Morning News

# Market Overview

Source: Wall Street News  

The positive impact of NVIDIA's earnings proved short-lived, with the three major U.S. stock indexes plunging sharply intraday. The S&P 500 Index once dropped by more than 3% from its intraday high, staging the largest intraday reversal since the April tariff turmoil. The Nasdaq Composite closed down over 2%, and both the Nasdaq and the S&P 500 hit a two-month low. NVIDIA rose more than 5% intraday but closed down over 3%, leading the decline among the "Magnificent Seven" tech giants. AMD closed down nearly 8%, and Oracle fell more than 6%. In contrast, Walmart, which reported strong earnings, bucked the trend and surged nearly 6.5%. The U.S.-listed Chinese stocks index dropped over 3%, with PDD and Baidu falling more than 4%.  

Following the release of U.S. nonfarm payroll data, U.S. Treasury prices rebounded and yields turned lower; after U.S. stocks reversed to decline, yields fell at an accelerated pace. The U.S. Dollar Index hit a two-week high intraday but turned lower after the release of the U.S. employment data. The Japanese Yen fell for four consecutive sessions, hitting a ten-month low. Cryptocurrencies continued to plummet, with Bitcoin once dropping more than 7% and breaking below the $87,000 mark for the first time in seven months.  

Ukraine stated that it would participate in formulating a Russia-Ukraine peace plan. Crude oil, which had risen more than 1% intraday, reversed to decline and closed at a one-week low. Gold pulled back, with COMEX gold futures once falling more than 1%.  

During the Asian trading session, China's A-shares and Hong Kong stocks opened higher but moved lower. The ChiNext Index dropped over 1%, while bank and real estate stocks surged. Lithium mining stocks fluctuated actively, and the Hang Seng Tech Index fell 0.58%. New energy vehicle stocks continued to weaken.  

# Key News  

1. Chinese Minister of Commerce Wang Wentao met with U.S. Ambassador to China Nicholas Burns. He expressed concerns regarding issues such as U.S. unilateral tariffs, export controls, two-way investment restrictions, visa screenings, and restrictive clauses in the U.S.'s economic and trade agreements with third parties, and exchanged views with the U.S. side on the implementation of the outcomes of bilateral economic and trade consultations.  

2. China's Loan Prime Rate (LPR) remained unchanged for the sixth consecutive month: in November, the over-five-year LPR stood at 3.5%, and the one-year LPR was 3%.  

3. The U.S. added 119,000 nonfarm payroll jobs in September, far exceeding expectations; however, the employment figures for the previous two months were significantly revised downward by 33,000. The unemployment rate unexpectedly rose to 4.4%, a four-year high. The "Fed Whisperer" (Nick Timiraos) commented that the September employment report would not help resolve the differences within the Federal Reserve. The number of initial jobless claims in the U.S. last week fell more than expected to 220,000, while continuing claims reached a four-year high.  

4. Fed Governor Christopher Waller (a 2025 voting member) stated that interest rate cuts might prolong high inflation; currently, financial conditions are "quite loose," and cutting rates now could distort market pricing. Austan Goolsbee (a 2024 voting member) noted that cutting rates too much in the short term makes him uneasy about further rate cuts, and he did not rule out voting against a rate cut in December. Fed Governor Michael Barr warned that inflation remains at 3% and called for caution in advancing rate cuts.  

5. It is reported that former U.S. President Donald Trump will sign a new AI policy, the "Genesis Initiative," next Monday, drawing parallels to the "Manhattan Project" and the "Space Race." Reports also indicate that the White House is pressuring Congress to block a bill restricting the export of AI chips.  

6. Ukraine stated that President Volodymyr Zelenskyy has received a draft U.S. peace plan and will hold talks with Trump to discuss a solution. Crude oil, which had risen over 1% intraday, reversed to decline. It was revealed that the U.S. and Russia held closed-door talks to finalize a Russia-Ukraine peace plan, which requires Ukraine to cede territory; however, Russia denied any new progress.  

7. Google's popular text-to-image model has been upgraded. The Nano Banana Pro, based on Gemini 3, offers "studio-level" precision and control, with images supporting a maximum resolution of 4K and accurate text rendering in multilingual environments.  

