Morning News

# Market Overview  

Source: Wall Street News  

Technology stocks, the crypto market, and gold suffered a "triple slump". U.S. stocks fell below key support levels, with all three major U.S. stock indices hitting one-month lows. The Dow Jones Industrial Average dropped over 1%, while the financial and energy sectors led the S&P 500 decline with a nearly 2% fall. The semiconductor index fell more than 1% for the third consecutive day, and NVIDIA pulled back by nearly 2%. However, Google bucked the trend and rebounded over 3% after Berkshire Hathaway took a position in the company. The China Concept Stock Index fell over 1% for the fifth straight day, with XPeng Motors plunging 10% following the release of its financial report.  

The decline in U.S. Treasury prices slowed, and the 10-year U.S. Treasury yield pulled back after rising for two consecutive days. During this sensitive period that hit the market hard, Amazon issued $15 billion in bonds, and the "Big Four Tech Giants" have issued over $80 billion in bonds in two months.  

The U.S. Dollar Index continued to move away from its four-week low, the Japanese Yen hit a new low in over nine months, and the offshore Chinese Yuan fell more than 100 pips intraday to break below the 7.11 level, moving away from its two-week high. Cryptocurrencies remained mired in a bear market; Bitcoin fell below $92,000 intraday, dropping nearly 5% at one point.  

Crude oil, which had rebounded for two days, pulled back. Gold fell for three consecutive days to a one-week low, with COMEX gold futures dropping over 2% intraday.  

During the Asian trading session, China's A-shares and Hong Kong stocks fluctuated downward. The ChiNext Index fell 0.2%, the Hang Seng Tech Index dropped over 0.96%, while the lithium mining and AI application sectors bucked the trend and strengthened.  

# Key News  

- The China-Germany High-Level Financial and Economic Dialogue was held in Beijing, yielding multiple outcomes and consensuses, and ending trade tensions.  

- Kevin Hassett, Chief Economic Advisor to Trump, stated that AI-driven productivity growth may lead to a "calm period" in the job market, and that it is time for the Federal Reserve to truly adopt a "data-driven" approach.  

- Christopher Waller, a Federal Reserve Governor and a top candidate for Fed Chair, expressed support for an interest rate cut in December, while Fed Vice Chair Philip Jefferson emphasized the need to advance policies cautiously and slowly.  

- Trump voiced support for taking tough action against drug cartels, mentioning the threat of military strikes, which caused the Mexican Peso to hit a new daily low.  

- "White House Stock Guru" Trump's latest financial disclosure showed that he made an average of one trade per day and aggressively bought corporate bonds of "policy-beneficiary" enterprises.  

- Peter Thiel, the "tech tycoon behind the White House", significantly reduced his positions in the third quarter, completely sold off his NVIDIA holdings, and newly bought shares of Microsoft and Apple.  

- Bitcoin fell below $92,000 intraday, with its market value evaporating $600 billion in six weeks. Investor confidence has wavered and institutions are adopting a wait-and-see stance, raising fears that the "post-halving crash" curse of Bitcoin may come true. However, Strategy, a "large Bitcoin holder", still purchased over $830 million worth of Bitcoin last week, marking the largest single-week purchase since July last year.  

- U.S. citizens' "backlash" against data centers has "escalated sharply": in just three months, 8 projects have been halted and 9 projects have been delayed.  

- SMIC (Semiconductor Manufacturing International Corporation) responded to the lack of a significant jump in its Q4 guidance, stating that high memory chip prices have led customers to adopt a wait-and-see attitude for long-term orders, and this high-price trend is expected to continue.  

- A number of Hong Kong-listed auto companies released their Q3 financial reports, and their earnings calls revealed optimistic expectations for the market next year. XPeng Motors saw a significant narrowing of losses, Leapmotor maintained profitability, and Geely Automobile achieved a substantial increase in profits.  

- Luckin Coffee's Q3 net revenue increased by 50% year-on-year, and its average monthly active customers exceeded 100 million for the first time. There is currently no timetable for its return to the U.S. stock market.  

- Is a Wall Street consensus emerging? JPMorgan just identified a "key defensive line", while Goldman Sachs also warned that the 6,725-point level of the S&P 500 is a critical boundary between bullish and bearish sentiment. "New Bond King" Jeffrey Gundlach stated that U.S. stocks are in one of the most unhealthy states.  

# Market Closing Quotes  

## U.S. and European Stocks  

- S&P 500: Fell 0.92% to close at 6,672.41 points.  

- Dow Jones Industrial Average: Fell 1.18% to close at 46,590.24 points.  

