Morning News

Source: Wall Street News  

## Market Overview  

Although U.S. consumer confidence hovered near record lows, hopes of a potential end to the U.S. government shutdown lifted U.S. stocks in late Friday trading, driving a sharp rebound from their intraday troughs. For the full week, the Nasdaq still logged its worst weekly performance since April, while the S&P 500 even slipped below its 50-day moving average at one point.  

Microsoft extended its losing streak to eight consecutive sessions, marking its longest slump since 2011. Tesla dropped over 3.6% after its shareholders’ meeting approved Elon Musk’s $1 trillion compensation package. NVIDIA fell 7% for the entire week.  

Following the release of U.S. consumer confidence data, the 10-year U.S. Treasury yield temporarily erased all its earlier intraday gains, but later closed 1.35 basis points higher. The U.S. Department of the Treasury is set to issue a large volume of government bonds this week.  

The U.S. dollar declined for three straight sessions. Cryptocurrencies staged a strong rally: Bitcoin, after dipping below the $100,000 level at one point, continued to surge by more than 4.6% from its intraday low. Ethereum rose over 4.3% and reclaimed the $3,400 mark.  

Gold fluctuated around the $4,000 level intraday, putting an end to its two-week losing streak. Crude oil surged higher before paring gains; U.S. oil climbed above $60 at one point, but still recorded a weekly drop of more than 1.7%.  

## Key News  

- China’s Consumer Price Index (CPI) rose 0.2% year-on-year in October, with core CPI hitting its highest level since March 2024. Meanwhile, the Producer Price Index (PPI) posted its first month-on-month increase this year.  

- Ministry of Commerce of the People’s Republic of China: The root cause and responsibility for the current disruption in the global semiconductor supply chain lie with the Netherlands. When answering reporters’ questions about Nexperia, a spokesperson for the Ministry of Commerce stated that China has agreed to the request of the Dutch Ministry of Economic Affairs to send personnel to China for consultations.  

- Amid the “bloodbath” in the crypto market, another stablecoin has “depegged.” The gains the crypto market achieved in the first ten months of this year were wiped out in just one month.  

- Is the U.S. market also having a tough week? A wave of U.S. Treasury issuances is on the way, further worsening liquidity conditions. The nonfarm payrolls report is “missing,” and this week’s U.S. CPI data will also be “unavailable.”  

- SNAP benefits suspended for the first time in 60 years! The U.S. Supreme Court approved Trump’s decision to withhold $4 billion in food aid.  

- Jensen Huang visited TSMC in person to “secure production capacity,” stating that “without TSMC, there would be no NVIDIA.”  

- Google’s second-generation Nano Banana was unveiled! It can compute calculus with a single click, bringing an end to the “Problem-Solving (PS) era” [Note: “PS” here refers to manual problem-solving in academic scenarios, not the image-editing software Photoshop, to avoid confusion].  

## Market Closing Data  

### U.S. & European Stock Markets  

- S&P 500: Rose 0.13% to close at 6,728.80 points, with a weekly decline of 1.63%.  

- Dow Jones Industrial Average (DJIA): Gained 0.16% to end at 46,987.10 points, down 1.21% for the week.  

- Nasdaq Composite: Fell 0.22% to close at 23,004.538 points, registering a weekly drop of 3.04%.  

- Europe’s STOXX 600 Index: Closed 0.55% lower at 564.79 points, with a weekly decline of 1.24%.  

### A-Shares (China)  

- Shanghai Composite Index: Closed at 3,997.56 points, down 0.25%.  

- Shenzhen Component Index: Ended at 13,404.06 points, falling 0.36%.  

- ChiNext Index: Closed at 3,208.21 points, dropping 0.51%.  

### Bond Market  

- U.S. 10-Year Treasury Yield: Rose 0.57 basis points to 4.0889%, with a weekly increase of 1.14 basis points.  

