Morning News

# Market Overview

Source: Wall Street News  

Fed officials have once again fueled expectations of an interest rate cut in December. The three major U.S. stock indices closed higher for the second consecutive session, hitting a one-week high. Among them, the S&P 500 rose nearly 1.6%, marking its largest gain in six weeks; the Nasdaq jumped 2.7%, notching its best performance in half a year. Tesla rebounded by nearly 7%, leading the "Magnificent Seven" tech giants. Google surged over 6%, and together with Apple, both hit all-time highs. The semiconductor index climbed 4.6%, with Broadcom soaring 11%. The China Concept Stock Index outperformed the broader market with a 2.8% gain, as Baidu rose over 7% and Alibaba advanced more than 5%. Novo Nordisk's European shares fell nearly 6%.  

U.S. Treasury prices rose for the second straight day, with the 10-year U.S. Treasury yield hitting another monthly low. The U.S. Dollar Index turned lower multiple times during the session, temporarily pulling back from its near six-month high. Offshore RMB once fell below the 7.11 level, but option pricing showed that traders' bullish sentiment on offshore RMB reached a 14-year high. Cryptocurrencies extended their weekend rebound: Bitcoin rose over 4% intraday to retake the $89,000 mark, while Ethereum surged nearly 9% at one point.  

Crude oil reversed a three-session losing streak, turning higher after falling at least 1% intraday, and closed up over 1% to move away from a one-month low. Gold turned higher by more than 1% during the session, posting its second consecutive gain and closing at a one-week high.  

During the Asian session, China's three major A-share indices fluctuated with reduced trading volume and closed higher. Alibaba concept stocks surged, and the military industry sector saw a strong rally. Hong Kong stocks opened higher and moved higher, with the Hang Seng Tech Index rising over 2%, as tech and new energy vehicle stocks rebounded.  

# Key News

1. Chinese President had a phone call with U.S. President Trump, pointing out that "cooperation benefits both sides, while confrontation harms both" is a common sense repeatedly verified by practice. He emphasized that Taiwan's return to China is an important part of the post-war international order. The two heads of state also discussed the Ukraine crisis.  

2. Japan plans to deploy offensive weapons on the southwestern islands adjacent to China's Taiwan region. China's Ministry of Foreign Affairs responded: "This development is extremely dangerous and requires high vigilance. China will never allow external forces to interfere in China's Taiwan region, and we have the resolve and ability to defend national territorial sovereignty."  

3. China will launch a space exploration scientific satellite program to explore the origin of life in the universe.  

4. Fed Governor Christopher Waller, a top candidate for Fed Chair, stated that his main concern is the labor market and advocated for an interest rate cut in December. Mary Daly, President of the San Francisco Fed who has previously closely followed Jerome Powell, expressed worry about a sudden deterioration in the labor market and supported a rate cut in December.  

5. Trump signed an executive order to launch the "Genesis Initiative" for artificial intelligence.  

6. On the Russia-Ukraine peace talks: Trump said "something good might happen"; Ukraine stated that it has finalized a new version of the peace draft with the U.S., reducing the content from 28 points to 19 points, and the new plan has little similarity to the previous version, with sensitive parts to be decided by the U.S. and Russian presidents; Russia claimed that the plan proposed by Europe is not constructive, while the U.S. proposal can in principle serve as the basis for a peace agreement.  

7. "China's first domestic GPU stock" Moore Threads launched its subscription, which was snapped up by investors. The online subscription success rate was 0.02423369%, and the offline subscription multiple was nearly 1,600 times.  

8. The fastest-growing AI application has emerged: the public beta of Alibaba's AI assistant "Qianwen App" saw over 10 million downloads in its first week, driving Alibaba's Hong Kong shares up by more than 6% at one point.  

9. The "weight-loss miracle drug" failed in its cross-sector attempt: the trial of oral Ozempic for treating Alzheimer's disease was declared a failure, causing Novo Nordisk's stock to plummet 12% intraday.  

