Morning News

Source: Wall Street Insights

## Market Overview

Weak ADP employment data indicated a cooling U.S. labor market, fueling expectations of Federal Reserve interest rate cuts. Combined with the looming end of the U.S. government shutdown, the Dow Jones Industrial Average surged by over 1%. In contrast, the Nasdaq Composite closed lower, weighed down by technology stocks.

- Apple shares rose 2.16%, with its market capitalization climbing back to the $4 trillion mark.

- NVIDIA dropped nearly 3% after SoftBank fully liquidated its NVIDIA holdings in the third quarter.

- CoreWeave plummeted nearly 16% following the release of its earnings results.

- FedEx, a widely recognized economic barometer, issued an optimistic business outlook, which boosted investor confidence in traditional economic sectors.

Driven by the ADP data, the yield on 10-year U.S. Treasury futures fell by more than 5 basis points, slipping back below 4.1%; the 2-year Treasury futures yield declined by nearly 4 basis points. The U.S. dollar once dipped 0.48% from its daily peak. Bitcoin fell 2.9%, ending its two-day winning streak. Ethereum dropped over 3.5%, edging closer to the $3,400 level.

Gold gained 0.36%, extending its rally for three consecutive sessions. Silver rose nearly 1.5%, returning to the $51 per ounce threshold.

During the Asian trading session, China’s A-share market opened higher but trended downward afterward, with the ChiNext Index falling over 1%. The photovoltaic sector saw a across-the-board surge, memory chip-related stocks remained active, and Hong Kong stocks fluctuated with a slight upward bias.

## Key News

1. **PBoC Q3 Monetary Policy Report**: The report pointed out that a moderate slowdown in the growth of total financial aggregates in the future is a natural phenomenon, and efforts should be made to maintain a reasonable interest rate spread structure. It also emphasized vigorously developing the "Technology Board" of the bond market and making effective use of risk-sharing tools for sci-tech innovation bonds. Additionally, it mentioned researching and formulating a financial technology development plan for the "14th Five-Year Plan" period, and steadily advancing the application of large AI models in the financial sector.

2. **Double 11 Sales Results**: JD.com’s transaction volume hit a new record high. The number of users placing orders increased by 40%, and the total order quantity rose by nearly 60%.

3. **"Small Nonfarm" Data**: U.S. private sector employment (as measured by ADP) decreased by 45,000 in October, marking the largest decline in two and a half years. The Director of the White House National Economic Council stated that some U.S. economic data for October may be permanently lost.

4. **Lisa Su (AMD CEO)**: She projected that the market size of AI data centers will exceed $1 trillion by 2030, and AMD’s annual revenue growth may surpass 35%.

5. **Barclays Downgraded Oracle’s Debt Rating**: The bank warned that Oracle may run out of cash by November next year and could eventually be downgraded to "junk bond" status. "Big Short" investor Michael Burry argued that "major tech companies overstate profits by understating depreciation"—by 2028, Oracle’s profits may be overstated by 26.9%, and Meta’s by 20.8%.

6. **SoftBank Q3 Earnings**: Its net profit doubled, driven by substantial gains from heavy investments in AI stocks. The Vision Fund achieved a profit of $19 billion, with SoftBank fully selling off its NVIDIA shares and increasing its investment in OpenAI. Ahead of NVIDIA’s earnings report, Citigroup strongly advocated "buying," stating that AI demand far outpaces supply and that claims of an AI bubble are unfounded.

7. **TSMC**: Amid "extremely tight" production capacity and "urgent additional orders" from clients, TSMC’s gross profit margin is expected to "increase significantly."

8. **A Dialogue Revealing OpenAI’s "True Intentions"**: Sam Altman said, "Give us a few months. We are not that reckless—we have a plan."

9. **Tesla**: Three key executives left the company overnight, leaving the Model 3, Model Y, and Cybertruck lines without their respective leaders simultaneously. Tesla plans to expand its Texas Gigafactory to produce 10 million Optimus humanoid robots annually. Morgan Stanley commented that the market underestimates the significance of xAI to Tesla, and FSD 14.3 may become the "steam engine moment" for autonomous driving.

