Morning News

# Market Overview and Key News (Translated from Chinese Source: Wall Street News)

## Market Overview

The three major U.S. stock indexes hit new highs again, but the gains were entirely driven by a handful of tech giants such as Microsoft, NVIDIA, and Apple. Most other stocks declined, and small-cap stocks also significantly underperformed.

Microsoft finalized a new cooperation agreement with OpenAI, with its stock price rising by approximately 2% and its market value returning to $4 trillion. NVIDIA's CEO Jensen Huang made optimistic remarks about AI and announced a number of partnerships; NVIDIA's stock soared nearly 5% to a new high, with its market value approaching $5 trillion. Nokia's stock surged by over 20%. Apple's market value briefly reached $4 trillion intraday but failed to hold that level by the close.

U.S. Treasury yields remained nearly unchanged. The market awaited the Federal Reserve's interest rate decision on Wednesday, while the U.S. dollar fluctuated downward. Both onshore and offshore Chinese yuan rose, hitting their highest levels in more than a year. Cryptocurrencies fell in late New York trading, with Ethereum dropping over 5% from its daily high.

Gold fell for three consecutive sessions, dropping more than 2.5% intraday on Tuesday before paring losses; gold prices have been below $4,000 for two consecutive days. Silver staged a V-shaped reversal, falling to $45.5 intraday before rising by 3.75%, and finally saw little change compared to the previous day's late New York closing price. Crude oil fell by over 2%, with U.S. oil briefly dropping below $60.

During the Asian trading session, the Shanghai Composite Index briefly topped the 4,000-point mark intraday but pulled back to close down 0.2%. Military industry stocks surged collectively. The Hang Seng Tech Index fell by over 1%, government bonds rebounded, and Shanghai gold plummeted by more than 4%.

## Key News

1. Full Text of the "15th Five-Year Plan" Proposal: Unconventional measures will be adopted to drive decisive breakthroughs in key core technology research in key fields across the entire industrial chain; the "AI +" initiative will be fully implemented; and consumer confidence will be strongly boosted. The "15th Five-Year Plan" Proposal mentions "finance" 17 times.

2. Easing trade tensions led to a further drop in gold prices, and gold ETFs recorded the largest single-day outflow in six months on Monday.

3. "Small Nonfarm" ADP Released Weekly Employment Data: In the four weeks ending October 11, the U.S. private sector added an average of approximately 14,000 new jobs.

4. Proactive Intervention in Decision-Making! Trump to "Name Candidates" by the End of the Year; the "New Federal Reserve Chair" Will Likely Participate in Interest Rate Decisions in March and April Next Year.

5. U.S.-Japan Summit Meeting: Japan's Takashi Okamura Successfully Pleased Trump by "Paying for the U.S. Nuclear Power Mega-Deal". The United States and South Korea will sign an agreement to strengthen cooperation in artificial intelligence and quantum technology.

6. NVIDIA GTC Conference: Plans to invest $1 billion in Nokia for AI 6G network cooperation; forged heavyweight partnerships with Uber, Lucid, Eli Lilly, etc.; launched NVQLink to integrate quantum computing and supercomputing; Jensen Huang refuted the "AI bubble" claim; and confirmed that Blackwell chips will be manufactured in the U.S.

7. OpenAI Reached a Landmark Agreement to Transform into a For-Profit Organization: It added a $250 billion Azure service order, Microsoft holds a 27% stake, and the AI model authorization was extended to 2032. OpenAI released its superintelligence roadmap: to achieve fully autonomous AI researchers by 2028 and committed $1.4 trillion in infrastructure investment.

8. Tesla Board Chairman Warned: There Is No "Second Musk"; if Shareholders Reject the Trillion-Dollar Compensation Plan, Musk May Resign; Cybercab Will Be Equipped with a Steering Wheel if Required by Regulation.

9. "First Robotaxi Stock" Is Coming! Both Pony.ai and DeepRoute.ai Announced That They Are Expected to List on November 6. Report: Uber to Step Up Investment in China's Robotaxi Market and Plans to Participate in the Hong Kong IPOs of Pony.ai and DeepRoute.ai.

10. "Altcoin" ETF Trend Arrives! U.S. Solana, Litecoin, and Hedera ETFs Will Start Trading This Week; Hong Kong's Solana ETF Has Been Listed in Advance.

11. Ray Dalio: AI Is Forming a High-Risk Bubble, but It May Not Burst Until the Federal Reserve Tightens Policies. Cathie Wood Warned: AI Faces Correction Risks, and the Market Will "Shudder" as Interest Rates Rise Next Year.