10. Vying for a share in the holiday shopping season: OpenAI launched a free ChatGPT shopping search function; Anthropic released Claude Opus 4.5, which features a comprehensive upgrade in programming performance and is hailed as "the most intelligent engineering model."  

11. Amazon plans to invest up to $50 billion to expand AI computing power for the U.S. government, which will add 1.3GW of capacity. It will also invest an additional $15 billion in Indiana, U.S., to build a new data center park.  

12. Apple reportedly carried out a rare layoff, cutting dozens of positions in its sales department.  

13. Ray Dalio warned that the multi-manager hedge fund model "cannot last 50 years" and may not be a viable long-term business. Dalio and the "Bond King" (Bill Gross) rarely echoed each other, stating that price signals are distorted and the market is trapped in "false prosperity."  

# Market Closing Quotes

## U.S. and European Stock Markets

- S&P 500: Rose 1.55% to close at 6,705.12 points  

- Dow Jones Industrial Average: Rose 0.44% to close at 46,448.27 points  

- Nasdaq Composite Index: Rose 2.69% to close at 22,872.005 points  

- Europe's STOXX 600 Index: Rose 0.14% to close at 562.88 points  

## A-Share Market

- Shanghai Composite Index: Rose 0.05% to close at 3,836.77 points  

- Shenzhen Component Index: Rose 0.37% to close at 12,585.08 points  

- ChiNext Index: Rose 0.31% to close at 2,929.04 points  

## Bond Market

By the end of the bond market session:  

- The yield on the 10-year U.S. Treasury note was approximately 4.02%, down about 4 basis points intraday.  

- The yield on the 2-year U.S. Treasury note was around 3.50%, down nearly 1 basis point intraday.  

## Commodities

- WTI Crude Oil Futures (January contract): Rose 1.34% to close at $58.84 per barrel  

- Brent Crude Oil Futures (January contract): Rose 1.29% to close at $63.37 per barrel  

- COMEX Gold Futures (December contract): Rose 0.36% to close at $4,094.2 per ounce  

- LME Nickel Futures: Rose approximately 1.7% to close at $14,699 per ton  

- LME Copper Futures: Fell 0.04% to close at $10,773 per ton

# Details of Key News

## Global Highlights  

1. President of the People's Republic of China had a phone call with U.S. President Trump. According to CCTV News, the Chinese leader pointed out that facts have once again proven that "cooperation benefits both sides, while confrontation harms both" between China and the United States is a common sense repeatedly verified by practice. He clarified China's principled position on the Taiwan question, emphasizing that Taiwan's return to China is an important part of the post-war international order. Trump stated that China played an important role in the victory of World War II, and the U.S. side understands the significance of the Taiwan question to China. The two heads of state also discussed the Ukraine crisis.  

2. Japan plans to deploy offensive weapons on the southwestern islands adjacent to China's Taiwan region. China's Ministry of Foreign Affairs responded: "This development is extremely dangerous and requires high vigilance." Foreign Ministry Spokesperson Mao Ning said that this move deliberately creates regional tensions and provokes military confrontation, which is linked to the wrong remarks on Taiwan made by Japanese Prime Minister Sanae Takaichi. China will never allow Japanese right-wing forces to reverse the course of history, never allow external forces to interfere in China's Taiwan region, and never allow Japanese militarism to revive. China has the resolve and ability to defend national territorial sovereignty.  

3. China to launch a space exploration scientific satellite program to explore the origin of life in the universe. According to CCTV News, during the "14th Five-Year Plan" period, focusing on major cutting-edge issues such as the origin of the universe, the origin of space weather, and the origin of life, the National Space Science Center of the Chinese Academy of Sciences will organize and implement a space exploration scientific satellite program. This program includes the "Hongmeng Plan", "Kuafu-2", exoplanet sky survey, and the Enhanced X-ray Timing and Polarization Space Observatory. It aims to achieve new breakthroughs in fields such as the cosmic dark age, solar magnetic activity cycle, and the detection of Earth-like exoplanets.  

4. Christopher Waller, Fed Governor and a top candidate for Fed Chair: Main concern is the labor market, advocates for December rate cut. Waller pointed out that the latest data shows the labor market remains weak, but he also mentioned that the delayed economic reports to be released intensively after the December meeting may make the decision in January "more difficult".  