- U.S. 2-Year Treasury Yield: Remained flat at 3.5554%, down 2.03 basis points for the week.  

### Commodities  

- COMEX Gold Futures: Rose 0.41% to close at $4,007.20 per ounce, up 0.27% for the week.  

- WTI Crude Oil Futures (December contract): Closed 0.54% higher at $59.75 per barrel, with a weekly decline of 2.02%.  

- Brent Crude Oil Futures (January contract): Gained 0.39% to close at $63.63 per barrel, down 1.76% for the week.

## Details of Key News  

### Global Highlights  

- China’s October CPI rose 0.2% YoY; core CPI hit the highest level since March 2024; PPI posted first MoM increase this year.  

In October, policies to expand domestic demand continued to take effect, and coupled with the boost from the National Day and Mid-Autumn Festival holidays, China’s Consumer Price Index (CPI) rose 0.2% month-on-month (MoM) and 0.2% year-on-year (YoY). Core CPI, which excludes food and energy prices, increased 1.2% YoY, marking the 6th consecutive month of expanded growth. The Producer Price Index (PPI) turned from flat to a 0.1% MoM rise in October—its first MoM increase this year—while the YoY decline narrowed further.  

- Guotai Haitong’s macro analysis on October core CPI surge to 1.2% YoY:  

The increase is mainly driven by three factors:  

1. Under the governance of curbing “involution” (excessive internal competition), rising prices of upstream raw materials have helped downstream consumer goods prices stabilize after declines, particularly in the automotive industry.  

2. Proactive fiscal policies have boosted demand, leading to rapid price hikes for related consumer goods (e.g., home appliances), where CPI growth is independent of PPI trends.  

3. Impact of imported inflation: For instance, the sharp surge in gold prices has driven consecutive and significant increases in gold jewelry prices.  

- Ministry of Commerce of the People’s Republic of China: The Netherlands bears the root cause and responsibility for the current disruption in the global semiconductor supply chain.  

**Q**: Recently, European Commission Executive Vice-President for Trade and Economic Security Valdis Dombrovskis issued a statement on the Nexperia issue via his personal social media account. What is the Ministry of Commerce’s comment on this?  

**A**: The Netherlands is the root cause and bears responsibility for the current chaos in the global semiconductor supply chain. China has noted that the EU has stated it will engage with the Dutch side, and we hope the EU will step up its efforts to urge the Netherlands to revoke relevant measures as soon as possible and ensure the normal supply of Nexperia-related products.  

In a responsible manner to safeguard the security and stability of the global semiconductor supply chain, China has taken concrete measures to exempt compliant exports of relevant products for civilian use. We emphasize that we welcome the EU to continue exerting its influence to push the Netherlands to correct its wrong practices promptly.  

- Ministry of Commerce spokesperson on Nexperia: China agrees to the Dutch Ministry of Economic Affairs’ request to send personnel to China for consultations.  

- Ministry of Commerce: Suspension of Implementation of Paragraph 2 of the Announcement on Strengthening Export Controls on Relevant Dual-Use Items to the US.  

China’s Ministry of Commerce announced: With approval, starting from today until November 27, 2026, Paragraph 2 of Ministry of Commerce Announcement No. 46 of 2024 (Announcement on Strengthening Export Controls on Relevant Dual-Use Items to the United States) will be suspended.  

- Another stablecoin “depegs” amid crypto market bloodbath.  

The severe depegging of USDX triggered a chain crisis in DeFi (Decentralized Finance). Major borrowers’ default on repayments forced Lista DAO and PancakeSwap to intervene urgently. Lista DAO launched a governance vote and implemented liquidation to control risks; MEV Capital and Re7 Labs were named as being involved in high-risk vaults. The price of USDX plummeted to $0.11 at one point, fueling market panic.  

- Crypto market wiped out 10 months of gains in one month after consecutive sell-offs.  

