Morning News

# English Translation

Source: Wall Street CN

## Market Overview

Favorable economic data fueled expectations for the Federal Reserve’s (Fed) interest rate cut in December, enabling the three major U.S. stock indexes to log a third consecutive day of gains. However, pressured by a subset of tech stocks, all indexes briefly slid in intraday trading. By the closing bell, the Dow Jones Industrial Average (DJIA) rose over 1%, while both the S&P 500 and the Nasdaq Composite hit their highest levels in nearly two weeks. NVIDIA dropped more than 7% intraday and closed 2.6% lower, becoming the only decliner among the "Magnificent Seven" tech giants. Stocks linked to NVIDIA’s AI supply chain also fell across the board, with CoreWeave closing down over 3%. In contrast, Google’s AI-related stock chain trended upward: Google gained over 1%, notching a new all-time high for three straight days; Broadcom rose nearly 2%, edging closer to its record high; and Meta climbed nearly 4% after reports emerged that it is considering adopting Google’s TPUs.

Chinese concept stocks underperformed the broader market. Following their earnings releases, Pony.ai closed up nearly 6%, while Alibaba reversed early gains to end over 2% lower, and NIO fell more than 4%.

Against the backdrop of a weak U.S. labor market and core Producer Price Index (PPI) growth falling short of expectations, U.S. Treasury prices rose further. The 10-year U.S. Treasury yield broke below the 4.0% mark intraday for the first time this month. The U.S. Dollar Index declined for two consecutive days, moving away from its near six-month high. The offshore Chinese yuan (CNH) rose over 200 pips intraday, breaking above the 7.08 level for the first time in 13 months. Cryptocurrencies, which had rebounded for several days in a row, pulled back: Bitcoin dropped over 3% intraday, falling below the $87,000 threshold.

Investors turned their attention to the prospects of a Russia-Ukraine peace deal, pushing crude oil down to a one-month low with an intraday decline of nearly 3%. Gold futures recorded a third consecutive gain, rising over 1% to close at a more than one-week high.

During the Asian trading session, China’s A-shares and Hong Kong stocks closed higher amid fluctuations. The ChiNext Index advanced 1.77%, stocks in the "Google supply chain" surged, the Hang Seng Tech Index rose 1.2%, and technology and internet stocks followed the upward momentum.

## Key News

1. U.S. economic data points to higher odds of rate cuts:

  - September PPI increased by 0.3% month-on-month, with inflation ticking up driven by energy costs; core PPI rose 0.1% month-on-month, below expectations.

  - ADP Weekly Report: Private-sector employment dropped by an average of 13,500 jobs per week over the past four weeks, with job losses accelerating.

  - September retail sales rose 0.2% month-on-month, far below expectations, with auto sales being the primary drag.

2. U.S. Treasury Secretary Yellen stated that the Fed Chair appointment may be announced before Christmas, and the Fed should return to a "behind-the-scenes" role. Hassett, Trump’s chief economic adviser, is reportedly viewed as the front-runner for the Fed Chair position. Fed Governor Milan, "handpicked" by Trump, argued that significant interest rate cuts are necessary, noting that current monetary policy is hampering economic growth and gradually pushing up the unemployment rate.

3. Reports indicate that Ukraine has agreed to the core terms of the U.S.-proposed plan, leading to a nearly 3% intraday drop in crude oil. Trump said only a few differences remain and has assigned U.S. officials to hold consultations with both Russia and Ukraine on the peace plan. Ukraine stated that President Zelensky plans to meet with Trump on the 27th.

4. The competitive landscape of AI is shifting: NVIDIA plummeted nearly 7% intraday, while Google hit another all-time high. After the sharp decline, NVIDIA made a rare move to reassure the market, claiming that its GPUs are one generation ahead of Google’s AI chips. A "big short" investor initiated a debate on the "AI bubble," stating that "NVIDIA is the Cisco of its era."

5. Huawei’s Product Launch Event: The Mate 80 series starts at RMB 4,699, marking the first time it is equipped with HarmonyOS 6; the foldable Mate X7 series starts at RMB 12,999.

