Morning News

# Source: Wall Street Insights

## Market Overview

The sharper-than-expected cooling of U.S. CPI reinforced bets on interest rate cuts, and combined with Micron's upbeat earnings, the S&P 500 rose nearly 0.8%, snapping a four-day losing streak. Friday marks the **Triple Witching Day**, when the largest-ever options expiration is set to take place. European stocks closed at a record high.

The Magnificent Seven tech stocks led the gains, with Tesla taking the lead by rising 3.45%. Micron surged approximately 12%. Trump’s executive order to downgrade the regulatory classification of marijuana sent cannabis stocks plunging. Trump Media skyrocketed over 40%.

The U.S. dollar dipped first and then rebounded intraday, ending the day with a slight gain. The RMB strengthened again after a day’s pause, briefly approaching the 7.03 mark against the dollar following the release of U.S. CPI data.

U.S. Treasury yields fell across the board. After the CPI data release, the 10-year Treasury yield once dropped 4.5 basis points, edging close to 4.1%.

Bitcoin failed to stage another rally, tumbling as much as 5.5% from its intraday high. Ethereum briefly broke below the $2,800 level, plunging over 7% from its daily peak.

Gold fluctuated along with risk assets throughout the day and ended nearly flat, while silver declined noticeably, falling to around the $65 support level. Crude oil traded sideways at low levels, with WTI hovering around $56 a barrel; the medium-term expectation of supply glut remained the key bearish factor.

During the Asian trading session, the ChiNext Index fell over 2%. Muxi Technology shares dropped, while CICC, Dongxing Securities, and Cinda Securities soared. The military industry and memory chip sectors rallied in the afternoon, and Hong Kong stocks rebounded and picked up steam in the afternoon session. Coke and coking coal futures surged over 5%, and palladium futures hit the daily limit.

## Top News

Wu Qing attended the founding meeting of the Academic Committee of the China Capital Markets Academy and convened an expert symposium on the 15th Five-Year Plan for the capital market.

Donald Trump stated that the next Federal Reserve Chair must be a "super dove," and the candidate will be announced soon. Trump praised Christopher Waller and Michelle Bowman.

U.S. inflation slowed more than expected, with the core CPI rising 2.6% year-on-year in November, hitting the lowest level since 2021. Kevin Hassett, the top contender for the next Fed Chair, commented that the CPI report was "shockingly good" and that the Fed has significant room to cut interest rates. However, economists suspect that the government shutdown may have distorted the data, with some pointing out obvious errors.

The number of initial jobless claims in the U.S. fell back to 224,000 last week, reversing the previous surge trend.

Japan and the UK increased their holdings of U.S. Treasuries by over $10 billion in October, while China reduced its holdings and Canada posted a sharp decline.

The European Central Bank kept interest rates unchanged for the fourth consecutive meeting, reaffirming that inflation will return to the 2% target in the medium term and refraining from issuing clear dovish guidance. Christine Lagarde signaled that the ECB is in no hurry to act, stating that the policy is in a favorable position, there is no preset interest rate path, and all options should be considered. Reports indicated that ECB officials said the rate-cutting cycle is very likely over.

The Bank of England delivered a hawkish 25-basis-point rate cut, which was narrowly approved by a 5-4 vote. The central bank noted that it will be more difficult to judge further easing measures.

In an unprecedented move, Germany raised its bond issuance scale to 512 billion euros for next year to fund infrastructure and national defense.

Boosting AI coding capabilities to take on Google! OpenAI launched GPT-5.2-Codex, which integrates software engineering and cybersecurity functions. A new AI powerhouse is on the way! Reports said OpenAI is exploring a financing round of "tens of billions or even 100 billion US dollars."

Codenamed **TorchTPU**! Google and Meta have joined hands to replicate CUDA, further threatening Nvidia’s dominance. Meta is reportedly set to release new image and video AI models in the first half of next year and is researching and developing a world model.

Trump Media & Technology Group skyrocketed over 40%. The company plans to acquire nuclear fusion firm TAE Technologies and intends to start constructing a nuclear fusion power plant next year.

