mortgage-interest subsidy, with another fiscal stimulus measure in the pipeline — 2 outlets

Huawei Mate 90 lineup debuts flagship tau chip with industry-first four-card eSIM — 3 outlets

BYD September NEV sales rise 16.99% to 463,600 units — 3 outlets

JAC Motor confirms Huawei and Stellantis cooperation talks, terms undecided — 3 outlets

Canada Goose Greater China revenue jumps 44% even as shares hit 52-week low — 1 outlet

China Merchants Securities names Liu Bo president after four-month vacancy — 5 outlets

Ralph Lauren Asia revenue climbs 24% on China growth — 1 outlet

Nasdaq Golden Dragon China index falls 1.03% as ADRs retreat — 3 outlets

Digital yuan cross-border cooperation network expands to more markets — 1 outlet

Li Auto delivers 31,817 vehicles in September — 3 outlets

Geely September vehicle sales rise about 7% to 292,000 units — 2 outlets

Leapmotor September deliveries rise 59% to 105,700 units — 2 outlets

Luxshare Precision posts five-day main-fund outflow, lagging market average — 3 outlets

Industry leader’s controlling shareholder launches up to 2.4 billion yuan buyback and stake increase — 2 outlets

Methodology: stories are clustered across Chinese outlets and ranked by breadth of corroboration and recency. Reporting is descriptive only and is not investment advice. Compiled 2 October 2026 07:30 CST.

Intern Steve Lvl 1
Rank Steve today (1–5):
Help Steve improve tomorrow’s brief.
What worked? What missed? What should he watch more carefully?