Morning News

Source: Wall Street CN  

# Market Overview  

U.S. stocks were mixed: corporate earnings reports drove the Dow Jones Industrial Average to a new high, while uncertainties surrounding trade prospects weighed on tech stocks and small-cap stocks. The Nasdaq Composite closed lower, and the S&P 500 barely closed flat.  

Apple Inc. rose for three consecutive sessions, hitting another intraday high before pulling back, and closed up 0.2%. After releasing earnings reports, General Motors surged 14.8%, and Coca-Cola gained 4%. Meme stock Beyond Meat soared 146%, with a cumulative increase of approximately 600% over three days.  

U.S. Treasury yields generally declined, with the 10-year Treasury yield falling nearly 2.5 basis points. The U.S. Dollar Index rose for three straight sessions, gaining about 0.4%. Bitcoin once jumped more than 6% from its daily low.  

Profit-taking and technical corrections drove a sharp drop in precious metals. Gold plummeted over 5.7%, recording its largest single-day decline since 2013; silver fell even more sharply, dropping nearly 8%. Affected by the Trump administration's commitment to purchase 1 million barrels of strategic petroleum reserves, crude oil fluctuated upward, with U.S. crude oil rising more than 1.2%.  

During the Asian trading session, the ChiNext Index rose over 3%, AI computing hardware stocks surged, "Yizhongtian" (a related stock) jumped sharply, the Hang Seng Tech Index gained more than 1%, Apple concept stocks strengthened, government bonds rose, and commodities showed divergence.  

# Key News  

- Minister Wang Wentao held a video talk with Valdis Dombrovskis, European Commission Executive Vice-President for Trade and Economic Security. Minister Wang Wentao also had a phone call with Dutch Minister of Economic Affairs and Climate Policy Micky Adriaansens.  

- London Zinc saw another "short squeeze" situation: available inventory was less than one day's supply, and the spot premium soared to the highest level since 1997!  

- The Russia-Ukraine conflict process experienced twists and turns: preparations for the "Trump-Putin meeting" encountered obstacles; Europe explicitly responded to Trump for the first time, calling for an "immediate ceasefire".  

- OpenAI launched the AI browser ChatGPT Atlas, and Google's stock price fell in response.  

- DeepSeek's new model has been highly praised in Silicon Valley! It uses 2D visual technology to compress 1D text and can run on a single GPU, with claims that "Google's core secrets have been open-sourced". Andrej Karpathy commented: "I like it very much"; Elon Musk said: "99% of the future will be photons".  

- Report: Samsung made positive progress in the yield rate of 2nm chips, targeting a 70% yield rate by the end of the year and raising its mass production target.  

- Pop Mart's overall revenue in Q3 increased by 245%-250% year-on-year, with overseas revenue rising by 365%-370%.  

- Affected by Brazil's tax impact, Netflix's Q3 earnings fell far short of expectations; the company lowered its full-year guidance, and its stock price dropped by 7% at one point after the market closed.  

- L'Oreal's Q3 sales once again missed expectations; demand for high-end products in China recovered, but performance in North America was weak, leading to a sharp drop in its stock price.  

- Western Alliance Bancorp, one of the key players in the U.S. small bank "collapse" incident, released its earnings report, which exceeded the expectations of most Wall Street analysts.  

# Market Closing Quotes  

## U.S. and European Stocks  

- S&P 500 Index: Edge up, closing at 6,735.35 points.  

- Dow Jones Industrial Average: Up 0.47%, closing at 46,924.74 points.  

- Nasdaq Composite Index: Down 0.16%, closing at 22,953.666 points.  

- European STOXX 600 Index: Closed up 0.21%, at 573.30 points.  

## A-Shares (Chinese Mainland Stocks)  

- Shanghai Composite Index: Up 1.36%, closing at 3,916.33 points.  

- Shenzhen Component Index: Up 2.06%, closing at 13,077.32 points.  

- ChiNext Index: Up 3.02%, closing at 3,083.72 points.  

## Bond Market  

- U.S. 10-year Treasury Yield: Fell 2.30 basis points, closing at 3.9570%.  

- U.S. 2-year Treasury Yield: Fell 0.45 basis points, closing at 3.4509%.  

## Commodities  

- WTI Crude Oil Futures (November contract): Closed up 0.52%, at $57.82 per barrel.  

- Brent Crude Oil Futures (December contract): Closed up 0.51%, at $61.32 per barrel.  

