Morning News

Source: Wall Street CN

# Market Overview

Tech stocks boosted the rebound of U.S. stocks. The Nasdaq closed up more than 2%, and the S&P 500 rose over 1%, both recording their largest daily gains in four and a half months. The semiconductor index jumped nearly 5%, with Broadcom, which reached a landmark agreement with OpenAI, surging close to 10%. After JPMorgan announced its investment, rare earth mining stocks and quantum computing stocks soared by double digits—Critical Metals closed up 55%, and Rigetti rose 25%. The U.S.-listed Chinese stocks index climbed over 3%, with NIO up 7% and Alibaba gaining nearly 5%.

Both gold and silver hit record highs. Gold broke through the $4,100 mark for the first time in history, with COMEX gold futures rising more than 3% intraday. The London silver market witnessed a historic short squeeze, as silver breached the $50 level. COMEX silver futures jumped over 7% intraday, setting a new closing all-time high for the first time since 1980.

The U.S. Dollar Index rebounded, approaching a two-month high. The offshore Chinese yuan rose by more than 100 pips intraday to reclaim the 7.14 level. Cryptocurrencies continued to rebound after last Friday's sharp decline—Bitcoin climbed nearly 2% intraday to retake the $116,000 mark, and Ethereum once surged over 5%.

Crude oil and copper futures, which plummeted last Friday, also rebounded. Crude oil moved away from its five-month low, with U.S. WTI crude oil futures rising more than 2% intraday. New York copper futures jumped nearly 6% intraday and closed at a more than two-month high.

During the Asian trading session, China's A-shares opened lower but moved higher. The Shanghai Composite Index recovered nearly 100 points from its daily low, and rare earth stocks surged. The Hang Seng Index fell 1.5%, while Kingsoft rose more than 13%. Government bonds gained, and commodities declined.

# Key News

- China's exports denominated in U.S. dollars rose 8.3% year-on-year in September, and imports increased 7.4% year-on-year—both exceeding expectations. Exports of industrial robots and wind power equipment saw strong growth. In September, China's imports of soybeans and iron ore hit record highs for the same period in history; rare earth exports dropped 31% month-on-month; and copper imports reached the highest level so far this year.

- China's Ministry of Foreign Affairs responded to the U.S. threat of imposing additional tariffs in retaliation for China's rare earth controls, stating: "This is not the right way to engage with China. We urge the U.S. to correct its wrong practices as soon as possible and resolve respective concerns through dialogue. If the U.S. insists on going its own way, China will surely take corresponding measures to safeguard its legitimate rights and interests."

- China's Ministry of Transport released the implementation measures for collecting a special port service fee on U.S.-registered ships, which will take effect on October 14. The scope, standards, and duration of the fee collection will be adjusted dynamically based on actual circumstances.

- The "targeted short-selling" incident last Friday attracted widespread market attention, and a mysterious trader once again opened a $160 million Bitcoin short position.

- Following the "historic-level liquidation" in the crypto market on Friday, Binance issued a statement saying: "Some of the platform's modules experienced a temporary technical glitch, and some assets saw depegging."

- OpenAI signed another landmark agreement: it plans to cooperate with Broadcom over the next four years to deploy 10GW of customized chips and network equipment.

- Goldman Sachs significantly raised its forecast for Tencent's capital expenditure to 350 billion yuan over three years, expressing optimism about the accelerated growth of Tencent's cloud business. It also substantially lifted its three-year capital expenditure forecast for Alibaba to 460 billion yuan, believing that the internationalization of Alibaba's cloud business is undervalued and that the transformation of AI spending is reshaping its growth.

- eSIM-enabled smartphones are coming: Apple's iPhone Air is scheduled to go on sale in China on October 22, with support from all three major telecom operators.

- The Sharm El-Sheikh Summit was held, where Egypt, the United States, Turkey, and Qatar jointly guaranteed a ceasefire in Gaza.

- The 2025 Nobel Prize in Economics was announced: three economists were awarded for their "explanations of innovation-driven economic growth."

# Market Closing Quotes

- U.S. and European Stocks: The S&P 500 rose 1.56% to close at 6,654.72. The Dow Jones Industrial Average gained 1.29% to 46,067.58. The Nasdaq Composite Index climbed 2.21% to 22,694.608. Europe's STOXX 600 Index closed up 0.44% at 566.63.

