Morning News

# Source: Wall Street Insights

## Market Overview

Oracle reignited AI concerns and weighed on U.S. stocks, with the Nasdaq falling nearly 2%, while the S&P 500 and Dow Jones Industrial Average posted four consecutive days of losses. Nvidia dropped nearly 4%, Oracle slid over 5%, and CoreWeave plunged more than 7%. Tesla tumbled over 4%, pulling back from record highs. Paramount, whose acquisition offer was rejected by Warner Bros.' board, sank over 5%. Medline, which staged the largest IPO of the year, surged 41%. Micron Technology jumped as much as 9% following its earnings release.

The U.S. dollar ended a two-day losing streak, rebounding from its lowest level in over two months. After the release of UK CPI data, expectations of a rate cut by the Bank of England within the year heated up, driving a rebound in British government bonds and pushing the pound to a fresh one-week low.

Cryptocurrencies erased early gains during U.S. stock morning trading; Bitcoin fell more than 5% from its intraday high, breaking below the $86,000 mark, while Ethereum dropped nearly 8% from its daily peak at one point.

Gold climbed over 1% intraday, approaching its highest level in more than seven weeks; silver futures surged over 6% intraday to hit a new record high. Escalating geopolitical risks reversed crude oil's four-day losing streak, with prices rising over 2% intraday to pull away from a four-year low.

During the Asian trading session, the ChiNext Index rose over 3%, Muxi Technology skyrocketed nearly 700%, computing hardware stocks rallied sharply, financial shares strengthened, broad-based ETFs saw heavy trading volume, lithium carbonate futures jumped over 7%, platinum and palladium futures hit the daily limit, and Shanghai silver futures climbed over 5%. Hong Kong-listed technology stocks traded higher across the board.

## Top News

**Fed Governor Christopher Waller**: There is still 50-100 basis points of room for interest rate cuts, but there is no need to act hastily.

**U.S. Treasury Secretary Janet Yellen**: Any concerns about Kevin Hassett's qualifications to serve as Federal Reserve Chair are absurd.

Donald Trump deployed the "largest naval fleet in South American history" to block sanctioned Venezuelan oil tankers; he threatened new sanctions against Russia; Brent crude rebounded back above $60 per barrel. Sources said the U.S. and Russia will hold talks in Miami this weekend.

Oracle's $10 billion data center financing hit a snag as Blue Owl pulled out, but the company stated that the transaction is still proceeding as planned and overall progress is in line with expectations. Oracle shares fell 5.4%, and its five-year credit default swaps (CDS) surged to the highest level since January 2009.

Micron's earnings and guidance both exceeded expectations by a wide margin; the company raised its capital expenditure to $20 billion, stating that the global shortage of memory/storage chips will persist through 2026 and even longer. Its shares soared 9% in after-hours trading.

After challenging OpenAI for months, Google launched the more efficient Gemini 3 Flash, which will serve as the default model for its apps and be integrated into search upon release. Google also announced its "Sun Chaser" initiative, planning to deploy AI data centers in space by 2027.

Xiaomi unexpectedly rolled out a new AI model focusing on "ultra-high cost performance". Luo Fulli commented: "This is just the second step on our path to AGI."

The race for the "first AI large model stock" has kicked off! MiniMax and Zhipu AI have passed the hearing of the Hong Kong Stock Exchange.

The competition for the "Chinese version of Nvidia" is heating up! Muxi Technology soared 700% on its first day of trading, with its market value approaching Moore Threads.

Trading to resume on Thursday! The merger plan of CICC with Dongxing Securities and Cinda Securities was finalized: the share exchange ratio was set at 36.91 yuan per share.

The 2025 New Fortune Best Analysts Ranking was released! The team led by Guo Lei from GF Securities retained the title of top macro analyst, and the team led by Liu Chenming from GF Securities ranked first in strategy research.