- COMEX Gold Futures: Fell 4.94%, closing at $4,144.10 per ounce.  

- COMEX Silver Futures: Fell 6.37%, closing at $48.110 per ounce.  

### Notes on Key Terms  

1. **Meme Stock**: A stock that gains widespread attention and speculative trading driven by social media trends and investor sentiment, rather than traditional financial fundamentals (e.g., Beyond Meat in this text).  

2. **Short Squeeze**: A market phenomenon where investors who have short-sold a stock (betting its price will fall) are forced to buy back the stock to cover losses as the stock price rises sharply, further pushing up the price (e.g., London Zinc in this text).  

3. **Strategic Petroleum Reserves (SPR)**: Government-owned stockpiles of crude oil, used to stabilize oil prices and ensure energy security during supply disruptions (mentioned in the crude oil section).  

4. **ChiNext Index**: A stock index tracking growth-oriented and innovative enterprises listed on the Shenzhen Stock Exchange's ChiNext Board, focusing on sectors like high technology and new energy.

# Detailed News  

## Global Highlights  

### 1. Minister Wang Wentao's Talks on Nexperia Issue  

Minister Wang Wentao held a video meeting with Valdis Dombrovskis, European Commission Executive Vice-President for Trade and Economic Security. According to the Ministry of Commerce News Office, Minister Wang stated that regarding the Nexperia issue, China firmly opposes the overgeneralization of the concept of "national security". He hoped the EU would play an important and constructive role, urge the Dutch side to adhere to the spirit of contract and market principles, and propose a proper solution as soon as possible from the perspective of safeguarding the security and stability of the global industrial and supply chains.  

Minister Wang Wentao also had a phone call with Micky Adriaansens, Dutch Minister of Economic Affairs and Climate Policy. According to the Ministry of Commerce News Office, Minister Wang emphasized that China attaches great importance to China-Netherlands economic and trade cooperation. The relevant measures taken by the Dutch side against Nexperia have seriously affected the stability of the global industrial and supply chains. China urges the Dutch side to, based on the overall situation of maintaining the security and stability of global industrial and supply chains, uphold the spirit of contract and the principles of marketization and rule of law, properly resolve the issue as soon as possible, protect the legitimate rights and interests of Chinese investors, and create a fair, transparent, and predictable business environment. Minister Adriaansens responded that the Dutch side highly values Netherlands-China economic and trade relations and is willing to maintain close communication with China to find a constructive solution to the Nexperia issue.  

### 2. Rare Plunge in Gold and Silver in Years  

Gold and silver saw a rare sharp decline in years! During intraday trading, gold plummeted by over 6% and silver dropped by nearly 9%, prompting Wall Street to sound a correction alarm. Intraday, gold and silver recorded their largest daily declines in 12 years and more than 4 years, respectively. Analysts warned that speculative long positions may have accumulated significantly, making gold and silver more vulnerable to corrections. The end of India's seasonal purchasing boom has also intensified market pressure. However, some analyses suggest that the fundamentals supporting the rise of precious metals have not changed, and potential buying may limit the extent of the correction.  

### 3. London Zinc "Short Squeeze" Again  

London Zinc witnessed another "short squeeze" scenario: available inventory is less than one day's supply, and the spot premium soared to the highest level since 1997! The zinc market on the London Metal Exchange (LME) is experiencing the most severe squeeze in decades. Due to production cuts at Western smelters and continuous depletion of inventories, LME's available zinc inventory is insufficient to meet one day's demand. The premium of spot zinc prices over the three-month futures contract has surged to $323 per ton (the highest in at least 27 years). Long traders hold massive positions, forcing short sellers to cover positions or deliver physical goods, which has exacerbated the "backwardation" (spot price higher than futures price) situation.  

### 4. Twists and Turns in Russia-Ukraine Conflict  

The Russia-Ukraine conflict has encountered twists and turns: preparations for the "Trump-Putin meeting" have hit obstacles, and Europe has explicitly responded to Trump for the first time, calling for an "immediate ceasefire". Leaders of multiple European countries signed a joint statement on the 21st, supporting an immediate ceasefire based on the current frontline and the launch of peace talks. However, the Russian Foreign Minister stated that the proposition of "immediate ceasefire" is equivalent to ignoring the root causes of the conflict and violates the previous consensus reached by the presidents of Russia and the United States. This has cast a shadow over the preparatory meeting originally scheduled to be held this week and also made the "Trump-Putin meeting" announced by Trump to be held "within two weeks" face uncertainties.  