- Nasdaq Composite Index: Fell 0.84% to close at 22,708.075 points.  

- European STOXX 600 Index: Fell 0.54% to close at 571.68 points.  

## China's A-shares  

- Shanghai Composite Index: Fell 0.46% to close at 3,972.03 points.  

- Shenzhen Component Index: Fell 0.11% to close at 13,202 points.  

- ChiNext Index: Fell 0.2% to close at 3,105.2 points.  

## Bond Market  

By the end of the bond trading session, the yield on the 10-year U.S. Treasury note (benchmark) was approximately 4.14%, down about 1 basis point intraday; the yield on the 2-year U.S. Treasury note was around 3.61%, unchanged from last Friday.  

## Commodities  

- WTI Crude Oil Futures (December contract): Fell 0.30% to close at $59.91 per barrel.  

- Brent Crude Oil Futures (January contract): Fell approximately 0.3% to close at $64.20 per barrel.  

- COMEX Gold Futures (December contract): Fell 0.48% to close at $4,074.5 per ounce.  

- LME Aluminum Futures: Fell approximately 1.6% to close at $2,814 per ton.  

# Detailed Key News

## Global Highlights  

### China-Germany High-Level Financial and Economic Dialogue Held in Beijing, Reaching Multiple Outcomes and Consensus to End Trade Tensions  

He Lifeng, Vice Premier of the State Council and the Chinese leading coordinator of the China-Germany High-Level Financial and Economic Dialogue, and Christian Lindner, Vice Chancellor and Federal Minister of Finance of Germany (the German leading coordinator), jointly chaired the 4th China-Germany High-Level Financial and Economic Dialogue in Beijing on the 17th. During the dialogue, He Lifeng stated that China is willing to work with Germany to implement the important consensus reached by the two countries' leaders, open a new chapter in the comprehensive strategic partnership, and make new contributions to the stable growth of the world economy. Lindner noted that Germany is ready to strengthen exchanges and cooperation with China in the financial and economic fields to promote greater development of bilateral relations.  

### Kevin Hassett, Trump’s Chief Economic Advisor: AI-Driven Productivity Growth May Cause a "Calm Period" in the Job Market; It’s Time for the Fed to Be Truly "Data-Driven"  

This marks a rare public acknowledgment by a Trump administration official of concerns about AI replacing entry-level jobs. Kevin Hassett, Director of the White House National Economic Council, also revealed that the U.S. is close to reaching a trade agreement with India. He pointed out that average monthly U.S. consumer spending rose sharply during the Biden administration but has barely increased since Trump returned to the White House. At the same time, he emphasized that real wages and purchasing power are on the rise.  

### Fed Governor Waller Supports December Rate Cut; Vice Chair Jefferson Emphasizes Cautious and Gradual Policy Advancement  

Christopher Waller, a current Federal Reserve Governor and a top candidate for the next Fed Chair, stated that he supports another interest rate cut at the Fed’s December meeting, citing concerns about the labor market and a significant slowdown in hiring. On the same day, Federal Reserve Vice Chair Philip Jefferson said he believes downside risks to employment have increased, but he also reiterated that as interest rates approach neutral levels, policymakers need to proceed more cautiously and gradually, without clarifying his stance on whether to cut rates in December.  

### Trump Mentions Threat of Military Strikes; Mexican Peso Hits New Daily Low  

Trump stated that he supports taking tough action against Mexican drug cartels and drug production. He said, "If we have to strike Mexico to stop drug trafficking, that would be okay with me." Mexican President Claudia Sheinbaum has repeatedly denied reports of U.S. military entry into Mexico to crack down on drug cartels; two weeks ago, when denying such reports, she noted that she had rejected Trump’s similar proposals multiple times.  

### "Cost of Living" Becomes a Focus for Trump; Bank of America: The White House Will Step Up "Price Intervention," and the "Trade War" Is "Over"  

After recent elections sent warning signals about the cost of living, the Trump administration is urgently adjusting its policy direction, making curbing prices a core agenda. The White House plans to ease inflationary pressures through a series of measures, including reducing food tariffs, providing direct subsidies, and launching antitrust investigations. This move not only signals a potential major reversal of its tough trade stance but is also interpreted by the market as a key sign of the "end of the trade war."  