## Market Closing Quotes

### European and U.S. Stock Markets

- S&P 500: Rose 0.23% to close at 6,890.89 points.

- Dow Jones Industrial Average: Rose 0.34% to close at 47,706.37 points.

- Nasdaq Composite Index: Rose 0.80% to close at 23,827.493 points.

- European STOXX 600 Index: Fell 0.22% to close at 575.76 points.

### A-Share Market (China)

- Shanghai Composite Index: Fell 0.22% to close at 3,988.22 points.

- Shenzhen Component Index: Fell 0.44% to close at 13,430.10 points.

- ChiNext Index: Fell 0.15% to close at 3,229.58 points.

### Bond Market

- U.S. 10-Year Treasury Yield: Rose 0.19 basis points to 3.9814%.

- U.S. 2-Year Treasury Yield: Rose 0.41 basis points to 3.4918%.

### Commodities

- COMEX Gold Futures: Fell 1.25% to close at $3,969.40 per ounce.

- COMEX Silver Futures: Rose 0.81% to close at $47.155 per ounce.

- WTI Crude Oil Futures (December Contract): Fell 1.89% to close at $60.15 per barrel.

- Brent Crude Oil Futures (December Contract): Fell 1.86% to close at $64.40 per barrel.

# Details of Key News

## Global Highlights

### Full Text of the "15th Five-Year Plan" Proposal  

Adopt unconventional measures to drive decisive breakthroughs in key core technology research in key fields across the entire industrial chain, fully implement the "AI +" initiative, and strongly boost consumption.  

The "15th Five-Year Plan" Proposal also states: Make forward-looking arrangements for future industries, explore diversified technology routes, typical application scenarios, feasible business models, and market supervision rules; promote quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, sixth-generation mobile communications, and other areas to become new economic growth drivers. Improve the new nationwide system, adopt unconventional measures, and drive decisive breakthroughs in key core technology research in key fields such as integrated circuits, industrial machine tools, high-end instruments, basic software, advanced materials, and biomanufacturing across the entire industrial chain.  

### Xi Jinping: Explanation on the "Proposal of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development"  

According to Xinhua News Agency, the 15th Five-Year Plan Proposal emphasizes strengthening original innovation and research on key core technologies. It calls for improving the new nationwide system, adopting unconventional measures, and driving decisive breakthroughs in key core technology research in key fields such as integrated circuits, industrial machine tools, high-end instruments, basic software, advanced materials, and biomanufacturing across the entire industrial chain.  

### The "15th Five-Year Plan" Proposal Mentions "Finance" 17 Times  

On the 28th, the "Proposal of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development", which has attracted widespread attention from all sectors, was released. A review shows that the "15th Five-Year Plan" Proposal mentions "finance" 17 times and clearly puts forward requirements such as "accelerating the construction of a strong financial country".  

### Easing Trade Tensions Push Gold Prices Lower Again; Gold ETFs See Largest Single-Day Outflow in Six Months on Monday  

On Tuesday, gold prices fell below $3,960 per ounce intraday, continuing the decline from the previous trading day. Gold prices plummeted 3.2% on Monday this week. The easing of trade tensions has weakened market demand for safe-haven assets. Gold ETFs shed 448,706 ounces (approximately $1.79 billion) on Monday, marking the largest single-day outflow in six months.  

### Citi: Two Key Factors Will Determine Whether Gold Prices Can Rebound; Next Target at $3,800, with Critical Support at $3,600?  

Citi pointed out that the decline in gold prices stems from the easing of geopolitical risks and profit-taking pressure from $17 trillion in floating profits. Whether gold can rebound depends on two key factors: first, whether Federal Reserve Governor Cook can be replaced by a dovish figure in February 2026, which will affect interest rate expectations; second, whether the AI-driven U.S. stock bull market and the U.S. economy can remain strong. If the economy performs well, it will reduce the attractiveness of gold; otherwise, it may support a rebound in gold prices.  

### "Small Nonfarm" ADP Launches Weekly Employment Data  

In the four weeks ending October 11, the U.S. private sector added an average of approximately 14,000 new jobs. On Tuesday, ADP announced that it will launch weekly preliminary estimates for the "ADP National Employment Report" starting this week to track U.S. labor market dynamics at a higher frequency. This marks a major adjustment to ADP's labor data release mechanism in nearly two decades.  