10. **Meta**: Yann LeCun, Meta’s Chief AI Scientist, was reported to be leaving the company to start his own business, due to ideological differences with Mark Zuckerberg regarding the "superintelligence" development path.

## Market Closing Quotes

### U.S. and European Stock Markets

- S&P 500 Index: Up 0.21%, closing at 6,846.61 points.

- Dow Jones Industrial Average: Up 1.18%, closing at 47,927.96 points.

- Nasdaq Composite Index: Down 0.25%, closing at 23,468.301 points.

- European STOXX 600 Index: Up 1.28%, closing at 580.13 points.

### China A-Share Market

- Shanghai Composite Index: Down 0.39%, closing at 4,002.76 points.

- Shenzhen Component Index: Down 1.03%, closing at 13,289 points.

- ChiNext Index: Down 1.4%, closing at 3,134.32 points.

### Bond Market

- U.S. Treasury market was closed.

### Commodities

- WTI Crude Oil Futures (December contract): Up 1.51%, closing at $61.04 per barrel.

- Brent Crude Oil Futures (January contract): Up 1.72%, closing at $65.16 per barrel.

- COMEX Gold Futures: Up 0.28%, closing at $4,133.50 per ounce.

# Detailed News Content

## Global Highlights

### PBoC Q3 Monetary Policy Report

The People's Bank of China (PBoC) stated in its Q3 Monetary Policy Report that a moderate slowdown in the growth of total financial aggregates in the future is a natural occurrence, and efforts should be made to maintain a reasonable interest rate spread structure. Presented in a special column, the report noted that while the growth of social financing scale and money supply is generally in line with nominal economic growth, a slightly lower loan growth rate is also reasonable, reflecting changes in China's financial supply-side structure. It emphasized continuing to optimize intermediate targets of monetary policy and gradually reducing focus on quantitative goals. A natural decline in the growth of total financial aggregates aligns with China's economic shift from high-speed growth to high-quality development. The PBoC stressed maintaining reasonable interest rate relationships, with particular attention to key spreads such as those between central bank policy rates and market rates, as well as returns on different types of assets. Additionally, it called for vigorously developing the "Technology Board" of the bond market, making effective use of risk-sharing tools for sci-tech innovation bonds, researching and formulating a financial technology development plan for the "14th Five-Year Plan" period, and steadily advancing the application of large AI models in the financial sector.

### Double 11 Sales Results

JD.com's transaction volume hit a new record high during Double 11, with the number of ordering users up 40% and order quantity rising nearly 60%. JD.com reported that:

- Transaction volume of new mobile phone models surged over 400% year-on-year;

- Transaction volume of flash-sale new home appliance and furniture products increased 150% year-on-year;

- JD Takeaway participated in Double 11 for the first time, with daily orders of the top 300 catering brands growing 13 times compared to the first month of the takeaway service launch;

- Order volume of procurement and sales live broadcasts jumped over 150% year-on-year;

- Over 1,500 imported brands on JD Global Purchase saw transaction volume surge more than 300% year-on-year, while JD Global Sales in Japan, South Korea, Singapore and other regions all recorded over 100% year-on-year growth in transaction volume;

- By 23:59:59 on November 11, Xiaomi's total omni-channel payment amount exceeded 29 billion yuan.

### "Small Nonfarm" Data Issues Another Warning

U.S. private sector employment (measured by ADP) decreased by 45,000 in October, marking the largest decline in two and a half years. ADP data showed that in the four weeks ending October 25, the number of paid positions at U.S. private enterprises decreased by an average of 11,250 per week. In total, 45,000 jobs (excluding government employees) were lost during the month, the biggest monthly drop since March 2023. Due to deteriorating profitability and declining economic optimism, U.S. small business confidence fell to a six-month low in October.