According to CoinGecko data, the total market capitalization of cryptocurrencies hit a record high of nearly $4.4 trillion on October 6, but then plummeted by approximately 20% over the next month and a half. As a result, the year-to-date gain of the entire asset class narrowed to just 2.5%. The slump coincided with concerns over AI tech stock valuations, with meme stocks and alternative coins (altcoins)—favored by retail investors—suffering even larger declines.  

- Tough week for the US market? Surge in Treasury issuances worsens liquidity crunch.  

The US Treasury will auction $125 billion in government bonds this week, along with approximately $40 billion in corporate bonds. The concentrated issuance during a holiday-shortened trading week poses a severe test to market liquidity. To cope with the government shutdown, the Treasury has hoarded over $700 billion in cash, pushing bank reserves to their lowest level since 2021, leaving the current liquidity environment extremely fragile.  

- No nonfarm payrolls, no US CPI this week—can the Fed still “cut rates blindly” in December?  

Media reports indicate that the US Bureau of Labor Statistics has not only delayed the release of the CPI report but also suspended on-site data collection. Although the market still leans toward a rate cut in December, the lack of official data may give policymakers worried about renewed inflation sufficient reason to keep interest rates unchanged next month.  

- SNAP benefits suspended for the first time in 60 years! US Supreme Court approves Trump’s withholding of $4 billion in food aid.  

The US Supreme Court approved the Trump administration’s decision to suspend approximately $4 billion in SNAP benefits (commonly known as food stamps), putting 42 million low-income people at risk of livelihood crisis—the first suspension of the SNAP program in 60 years. The huge political costs may push both parties to accelerate negotiations to end the government shutdown.  

- Jensen Huang visits TSMC in person to “secure production capacity,” stating “No TSMC, no NVIDIA.”  

On November 8, Jensen Huang attended TSMC’s annual sports meet and said NVIDIA’s business is “very strong and getting stronger month by month.” Huang’s main goal of this Taiwan visit was to secure production capacity for advanced processes such as 3nm. TSMC CEO C.C. Wei confirmed receiving the request for expanded production and expects the company to continue achieving record-breaking sales growth.  

- Google’s 2nd-gen Nano Banana unveiled! One-click calculus solving ends the “PS era.”  

Google launched its new-generation AI image model, Nano Banana 2, which supports rapid 4K image generation and can perform tasks such as solving calculus and creating complex interfaces. It also sets new benchmarks in character consistency, handwritten text generation, and complex chart creation, demonstrating strong image generation and understanding capabilities.  

[Note: “PS era” here refers to the era of manual problem-solving (e.g., in academics), not the image-editing software Photoshop.]  

- BofA’s Hartnett on “AI bubble,” “midterm election politics,” and “tariff repeal”: “Tops are a process, bottoms are a moment.”  

BofA strategist Michael Hartnett pointed out that a market top is forming slowly through three key signals:  

1. Credit spreads for leading AI companies have widened from 50 basis points to 80 basis points, indicating deteriorating financing conditions.  

2. Public dissatisfaction with living costs has sparked political pressure, potentially leading to government price interventions.  

3. The Supreme Court may repeal existing tariffs; if realized, this would weaken inflation expectations and benefit emerging markets.  

While no full-scale sell-off signals have emerged, Hartnett recommends shorting AI corporate bonds and going long on zero-coupon bonds as a hedge.  

- One year after Trump’s election win: “Trump 2.0” market trends highly resemble “1.0,” but the bad news is that US stocks typically perform worst in the second year of a presidency.  

On the first anniversary of Trump’s election victory, market trends are highly similar to those of his first term: Bitcoin leads gains in risky assets, emerging markets outperform US stocks, and the US dollar weakens. However, historical data shows that the second year of a US president’s term is usually the worst for US stocks. During “Trump 1.0” in 2018, market volatility soared and risky assets corrected—warning signs for the current market.  

- How would the market react if Trump’s “reciprocal tariffs” are repealed?  

