Morning News

# Market Overview  

Source: Wall Street CN  

A U.S. government shutdown is on the verge of ending. Two major U.S. stock indices, the S&P 500 and the Nasdaq, recorded their largest gains in five months. The Nasdaq rebounded by over 2%, while the S&P 500 rose by more than 1%. Both the S&P 500 and the Dow Jones Industrial Average (DJIA) posted two consecutive days of gains, with the DJIA erasing its monthly losses. Chip stocks and AI concept stocks surged: the chip index climbed 3%, AMD jumped over 4%, Palantir rose nearly 9%, and NVIDIA advanced close to 6% (leading the "Magnificent Seven" tech giants). Meanwhile, Google and Tesla rebounded by nearly 4%. Despite reporting strong quarterly results, CoreWeave still fell more than 5% in after-hours trading.  

U.S. Treasury prices declined, with the 10-year U.S. Treasury yield approaching a one-month high. The U.S. Dollar Index narrowly halted its three-day losing streak; offshore RMB broke above the 7.12 level intraday for the first time in a week; Bitcoin rose over 2% intraday, surpassing the $106,000 mark.  

Commodities generally rallied: Crude oil gained over 1% intraday, rebounding for two consecutive days; Gold climbed nearly 3% intraday to a two-week high; London Copper recorded two straight days of gains, reaching a one-week high.  

During the Asian trading session, A-shares were mixed, with the ChiNext Index falling 0.9%, while consumer staples stocks surged collectively. Hong Kong stocks closed higher across the board, with the Hang Seng Index rising over 1%.  

# Key News  

1. The General Office of the State Council issued a document proposing 13 measures to further promote private investment, including expanding market access, addressing bottlenecks, and strengthening guarantees.  

2. Two Chinese government departments (relevant authorities) stated that they will optimize the demonstration of new energy allocation and the scheme for power transmission and consumption, to promote large-scale local consumption of new energy in the "desert, Gobi, and barren land" new energy bases.  

3. The U.S. government shutdown may last a few more days. Although the Senate has passed a procedural vote on a short-term funding bill, subsequent procedures still need to be completed, and the timing of the House of Representatives’ vote remains undecided.  

4. Media reports indicate that the U.S. is close to cutting tariffs on Swiss goods from 39% to 15%. Former U.S. President Trump stated that efforts are being made to slightly reduce tariffs on Switzerland and that an agreement to lower tariffs on India is nearly reached.  

5. Michelle Bowman, a Federal Reserve Governor "endorsed" by Trump, said: "A government shutdown will not change my view on the U.S. economy, and the Fed should cut interest rates by 50 basis points in December."  

6. Private sector data shows that the growth rate of U.S. consumer goods prices in October slowed for the first time in three months.  

7. Warren Buffett arranged for the transition period of Berkshire Hathaway’s CEO succession: he donated 1.3 billion Class B shares, will no longer write the annual shareholder letter, and retains a large number of Class A shares to help shareholders build confidence in the successor.  

8. TSMC’s sales growth slowed to 16.9% in October, the slowest pace in over a year. However, tech giants’ AI-related spending and executives’ confidence remain unchanged.  

9. Reports suggest that SanDisk will raise NAND flash memory prices by 50% in November. Goldman Sachs directly doubled SanDisk’s target price, stating that the shortage of NAND supply will significantly boost its pricing power and profit margin growth. Demand for memory chips is booming, with expectations for DRAM prices revised upward again, and AI giants are even scrambling for production capacity as far out as 2027.  

10. Driven by the AI boom, CoreWeave—a rising star in cloud computing—saw its Q3 revenue more than double year-on-year (exceeding expectations), with losses lower than anticipated. Nevertheless, the stock still dropped over 5% in after-hours trading.  

# Market Closing Quotes  

## U.S. & European Stocks  

- S&P 500: Rose 1.54% to close at 6,832.43 points.  