6. Alibaba’s Q3 Results: Revenue increased by 4.8% year-on-year, cloud business revenue surged by 34%, and instant retail grew strongly by 60%. During the earnings call, Alibaba noted that its Qianwen AI assistant is expected to become a key entry point for AI-powered daily life in the future. It also projected a significant reduction in investment in flash sales in Q4 and did not rule out additional investments beyond its RMB 380 billion capital expenditure commitment.

7. Pony.ai’s Q3 Performance: Revenue rose 72% year-on-year, gross profit margin climbed to 18.4%, Robotaxi business revenue jumped nearly 90%, and per-vehicle profitability turned positive at the city level.

8. NIO’s Q3 Financials: Revenue grew 16.7% to RMB 21.8 billion, vehicle gross profit margin hit a new high of 14.7%, and both Q4 revenue and delivery guidance reached record highs.

9. Dell’s quarterly revenue guidance exceeded expectations, and it raised its annual AI server shipment forecast, leading to a more than 5% increase in its stock price in after-hours trading.

## Market Closing Data

### U.S. and European Stock Markets

- S&P 500: Rose 0.91% to close at 6,765.88 points

- Dow Jones Industrial Average (DJIA): Gained 1.43% to end at 47,112.45 points

- Nasdaq Composite: Increased 0.67% to finish at 23,025.591 points

- Europe’s STOXX 600 Index: Advanced 0.91% to close at 568.01 points

### China A-Shares

- Shanghai Composite Index: Rose 0.87% to close at 3,870.02 points

- Shenzhen Component Index: Gained 1.53% to end at 12,777.31 points

- ChiNext Index: Increased 1.77% to finish at 2,980.93 points

### Bond Market

By the end of the bond trading session:

- U.S. 10-year benchmark Treasury yield: Approximately 4.00%, down about 2 basis points intraday

- U.S. 2-year Treasury yield: Around 3.46%, falling roughly 4 basis points intraday

### Commodities

- WTI Crude Oil Futures (January contract): Closed down 1.51% at $57.95 per barrel

- Brent Crude Oil Futures (January contract): Fell 1.40% to close at $62.48 per barrel

- COMEX Gold Futures (December contract): Rose 1.12% to end at $4,140 per ounce

- LME Nickel Futures: Closed up approximately 1.2% at $14,872 per ton

# Details of Key News

## Global Highlights  

### U.S. September PPI Rises 0.3% MoM; Energy Costs Drive Inflation, Core PPI Growth Below Expectations  

Data shows that 60% of the increase in U.S. September PPI was attributed to higher gasoline costs. Excluding food and energy prices, the core PPI rose 0.1% month-on-month (MoM) in September, lower than the expected 0.2%, and climbed 2.6% year-on-year (YoY)—the mildest gain since July last year. Nick Timiraos, known as the "Fed Whisperer," commented that the rise in wholesale prices suggests limited growth in the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index.  

### Odds of Rate Cuts Increase: ADP Weekly Report Shows Accelerating U.S. Private-Sector Job Losses  

The ADP weekly report revealed that U.S. private-sector employers cut an average of 13,500 jobs per week over the past four weeks, up from the previously reported 2,500 weekly job losses, indicating a significant acceleration in layoffs. Analysts noted that this data has raised the probability of the Federal Reserve cutting interest rates in December.  

### U.S. September Retail Sales Rise 0.2% MoM, Well Below Expectations; Auto Sales Are the Main Drag  

U.S. retail sales increased by 0.2% MoM in September, marking the fourth consecutive month of positive growth but a notable slowdown, and falling short of market expectations. Auto sales declined for the first time in four months, primarily due to the expiration of tax credits for electric vehicles. While actual retail sales have grown YoY for 12 consecutive months, consumption shows a "K-shaped" divergence. Coupled with a weak labor market and low consumer confidence, this data may reinforce expectations of a Fed rate cut.  