### "White House Stock Guru" Trump’s Latest Financial Disclosure: One Trade per Day on Average, Aggressively Buying "Policy-Beneficiary" Corporate Bonds  

According to the Global Times, the latest disclosure shows that Trump conducted more than 175 financial transactions between August 28 and October 2, buying at least $82 million worth of corporate bonds and municipal bonds, including those of tech companies such as Intel, Broadcom, Qualcomm, and Meta. Based on calculations, the total value of the bonds purchased by Trump could be as high as over $337 million.  

### Peter Thiel, the "Tech Tycoon Behind the White House," Significantly Reduces Positions in Q3, Exits NVIDIA, and Newly Buys Microsoft and Apple  

The fund of billionaire investor Peter Thiel made major adjustments to its positions in the third quarter: it completely sold off its NVIDIA holdings and slashed its Tesla position by 76%. Meanwhile, the fund established new positions in Microsoft and Apple, and the overall scale of its U.S. stock holdings was reduced by approximately two-thirds. This move confirms his warning about the AI "hype cycle."  

### Bitcoin’s Market Value Evaporates $600 Billion in Six Weeks! Faith Shaken, Institutions on the Sidelines—Has the "Post-Halving Crash" Curse Come True?  

Bitcoin has experienced a sharp plunge from recent highs, falling below $92,000 intraday on Monday. Its market value has evaporated by $600 billion, erasing all its gains for the year. A major cause of this round of decline is market concerns about a repeat of the "halving cycle"—that is, a boom triggered by reduced supply is inevitably followed by a deep correction. Panicked selling by investors, coupled with stagnant institutional funds and macro headwinds, has collectively led to a collapse in market confidence.  

### Bitcoin’s Plunge Tests Wall Street Supporters; "Large Holder" Strategy Recently Increased Purchases  

Strategy, the largest Bitcoin treasury company, disclosed on Monday that it bought $835.6 million worth of Bitcoin in the seven days ending last Sunday, marking the largest single-week purchase since July last year. However, this "bottom-fishing" move has not boosted market sentiment so far.  

#### Capital Flight and Panic: Could Bitcoin’s Most Pessimistic Scenario See It Fall Below $70,000?  

Although institutions believe that this round of decline is not a credit crisis like that in 2022, doubts about AI valuations and uncertainty about interest rate cuts mean that "further declines in Bitcoin are almost inevitable." Some analysts believe that if U.S. stocks continue to fall, Bitcoin is likely to test the $70,000 support level again, or even break below it briefly.  

### U.S. Public "Backlash" Against Data Centers Intensifies; "Situation Escalates Sharply"—8 Projects Halted, 9 Delayed in Just Three Months!  

Data shows that between March and June 2025, opposition from U.S. communities led to the blocking or delay of data center projects worth $98 billion, far exceeding the total of $64 billion in the nearly one-year period prior. This resistance is crossing partisan lines, with projects受阻 in Democratic-led Virginia as well as Republican strongholds like Indiana and Kentucky. However, the investment enthusiasm of major tech giants driven by AI remains undiminished.  

### Memory Chip Prices Soar; PC and Server Manufacturers Suffer! Morgan Stanley: For Every 10% Price Increase, OEM Gross Margin Drops by 45-150 Basis Points  

Morgan Stanley warned that memory chip prices are soaring unprecedentedly due to AI demand and supply shortages, with DRAM spot prices surging 260% in two months. Companies like Dell and HP are seen as the most vulnerable due to their high DRAM cost exposure; Apple has stronger resilience thanks to its robust supply chain bargaining power; Lenovo’s PC business, which focuses more on the enterprise market, can more easily pass on costs.  

### SMIC Responds to Lack of Significant Jump in Q4 Guidance: High Memory Prices Lead Customers to Adopt Wait-and-See Attitude for Long-Term Orders; High-Price Trend Expected to Continue  

Zhao Haijun, Co-CEO of SMIC, stated that customers are concerned that insufficient memory supply will affect整机 assembly, and high memory costs have forced them to cut procurement prices for other chips, leading customers to adopt a conservative attitude towards the first half of 2026. Since a 5% imbalance between supply and demand can trigger a doubling of prices, and new suppliers take 16 months from tape-out to mass production, the high-price trend is expected to continue.  

### Multiple Hong Kong-Listed Automakers Release Q3 Earnings; Earnings Calls Reveal Optimistic Market Expectations for Next Year—XPeng Narrows Losses Significantly, Leapmotor Maintains Profitability, Geely Sees Sharp Profit Growth  

#### XPeng Motors: Q3 Revenue Doubles, Net Loss Narrows by Nearly 80%; Q4 Delivery and Revenue Expected to Rise Over 30% YoY  

During the earnings call, XPeng stated that it will launch three Robotaxi models not relying on lidar next year and enter large-scale trial operations.  