### 5. OpenAI Launches ChatGPT Atlas, Google Drops in Response  

OpenAI launched ChatGPT Atlas, the company's first AI-driven web browser, on Tuesday. It aims to provide users with a more personalized online experience while performing agent tasks such as booking flights or editing documents. Media reports indicated that this marks the developer of ChatGPT entering competition with Alphabet-owned Google on a new front. Shares of Google's parent company Alphabet fell by as much as 4.8% on Tuesday. OpenAI stated that Atlas is now available globally on macOS and will expand to Windows, iOS, and Android platforms "soon" in the future.  

### 6. DeepSeek's New Model Praised in Silicon Valley  

DeepSeek's new model has been highly acclaimed in Silicon Valley! It uses 2D visual technology to compress 1D text and can run on a single GPU, with claims that "Google's core secrets have been open-sourced". DeepSeek launched a revolutionary OCR model, which solves the computing power problem of AI in processing long documents through the clever idea of "one image is worth a thousand words". This small model with only 3 billion parameters significantly improves processing efficiency by compressing text into images. The industry speculates that it may have leaked the core technical secrets of Google's Gemini.  

DeepSeek's OCR paper has gone viral online! Andrej Karpathy commented, "I really like it"; Elon Musk said, "99% of the future will be photons". AI expert Karpathy believes that pixels may be superior to text as input for Large Language Models (LLMs) and put forward four reasons: higher information compression efficiency, greater versatility of pixels, support for bidirectional attention, and elimination of Tokenizers with potential security risks. He envisions that in the future, text should first be rendered into images before being input into the model. Its high efficiency of generating 200,000 pages of training data per day with a single graphics card has been praised by experts such as Karpathy and compared to the "JPEG moment for AI". Musk commented that in the long run, 99% of the input and output of AI models will be photons, as photons account for an absolute majority in the universe, making this the only scalable solution.  

### 7. Inside Story of AI "Trillion-Dollar Closed Loop"  

The "offensive and defensive strategies" of contemporary tech giants such as Sam Altman, Jensen Huang, Satya Nadella, and Masayoshi Son. Sam Altman has built a "too big to fail" AI business ecosystem by leveraging the scarcity of computing power and the Fear of Missing Out (FOMO) sentiment among giants. Microsoft has chosen to stand aside, maintaining key decision-making power while allowing competitors to take risky moves; Jensen Huang, with the aggressive stance of the largest computing project in history, has deeply tied NVIDIA's fate to that of OpenAI; under heavy pressure, Masayoshi Son has reignited his ambition and ignited the global computing power arms race with the $500 billion "Stargate" project.  

### 8. Samsung's 2nm Chip Progress Challenges TSMC  

Report: Samsung makes positive progress in 2nm chip yield, targeting 70% by year-end and raising mass production goals. Samsung Electronics has made positive progress in the advanced process competition. It is reported that the company has raised its year-end yield target for the 2nm GAA (Gate-All-Around) process from 50% to 70%. The president of Samsung expressed strong confidence in the progress of this technology during a meeting and hinted at the intention to compete for the top spot in the global foundry market.  

### 9. Pop Mart's Q3 Earnings Surge  

Pop Mart's overall revenue in Q3 2025 increased by 245%-250% year-on-year, with overseas revenue rising by 365%-370%. Among them, revenue from the American market saw an explosive growth of over 1265%. Despite the stunning growth rate, investors are worried about whether the company's growth myth can continue as the growth rate slowed compared to the first half of the year. This led to a sharp drop of over 8.1% in Pop Mart's Hong Kong stock price on Tuesday.  

### 10. Netflix's Q3 Earnings Hit by Brazilian Tax Issues  

Affected by Brazilian tax issues, Netflix's Q3 earnings fell far short of expectations; the company lowered its full-year guidance, and its stock price dropped by 7% at one point after the market closed. In Q3, Netflix's revenue grew by over 17% year-on-year, in line with analysts' expectations; advertising revenue hit a quarterly high; net profit and EPS (Earnings Per Share) were at least 14% lower than expected; operating profit margin fell to 28.2%. A $619 million expenditure related to the Brazilian tax dispute reduced the profit margin by 5 percentage points. Without this expenditure, the profit margin could have been higher than the company's guidance of 31.5%. Netflix expects the tax dispute will not have a significant impact on future performance, but due to the tax issue, it lowered its full-year operating profit margin guidance from 30% to 29%; it also expects advertising revenue to more than double this year and raised its full-year free cash flow guidance by 9%.  