8. Walmart's Q3 revenue increased by 5.8% year-on-year, with e-commerce sales growing by 27% as a highlight. The company raised its earnings forecast for the second consecutive quarter.  

9. NetEase's Q3 revenue rose by 8.2% year-on-year, net profit increased by over 30% year-on-year, and its gaming business grew by 11.8%.  

10. Goldman Sachs raised the target price of Zhongji Innolight to 762 yuan, stating that the revenue from 800G products is expected to double next year, and the 1.6T technology iteration is expected to bring a new growth cycle.  

# Market Closing Quotes  

## U.S. and European Stock Markets  

- S&P 500 Index: Down 1.56%, closing at 6,538.76 points  

- Dow Jones Industrial Average: Down 0.84%, closing at 45,752.26 points  

- Nasdaq Composite Index: Down 2.16%, closing at 22,078.048 points  

- Europe's STOXX 600 Index: Up 0.40%, closing at 563.94 points  

## China's A-Shares  

- Shanghai Composite Index: Down 0.4%, closing at 3,931.05 points  

- Shenzhen Component Index: Down 0.76%, closing at 12,980.82 points  

- ChiNext Index: Down 1.12%, closing at 3,042.34 points  

## Bond Market  

By the end of the bond trading session, the yield on the U.S. 10-year benchmark Treasury note was approximately 4.08%, down about 6 basis points intraday; the yield on the U.S. 2-year Treasury note was around 3.53%, also down about 6 basis points intraday.  

## Commodities  

- WTI Crude Oil Futures (December contract): Down 0.50%, closing at $59.14 per barrel  

- Brent Crude Oil Futures (January contract): Down 0.20%, closing at $63.38 per barrel  

- COMEX Gold Futures (December contract): Down 0.56%, closing at $4,060 per ounce  

- LME Zinc Futures: Up approximately 1.2%, closing at $3,016 per ton  

- LME Nickel Futures: Down approximately 1%, closing at $14,501 per ton  

# Detailed Key News

## Global Highlights  

1. Chinese Minister of Commerce Wang Wentao met with Nicholas Burns, U.S. Ambassador to China. Minister Wang expressed concerns over issues including U.S. unilateral tariffs, export controls, two-way investment restrictions, visa screenings, and restrictive clauses in the U.S.' trade agreements with third parties. He also clarified China's stance on matters such as Nexperia Semiconductor, and exchanged views with the U.S. side on the implementation of outcomes from bilateral economic and trade consultations. Minister Wang stated that China and the U.S. should establish a correct understanding that the two countries must coexist and can achieve win-win results, maintain the China-U.S. economic and trade consultation mechanism, manage uncertainties and destabilizing factors in trade relations, reduce the list of contentious issues, expand the list of cooperation areas, and inject greater stability and certainty into the economies of both countries and the world.  

2. China's November LPR remains unchanged: the over-five-year LPR stands at 3.5%, and the one-year LPR is 3%. This marks the sixth consecutive month that the LPR has "remained on hold." Analysts believe that looking ahead, economic operations are expected to continue their recovery trend by the end of the year, policy interest rates will remain stable, and LPR quotations will also stay unchanged.  

3. The U.S. added 119,000 nonfarm payroll jobs in September, far exceeding expectations, while the unemployment rate unexpectedly rose to 4.4%—a four-year high. The delayed September nonfarm report revealed conflicting signals in the U.S. job market: the number of new jobs added was more than twice the increase expected by economists, yet the unemployment rate did not remain flat at August's 4.3% as anticipated. Additionally, employment figures for the previous two months were significantly revised downward by 33,000. An unexpected rise in labor force participation pushed up the unemployment rate; full-time employment rebounded, but industries such as manufacturing and transportation & warehousing continued layoffs, and month-on-month wage growth slowed. The October and November reports will be released together on December 16, meaning the September report is the last employment data the Federal Reserve will see before its December 9-10 meeting—this may complicate the Fed's decision-making in December.  