### White House National Economic Council Director

Some U.S. economic data for October may be permanently lost, according to Kevin Hassett, Director of the White House National Economic Council. He stated that the record-long government shutdown means some economic data that should have been collected in October may never be recorded, making it difficult to fully assess the health of the U.S. economy.

### Lisa Su (AMD CEO)

Lisa Su predicted that the market size of AI data centers will exceed $1 trillion by 2030, and AMD's annual revenue growth may surpass 35%. AMD expects that by 2030, the total addressable market (TAM) for AI data centers will far exceed the approximately $200 billion in 2024, with a compound annual growth rate (CAGR) of over 40%. Over the next three to five years, AMD's annual revenue CAGR is expected to exceed 35%, and its AI data center revenue will grow by an average of 80%. During Lisa Su's speech, AMD's stock price, which had fallen nearly 4% intraday, reversed course and turned positive at one point.

### Barclays Downgrades Oracle's Debt Rating

Barclays downgraded Oracle's debt rating to "Underweight," noting that Oracle's massive capital expenditure for AI data center construction has far exceeded its free cash flow capacity, with a debt-to-equity ratio of 500%—the highest among major technology companies. Barclays predicted that Oracle's credit rating may be downgraded to BBB-, approaching the junk bond threshold, and warned that the company may run out of cash by November next year.

### "Big Short" Investor Michael Burry

Michael Burry argued that major tech companies "overstate profits by understating depreciation." He projected that by 2028, Oracle's profits will be overstated by 26.9% and Meta's by 20.8%. Burry pointed out that equipment such as AI chips has an actual lifespan of only 2-3 years, but some companies extend the depreciation period to 6 years. He estimated that from 2026 to 2028, large tech companies will overstate profits by $176 billion due to understated depreciation. In September, Bank of America also warned that a surge in depreciation expenses will severely impact the profitability of tech giants in the future.

### SoftBank's Q3 Net Profit Doubles

SoftBank's net profit doubled in Q3, driven by substantial gains from heavy investments in AI stocks. Its Vision Fund achieved a profit of $19 billion. SoftBank fully liquidated its NVIDIA holdings and increased its investment in OpenAI. According to the latest financial report, SoftBank Group's net profit in the second fiscal quarter reached 2.5 trillion yen (approximately $16.6 billion), a year-on-year increase of 111.9%, marking the third consecutive quarter of profitability. This was driven by the soaring value of its investment portfolio in tech stocks such as NVIDIA and Intel. SoftBank stated that it sold all its NVIDIA shares in October for $5.83 billion and signed a revised agreement with OpenAI, committing to an additional investment of $22.5 billion.

### Citi's Bullish Stance on NVIDIA Ahead of Earnings

Ahead of NVIDIA's earnings report, Citi strongly advocated "Buy," stating that AI demand far outpaces supply and claims of an AI bubble are unfounded. Citi expects NVIDIA, which will release its earnings report on November 19, to deliver a strong performance with "revenue exceeding expectations and upward guidance revision." It maintained a "Buy" rating and raised the target price to $220. Citi believes that the current constraint on NVIDIA's growth is not weak AI demand, but supply chain bottlenecks such as CoWoS packaging, and the argument of an AI bubble is groundless.

### TSMC's "Extremely Tight" Production Capacity

Facing the explosive demand for next-generation chips from AI giants like NVIDIA, TSMC's N3 advanced process capacity is close to its limit. JPMorgan predicted that by 2026, even if TSMC "squeezes out" additional capacity by converting old production lines, there will still be a significant capacity gap. However, this scarcity has pushed up TSMC's profits—customers are competing to pay high premiums to secure capacity, which is expected to push its gross profit margin above 60%.

### A Dialogue Revealing OpenAI's "True Intentions"

OpenAI CEO Sam Altman said, "Give us a few months. We are not that reckless—we have a plan." Altman stated that OpenAI is advancing unprecedented investments simultaneously in infrastructure, products, and research with a "ultimate YOLO (You Only Live Once)" strategic boldness, aiming to create ubiquitous personal AI assistants. Its platform strategy focuses more on ecological empowerment rather than interface control, demonstrating a long-term layout beyond zero-sum games.

