Morning News

Source: Wall Street News

Ahead of the release of key U.S. Consumer Price Index (CPI) data, the trade situation is expected to ease, market sentiment has warmed up significantly, and the three major U.S. stock indices all recorded gains. Tesla opened lower but moved higher, rising by 2.28%, leading the gains among the "Magnificent Seven" tech giants. Honeywell raised its earnings guidance and surged nearly 7%. Quantum computing concept stocks saw a sharp rally. Affected by news of sanctions against Russia, energy stocks performed prominently.

The yield on the 10-year U.S. Treasury note rose by 5.3 basis points, returning to the 4% level. The U.S. dollar was flat compared with the previous day's close. Bitcoin once reversed its downward trend from yesterday, reclaiming the $110,000 mark intraday. Ethereum rebounded by 1.2%, and Solana soared by 6%.

Gold continued its rebound trend from the previous day's close. Spot gold stood firm above $4,100, and COMEX gold futures rose by 1.62%. Crude oil posted three consecutive days of gains, with an intraday increase of over 5%, and U.S. crude oil once climbed back to $62 per barrel.

During the Asian trading session, China's A-shares pulled up in the afternoon, and the three major stock indices all closed higher. Coal stocks triggered a surge of limit-up moves. The Hang Seng Index ended its five-day losing streak, while Pop Mart bucked the trend and plummeted over 9%. "Coking coal and coke" (the "dual cokes") saw sharp gains.

# Key News

- China and the United States will hold economic and trade consultations in Malaysia from October 24 to 27.

- Communiqué of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China. The Fourth Plenary Session of the 20th CPC Central Committee reviewed and adopted the proposals for the "15th Five-Year Plan".

- Will the Trump administration take a stake in a quantum computing company? A U.S. Department of Commerce official stated: "There are no such consultations."

- The United States has established a critical minerals fund with a target scale of $5 billion.

- Trump extended another " olive branch" to the crypto industry by issuing a pardon to Zhao Changpeng, the founder of Binance.

- The White House said that a meeting between the U.S. and Russian leaders (the "U.S.-Russia summit") is not entirely impossible. Putin stated: "The new U.S. sanctions will not have a significant impact on Russia's economy." The European Union approved a new set of sanctions against Russia, which will ban the import of liquefied natural gas (LNG) from Russia starting in 2027 and include crypto platforms in sanctions for the first time.

- Trump's new sanctions reshape the oil market: India's withdrawal may lead to the phased removal of 1.5 million barrels per day of supply from the market, and refineries are shifting to compete for supplies from the Middle East and Latin America. Modi may skip the ASEAN Summit, missing the opportunity to meet with Trump.

- Driven by cost reduction efforts and AI demand, Intel returned to profitability in the third quarter (Q3), with revenue resuming growth and an optimistic outlook, leading to a post-market rally in its stock.

- Anthropic reached a $10 billion cooperation agreement with Google Cloud, and will obtain one million TPU chips by 2026.

- The "super cycle" of memory chips is accelerating: Samsung and SK Hynix both raised prices by 30%, and some customers have locked in 2-3 year long-term supply agreements.

# Market Closing Quotes

## U.S. and European Stock Markets

- S&P 500: Rose by 0.58%, closing at 6,738.44 points.

- Dow Jones Industrial Average (DJIA): Rose by 0.31%, closing at 46,734.61 points.

- Nasdaq Composite Index: Rose by 0.89%, closing at 22,941.798 points.

- Euro Stoxx 600 Index: Closed up by 0.37% at 574.43 points, hitting a new all-time closing high.

## China's A-Shares

- Shanghai Composite Index: Rose by 0.22%, closing at 3,922.41 points.

- Shenzhen Component Index: Rose by 0.22%, closing at 13,025.45 points.

- ChiNext Index: Rose by 0.09%, closing at 3,062.16 points.

## Bond Market

- Yield on the 10-year U.S. Treasury note: Rose by 4.78 basis points, closing at 3.9970%.

- Yield on the 2-year U.S. Treasury note: Rose by 4.20 basis points, hitting a daily high of 3.4864%.

## Commodities

- WTI Crude Oil Futures (December contract): Closed up by 5.62%, at $61.79 per barrel.

- Brent Crude Oil Futures (December contract): Closed up by 5.43%, at $65.99 per barrel.