5. Mary Daly, President of the San Francisco Fed who previously closely followed Powell: Worries about sudden deterioration of the labor market, supports December rate cut. Daly warned that the U.S. labor market faces the risk of non-linear changes, and believes that the risk of inflation surge is relatively low because the cost increase driven by tariffs this year is more moderate than expected. Daly does not have voting rights in FOMC meetings this year, but "New Fed Wire" Timiraos pointed out that Daly's views are important because she rarely deviates from Fed Chair Powell's stance in public.  

6. Trump signs executive order to launch AI "Genesis Initiative". This initiative is a new national program aimed at transforming the way of scientific research and accelerating scientific discovery through artificial intelligence (AI). The order instructs the Department of Energy to establish an AI experimental platform that integrates U.S. supercomputers and unique data assets to develop scientific foundation models and support robotic laboratories.  

7. Trump on Russia-Ukraine peace talks: "Something good might happen"; Ukraine says U.S. and Ukraine finalize new peace draft, cutting from 28 points to 19 points. Media reports indicate that the U.S. and Ukraine have completed a new 19-point peace agreement draft, but the most sensitive issues such as territorial arrangements, Ukraine's relations with NATO, and U.S.-Russia relations are still to be decided by Trump and Zelensky. Ukraine's First Deputy Foreign Minister stated that the new draft has "almost no similarity" to the previously leaked version that triggered strong protests in Ukraine.  

8. Multiple European countries warn that an agreement cannot be reached quickly in the short term. The Russian side said that a certain proposal put forward by the U.S. "can in principle serve as the basis for a final peace agreement". Russia has learned about the peace proposal put forward by Europe to end the Ukraine crisis, but this proposal is not constructive to Russia and does not conform to Russia's interests.  

9. Subscription for "China's first domestic GPU stock" Moore Threads snapped up; online subscription success rate 0.02423369%, offline subscription multiple nearly 1,600 times. Moore Threads' issue price of 114.28 yuan set a new high for A-shares in 2025. Offline subscriptions were snapped up by institutions, with a subscription multiple of 1,572 times involving 267 institutions; the online subscription success rate was only 0.02423369%. The company raised approximately 8 billion yuan, becoming the largest IPO on the Science and Technology Innovation Board this year, with a price-to-sales ratio of 122 times, far exceeding that of overseas giants such as NVIDIA. The company's revenue in 2024 was 438 million yuan, with a net loss of 1.618 billion yuan, and it is expected to become profitable only in 2027.  

10. Fastest-growing AI application emerges: Alibaba's AI assistant Qianwen App surpasses 10 million downloads in first week of public beta. Since its launch on November 17, Qianwen App has been highly popular, ranking among the top three in Apple's App Store free overall list just two days after its launch. From the competition of underlying models to the battlefield of super applications, Alibaba has obtained the first "ticket" in the AI Agent era. Analysts believe that in the future, Alibaba may establish a C-end profit closed loop through business models such as subscription systems and traffic entry points, and drive AI services to reach and convert end users more extensively through "model + scenario".  

11. Alibaba's Hong Kong shares surge over 6% at one point. Does Qianwen App ignite C-end growth and open up new valuation space for Alibaba? The explosive growth of Qianwen App is regarded by analysts as a core variable driving the stock price surge and reshaping the company's valuation. "The market also regards this move as a key step to benchmark its valuation against OpenAI."  

12. "Weight-loss miracle drug" fails in cross-sector attempt! Trial of oral Ozempic for Alzheimer's treatment declared unsuccessful; Novo Nordisk plunges 12% intraday. Novo Nordisk announced that the oral version of its Ozempic failed to slow the progression of Alzheimer's disease in two large-scale clinical trials, marking the failure of this attempt regarded as a long-term investment. Based on cognitive assessment results, patients taking the drug did not show significant improvement. The company has decided to terminate the original one-year study extension plan.  