### Three Key Tesla Executives Depart Overnight

Tesla lost the heads of its Model 3, Model Y, and Cybertruck product lines simultaneously within 24 hours. Tesla's automotive business is under significant pressure: Cybertruck deliveries fell 50.8% year-on-year in the second quarter, and Model Y sales in China dropped year-on-year for the first time. The departure of multiple executives is seen as a sign of Tesla's strategic shift, with Elon Musk shifting his focus from the automotive business to areas such as AI, robotics, and Robotaxi.

### Tesla Plans to Expand Texas Gigafactory for Optimus Production

Tesla plans to build a new dedicated production line at its Texas Gigafactory for mass production of the Optimus humanoid robot. The production line is expected to start operations in 2027 with an annual capacity of 10 million units—ten times that of the existing production line. Musk stated that this product is expected to become "the greatest product in the history of the Earth" and will completely change the way humans perform tasks. The project has entered the ground construction phase.

### Morgan Stanley's View on Tesla and xAI

Morgan Stanley believes that the market underestimates the significance of xAI to Tesla, and FSD 14.3 may become the "steam engine moment" for autonomous driving. Morgan Stanley argued that Tesla's relationship with xAI, breakthroughs in Full Self-Driving (FSD), vertical integration strategy for chips, distributed inference cloud network, space AI satellites, and the revolutionary production method of Cybercab will all reshape Tesla's long-term value. These strategic layouts go far beyond the scope of traditional automakers and point to an AI-driven "Muskonomy."

### Meta's Chief AI Scientist Yann LeCun Reportedly to Depart

Yann LeCun, Meta's Chief AI Scientist, was reported to be leaving the company to start his own business due to ideological differences with Mark Zuckerberg regarding the "superintelligence" development path. After the underwhelming performance of the Llama 4 model, Zuckerberg decided to accelerate the iteration of AI products and reduce investment in long-term basic research. LeCun, a Turing Award winner, advocates developing a new generation of AI systems called "world models," believing that large models, while "useful," will never be able to reason and plan like humans.

## Domestic Macroeconomics

### MOFCOM Responds to U.S. Suspension of Export Control Penetration Rule

The Ministry of Commerce (MOFCOM) responded to a journalist's question regarding the U.S. suspension of the export control penetration rule, stating that the two sides will continue discussions after the one-year suspension period. China noted that the U.S. announced the suspension of the export control penetration rule from November 10, 2025, to November 9, 2026. During this period, affiliated enterprises in which companies listed on the U.S. export control "Entity List" and other sanction lists hold more than 50% of the shares will not be subject to additional equivalent export control sanctions under the penetration rule. This is an important measure for the U.S. to implement the consensus reached in the China-U.S. economic and trade consultations in Kuala Lumpur. The two sides will continue discussions on arrangements after the one-year suspension period.

### Where Does the A-Share Market Stand Compared to 2020-2021?

Soochow Securities believes that the current A-share market situation is more similar to August-October 2020, when strategic funds have completed guiding market capital into the market, forming the initial stage of a slow bull market. In the short term, the market may enter a phase of valuation adjustment and rotation between high and low-valued stocks. Compared with the 2020-2021 market cycle, the current market cycle may have only progressed to approximately 1/3 of the initial stage of the previous cycle in terms of both time and space.

### Hong Kong's Housing Market Stabilization and Rent-to-Price Ratio

Hong Kong's housing market has stabilized significantly recently, with the private residential price index rising for four consecutive months and the rental index increasing for ten consecutive months to a record high. Against the backdrop of a stable housing market, the net rental yield of Hong Kong's mid-to-high-end residential properties reached 3.04%, and that of older residential properties reached 3.59%. From an international comparison perspective, when housing prices stabilize, the net rental yields of cities such as Tokyo, Hong Kong, and New York are generally around 3%. In addition, Guotai Haitong believes that stabilizing housing price expectations ultimately depends on stabilizing macroeconomic inflation and residents' income expectations.