### Proactive Intervention in Decision-Making! Trump to "Finalize Candidates" by Year-End; the "New Fed Chair" Likely to Participate in March and April 2025 Interest Rate Decisions  

Trump is selecting the next Federal Reserve Chair from five final candidates and plans to finalize the choice by the end of the year. Nick Timiraos, known as the "New Fed Wire", analyzed that the new Chair candidate is likely to fill the board seat currently held by Stephen Miran. This will allow Trump to arrange for the future Chair to participate in the March and April interest rate-setting meetings before the new Chair's term begins in mid-May 2025, enabling the new Chair to influence the direction of monetary policy even before officially taking charge of the Federal Reserve.  

### U.S.-Japan Summit: Japan’s Takashi Okamura Pleases Trump by "Paying for the U.S. Nuclear Power Mega-Deal"  

Energy is a key part of this $550 billion investment list: Westinghouse, in collaboration with Mitsubishi Heavy Industries, will build AP1000 nuclear reactors and small modular reactors (SMRs) in the U.S.; General Electric’s GE Vernova and Hitachi will advance small reactor projects, each with a scale of up to $100 billion.  

### U.S. and South Korea to Sign Agreement to Strengthen Cooperation in AI and Quantum Technology  

According to media reports citing a U.S. official, the Trump administration plans to sign an agreement with South Korea aimed at strengthening bilateral cooperation in artificial intelligence (AI), quantum computing, and 6G fields. Previously, the U.S. has signed similar agreements with Japan and the UK.  

### Key Points from Jensen Huang’s Speech at NVIDIA GTC Conference  

- Heavyweight collaborations in 6G and other areas;  

- NVQLink integrates quantum computing and supercomputing;  

- Refutes the "AI bubble" claim;  

- Blackwell chips to be manufactured in the U.S.  

Other highlights:  

- NVIDIA expects to ship 20 million Blackwell chips; combined sales of Blackwell and Rubin chips to reach $500 billion.  

- NVIDIA’s NVQLink technology connects quantum computing with GPU systems and has received support from 17 quantum processor manufacturers.  

- NVIDIA’s BlueField-4 processor, which supports the AI Factory operating system, is expected to launch an early version next year as part of Vera Rubin.  

- NVIDIA will partner with Nokia to launch the Aerial RAN Computer to support 6G network transformation; NVIDIA plans to invest $1 billion in Nokia through equity participation.  

- NVIDIA and Oracle will build the U.S. Department of Energy’s largest AI supercomputer equipped with 100,000 Blackwell GPUs.  

- NVIDIA’s autonomous driving development platform DRIVE AGX Hyperion 10 will help Uber deploy Robotaxi fleets starting in 2027; Uber plans to deploy 100,000 autonomous taxis, with Stellantis among the first manufacturers to supply these vehicles, and Lucid will also increase investment in L4 platforms.  

- NVIDIA partners with CrowdStrike on AI cybersecurity development.  

- NVIDIA and Palantir jointly build an operational AI technology stack.  

- Eli Lilly collaborates with NVIDIA to build the most powerful supercomputer and AI factory in the pharmaceutical industry, accelerating drug research and development and identifying molecules that humans cannot discover.  

### OpenAI Reaches Landmark Agreement to Transform into a For-Profit Organization  

- Adds a $250 billion Azure service order;  

- Microsoft holds a 27% stake;  

- AI model authorization extended to 2032.  

Microsoft supports OpenAI in establishing a Public Benefit Corporation (PBC). After OpenAI’s recapitalization, the value of Microsoft’s investment in the PBC was clearly valued at $135 billion. Based on the "conversion dilution benchmark" and including all owners (employees, investors, and the OpenAI Foundation), Microsoft holds approximately 27% of the equity. Microsoft’s intellectual property license for OpenAI models and products has been extended to 2032, covering models after the achievement of AGI (with appropriate safety safeguards).  

### OpenAI Releases Superintelligence Roadmap  

- Achieve fully autonomous AI researchers by 2028;  

- Commitment of $1.4 trillion in infrastructure investment.  

OpenAI has set two key milestones:  

1. By September 2026: Launch AI research interns capable of effectively accelerating internal research by consuming large amounts of computing resources;  

2. By 2028: AI researchers able to independently complete large-scale research projects.  

Sam Altman pointed out that by 2028, scientific research will be fully automated by AI, and AI systems will be able to advance the frontiers of science. To date, OpenAI has committed to building a total of over 30GW of infrastructure, corresponding to a total investment of approximately $1.4 trillion in the next few years. Altman emphasized that $1.4 trillion is just the starting point, and more ambitious visions are under discussion. The goal is to create computing power at a rate of 1GW per week.  