13. Vying for a share in the holiday shopping season: OpenAI launches free ChatGPT shopping search function. OpenAI released a shopping search function optimized based on the GPT-5-Thinking-mini model, which collects user needs through Q&A and recommends 10-15 products. All users can use it for free with almost no restrictions before the holidays. This function excels in segmented categories such as electronics and cosmetics, but may make mistakes in details such as prices and inventory.  

14. Third major model release in two months: Anthropic launches Claude Opus 4.5 with comprehensive improvement in programming performance. Anthropic released its flagship model Claude Opus 4.5 on Monday, which has significantly enhanced capabilities in automated programming, multi-step task execution, and office document generation, and will become the default model across all its products. The new model outperformed Google Gemini 3 Pro and OpenAI GPT-5.1 in programming evaluations such as SWE-Bench, and was called "the most intelligent engineering model" by the company.  

15. Amazon to invest up to $50 billion to expand AI computing power for U.S. government, adding 1.3GW of capacity. Amazon's project will start construction in 2026. The project will add nearly 1.3 gigawatts (GW) of computing power in AWS Top Secret, Secret, and GovCloud regions, providing federal agencies with a full range of AI services such as SageMaker, Bedrock, Nova, and Anthropic Claude. Amazon also announced plans to invest approximately $15 billion in northern Indiana, U.S., to build a new data center park.  

16. Apple reportedly conducts rare layoffs, cutting dozens of positions in sales department. According to reports, affected employees include account managers serving large enterprises, schools, and government agencies, as well as employees responsible for operating Apple's demonstration centers. The report stated that management notified affected employees in the past few weeks. Some affected employees said that this move aims to shift more sales to third-party distributors to help Apple reduce internal costs.  

17. Ray Dalio warns: Multi-manager hedge fund model "cannot last 50 years", may not be a long-term business. Dalio, founder of Bridgewater Associates, believes that the multi-strategy hedge fund model sweeping Wall Street may not be sustainable in the long run. He pointed out that this model relies on many small teams to implement different strategies separately, and this "segmented" approach makes it difficult for employees to establish in-depth relationships, which in turn affects employee stability and competitiveness.  

18. Dalio and "Bond King" rarely echo: Price signals distorted, market trapped in "false prosperity". "Bond King" Jeffrey Gundlach pointed out that investors are engaging in a "greater fool game", making decisions based on stories rather than logic. Dalio of Bridgewater emphasized that debt-driven asset prices are seriously divorced from their true value; debts must eventually be repaid, and asset liquidation will lower prices and may trigger an economic collapse. The two investment giants rarely agreed to recommend holding physical gold as a defense.  

19. "Plunging" crypto market sees "prevalent conspiracy theories": U.S. government "grabbing money", Wall Street "short-selling", even "JPMorgan vs. Trump". Conspiracy theories spread accordingly: Some claimed that the U.S. government created the plunge to buy the dip at low prices, and some even interpreted this as a hidden power struggle between the "old financial order" represented by JPMorgan and the "Bitcoin new system" supported by the Trump administration.  

20. JPMorgan research report warns MSTR may be "removed from index" and "innocently hit"; crypto market calls for "boycott". JPMorgan's research report warned that if MicroStrategy is eventually removed from the index, it may trigger mandatory selling of up to $2.8 billion.  

21. Bitcoin ETFs face "darkest moment": Monthly capital outflows of $3.5 billion, worst performance since listing.  

## Domestic Macroeconomics  

1. National Energy Administration: PV installed capacity up 43.8% YoY in Jan-Oct, continuing recovery trend. As of the end of October, the country's solar power installed capacity reached 1.14 billion kilowatts, a year-on-year increase of 43.8%. In October, new PV installed capacity was 12.6GW, a month-on-month increase of 30.4%, continuing the recovery trend since September and recovering from the near three-year low in August. This year, due to policy adjustments leading to advanced demand, the traditional Q4 construction peak pattern has been broken, and the industry is now gradually returning to a normal rhythm.  