He Xiaopeng, Chairman and CEO of XPeng Motors, said, "Our sales scale and market share are in the early stages of rapid expansion, and we are accelerating towards the goal of mass production of Robotaxis and humanoid robots. We firmly believe that XPeng Motors will become a global embodied intelligence company."  

He Xiaopeng noted during the earnings call that large models for the physical world are accelerating the arrival of the autonomous driving era, and only pre-installed mass-produced Robotaxis with strong generalization capabilities can truly achieve large-scale application and viable business models. He revealed that the company will launch multiple new models not dependent on lidar to significantly reduce deployment and operation costs. Additionally, he emphasized that physical AI is XPeng’s core strategy, with shared core technologies between automobiles and humanoid robots leading to the emergence of new capabilities, and the company will fully promote the mass production of large models, Robotaxis, and humanoid robots.  

### Luckin Coffee: Q3 Net Revenue Rises 50% YoY; Monthly Active Customers Exceed 100 Million for the First Time; No Timetable for U.S. Stock Market Return Yet  

Luckin Coffee continued its rapid expansion in Q3, with revenue increasing 50% year-on-year and monthly active customers exceeding 100 million for the first time. However, its profitability faces significant pressure, mainly due to a surge in delivery costs caused by the sharp increase in takeaway orders. Delivery fees soared 211% YoY, becoming the core factor behind the decline in profit margins. The company still adheres to a scale-first strategy, emphasizing self-pickup as its core model, and stated that it will continue to accelerate store openings and strengthen product and brand building. Luckin said it is committed to returning to the U.S. capital market but has no clear timetable yet.  

### Morgan Stanley’s Wilson Looks Ahead to 2026: AI-Driven Strong Profit Growth May Push S&P 500 to 7,800 Points; Yield Curve to "Steepen Bullishly"; Gold Remains the Top Choice  

Morgan Stanley defines 2026 as the "Year of Risk Reboot," with market focus shifting from macro to micro factors. The rare "policy trio" of fiscal, monetary, and regulatory policies will resonate with the AI investment cycle, driving strong corporate profit growth and pushing the S&P 500 index to 7,800 points (an increase of approximately 15%), based on the expectation of 17% corporate profit growth.  

### Bank of America’s Hartnett: The "Best Trade" for 2026 Is "Shorting Cloud Giants’ Bonds"; Market Unlikely to "Stop Going Long on Stocks" Before May Next Year  

Hartnett believes that the massive capital expenditure triggered by the AI race will exceed corporate cash flow capacity, forcing them to borrow on a large scale. However, the "loose environment" of global financial conditions has peaked, and credit risks are high. Nevertheless, he predicts that before the key milestone of the appointment of the new Federal Reserve Chair on May 15 next year, the market is unlikely to see large-scale risk aversion, and asset allocators will continue to go long on stocks.  

### Is a Wall Street Consensus Emerging? JPMorgan Just Identified a "Key Defensive Line"; Goldman Sachs Also Warns That S&P 500’s 6,725 Points Is a Bull-Bear Dividing Line  

Goldman Sachs views the 6,725-point level of the S&P 500 as a critical threshold—breaking below it would trigger a trend reversal and may lead to systematic selling by CTAs. Wall Street warned that key support levels for U.S. stocks are under sustained pressure, with the Russell 2000 having already broken below its support level first. Capital is flowing from the tech sector to defensive sectors such as healthcare, and volatility in NVIDIA has increased significantly. As earnings reports and employment data approach, the market may face deeper adjustment risks.  

### JPMorgan: U.S. Stocks Face a "Key Defensive Line," Testing Bulls’ Resolve; A Break Below Would Confirm a Downtrend "Until Early Next Year"  

JPMorgan’s analysis warned that if the S&P 500 index breaks below three defensive lines—6,700, 6,631, and 6,525 points in sequence—it will confirm the start of a downtrend. The Russell 2000 index, which represents small-cap stocks, has already shown the "most worrying" breakdown pattern. If key support levels are fully breached, market adjustments may continue until early 2026. At the same time, leading sectors led by AI are facing correction pressure, and there are signs of capital rotation into sectors such as healthcare.  

### Hedge Fund CIO: Everyone Is Preparing for 2026; Trump Will "Do Whatever It Takes" to Win the Midterm Elections; "People Expect a Q1 Surge, Then Sell in May"  

Analysts believe that Wall Street is re-adjusting its investment strategies around the Trump administration’s policy cycle. The market expects fiscal stimulus to drive economic growth and gains in risky assets in the first quarter of next year, but supply-demand imbalances may force the Federal Reserve to raise interest rates instead of cutting them. The 2026 midterm elections will become a key node determining market trends.  