- COMEX Gold Futures: Rose by 1.62%, closing at $4,131.20 per ounce.

- COMEX Silver Futures: Rose by 1.81%, closing at $48.545 per ounce.

### Notes on Key Terms

1. **"Magnificent Seven"**: A widely recognized term in the U.S. stock market referring to seven leading large-cap tech companies (usually including Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta, and Tesla), hence directly retained in the translation for accuracy.

2. **"Dual cokes"**: A common abbreviation in China's commodity market for "coking coal" and "coke"; the full names are added in parentheses to ensure clarity for English readers.

3. **"15th Five-Year Plan"**: The standard English translation of China's national five-year development plan, consistent with international reporting conventions.

4. **Limit-up**: A mechanism in China's stock market where stock price increases are capped at a certain percentage (usually 10% for most stocks); translated directly with contextual implication of a surge driven by this mechanism.

# Details of Key News

## Global Highlights

- China and the United States to hold economic and trade consultations in Malaysia from October 24 to 27. As agreed by both sides, He Lifeng, Member of the Political Bureau of the Communist Party of China (CPC) Central Committee and Vice Premier of the State Council of the People's Republic of China, will lead a delegation to Malaysia from October 24 to 27 to hold economic and trade consultations with the U.S. side. The two sides will conduct consultations on important issues in China-U.S. economic and trade relations in accordance with the important consensus reached by the heads of state of the two countries in their various calls since the beginning of this year.

- Communiqué of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China. The Plenary Session put forward the main goals for economic and social development during the "15th Five-Year Plan" period: remarkable achievements in high-quality development, a substantial improvement in the level of self-reliance and self-strengthening in science and technology, new breakthroughs in further deepening reform in an all-round way, a notable upgrade in the level of social civilization, a continuous improvement in people's quality of life, new major progress in the building of a Beautiful China, and a more solid national security barrier. On this basis, after another five years of hard work, by 2035, China will see a significant leap in its economic strength, scientific and technological strength, national defense strength, overall national strength, and international influence; its per capita gross domestic product (GDP) will reach the level of moderately developed countries; people's lives will be happier and better; and basically socialist modernization will be realized.

- The Fourth Plenary Session of the 20th CPC Central Committee reviewed and adopted the proposals for the "15th Five-Year Plan". The Plenary Session heard and discussed the work report made by Xi Jinping on behalf of the Political Bureau of the Central Committee, and reviewed and adopted the "Proposal of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development". Xi Jinping made an explanation on the "Proposal (Draft for Discussion)" to the Plenary Session.

- During the "15th Five-Year Plan" period, China will focus on accomplishing the following tasks. China will focus on building a modern industrial system and consolidating and strengthening the foundation of the real economy; accelerate high-level self-reliance and self-strengthening in science and technology to lead the development of new productive forces; build a strong domestic market and accelerate the formation of a new development pattern; and accelerate the establishment of a high-level socialist market economy system to enhance the driving force for high-quality development.

- Focusing on the main goals of the "15th Five-Year Plan", here's how to act in the next five years! Seize the historical opportunity of the new round of scientific and technological revolution and industrial transformation, coordinate the development of a strong education system, a strong science and technology system, and a strong talent system, enhance the overall efficiency of the national innovation system, comprehensively strengthen independent innovation capabilities, seize the commanding heights of scientific and technological development, and continuously spawn new productive forces. We should strengthen original innovation and research on key core technologies, promote in-depth integration of scientific and technological innovation and industrial innovation, advance the integrated development of education, science and technology, and talents, and further promote the construction of a Digital China.

- Key expressions in the Communiqué of the Fourth Plenary Session of the 20th CPC Central Committee deserve attention. We will adhere to focusing on the real economy in developing the economy, uphold the orientation of intelligentization, greenization, and integration, and accelerate the building of a strong manufacturing country, a quality country, an aerospace power, a transportation power, and a cyber power.

- Will the Trump administration take a stake in quantum computing companies? U.S. Commerce Department official: No such consultations. According to media reports, a spokesperson for the U.S. Department of Commerce revealed that relevant companies have contacted the White House, and the government has also received many intentions for equity investment. What is being considered may be in the form of warrants or loans, and may not involve the quantum computing companies mentioned in earlier reports on Thursday.