### U.S. Treasury Secretary Yellen: Fed Chair Nomination May Be Announced Before Christmas; Fed Should Return to "Behind-the-Scenes" Role  

U.S. Treasury Secretary Yellen stated on November 25 that former President Trump may announce the nominee for the new Federal Reserve Chair before Christmas. Yellen revealed that he still has one interview left to complete and argued that the Fed should return to its pre-financial crisis "behind-the-scenes" role, downplaying market intervention. Fed Chair Jerome Powell’s term ends in May 2026; currently, there are divisions within the Fed over rate cuts, but a third rate cut is still expected at the December meeting.  

### Hassett, Trump’s Top Economic Adviser, Reportedly Seen as Front-Runner for Fed Chair  

However, Trump is known for unexpected personnel and policy decisions, so the nomination cannot be considered final until it is publicly announced. Hassett is believed to align closely with Trump’s economic views, including the belief that interest rates should be lowered.  

### Fed Governor Milan: Significant Rate Cuts Needed; Current Monetary Policy Hamstrings Economic Growth and Raises Unemployment  

Milan advocated for a series of 50-basis-point rate cuts to bring interest rates to a neutral level as soon as possible. He emphasized that nearly all excess inflation is an "illusion," primarily stemming from the supply-demand imbalance in the housing market and the lagged effects of monetary policy.  

### "Fed Whisperer": Allies "Pave the Way" for Next Month’s Rate Cut; Powell Faces Choice Between "Hawkish Cut" and "Dovish Pause"  

The "Fed Whisperer" pointed out that Powell’s key allies, such as John Williams and Mary Daly, have spoken publicly to pave the way for a December rate cut, and market expectations for a rate cut have soared to 80%. However, there are severe divisions within the Fed, and Powell faces a difficult choice: either a "hawkish cut" (cutting rates in December but signaling a subsequent pause) or a "dovish pause" (holding rates steady to wait for more data). Bank of America (BofA), however, believes that forcing a "hawkish cut" could backfire, and a "dovish pause" may be preferable.  

### Ukraine Reportedly Agrees to Core Terms of U.S.-Proposed Plan; Trump Says Only "Few Differences" Remain; Ukraine States Zelensky Plans to Meet Trump on the 27th  

Following the report, crude oil fell nearly 3% intraday. The Secretary of Ukraine’s National Security and Defense Council stated that Ukraine and the U.S. have reached a consensus on the "core terms" of the agreement proposed for the Geneva talks. The White House Press Secretary said the U.S. has made "significant progress" toward a peace deal, with only "a few subtle but not insurmountable details" remaining to be resolved. Trump noted that the 28-point peace plan initially drafted by the U.S. has been refined, and only a few differences remain; to finalize the plan, he has assigned U.S. officials to hold consultations with both Russia and Ukraine on the peace plan.  

### Critical Moment for Russia-Ukraine Negotiations: U.S.-Russia-Ukraine Trilateral Meeting Moves to Abu Dhabi to Promote Implementation of "19-Point Peace Framework"  

Trilateral representatives from the U.S., Russia, and Ukraine gathered in Abu Dhabi to accelerate progress on the revised "19-Point Peace Framework," with negotiations shifting from early disputes to finalizing specific terms. Previously, the 28-point plan proposed by the Trump administration was reduced to a 19-point agreement more favorable to Kyiv after consultations, but core sensitive terms involving territory and NATO relations still await a final decision by the heads of state. Currently, the White House holds a cautiously optimistic attitude toward the progress of the negotiations.  

### AI Competitive Landscape Shifts: NVIDIA Plummets Nearly 7% Intraday; Google Hits New High  

Media reports indicate that Meta is considering using Google’s TPUs (Tensor Processing Units) instead of NVIDIA chips in its data centers starting in 2027. Investors are tracking subtle changes in the AI competitive landscape, with Google—previously lagging—showing signs of a comeback. Wall Street insiders stated that the launch of Gemini 3 "may prove to be a more subtle but important event than the DeepSeek impact," and the market is accepting the view that Google is a clear AI leader. Google’s latest model has "reset the AI hierarchy chessboard," pulling the market into a "new DeepSeek moment."  