## Domestic Companies

### Hesai Technology Returns to Profit in Q3

Hesai Technology turned profitable in Q3, with laser radar shipments surging more than 200% year-on-year, and it raised its full-year net profit guidance. Hesai Technology's Q3 net revenue reached 795 million yuan (up 47.5% year-on-year), and net profit stood at 256 million yuan (compared to a loss of 70.4 million yuan in the same period last year). Its Q4 net revenue guidance is 1-1.2 billion yuan (a year-on-year increase of 39%-67%), and its full-year net profit guidance has been raised to 350-450 million yuan.

### Goldman Sachs' In-depth Analysis of China's Software Industry

Goldman Sachs stated that China's software companies are transitioning from a "labor-driven" to a "product-driven" new growth phase. Companies are cutting redundant personnel while reallocating resources to core businesses and high-growth areas such as AI. The effects of operational optimization have been evident in the first half of 2025: the average operating profit margin of the software industry improved from -12% in the first half of 2024 to -6% in the first half of 2025, and there is still considerable room for further efficiency improvement. Specifically, the number of employees in the industry has decreased, while per capita revenue has soared by 35%, driving profit margin improvement.

## Overseas Macroeconomics

### Trump's "Tariff Rebate" Plan

In a major market development, Donald Trump explicitly stated the specific amount of his "tariff rebate" plan for the first time—$2,000 per person, reminiscent of the "pandemic stimulus checks." The Committee for a Responsible Federal Budget initially calculated that the cost of Trump's "tariff rebate" plan will be as high as $600 billion, far exceeding the expected tariff revenue of approximately $300 billion. Economists criticized this as an "irresponsible" approach that may repeat the severe inflation caused by pandemic stimulus. U.S. Treasury Secretary Janet Yellen hinted that the "$2,000 dividend" may be implemented in the form of tax cuts.

### Bank of America's View on "AI Bubble Theory"

Bank of America believes that the "AI bubble theory" is a "real positive" for chip stocks, as widespread market skepticism can prevent overcrowding in the sector, help calm the market, and ensure healthier and more sustainable returns. NVIDIA has a price-to-earnings ratio of only 24 times while maintaining 50% revenue growth, and its stock price does not reflect its true growth potential, indicating significant undervaluation.

### AI Boom "Siphons" Global Capital, Has AI Bottomed Out the U.S. Dollar?

U.S. tech giants' AI infrastructure investment scale has exceeded expectations, with a projected investment of over $3 trillion in five years, absorbing capital from around the world through corporate bond issuances. Barclays stated that this major transformation at the corporate level has pushed the contribution of investment to U.S. GDP to a new high since 2023, driving economic growth resilience and re-evaluating interest rate cut expectations, strengthening the judgment that the U.S. dollar has bottomed out.

### UK Unemployment Rate Rises Unexpectedly

The UK unemployment rate rose to 5% in September, exceeding market expectations, with the number of paid employees decreasing by 32,000. After the data release, market expectations for a Bank of England interest rate cut in December rose to 75%. Analysts pointed out that the unemployment data has increased pressure on the government and the Bank of England to change course—calling for relaxed tax increases and interest rate cuts respectively. However, neither is straightforward: the government must find ways to address the country's severe fiscal situation without stifling market vitality.

## Overseas Companies

### Buffett's "Final Letter"

Warren Buffett's full "final letter" stated: "I was 'just lucky,' but 'Father Time' has caught up with me, and I will 'keep quiet'." In the letter, Buffett used the British phrase "I’m ‘going quiet’" to mark the end of his legendary 60-year investment career. He admitted that he has been "blessed by Lady Luck" throughout his life, as if he had "drawn an extraordinarily long straw." On the occasion of his farewell, he criticized the greedy comparison among executives, advised his successor Greg Abel to adhere to long-termism, announced an additional $1.3 billion donation to charity, and finally left a maxim: "You can never be perfect, but you can always get better."