## Market Closing Quotes

### European and U.S. Stock Markets

- S&P 500: Down 1.16% to close at 6,721.43 points

- Dow Jones Industrial Average: Down 0.47% to close at 47,885.97 points

- Nasdaq Composite: Down 1.81% to close at 22,693.323 points

- Euro Stoxx 600 Index: Flat (down 0.00%) to close at 579.79 points

### A-Share Market

- Shanghai Composite Index: Up 1.19% to close at 3,870.28 points

- Shenzhen Component Index: Up 2.40% to close at 13,224.51 points

- ChiNext Index: Up 3.39% to close at 3,175.91 points

### Bond Market

- U.S. 10-year Treasury yield: Up 0.59 basis points to 4.1509%

- U.S. 2-year Treasury yield: Down 0.41 basis points to 3.4829%

### Commodity Market

- COMEX Gold Futures: Up 0.96% to close at $4,374.00 per ounce

- COMEX Silver Futures: Up 5.19% to close at $66.610 per ounce

- WTI Crude Oil Futures (January contract): Up 1.21% to close at $55.94 per barrel

- Brent Crude Oil Futures (February contract): Up 1.29% to close at $59.68 per barrel

# Details of Key News

## Global Highlights

1.  **Christopher Waller, Federal Reserve Governor**: There remains 50 to 100 basis points of room for interest rate cuts, and there is no need to rush into it. Waller stated that as the job market weakens and inflation remains under control, the Federal Reserve still has room to cut interest rates by 50 to 100 basis points. However, there is no urgency to act, and it will guide interest rates toward neutrality in a steady and gradual manner. He believes that the absence of a sharp decline in employment and stable inflation expectations have created conditions for moderate interest rate cuts, and the Federal Reserve will strike a balance between stabilizing growth and controlling inflation.

2.  **Scott Bessent, U.S. Treasury Secretary**: Any concerns about Kevin Hassett's qualifications to serve as Federal Reserve Chair are absurd. A reporter noted that Trump claimed at the end of November that he already had a candidate in mind but was still conducting interviews. In response to this, Bessent said, "Maybe what he meant was—maybe I was his candidate, but I couldn't accept it at that time."

3.  **Oil prices rise in response; Brent crude reclaims $60 a barrel**! Trump deployed "the largest fleet in the history of South America" to block sanctioned Venezuelan oil tankers. It is reported that Trump announced a full maritime blockade against Venezuela and designated the Maduro government as a "terrorist organization". This move pushed international oil prices up immediately, with both WTI crude oil and Brent crude rising more than 1% intraday. Venezuela strongly condemned the U.S. for "stealing resources" and stated that it would file a complaint through the United Nations.

4.  **Shortly after announcing the blockade of Venezuela, Trump threatens new sanctions against Russia, and Brent crude rebounds to $60 a barrel**! According to reports, sources familiar with the matter revealed that the sanctions options under consideration by the U.S. include targeting the so - called "shadow fleet" of tankers used to transport Russian oil and the traders facilitating related transactions. These measures are being prepared for implementation in case Russian President Putin refuses to reach the proposed peace agreement with Ukraine, and may be launched as early as this week.

5.  **Sources say U.S. and Russia will hold talks in Miami this weekend**. CCTV reporters learned on December 17 local time that two sources revealed that U.S. and Russian officials are expected to hold a meeting in Miami, the United States, this weekend. The relevant plans are still being formulated. One source disclosed that the Russian delegation is expected to include Kirill Dmitriev, CEO of the Russian Direct Investment Fund, while the U.S. delegation will include the U.S. Special Envoy for Middle East Affairs Witkov and Jared Kushner, Trump's son - in - law.