### NVIDIA Rarely Reassures Market After Sharp Drop: "Our GPUs Are One Generation Ahead of Google’s AI Chips"  

NVIDIA posted a statement claiming it currently leads the industry by one generation and is the only platform capable of running all AI models and being versatile across various computing scenarios. It emphasized that its chips offer "higher performance, versatility, and interchangeability" compared to ASIC chips like Google’s TPUs. Google stated that demand for both its custom TPUs and NVIDIA GPUs is growing rapidly, and it will continue to support both.  

### "Google Chain": Full-Stack AI Innovation; TPU + OCS Jointly Shape Next-Gen Intelligent Computing Networks  

Zhongtai Securities believes that the key technical driver behind the recent surge in the "Google Chain" lies in the full-scale adoption of OCS (Optical Circuit Switching) technology. In essence, it uses physical optical paths to transmit data directly, completely abandoning the "optical-electrical-optical" signal conversion process. By deeply integrating its self-developed TPU chips with OCS technology, Google has not only broken through the energy efficiency and scalability bottlenecks of traditional data centers but also established a new architectural standard for the next generation of intelligent computing networks. Google has built an AI moat around its full-stack advantages in chips (TPU)—networks (OCS)—models (Gemini)—applications (cloud computing/search/advertising, etc.).  

### In-Depth Analysis of Google TPU’s "Actual Capabilities": Performance Rivals Blackwell, Energy Efficiency Outperforms GPUs  

For investors and cloud service providers, the greatest value of TPUs lies not just in speed but in profit margins. By controlling the full-stack design of TPUs, Google has successfully bypassed the "NVIDIA tax" (premiums associated with NVIDIA’s market dominance). Meanwhile, Broadcom’s gross profit margin is far lower than NVIDIA’s, allowing Google to minimize computing costs. From TPU v6 to the recently revealed TPU v7, Google is not just manufacturing chips but building an almost insurmountable moat for the upcoming "AI inference era."  

### How Was Gemini 3 Trained Without NVIDIA?  

Google’s newly launched multimodal Gemini 3 adopts a sparse MoE (Mixture of Experts) architecture and native multimodal design, trained entirely on its in-house TPUs, with the ability to process 1M tokens of context. The model has been optimized for multi-step reasoning capabilities through reinforcement learning; while it leads in factual accuracy and reasoning benchmark tests, its hallucination rate remains as high as 88%, and no substantial breakthrough has been made in self-awareness regarding "knowing what one knows."  

### "Big Short" Takes On NVIDIA; Debate Over "AI Bubble" Begins  

Michael Burry, the famous "Big Short" investor, released a bombshell article titled *Supply-Side Gluttony*, officially declaring war on the AI bubble. He refuted the argument that "profits equal safety," bluntly stating that "NVIDIA is the Cisco of its time," and warned that the market is facing a catastrophic oversupply and depreciation trap. The legendary short seller asserted: No matter how many people try to prove that "this time is different," the history of 1999 is repeating itself.  

### Huawei Launch Event: Mate 80 Series Starts at RMB 4,699 (First to Feature HarmonyOS 6); Foldable Mate X7 Series Starts at RMB 12,999  

Huawei’s flagship Mate 80 Series was officially released, achieving an unprecedented 8,000 nits peak brightness, an all-metal high-strength body, and AI intelligent adjustment technology—delivering a 35% performance leap over the previous generation. The Huawei Mate 80 Series starts at RMB 4,699, while the Mate 80 Pro Series starts at RMB 5,999.  

### Alibaba Q3 Revenue Rises 4.8% YoY; Cloud Business Revenue Surges 34%; Instant Retail Grows 60% Strongly  

- Earnings Call Highlights: Qianwen AI Assistant is expected to become a key entry point for future AI-powered daily life; investment in flash sales is projected to shrink significantly in Q4; additional investments beyond the RMB 380 billion capital expenditure commitment are not ruled out.  

- Financial Details: Alibaba’s Q3 revenue reached RMB 247.80 billion, up 4.8% YoY, slightly exceeding market expectations. Revenue from its Cloud Intelligence business surged 34%, with AI products maintaining high-speed growth, propelling Alibaba to the top spot in China’s AI cloud market share. Instant retail revenue stood at RMB 22.906 billion, up 60% YoY. Adjusted net profit plummeted 72%, which the company attributed to investments in instant retail, user experience, and technology.  