Market expectations of the Trump administration winning the tariff case have cooled significantly; prediction markets show the government’s win probability has plummeted from approximately 40% to 27%. Citi believes that if the court ultimately repeals the “reciprocal tariffs” imposed under the IEEPA (International Emergency Economic Powers Act), it may trigger a trading boom. Short-term market reactions could include: lower inflation expectations, a rise in stocks (especially small-cap stocks), and stronger currencies of specific emerging markets (e.g., Mexican peso, Brazilian real).  

### Domestic Macroeconomics  

- General Office of the State Council: Strengthen R&D and application of core technologies in AI; promote application and standard-setting for all-space (land, sea, air) unmanned systems.  

The Guidelines state: Strengthen R&D and promotion of core technologies in artificial intelligence, accelerate the cultivation and opening of high-value application scenarios, and better meet the development needs of science and technology, industry, consumption, people’s livelihood, governance, and global cooperation.  

Promote the application and standardization of all-space (land, sea, air) unmanned systems; encourage the development of all-space application scenarios covering cultural tourism, government services, logistics, and satellite services; and expand unmanned system applications in industrial production, urban planning, construction and governance, integrated multi-modal transportation, public services, security protection, and agricultural production.  

- China’s October exports (in USD terms) fell 1.1% YoY; imports rose 1% YoY.  

- Soybean imports hit a record high for the same period in history.  

- Imports of refined oil, natural gas, and coal fell in both volume and price.  

- Rare earth exports ended a three-month declining streak.  

- Soochow Securities on weaker-than-expected exports:  

The main reasons for the unexpected export decline are:  

1. Disrupted export timing in September-October 2023: Last October’s off-season growth inflated the base.  

2. Exports to the EU fell after the easing of US-EU tensions.  

3. Momentum for “rush transshipment” weakened at year-end, slowing exports to emerging markets such as ASEAN and Africa.  

Structurally, labor-intensive products continued to decline YoY, while high-tech products maintained resilience.  

- CICC analysis:  

After excluding base effects, the two-year compound growth rate for September-October remained stable at 5.3%-5.5%. Exports of ships, automobiles, and other products maintained resilience, while exports of mechanical and electrical products generally declined. Imports rose 1.0% YoY, dragged down by both price and volume factors. CICC expects export YoY growth to improve in November as the base effect eases.  

- People’s Bank of China (PBoC) increases gold holdings by 30,000 ounces in October—12th consecutive month of增持.  

- Impact of recent commodity price hikes on A-shares:  

Recent commodity price rallies have driven A-shares to price in the 2026 pro-cyclical logic in advance. Currently, rising prices of resources such as coal and non-ferrous metals have boosted related sectors.  

This rally essentially reflects expectations of a policy cycle resonance between China and the US: The launch of China’s 14th Five-Year Plan coincides with the US midterm election year, which is expected to drive up demand for bulk commodities. As a result, non-ferrous metals, steel, and building materials are considered the most valuable sectors for allocation.  

### Domestic Companies/Industries  

- World Internet Conference Blue Book: AI empowers all sectors.  

The blue books *China Internet Development Report 2025* and *World Internet Development Report 2025* were released on November 8 at the 2025 World Internet Conference Wuzhen Summit.  

*China Internet Development Report 2025* argues that AI in China will see rapid expansion of application scenarios, deeper user penetration, and enhanced industry integration—shifting from fragmented applications to all-sector empowerment. It will become a core driver for the intelligent upgrading of the real economy.  

- Repricing of Chinese assets: From computing power to electricity.  

Guojin Securities’ strategy team stated that the “shortage link” in tech industry development has shifted from US-led computing power infrastructure to sectors where China has greater advantages—electricity, manufacturing, and generalized infrastructure. This process essentially represents a repricing of Chinese assets.  

Three key expansion paths to focus on:  

1. Catch-up growth within power equipment.  

2. Broader industrial chain expansion: chemicals, glass fiber, automation equipment, and metal materials.  

3. Cost advantages of high-energy-consumption sectors.  

- Approximately 60% of institutional holdings are AI-related: CITIC Securities’ view.  