4. "Fed Whisperer": September employment report fails to resolve divisions within the Federal Reserve. Nick Timiraos argued that the September nonfarm payroll report has further deepened internal rifts at the Fed. On one hand, the rebound in hiring activity and higher-than-expected job growth may strengthen the position of "hawks" (who focus on inflation) in opposing further interest rate cuts. On the other hand, the unemployment rate rose to 4.4% (a four-year high), and employment growth data for July and August were revised downward—August became the second month this year with a net decline in employment.  

5. U.S. initial jobless claims fell more than expected to 220,000 last week, while continuing claims climbed to a four-year high. For the week ending November 15, initial jobless claims decreased by 8,000 month-on-month to 220,000, below the expected 227,000. Although initial claims remained stable, continuing jobless claims edged up to 1.974 million, higher than the expected 1.95 million and reaching the highest level since October 2021.  

6. "Genesis Mission": Trump reportedly to sign new AI policy next Monday, drawing parallels to the "Manhattan Project" and "Space Race." Media reports indicate that Trump plans to launch the "Genesis Mission" at the White House next Monday. The order may require national laboratories to conduct more work in the field of emerging AI technologies and could involve public-private cooperation mechanisms. Trump also called on Congress to adopt federal AI regulatory standards, advocating for a unified federal approval process to avoid obstacles caused by fragmented state-level supervision.  

7. Did Jensen Huang convince Trump? Reports say the White House is pressuring Congress to block a bill restricting AI chip exports. Media outlets report that key White House officials are pressuring Capitol Hill to exclude the "GAIN AI Act" from the annual National Defense Authorization Act (NDAA). As the NDAA is a must-pass defense legislation, if this restrictive clause fails to be included in the final version, its chances of implementation will become extremely slim. If this move is ultimately finalized, it will mean a major victory for semiconductor giants like NVIDIA in maintaining access to overseas markets.  

8. Fed 2025 voting member Loretta Mester: Rate cuts may prolong high inflation; current financial conditions are "quite loose," and cutting rates now could distort market pricing. Divisions between hawks and doves have reemerged within the Federal Reserve. Cleveland Fed President Loretta Mester strongly opposes further rate cuts. She warned that cutting rates to support the labor market may prolong inflation levels above the Fed's target and increase risks to financial stability. She believes that current interest rates are "hardly restrictive" and that policy rates are "near the neutral rate," implying no need for further significant rate cuts.  

9. Fed 2024 voting member Austan Goolsbee: Too many rate cuts in the short term; uneasy about further cuts, not ruling out voting against a cut in December. Chicago Fed President Austan Goolsbee stated that he is uneasy about rate cuts at a time when inflation remains too high, has stabilized, or even worsened in some indicators. His unease stems from "pushing too many rate cuts too quickly in the short term and assuming that the inflation upticks we've seen are temporary." Goolsbee remains concerned about rising service-sector inflation and is uneasy about the lack of inflation data following the government shutdown, as few non-official sources can provide reliable price data.  

10. Fed Governor Michael Barr warns inflation remains at 3%, calls for caution in advancing rate cuts. Barr stated that with inflation still a full percentage point above the Federal Reserve's target, the Fed must exercise caution when considering further rate cuts. He expressed concern that inflation continues to hover around 3%.  

11. Ukraine says Zelenskyy has received draft U.S. peace plan, will hold talks with Trump. Ukraine's Presidential Office announced that President Volodymyr Zelenskyy has officially received a draft peace plan for the Russia-Ukraine conflict submitted by the U.S. side. Ukraine and the U.S. have reached a consensus to conduct further collaboration on the terms of the plan and work toward a solution that brings a dignified end to the conflict. Zelenskyy is expected to hold a phone call with Trump in the coming days to discuss in detail existing diplomatic possibilities and the core elements of achieving peace.  

12. U.S. and Russia reportedly held closed-door talks to finalize a Russia-Ukraine peace plan requiring Ukraine to cede territory; Russia denies new progress. According to reports, this potential agreement, directly negotiated by the U.S. and Russia, could be finalized as early as this week or by the end of this month. Its core terms require Ukraine to hand over all of the eastern Donbas region (including key defensive positions currently under the actual control of Ukrainian forces) to Russia. The plan "hardly sought input from Ukraine or European allies" and is likely to face strong opposition from the Ukrainian government and European governments.  