## Market Closing Quotes

### European and U.S. Stock Markets

- S&P 500: +0.79%, closing at 6,774.76 points

- Dow Jones Industrial Average: +0.14%, closing at 47,951.85 points

- Nasdaq Composite: +1.38%, closing at 23,006.361 points

- Europe STOXX 600 Index: +0.96%, closing at 585.35 points, hitting a record closing high

### A-Share Market

- Shanghai Composite Index: Closing at 3,876.37 points, +0.16%

- Shenzhen Component Index: Closing at 13,053.97 points, -1.29%

- ChiNext Index: Closing at 3,107.06 points, -2.17%

### Bond Market

- U.S. 10-year Treasury yield: Down 3.90 basis points, closing at 4.1139%

- U.S. 2-year Treasury yield: Down 2.50 basis points, closing at 3.4579%

### Commodity Market

- COMEX Gold Futures: -0.25%, closing at $4,362.80 per ounce

- COMEX Silver Futures: -2.28%, closing at $65.375 per ounce

- WTI Crude Oil Futures (January contract): +0.38%, closing at $56.15 per barrel

- Brent Crude Oil Futures (February contract): Closing at $59.82 per barrel

# Detailed Top News

## Global Highlights

Wu Qing attended the inaugural meeting of the Academic Committee of the China Capital Markets Academy and convened an expert seminar on the 15th Five-Year Plan for the capital market. During the meeting, participants put forward forward-looking and constructive suggestions on formulating a high-quality 15th Five-Year Plan for the capital market, including further enhancing the inclusiveness and adaptability of the issuance, listing and trading systems to attract more high-quality enterprises in new-quality productive forces sectors to go public; expanding the supply of patient capital, long-term capital and strategic capital; continuously invigorating the M&A and restructuring market while enforcing regular delisting in a rigorous manner; advancing the improvement of governance and supervision over the application of artificial intelligence in the capital market; and cracking down harshly on financial fraud while strengthening investor protection and education.

Donald Trump stated that the next Chair of the Federal Reserve must be a "super dove," and the candidate will be announced soon. Trump made it clear that the next Fed Chair must be someone who believes in "substantial interest rate cuts," adding that "mortgage rates will drop further." Trump previously called for cutting interest rates to the "crisis level" of 1%. He argued that the next Fed Chair should consult with him on interest rate settings.

Trump praised Christopher Waller and Michelle Bowman, noting that he will announce the Fed Chair candidate within the next few weeks. He said he is currently interviewing three to four candidates for the position and expects to soon decide who to nominate to succeed Jerome Powell. "I think every one of them would be a great choice," he commented. When asked about Fed Governor Christopher Waller, Trump said the two met again on Wednesday and praised Waller as "excellent." "I mean, he has been there for a long time," Trump added.

U.S. inflation slowed more than expected, with the core Consumer Price Index (CPI) rising 2.6% year-on-year in November, the lowest since 2021. The Bureau of Labor Statistics (BLS) stated that it failed to collect most of the price data for October due to the federal government shutdown. This data gap limited the BLS’s ability to calculate broader inflation indicators and the month-on-month changes for many key categories in November. The BLS reported that the core CPI rose 0.159% in the two months ending November. Analysts believe that despite data noise and technical disruptions, the trend of cooling inflation has given the market hope and strengthened the case for discussions on future interest rate cuts.

Don’t celebrate the cooling U.S. CPI too soon: Economists suspect that the government shutdown has distorted the data, with some pointing out obvious errors. Multiple economists noted that housing prices, a major component of the CPI, were basically flat over the two months, an anomaly that has cast doubt on the overall estimates. Citing criticism from economist Sharif, the "New Fed Wire" reported that the CPI data implies that officials assumed zero growth in rents and owners’ equivalent rent (OER) for October, a practice that is wrong and "completely unacceptable" by any measure. Sharif argued that the lack of rent data for October may have artificially suppressed the November inflation figures. Other economists suggested that the inflation situation may not be confirmed until the December data is released in January.

Kevin Hassett, the top contender for the next Fed Chair, said the CPI report was "shockingly good" and that the Fed has significant room to cut interest rates. White House economic advisor Kevin Hassett welcomed the newly released CPI report on Thursday. He stated, "I’m not saying we can declare victory over inflation yet, but this CPI report is shockingly good. Wage growth has outpaced price increases, American taxpayers will receive substantial tax refunds next year, and the government will help drive down mortgage rates. The Fed has plenty of room to cut interest rates."