### "New Bond King" Gundlach: The $1.7 Trillion Market Is Filled with "Junk Lending," Threatening to Become the Next "Financial Minefield"  

Gundlach compared "junk lending" in the private credit market to speculative behavior on the eve of the 2006 subprime mortgage crisis, stating that "private credit has only two prices—100 or zero." He believes that U.S. stocks are in one of the most unhealthy states and that extremely speculative bets in the AI field should be avoided. He recommends holding a 20% cash position to hedge against the upcoming market crash.  

## Domestic Macroeconomics  

### China’s Ministry of Finance: National General Public Budget Revenue Rises 0.8% YoY in Jan-Oct; Expenditure Up 2%; Stamp Duty on Securities Transactions Jumps 88.1%  

From January to October, China’s national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%. Among this, tax revenue rose year-on-year, while non-tax revenue fell. Stamp duty on securities transactions surged 88.1% year-on-year. National general public budget expenditure totaled 22.5825 trillion yuan, a year-on-year increase of 2%.  

### German Finance Minister Emphasizes "Need for Dialogue" During China Visit: Many Global Issues Can Only Be Solved Through Cooperation with China  

According to the Global Times, German Finance Minister Christian Lindner emphasized during his visit to China with a high-level delegation that "many issues in the world can only be solved through cooperation with China," clearly conveying a pragmatic stance of "pursuing dialogue" rather than decoupling. The China-Germany High-Level Financial and Economic Dialogue will focus on discussions on key topics such as financial regulation, market access, rare earth export policies, and the Ukraine crisis.  

### Travel Agencies in Multiple Regions See Cancellations of Japan Tours: Some Report Cancellation Rates Exceeding 60%; Japanese Tourism and Consumer Stocks Plunge  

According to The Paper, after the Ministry of Foreign Affairs and the Ministry of Culture and Tourism successively issued warnings advising against traveling to Japan recently, many travel agencies reported that cancellation rates for Japan tours exceeded 60%, with some entire groups canceled. Domestic airlines have launched free refund and rebooking policies, but travel agencies still have to bear losses from fixed costs such as hotels and local ground services. On November 17, Japanese tourism and consumer stocks plummeted—Mitsukoshi Isetan fell over 11%, Shiseido dropped over 9%, and related stocks such as Japan Airlines also declined sharply, dealing a heavy blow to the tourism industry.  

# Domestic Companies  

## Qianwen APP Officially Launched: Alibaba Aims to Build an AI Super Portal!  

Alibaba has officially ignited the AI-to-C (AI to Consumer) market! Following its AI infrastructure development and Taobao Flash Sale initiative, Alibaba has launched its third "concentrated effort on major projects" this year – the group’s strategic initiative, **Qianwen APP**. This move aims to create China’s version of "ChatGPT" and a future AI super portal. Equipped with the world’s leading Qwen3-Max model, Qianwen is "open for free and accessible to everyone." Alibaba is not only striving to develop the most powerful model but also to build the best personal AI assistant.  

## Shocking Prediction by Ganfeng Lithium’s Chairman: Lithium Carbonate Prices Expected to Surpass RMB 150,000 Even RMB 200,000 per Ton in 2026!  

Li Liangbin, Chairman of Ganfeng Lithium, predicted that if the demand for lithium carbonate grows by more than 30% (or even reaches 40%) in 2026, its price may exceed RMB 150,000-200,000 per ton. The booming energy storage industry and the high prosperity of new energy vehicles have become new drivers of demand. The continuous decline in inventory has revealed a supply-demand gap, and the lithium market is entering a cyclical turning point.  

## Geely Auto’s Q3 Profit Rises 59%; Zeekr Deliveries Increase 13% YoY  

Geely Auto’s Q3 net profit surged 59% year-on-year to RMB 3.82 billion, mainly driven by the simultaneous growth in sales of both fuel vehicles and new energy vehicles (NEVs). This pushed total sales up 43% to 761,000 units, with revenue rising 27% YoY during the period. Zeekr’s total deliveries in Q3 reached approximately 140,000 units (a 13% YoY increase), generating revenue of about RMB 31.6 billion. Gui Shengyue of Geely Auto stated during an earnings call that the merger and delivery process between Zeekr and Geely Auto is expected to be completed by the end of this year.  