- DJIA: Rose 0.81% to close at 47,368.63 points.  

- Nasdaq Composite: Rose 2.27% to close at 23,527.174 points.  

- Europe’s STOXX 600 Index: Rose 1.42% to close at 572.82 points.  

## A-Shares  

- Shanghai Composite Index: Rose 0.53% to close at 4,018.60 points (hitting a new intraday closing high this year).  

- Shenzhen Component Index: Rose 0.18% to close at 13,427.61 points.  

- ChiNext Index: Fell 0.92% to close at 3,178.83 points.  

## Bond Market  

By the end of the bond trading session, the yield on the 10-year U.S. Treasury note (benchmark) stood at approximately 4.12%, up about 2 basis points intraday; the yield on the 2-year U.S. Treasury note was around 3.57%, rising roughly 1 basis point intraday.  

## Commodities  

- WTI Crude Oil Futures (December contract): Rose 0.64% to close at $60.13 per barrel.  

- Brent Crude Oil Futures (January contract): Rose 0.68% to close at $64.06 per barrel.  

- COMEX Gold Futures (December contract): Rose 2.8% to close at $4,122 per ounce.  

- COMEX Silver Futures (December contract): Rose 4.5% to close at $50.311 per ounce.  

### Notes on Key Terms  

- "沙戈荒" new energy bases: Refers to large-scale new energy (solar, wind, etc.) development bases built in China’s desert, Gobi, and barren land regions, a core part of the country’s renewable energy strategy.  

- "科技七巨头" (Magnificent Seven): A widely recognized group of top U.S. tech giants, typically including Apple, Microsoft, Alphabet (Google), Amazon, NVIDIA, Meta Platforms, and Tesla.  

- CoreWeave: A U.S.-based cloud computing company focused on AI infrastructure, known for providing high-performance computing services to AI firms, hence its stock price’s sensitivity to AI industry trends.

# Detailed News Highlights  

## Global Headlines  

The General Office of the State Council issued a document proposing 13 measures to further promote private investment. In terms of expanding market access, the document states that for key projects in fields such as railways and nuclear power (which require state approval/verification and generate certain returns), private capital is encouraged and supported to participate, with clear requirements on shareholding ratios; private capital is guided to participate in an orderly manner in the development of the low-altitude economy, commercial aerospace, and other sectors; and capable private enterprises are actively supported to take the lead in undertaking major national technological research tasks. To address bottlenecks, support is provided for leading private enterprises, "chain master" enterprises, and third-party service providers to build comprehensive digital empowerment platforms. For strengthening guarantees, more eligible private investment projects are actively supported in issuing Real Estate Investment Trusts (REITs) in the infrastructure sector.  

Two Chinese government departments (relevant authorities) announced plans to optimize the demonstration of new energy allocation and the scheme for power transmission and consumption, aiming to promote large-scale local consumption of new energy in the "desert, Gobi, and barren land" (Sha-Ge-Huang) new energy bases. The "Opinions" propose optimizing the integrated development and consumption of hydropower, wind power, and solar power bases. Relying on large-scale hydropower bases in southwest China, new energy allocation will be optimized by fully considering the regulatory characteristics of hydropower. For existing hydropower transmission channels with feasible conditions, new energy will be rationally added to improve channel utilization. In conjunction with the development of the lower Yalong River hydropower base, the demonstration of new energy allocation and the scheme for power transmission and consumption will be optimized.  

The U.S. government shutdown may last a few more days, as the Senate still needs to complete procedural steps, and the timing of the House of Representatives’ vote remains undecided. The shutdown is likely to end before the end of this week. The Senate plans to resume deliberations at 11 a.m. on Monday. Senate Republican Leader Thune stated that bipartisan cooperation is needed to accelerate the process; otherwise, it may take most of the week to complete the statutory procedures. House Speaker Mike Johnson said that once the Senate passes the bill, he will notify representatives 36 hours in advance to return to Capitol Hill for a vote. Media reports indicate he hopes the House will vote on Wednesday.  