- China's A-shares: The Shanghai Composite Index fell 0.19% to 3,889.50. The Shenzhen Component Index dropped 0.93% to 13,231.47. The ChiNext Index declined 1.11% to 3,078.76.

- Bond Market: U.S. Treasury markets were closed.

- Commodities: WTI Crude Oil Futures for November closed up 1% at $59.49 per barrel. Brent Crude Oil Futures for December rose 0.94% to $63.32 per barrel. COMEX Gold Futures for December gained 3.3% to $4,133 per ounce. COMEX Silver Futures for December climbed 6.7% to $50.429 per ounce. COMEX Copper Futures for December rose 5.1% to $5.144 per pound.

# Details of Key News

## Global Highlights

In September, China's exports denominated in U.S. dollars rose by 8.3% year-on-year, and imports increased by 7.4% year-on-year, both exceeding expectations. Exports of industrial robots and wind power equipment saw strong growth. During the same month, China's imports of soybeans and iron ore hit record highs for the corresponding period in history; rare earth exports dropped by 31% month-on-month; and copper imports reached the highest level so far this year.

China's dollar-denominated exports in September recorded the highest year-on-year growth rate in six months, while the year-on-year growth rate of imports was the highest in 17 months. Analysts pointed out that the "rush to export" phenomenon may continue in October. In the first three quarters, China's exports of industrial robots increased by 54.9%. The export of wind power equipment accelerated, with shipments of wind turbines and their components rising by 23.9%. During the same period, the growth rates of "new three major products" (new energy vehicles, lithium batteries, and solar cells) and green products such as railway electric locomotives all reached double digits.

In September, China's soybean imports reached 12.87 million tons, the highest level in history for the month, with a year-on-year increase of 13.19%, setting the second-highest record ever. Although rare earth exports decreased by 31% month-on-month in volume, their export value rose further from $55 million in August to $59.6 million, an increase of more than 8%. Iron ore imports in September reached 116.33 million tons, up 11.72% year-on-year, hitting a new record high for the same period.

Guo Lei from GF Securities stated that China's export growth remained at a high level in September, which was partly driven by the relatively low base in the same period last year. The resilience of exports is consistent with high-frequency data. The import growth rate in September was relatively high, reaching 7.4% year-on-year, with rapid growth in imports of iron ore, copper, and integrated circuits. The accelerated import growth may be related to the driving effect of policy-based financial instruments and the start of construction of "two major types of projects" (major national projects and major local projects). Whether this trend will continue deserves further observation. If it is confirmed that the growth is driven by project construction, it will have certain implications for the improvement of investment in the fourth quarter.

Minsheng Macro pointed out that the current export situation reflects the solid results of China's diversified market layout and industrial chain upgrading. Secondly, while exports of high-tech products have rebounded significantly, China's exports to emerging markets such as Africa and Latin America have also achieved remarkable growth. Finally, under the trend of "anti-involution" (avoiding excessive internal competition), price recovery has begun to transmit to the outside world. In September, the prices of most export products gradually recovered, and the sound trend of "stable volume and rising prices" became increasingly obvious.

In response to the U.S. threat to impose additional tariffs in retaliation for China's rare earth controls, the Chinese Foreign Ministry stated that "this is not the right way to engage with China." Foreign Ministry Spokesperson Lin Jian reaffirmed that China urges the U.S. to correct its wrong practices as soon as possible, take the important consensus reached in the phone call between the two heads of state as a guide, resolve respective concerns through dialogue on the basis of equality, respect, and mutual benefit, properly manage differences, and maintain the stable, healthy, and sustainable development of China-U.S. relations. "If the U.S. insists on going its own way, China will firmly take corresponding measures to safeguard its legitimate rights and interests."

In response to the Dutch government's plan to impose restrictive measures on Nexperia (a subsidiary of Wingtech Technology), Lin Jian pointed out that China has always opposed the overgeneralization of the concept of "national security" and the adoption of discriminatory practices against enterprises from specific countries. Relevant countries should earnestly abide by market principles and refrain from politicizing economic and trade issues. China's determination to safeguard its legitimate and legal rights and interests is unwavering.