13. NVIDIA earnings call: Jensen Huang pushes back, "What we're seeing is the opposite of an AI bubble"; company's order visibility reaches $500 billion, Rubin to launch in H2 2026. Jensen Huang sought to prove to Wall Street that the engine of this AI technological revolution is not only not stalling but is also expanding into broader fields.  

14. Goldman Sachs: More important than strong earnings, NVIDIA management addressed three "key questions." A Goldman Sachs research report pointed out that, first, NVIDIA confirmed its data center revenue outlook—FY2025/2026 revenue is expected to exceed $500 billion with upside potential; second, the next-generation Rubin chip will be launched as planned in mid-2026 and contribute to revenue in the second half of the same year; third, the actual service life of older AI GPUs represented by the A100 has significantly exceeded customers' depreciation expectations.  

15. Did NVIDIA's earnings refute the AI bubble theory? Analyst: The concern is not NVIDIA, but data centers built with debt. Analysts warned that concerns about an AI bubble are not NVIDIA's problem; the real issue lies in enterprises taking on large amounts of debt to build data centers. These speculative investments may face liquidation when production capacity becomes saturated in two or three years. Strong sales of NVIDIA chips only prove robust infrastructure spending and do not reflect the true maturity of the AI economy. The key indicators should be the monetization capabilities of AI services on platforms like Microsoft and Adobe, as well as actual customer demand.  

16. Musk-Xu Huang dialogue: AI will make you busier; humanoid robots will become the largest industry in history. AI will not make you unemployed but will instead make you busier. After productivity improves, most companies do not become less busy—instead, they face more backlogged tasks. With too many things they want to do, they end up busier. Humanoid robots will become the largest industry or product in history, bigger than mobile phones or anything else, because everyone will want one, or even multiple units. What we are seeing is not a bubble, but a fundamental shift from general-purpose computing to accelerated computing.  

17. Google upgrades popular text-to-image model; Gemini 3-based Nano Banana Pro offers "studio-level" precision and control. Nano Banana Pro supports generating images with a maximum resolution of 4K, accurately renders text in multilingual environments, and allows users to control parameters such as shooting angle, depth of field, color, and lighting like using a professional camera. It can maintain consistency for up to five characters and 14 objects. The model can convert recipe text into illustrated flowcharts, visualize real-time information such as weather, and switch image scenes from day to night. Free users of the Gemini App can use the new model within limits, with watermarks on generated images. Google also launched a traceability feature, allowing users to upload images to the Gemini App to check if they were generated by Google AI.  

18. Leveraged "speculators" caught off guard, institutional funds withdraw—crypto market experiences worst correction since 2017. Prices continue to decline steadily, yet leveraged positions remain persistently high. This abnormal combination of "no price rebound but increased leverage" is pushing the crypto market into its most dangerous situation since 2017.  

19. Walmart's Q3 revenue up 5.8% YoY; e-commerce sales growth of 27% a highlight, raises earnings forecast for second consecutive quarter. Earnings reports show that Walmart's Q3 e-commerce business was a growth highlight. Global e-commerce sales increased by 27%, with all business segments achieving significant growth. U.S. market e-commerce sales rose by 28%, driven by increased in-store delivery orders, as well as growth in advertising and third-party marketplaces. International market e-commerce sales jumped by 26%, and Sam's Club saw a 22% increase.  

20. NetEase's Q3 revenue up 8.2% YoY; net profit up over 30% YoY; gaming business grows 11.8%. Earnings reports show that NetEase's Q3 gaming and value-added services revenue reached RMB 23.3 billion, up 11.8% YoY, with strong performance. The PC game *Fantasy Westward Journey* set a new concurrent user peak for four consecutive quarters, reaching 3.58 million; *Destiny: New Birth* topped the iOS download charts in European, American, and Chinese markets; martial arts-themed games such as *Yanyun Sixteen Sounds* expanded into overseas markets; the *World of Warcraft* Titan Remastered server launched in November, and *Diablo IV* will be released in China on December 12.  

21. Muddy Waters CEO: Now is not a good time to short large tech stocks. Short seller Carson Block admitted that in the current market environment, he "would rather go long than short," and shorting large tech stocks like NVIDIA would pose huge risks. However, some smaller AI-related companies are becoming potential short targets for Muddy Waters, especially those capitalizing on the AI hype.  