A glimmer of hope emerges for the U.S. government shutdown crisis! The Senate passed a short-term funding bill on Sunday to fund the government until January next year. The U.S. Senate passed a key procedural vote to advance a short-term bill that would fund the government until January 30, 2026. The breakthrough in the deadlock came from a compromise: Republicans agreed to hold a vote in December on extending subsidies under the Affordable Care Act (ACA). However, the bill still needs to pass the final votes in the Senate and the House of Representatives and be signed by Trump; if the process proceeds unsmoothly, the government shutdown may be extended to next weekend.  

With the U.S. government shutdown crisis on the verge of resolution, is an epic short squeeze in U.S. stocks imminent? It is expected that approximately $1 trillion in Treasury General Account (TGA) funds will flow back into the economic system, injecting large-scale liquidity. The open interest of S&P 500 index futures increased by approximately $21 billion, indicating that the current rebound is more driven by the entry of new long positions rather than short covering. Institutional investors’ long positions are at a historic low; once the market forms a sustained upward trend, it may trigger a large-scale "short squeeze" rally.  

Media reports suggest that the U.S. is close to cutting tariffs on Swiss goods from 39% to 15%. Trump stated that efforts are being made to slightly reduce tariffs on Switzerland and that an agreement to lower tariffs on India is nearly reached. Before Trump’s remarks, media reported earlier on Monday that Switzerland and the U.S. may finalize a tariff agreement within the next two weeks; the key to advancing the negotiations was a meeting between senior Swiss business leaders and Trump at the White House last week, after which Trump directly ordered the U.S. Trade Representative to accelerate direct negotiations with Switzerland. After the news broke, the Swiss franc, which had previously approached its daily low, turned higher intraday.  

Michelle Bowman, a Federal Reserve Governor "endorsed" by Trump, said: "A government shutdown will not change my view on the U.S. economy, and the Fed should cut interest rates by 50 basis points in December." In an interview with the media, Bowman insisted that interest rate cuts should be faster than the traditional pace of 25 basis points per cut. As she did in the previous two Federal Open Market Committee (FOMC) meetings, she once again advocated for a 50-basis-point rate cut, while also stating that a rate cut of at least 25 basis points should be implemented.  

Private sector data shows that the growth rate of U.S. consumer goods prices in October slowed for the first time in three months. According to price data from OpenBrand, inflation for U.S. durable goods and personal care products slowed in October for the first time in three months, reflecting a slight increase in merchant discount efforts. Another inflation indicator provided by PriceStats also showed that overall U.S. price growth slowed in October, but prices in categories such as household equipment, furniture, and electronic products remained relatively strong—these categories have a high proportion of imported goods.  

Warren Buffett arranges for the transition period of Berkshire Hathaway’s CEO succession: donates $1.3 billion worth of shares, will no longer write annual shareholder letters, and retains a large number of Class A shares. Buffett will donate Berkshire Hathaway Class B shares worth over $1.3 billion to four family foundations; he will retain a large number of Class A shares until shareholders establish long-term confidence in successor CEO Greg Abel. He stated that his children and Berkshire’s directors fully support Abel, and the possibility of Berkshire experiencing a catastrophic disaster is lower than that of other companies. He plans to retain the tradition of writing a Thanksgiving letter to shareholders; he claims to be in good health, though his movements have slowed down and reading has become increasingly difficult, he still works in the office five days a week.  

TSMC’s sales growth slowed to 16.9% in October, the slowest pace in over a year, but tech giants’ AI-related spending and executives’ confidence remain unchanged. TSMC’s sales growth in October hit the slowest rate since February 2024. This figure is lower than analysts’ average expectation of 27.4% sales growth for TSMC in the current quarter.  