Initial jobless claims in the U.S. fell back to 224,000 last week, reversing the previous surge. Amid seasonal disruptions caused by the Thanksgiving holiday, initial jobless claims in the U.S. dropped to 224,000, reversing the abnormal increase from the previous week. Overall, the figure remains within the consistently low range seen in recent years, showing no clear signs of deterioration in the job market. Some analysts believe that companies remain cautious about hiring, as uncertainties brought by Trump’s tariff policies are dampening expansion plans.

Japan and the UK increased their holdings of U.S. Treasury securities by over $10 billion each in October, while China reduced its holdings and Canada saw a sharp drop. The total foreign holdings of U.S. Treasury securities decreased by $5.8 billion in October to $9.24 trillion. Japan’s holdings of U.S. Treasuries rose by $10.7 billion to $1.2 trillion, the highest since July 2022. Industry insiders pointed out that the latest data further indicates that in the fixed-income sector, there is little evidence to support the so - called "U.S. debt sell - off trend"; instead, it is more like a hedge against U.S. market risks.

The European Central Bank (ECB) kept interest rates unchanged for the fourth consecutive meeting, reaffirming that inflation will return to its 2% medium-term target and refraining from releasing clear dovish guidance. Christine Lagarde signaled that the ECB is in no rush to take action, stating that the current policy stance is in a favorable position, there is no preset interest rate path, and all options should be considered. Reports said ECB officials indicated that the interest rate - cutting cycle is very likely over.

The ECB maintained the deposit rate at 2% for the fourth consecutive meeting and reaffirmed its goal of bringing inflation back to 2% in the medium term. Due to enhanced economic resilience, the central bank did not issue clear dovish signals, which put it at odds with the interest rate cuts implemented by the U.S. and the UK. The market has started to reduce bets on interest rate cuts and instead priced in the possibility of the first interest rate hike as early as 2026, which has provided some support for the euro. Sam Altman stated that AI models will bring net benefits to cybersecurity, and we are entering a "phase of real impact," with the company starting to explore a trusted access program for defensive cybersecurity work. OpenAI is running a pilot of this trusted access program that invites professionals to participate.

A new AI powerhouse is on the way! Reports said OpenAI is exploring a financing round of "tens of billions or even 100 billion US dollars." According to The Information, OpenAI is seeking new financing of up to $100 billion and has approached investors with a valuation of approximately $7.5 trillion, which is about 50% higher than its valuation during the financing round in October last year. In addition to the over $600 billion raised from investors such as Thrive Capital and SoftBank, the company has begun to raise more funds. Amazon is in talks to invest $10 billion or more in the company.

Codenamed "TorchTPU"! Google and Meta have joined hands to replicate CUDA, further threatening Nvidia’s dominance. Google is collaborating closely with Meta on this initiative. As the creator and manager of PyTorch, Meta aims to strengthen its bargaining power with Nvidia by reducing inference costs and diversifying AI infrastructure. Google is also considering open - sourcing some of its software to accelerate customer adoption. If the TorchTPU project succeeds, it will significantly lower the switching costs for enterprises looking for alternatives to Nvidia’s GPUs.

Meta is reportedly set to release new image and video AI models in the first half of next year and is researching and developing a world model. Media outlets stated that Meta is developing a new - generation image and video AI model codenamed Mango, as well as a large language model codenamed Avocado, with a focus on improving programming capabilities. Reports last week indicated that Meta is developing Avocado, which may adopt a proprietary rather than open - source model, marking a shift from open - source models to profit - generating models.

Trump Media & Technology Group soared over 40%. The company plans to acquire nuclear fusion firm TAE Technologies and intends to start constructing a nuclear fusion power plant next year. The all - stock merger values the combined company at over $6 billion, with shareholders of both companies expected to hold approximately 50% of the new company each.

## Selected Research Reports

Capital expenditure on data centers will grow by over 50% next year! JPMorgan Chase: Profit expectations for AI - related stocks are undervalued. JPMorgan Chase predicts that the growth rate of data center capital expenditure will exceed 50% in 2026, a significant increase from the previous forecast of 30%. This means an additional expenditure of over $150 billion will be added next year, and Wall Street’s forecasts have not yet factored in the upside potential of AI - related revenues driven by such capital expenditure.