6.  **Oracle's $10 billion data center financing hits a snag as Blue Owl withdraws; the company claims the transaction remains on track**. Reports indicate that Blue Owl had been negotiating with lenders and Oracle to invest in a planned 1 - gigawatt data center in Michigan. However, the negotiations reached a standstill, and the agreement under which Blue Owl planned to arrange up to $10 billion in financing and make a large - scale equity investment could not proceed. Oracle confirmed Blue Owl's withdrawal but stated that the final negotiations on the equity transaction of the project are progressing as scheduled, and the overall advancement meets expectations. Oracle's stock fell 5.4% on Wednesday, and its five - year credit default swap (CDS) hit a new high since January 2009.

7.  **Strong demand for chips drives Micron's performance and guidance to far exceed expectations; the company raises capital expenditure, and its stock soars 9% after - hours**. Against the backdrop of surging demand for AI data centers and a continuous tightening of memory chip supply, Micron released a much better - than - expected Q1 earnings report after the market closed on Wednesday, and issued guidance for Q2 revenue, gross profit margin, and earnings per share that significantly exceeded market expectations. The company stated that the shortage of memory storage chips will persist through 2026 and even longer, and raised its 2026 fiscal year capital expenditure forecast from $18 billion to $20 billion.

8.  **Challenging OpenAI for months! Google launches the more efficient Gemini 3 Flash, which serves as the default model for apps and is integrated into search upon launch**. In the benchmark test evaluating agent programming capabilities, Gemini 3 Flash even scored higher than Gemini 3 Pro. The new Flash model maintains reasoning capabilities close to those of Gemini 3 Pro, while its running speed is three times that of Gemini 2.5 Pro and its cost is only a quarter of Gemini 3 Pro. It is priced at $0.5 per million input tokens and $3 per million output tokens, slightly higher than Gemini 2.5 Flash, but its performance surpasses that of Gemini 2.5 Pro and it is three times faster.

9.  **Is AI computing power "leaving Earth"? Google announces the "Sun Chaser" plan, aiming to deploy AI data centers in space by 2027**. Google put forward the concept of "space - based data centers", attempting to alleviate the bottlenecks in AI computing power and energy supply through a cluster of solar - powered satellites. However, high costs, maintenance difficulties, orbital collisions, and lack of supervision pose significant challenges. Following the setback of Microsoft's underwater data center project, this plan looks more like a radical bet on the unlimited expansion of AI.

10. **Xiaomi unexpectedly launches a new model focusing on "ultra - high cost - effectiveness"**; Luo Fuli: "This is just the second step on our AGI path". Priced at $0.1 per million tokens with a speed of 150 tokens per second, Xiaomi suddenly released its new model MiMo - V2 - Flash, which achieved an impressive programming score of 73.4%, comparable to DeepSeek - V3.2. Luo Fuli directly stated, "This is just a key step on our 10 billion - yuan AGI roadmap. Its revenue has surpassed that of Moore Threads, backed by a team from AMD."

11. **Trading to resume on Thursday! CICC's merger plan with Dongxing Securities and Cinda Securities finalized; exchange price set at 36.91 yuan per share**. China International Capital Corporation (CICC) disclosed the preliminary plan for the share exchange and absorption merger of Dongxing Securities and Cinda Securities. Trading of the three stocks will resume on December 18, marking the most significant merger and acquisition in the securities sector recently. The finalization of the plan has led to an advance rally in the sector. Based on the static data from the first three quarters of 2025, after the merger, CICC's operating income is expected to reach approximately 27.4 billion yuan, and its capital scale will be significantly expanded. It will become the fourth securities firm in the industry with total assets exceeding 1 trillion yuan, and its net asset ranking will also jump to the fourth place.

12. **The 2025 New Fortune Best Analysts Ranking released**! The team led by Guo Lei from GF Securities won the top prize in macroeconomic research again, and the team led by Liu Chenming from GF Securities ranked first in strategic research. In the field of fixed - income research, Zhang Jiqiang from Huatai Securities took the first place, and his team has won the title for seven consecutive years since 2019. In terms of individual awards, Qiu Guanhua from Zheshang Securities was awarded the Master Analyst, while Wu Bohua from Changjiang Securities and Guan Quansen from Guolian Minsheng Securities received the Top 100 Star Analysts award.