## Major Move by Hillhouse Capital: Merging Three Funds into One with Over USD 15 Billion in Assets  

Hillhouse Capital is merging three of its public market funds into a new vehicle with assets of at least USD 15 billion, aiming to streamline operations and enhance investment flexibility. This restructuring comes amid a strong rebound in China’s stock market and seeks to integrate the resource advantages of the HHLR flagship fund, the pure long-only A-share fund, and the three-year "dislocation" fund. The move is designed to address challenges such as shrinking asset scale and changes in investor structure in recent years.  

# Overseas Macroeconomics  

## "Congressional Approval Required," Says Beshear: Is Trump’s USD 2,000 Tax Refund a "Bad Check"?  

Trump’s tax refund proposal carries a cost of up to USD 60 billion, more than twice the total U.S. tariff revenue in 2025. Given the current political landscape, the "possibility of this plan passing Congress is extremely slim." Meanwhile, Beshear also hinted at another possibility, stating that "the USD 2,000 dividend may take various forms." The Trump administration may package and promote existing policies such as "tip tax exemption" and "overtime pay tax exemption," claiming they are equivalent to providing a USD 2,000 "dividend" to the public.  

## Japan’s GDP Contracts for the First Time in Six Quarters; Decline Smaller Than Expected, 10-Year JGB Yield Hits 17-Year High  

Japan’s economy contracted in Q3 for the first time in six quarters, but the 1.8% quarter-on-quarter annualized decline was better than market expectations – largely buffered by a 1.0% growth in corporate capital expenditure. The report reveals the dilemma of simultaneous weakness in domestic and external demand, which not only limits the Bank of Japan’s room for interest rate hikes but may also shift market focus to potential fiscal stimulus policies by the new government.  

## Concerns Over Fiscal Expansion Trigger Sharp Sell-Off of Japanese Long-Term Bonds; 20-Year Yield Soars to Highest Level Since 1999  

Japanese long-term government bonds (JGBs) faced a sharp sell-off due to fiscal concerns, with the 20-year yield rising to a 25-year high and the 30-year and 40-year yields also climbing in tandem. The market is wary of the scale of the stimulus package to be announced by the Kishida government, fearing that supplementary budgets will push up demand for bond issuance and reactivate fiscal risk premiums. Investors are closely watching this week’s 20-year JGB auction.  

## When Safe-Haven Assets Fail: What Does It Mean for Gold and U.S. Stocks to Fall Simultaneously?  

Behind this phenomenon lies a signal of tight market liquidity. In November, gold and the S&P 500 Index showed a positive correlation of 0.22, as investors were forced to sell profitable assets to cover losses. In the short term, gold may fluctuate in tandem with other risky assets, as investors seek liquidity. Analysts warn that amid growing concerns over the AI bubble, gold will struggle to hedge against risks in tech stocks in the short term.  

# Overseas Companies  

## "Extremely Stunning Performance": Google’s Large Model "Builds Hype" Rarely Before Launch – Will Gemini 3.0 Debut This Week?  

Prediction markets are betting that Gemini 3.0 will be released this week, and Pichai’s subtle moves on social media have been interpreted as confirmation of the launch timeline. Insiders described the new model as "extremely stunning," expecting it to achieve significant improvements in coding and multimedia content generation. Analysts believe the new model may give Google a chance to take the lead, especially after OpenAI’s ChatGPT-5 failed to make an immediate major impact.  

## Gemini 3’s "Advanced Preview" Goes Viral: Seamless Integration of Different Games, Highly Realistic SVG Animations  

Through its "advanced preview," Gemini 3 demonstrated strong multimodal capabilities – it can not only integrate different games to create a *Minecraft*-style tower defense game but also replicate an interactive Switch emulator using SVG animations. Its outstanding performance has triggered enthusiastic testing by netizens. Since the start of this year, the stock price of Alphabet (Google’s parent company) has soared by 46%.  

## Apple Plans New Phased Launch Strategy for iPhones: Premium Models in Autumn, Standard Models Moved to Next Spring  

Gurman analyzed that concentrating all new iPhone launches in the autumn window "has ultimately become a burden." This model not only makes it difficult for Apple to distribute revenue evenly throughout the year but also places enormous pressure on marketing and engineering teams, and overloads the supply chain.  

## Decoding Microsoft’s "50-Year AI Architecture" Strategic Thinking: "If You’re Just a Model Company, You May Face the Winner’s Curse"  

Microsoft’s long-term AI strategy aims to avoid the "winner’s curse" faced by pure model companies – a scenario where the value of a model plummets once it is copied or open-sourced. Its focus is on building a flexible AI infrastructure platform that can last for 50 years. Azure is positioned as a universal platform supporting multiple models (including OpenAI models, self-developed MAI models, third-party models, and open-source models) rather than being optimized for a single model.  