22. Goldman Sachs raises Zhongji Innolight's target price to RMB 762: 800G revenue expected to double next year; 1.6T technology iteration to drive new growth cycle. Goldman Sachs stated that benefiting from the diversification trend of ASIC chips and surging demand for high-speed connectivity, the company's net profit is expected to achieve a compound annual growth rate of 59% from 2025 to 2028. Among this, revenue from 800G optical modules is expected to surge by 104% YoY in 2026, and revenue from 1.6T optical modules is projected to jump by 110% in 2027. Goldman Sachs raised its net profit forecasts for Zhongji Innolight for 2026 and 2027 by 23% and 28% respectively, to RMB 21.645 billion and RMB 29.944 billion.  

## Domestic Macroeconomics  

- By the end of the year, Hong Kong stocks face the test of an "unlock wave" worth nearly HK$200 billion. From this Wednesday to the end of the year, 28 companies listed in Hong Kong over the past year will see their shares unlocked. This unlock wave coincides with rising global risk aversion and weakening market momentum, adding pressure to Hong Kong stocks. Although the Hang Seng Index is still up 29% year-to-date, it is experiencing its largest single-week decline in a month.  

## Domestic Companies  

1. China's first listed domestic GPU firm to launch IPO: Issue price RMB 114.28 per share, expected to raise RMB 8 billion. Moore Threads announced that it will launch subscriptions on November 24, with an issue price of RMB 114.28 per share and a total of 70 million shares issued. Based on the issue price, the total market value after listing will be approximately RMB 53.715 billion. This chip design company, founded only five years ago, has achieved technological breakthroughs in fields such as AI intelligent computing and graphics rendering. Its H1 2025 revenue reached RMB 702 million, exceeding the total of the previous three years, with a compound annual growth rate of over 208% in the past three years.  

2. ByteDance remains popular with capital; valuation rises to $480 billion. Today Capital recently acquired a portion of shares from Bank of China Group Investment Limited (an early investor in ByteDance) through an equity auction, at a valuation of approximately $480 billion. The transaction amount reached $300 million, making it one of the largest secondary market transactions of the company this year. Insiders stated that the fierce bidding process reflects the capital market's continued optimism about ByteDance's AI technology layout and global business expansion.  

3. Lithium carbonate returns to the RMB 100,000 mark—should automakers worry? Despite sharp price increases in upstream raw materials, automakers have remained collectively silent. The reasons include: global lithium carbonate supply is still in surplus by 200,000 tons; idle production capacity such as mica lithium extraction may resume production; companies like CATL have established a "firewall" through integrated layouts; and the sustainability of demand driven by energy storage is questionable. This round of price increases mainly affects mid-to-high-end models, while the average price of new energy vehicles continues to drop to RMB 156,000. Industry consolidation is accelerating, and there is an urgent need to shift from price competition to value competition.  

4. What's next for lithium carbonate? Goldman Sachs: Prices may fluctuate in a range until mid-next year when supply-demand relations tighten. Goldman Sachs' research found that China's lithium chemical inventory continues to decline at a rate of approximately 4,000 tons per week. The progress of suspension and resumption of production at CATL's Yichun lithium mine is slower than expected, further fueling market concerns about short-term supply. Despite positive demand prospects and continued inventory decline, if prices rise, African supply is expected to increase further. Prices are likely to fluctuate within a range until mid-2026, when the market will tighten due to restricted domestic supply in China and strong demand. The average price of lithium carbonate in 2026 is expected to be $8,900 per ton.  

## Overseas Macroeconomics  

1. U.S. existing home sales hit an eight-month high in October; falling mortgage rates boost demand. U.S. existing home sales reached a seasonally adjusted annual rate of 4.1 million units in October, compared with the expected 4.08 million units and the previous value of 4.06 million units. October existing home sales rose 1.2% month-on-month, compared with the expected 0.5% increase and the previous 1.5% rise. The median existing home price in October rose 2.1% YoY to $415,200, continuing the consecutive YoY growth trend since mid-2023.  