SanDisk reportedly plans to raise prices by 50%. It has been revealed that SanDisk will significantly increase the contract price of its NAND flash memory in November by 50%. This news has caused a stir in the storage supply chain, prompting module manufacturers such as Transcend, Innodisk, and Apacer Technology to suspend shipments and re-evaluate their quotations. Data shows that DRAM memory prices have soared by 171.8% year-on-year.  

Goldman Sachs directly doubled SanDisk’s target price, stating that the shortage of NAND supply will significantly boost its pricing power and profit margin growth. Goldman Sachs raised SanDisk’s target price to $280, noting that the supply shortage in the NAND flash memory market will last until 2026, endowing manufacturers with strong pricing power and ultimately reflected in a surge in profit margins. It raised its 2025-2027 EPS forecasts by an average of 79%, pointing out that tight production capacity caused by demand for AI servers is a key factor in the supply-demand imbalance, and the market has not yet fully priced in the profit growth potential of this super cycle.  

Booming demand for memory chips! Expectations for DRAM prices are revised upward again, and AI giants are even scrambling for production capacity as far out as 2027. Driven by demand for AI servers, the global memory market has seen higher-than-expected price increases. TrendForce (TrendForce Corporation) raised its forecast for DRAM price growth in the fourth quarter of 2025; server memory prices rose to over $300 per unit monthly, and cloud giants have even locked in production capacity until 2027, squeezing the supply of PC and mobile phone memory. The price of low-power DRAM has increased by 38% to 43%. Goldman Sachs is optimistic that Samsung and SK Hynix will be the biggest beneficiaries of this cycle.  

Reviewing the "five major bubble indicators," Goldman Sachs believes that "the current market is more like 1997 than 1999, and the AI bull market still has a second half." According to Goldman Sachs’ latest report, the current AI-driven U.S. stock market is not a "macro bubble" on the scale of 1999, as key signs of macro imbalances—such as large-scale overinvestment, deteriorating corporate profits, and a sharp rise in leverage—have not yet appeared. Its analysis points out that the current market environment is more similar to 1997, the early stage of a bubble, with stable corporate profits and controllable leverage. However, the report also warns that accelerating investment and changes in financial conditions are indicating the approaching of a potential inflection point.  

CoreWeave, a rising star in cloud computing, reported better-than-expected Q3 results: losses were lower than expected, and revenue more than doubled year-on-year (exceeding expectations). However, its stock price turned lower in after-hours trading, falling by more than 5% at one point.  

## Domestic Macroeconomics  

A spokesperson for the Ministry of Commerce responded to reporters’ questions regarding the U.S. suspension of the Section 301 investigation measures against China’s shipbuilding and other industries. China has noted that the U.S. issued an announcement on November 9 (local time), stating that it will suspend the implementation of the Section 301 investigation measures against China’s shipbuilding and other industries for one year starting from 00:01 on November 10. Specifically, this includes suspending the collection of port fees on relevant Chinese ships and suspending the imposition of additional tariffs on Chinese ship-to-shore cranes and other equipment. This is an important step for the U.S. to work with China in the same direction and jointly implement the consensus reached in the China-U.S. economic and trade consultations in Kuala Lumpur. On the same day, China also suspended the implementation of relevant countermeasures accordingly.  

The Ministry of Commerce announced the suspension of countermeasures against 5 U.S.-related subsidiaries of Hanwha Ocean Co., Ltd. for one year.  

## Domestic Companies  

"Anti-involution" efforts pay off! Supply consolidation + bottomed valuations: Is the spring for the chemical sector coming? Within the industry, "anti-involution" initiatives are reshaping supply and demand through coordinated production cuts, driving price recovery. Externally, Buffett’s acquisition of OxyChem has been interpreted by the market as a strong signal of optimism about the recovery of the chemical cycle. Securities firms analyze that the current valuation of the chemical sector is at a historical low, featuring both under-allocation and high elasticity; the end of the year may become an important layout window.  