2. National Air Traffic Control Office strengthens standardized construction of low-altitude management system. Learned from Xinhua News Agency, the National Air Traffic Control Office recently formulated and issued "Functional Requirements for National, Provincial and Municipal Low-Altitude Flight Integrated Supervision and Service Platforms (Version 1.0)" and "Information Interaction Specifications for National, Provincial and Municipal Low-Altitude Flight Integrated Supervision and Service Platforms (Version 1.0)". The National Air Traffic Control Office will unify the interfaces of modules such as airspace management, flight information, and flight services, standardize functional requirements such as flight declaration, early warning, and joint disposal, and comprehensively strengthen dynamic supervision and services for low-altitude flight activities across the country.  

3. Shanghai: Supports shortening review and approval time for eligible innovative drug clinical trials to 30 working days. Shanghai issued "Several Measures for Shanghai to Comprehensively Deepen the Supervision Reform of Drugs and Medical Devices and Promote the High-Quality Development of the Pharmaceutical Industry". It mentioned encouraging medical institutions, R&D units, and pharmaceutical enterprises to jointly build a platform for TCM innovation and industrial transformation, and encouraging the cultivation of large TCM varieties and the secondary development of classic varieties.  

## Domestic Companies/Market  

1. JPMorgan significantly raises Baidu's target price: Market severely underestimates AI transformation speed; Kunlun chip sales may surge 6x next year, driving cloud business growth of 61%. JPMorgan believes that Baidu's investment narrative is undergoing a fundamental transformation: the company is transitioning from a traditional search advertising company to an AI infrastructure provider. It is expected that Kunlun chip sales and GPU computing demand will drive a significant increase in revenue growth. However, JPMorgan is relatively cautious about the prospects of Baidu's advertising business, emphasizing that the catalyst for the upward adjustment will come from the growth of cloud/AI infrastructure rather than the rebound of the traditional advertising business.  

2. Lei Jun increases holdings of Xiaomi by over HK$100 million, following multiple Weibo posts earlier. Lei Jun personally increased his holdings of Xiaomi Group by 2.6 million shares, with an average price of approximately HK$38.58 per share. Lei Jun's shareholding ratio increased to 23.26%. This month, Xiaomi Group has repurchased 21.5 million company shares on the 20th and 21st respectively, with a total investment of over HK$800 million.  

3. DeepRoute.ai: Revenue of autonomous driving taxi Robotaxi up 761.0% YoY in Q3. DeepRoute.ai announced that its total revenue in Q3 this year was 171 million yuan, a year-on-year increase of 144.3%; gross profit was 56.3 million yuan, a year-on-year increase of 1,123.9%; gross profit margin was 32.9%. The proportion of autonomous driving taxi revenue in total revenue increased from 5.8% a year ago to 20.7%.  

4. In November, the first three joint-stock bank AICs approved for operation. AIC companies under China Merchants Bank, Industrial Bank, and China CITIC Bank have opened.  

5. IPO wave of autonomous driving companies in Hong Kong continues; Horizon Robotics seeks breakthrough with L4. Before the IPO, some shareholders withdrew.  

6. After one year of IPO suspension, Syngenta reportedly considers Hong Kong listing as early as next year. Media reports indicate that agricultural technology giant Syngenta Group is currently conducting preliminary discussions with financial advisors, and may adjust its asset structure, including disposing of some non-core and unprofitable assets, to optimize its valuation.

# Overseas Macroeconomics

Goldman Sachs: Fed rate cut in December is "imminent", with one cut each in March and June next year. According to a Goldman Sachs report, given that the next employment report and CPI data will both be released after the December monetary policy meeting, there are almost no factors in the current schedule that would hinder a rate cut. The report predicts that there will be one interest rate cut each in March and June next year. This forecast is based on the fact that core PCE inflation is already close to the 2% policy target, and at the same time, the labor market has shown hidden concerns such as a rising unemployment rate among college graduates, indicating that downside risks to the economy are accumulating at an accelerated pace.

Wall Street is guessing: Will the Fed postpone the December FOMC meeting to wait for more employment data? The December FOMC meeting will be held before the release of two key employment reports for October and November. UBS pointed out that this has prompted the market to start discussing a possibility: whether the Fed will postpone the originally scheduled December 10 meeting by one week to have access to key employment data before making a decision. There have been precedents of meeting postponements in history, and the internal divergence within the Fed regarding the December rate cut has also heightened the importance of the meeting timing.