- The Trump administration is considering taking stakes in multiple quantum computing companies. The Trump administration is planning to deeply engage in key technology fields and is considering using federal funds to acquire equity in multiple quantum computing companies such as IonQ. This move continues its industrial policy of "government as a shareholder", aiming to allow taxpayers to share the dividends of high-tech development. Previously, it had taken a stake in chip giant Intel through a similar approach.

- The United States establishes a critical minerals fund with a target scale of $5 billion! The U.S. government, in collaboration with private equity firm Orion Resource Partners and Abu Dhabi sovereign wealth fund ADQ, has established a critical minerals investment fund. The three parties have committed an initial capital of $1.8 billion and set a final scale target of $5 billion. The fund will give priority to "investments in existing or soon-to-be operational assets" rather than early-stage exploration projects.

- Trump extends another "olive branch" to the crypto industry, issuing a pardon to Zhao Changpeng, founder of Binance. Trump, in accordance with the authority granted by the U.S. Constitution, issued a pardon to Zhao Changpeng. This move marks the White House's latest act of clemency for entrepreneurs in the crypto industry. Binance Coin (BNB) rose in response to the news of Zhao Changpeng's pardon. Earlier media reports stated that one of the Trump family's crypto projects, World Liberty Financial Inc., had discussed potential cooperation with Binance.

- White House says a U.S.-Russia summit is not entirely impossible; Putin: New U.S. sanctions will not have a major impact on Russia's economy. Putin stated that new U.S. sanctions will not have a major impact on Russia's economy. Buyers need time to find alternatives to Russian oil, and a reduction in Russian oil supply will lead to higher oil prices. The White House said that a meeting between Trump and Putin is not entirely impossible. Zelensky said that any form of territorial exchange with Russia is "unacceptable". During Thursday's U.S. stock trading session, both Brent crude and U.S. crude rose by more than 5%.

- The European Union approves a new set of sanctions against Russia, banning LNG imports from 2027 and including crypto platforms in sanctions for the first time. This round of sanctions against Russia mainly involves energy, finance and other fields. The EU will ban Russian liquefied natural gas (LNG) from entering the European market for the first time starting from 2027 and lower the price cap on Russian crude oil to $47.6 per barrel; Rosneft and Gazprom Neft will face a comprehensive trading ban; the EU will expand the trading ban on financial institutions in Russia and other countries, and include cryptocurrency platforms in sanctions for the first time.

- Trump's new sanctions reshape the oil market: India's withdrawal may lead to the phased removal of 1.5 million barrels per day of supply from the market, and refineries turn to compete for supplies from the Middle East and Latin America. U.S. sanctions on two major Russian oil giants have made it difficult for Indian refineries to continue purchasing 1.5 million barrels of Russian oil per day, triggering a jump in oil prices by more than 5%. The market is worried that this batch of crude oil will be phased out of the market, forcing global refineries to turn to the Middle East and Latin America for alternatives, intensifying competition and supporting oil prices.

- Modi may skip the ASEAN Summit, missing the opportunity to meet with Trump. Indian Prime Minister Modi will skip the in-person meeting of the ASEAN Summit due to the domestic Diwali celebration and will participate online instead. This decision caused him to miss a key opportunity to meet directly with U.S. President Trump. Currently, U.S.-India trade relations are in a sensitive period. News emerged this week that the two countries are close to reaching an agreement, with tariffs possibly reduced to 15%, but the failure of the two sides to meet may increase uncertainty in the trade situation.

- Driven by cost reduction and AI demand, Intel returns to profitability in Q3, with revenue resuming growth, optimistic outlook, and post-market rally. Intel's revenue in the third quarter achieved year-on-year positive growth for the first time in one and a half years, and net profit turned profitable for the first time since the end of 2023. The gross profit margin reached a new high in one and a half years. The CFO said that the company's chips are currently in short supply, and this situation will continue until next year, partly due to the demand for CPU upgrades from data center operators. The midpoint of Intel's fourth-quarter revenue guidance excluding the Altera business is slightly lower than analysts' expectations, but its actual performance is better because some analysts' forecasts include Altera's revenue. Intel said it had received $5.7 billion in investment from the U.S. government in the third quarter; NVIDIA's $5 billion investment is expected to be completed within this year. Intel's stock price rose by 9% at one point in after-hours trading.