## Important Surveys

1.  **Latest Federal Reserve Survey**: Corporate CFOs expect U.S. prices to rise by 4.2% next year, with tariffs remaining the top concern. The latest survey shows that U.S. CFOs anticipate a 4.2% increase in prices in 2026, significantly higher than the Federal Reserve's projection that inflation will fall to around 2%. Tariffs and rising costs are regarded as the main drivers, and corporate inflation expectations are more persistent. At the same time, business confidence has declined, enterprises only hold moderate expectations for economic growth, and the risk of prolonged high inflation has increased.

2.  **Bank of America Fund Manager Survey**: Investors are the most optimistic in four and a half years across stocks and commodities; going long on the "MAG 7" is the most crowded trade. The December survey by Bank of America indicated that the optimism among global fund managers has reached a four - and - a - half - year high, cash levels have dropped to an all - time low, and substantial capital has flowed into U.S. stocks, the technology sector, and commodities, with a firm expectation of an economic "soft landing". Nevertheless, the extreme bullish sentiment has triggered Bank of America's contrarian "sell signal", and the AI bubble and crowded trades remain major risks.

3.  **UBS Corporate Survey**: 60% of enterprises choose to build AI in - house rather than purchase off - the - shelf solutions; only 5% of "AI agents" have been actually implemented. Despite the continuous boom in artificial intelligence technology, the large - scale deployment of enterprise - level AI applications has progressed slowly. The latest UBS survey shows that only 17% of the surveyed enterprises have put AI projects into large - scale production, a slight increase from 14% in March this year. As many as 60% of enterprises opt to build AI applications independently instead of purchasing finished products from third parties. Currently, only 5% of enterprises have achieved large - scale deployment of the highly anticipated "AI agent" technology. The survey also found that the application of AI has not led to large - scale layoffs, and 40% of the surveyed enterprises stated that AI will promote employee growth.

## Domestic Macroeconomy

1.  **From January to November, national general public budget revenue rose by 0.8% year - on - year, expenditure increased by 1.4%, and stamp duty on securities transactions surged by 70.7%**. In the first 11 months, the national general public budget revenue reached 20.0516 trillion yuan, a year - on - year increase of 0.8%. Among major tax revenue items, real estate tax stood at 471.4 billion yuan, up 10.8% year - on - year; vehicle purchase tax was 181.4 billion yuan, down 17.4% year - on - year; and stamp duty on securities transactions reached 185.5 billion yuan, a significant year - on - year increase of 70.7%.

2.  **SAMR: Platforms demanding "lowest price across the entire network" from merchants may constitute a monopoly**. According to Xinhua News Agency, some platform enterprises require merchants on their platforms to set commodity prices no higher than those on other competing platforms. In response to this situation, the recently released *Guidelines on Anti - Monopoly Compliance for Internet Platforms (Draft for Comment)* reminds that such a requirement by platforms may constitute an abuse of dominant market position or a monopolistic agreement. The guidelines also take the realization of algorithmic for good as an important compliance objective for platform enterprises, list risk examples such as "algorithmic collusion", and encourage platforms to carry out algorithmic screening and establish an identification and prevention system against algorithmic monopolies to curb monopolistic behaviors at the source.

3.  **Full - island customs closure of Hainan launched on Thursday**. The Hainan Free Trade Port kicked off the full - island customs closure on December 18, 2025, with the core principle of "opening up the front line and controlling the second line". By implementing preferential tax policies, simplifying customs clearance procedures, and further opening up to the outside world, it will promote the liberalization of trade and investment, while significantly reducing the cost of residents' consumption and enterprise operations. The customs closure does not mean isolation; instead, it aims to promote high - level opening - up and help build Hainan into a high - level trade port with international influence by 2035.