"The market is eager for a December rate cut", Goldman Sachs trader: Sentiment is low, but many clients believe that "if Bitcoin stabilizes, U.S. stocks will still have a rally at the end of the year". Goldman Sachs stated that a number of technical indicators show that the market is in a dangerous zone, and the market is calling on the Fed to cut interest rates in December. However, some positive factors are emerging: concerns about economic growth may have been overstated, and liquidity conditions are expected to improve... Many of Goldman Sachs' clients view high-beta assets such as Bitcoin as a indicator of risk appetite, believing that if Bitcoin's performance improves, the year-end rebound may restart.

The Fed is "obsessed" with AI but dare not make another "Greenspan-style gamble". During the Internet boom in the 1990s, Alan Greenspan, the then Fed Chair, believed that innovation could promote faster economic growth without triggering inflation, and on this basis, maintained low interest rates. However, the current impact of artificial intelligence on the economy is still unclear. Although there are signs of improved productivity, the loss of white-collar jobs may lead to severe unemployment and social problems.

An illusion of prosperity? Wall Street warns: The U.S. economy is over-reliant on AI; if investment stalls, a recession will be triggered. AI investment contributed nearly half of GDP growth in the first half of the year, and the capital expenditure of four major tech giants including Microsoft and Google reached 1.1% of GDP. Analysts pointed out that without the AI boom, the economy might have already fallen into a recession. Once AI stock prices plummet or investment slows down, a recession may be triggered through the reverse wealth effect; a 20-30% drop in the stock market will reduce GDP growth by 1-1.5 percentage points.

Massive "AI bonds" roil the global market. Since early September, tech giants such as Amazon, Alphabet, Meta, and Oracle have issued nearly $90 billion in investment-grade bonds to fund AI investments, exceeding the total of the previous 40 months. This unprecedented supply wave is impacting the bond market, leading to a drop in new bond prices and a rise in yields. Market pressure has been transmitted to the stock market, exacerbating concerns about high valuations.

Processing fees hit a historic low, putting pressure on the survival of overseas smelters; 2026 copper concentrate long-term contract negotiations start a fierce game. Global copper processing fees have fallen below $20 per ton, a ten-year low, driving the annual benchmark pricing system to face restructuring. In the 2026 long-term contract negotiations, miners and smelters are engaged in a game around the new pricing model. Overseas smelters in Japan and other countries are responding to operational pressure by jointly cutting production, while Chinese smelters maintain stable procurement relying on the advantages of the industrial chain.

Musk's "sorrow"! Report: The agreement still has eight months to go, but DOGE "no longer exists". The U.S. "Department of Government Efficiency" (DOGE), once high-profile led by Musk, has been confirmed to be disbanded eight months in advance. A senior official said the agency "no longer exists", marking a major setback to a key reform commitment of the Trump administration. This move ended the federal government's hiring freeze and triggered political comments that "the swamp (bureaucracy) has won".

# Overseas Companies

Return of the memory king? Morgan Stanley: Samsung's HBM business has achieved an overall catch-up, and profits may surge by 150% in 2026. Morgan Stanley believes that Samsung's HBM4 products are undergoing multiple qualification tests, and the first batch of results is expected to be released in early December. The company currently has an effective DRAM production capacity of 500,000 wafers, far exceeding that of competitors. It is expected to regain control of the dominant position in the memory market. The market is not well-prepared for Samsung's specific positive progress, and the shift from relative profit revisions to technological leadership (HBM4) may become a catalyst for its stock price.

Morgan Stanley: Except for reducers, all robot hardware can be independently developed by enterprises - the core barrier is shifting to software and data. Morgan Stanley believes that the core barrier of the robot industry is shifting from hardware manufacturing to software algorithms and data accumulation. Except for reducers, most robot hardware can already be independently developed by integrators, which weakens the bargaining power of ordinary hardware manufacturers. This profound shift may make enterprises' software capabilities, data capabilities, and commercialization efficiency more important.