### 11. L'Oreal's Q3 Sales Miss Expectations  

L'Oreal's Q3 sales once again missed expectations; demand for high-end products in China recovered, but performance in North America was weak, leading to a sharp drop in its stock price. In Q3, L'Oreal's same-store sales grew by 4.2%, falling short of analysts' expectations for two consecutive quarters. Same-store sales in North Asia reversed significantly, turning from a nearly 9% decline in Q2 to a nearly 5% growth, with mid-single-digit growth in mainland China, driven by the recovery of the high-end skincare market. However, same-store sales growth in North America slowed from over 8% in Q2 to 1.4%, far below the analysts' expected growth rate of 4.4%. After the earnings report was released, L'Oreal's U.S. stocks, which had risen by 2% during intraday trading, turned negative and fell by as much as 6% at one point.  

### 12. U.S. Small Bank's Earnings Beat Expectations  

One of the key players in the U.S. small bank "collapse" incident released its earnings report, which exceeded the expectations of most Wall Street analysts. Last Thursday, loan fraud cases disclosed by two U.S. regional banks, Zions Bancorp and Western Alliance Bancorp, triggered market panic. After the U.S. stock market closed on Tuesday, Western Alliance Bancorp, one of the key players headquartered in Phoenix, U.S., released its earnings report. Its Q3 profit increased by over 27% year-on-year, exceeding the expectations of most Wall Street analysts, which undoubtedly relieved investors.  

### 13. Meme Stock Frenzy Reappears: Beyond Meat Soars 6-Fold in 3 Days  

Is this a signal of a market top? The meme stock frenzy has reappeared, with Beyond Meat surging 6-fold in three days. After a 127% surge on Monday, Beyond Meat soared by over 146% on Tuesday, setting its largest single-day gain in history. Some analysts pointed out that the "resurrection" of Beyond Meat may also indicate the return of market bubbles. One of the catalysts for the stock's sharp rise this week is that Roundhill included it in a meme ETF. This ETF was previously closed due to insufficient investment interest and was only restarted earlier this month, driven by the inflow of retail funds.  

## Domestic Macroeconomics  

### 1. Study Times: Stabilizing the Stock Market to Boost Consumption Confidence  

Study Times published an article stating that although China's A-shares have risen overall recently, fluctuations have weakened consumer confidence. The stock market affects consumption through wealth effect, psychological effect, and expectation effect. To stabilize the stock market, efforts should be made in four aspects: improving the construction of systems such as information disclosure to stabilize wealth expectations; optimizing the multi-level capital market to promote employment and income growth; strengthening investor protection to alleviate psychological burdens; and enhancing the coordination of monetary, fiscal, and industrial policies to achieve positive interaction between the stock market and consumption, enabling people to truly "afford to consume, dare to consume, and be willing to consume".  

### 2. Study Times: Military Functions of Digital Currency in Wartime  

Study Times published an article stating that digital currency is becoming an invisible battlefield for geopolitical competition. It enables fast and secure capital flow through blockchain technology and has formed three application models in geopolitical conflicts such as the Russia-Ukraine war: resource-rich countries avoid financial sanctions through resource tokenization; small and medium-sized countries use decentralized crowdfunding for military assistance; and developed countries use on-chain technology to track and freeze the digital assets of opposing parties.  

### 3. Hubei Province: Promoting the Reform of State-Owned "Three Assets" Management  

According to Hubei Daily, it is necessary to further deepen understanding, better grasp the three principles of "capitalizing all state-owned resources as much as possible, securitizing all state-owned assets as much as possible, and leveraging all state-owned funds as much as possible", and more scientifically apply the four methods of "using if possible, selling if not used, renting if not sold, and financing if possible" to further promote greater results in the reform of state-owned "three assets" (resources, assets, funds) management across the province.  

## Domestic Companies  

### 1. CATL's Telephone Conference  

CATL stated in a telephone conference that its production capacity is operating at full load; price increases are not the core driving force; and the demand for energy storage brought by data centers is considerable. CATL indicated that with the advancement of the construction of new bases such as Jining, production capacity will be gradually released, and the tight supply situation will be alleviated. In the future, there will be more and more supporting methods for energy storage in data centers, and the application of main power supplies will also increase, making the demand for energy storage brought by data centers considerable. Sodium-ion batteries will start shipping next year and gradually increase in volume.  