## Domestic Enterprises

**Yao Shunyu, a prominent expert from OpenAI, appointed as Tencent's Chief AI Scientist**. Yao Shunyu, a scientist from OpenAI and an alumni of Tsinghua University's Yao Class, has officially joined Tencent as the Chief AI Scientist of the CEO/President's Office, reporting to President Martin Lau. Simultaneously, Tencent has upgraded its organizational structure and established three new departments including the AI Infrastructure Department to comprehensively consolidate the basic capabilities of large models. As an expert in the field of intelligent agents, Yao Shunyu's representative works such as ReAct and Tree of Thought have been cited more than 4,000 times. He proposed that AI has entered the second half, arguing that "evaluation will be more important than training", and the core lies in defining problems and transforming AI capabilities into measurable value.

### Overseas Macroeconomics

1. Trade tensions between Switzerland and the United States have been further eased, with Novartis and Roche expected to reach drug pricing agreements with the U.S. government. The White House may announce the signing of drug pricing deals with Novartis and Roche as early as Friday, which will ease the trade frictions between the two countries. The announcement may also cover other pharmaceutical firms. Companies such as Pfizer and AstraZeneca have struck similar agreements in recent months. These pacts aim to reduce drug prices in the U.S. Under the agreements, pharmaceutical companies have agreed to cut drug costs under certain circumstances in exchange for tariff reductions and relaxed potential regulatory measures.

2. What moves will Trump make for the midterm elections, which will be the focus of the market next year? Goldman Sachs: Tariff cuts and fiscal stimulus! Alec Phillips, Chief Political Economist at Goldman Sachs, predicts that by the end of 2026, the U.S. effective tariff rate will drop by about 2 percentage points from the current level, but will still be 9.5 percentage points higher than that at the beginning of 2025. In addition, Phillips pointed out that although the second round of fiscal stimulus legislation faces numerous obstacles, relevant measures regarding housing policies may be introduced.

3. With the Bank of England's policy decision approaching this Thursday, the UK's November CPI has dropped faster than expected, fueling expectations for the fourth interest rate cut within the year. The UK's inflation rate fell beyond expectations to 3.2% in November. Cooling food and service prices coupled with a weakening labor market have reinforced signs of economic slowdown. The market generally bets that the Bank of England will implement the fourth interest rate cut this year this Thursday, paving the way for further easing at the beginning of next year. The fiscal budget can curb inflation in the short term, but uncertainties remain regarding the coordination between monetary and fiscal policies.

4. Ahead of the policy decision, a member of the Takashima Municipal Government Policy Group stated that the Bank of Japan should avoid raising interest rates too early. Differences between the Japanese government and the central bank have emerged on the eve of the Bank of Japan's policy decision. Masazumi Wakatabe, former Deputy Governor of the Bank of Japan, warned against premature interest rate hikes and advocated that the neutral interest rate should first be raised through fiscal and growth policies. His remarks are interpreted as a constraint on the pace of the central bank's interest rate hikes. Nevertheless, the market still heavily bets on a 25 - basis - point interest rate hike this week.

### Overseas Companies

1. Report: Apple is in talks with Indian chipmakers over the assembly and packaging of iPhone components. It is reported that Apple is conducting preliminary negotiations with Indian chipmaker CG Semi regarding the assembly and packaging of iPhone components. This marks Apple's first plan to enter the chip assembly and testing field in India. The move is presumably intended to shift most of the production of iPhones sold in the U.S. to India by the end of 2026. Although the specific type of chips for cooperation has not been determined, the collaboration may start with display chips.

2. Amazon is negotiating to invest over $10 billion in OpenAI, with the agreement including the use of AWS chips. Amazon is in talks to invest at least $10 billion in OpenAI, which may push the latter's valuation to exceed $500 billion. As the core of the deal, OpenAI plans to adopt Amazon's self - developed Trainium chips to reduce its reliance on Nvidia. Restricted by an exclusive agreement with Microsoft, Amazon is unable to resell OpenAI's models. The cooperation between the two parties will focus on underlying computing infrastructure and potential synergy in e - commerce scenarios.