CITIC Securities believes that during the upcoming portfolio adjustment, institutions should adhere to a core principle: focus on sectors with independent logic beyond AI narratives and where ROE (Return on Equity) is at the bottom of a long cycle and continuing to rise.  

From this perspective, moderately increasing exposure to sectors that have been stagnant for a long time and whose profit margins and industry sentiment are at relatively low historical levels—such as chemicals, non-ferrous metals, and new energy—would be a better choice.  

- Goldman Sachs surveys “China’s robot supply chain” (e.g., Sanhua): Preparations for 2026 H2 mass production of humanoid robots, with capacity plans of 100,000 to 1 million units annually.  

Goldman Sachs’ survey shows that although large-scale orders have not yet been secured, Chinese humanoid robot suppliers have launched a “capacity-first” strategy and upgraded from component supply to modular solutions. The industry will closely monitor milestones such as the release of Tesla Optimus Gen 3 to verify the prospect of capacity absorption.  

- Luo Ji (Ant Group): Ant has deployed a domestically produced computing cluster of 10,000-card scale, fully applied to security and risk control.  

- JD launches “Aian UT Super” – “国民好车” (affordable family car) with a starting price of only RMB 49,900.  

### Overseas Macroeconomics  

- US government shutdown sees breakthrough: Democrats soften stance; Republicans reject proposal but acknowledge progress.  

Senate Republicans rejected a Democratic proposal to narrow the government shutdown negotiations to a one-year extension of healthcare subsidies. During the 38-day government shutdown, subsidies under the Affordable Care Act (ACA) have been a key point of contention.  

Senate Democratic Leader Chuck Schumer called his proposal a “simple compromise” and said it could pass the Senate “within hours.” Republican Leader John Thune dismissed the proposal as “fundamentally unworkable” but acknowledged that it signals progress in negotiations.  

- US tech stocks suffer worst week since April: “AI Big 8” lose $800 billion in market cap weekly.  

Last week, the Nasdaq fell 3%—its worst weekly performance since April. Among them, the combined market capitalization of the 8 leading AI-related companies evaporated by approximately $800 billion, while the total market cap of US AI-related companies dropped by nearly $1 trillion in a single week. Growing concerns over massive AI capital expenditure and industry prospects have sharply cooled investor sentiment.  

- Microsoft logs longest losing streak since 2011; doubts over AI investments weigh on tech stocks.  

Since releasing its quarterly earnings at the end of October, Microsoft’s stock has failed to record a single positive trading day. Over the past 8 days, the stock has fallen by more than 8%, with its market cap evaporating by over $300 billion—marking its longest losing streak since the 9-day slump ending in November 2011.  

- Goldman Sachs trader: Volatility this time of year is “normal”—no “abnormalities.”  

Goldman Sachs pointed out that the recent 5% pullback in US stocks is a normal fluctuation in the AI cycle and expects a 5-10% upside by the end of the year. This judgment is based on three pillars:  

1. AI investment is still in its early stages, and institutional positions are not yet saturated.  

2. Tech giants have solid balance sheets and over 20% profit growth.  

3. Current valuations are fundamentally different from the dot-com bubble: The Nasdaq 100 is trading at a 46% discount to that period, and listed companies generally generate strong free cash flow.  

- Most aggressive Wall Street bank: No more rate cuts under Powell’s term.  

Bank of America believes that Fed Chair Jerome Powell’s cautious remarks after the October rate cut mean the threshold for a December rate cut has been raised—data will be needed to “prove” the need for a cut, rather than to “disprove” it. Current alternative data shows the labor market is cooling gradually but not deteriorating sharply, providing the Fed with a reason to pause rate cuts.  

- Report: South Korea plans to cut top tax rate on dividend income from 35% to 25%.  