## Amazon Plans to Raise Approximately USD 15 Billion via U.S. Bond Issuance – First Dollar Bond in Three Years!  

As computing demand related to artificial intelligence expands rapidly, major tech companies are turning to large-scale debt issuance to fund multi-billion-dollar infrastructure expansion plans.  

## Novo Nordisk Ignites a "Price War"? Sharp Price Cuts for Wegovy and Ozempic to Challenge Eli Lilly  

Novo Nordisk has significantly reduced the out-of-pocket prices of Wegovy and Ozempic, directly setting the entry price at USD 199 and the subsequent price at USD 349, forming direct price competition with Eli Lilly’s Zepbound. Analysts stated that this move aims to regain the U.S. weight-loss drug market from Eli Lilly through a price war while also reducing the appeal of generic versions sold by dispensing pharmacies.  

## Report: UBS Considers Relocating Its Headquarters to the U.S. to Protest Switzerland’s "Extreme" USD 26 Billion Capital Requirement  

According to reports, UBS is weighing relocating its headquarters to the United States in protest against the Swiss regulator’s "extreme" capital requirement of USD 26 billion.  

# Industries/Concepts  

## 1. Cosmetics  

China’s National Medical Products Administration (NMPA) released the *Opinions on Deepening Cosmetics Regulatory Reform to Promote High-Quality Industrial Development*, which proposes strengthening industrial support. It encourages provincial-level drug regulatory authorities to actively seek government support, coordinate with relevant departments to introduce policies supporting the cosmetics industry, create a favorable environment for industrial innovation, support green and low-carbon development of the industry, drive brand growth through policy empowerment, and cultivate national cosmetic brands with international competitiveness. The document also encourages the first launch of new cosmetic products in China and aims to foster a "first-launch economy" in China’s cosmetics sector by aligning with high international economic and trade standards.  

**Commentary**: Analysts believe that China’s cosmetics industry is transitioning from scale expansion to a high-quality development stage driven by technology, efficacy-oriented products, and sustainable development. In 2024, the cosmetics industry reached a huge market scale of RMB 1.0738 trillion, and it is expected to maintain steady growth of 5%-10% in the next five years. The market share of domestic brands has exceeded 55%. By building an oriental aesthetic system – shifting from "pursuit of whiteness as beauty" to "diverse skin tone aesthetics" – domestic brands are promoting the two-way transformation of cultural confidence and commercial value. In the future, China’s cosmetics industry will build competitive barriers around the "whole industrial chain ecosystem," and achieve the leap from a "major cosmetics country" to a "powerful cosmetics country" by strengthening R&D, deepening oriental cultural aesthetics, and expanding global layout.  

## 2. 3D Printing  

According to CCTV News, the 3D-printed minimalist turbojet engine independently developed by Aero Engine Corporation of China recently completed its first flight test successfully, marking a major breakthrough in the engineering application of 3D-printed engines. The flight test lasted 30 minutes, reaching an altitude of 6,000 meters and a maximum speed of Mach 0.75. The engine operated in full state with no abnormalities in all operating parameters, successfully completing China’s first single-engine flight test using an independently developed 3D-printed minimalist turbojet engine as the sole power source.  

**Commentary**: Analysts note that the 3D printing industry is entering a golden period of large-scale application, moving beyond the technology verification stage. Currently, it presents a dual-track development pattern of "industrial-grade leadership and consumer-grade rise." In 2024, the global 3D printing market scale reached USD 21.9 billion, with China’s market scale at approximately RMB 41.5 billion. It is expected that by 2030, the global market scale will exceed USD 84-115 billion, maintaining a compound annual growth rate (CAGR) of 20%-30%. China’s 3D printing market is expected to exceed the RMB 100 billion scale by 2030. Relying on a complete industrial chain foundation and policy support, China is transitioning from "prototyping manufacturing" to "direct manufacturing" and is expected to occupy an important position in the global 3D printing industry.  

## 3. Domestic Chips  

According to Xinzhiyuan, research teams from the University of Hong Kong, Hong Kong University of Science and Technology, and Xidian University have overcome the "black hole" of analog-to-digital converters (ADCs) – which account for 87% of energy consumption in compute-in-memory (CIM) architectures. By leveraging the programmable characteristics of memristors, they developed an "intelligent scale" that can adapt to data distribution, reducing the power consumption of AI chips by 57.2% and their area by 30.7%. This breakthrough paves a new path for next-generation high-efficiency AI hardware systems.  