- Anthropic reaches a $10 billion cooperation agreement with Google Cloud, to obtain one million TPU chips by 2026. Anthropic and Google officially announced a cloud service cooperation agreement. This multi-billion-dollar deal will provide it with up to one million Google-customized TPU chips, which are expected to deliver more than one gigawatt of AI computing power by 2026. After the news was announced, Alphabet, Google's parent company, rose nearly 1% in short-term after-hours trading.

- The "super cycle" of memory chips accelerates: Samsung and SK Hynix both raise prices by 30%, and some customers lock in 2-3 year long-term contracts. Samsung and SK Hynix have raised the prices of DRAM and NAND flash memory by up to 30% in the fourth quarter. U.S. electronics giants and data center operators are negotiating 2-3 year medium and long-term supply contracts with South Korean suppliers. The main reason for the price increase is that HBM production has squeezed the production capacity of general-purpose DRAM. Analysts expect this round of shortage may last for three to four years.

## Domestic Macroeconomics

Chinese enterprises sold a large amount of U.S. dollars, with a foreign exchange settlement and sales surplus of $51 billion in September, the largest since December 2020. In September, banks' foreign exchange settlement reached $264.7 billion, and foreign exchange sales were $213.6 billion, resulting in a foreign exchange settlement and sales surplus of $51 billion. The cumulative surplus in the first three quarters was $63.2 billion, higher than the same period last year. This reflects a significant increase in the willingness of market entities to settle foreign exchange against the background of strengthened expectations of RMB appreciation. Analysts believe that accelerated foreign exchange settlement by exporters will provide further support for the RMB.

## Domestic Companies

- Seizing the consumer AI market: Alibaba's self-developed AI glasses launch pre-sales, with a minimum price of 3,699 yuan after subsidies; new chatbot challenges ChatGPT. Aiming at Meta and OpenAI, Alibaba's Quark AI glasses are about to start pre-sales, with a pre-sale starting price of 4,699 yuan and an actual price of 3,699 yuan after subsidies. The hardware configuration of Quark AI glasses is benchmarked against Meta's smart glasses and deeply integrates Alibaba's ecological services. At the same time, Alibaba launched a new AI Chat Assistant model in its Quark app, challenging ChatGPT.

- Dan Bin's latest holdings: NVIDIA remains the largest holding; first purchase of Alibaba and Broadcom; significant reduction in Amazon and Netflix holdings. The most notable move in the third quarter was the purchase of Alibaba, with a new purchase of 221,000 shares, accounting for 3.06% of the portfolio, and newly entering the top 10 holdings list. To strengthen the layout of the AI industry chain, it newly added two important semiconductor companies: Broadcom and Astera Labs. The number of shares held in Amazon and Netflix was reduced by 50% and 71.5% respectively.

## Overseas Macroeconomics

- Amid a sharp drop in gold prices, Goldman Sachs remains "firmly bullish": maintains the target price of $4,900 by the end of next year, with even "upside risks". Goldman Sachs believes that the current sell-off is mainly caused by the liquidation of speculative positions and the spillover effect of the silver market, not by the deterioration of fundamentals. The real "smart money", including structural buying from central banks, ultra-high-net-worth individuals, and long-term asset allocation institutions, is still continuing to flow in. Moreover, due to the awakening of allocation demand from large institutional investors, there are even "upside risks" to the target price of $4,900 per ounce.

- U.S. existing home sales hit a seven-month high in September, with slower price growth and a sharp year-on-year increase in inventory. U.S. existing home sales reached an annualized 4.06 million units in September, the highest level in seven months, in line with the expected 4.06 million units in media surveys, and the previous value was 4 million units. The median price of existing homes in September rose by 2.1% year-on-year to $415,200. The inventory of existing homes for sale in September surged by 14% year-on-year to 1.55 million units, one of the highest levels since before the epidemic.

## Overseas Companies

- Tesla's conference call disappoints the market; Musk lowers robot and Robotaxi targets, saying "Tesla is at a critical moment". Musk's dream of an AI empire remains grand, but his pace is becoming more cautious. Although he portrays Tesla's future as being dominated by AI and an "army of robots", he also delayed the mass production schedule of the Optimus robot, which was originally planned for this year. The expansion plan of Robotaxi services has also been narrowed down from "covering 50% of the U.S. population" to 8 to 10 cities.