3. IPO countdown! SpaceX officially launches the pre - IPO quiet period, with valuation expected to exceed $1.5 trillion. It is reported that SpaceX has started the pre - IPO quiet period and required employees to comply with SEC regulations and refrain from hyping the IPO plan to the outside world. The company plans to launch its IPO in 2026, aiming to raise over $30 billion with a target valuation of approximately $1.5 trillion, which is expected to become the largest IPO in history. The raised funds will be used for the high - frequency flight tests of Starship rockets, the construction of space - based AI data centers and lunar bases. However, the company emphasized that uncertainties remain regarding the timing and valuation of the IPO.

4. Musk: xAI may achieve AGI as early as 2026, and the company will outperform competitors if it survives the next two to three years. Elon Musk is quite optimistic about the future prospects of his artificial intelligence company xAI. At a recent meeting, he stated that xAI will outcompete its rivals if it can get through the next two to three years. xAI is likely to achieve Artificial General Intelligence (AGI) —which equals or surpasses human intelligence—in the next few years, possibly as early as 2026. Insiders described the meeting as "efficient and inspiring".

5. Aspiring to be the Costco of the healthcare industry, Medline raised $6.26 billion in the largest IPO of the year, with its share price surging over 40% on its debut. Medline's IPO is the largest in the U.S. stock market in four years, the fifth - largest in the past decade, and the largest private equity - backed IPO in history. Based on the closing price, Medline's valuation exceeds $66 billion, almost twice its valuation when private equity firms such as Blackstone acquired a majority stake in it four years ago.

### Industries/Concepts

1.  **Transformers** | According to Sina Finance, power shortages in the U.S. market are restricting the expansion of AI computing power, with the shortage of transformers being the most acute issue. Currently, the delivery cycle for transformers in the U.S. market has soared from the previous 30 - 60 weeks to 115 - 130 weeks, and that for large - scale transformers has even reached 2.3 - 4 years. Demand is strong, but the commissioning of new production capacity is slow, taking about 2 years. The transformer shortage in the U.S. is spreading.

   > Analysis: Industry experts believe that power shortage in North America is an inevitable trend driven by the development of AI. According to institutional estimates, the humanoid robot "Aiqiu - AIQ", to be launched around 2026 - 2027, features a unique appearance modeled after the dragon lizard, a protected species endemic to Southwest China. Relying on the Sichuan Humanoid Robot Training Base, the robot is equipped with the world's first Emotion - Language - Action (ELA) large model. Combined with a self - developed multimodal emotional computing engine, it possesses the capabilities of emotional perception and interactive decision - making. The system can comprehensively perceive multi - dimensional signals such as voice and facial expressions, identify emotional changes of communication partners, and generate corresponding verbal and physical responses. It caters to the needs of interpersonal communication in real scenarios, enhancing the accuracy of interactive understanding, the adaptability of responses, and the stability of long - term companionship.

   >

   > Analysis: Industry insiders hold that the emergence of "Aiqiu - AIQ", the world's first humanoid robot focusing on emotional interaction, will quickly attract the attention of the industry and the market due to its innovative explorations in interaction logic, scenario adaptation and technical routes.

8.  **Phosphate Fertilizer** | According to Guancha.cn, recently, under the guidance of the Department of Economic and Trade of the National Development and Reform Commission, the China Agricultural Means of Production Circulation Association and the China Phosphate and Compound Fertilizer Industry Association organized a special meeting with key phosphate fertilizer producers and distributors. The meeting conducted an in-depth analysis of the current phosphate fertilizer market situation and discussed measures to ensure the stable supply and price of phosphate fertilizers. It suggested that relevant enterprises should fulfill their social responsibilities of ensuring supply and stabilizing prices, maintain high operating rates without cutting production, suspend exports before August 2026, and increase supply in the domestic market.