2. Japan's stocks, bonds, and currency hit by "three consecutive declines": "Takaichi Sanae trade" reappears; "sell Japan" trade has only just begun. According to reports, Japan's fiscal stimulus package is expected to be ¥21.3 trillion, and the total scale will reach ¥42.8 trillion if private sector investment is included. Previously, the market was concerned about the excessive scale of the stimulus package; coupled with Takaichi's abolition of the budget balance target and actions triggering diplomatic disputes, policy credibility has been questioned. Analysts warned of a possible repeat of the UK's Truss-style crisis, and the "sell Japan" trade may have only just begun.  

3. Japan's version of the "Truss shock" may unfold; supply-demand imbalance in super-long-term bonds not yet fully priced. Nomura Securities warned that the overall weakness of the yen combined with the sluggish performance of super-long-term bonds is a clear signal for investors to sell Japanese bonds. As long as concerns about Japan's version of the "Truss shock" persist, foreign investors will continue to avoid the Japanese market. The steepening of the yield curve driven by fiscal concerns has not yet fully reflected the extent of the deterioration in supply-demand for super-long-term bonds during April-May. Currently, the supply-demand premium indicator for 30-year government bonds is 48 basis points—although lower than the peak of 67 basis points in April-May, it still has significant room to expand.  

# Overseas Companies  

1. Another blow to private credit! BlackRock "rarely" waives management fees as its private credit fund performs poorly. A private credit collateralized loan obligation (CLO) under BlackRock has repeatedly failed key tests due to deteriorating asset quality, and multiple loans held by this CLO have encountered severe problems. Prior to this, the credit market had witnessed multiple shocks: subprime auto loan provider Tricolor Holdings and auto parts supplier First Brands Group went bankrupt one after another.  

2. After analyzing OpenAI’s AI demand, Barclays concludes: The AI capital expenditure cycle will continue, and technological breakthroughs may trigger a surge in computing power demand around 2027-2028. A Barclays report shows that OpenAI’s consistent performance exceeding expectations confirms that the AI capital expenditure cycle will extend in the medium to long term. Revenue growth directly drives companies’ investment in computing power; continuous model iteration keeps pushing up computing power demand, forcing computing partners to accelerate infrastructure deployment. It is expected that 2027-2028 will be a key implementation window for achieving "recursive self-improvement," which will further boost computing power demand.  

3. Betting on the "AI memory super cycle," SK Hynix to increase 10nm DRAM production by 8x next year. Reports indicate that SK Hynix is betting on the AI inference application market and plans to increase the monthly production capacity of its 6th-generation 10nm DRAM from 20,000 wafers to 160,000-190,000 wafers next year—an 8-9x increase, accounting for over one-third of its total production capacity. As AI applications shift from training to inference, demand for general-purpose DRAM has surged, and tech giants like NVIDIA have adopted such products. Industry insiders predict that SK Hynix’s facility investment will easily exceed 30 trillion won next year, demonstrating its strong confidence in the "AI memory super cycle."  

4. Learning from history: How much impact will rising memory prices have on the smartphone industry? Mid-to-low-end models bear the brunt, while high-end models remain relatively unaffected. For high-end models such as the Apple iPhone 17 Pro Max, memory accounts for only 4% of the average selling price (ASP), so the impact of price increases is minimal. For high-end Android models like the Xiaomi 17 Pro, memory accounts for 7% of ASP, resulting in a relatively small impact. However, for mid-to-low-end Android models such as Redmi, memory accounts for over 10% of ASP, making them the hardest hit by price increases.  

5. Crypto giant Kraken secretly files for IPO to seize the final window before the 2026 U.S. Midterm Elections. Following the listings of Circle and Gemini, veteran cryptocurrency exchange Kraken has secretly submitted its IPO application, seeking to go public in Q1 2026. With the Trump administration showing strong policy support for digital assets, Kraken is attempting to seize the final window before the 2026 U.S. Midterm Elections.  