### Tesla Board Chairman Warns  

- There is no "second Musk"; if shareholders reject the trillion-dollar compensation plan, Musk may resign;  

- Cybercab will be equipped with a steering wheel if required by regulations.  

Tesla is facing a crucial vote on November 5 to decide whether to approve Musk’s potential $1 trillion compensation plan. Tesla Board Chairman Robyn Denholm warned that if the proposal is rejected, Musk may leave, which will "have a negative impact on all shareholders". Despite external criticism of excessive compensation and governance imbalances, the board still emphasizes that Musk is crucial to Tesla’s AI strategy and stated bluntly: "There is no Plan B".  

Denholm said: "If we have to install a steering wheel, then it can have a steering wheel and pedals." Under current U.S. regulations, automobiles must be equipped with traditional control devices such as steering wheels and pedals. Although Musk has lobbied government officials for this, regulators have remained cautious about changing these long-standing safety standards.  

### "First Robotaxi Stock" Arrives! Pony.ai and DeepRoute.ai Both Announce Listing on November 6  

According to Hong Kong Stock Exchange announcements:  

- Pony.ai plans to issue approximately 41.96 million shares, with an upper pricing limit of HK$180;  

- DeepRoute.ai plans to issue approximately 88.25 million shares, with an upper pricing limit of HK$35.  

Both companies plan to list on November 6. Pony.ai is the only company in China that has obtained permits for autonomous driving mobility services open to the public in Beijing, Shanghai, Guangzhou, and Shenzhen. DeepRoute.ai is the only company in the world that has obtained autonomous driving licenses in 7 countries.  

### Report: Uber to Step Up Investment in China’s Robotaxi Market, Plans to Participate in the Hong Kong IPOs of Pony.ai and DeepRoute.ai  

According to media reports citing people familiar with the matter, Uber is planning to participate in the Hong Kong IPO financings of autonomous driving companies Pony.ai and DeepRoute.ai. The sources revealed that negotiations are still ongoing, and the investment plans may change. None of the companies involved in the investment have responded to this.  

### "Altcoin" ETF Trend Arrives! U.S. Solana, Litecoin, and Hedera ETFs to Start Trading This Week; Hong Kong’s Solana ETF Listed in Advance  

Following Bitcoin and Ethereum ETFs, the cryptocurrency ETF market is experiencing an expansion wave. Four U.S. "altcoin" ETFs will bypass regular approval through Form 8-A and list on NASDAQ and the New York Stock Exchange this week, covering Solana, Litecoin, and Hedera. Hong Kong has taken the lead: China Asset Management’s Solana spot ETF was listed on October 27, becoming Asia’s first ETF of its kind.  

### Ray Dalio: AI Is Forming a High-Risk Bubble, but It May Not Burst Until the Fed Tightens Policies  

In an interview with the media at the "Future Investment Initiative" conference held in Riyadh, Saudi Arabia, Ray Dalio stated that there are indeed many signs of a bubble in the current market. However, bubbles do not burst on their own and usually only pop after monetary policy is tightened. He believes that interest rate cuts are more likely than rate hikes.  

### Cathie Wood Warns: AI Faces Correction Risks; the Market Will "Shudder" as Interest Rates Rise Next Year  

Cathie Wood warned that as the market focus shifts from interest rate cuts to rate hikes, the market will face a "shuddering" correction, and valuations in the artificial intelligence sector will also undergo a "reality check". However, she denied the existence of an AI bubble at present, believing that the world is at the beginning of an AI technological revolution, and the long-term valuations of large tech companies are reasonable.  

## Domestic Macroeconomics

### People’s Bank of China (PBOC): Improve Market Stabilization Mechanisms, Implement a Moderately Loose Monetary Policy, and Study and Prepare New Policy Measures  

The PBOC website released a report by the State Council on financial work, which proposes: Implement a moderately loose monetary policy in detail to create a suitable monetary and financial environment for consolidating and expanding the momentum of economic recovery and improvement. Implement various already introduced monetary policy measures well, continue to release policy effects, and study and prepare new policy measures. Consolidate the positive momentum of the capital market and improve market stabilization mechanisms.  

### Li Chao, Vice Chairman of the China Securities Regulatory Commission (CSRC): Accelerate Research and Planning for Strategic Tasks and Major Measures of the Capital Market During the "15th Five-Year Plan" Period  

Li Chao emphasized that guided by deepening the comprehensive reform of capital market investment and financing, we will comprehensively advance a new round of capital market reform and opening up, and continuously enhance the inclusiveness, adaptability, attractiveness, and competitiveness of China’s capital market.  