- Management Comments: Alibaba’s management stated that Q3 marked the peak of investment in its flash sales business; with significant improvements in overall efficiency and stable scale, investment in flash sales is expected to shrink significantly in the next quarter. Wu Yongming mentioned that "currently, not only are new GPUs almost fully utilized, but even previous-generation GPUs—from three or five years ago—are running at full capacity. Therefore, there should be no so-called AI bubble in the next three years."  

### Pony.ai Q3 Revenue Rises 72% YoY; Gross Margin Climbs to 18.4%; Per-Vehicle Profitability Turns Positive at City Level  

Pony.ai’s Q3 revenue reached USD 25.4 million, up 72% YoY, with gross margin rising to 18.4%—driven primarily by its Robotaxi business. Revenue from the Robotaxi business totaled USD 6.7 million in the same period, up 89.5% YoY, with passenger fare revenue surging over 200%, becoming the core driver of the company’s growth and gross margin improvement. The company achieved a milestone of per-vehicle profitability at the city level and reduced hardware costs through technological iteration, but it still faces an operating loss of USD 69.7 million and cash flow pressure overall.  

### NIO Q3 Revenue Grows 16.7% to RMB 21.8 Billion; Vehicle Gross Margin Hits New High of 14.7%; Q4 Revenue and Delivery Guidance Reach Record Highs  

- Earnings Details: NIO delivered 87,071 smart electric vehicles in Q3, up 40.8% YoY. Its three brands—NIO, LeDao, and Firefly—all achieved market breakthroughs, laying the foundation for the company to enter a new growth cycle.  

- Q4 Guidance: The company expects to deliver 120,000 to 125,000 vehicles in Q4, up 65.1% to 72.0% YoY, with total revenue projected to be between RMB 32.8 billion and RMB 34.0 billion, up 66.3% to 72.8% YoY.  

### Dell’s Quarterly Revenue Guidance Beats Expectations; Raises Annual AI Server Shipment Guidance; Stock Rises Over 5% After Hours  

Dell reported after hours that its Q3 revenue was slightly below expectations, but its EPS (Earnings Per Share) exceeded expectations, and its Q4 revenue guidance also outperformed forecasts. Dell raised its expected annual AI server shipment value from USD 20 billion to USD 25 billion, reflecting sustained demand in the key AI server market.

# English Translation  

## Domestic Companies  

### TSMC CEO: Advanced Process Capacity "Not Enough, Not Enough, Still Not Enough" – Current Capacity Falls Short by 3x  

TSMC CEO C.C. Wei revealed that based on the product plans and growth expectations of major customers, TSMC’s current production capacity is approximately 3 times short of demand. He even joked that he originally intended to wear a T-shirt printed with "No more wafer" to accept an award, implying that demand for wafers is so strong it cannot be met.  

## Overseas Macroeconomics  

### Analogous to the "Apollo Moon Landing," Trump Officially Signs the "Genesis Initiative" to Mobilize U.S. Resources for AI Research  

U.S. President Trump directed U.S. Energy Secretary Chris Wright to establish and operate the "U.S. Science and Security Platform." This platform will integrate high-performance computing resources, AI modeling and analysis frameworks, computing tools, domain-specific foundation models, and secure access to datasets. The White House compared this initiative to the 1960s Apollo program that landed Americans on the moon, calling it the largest mobilization of U.S. scientific resources since Apollo.  

### "Fivefold Shock" Hits Simultaneously! The Logic Behind This Round of Bitcoin’s Plunge Is Unlike Any Before  

Deutsche Bank argues that, unlike previous crashes driven primarily by retail speculation, Bitcoin’s current correction is the result of a "fivefold shock": macroeconomic headwinds, hawkish signals from the Federal Reserve, stalled regulatory progress, outflows of institutional capital, and profit-taking by long-term holders. This indicates a shift in Bitcoin’s investment logic, with risk management gaining unprecedented importance.  