- NASA urgently seeks alternatives to SpaceX; who can "take over" the U.S. moon landing program? Due to the serious delay in the development of SpaceX's lunar lander, NASA announced the re-opening of bidding, which may affect the U.S. manned moon landing program in 2027. Although Blue Origin stated that it is ready, its "Blue Moon" lander was originally scheduled to be put into service in the early 2030s, making it difficult to replace SpaceX's "Starship" plan in the short term. Other U.S. aerospace companies lack the ability to independently undertake this urgent task. Some analysts believe that the current U.S. "moon landing program delay crisis" is essentially the result of the overall decline in U.S. aerospace research and development capabilities and the continuous reduction of NASA's investment in related fields.

- Under the "interconnected chain", the "Remaining Performance Obligations (RPO)" indicator of tech giants is crucial. Morgan Stanley analysis points out that in the future, it is no longer enough to only focus on the revenue growth and capital expenditure of tech giants. A crucial forward-looking indicator - Remaining Performance Obligations (RPO) - is becoming the key to understanding the future real revenue, growth quality, and potential risks of these giants. A growing RPO balance usually indicates strong new orders and solid customer relationships. Conversely, a decline may be an early sign of slowing sales momentum or shorter contract terms.

- The e-commerce AI battle escalates: Amazon launches the "Help Me Decide" AI feature to compete with the Walmart-OpenAI alliance. Amazon is launching a new artificial intelligence tool called "Help Me Decide", which uses large language models to generate clear purchase recommendations by analyzing users' shopping history, product descriptions, and consumer reviews. The tool will initially be available to "millions" of randomly selected U.S. consumers and is planned to be rolled out more widely in the coming months.

- The "investment art" of the well-known "Tiger Fund Series" D1 Capital: Investment returns mainly come from valuation expansion rather than pure profit growth; the core of short-selling lies in identifying four types of potential targets. Dan Sundheim, founder of D1 Capital, stated that investment returns mainly come from the expansion of valuation multiples rather than pure profit growth, and risk management must be done in advance. After the retail investor short squeeze incident, D1 adjusted its strategy and adopted more small-scale short positions to diversify risks. He believes that the AI boom is only equivalent to "1997 of the Internet", and current AI stocks are not yet in a bubble. The real opportunity lies in basic industries such as power infrastructure, which will benefit from the long-term growth of AI-driven energy demand.

**Industry/Concepts**

1. **Quantum Communication** | According to China Telecom, the team of China Telecom Quantum Research Institute has recently made important progress in the field of optical communication. They successfully carried out a live-network experiment of co-fiber transmission of classical optical signals and quantum key distribution (DV-QKD) over a distance of more than 80 kilometers, with a transmission rate exceeding 10 Tb/s. Under the premise of ensuring classical optical power and high communication bandwidth, this experiment has set a new global record for the co-fiber distance in live networks.

**Comment**：Analysis shows that quantum communication is a new type of communication method based on the principles of quantum mechanics, mainly using phenomena such as quantum entanglement and quantum superposition to achieve information transmission. Compared with traditional communication, quantum communication has unbreakable security because, in the process of quantum communication, any observation of the quantum system will change the state of the system, which will be detected by both communicating parties. The main applications of quantum communication include quantum key distribution, quantum teleportation, and quantum entanglement transmission.

2. **Analog Chips** | According to Guangming.com, after digital computing has dominated the computer field for more than half a century, Chinese scientists have made a major breakthrough in a new architecture. It is reported that recently, the research team of Peking University has successfully developed a high-precision, scalable analog matrix computing chip based on resistive random-access memory (RRAM). This breakthrough technology has improved the accuracy of analog computing to 24-bit fixed-point accuracy for the first time, and its computing throughput and energy efficiency are far beyond the existing top GPUs, by a factor of hundreds to thousands.

**Comment**：Analysis shows that the current mainstream CPUs and GPUs on the market are all digital chips, and they all adopt the von Neumann architecture, which separates the computing and storage functions. The advantage of analog computing based on RRAM is that it eliminates the process of "converting data into binary digital streams" and does not need to perform "intermediate data storage", thus integrating the data computing process and data storage, achieving the liberation of computing power. Industry insiders said that this technology is expected to explore a very promising path for improving computing power, and is expected to break the long-term monopoly of digital computing and open a new era of ubiquitous, green, and efficient computing power.