### CSRC: "Zero Tolerance" for Cross-Border Illegal Activities  

Luo Juan, Deputy Director of the Legal Affairs Department of the CSRC, stated that we will effectively strengthen domestic and foreign regulatory coordination and communication and collaboration,压实 (yāshí, hold accountable) the responsibilities of issuers and intermediaries, maintain "zero tolerance" for cross-border illegal activities, severely crack down on serious illegal acts such as fraudulent issuance, financial fraud, and cross-border market manipulation, make lawbreakers pay the price, and jointly protect the legitimate rights and interests of investors.  

### "Zhong Taiwen" Publishes Articles for Three Consecutive Days: The Reunification of the Motherland Is Inevitable and Unstoppable  

Articles by "Zhong Taiwen" (a pen name used by Xinhua News Agency for cross-strait relations-related content) pointed out that the Chinese nation will surely achieve reunification when it is strong, and reunification will further strengthen the nation. From the perspective of the cross-strait strength balance and the evolution trend of the international pattern, it will only become more favorable to the just side that supports reunification. If the two sides of the Taiwan Strait sit down to negotiate and work out a reasonable "one country, two systems" Taiwan plan, not only will Taiwan’s existing social system be fully respected and a high degree of autonomy be realized, but Taiwan compatriots will also be able to participate more extensively in national governance and international affairs, act as masters of the country together with mainland compatriots, and realize their ideals of governing the country and managing state affairs on a broader stage.  

### Witness a Historic Moment for the STAR Market! The First Batch of Newly Registered Companies in the STAR Market Growth Layer List  

On October 28, the first batch of newly registered companies in the STAR Market Growth Layer listed. Three companies—Xi’an Yicai, Heyuan Biology, and Bibetter—held a collective listing ceremony. As of midday closing, their stock prices rose by 210%, 202%, and 93% respectively. So far, the number of companies in the STAR Market Growth Layer has reached 35. Li Chao, Vice Chairman of the CSRC, stated that this marks a new step in the capital market’s service for scientific and technological innovation.  

### Motives and Significance of the Resumption of Treasury Bond Trading by the Central Bank  

Huatai Securities interpreted the PBOC’s resumption of treasury bond trading, pointing out that this move is in line with its previous market survey expectations. The team analyzed that the motives for the resumption include the release of interest rate risks in the bond market, the opening of a policy window, and the need to offset the maturity of liquidity. Its core view is that the PBOC’s new mention of "enhancing the financial function of treasury bonds" indicates that treasury bond trading will tend to be normalized and become a new paradigm for fiscal and monetary coordination.  

### PBOC Resumes Treasury Bond Trading: What to Think and What to Do?  

Guosheng Macro believes that the PBOC’s announcement to resume open market treasury bond trading operations aims to strengthen fiscal and monetary policy coordination and stabilize bond market expectations. In the short term, this move will be beneficial to the bond market; the PBOC is expected to focus on purchasing short-term treasury bonds, and considering the annual liquidity gap, the scale of bond purchases may exceed expectations. In the medium and long term, the trend of the bond market still depends on fundamental factors such as the real estate market and exports, but monetary easing remains a high-probability direction, and there is a possibility of further RRR cuts and interest rate cuts within the year.

# Domestic Companies

The first quarterly report (Q3) of major banks has been released. Bank of China's net profit attributable to shareholders turned positive year-on-year, with non-interest income serving as the main driver of growth.

Ping An of China saw a significant year-on-year surge of 45.4% in net profit attributable to shareholders in Q3, with its performance growth accelerating quarter by quarter.

ZTE Corporation recorded a 5.11% year-on-year increase in Q3 revenue, while its net profit dropped by 87.84% year-on-year.

GigaDevice Technology Inc. achieved a 31% year-on-year growth in Q3 revenue and a 61% year-on-year rise in net profit, driven by the simultaneous increase in both the price and sales volume of DRAM.

Sungrow Power Supply Co., Ltd. posted a 20.83% year-on-year growth in Q3 revenue and a 57.04% year-on-year growth in net profit.

Transsion Holdings experienced revenue growth without corresponding profit growth in Q3: its revenue increased by 22.60% year-on-year, while its profit declined by 11.06% year-on-year.

East Chip Semiconductor Co., Ltd. achieved a 27.03% year-on-year growth in Q3 revenue, with a substantial improvement in gross profit margin, and its net loss narrowed to 35.22 million yuan.