### 2. Morgan Stanley on China's Banking Sector  

Morgan Stanley stated that China's banking sector has entered a new era, experiencing the first "natural cyclical bottoming" without large-scale stimulus, and will usher in good investment opportunities in Q4. Morgan Stanley believes that the upcoming dividend distribution in Q4, stable interest rates, support from the RMB 500 billion structured financial policy tool, and a more sustainable policy path will all support the revaluation of Chinese banking stocks. Investors' new focus should shift to high-quality banks that achieve earlier and stronger profit rebounds in the "natural clearing" environment.  

### 3. China Telecom's Q3 Financial Report  

China Telecom's Q3 net profit increased by 3.6% year-on-year, while revenue slightly decreased by 0.91% year-on-year.  

## Overseas Macroeconomics  

### 1. Leverage Alarm: U.S. Stock "Frenzy Indicator" Exceeds 1999 and 2007 Levels  

Data on NYSE margin debt tracked by Deutsche Bank shows that investor leverage surged by 32.4% in the five months from the end of April to the end of September. This rate is second only to the peak of the dot-com bubble in early 2000 and the post-pandemic stimulus period in August 2020. Deutsche Bank stated that all these historical time points were "bad entry points" for investing in risky assets without exception. More alarmingly, current leverage is accelerating on the basis of historical highs - the ratio of margin debt to U.S. nominal GDP is close to the historical peak in Q3 2021.  

### 2. Sanae Takaichi Elected Japanese Prime Minister, Nikkei Hits New High  

Sanae Takaichi was officially elected as Japan's new Prime Minister, becoming the country's first female leader. The Nikkei Stock Average opened higher and hit a new high, but the gain narrowed in the afternoon. However, behind this rally known as the "Takaichi Trade", investors and analysts are shifting their focus from the initial expectation of stimulus policies to the review of the political stability of her new government, which is regarded as the key to determining whether market enthusiasm can continue.  

### 3. BOJ May Delay Interest Rate Hike Schedule  

As Sanae Takaichi is about to take office, the Bank of Japan (BOJ) may delay its interest rate hike schedule. BOJ officials stated that even if the economy makes progress in achieving the price target, there is no urgency to raise interest rates next week. This stance echoes the monetary easing proposition of Sanae Takaichi, who is about to take office as Prime Minister. Many central bank observers believe that the BOJ does not want to take action too quickly after Takaichi takes office to avoid repeating the historical conflict with the government over interest rate hikes. Market expectations for the BOJ to raise interest rates at its policy meeting on October 30 have cooled significantly. Traders currently believe that the probability of an interest rate hike this month is approximately 25%.  

### 4. Australian Rare Earth Miners Surge on U.S. Investment Intentions  

After the U.S. and Australia signed a key mineral cooperation agreement, the stock prices of Australian rare earth miners rose collectively. Among them, Arafura's U.S. stock price soared by as much as 29% on Monday. The optimistic sentiment continued to the opening of the Australian stock market on Tuesday, with Arafura's Australian stock price also rising by over 8%. VHM rose by 18%, and gallium producer Alcoa rose by 9.6%. The U.S.-Australia cooperation agreement aims to reshape the rare earth supply chain, but analysts pointed out that most projects are still in the early stages and it will take several years before they start production.  

### 5. Wall Street Prophet Yardeni: Falling Oil Prices to Push 10-Year U.S. Treasury Yield to 3.75%  

Ed Yardeni predicted that if oil prices continue to decline and the Federal Reserve cuts interest rates next week, the benchmark 10-year U.S. Treasury yield may fall to 3.75%, a level not seen in more than a year. Supported by interest rate cut expectations and concerns about bank risks, U.S. Treasuries have rebounded recently, with the current yield around 3.96%. U.S. Treasuries and U.S. stocks have risen simultaneously, and bets on a "Goldilocks" soft landing have returned.  

# Bitcoin Whales Shift to Wall Street: Over $3 Billion Flows Back to Traditional Financial System via ETFs  

Large investors are transferring Bitcoin to ETFs in exchange for fund shares through "in-kind exchange" transactions. By converting Bitcoin into ETF shares, investors can maintain the same exposure to cryptocurrencies while transforming their holdings into a form recognized by the financial system. Ironically, Bitcoin was born as a decentralized rebellion against mainstream financial institutions, but now it is quietly absorbed by these very institutions.  