Can the 26-year cycle drive the chemical sector? Buffett’s last major transaction may be the $9.7 billion all-cash acquisition of chemical company OxyChem. The author of "Peifengke" (a market analysis platform) believes that the U.S. chemical industry indeed has low costs; with the expectation of real estate and automobile recovery after future interest rate cuts, this is a very standard value investment bottom-fishing move. For China’s chemical industry, from a macro perspective, higher costs have led to both increased uncertainty and higher risk-reward ratios; its demand is affected by fluctuations in expectations for real estate recovery resilience and new energy vehicles, resulting in a more complex trend.  

The "Cobre Panama moment" for the electrolytic aluminum industry is approaching. In November 2023, the suspension of the Cobre Panama copper mine (accounting for 1.5% of global output) due to community and policy impacts became a key turning point in market expectations for copper supply. CITIC Securities believes that currently, overseas electrolytic aluminum projects are facing frequent suspension risks due to power supply issues, affecting production capacity of over 1 million tons. The valuation of the electrolytic aluminum sector is only 13.4 times PE, the lowest level among non-ferrous metals; compared with the copper sector, it has a 30% upside potential for catch-up gains. The deepening consensus on supply scarcity will drive valuation recovery.  

Russia imposes significant tax hikes, leading to a sharp 58% drop in China’s automobile exports to Russia! The era of net profits of tens of thousands of yuan per vehicle is a thing of the past, and some businesses have suspended operations in Russia. Russia’s scrappage tax has soared by nearly 85%, and tariffs have also increased simultaneously, resulting in a sharp 58% drop in China’s automobile exports to Russia. The dividend era of net profits of tens of thousands of yuan per vehicle is over. Faced with market changes and policy constraints, automobile companies are moving away from the "quick money" model, transforming to local production, laying out after-sales systems, and preparing for a long-term battle to meet new challenges in globalization.  

Is Burger King China also being sold? CPE Sourcehill invests $350 million to hold an 83% controlling stake, aiming to triple the number of stores within 10 years. CPE Sourcehill has committed to doubling the number of Burger King China stores from the current approximately 1,250 to about 2,500 within 5 years, and expanding to at least 4,000 stores by 2035. The transaction is expected to be completed in the first quarter of 2026.  

Ke Holdings (Beike) reported Q3 net revenue of RMB 23.1 billion, a year-on-year increase of 2.1%, while net profit decreased by 36.1% year-on-year. Ke Holdings’ Q3 2025 financial report showed a "revenue growth without profit growth" situation: net revenue increased slightly by 2.1% to RMB 23.1 billion, but net profit fell by 36.1% year-on-year. The gross profit margin also decreased from 22.7% to 21.4%, mainly due to the decline in revenue from the high-profit existing housing business. The housing rental service emerged as a bright spot, with revenue growing by 45.3% and achieving quarterly profits exceeding RMB 100 million for the first time; the home improvement business remained stable.  

Greenwoods Asset Management increased its holdings in Alibaba and PDD, and built a large position in DeepRoute.ai in the third quarter.  

## Overseas Macroeconomics  

Trump proposes "tariff rebates" again: Every American will receive a $2,000 "dividend." At a sensitive time when the U.S. tariff policy is facing a Supreme Court challenge to its legality, Trump claimed that he plans to use tariff revenues to pay a $2,000 "dividend" to "every American," excluding high-income groups. However, U.S. Treasury Secretary Janet Yellen quickly clarified this, stating that the funds may not be distributed directly but could be implemented through a series of tax reduction measures, such as eliminating taxes on tips and overtime pay.  

Tariff concerns loom, U.S. container imports in October fell by 7.5% year-on-year, approaching the key threshold of 2 million TEUs. U.S. container imports in October reached 2.31 million TEUs, a month-on-month decrease of 0.1%—only the second time in the past decade that a month-on-month decline has occurred in October. It is predicted that inbound container volumes in November and December will decrease by 14.4% and 17.9% year-on-year respectively, possibly falling below the key threshold of 2 million TEUs—a sign of a "goods recession."  