China's Ministry of Transport released the Implementation Measures for Collecting Special Port Dues on U.S.-Registered Ships. The measures will take effect on October 14, 2025. Starting from that day, eligible U.S.-registered ships berthing at Chinese ports will be charged 400 yuan per net ton. The fee will increase year by year over the next three years, reaching 1,120 yuan per net ton by 2028. Ships built in China, empty ships entering Chinese shipyards only for repairs, and other ships approved for exemption are exempt from the fee. The scope, standards, and duration of fee collection will be adjusted dynamically based on actual circumstances.

The "targeted short-selling" incident last Friday attracted widespread attention in the market, and a mysterious trader once again opened a $160 million Bitcoin short position. On October 12, the trader invested $16 million on the Hyperliquid platform to open a Bitcoin short position with 10x leverage, entering the position when the Bitcoin price was $117,370 and setting the liquidation price at $123,500. After the market crash last Friday, the timing of this targeted short-selling sparked controversy, with some questioning whether the trader had access to information unknown to ordinary investors. Zhao Changpeng, founder of Binance, said, "I'm not sure about its validity, and I hope someone can cross-verify it."

Following the "historic-level liquidation" in the crypto market on Friday, Binance faced questions. The exchange issued a statement saying that "some platform modules experienced a temporary technical glitch, and some assets saw depegging." Binance admitted that there were technical issues on the platform, had launched compensation, but insisted that its core trading engine remained in normal operation, and that the "culprit" behind the market crash was macroeconomic factors rather than the platform. Regarding the theory circulating in the market about a "targeted attack" on Binance's margin system—where specific assets were deliberately suppressed leading to a chain of liquidations—Binance stated that the market plummet occurred before the depegging of the platform's assets.

Bank of America (BofA) is bullish on gold and silver: it raised its 2026 price targets for gold to $5,000 and for silver to $65. BofA pointed out that the White House's "unconventional policy framework" will continue to benefit gold, including the expansion of fiscal deficits and rising debt, which will support the gold price to rise to $5,000 next year. Silver is about to face a fifth consecutive year of structural supply shortage. Although physical demand may decline by 11% in 2026, the continued supply shortage will still drive the silver price up to $65 per ounce.

BofA's Hartnett: The currency depreciation trade is far from over, and gold is expected to surge to $6,000 by next spring. Hartnett emphasized that expectations of changes in Fed policy, government stimulus policies, and the possible revaluation of gold (similar to 1934 and 1973) will all support the currency depreciation trade. Based on the average performance of the past four bull markets, the gold price has risen by approximately 300% on average within 43 months.

Zhang Yu: Imagination is needed for gold. With the recent breakthrough of the gold price above $4,000, Zhang Yu from Huachuang Securities believes that traditional real interest rates or expectations of interest rate cuts can no longer explain this round of upward trend. She innovatively proposed that the core driver of the gold price is the market's expectation of the "order restructuring" of the global political economy. Combined with the unique low-correlation value of gold in global asset allocation, it is necessary to open up imagination and maintain strategic respect for gold. Its upward trend may be far from over.

OpenAI signs another heavyweight agreement: plans to cooperate with Broadcom to deploy 10GW of customized chips and network equipment over the next four years. OpenAI has signed a multi-year agreement with Broadcom to deploy 10 gigawatts (GW) of AI data center capacity. This scale is equivalent to the power generation of approximately 5 Hoover Dams, marking the entry of AI infrastructure construction into the era of ultra-large scale. Prior to this, OpenAI had just reached an investment agreement of up to $100 billion with NVIDIA and signed a 6GW chip supply agreement with AMD.

Goldman Sachs significantly raised its forecast for Tencent's capital expenditure to 35 billion yuan over three years, expressing optimism about the accelerated growth of Tencent's cloud business. Goldman Sachs believes that AI can empower almost all of Tencent's business lines, including games, advertising, fintech, cloud services, and e-commerce. Currently, Tencent's 2026 price-to-earnings ratio is 19x (16x excluding investments), which is lower than that of Meta and Google. Goldman Sachs raised its forecast for Tencent's capital expenditure to 35 billion yuan and is optimistic about the fact that Tencent's Hunyuan large model topped LMarena and the accelerated growth of its cloud business.