# Industries/Concepts  

1. **Computing Power** | The People’s Government of Guangdong Province issued the *Construction Plan for Guangdong National Digital Economy Innovation and Development Pilot Zone (2025-2027)*. It proposes that by 2027:  

  - Guangdong’s digital economy development level will remain the highest in China;  

  - The added value of the core digital economy industries will account for over 16% of GDP;  

  - 3 trillion-yuan-level digital industry clusters with international competitiveness will be built;  

  - Several high-value new tracks in the digital industry will be fostered;  

  - The data industry will achieve an average annual compound growth rate of over 15%;  

  - The scale of the core artificial intelligence industry will exceed 440 billion yuan;  

  - Over 60,000 industrial enterprises above designated size will complete digital transformation;  

  - Computing power scale will exceed 60 EFLOPS (floating-point operations per second).  

  The plan also emphasizes enhancing new supply in the computing power industry, building an internationally influential semiconductor and integrated circuit industry cluster, and developing China’s "third pole" for integrated circuits.  

2. **Huawei Industry Chain** | Huawei will release a breakthrough AI technology at the 2025 World Computing Conference in Changsha on November 21. Through software innovation, this technology will increase the utilization rate of computing power resources from the industry average of 30%-40% to 70%, equivalent to doubling the efficiency of existing hardware.  

3. **Quantum Computing** | According to Sina Finance, IBM and Cisco recently announced their commitment to foundational work on network-distributed quantum computing. By combining IBM’s leadership in manufacturing practical quantum computers with Cisco’s quantum network innovations, the two companies plan to explore large-scale, fault-tolerant quantum computers. Additionally, they will work to address fundamental challenges facing the quantum computing internet. Within five years, IBM and Cisco aim to demonstrate the first network proof-of-concept integrating individual large-scale fault-tolerant quantum computers, enabling them to collaboratively perform computations with tens of thousands to hundreds of thousands of qubits. This network will support the execution of problems involving potentially trillions of quantum gates. IBM and Cisco also plan to explore the development of quantum hardware and software capable of physically connecting multiple large-scale, fault-tolerant quantum computers to form network-distributed quantum computing.  

4. **Stem Cells** | According to the *Beijing Daily*, Ben-Gurion University of the Negev (Israel) recently released a statement saying its researchers have discovered a type of immune cell that may help slow aging, providing new insights for the diagnosis and treatment of age-related diseases. Senescent cells in the human body refer to cells that irreversibly stop dividing due to chromosome damage caused by stress. As people age, senescent cells accumulate in body tissues, which can lead to many age-related diseases. The statement notes that a previously underrecognized subset of CD4 helper T cells accumulates with age.  

5. **Tungsten** | On November 20, Zhangyuan Tungsten Industry announced the long-term purchase quotations for the second half of November via its official WeChat account:  

  - 55% grade wolframite concentrate: 328,000 yuan per standard ton;  

  - 55% grade scheelite concentrate: 327,000 yuan per standard ton;  

  - Ammonium paratungstate (national standard grade 0): 478,000 yuan per ton.  

  The prices of these products all rose again compared to the first half of November, with an increase of approximately 6%.  

6. **Lithium Iron Phosphate (LFP)** | According to China Securities Journal, the China Association of Battery Industry (CABI) may issue the *Notice on Referring to the Lithium Iron Phosphate Cost Index and Regulating Industry Development*. The notice suggests that enterprises should take the industry average cost range disclosed by the association as an important reference for pricing and avoid dumping at low prices beyond the cost threshold. At the same time, the association recommends that enterprises fulfill their information submission obligations: enterprises should regularly submit truthful and complete operating data (such as production capacity, output, and inventory) to the association every month, which will serve as an important reference for industry resource allocation.  

# Today’s Key News Preview  

- November Manufacturing, Services, and Composite PMIs for the U.S., Eurozone, UK, and Japan.  

- November University of Michigan Consumer Sentiment and Inflation Expectations (U.S.).  

- October CPI (Japan).  

- Speeches by Fed Vice Chair Philip Jefferson, New York Fed President John Williams, Fed Governor Michael Barr, Dallas Fed President Lorie Logan, and others.  

- Speech by ECB President Christine Lagarde.  

- Huawei may release a breakthrough AI technology.  

- Hang Seng Indexes Company announces Q3 review results.  

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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 opinion, view, or conclusion in this article is consistent with their specific circumstances. Investors shall bear their own responsibilities for investments made based on this article.