Bank of America’s 2026 Semiconductor Outlook: A key midpoint for AI infrastructure upgrades, with chip sales expected to surpass the $1 trillion mark for the first time. Bank of America believes that although stricter scrutiny on AI investment returns and cash flows of hyperscale cloud service providers may lead to stock price volatility, developers of newer and faster large language models and AI factories serving corporate and government clients will offset this impact. Semiconductor equipment has emerged as an "unsung hero" amid the AI boom and reshoring trends. The report predicts that sales of wafer fabrication equipment (WFE) will achieve a year - on - year growth of nearly 10% in 2026.

After silver’s record - breaking rally, analysts advise: It’s time to take profits. Analysts argue that silver’s current rally is "impulsive" and disconnected from economic fundamentals. With the U.S. deficit remaining unchanged and other hedging assets losing their direction, silver’s performance stands in isolation. Historical data shows that assets that double in value within a year usually deliver poor returns the following year. Technically, the Relative Strength Index (RSI) has reached 68, approaching the overbought territory, and moving averages also indicate an overbought status. Analysts recommend that investors take profits and wait for a pullback before re - entering the market, while those seeking hedging should switch to gold.

## Domestic Macroeconomics

Ministry of Commerce responds: China reimposes export license administration on steel after 16 years. He Yadong, spokesperson for the Ministry of Commerce, stated that recently, the Ministry of Commerce and the General Administration of Customs jointly issued an announcement, deciding to implement export license administration on steel products, covering 300 customs codes, mainly including steel products. The relevant administration complies with the rules of the World Trade Organization and does not involve restrictions on export volumes or enterprise operation qualifications.

Ministry of Industry and Information Technology (MIIT): Further strengthen capacity regulation in the photovoltaic industry. MIIT noted that in 2026, the governance of the photovoltaic industry will enter a crucial phase. It will further strengthen capacity regulation, tighten the management of photovoltaic manufacturing projects, promote the orderly exit of outdated capacity through market - oriented and law - based means, and accelerate the realization of dynamic balance in capacity.

Hainan Island closed its customs on a full - scale basis starting Thursday! What changes will this bring to travel and shopping? Hainan launched full - scale customs closure and operation on December 18, implementing the policy of "opening up the first line, controlling the second line, and allowing free flow within the island." The tax items of zero - tariff goods have increased from 21% to 74%, covering 6,600 tax items. Customs closure does not mean closing the island; no additional documents are required for people entering or exiting, and 86 countries enjoy visa - free entry. The scope of duty - free shopping on leaving the island has been expanded to include new items such as pet supplies and small household appliances, and the eligible age for duty - free shopping has been lowered to 18.

# Domestic Companies/Industries

Doubao Large Model 1.8 has been officially released, boasting enhanced multimodal Agent capabilities. Its daily token usage exceeds 50 trillion, and an AI Cost-Saving Plan has been launched, enabling cost reductions of up to 47%. The model is equipped with stronger multimodal Agent capabilities and a 256K ultra-long context window, allowing it to process more complex information and excel at handling intricate multi-step tasks. The "AI Cost-Saving Plan" officially unveiled by Volcano Engine covers Doubao Large Model, Doubao Video and Image Creation Models, as well as third-party open-source large models, comprehensively optimizing user inference costs with a maximum savings rate of 47%.

Apple announced a significant reduction in the "Apple Tax" in Japan. Experts point out that China is being treated differently, with a higher commission rate than that in the United States, Europe, Japan, and South Korea. On December 17, Apple stated that it has opened up third-party app stores and external payment channels for iPhones in the Japanese market. This makes Japan the first country in Asia to break Apple’s dual monopoly on in-app purchases (IAP) and app distribution via the App Store. To date, among Apple’s four largest global markets (the United States, the European Union, China, and Japan), only China is still subject to Apple’s dual monopoly.

# Overseas Macroeconomics

Has the mystery of the "tight liquidity" in the U.S. market been solved? JPMorgan Chase withdrew nearly $350 billion from its Federal Reserve account and invested the funds in U.S. Treasury bonds. The bank is shifting $350 billion in reserves from its Fed account to U.S. Treasuries to lock in returns before interest rate cuts. The scale of this move is large enough to offset changes by all other banks in the United States, leading to a significant tightening of systemic liquidity. Some market analysts have compared this move to the trigger of the 2019 repo crisis, suggesting that it may once again become a catalyst for financial system instability and force the Federal Reserve to adopt more accommodative policies.