Goldman Sachs significantly raised its forecast for Alibaba's capital expenditure over the next three years to 46 billion yuan: the internationalization of Alibaba's cloud business is undervalued, and the transformation of AI spending is reshaping its growth! Goldman Sachs substantially lifted its forecast for Alibaba's capital expenditure for the fiscal years 2026-2028 to 46 billion yuan, making it one of the most aggressive forecasts on Wall Street. Analysts stated that the transformation of AI capital expenditure is reshaping Alibaba's growth expectations. Although the company has recently experienced a correction due to profit-taking, the breakthrough progress in its AI cloud computing capabilities and the potential of international expansion have provided new upward momentum for its stock price. It is expected that by the fiscal year 2028, international business will contribute a quarter of the external revenue of Alibaba Cloud.

eSIM-enabled smartphones are here! Apple's iPhone Air is scheduled to go on sale in China on October 22, with support from all three major telecom operators. Apple announced that the eSIM-enabled iPhone Air will be officially launched in mainland China on October 22, with a starting price of 7,999 yuan. Previously, the launch of this model was delayed because the eSIM services of the three major telecom operators had not been approved. On October 13, China Unicom, China Mobile, and China Telecom all announced that they had obtained approval from the Ministry of Industry and Information Technology to launch commercial trials of eSIM mobile phone services.

Duan Yongping made another move: "bought some Moutai shares" on Monday and told investors not to be afraid. Duan Yongping, a well-known investor, spoke again on a social platform, saying that he "bought some Kweichow Moutai shares" on Monday. Earlier, he also emphasized many times that "Moutai is its own best endorsement," "what uncertainties does Moutai have," and "among high-end liquors, Moutai is the most cost-effective."

The Sharm El-Sheikh Summit was held, with four countries guaranteeing a ceasefire in Gaza. The United States, Egypt, Qatar, and Turkey signed a document on the Gaza ceasefire agreement in Sharm El-Sheikh, Egypt, on Monday. In the document, the leaders of the four countries committed to supporting the implementation of the Gaza ceasefire agreement as guarantors. Hamas did not send representatives to attend the meeting. Palestinian President Mahmoud Abbas attended the meeting and had a brief meeting with Trump. Israeli Prime Minister Benjamin Netanyahu canceled his attendance at the last minute on the grounds that a Jewish holiday would start that night.

The 2025 Nobel Prize in Economics was announced: three economists were awarded for their "explanations of innovation-driven economic growth." Joel Mokyr will receive half of the prize money in recognition of his "identification of the conditions required for sustained growth through technological progress"; Philippe Aghion and Peter Howitt will share the remaining half in recognition of their proposal of the "theory of sustained growth through creative destruction."

## Overseas Macroeconomics

Breaking conventions during the extraordinary period of government shutdown? U.S. Treasury Secretary said he will adjust the payment order to prioritize salary payments for the U.S. military. Janet Yellen said that the Treasury Department has to set priorities for payments and suspend some payments to ensure that the U.S. military is paid on time. However, her predecessor, Steven Mnuchin, said two years ago that the Treasury Department's system was not designed to prioritize expenditures. On Sunday, U.S. Vice President Mike Pence said that extraordinary measures will be adopted to ensure that military personnel are paid, with part of the funds coming from austerity in other areas.

The U.S. Department of Defense plans to spend $1 billion to accelerate the purchase of key minerals such as cobalt and antimony. The U.S.'s recent procurement intentions include a plan to purchase $500 million worth of cobalt, $245 million worth of antimony from U.S. Antimony Corporation, $100 million worth of tantalum from an undisclosed U.S. company, and a total of $45 million worth of scandium from Rio Tinto and APL Engineering Materials. This procurement target exceeds the scale of the conventional market. Analysts believe that Western governments are still in the very early stages of stockpiling key minerals, but they are paying more and more attention to this issue.

JPMorgan announced a 10-year $150 billion U.S. investment plan. The plan includes direct equity investments of up to $10 billion in 27 sub-sectors of four major fields: supply chain manufacturing, defense and aerospace, energy technology, and cutting-edge technology. The 27 sub-investment fields include quantum computing. After the news was announced, quantum computing concept stocks soared, with Rigetti rising by 25% and D-Wave increasing by 23%.