# Overseas Macroeconomics

Gold prices fell below $4,000, down 9% from their peak, after surging 27% over the previous 7 weeks. Industry executives stated that "gold prices need to decline first to rise further." They believe the 27% increase in gold prices over the 7-week period was driven by speculative positions, making the upward trend unsustainable, and generally welcomed a "healthy correction." Some insiders predict that gold prices may drop to the range of $3,500-$3,700. Although HSBC, Bank of America, and other institutions maintain their target of $5,000 for gold prices next year, even bullish investors are nervous about the recent decline. The market is focusing on the sustainability of retail demand and central banks' willingness to purchase gold at high prices.

Bank of Korea: Considering purchasing gold for the first time since 2013. Officials from the Bank of Korea stated that the bank will closely monitor the market to determine the timing and scale of gold purchases. According to data from the World Gold Council, as of August this year, the Bank of Korea's gold reserves stood at 104.4 tons, which has remained unchanged since 2013. This has caused its ranking in global central bank gold reserves to drop from 32nd at the end of 2013 to 39th.

"The South Korean won has become like toilet paper"! Amid concerns about the $350 billion U.S.-South Korea investment agreement, South Korean people are rushing to buy U.S. stocks and gold. Worried that the agreement between South Korea and the United States will erode the value of South Korean assets, retail investors in South Korea are pouring into U.S. dollar-denominated stocks and gold on an unprecedented scale, pushing concerns about the depreciation of the South Korean won to a peak. Over the past three months, the South Korean won has depreciated by more than 3%, becoming one of the worst-performing currencies in Asia.

# Overseas Companies

A grim future: After cutting 10% of white-collar jobs due to AI, will Amazon next aim to achieve 75% operational automation, putting hundreds of thousands of blue-collar jobs at risk? According to media reports, the ultimate goal of Amazon's robotics team is to achieve 75% operational automation. This plan is expected to help the company avoid hiring more than 600,000 additional employees by 2033 even as its sales double, and save approximately 160,000 hiring needs by 2027, which may have a significant impact on blue-collar jobs.

Following Amazon, UPS announced a large-scale layoff of 48,000 employees. The CEO stated: "We continue to identify opportunities to reduce costs." United Parcel Service (UPS) disclosed in its financial report released on Tuesday that it has cut 48,000 management and operational positions, including 14,000 management positions and 34,000 operational positions. The scale of this layoff exceeds UPS's previously announced plan. Benefiting from cost-cutting and layoffs, UPS's stock price rose by nearly 7% in midday trading on the U.S. stock market on Tuesday.

The revival of U.S. nuclear power is accelerating: Google signs a 25-year power purchase agreement with NextEra, bringing a nuclear power plant that has been closed for 5 years "back to life." According to media reports, NextEra will lead the restart project of the Duane Arnold Energy Center. The restart cost of this 615-megawatt nuclear power plant is expected to exceed $1.6 billion, and it is planned to start supplying power in 2029. Market analysis suggests that restarting idle nuclear power plants is more cost-effective and faster than building new facilities from scratch.

The U.S. nuclear power expansion plan takes a key step: Westinghouse Electric secures an $80 billion order, with the goal of quadrupling U.S. nuclear power capacity by 2050. This is a key measure for Trump to promote the goal of quadrupling U.S. nuclear power capacity by 2050, and it also marks that Washington is using trade negotiations to ensure the supply of key energy sources. According to documents released by Japan's Ministry of Economy, Trade and Industry, the agreement has allocated up to $100 billion from the U.S. government for Westinghouse reactors.

# Industries/Concepts

## 1. Digital RMB

According to Xinhua News Agency, after years of steady promotion, the digital RMB ecosystem has been initially established, with continuous deepening of innovative applications and scenario development. As of the end of September 2025, the cumulative transaction volume in pilot areas reached 14.2 trillion yuan. Currently, the digital RMB pilot program covers 26 regions in 17 provinces (autonomous regions and municipalities directly under the Central Government), and has formed replicable and promotable application models in fields such as wholesale and retail, public services, social governance, and rural revitalization. As of the end of September 2025, pilot areas have handled a total of 3.32 billion transactions, and 225 million personal wallets have been opened through the Digital RMB App.

**Commentary**: Pacific Securities points out that the digital RMB industry chain covers upstream, midstream, and downstream links, forming a complete technological and application ecosystem. The upstream of the digital RMB industry chain includes companies in the fields of technology research and development and infrastructure construction, which provide key network security, chip technology, and system development technical support. The midstream is dominated by payment platforms and hardware equipment manufacturers, ensuring that digital RMB can be used in more merchant and service scenarios. The downstream consists of various merchants and service providers, such as retail, transportation, and public services, enabling the implementation of digital RMB and its integration into residents' daily lives.