### Overseas Companies  

- Beyond seeking government guarantees: OpenAI sent a letter to the Trump administration in late October, requesting “expanded tax deductions” to reduce data center costs.  

In the letter dated October 27, OpenAI asked the White House to expand a 35% manufacturing investment tax credit—currently limited to chip manufacturing—to cover AI data centers, AI server producers, and critical power grid components such as transformers. Earlier, the company’s executives’ remarks on seeking “government guarantee support” sparked controversy, but the US government ruled out direct assistance.  

- Tesla shareholders fail to approve xAI investment: Is market-expected integration still possible?  

Tesla shareholders were divided on whether to invest in Elon Musk’s xAI. Although more votes were in favor than against, a large number of abstentions were counted as opposing votes, leading to the proposal’s failure. While the proposal is non-binding, the board stated it will consider the support it received. The two companies already have business cooperation, but the prospect of future integration remains uncertain.  

- Meta discloses details of its $600 billion US investment commitment.  

Meta—owned by Mark Zuckerberg—has been exposed to earning huge profits from massive scam ads; approximately one-third of successful fraud cases in the US are linked to the platform.  

- Pfizer wins: Acquires Metsera for $10 billion, beating Novo Nordisk.  

Pfizer defeated Novo Nordisk to acquire weight-loss drug startup Metsera for $10 billion, representing a 159% premium. With FTC approval, Pfizer achieved a strategic breakthrough, entering the $100 billion weight-loss drug market and seizing the track for next-generation drugs with stronger efficacy and fewer side effects. Competition among pharmaceutical giants is rapidly sweeping the global pharmaceutical industry.  

# Industries/Concepts  

## 1. Carbon Neutrality  

On the 8th, the State Council Information Office released the white paper *China’s Actions for Carbon Peaking and Carbon Neutrality*. It points out that energy storage is a crucial foundation for building a new power system. China promotes the integrated development of energy storage with all links of the power system, actively advances the models of "new energy + energy storage", source-grid-load-storage integration, and multi-energy complementarity. Focusing on key power grid nodes or remote areas, China will rationally deploy new-type energy storage and encourage electric vehicles, uninterruptible power supplies (UPS), and other devices to participate in system peak shaving and frequency regulation. It will also promote the diversified application of technologies such as lithium-ion batteries, flow batteries, compressed air energy storage, gravity energy storage, and flywheel energy storage.  

As of the end of 2024, the installed capacity of new-type energy storage reached 73.76 million kilowatts / 168 million kilowatt-hours, 20 times that of 2020, accounting for more than 40% of the world’s total installed capacity.  

**Commentary**: With the increasing penetration rate of new energy in the power system, ensuring the cleanliness, safety, and economy of power grid operation has become the key to building a new power system. Huatai Securities believes that this white paper once again clarifies the important role of grid mutual complementarity and energy storage. It is optimistic that China’s electrification rate will rise steadily in the future, which will form a pattern of mutual promotion and coordinated development with power grid transformation and upgrading as well as the construction of new-type energy storage systems, jointly driving the construction of the new power system into an accelerated phase. Huatai Securities also points out that the main trend of growing power demand and rising electrification rate remains unchanged, and three directions are worthy of attention: new energy + energy storage systems, power grid intelligence and transformation & upgrading, and the new positioning/new technologies of traditional power sources.  

## 2. Space Computing Power  

According to Shanghai Securities News, recently, a number of U.S. space companies have been advancing orbital data center plans and using solar energy to solve AI energy consumption issues. Elon Musk announced today that Starship will pave the way for the deployment of solar-powered AI satellites, calling it the only feasible solution to achieve 1 terawatt of annual AI computing power. Currently, SpaceX undertakes 90% of the world’s orbital launch missions, and this proportion is expected to rise to 99% after the high-frequency launches of Starship. On November 2, Starcloud, in collaboration with Crusoe, sent NVIDIA H100 into orbit, aiming to launch "space GPU cloud services" in 2027. In addition, on November 5, Google announced the "Light Catcher Project", planning to launch two prototype satellites equipped with Trillium-generation TPUs with Planet in early 2027 to verify the feasibility of on-orbit AI and inter-satellite optical link distributed training.  