### Apple Becomes a Hedge Haven in the Tech Sector

While peers are caught in the "AI money-burning race," Apple has become a hedge haven in the tech sector. When Wall Street questions the return on AI investments of tech giants, Apple has emerged as a safe haven due to its low capital expenditure. Its stock price has risen 31% in the second half of this year, far outperforming the broader market and most tech giants. Its strong cash flow and balance sheet make it a defensive investment choice in the tech sector, but some voices question whether it is merely a "laggard stock" rather than a true hedge tool.

### Microsoft to Invest $10 Billion in AI Data Centers in Portugal

Microsoft announced that it will invest $10 billion in building artificial intelligence data centers in Portugal, making it one of its major investments in Europe this year. The park will be developed by Portuguese developer Start Campus in cooperation with British startup Nscale. To address the shortage of computing power, Microsoft is actively expanding its computing infrastructure and has reached cooperation agreements with a number of emerging cloud service providers.

### Google to Invest €5.5 Billion in German Data Centers and Offices

Google, a subsidiary of Alphabet, stated that it plans to invest €5.5 billion (approximately $6.4 billion) in Germany's computing resources and operations over the next four years, becoming another example of tech companies increasing investment in Europe recently.

# Industries/Concepts

## 1. Quantum Computing  

According to The Paper, John M. Martinis, winner of this year’s Nobel Prize in Physics, announced that he will join hands with multiple chip companies to form the **Quantum Scaling Alliance**. The alliance aims to develop practical, mass-producible quantum supercomputers. Last year, Martinis and other researchers, in collaboration with the quantum computing team of alliance member Hewlett Packard Enterprise (HPE), jointly formulated a roadmap for the large-scale mass production of quantum computers. It is reported that the alliance will formally implement this plan in the follow-up.  

Martinis previously worked at Google in 2019, where he led the team to achieve "quantum supremacy" for the first time with the "Sycamore" quantum computer. In 2022, he co-founded Qolab, a quantum computing startup focused on developing scalable, low-cost quantum computers, which is currently in the stages of technical verification and small-scale trial production.  

**Commentary**: China Securities Journal points out that currently, tech giants such as Microsoft and Google are competing fiercely to advance the practical application of quantum computers. From a domestic perspective, the "14th Five-Year Plan" (2026-2030) proposal ranks quantum technology at the top of future industrial layout priorities. Prior to this, China’s "Zuchongzhi-3" superconducting quantum computer successfully achieved coherent control of 105 qubits, integrating 105 data qubits and 182 coupling qubits, making it the world’s highest-performance superconducting quantum computing prototype to date.  

Quantum computing is an innovative computing paradigm that manipulates information units in accordance with the laws of quantum mechanics. It can effectively address the problem of insufficient computing power in traditional computing, and is regarded as a disruptive technology leading the next round of industrial transformation. It has also become a strategic focus of global technological competition.  

## 2. Power Equipment  

According to Jiemian News, two data center projects owned by U.S. data center providers **Digital Realty** and **Stack Infrastructure** in Santa Clara, California (the location of NVIDIA’s headquarters), may remain idle for years due to local power supply shortages. Digital Realty applied to build a data center in 2019, but the project is still vacant and not fully operational; Stack’s 48-megawatt local project is also idle.  

Silicon Valley Power (SVP), a municipal utility company, is still working to expand its power capacity. According to a May report from the Santa Clara City Council, the city currently has 57 data centers either in operation or under construction.  

**Commentary**: China Securities Journal notes that the "computing power race" is essentially a "power race." The U.S. crisis of insufficient power supply for computing power has revealed a harsh reality: in the AI era, electricity has transformed from a cost factor to a strategic resource. This crisis is creating a historic opportunity for Chinese power equipment manufacturers.  

In October 2025, China’s exports of high-power transformers to the U.S. increased by 67% year-on-year, with 80% of them flowing to AI data centers. It is estimated that from 2025 to 2027, demand for power equipment in North American AI data centers will grow by 45% annually, with a market size exceeding $100 billion. This crisis is not only reshaping the global layout of data centers and energy structures but also opening up a trillion-dollar international market for Chinese power equipment enterprises.  