### Are Central Banks Starting to "Sell Gold"? Global Central Bank Gold Purchases Surged from 450 Tons (2021) to 1,089 Tons (2024), Becoming the Main Driver of Gold Demand  

While countries like Russia began reducing gold holdings in 2025 after exceeding their target positions, the share of gold reserves held by major central banks (e.g., China, India) remains significantly below the 20% benchmark. There is still room for a 4.7-percentage-point increase in global central banks’ gold allocation.  

### Goldman Sachs Acknowledges Unexpectedly Strong Energy Storage Demand but Remains "Medium-Term Bearish" on Lithium Prices  

Goldman Sachs stated that the surge in energy storage demand is reshaping the short-term supply-demand dynamics of the lithium market. The 2026 lithium market will see a "tight-then-loose" pattern: prices will remain at $11,000/ton in H1, then fall to $9,500/ton in H2 as supply growth accelerates. Goldman Sachs maintains its medium-term bearish stance, predicting that supply gluts will reemerge in 2027—by then, supply will exceed demand by 18% unless producers cut capacity expansion plans.  

## Overseas Companies  

### OpenAI’s "AI Hardware" Is Coming! Altman: "Calmer and More Serene Than the iPhone"  

Sam Altman announced that OpenAI, in collaboration with former Apple chief designer Jony Ive, is developing a screenless AI device expected to launch within two years—billed as a "new experience beyond the iPhone." Focused on minimalism, sophistication, and ambiance, the product rejects information clutter, prioritizes human-centric design and intelligence, and aims to deliver AI companionship as "serene as a mountain lake."  

### Musk Begins Replacing Employees with Grok – Hardest-Hit Department Sees 90% Layoffs  

Elon Musk continues to advance his strategy of replacing human labor with AI. Following the September layoff of over 500 employees in xAI’s data annotation team, he recently drastically cut the size of X’s content safety team—slashing nearly 90% of the 100-person team he inherited after acquiring the company. Earlier, Musk stated in a tweet that he would completely remove X’s heuristic recommendation algorithm within weeks, replacing it with Grok, which will fully automate user interest matching by reading and analyzing all content. Meanwhile, he is accelerating the layout of AI-driven automated software development through xAI and the "Microsoft Collaboration Initiative."  

### "E-commerce Agents" – AI Applications with Vast Commercial Potential Are "Sprouting"  

AI e-commerce agents are reshaping consumer entry points: Morgan Stanley predicts that the scale of agent-driven e-commerce will reach $385 billion by 2030, accounting for 20% of total U.S. e-commerce sales. Currently, general platforms like ChatGPT have demonstrated strong commercial conversion capabilities—36% of users complete purchases via AI recommendations. The strategic布局 (layout) of Alibaba’s Qianwen APP and OpenAI’s shopping search shows that tech giants are racing to capture this new traffic entry point, spanning from "conversation" to "transaction."  

## Industries/Concepts  

1. **Space Computing Power**: According to an announcement from Wuxi Property Rights Exchange, the "Liangxi Constellation" project has launched a public tender. The project owner is Wuxi Xingsuan Technology Co., Ltd., with funds sourced from self-raised capital, and the estimated contract value is RMB 450 million. The "Liangxi Constellation" project involves building a constellation of 12 intelligent computing satellites, all manufactured via 3D printing additive technology and equipped with world-leading "Liangxi-made" super computing payloads. After组网 (network deployment), the total computing power will be no less than 20 Petaflops. The project covers an overall solution for Liangxi Constellation, including satellite development, launch services, frequency occupancy, tracking, telemetry, command (TT&C) services, and operational support.  

2. **Artificial Intelligence**: Alibaba released its financial results for the second quarter of fiscal year 2026, reporting quarterly revenue of RMB 247.8 billion, with Cloud Intelligence Group revenue reaching RMB 39.82 billion—both exceeding market expectations. Daniel Zhang, CEO of Alibaba Group, stated that the company has made significant strategic investments in AI technology and infrastructure platforms. Robust AI demand has further accelerated Cloud Intelligence Group’s revenue growth, with quarterly revenue rising 34% year-on-year (YoY). Among this, revenue from AI-related products achieved triple-digit growth for the ninth consecutive quarter. Additionally, the share of AI revenue in the Cloud Group’s external commercial revenue increased, while customer management revenue grew 10% YoY. Over the past four quarters, Alibaba’s capital expenditure on AI + cloud infrastructure totaled RMB 120 billion.  