   > Analysis: Industry analysts point out that as a key fertilizer for spring plowing, the sufficient supply and stable price of phosphate fertilizer are directly related to farmers' enthusiasm for grain planting and the overall situation of grain production throughout the year. Since the second half of last year, the price of sulfur has been rising continuously and skyrocketed in October this year. Data from Longzhong Information shows that as of December 5, the ex - warehouse price of granular sulfur at the Yangtze River ports rose to 4,115 yuan per ton, hitting a 10 - year high with a year - on - year increase of nearly 200%. The rising sulfur prices have had a comprehensive impact on the downstream market. In terms of phosphate fertilizer, the price of industrial - grade monoammonium phosphate has risen sharply since November, increasing by about 500 yuan per ton within the month. The average market price is around 6,500 yuan per ton, a year - on - year increase of 12.07%, and the price remained at a high level in December.

9.  **Hard Disks** | The latest supply chain report indicates that the mechanical hard disk (HDD) market has started to fluctuate after two years of stability. The contract price rose by about 4% month - on - month in the fourth quarter of this year, the largest increase in the past 8 quarters. Suppliers warn that this upward trend is not a short - term fluctuation, and the market will continue to face upward price pressure.

   > Analysis: It is analyzed that the accelerated shift of procurement strategies in China's PC market towards domestic CPUs and operating systems has unexpectedly boosted the demand for HDD installations. The reason behind this is that some users, worried about the reliability of long - term data storage, have switched back to mechanical hard disks to avoid the potential bit rot risk of solid - state drives (SSDs). In addition, in a latest report released on Monday, Morgan Stanley reaffirmed its "Overweight" rating on Seagate Technology, a global leader in mechanical hard disks, and predicted that the supply of mechanical hard disks will remain in short supply until 2027.

10. **Satellite Internet** | According to Quick Technology, recently, Ofcom (Office of Communications) issued an announcement approving a new regulatory framework that authorizes the deployment of direct - to - cell satellite services in mobile communication frequency bands. The framework establishes a market access mechanism based on license modifications. It stipulates that mobile network operators can establish technical and commercial cooperative partnerships with satellite operators by applying for modifications to their existing radio spectrum licenses, and then use the existing terrestrial mobile communication spectrum to provide satellite connection services. In addition, the framework confirms a license exemption policy for ordinary smartphone users, who do not need to apply for a separate radio station license when accessing such satellite signals.

   > Analysis: Industry experts note that direct - to - cell satellite technology is becoming a crucial turning point in the global development of communication technologies, which is profoundly reshaping the capability boundaries and industrial value chain of mobile communication. As the relevant technologies rapidly penetrate the consumer market, the direct - to - satellite function of domestic mobile phones has entered a popularization stage. New models of various brands have been launched one after another, expanding from flagship models to mainstream models. Supported by the breakthroughs in domestic chips, the accelerated construction of low - earth orbit constellations and the maturity of the 3GPP NTN standards, satellite communication is evolving from professional equipment to public - oriented applications, and has demonstrated irreplaceable value in scenarios such as emergency support, outdoor operations and disaster relief.

### Preview of Key News Today

1. RMB's share in global Swift payments in November (China)

2. U.S. CPI for November

3. U.S. initial jobless claims in the past week

4. U.S. net inflow of long - term capital in October

5. Official launch of the full - island customs closure and operation of the Hainan Free Trade Port

6. The European Central Bank announces its interest rate decision, followed by a press conference hosted by President Christine Lagarde

7. The Bank of England announces its interest rate decision

8. ByteDance Volcano Engine FORCE Summit

<End of Full Text>

### Risk Warning and Disclaimer

The market is inherently risky, and investment decisions should be made with caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions or needs of individual users. Users should assess whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investors shall bear full responsibility for any investment decisions made based on this article.