Understanding the "Trump Account": How much will $1,000 given to newborns to buy stocks grow to in 18 years? The "Trump Account" plan intends to provide $1,000 to each newborn for investment in U.S. stocks to accumulate wealth. Based on the S&P 500’s average annual growth rate of 10.5%, this sum of money could grow to approximately $5,800 by the child’s 18th birthday and around $600,000 by retirement. If families make additional annual investments, the account value could exceed $300,000 by the child’s 18th birthday. The plan has faced fairness concerns due to insufficient tax incentives and potential exclusion of low-income families.

Venezuela’s crude oil exports have been physically cut off by the U.S. military: onshore storage capacity is only sufficient for 5 days, and the daily production capacity of 1 million barrels is at risk of being shut down. Trump has ordered a de facto maritime blockade of Venezuela. The large-scale deployment of U.S. military forces in the Caribbean Sea and the interception of oil tankers have nearly halted Venezuela’s crude oil exports. The onshore storage capacity is only about 5 days, and the shortage of diluents has put the daily production capacity of 1 million barrels at risk of closure. Analysts believe that this "physical cutoff" bears the characteristics of a war act, which has significantly intensified the financial and survival pressure on the Maduro regime.

# Overseas Companies

Micron Earnings Call: Better Days Are Ahead! CEO explicitly stated that HBM capacity for 2026 is already sold out, and the company is signing unprecedented long-term contracts. Contrary to market concerns about a "slowdown in AI demand," Micron’s CEO claimed that HBM capacity for 2026 is not only fully booked but also locked in. More importantly, Micron warned that the entire industry is facing a "structural shortage," and it can currently only meet about half to two-thirds of the order demand from core customers. Meanwhile, the company is negotiating with customers on an unprecedented, more binding multi-year supply contract with specific commitments.

Wall Street Comments on Micron’s Earnings Report: The guidance is overly stunning, but the market is concerned about a pullback in HBM prices next year. Micron’s earnings report and guidance exceeded expectations by a wide margin, with revenue and gross margin significantly outperforming forecasts. Morgan Stanley stated that apart from NVIDIA, this may be the largest upward revision to revenue and net profit guidance in the history of the U.S. semiconductor industry. Although AI demand will keep supply and demand tight until 2026, Wall Street is worried that the release of capacity by competitors next year may trigger a pullback in HBM prices.

ChatGPT’s App Store Moment Has Truly Arrived! ChatGPT has officially opened its application ecosystem, allowing developers to submit apps to the official app directory, and users can directly search for and use them in chats. OpenAI provides a complete Apps SDK toolchain to lower the development threshold, requiring apps to focus on specific needs and deliver immediate value. The platform offers one-stop submission and review management and explores ways for developers to monetize their apps.

Controversial Yet Approved: Michigan Approves Power Supply for Oracle and OpenAI Super Data Center. Michigan regulators have approved a request from utility company DTE to provide power support for a large-scale data center development project planned by Oracle and OpenAI. DTE previously applied to regulators for expedited approval of its power supply plan to support the multi-billion-dollar, 1.4-gigawatt facility located in Saline. Prior to the vote, the chair of the Michigan Public Service Commission was repeatedly interrupted by opponents of the data center project.

Trump’s executive order downgrades marijuana classification, investors "sell the news," and marijuana stocks plummet. The executive order, which covers eight major areas including air pollution prevention and control, water pollution control, solid waste disposal, and soil pollution remediation, focuses on meeting the demand for high-quality development of environmental protection equipment, with technological equipment featuring both innovation and practicality. It provides a clear technical path for the environmental protection equipment manufacturing industry, guiding enterprises to focus on breaking through key core technologies and promoting the development of environmental protection equipment towards standardization, complete-set, high-end, intelligence, and greening.

Comment: Analysts believe that China’s environmental protection technology and equipment industry is in a period of triple superposition of policy dividends, technological innovation, and market demand. Three ministries including the Ministry of Industry and Information Technology jointly issued the "Several Opinions on Promoting the High-Quality Development of the Environmental Protection Equipment Manufacturing Industry," proposing that by 2027, the output value of the environmental protection equipment manufacturing industry will reach 1.5 trillion yuan. With the development of intelligent and digital technologies and the integration of AI algorithms with environmental monitoring, the penetration rate of intelligent environmental protection equipment technology is expected to increase from 60% in 2025 to 85% in 2030. The release of the catalog marks a new stage in the development of China’s environmental protection technology and equipment, which will effectively promote the high-quality development of the environmental protection equipment manufacturing industry and provide strong technical support for comprehensively advancing the construction of a Beautiful China.