"The speed of U.S. capital inflows into Japan is the fastest since the implementation of Abenomics"! Goldman Sachs says: U.S. capital inflows indicate a shift in Japanese stock market style toward growth. Goldman Sachs’ chief Japanese equity strategist stated that U.S. capital is flowing into Japan at the fastest pace since "Abenomics," mainly targeting the technology and AI sectors. This trend is driven by the over 30% U.S. dollar-denominated return of Japanese stocks this year and may trigger a major shift in market style from value stocks to growth stocks. However, amid rising market enthusiasm, Citi warned that the valuation of Japanese technology stocks has become overheated, even exceeding that of the "Magnificent Seven," and reminded investors to be vigilant of short-term correction risks.  

Japan’s new government pressures the central bank to avoid raising interest rates in December to align with large-scale fiscal stimulus. Senior officials of Japan’s new government have clearly requested the Bank of Japan to postpone interest rate hikes to coordinate with the upcoming large-scale economic stimulus plan and jointly support economic recovery. A core economic advisor warned that raising interest rates in December would be "quite risky" and suggested delaying it until next year at the earliest, highlighting the new government’s policy shift toward supporting household and industrial investment.  

Report: Japan’s economic plan considers including three major fields: semiconductors, minerals, and national defense. According to reports, Japanese Prime Minister Sanae Takaichi’s first economic stimulus plan focuses on 17 key areas, with key investments in three strategic industries: semiconductors, critical minerals, and the national defense industry. This plan marks Japan’s shift to an expansionary fiscal policy, aiming to build the foundation for economic growth. Analysts point out that the new policy will test Japan’s ability to avoid triggering investor concerns about fiscal health, given that its debt burden ranks first among developed countries.  

Driven by improved growth prospects and profitability, Goldman Sachs turns bullish on Indian stocks again after a year. Goldman Sachs upgraded its rating on Indian stocks to "Overweight," predicting that the Nifty 50 index will rise by 14% by the end of 2026, and is optimistic about sectors such as finance, consumption, and national defense. Policy easing, profit recovery, and under-allocation by foreign capital have jointly driven the market reversal; India is expected to emerge from its largest underperformance in two decades and achieve both valuation and performance recovery.  

# U.S. Aluminum Premium Soars 155% to Historic High; Tariffs and Tight Supply Fuel Cost Pressures  

The U.S. aluminum premium has surged 155% to a record high, pushing buyers' actual costs to $4,792 per ton. To protect its domestic industry, the U.S. government sharply raised aluminum import tariffs from 25% to 50% this year, causing the tariff cost per ton of aluminum to skyrocket to $1,425. Meanwhile, the global market is currently facing a structural supply shortage. These two factors have jointly driven the surge in aluminum premiums.  

# Overseas Companies  

## Report: Apple Delays Launch of Next-Gen iPhone Air Amid Below-Expected Sales  

Apple has also significantly cut production of the first-generation iPhone Air. Media analysis suggests that the poor sales performance of the iPhone Air once again highlights the challenges Apple faces in finding new popular iPhone variants.  

## Robinhood CEO Unfazed by AI Bubble: Plans New Fund to Let Retail Investors Access OpenAI and Similar Firms  

CEO Vlad Tenev stated that he wants ordinary people to participate in the AI transformation wave, adding that the fund will invest in more than 5 top private companies. This reflects the asset management industry’s view of retail investors as a new source of capital for the private market—over the past year, the valuations of 10 AI companies have soared by nearly $1 trillion. However, concerns have arisen regarding the closed-end fund structure and the company’s lack of management experience. Institutions have warned that complex strategies could seriously harm the fast-moving retail investor group.  