## 3. Biomedical  

"Superbugs" refer to bacteria that are resistant to multiple antibiotics. According to Xinhua News Agency, researchers accidentally discovered a promising potent antibiotic during the production process of a commonly used drug, which can kill "superbugs" such as methicillin-resistant *Staphylococcus aureus* (MRSA).  

The study found that **pre-methymycin C lactone**—an intermediate in the synthesis of the commonly used antibiotic methymycin A—exhibits more than 100 times higher antibacterial activity against various Gram-positive bacteria than the original antibiotic methymycin A. These bacteria include MRSA and vancomycin-resistant enterococci (VRE), two of the most troublesome pathogens in the medical field.  

**Commentary**: China Securities Journal points out that this discovery provides a new model for the search for new antibiotics. By identifying and testing intermediates in the synthesis pathways of various natural compounds, it is possible to discover new antibiotics that are more effective against drug resistance, which will help humanity combat the problem of antibiotic resistance.  

## 4. 6G  

From November 13 to 14, the **2025 6G Development Conference** will be held in Beijing. With the core goal of innovating and advancing the formulation of unified global 6G standards, this conference is China’s most comprehensive, professional, and influential international event in the 6G field.  

It is understood that the conference will focus on the theme "Intelligent Connection of the Globe, Jointly Building a 6G Technology Innovation Ecosystem." It will gather domestic and foreign experts in related fields to discuss 6G application scenarios, system technology systems, standard trends, and industrial R&D achievements for the year 2030 and beyond. The conference aims to pool global wisdom to deliberate on 6G standard directions and build an open and inclusive unified global 6G innovation ecosystem.  

**Commentary**: Dongguan Securities believes that 2025 marks the "first year of 6G standards." A unified global technical standard is the cornerstone for building a 6G ecosystem, promoting large-scale industrial applications, and achieving sustainable development. Looking ahead, it is essential to take standards as a guide to accelerate the implementation of cutting-edge 6G technologies, transforming them into robust network capabilities characterized by interoperability, commercial viability, and sustainable evolution—thereby achieving a major breakthrough in industrialization.  

In 2025, the communications industry is in a period of overlapping technological iteration and policy dividends. New productive forces such as AI, quantum communications, and low-altitude economy will continue to release growth momentum, creating demand for new components, equipment, and service operations. Attention should be paid to enterprise opportunities under the three core themes of "technology commercialization + policy catalysis + performance certainty."  

## 5. Pharmaceuticals  

According to Jiemian News, the Shanghai Municipal Drug Administration recently issued the **Guiding Opinions on Modern Pharmaceutical Logistics in Shanghai**. The document aims to accelerate the development of modern pharmaceutical logistics in Shanghai, optimize resource allocation, promote the large-scale and standardized development of pharmaceutical distribution enterprises, establish an efficient and professional modern pharmaceutical logistics system, and ensure pharmaceutical supply security and the quality of pharmaceuticals in the circulation link.  

The Guiding Opinions propose encouraging pharmaceutical wholesale enterprises to be equipped with facilities and equipment suitable for pharmaceutical storage (such as devices for drug warehousing, inspection, transportation, shelving, sorting, and delivery) and independent computerized information management logistics systems. These systems should cover quality control and information traceability throughout the entire operation and management process, including drug procurement, storage, transportation, and sales. By reducing the operating costs of pharmaceutical logistics and improving service capabilities and standards, the goal is to achieve large-scale, intensive, standardized, information-based, and intelligent pharmaceutical logistics management and operations.  

**Commentary**: Guojin Securities states that the overall performance of the pharmaceutical distribution industry improved in the first three quarters of this year. Many companies saw a recovery in revenue, and the results of cost reduction and efficiency improvement continued to show. Although short-term expansion has slowed down, some companies have sufficient cash flow and are expected to expand their market share through mergers and acquisitions in the future. The adjustment and optimization of non-pharmaceutical businesses are advancing gradually, and non-pharmaceuticals are expected to become a potential key profit growth driver.  