## 2. Smart Glasses

According to Securities Daily, the Xiaodu AI Glasses Pro will open for pre-order on November 1st and go on sale officially on November 10th. The Xiaodu AI Glasses Pro will be available in two styles: Boston and Maoyan. Sunglasses or photochromic lenses are optional for both styles, and lenses can also be replaced independently. The product's main selling points include a fashionable appearance, shooting capabilities, AI translation, AI object recognition, AI notes, AI recording, and stable performance. In addition, Xiaodu Technology will make an important release during the Baidu World Congress on November 13th.

**Commentary**: According to IDC data, the global smart glasses market shipment volume reached 4.065 million units in the first half of 2025, a year-on-year increase of 64.2%. Among them, the shipment of audio and audio-shooting glasses exceeded 2.4 million units, becoming the core category driving market growth. Driven by factors such as AI technology empowerment, supply chain optimization, optical solution development, and the entry of industry giants to lead ecosystem construction, the smart glasses industry has entered a stage of rapid development. Jianghai Securities believes that with the continuous launch of new products in various categories of smart glasses and the iteration of various technologies, smart glasses, as one of the important carriers of AI at the edge, are in a stage of rapid promotion and popularization.

## 3. HPV

According to Shanghai Securities News, recently, the first domestically produced 9-valent HPV vaccine is currently being accelerated for rollout across the country. Earlier, the State Council Information Office held a series of press conferences on the theme of "High-quality Completion of the 14th Five-Year Plan". Shen Hongbing, Vice Minister of the National Health Commission and Director of the National Disease Control and Prevention Administration, stated that this year, the country will launch HPV vaccine vaccination services for eligible girls and officially include HPV vaccines in the national immunization program to better protect women's health.

**Commentary**: Research institutions believe that the scale of China's HPV vaccine market has grown from approximately 200 million yuan in 2017 to about 40 billion yuan in 2022. It is expected that in the next 5 to 10 years, the sales volume of 9-valent vaccines is expected to maintain a growth rate of 15%-30%. On the demand side, the viral subtypes covered by 9-valent vaccines are more in line with China's disease spectrum. It is expected that in the next 5 to 10 years, the annual number of HPV vaccine接种 (vaccinations) in China will range from 20 million to 30 million.

## 4. Agriculture

According to the latest news from the website of the Ministry of Agriculture and Rural Affairs, a research team from China Agricultural University has identified two new genes that regulate the number of grains per panicle in rice through genome-wide association analysis of natural rice germplasm resources. The study found that the new genes encode proteins that regulate gene expression in the promoter region, and their natural variations significantly affect the number of grains per panicle. Furthermore, they promote yield improvement by regulating the activity of transcription factors related to panicle development.

**Commentary**: China Securities Journal points out that food security is of utmost importance. Currently, the global situation is complex, geopolitical conflicts continue, and food prices are soaring. China must prioritize ensuring food security and make unremitting efforts to promote food production. If food supply is not controlled by the country itself, it is equivalent to having its lifeline held by others. Especially in the current context of intensified great-power games, if food security is not guaranteed, the strategic initiative will be at risk. Therefore, "Chinese people must hold their rice bowls in their own hands!" Rice is an important food crop in China, and increasing rice yield is of great significance to addressing China's food security issues.

## 5. Nuclear Fusion

According to CCTV.com, a research team from the Institute of Metal Research of the Chinese Academy of Sciences has recently successfully achieved the industrial production of high-purity ton-level Hastelloy using independently developed purification preparation technology, and also realized the preparation of ultra-long and ultra-thin metal strips. This new achievement provides independent support for key basic materials required for the preparation of the second-generation high-temperature superconducting tapes. The second-generation high-temperature superconducting tapes are regarded as the core material of "super magnets" in controllable nuclear fusion; without them, it is difficult to create a strong magnetic field capable of confining plasma at hundreds of millions of degrees Celsius.

**Commentary**: China Securities Journal notes that the metal substrates used in the production of superconducting tapes are mainly made of Hastelloy. Although China's preparation and application of the second-generation high-temperature superconducting materials rank among the world's top, this type of Hastelloy has still relied on imports so far, which is not only expensive but also has uncertain delivery times. Through scientific research efforts, the Institute of Metal Research of the Chinese Academy of Sciences has successfully smelted ultra-pure Hastelloy. Various indicators of the material's purity have reached the level of imported materials, and some indicators are even better than those of imported materials.