3. **Aerospace**: The National Space Administration (NSA) issued the *National Space Administration Action Plan for Promoting High-Quality and Secure Development of Commercial Aerospace (2025–2027)*. The plan proposes: improving the investment and financing mechanism for commercial aerospace development, establishing a national commercial aerospace development fund, and encouraging local governments, financial institutions, and social capital to jointly establish investment platforms; expanding government procurement, promoting commercial capabilities (e.g., commercial launch vehicles, commercial satellites, commercial launch sites, commercial TT&C facilities) to participate in national aerospace missions, and encouraging government departments at all levels to increase procurement of commercial aerospace services; and prioritizing support for commercial aerospace entities in developing new technologies, new products, and exploring new application scenarios.  

4. **Quantum Computing**: According to Shenzhen News Network, the opening ceremony of China’s first large-scale dedicated photonic quantum computer manufacturing plant was recently held at Nanshan Smart City in Shenzhen—marking quantum computing’s transition from laboratory research to industrialization. Covering an area of approximately 5,000 square meters, the plant integrates R&D, manufacturing, and testing, and is designed to realize the engineering, standardization, and large-scale production of photonic quantum computers.  

5. **Coal-Fired Power**: According to China News Service, the main equipment for the world’s first 630°C ultra-supercritical double reheat national power demonstration project was officially rolled off the production line and shipped in Deyang, Sichuan on November 25, 2025. It will soon be used in the Datang Yuncheng National Power Demonstration Project in Shandong, setting four global records: main steam pressure of 35.5 MPa, inlet steam temperature of 631°C, power generation thermal efficiency exceeding 50%, and standard coal consumption for power supply as low as 256.28 grams per kilowatt-hour.  

6. **Artificial Intelligence**: Shanghai Securities News learned that Singapore’s National Artificial Intelligence Strategy (AISG) is undergoing a major strategic adjustment. In its latest Southeast Asian language large model project, AISG has abandoned Meta’s model and switched to Alibaba’s open-source Tongyi Qianwen (Qwen) architecture—marking a key expansion of China’s open-source AI models in the global influence landscape. This shift also highlights the rise of Alibaba’s Tongyi Qianwen in the global open-source AI field. Since its full open-source release in 2023, Alibaba Qwen has surpassed models like Llama and DeepSeek to become the world’s most powerful and widely used open-source large model.  

7. **Facial Recognition**: On November 25, Huawei held an online full-scenario new product launch event, officially releasing the Huawei Mate 80 series smartphones. Yu Chengdong, Huawei’s Executive Director, Director of the Product Investment Committee, and Chairman of the Consumer Business Group (CBG), stated at the event that all models in the Huawei Mate 80 series support 3D facial recognition. According to reports, the entire Mate 80 series is equipped with 3D ToF (Time of Flight) technology as standard, enabling financial-grade payment security. It currently supports over 150 mainstream applications, allowing direct 3D facial login or payment. The series also supports one-click login to linked accounts via Huawei ID with 3D facial verification, balancing convenience and security.  

8. **Data Elements**: Chen Ronghui, Vice Minister of the National Data Administration, stated on November 25 that recently, the National Data Administration, in conjunction with the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, launched a pilot program for the development and utilization of state-owned enterprise (SOE) data resources. Twelve central SOEs were designated as the first batch of pilot leaders, and they will collaborate with private enterprises, research institutions, and professional service organizations to undertake pilot tasks. In July this year, the National Data Administration and SASAC jointly launched the "SOE Data Efficiency Enhancement Initiative," and recently organized the first batch of pilot projects.  

## Key News Preview for Today  

- U.S. September Durable Goods Orders  

- U.S. Weekly Initial Jobless Claims (Previous Week)  

- U.S. October New Home Sales  

- Federal Reserve Releases the Beige Book (Economic Conditions)  

- U.S. Weekly EIA Crude Oil Inventory Changes  

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