## 6. Lithium Batteries  

On November 11, the **12th China (Suzhou) International Summit on Battery New Energy Industry** was held. The summit brought together representatives from the entire industrial chain (upstream, midstream, and downstream) of battery new energy at home and abroad to provide suggestions for solving industrial development bottlenecks and empowering the high-quality development of the industrial chain.  

**Commentary**: Research institutions believe that China’s lithium battery industry has a significant global competitive advantage, with energy storage lithium battery enterprises accounting for over 90% of global shipment volume. Looking ahead, demand for lithium batteries in China will continue to grow, with energy storage lithium batteries becoming the main growth driver. Downstream application scenarios for lithium batteries will be further enriched, technological iteration in the industry will accelerate, and the industry will develop in a green and low-carbon direction.  

## 7. Robotics  

According to IT Home, Tesla is preparing to further expand its Texas Gigafactory by building a new dedicated facility, which will be used for the mass production of its humanoid robot **Optimus** in the future. Currently, Tesla has set up a pilot production line at its factory in Fremont, Northern California, to assemble some Optimus prototypes; however, the company plans to locate most of the Optimus project’s production capacity at the Texas Gigafactory.  

It is reported that the annual production capacity of the Fremont factory is expected to reach 1 million units; Tesla CEO Elon Musk stated that the company will achieve an annual production capacity target of 10 million units in the new dedicated plant at the Texas Gigafactory.  

**Commentary**: Securities Times points out that Tesla’s recent shareholder meeting met market expectations, with very positive guidance on the production ramp-up of robots—from 1 million units to a potential 1 billion units—and a commitment to releasing new versions every year. After the approval of the compensation plan, Tesla and Musk have also attached greater importance to market value management, with Optimus serving as a key driver. It is expected that Optimus will see more frequent positive catalysts in the future.  

At the same time, the development of China’s humanoid robot industry has accelerated comprehensively. Leading domestic companies such as UBtech have repeatedly secured billion-yuan-level orders, while industry leaders such as Yushu and Zhiyuan are also actively advancing their IPO plans.  

## 8. Beidou  

On November 11, China Mobile officially announced a major upgrade to its **Beidou Short Message Service**. Based on the original text communication function, the upgrade adds rich media messaging capabilities such as images and voice, and enhances text transmission capacity to support 40 Chinese characters for uplink (user-to-satellite) and 10 Chinese characters for downlink (satellite-to-user).  

**Commentary**: China Mobile Terminal Company stated that in the future, even in extreme environments without ground network signals, users will be able to communicate via multiple formats (including text messages, voice, and images). This provides "uninterrupted, always-on" communication support for scenarios such as emergency communications, wilderness exploration, maritime operations, and rescue in uninhabited areas.  

Beidou short messages have entered a new phase of rich media interaction, moving beyond single text communication. This will comprehensively improve communication efficiency and service experience, marking Beidou’s entry into a new era of "visible and audible" communication—enabling users to exchange information via text, voice, and images even without ground network signals.  

# Preview of Today’s Key News  

- U.S. Treasury Secretary Janet Yellen delivers a speech.  

- Speeches by Federal Reserve officials: Governor Christopher Waller, Governor Michelle Bowman, New York Fed President John Williams, Governor Michael Barr, Philadelphia Fed President Patrick Harker, Atlanta Fed President Raphael Bostic, and Boston Fed President Susan Collins.  

- U.S. Treasury Department auctions $42 billion of 10-year Treasury notes.  

- Release of Germany’s October Consumer Price Index (CPI).  

- Release of OPEC’s Monthly Oil Market Report.  

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

- Earnings releases by Cisco and Circle.  

<End of Full Text>  

# Risk Warning and Disclaimer  

The market is risky, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Investment decisions made based on this article shall be the sole responsibility of the user.