## 6. Tungsten

Data from China Tungsten Online shows that as of October 28th, the quotation for black tungsten concentrate (≥65%) was 288,000 yuan/ton, an increase of 3,000 yuan/ton compared with the previous trading day; the quotation for APT (ammonium paratungstate: ≥88.5%) was 425,000 yuan/ton, an increase of 7,000 yuan/ton from the previous trading day; and the quotation for tungsten powder (≥99.7%) was 635 yuan/gram, an increase of 5 yuan/gram. Compared with the prices at the beginning of the year, the prices of tungsten products have doubled across the board. The price of black tungsten concentrate at the beginning of the year was 143,000 yuan/ton, representing a 101.4% increase from the start of the year to the present; APT has increased by 101.42% cumulatively; and tungsten powder has risen by 100.95% cumulatively. China has strengthened the strategic attribute of tungsten, and the export license system has enhanced its domestic pricing power; Europe and the United States have listed tungsten as a "critical mineral," and the restructuring of the supply chain has intensified the contradiction between supply and demand.

## 7. Military Industry

On October 28th, the full text of the "Suggestions of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development" (hereinafter referred to as the "15th Five-Year Plan Suggestions") was released. The "15th Five-Year Plan Suggestions" propose to accelerate the development of advanced combat capabilities, strengthen strategic deterrence forces to maintain global strategic balance and stability, promote the large-scale, practical, and systematic development of new-domain and new-type combat forces, accelerate the construction of unmanned and intelligent combat forces and countermeasure capabilities, and strengthen the upgrading and transformation of traditional combat forces. It also calls for coordinating the construction and application of the network information system, enhancing the development and utilization of data resources, and building an intelligent military system. Additionally, it emphasizes accelerating the construction of a modern logistics system, implementing major national defense development projects, accelerating national defense technological innovation and the transformation of advanced technologies, and promoting the development of advanced weapons and equipment.

**Commentary**: Shenwan Hongyuan Securities believes that in accordance with the "15th Five-Year Plan Suggestions" of the Fourth Plenary Session, the military industry will enter an upward cycle; at the same time, the industry's fundamentals will form a favorable support, and the quarterly reports have shown a trend of gradual improvement quarter by quarter. Entering the fourth quarter, it is expected that relevant orders for the "15th Five-Year Plan" will be gradually implemented, and coupled with the catalysis of military trade, the military industry market will rise again. It is recommended to increase attention to the industry. Four key directions can be focused on in the segmented fields: 1) For main combat platforms, focus on next-generation equipment, which will see initial growth starting from the 15th Five-Year Plan period; 2) Unmanned/anti-unmanned weapons, which are expected to enter a stage of rapid implementation starting from 2025; 3) Informationization/intelligentization, which will expand rapidly with the commissioning of new equipment; 4) A new era of military trade has begun, and systematic exports will be continuously realized.

## 8. Gas Turbines

According to Securities Times, the shortage of gas turbines has become a new bottleneck for the expansion of artificial intelligence (AI) data centers, leading developers to purchase mobile generator sets transformed from the turbine cores of decommissioned airliners. The media predicts that by 2026, the biggest obstacle threatening the expansion of AI data centers may no longer be computing power, land, or capital, but jet engines. Due to the fact that data centers face access delays of up to several years in terms of power grid connection, developers are competing to purchase "aero-derived gas turbines."

**Commentary**: According to forecasts from DoraPartners, the global new order volume of gas turbines (calculated by installed capacity) will soar from approximately 60 gigawatts (GW) in 2024 to nearly 85 GW in 2025, and the number of orders will also increase from about 800 units to more than 1,000 units, reaching a new high since 2011. The complexity of the gas turbine manufacturing industry determines that it cannot respond quickly to demand shocks. Its production process involves high-alloy castings, precision heat treatment, and professional testing, making it difficult to expand production scale easily. The delivery cycle of some core components even takes years. This "turbine rush" led by U.S. technology companies has resulted in the equipment delivery cycle being extended to three years. As gas turbine main engine manufacturers clearly expand production, the expansion cycle of parts produced by high-end casting and forging is relatively long, and domestic manufacturers are expected to take this opportunity to enter the global supply chain.

# Today's Key News Preview

- U.S. President Trump visits South Korea.

- The Federal Reserve announces its interest rate decision, and Federal Reserve Chair Powell holds a press conference.

- The Bank of Canada announces its interest rate decision and monetary policy report.

- Microsoft, Alphabet (the parent company of Google), Meta, Caterpillar, and Boeing release their financial reports.

- Release of U.S. EIA crude oil inventory changes for the previous week.

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