**Commentary**: Reports indicate that compared with ground computing power centers, space computing power centers have significant advantages such as lower PUE (Power Usage Effectiveness) and higher power generation efficiency, which can fundamentally alleviate the power and heat dissipation bottlenecks of AIDC (AI Data Centers). At present, China and the United States have launched a space computing power competition. In 2024, NASA released the *Space-Based Solar Power* report, clearly stating that it will moderately support relevant projects and strengthen cooperation with external institutions and enterprises that are already developing related technologies. China is leading in progress: the "Three-Body Computing Constellation" of Zhejiang Lab has launched the first batch of 12 satellites, forming a prototype of normalized on-orbit commercial operation. The inter-satellite laser transmission speed reaches up to 100 Gbps, and the 12-satellite interconnection has a computing power of 5 POPS. It is planned to complete more than 50 satellites by 2025 and reach a scale of 1,000 satellites around 2030. The long-term plan of the "Star Computing Project" includes 2,800 computing constellations to build a space intelligent computing base. Driven by global resonance, space computing power is moving from concept verification to the engineering stage, and domestic space computing power is expected to accelerate its development.  

## 3. Ultra-HD Video  

According to People’s Financial News, from November 5 to 7, the Member Congress of the World Ultra-High Definition Video Industry Alliance was held in Shenzhen, Guangdong. The congress focused on releasing three important achievements: First, the full-link technology for 4K ultra-HD channels; second, the world’s first Avid Pro Tools audio production software natively integrated with Audio Vivid production tools, marking the completion of the industrial chain closed-loop for Audio Vivid (Jingcai Sound) and the true internationalization of Audio Vivid standards and technologies; third, the in-vehicle application of Jingcai Audio-Visual has been implemented in more than 1 million vehicles. These achievements mean that China’s ultra-HD standards have entered a new stage of industrialization.  

**Commentary**: Securities Times points out that ultra-HD is a new round of major technological transformation in the display industry following digitalization and high definition. China’s ultra-HD video industry has formed a pattern led by consumer electronics and with rapid expansion of industrial applications, and will move toward the direction of in-depth integration of "technology + content + scenarios" in the future. Accelerating the development of the ultra-HD video industry can directly drive the overall upgrading of the industrial chain, including production and broadcasting equipment, terminal products, display panels, and chips. Currently, driven by the rapid development of new displays, consumer electronic products, and radio and television applications, China’s ultra-HD video industry, relying on its advantages of a super-large market, has made forward-looking layouts and achieved phased leadership, and is now in a critical period of large-scale development. The market scale is expected to reach 5-6 trillion yuan by 2025. Against the background of the integrated development of 5G and ultra-HD, the ultra-HD video industry has broad prospects.  

## 4. Proton Therapy  

According to CCTV News, it is learned from the Standardization Administration of China that the international standard *Radiation Protection - Medical Proton Accelerators - Requirements and Recommendations for Shielding Design and Assessment* has been officially released recently. This standard is led by China and jointly formulated by experts from 9 countries including the United States, France, Canada, and Switzerland. Proton therapy is one of the most advanced tumor radiotherapy technologies currently available, with significant advantages such as precise targeting and fewer side effects, and has become a new global choice for cancer treatment. According to data released by the Particle Therapy Co-Operative Group (PTCOG), more than 120 proton therapy centers have been built worldwide.  

## 5. Smart Agriculture  

On November 7, the Ministry of Agriculture and Rural Affairs released the *Guidelines for the Construction of a Smart Agriculture Standard System*. The Guidelines propose that focusing on the development needs of basic general standards, key technologies, and application fields, by 2030, a smart agriculture standard system that meets the development needs of smart agriculture, is advanced and applicable, and is open and interconnected will be basically established. Gradually, the construction and management of smart farms (ranches/fisheries), the inspection and testing of smart agricultural technology and equipment, and the promotion and service of smart agricultural technologies will be supported by standards, with standards to rely on, support, and guide.  