Goldman Sachs trader: The performance of U.S. stocks last Friday was more like "protection" rather than "exit." Lee Coppersmith, a Goldman Sachs trader, believes that last Friday, investors mainly used derivatives such as options for risk management rather than large-scale stock selling. Although the option trading volume hit a record high, the spot stock trading was relatively calm, with the trading volume of the S&P 500 being only 9% higher than the average. The market is focusing on the trigger point of systemic selling, and the long positions of the CTA strategy are close to the upper limit. Investor sentiment remains resilient, and the two major themes of AI development and concerns about the labor market will continue to take center stage in the upcoming earnings season.

Morgan Stanley's Wilson warned: If trade conflicts cannot be resolved before November, the S&P 500 may fall to as low as 5,800 points. Wilson warned that if trade tensions are not resolved before November, U.S. stocks face a downside risk of 8% to 11%, and the S&P 500 index may fall to 5,800-6,027 points. The escalation of trade tensions last Friday exceeded expectations, and coupled with high valuations and high investor exposure, the market is under correction pressure.

Wall Street may face its most volatile earnings season in years! Data on options of S&P 500 constituent stocks shows that investors expect the average stock price volatility after the release of earnings reports to reach 4.7%, close to the highest level since 2022 at the start of the earnings season set in July. Among them, AI and tech stocks have become the focus of volatility. The skewness of individual stocks is flatter than that of the index, and traders are more inclined to chase the upward momentum of individual companies, especially AI-related stocks.

India's CPI in September rose by 1.54% year-on-year, the lowest level this year, down from 2.07% in August, marking the slowest growth rate in eight years. The slowdown in inflation was mainly driven by lower food prices due to monsoon rains and the consumption tax reform that took effect in September. The weak inflation also strengthened market expectations that the Reserve Bank of India will cut interest rates in December.

## Overseas Companies

India's first AI center: Google will invest $10 billion to build a 1GW data center. Google will sign an agreement with the Indian state of Andhra Pradesh this week to build a data center park there and create India's first AI center. According to official assessments, the project is expected to contribute an average of 10.518 billion rupees to the state's gross domestic product (GDP) annually from 2028 to 2032 and support the creation of more than 188,000 jobs each year. It is regarded as the "largest single investment" obtained by India since its financial reform and is an important milestone in India's digital infrastructure construction.

Fuel cells become a new favorite for AI power supply? Bloom Energy and Brookfield reached a $5 billion data center power supply project. Brookfield, a leading asset management firm, will invest up to $5 billion to cooperate with Bloom Energy to deploy on-site fuel cell power generation technology for AI data centers facing power constraints. This move aims to bypass the bottleneck of the aging power grid and is expected to meet the challenge of 10-gigawatt-level power demand brought by the expansion of AI computing power. Bloom Energy's stock price soared by more than 30% in pre-market trading and closed up by more than 26%.

Make or break: Intel's $32 billion bet on 18A process technology. Intel's new factory built in Arizona with an investment of $32 billion has been put into production, attempting to regain leadership in the advanced manufacturing field with 18A process technology. The success or failure of this big bet will be determined by the test results of key customers such as Apple, NVIDIA, and Qualcomm in the next 6-8 months. Intel's stock price has risen by more than 46% in one month.

Is the Vision Air project canceled? Apple is reported to shift its focus to smart glasses to compete with Meta for the affordable market. Faced with the underwhelming market performance of the $3,500 Vision Pro, Apple may make a major adjustment to its wearable device strategy. The company is reported to have shelved the more affordable headset project - "Vision Air" - and instead concentrated resources on developing smart glasses with greater mass market potential, which may put it in direct competition with Meta in this field.

# Industries/Concepts

1. Nuclear Fusion: On the morning of October 13, the Comprehensive Research Facility for Fusion Reactor Key Systems "Kuafu" (CRAFT) made significant progress — the divertor prototype component successfully passed the testing and acceptance by the expert panel. Test results show that the steady-state heat load capacity of this component reaches 20 MW per square meter, and the adjacency error of the target plate's plasma-facing surface is less than 1 mm. This marks the successful development of China's independently designed divertor prototype component, which has the largest international size and the highest heat load.

2. Memory Chips: According to reports, Chen Libai, Chairman of ADATA (a major memory module manufacturer), stated that the three major original memory chip manufacturers had previously decided to discontinue DDR4 production and have dismantled relevant old equipment. As a result, the market supply gap will continue to widen, and the product price increase will be the highest in the memory industry, followed by DDR5. In addition, driven by the rigid demand from cloud service providers, the shortage of NAND flash memory will last until the first half of next year; the shortage of hard drives will also become increasingly severe. He pointed out that South Korean manufacturers had previously taken a long holiday and are expected to announce new product prices soon, with contract prices likely to rise by 20%-30%.