Frustrated acquisition ambitions: BHP rejected for the second time, formally withdrawing from the Anglo American acquisition battle. BHP, the world's largest mining company, formally abandoned its acquisition of rival Anglo American, putting an end to its short-lived "last-ditch effort". Anglo American's board of directors rejected BHP's latest proposal and insisted on the merger plan with Teck Resources. The core of this acquisition battle lies in the competition for high-quality copper mine assets, reflecting the strong desire of mining giants for key raw materials in the energy transition.

# Industry/Concepts

1. Huawei Mobile Phones: The "Huawei Mate 80 Series | Mate X7 and All-Scenario New Products Launch Conference" will be held on November 25, at which Huawei will release the Mate 80 Series, Mate X7, and a number of all-scenario new products. From the official poster, the new products also have a brand-new upgrade in naming - the Huawei Mate 80 Pro Max will make its debut, which may indicate that this generation of new products will usher in a major upgrade, and is expected to bring all-round innovations in performance, imaging, innovative black technology, and intelligent experience.

2. Low-Altitude Economy: The 2025 Asian General Aviation Show will be held at the Zhuhai International Airshow Center from November 27 to 30. The internationalization level of this year's show has been significantly improved, attracting more than 300 enterprises from 21 countries and regions including China, the United States, Canada, Germany, the United Kingdom, and France to participate. With the theme of "A New Era of General Aviation, Exploring Infinite Possibilities in Low Altitude", this year's Asian General Aviation Show innovatively creates an all-round new platform integrating "exhibition + conference + competition + activity", further consolidating Zhuhai's "dual airshow" brand.

3. Nuclear Fusion: The International Scientific Program Project of "Burning Plasma" of the Chinese Academy of Sciences was officially launched on November 24. It opens multiple leading fusion energy experimental devices and platforms to the world, including the compact fusion energy experimental device BEST, to jointly tackle scientific problems and work together to light up the future of clean energy for mankind. According to the international scientific program, the Institute of Plasma Physics, Hefei Institutes of Physical Science, Chinese Academy of Sciences will open multiple nuclear fusion large-scale scientific device platforms to the world and carry out cooperative research on cutting-edge issues in fusion physics.

4. 3D Printing: According to Securities Times, a research team from the University of Virginia in the United States has pioneered a new type of 3D printing material. This material is compatible with the human immune system and is expected to promote the rapid and safe development of many medical technologies such as artificial organ transplantation and drug delivery. Looking forward to the future, this material may be combined with other materials to manufacture 3D printed products with different chemical compositions, which can expand the application of solid-state batteries. For example, compared with existing solid-state polymer electrolytes, the new material exhibits higher conductivity and stretchability at room temperature, highlighting its potential as a high-performance solid-state electrolyte in advanced battery technology.

5. Aerospace: According to CCTV, it was learned from the press conference on the latest highlights of the Space Science Pilot Program held on November 24 that during the "14th Five-Year Plan" period, focusing on major cutting-edge issues such as the origin of the universe, the origin of space weather, and the origin of life, the National Space Science Center of the Chinese Academy of Sciences will organize and implement a space exploration scientific satellite program including the "Hongmeng Plan", "Kuafu-2", exoplanet sky survey, and the Enhanced X-ray Timing and Polarization Space Observatory, and strive to achieve new breakthroughs in fields such as the cosmic dark age, solar magnetic activity cycle, and the detection of Earth-like exoplanets.

# Today's Key News Preview

- Huawei's new product launch conference will release the Mate 80 Series, and the new Kirin chip may make its debut.

- Earnings reports of Alibaba, NIO, and Pony.ai.

- The U.S. Department of Labor releases September PPI.

- "Big Short" Michael Burry previously stated that tech giants "underestimate depreciation, leading to inflated profits" and will disclose more details on November 25.

<End of Full Text>

# Risk Warning and Disclaimer

The market is risky, and investment needs to be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinion, view, or conclusion in this article is in line with their specific situation. Investment made based on this article shall be at the user's own risk.