**Commentary**: Analysts believe that with the exponential growth of current AI computing power demand, issues such as data center energy consumption and battery life of edge devices (e.g., smartwatches, drones) have become industry pain points. In the long run, this solution represents a key technological breakthrough in "next-generation AI hardware" and has the potential to drive industry transformation.  

## 4. Lithium-Ion Batteries  

On November 17, data from Baiinfo showed that prices of various lithium-ion battery materials rose. Among them, the prices of vinylene carbonate (VC), lithium hexafluorophosphate (LiPF₆), and electrolyte increased by 23.26%, 5.93%, and 4.93% respectively compared with the previous working day.  

**Commentary**: Zheshang Securities believes that against the backdrop of current inventory destocking and higher-than-expected energy storage demand, price increases have emerged across multiple links in the lithium-ion battery industry chain, driving up the prosperity of the industrial chain. An energy storage system mainly consists of battery packs, a battery management system (BMS), an energy management system (EMS), a power conditioning system (PCS), and other electrical equipment. As of 2024, China’s global market share of energy storage cells exceeded 93%, and that of energy storage systems reached 76%. Domestic enterprises will fully benefit from the accelerated prosperity of the global energy storage cycle. Strong downstream demand from power batteries, energy storage, and consumer electronics is driving improvements in the industry’s supply-demand relationship. Segments with sound competition patterns and tight production capacity in the industrial chain have taken the lead in raising prices, indicating that the supply-demand inflection point of the lithium-ion battery industry chain has arrived.  

## 5. Controlled Nuclear Fusion  

Recently, Fusion New Energy (Anhui) Co., Ltd. announced a procurement project with a total value exceeding RMB 2 billion. Based on business needs, this procurement covers items such as the BEST ion cyclotron wave source system, key components of the cryogenic system, stainless steel shielding blocks for the BEST blanket system, and high-boron steel shielding blocks for the BEST blanket system.  

**Commentary**: CICC (China International Capital Corporation) believes that nuclear fusion has advantages such as environmental friendliness, abundant resources, high energy density, and a self-limiting reaction mechanism. China has included nuclear fusion in the key directions of future industries, while countries such as the United States, Japan, and the United Kingdom are accelerating implementation through special legislation and financial guidance, forming a full-chain support system from top-level design to industrial practice. According to FIA statistics, as of mid-2025, the total global financing for the commercial nuclear fusion industry reached USD 9.766 billion, with an additional USD 2.643 billion raised compared to 2024. Overall, the global development of nuclear fusion is in a critical transition period toward megawatt-level engineering, and multiple demonstration devices will be launched one after another in the next 5-10 years.  

## 6. Quantum Technology  

On November 17, it was learned from a press conference held by the Information Office of the Anhui Provincial People’s Government that the 2025 Quantum Technology and Industry Conference will be held at the Hefei Binhu International Convention and Exhibition Center from November 20 to 21. With the theme "A Century of Quantum, Inspiring the Future," the conference is expected to attract participants from over 10 provinces/municipalities across the country, more than 600 institutions, and over 4,000 people. The scale of participants, the number of enterprises, and the exhibition scale will all reach new highs.  

**Commentary**: Guotai Haitong Securities believes that quantum computing has become one of the most disruptive cutting-edge technologies and is gradually forming a development pattern integrating basic scientific research, engineering R&D, application exploration, and industrial cultivation. The verification of quantum computing superiority has been completed, and multiple technical routes – such as superconductivity, ion traps, neutral atoms, photonic quantum, and silicon semiconductors – are showing a diversified and open development trend. This trend will continue in the short term, with continuous breakthroughs in basic research and engineering R&D, ongoing exploration of application scenarios across multiple industries, and gradual construction of the industrial ecosystem. The United States and China lead the world in quantum computing, and major breakthroughs in quantum error correction across various technical routes will directly affect the progress of quantum computing.  

# Today’s Key News Preview  

- Crown Prince Mohammed of Saudi Arabia will visit the White House and meet with U.S. President Trump.  

- Fed Governor Michael Barr and Richmond Fed President Thomas Barkin will deliver speeches.  

- Microsoft’s Ignite 2025 Technology Conference will be held from November 18 to 21.  

- PDD, Xiaomi, Baidu, iQIYI, and Futu will release their financial reports.  

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# 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. Investors shall bear their own responsibilities for any investments made based on this article.