## Crypto Market Hit by Serial Slumps; "Crypto Treasury Companies" That "Leverage Cryptocurrencies" Collapse  

Over the past month, MicroStrategy’s stock price has dropped 25%, BitMine Immersion has fallen by more than 30%, and Bitcoin has declined by 15% during the same period. Analysts believe that crypto treasury companies are essentially leveraged crypto assets, so when cryptocurrencies fall, these companies suffer even greater losses. Although the stocks of treasury companies are still overvalued, their premium levels are no longer extreme.  

## How to Interpret the Sharp Price Cuts of GLP-1 Weight-Loss Drugs? Goldman Sachs: Strategic "Price for Volume"; Eli Lilly Gains Advantage, Novo Nordisk Faces Pressure  

Goldman Sachs stated that the agreement, by drastically reducing the monthly cost of the drugs, has successfully unlocked the previously uncertain market of tens of millions of Medicaid and Medicare patients, indicating huge growth potential in sales. It maintains its forecast of a $95 billion market size by 2030. Eli Lilly has gained an advantage due to its higher market share and the early launch of oral medications, while Novo Nordisk faces multiple growth pressures. The 2027 IRA negotiations may widen its price disadvantage to 18%.  

# Industries/Concepts  

## 1. Express Delivery  

According to the State Post Bureau, China’s Express Delivery Development Index reached 475.5 in October 2025, a year-on-year increase of 2.4%. Among its sub-indices, the Development Scale Index, Service Quality Index, and Development Capability Index stood at 616.4, 705.2, and 240.7 respectively, up 5.6%, 0.2%, and 1.7% year-on-year. In October, the seasonal peak characteristics of the industry gradually emerged, with the market scale growing at an accelerated pace. The quality and efficiency of network operations have improved, and business areas have continued to expand, playing a positive role in maintaining the vitality of the consumer market and promoting sound economic development.  

**Commentary**: Research institutions believe that demand in the express delivery industry maintains resilient growth, with a 17.2% year-on-year increase in parcel volume in the first three quarters of 2025. In terms of pricing, driven by the "anti-involution" effort (to avoid cut-throat competition), the average price per parcel improved month-on-month in the third quarter.  

## 2. Energy Storage  

China’s National Development and Reform Commission (NDRC) and National Energy Administration (NEA) released a guiding opinion on promoting the consumption and regulation of new energy. By 2030, a coordinated, efficient, and multi-level new energy consumption and regulation system will be basically established, continuously ensuring the smooth grid connection, diversified utilization, and efficient operation of new energy. The newly added electricity demand will be mainly met by newly added new energy power generation. It will meet the national demand for the reasonable consumption of more than 200 million kilowatts of newly added new energy each year, helping to achieve the carbon peaking goal. By 2035, a new-type power system adapted to a high proportion of new energy will be basically completed, and the new energy consumption and regulation system will be further improved.  

**Commentary**: Research institutions point out that as a regulatory resource, energy storage plays a significant role in promoting new energy consumption and will benefit from the rapid growth of installed capacity of photovoltaic and wind power. Currently, based on the actual situation in multiple provinces, energy storage has achieved high economic viability through revenues such as capacity pricing/capacity subsidies, peak-valley arbitrage, and auxiliary services. This time, the two authorities have clearly emphasized vigorously developing new-type energy storage, tapping the regulatory potential of energy storage supporting new energy projects, and improving the capacity pricing mechanism for new-type energy storage. Policies on energy storage capacity pricing or subsidies in various provinces are expected to be introduced one after another, and domestic energy storage demand may exceed expectations.  

## 3. Superconductivity  

According to *Science and Technology Daily*, physicists from the Massachusetts Institute of Technology (MIT) in the U.S. have for the first time directly observed key evidence of unconventional superconductivity in "magic-angle" twisted triple-layer graphene (MATTG), which plays an important role in advancing the realization of room-temperature superconductivity. MATTG is composed of three atom-thin layers of graphene stacked and twisted at a specific "magic angle," thereby exhibiting a series of exotic quantum properties.  