3. **Large Model** | According to Jiemian News, the ByteDance Seed team recently announced the launch of the 3D generation large model Seed3D1.0. This model can generate high-quality, simulation-level 3D models from a single image end-to-end, including fine geometry, realistic textures, and physically-based rendering (PBR) materials. This innovative achievement is expected to provide powerful world simulator support for the development of embodied intelligence and solve the bottleneck problems of the current technology in terms of physical interaction ability and content diversity.

**Comment**：Research institutions believe that AI models at home and abroad are continuously evolving. Overseas, the performance of the World Labs 3D world generation model Marble has significantly improved compared with the previous generation, and it is expected to empower the game, film and television production and other fields in the future. Domestically, Tongyi Deep Research has achieved SOTA in多项tests and has empowered multiple Alibaba applications. It is optimistic that the improvement of the underlying model ability will empower application upgrades. In the future, there is still room for continuous iteration of multi-modal model technology, and with the iteration of technology, it is expected to further reduce the threshold for content creation and reshape the workflow of relevant application scenarios.

4. **AI Glasses** | Alibaba's first self-developed AI glasses, the Quark AI Glasses, will start pre-sale at 0:00 on the 24th at the Quark Smart Devices Tmall flagship store. The actual price for 88VIP members is 3,699 yuan, and for ordinary consumers is 3,999 yuan. These glasses are equipped with dual-flagship chips Qualcomm AR1 and Hengxuan BES2800, and have developed functions such as Gaode near-eye navigation system, Alipay "Look and Pay" security payment, Taobao同款search and price recognition, and Fliggy travel reminder.

**Comment**：Guotai Junan believes that compared with the annual shipment volume of billions of smartphones and traditional glasses, AI glasses are promoting the industry to an inflection point of explosion by重塑the logic of the smart glasses industry. Meta's global success has verified the feasibility of lightweight design, scene-justified and consumer-grade pricing, and promoted the industry to enter an explosive period. Domestic manufacturers such as Huawei, Rokid, and Xiaomi have achieved a reduction in hardware costs through Hongmeng ecosystem integration, optical waveguide technology, and supply chain cost reduction, and simultaneously expanded B/C-end scenarios. The sales volume of AI glasses in the Chinese market is expected to increase by 188% in 2025. The three engines of ecological synergy (cross-device interconnection), technological iteration, and cost optimization will drive the development track of replicating smartphones, evolving from single-function devices to platform-type terminals. In the future, AI glasses are expected to open up a market space of hundreds of billions of yuan.

5. **Animated Comics** | According to the data from ByteDance Marketing Service Platform, in the past six months, the cumulative number of animated comic works launched has exceeded 3,000, and the transaction volume has increased by 12 times. From April to July 2025, the compound growth rate of the supply of animated comic works reached 83%. Under the situation of both strong supply and demand, the scale of the animated comic track is expected to exceed 20 billion yuan.

**Comment**：Research institutions believe that the production capacity of AI animated comics is accelerating. In 2025, Sora, Jimeng, and Keling have all undergone major version updates, and breakthroughs have been made in physical interaction, multi-modal synchronization, and long-term consistency issues. Among the top 50 new play volumes of animated comics on Douyin in September, AI animated comics accounted for 22, with a strong growth trend. The cost per minute of animated comics is 2,000-5,000 yuan, and after the application of AI, it is further reduced to 1,000-2,500 yuan. AI has intervened in the whole process of script, storyboard, line drawing, animation, dubbing, and editing, and the efficiency of some links has been increased by 50%-80%.

**Preview of Today's Highlights**

The 18th session of the Standing Committee of the 14th National People's Congress will be held in Beijing from October 24th to 28th.

The September CPI of the United States and Japan.

The manufacturing, service, and composite PMIs of the United States, the eurozone, the United Kingdom, and Japan in October.

The University of Michigan consumer confidence and inflation expectations in the United States in October.

Japan's new Prime Minister Sanae Takaichi will deliver a policy speech at a plenary session of the House of Representatives.

The Federal Reserve will publicly discuss proposals to increase the transparency and public accountability of the Board's stress testing framework.

China Low-altitude Economy Innovation Application and Standardization Promotion Conference.

XPeng Motors Technology Day.

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