3. eSIM: On October 13, China Unicom officially launched the national reservation channel for eSIM services. Currently, the number of reservations has exceeded 60,000 and is still growing rapidly. This move is seen by the outside world as preparation for the upcoming domestic version of the iPhone Air. At present, users can make reservations for eSIM services through China Unicom's WeChat official account, mobile APP, or offline business halls. According to other media reports, China Telecom stated that its eSIM mobile phone services are fully ready. It is expected that after obtaining the official approval for commercial trials from the Ministry of Industry and Information Technology in the near future, it will soon open eSIM mobile phone service registration for devices including the iPhone 17 to users.

As an upgraded form of traditional SIM cards, eSIM (Embedded SIM) integrates communication functions into device chips to enable remote configuration of operator information. It has advantages such as flexibility, convenience, security, reliability, and space-saving for devices, and is driving terminals like mobile phones to evolve into the "cardless era". Globally, the application of eSIM has entered the large-scale adoption stage. According to GSMA Intelligence forecasts, by the end of 2025, the number of global eSIM-enabled smartphone connections will reach 1 billion; by 2030, this number will surge to 6.9 billion, by which time eSIM will account for 76% of the total global smartphone connections. With the development of IoT terminals, eSIM remains an inevitable trend. Apple's launch of the iPhone 17 Air is also a crucial opportunity to promote the popularization of eSIM. As China's three major telecom operators resume eSIM services, it is expected to accelerate the commercialization of eSIM, and attention can be paid to opportunities related to the eSIM industry chain.

4. Solid-State Batteries: According to huanqiu.com, the team led by Huang Xuejie from the Institute of Physics of the Chinese Academy of Sciences (CAS), in collaboration with institutions including Huazhong University of Science and Technology and the Ningbo Institute of Materials Technology and Engineering of CAS, successfully solved the worldwide problem of poor solid-solid interface contact in all-solid-state metal lithium batteries by introducing iodide ions into sulfide electrolytes. The key to this technological breakthrough lies in the fact that during the battery's operation, the electric field drives iodide ions to migrate to the electrode interface, forming an "iodine-rich layer". This layer actively adsorbs lithium ions like "smart glue", fills all gaps, and achieves tight bonding under zero external pressure. The prototype battery still maintained a capacity retention rate of 90.7% after 2,400 cycles at a current density of 1.25 mA/cm², far exceeding industry benchmarks. Iodide-ion solid-state batteries are expected to achieve an energy density of over 500 Wh/kg, increasing the range of electric vehicles by at least twice while completely eliminating the risk of liquid electrolyte leakage, leading to a significant leap in safety.

5. Fast Charging: According to the Securities Times, China has built the world's largest charging infrastructure network in terms of quantity, vehicle compatibility, and coverage area. By the end of August 2025, the number of charging facilities nationwide had reached 17.348 million, meaning there are 2 charging piles for every 5 vehicles. Over 40,000 charging facilities have been built along expressways, 5 times the number five years ago. In addition, 97% of county-level administrative regions and 80% of towns and townships have been equipped with public charging facilities. The number of high-power charging facilities across the country has reached 37,000. The capability to charge 1 kilometer of range per second has become a reality; intelligent slow charging technology has been widely promoted, and practices such as reserved charging and charging during off-peak hours have become common habits among car owners.

# Preview of Today's Key News

- A U.S. appellate court ruled that U.S. tariffs are illegal, but these tariff measures can remain in effect until October 14 to allow the U.S. government to appeal.

- U.S. President Trump meets with Argentine President Milei.

- Speeches by Federal Reserve Chair Powell, Fed Governor Bowman, Fed Governor Waller, and Boston Fed President Collins.

- Bank of Japan Governor Kazuo Ueda visits the United States from October 14 to 19.

- 2025 IMF and World Bank Annual Meetings (Autumn).

- Release of Germany's September CPI data.

- Oracle AI World Conference.

- Release of the IEA Monthly Oil Market Report.

<End of Full Text>

# Risk Warning and Disclaimer

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