**Commentary**: China Securities Journal points out that room-temperature superconductors can operate under near-room-temperature conditions. If realized, new technologies such as zero-energy-loss power transmission cables, high-efficiency power grids, and practical quantum computing systems will become a reality. As a revolutionary breakthrough in the field of two-dimensional materials, magic-angle graphene has moved from the "phenomenon discovery" stage to a critical period of "technological breakthroughs" and "application expansion" advancing in parallel. With technological iteration and policy support, it is expected that magic-angle graphene will be applied on a large scale in specific fields by 2030, becoming one of the core materials driving the global technological revolution.  

## 4. Artificial Intelligence (AI)  

According to China Securities Journal, a research team from the University of Southern California (U.S.) and its collaborators have successfully developed a fully functional artificial neuron called 1M1T1R. This artificial neuron works like a real brain cell and is expected to spawn a brain-like hardware-based learning system. It also holds the potential to transform AI into a form closer to natural intelligence, which may open the next leap toward Artificial General Intelligence (AGI). If an electronic brain could be composed of hundreds of millions of such ultra-low-power neurons, processing current AI tasks that require massive servers might only need the power of a watch battery. This could completely change the way AI is deployed, allowing AI to be embedded in watches, glasses, and even implantable medical devices.  

**Commentary**: Reports indicate that the low energy consumption, high bionic degree, and small size of artificial neurons enable them to penetrate scenarios that traditional AI finds difficult to cover, allowing AI to "break away from servers and integrate into daily life." They form a key piece in building a "brain-like hardware foundation" and meet the "high reliability and real-time" needs in the industrial and autonomous driving fields. It is foreseeable that in the next 5-10 years, artificial neurons will move from "laboratory samples" to "commercial products," becoming a core technology that "makes AI more energy-efficient, smarter, and closer to human needs." Ultimately, this will achieve the goal of "reproducing human brain intelligence with artificial hardware and even surpassing human brain efficiency in specific fields."  

## 5. Electric Power  

On November 10, China’s NDRC and NEA released the *Guiding Opinion on Promoting the Consumption and Regulation of New Energy*. The opinion points out that it is necessary to strengthen the support for technological innovation in new energy consumption and upgrade intelligent regulation technologies. Specifically, it requires accelerating the application of advanced technologies such as artificial intelligence, big data, and cloud computing in the coordination of main grids, distribution networks, and microgrids; promoting the application of condition awareness technology to enhance the power grid’s dynamic awareness capability of distributed resources; accelerating the application of aggregation control technology for massive source-grid-load-storage resources; and improving the coordinated regulation technology for new energy bases.  

**Commentary**: Securities Times points out that the in-depth integration of technologies such as artificial intelligence, big data, and cloud computing has been clearly identified as the core support for technological innovation in new energy consumption. Through these advanced technologies, efficient coordinated dispatching of main grids, distribution networks, and microgrids can be achieved, the proportion of new energy consumption can be increased, and complex scenarios with high proportions of renewable energy connected to the grid can be supported. This *Guiding Opinion* clearly promotes the in-depth transformation of China’s power grid toward a high-proportion new energy-friendly, intelligent, digital, and flexible system through innovative measures such as artificial intelligence, big data, cloud computing, condition awareness, aggregation control, and base coordinated regulation. These measures will effectively enhance the new energy consumption capacity, regulatory resilience, and operational efficiency of the power system, laying a technological and institutional foundation for achieving the dual-carbon goals and building a new-type power system.  

# Upcoming News Preview for Today  

- G7 Foreign Ministers’ Meeting  

- AMD Analyst Day  

- Release of EIA’s Monthly Short-Term Energy Outlook Report  

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# Risk Warning and Disclaimer  

The market is risky, and investment needs to be cautious. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinion, view, or conclusion in this article is consistent with their specific situation. Any investment made based on this article shall be at the user’s own risk.