**Commentary**: According to Soochow Securities, compared with the global market, China’s smart agriculture started late, and the level of agricultural mechanization and operation intelligence is much lower than that of other leading countries, still in the early stage of growth with broad market space. Benefiting from China’s all-round policy dividends and increasing fiscal investment, the market scale of China’s smart agriculture has expanded rapidly and its structure has been continuously optimized. According to Guanyan Tianxia, the market scale of China’s smart agriculture exceeded 100 billion yuan for the first time in 2024, reaching 105 billion yuan, a year-on-year increase of 11.7%. Driven by policy dividends and technological iteration, the market scale is expected to grow to 120 billion yuan in 2025.  

## 6. Gaming  

On November 8, the 2025 King of Glory Professional League (KPL) Annual Finals was grandly held for the first time at the National Stadium (Bird’s Nest) in Beijing. With 62,196 attendees on the day, it became the esports event with the largest number of on-site spectators in a single session, breaking the Guinness World Record. It is reported that a total prize pool of 70 million yuan was set up for this annual finals, including 20 million yuan for the champion, 10 million yuan for the runner-up, and 8 million yuan for the third place.  

**Commentary**: Research institutions believe that esports is gradually transforming from an emerging sports form into a public cultural phenomenon that attracts global social network attention. Esports is no longer limited to the virtual world but has become an interactive platform across borders and cultures. With the increase in esports venues and entertainment facilities, the integration of esports with the entertainment industry will accelerate, and more physical consumer venues will emerge to meet the offline experience needs of audiences, further promoting the diversified development of the esports industry.  

## 7. Commercial Aerospace  

At Beijing time on November 9, the Zhuque-1 Y10 launch vehicle of CAS Space was successfully launched at the Dongfeng Commercial Aerospace Innovation Test Zone, sending the Chutian-2 Technology Test Satellites 01 and 02 into the predetermined orbit in a "one rocket, two satellites" manner. As of now, the Zhuque-1 has sent a total of 75 satellites and 10-ton-level payloads into space. In addition, from October 18 to 20, the Zhuque-3 Y1 launch vehicle of Landspace completed the fueling drill and static fire test in the first phase of its maiden flight mission, making preparations for the official orbital launch and first-stage recovery this year. The maiden flight of Landspace’s Zhuque-3 recoverable rocket will be a milestone event in China’s private aerospace sector.  

**Commentary**: Earlier, Elon Musk, founder and CEO of SpaceX (Space Exploration Technologies Corp.), stated that if everything goes smoothly, the performance of the recoverable rocket Zhuque-3 developed by a Chinese private aerospace enterprise may surpass that of SpaceX’s Falcon 9 rocket within "5 years". Musk also mentioned two other reusable launch vehicles developed by China: the Long March 12A of China Aerospace Science and Technology Corporation and the Tianlong-3 of Beijing Tianbing Technology Co., Ltd. Musk wrote, "More than 20 rocket companies are building launch sites!"  

# Preview of Today’s Key News  

- The 8th China International Import Expo closes.  

- The U.S. Treasury will auction $125 billion in Treasury bonds, with a $58 billion 3-year Treasury note auction to be held on Monday.  

- Adjustments to the list of Hong Kong Stock Connect ETFs under Shenzhen-Hong Kong Stock Connect will take effect from November 10, 2025.  

- Warren Buffett’s Thanksgiving letter to shareholders may be released.  

- CoreWeave and KE Holdings (Beike) will release their financial reports.  

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# Risk Warning and Disclaimer  

The market is risky, and investment needs to be prudent. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Investors shall bear their own responsibilities for investments made based on this article.