3D Printing | According to Securities Times, a fully 3D-printed turbofan engine, co-developed by the Institute of Engineering Thermophysics of the Chinese Academy of Sciences, Zhongke Hangxing Technology Co., Ltd., Xi’an Jiaotong University, etc., and contracted by Shaanxi-based Xi’an Aerospace Electromechanical Intelligent Manufacturing Co., Ltd., has successfully completed ground testing.

Comment: Relying on additive manufacturing technology to achieve integrated component forming, this engine is China’s first fully 3D-printed turbofan engine. It is reported that this engine has subverted the traditional manufacturing paradigm of aero-engines that rely on assembling numerous parts, simplifying complex structures consisting of hundreds of parts into multiple integrated components, reducing the number of core components by more than 40% and the structural weight by 25%. Adopting a variety of cutting-edge designs, the engine achieves better heat dissipation for high-temperature components, lower operating energy consumption, and higher reliability.

AI Agent | On December 18, at this year’s FORCE Conference, one of ByteDance’s most important annual conferences, Volcano Engine officially released Doubao Large Model 1.8 and the audio and video creation model Seedance 1.5 Pro. Meanwhile, Tan Dai, president of Volcano Engine, revealed the latest updates on Agent development tools. In his speech, Tan Dai expressed the hope that this latest large model will become a stronger "brain" for building multimodal Agents. As of December this year, the daily token usage of Doubao Large Model has exceeded 50 trillion, an increase of more than 10 times compared with the same period last year; currently, more than 100 enterprise customers have accumulated token usage exceeding 1 trillion. Its daily token usage has maintained rapid growth since the beginning of this year. This year is known as the first year of "AI Agent." Tan Dai believes that traditional IT architecture can no longer meet the needs of the Agent era, and a model-centric AI cloud-native architecture is taking shape and being reconstructed around the development and operation of Agents.

Comment: Southwest Securities believes that the level of AI development is evolving from reasoners to intelligent Agents. AI products are gradually able to understand goals, possess external memory and reasoning capabilities, and the relevant intelligent Agent industry chain is undergoing a systematic leap from model capability improvement to application commercialization. Product revenue generation is accelerating, and the dawn of commercial application is emerging.

Healthcare | According to the National Business Daily, the download volume of "Ant Afu," an AI health application under Ant Group, has soared, and the latest data shows that it has reached the second place on Apple’s App Store free list. On December 15, Ant Group announced that it has upgraded its AI health application AQ to "Ant Afu" and released a new version of the App, upgrading three major functions: health companionship, health Q&A, and health services. Zhang Junjie, vice president of Ant Group and president of the Ant Health Business Group, stated that the AI transformation of medical and healthcare is far from being defined, with significant information asymmetry and insufficiently met health management needs. In 2014, Ant Group entered the medical scene through online registration and payment. In 2024, it acquired Haodf Online, China’s largest online medical consultation platform, and launched the AI health manager AQ.

Comment: Guoyuan Securities believes that the scale of China’s AI medical industry was 97.3 billion yuan in 2023 and is expected to reach 159.8 billion yuan in 2028, with a notable compound annual growth rate. Among the segmented markets, AI medical imaging and AI drug discovery are growing rapidly.

# Today’s News Preview

The 8th "Alpha Summit."

Japan’s November CPI.

Germany and France’s November PPI.

U.S. December University of Michigan Consumer Sentiment and Inflation Expectations.

U.S. November Existing Home Sales.

The Bank of Japan announces its interest rate decision, and Governor Kazuo Ueda holds a press conference.

Russian President Vladimir Putin holds his annual press conference.

Moore Threads’ first developer conference, which will announce the new GPU architecture.

# Risk Warning and Disclaimer

The market is risky, and investment needs to be cautious. 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 consider whether any opinions, viewpoints, or conclusions in this article are in line with their specific circumstances. Investors shall bear their own responsibilities for investments made based on this article.