# Overseas Companies  

## Apple’s Foldable iPad Development Hits Snags, Launch Pushed to 2029 or Later  

Apple is developing an 18-inch foldable iPad, which is expected to be priced at approximately $3,000—three times the cost of a standard iPad Pro. The prototype of this device currently weighs around 1.59 kilograms, similar to the MacBook Pro. Apple has collaborated with Samsung Display to develop OLED panels, aiming to eliminate the crease issue in foldable screens. However, large-sized seamless foldable displays face enormous challenges in terms of technical complexity and cost.  

## AI-Generated Videos Become a "Traffic Ace," Meta AI Downloads Surge  

With the launch of its short video feature "Vibes," Meta has achieved explosive growth in user data: daily active users (DAU) skyrocketed from 775,000 to 2.7 million within four weeks, and daily downloads reached 300,000. This growth stands in stark contrast to the declining user numbers of competitors like ChatGPT. Additionally, the "invitation-only" strategy for OpenAI’s Sora may have driven users to switch to alternatives such as Meta AI.  

## Barclays Previews U.S. AI Industry Chain Earnings Season: Watch for "Good News Already Priced In," Focus on "Nvidia, Broadcom, and AMD"  

Barclays stated that although the AI investment cycle is still in its early stages, some stocks have already fully priced in the benefits of AI deployment, and an "good news already priced in" trend may emerge during the earnings season. It advises investors to be more selective with AI concept stocks and concentrate their exposure on the three leading companies—Nvidia, Broadcom, and AMD. Meanwhile, Barclays downgraded Marvell, Astera Labs, and Lumentum to "Neutral" and upgraded KLA to "Overweight."  

## Focus of OCP Conference: Manufacturing and Packaging Capacity Expanded Significantly, AI Chip Bottlenecks Shift Downstream (Including Memory, Racks, Power, Etc.)  

A Morgan Stanley research report points out that through large-scale capacity expansion, the chip manufacturing and packaging segments are no longer the core constraints on AI development. The real bottlenecks have shifted to infrastructure such as data center power supply, liquid cooling, HBM memory, racks, and optical modules. Investment opportunities are spreading from wafer foundry to the downstream supply chain, and data centers with power and space resources will gain an advantage in the AI computing power competition.  

## Ray Dalio Replicates "AI Dalio": "80% as Effective as the Real Deal" When Discussing Investments  

Ray Dalio has launched his AI clone "Digital Ray." This digital avatar, trained on his four decades of thinking, achieves 80% of Dalio’s effectiveness when discussing investments and even 95% in terms of life principles. He emphasized that unlike general-purpose AI, his clone replicates his unique values and decision-making logic, aiming to serve as a readily available "thinking partner."  

## Surging Demand, Depleted Inventories, Storage Becomes a "Seller’s Market": Morgan Stanley Urges Investors Not to Exit Due to "Fear of High Prices"  

Morgan Stanley stated that the AI wave is driving memory chips into a strong upward cycle. Surging demand and delayed supply have pushed DRAM inventories below two weeks, turning the market into a "seller’s market," with manufacturers raising quotes by as much as 25%. This price increase is far from peaking, and prices have the potential to double. The firm stressed that "time in the market is more important than timing the market," advising investors not to miss the subsequent market trends due to "fear of high prices."  

## Hyperliquid: The Epicenter of the Crypto Storm, a "Leverage Tool" Without a Board of Directors or Investors  

Hyperliquid, a decentralized exchange with only 11 employees, has become the epicenter of the crypto storm with a daily trading volume exceeding $13 billion, thanks to its anonymity and high leverage. This platform—without a board of directors and rejecting venture capital—saw over $10 billion in liquidations in a single day during the recent market crash. However, this model has also plunged it into controversy: ahead of the recent sharp market fluctuations, mysterious and precise short-selling on its platform sparked speculation about insider trading.  

## Coca-Cola’s Q3 Revenue Rises 5% YoY, Beating Expectations, but Sales Stall in Key Markets Like North America  

Coca-Cola’s Q3 net revenue increased by 5% to $12.5 billion, with organic revenue up 6%. This growth was mainly driven by a successful 6% increase in price mix and strong growth in healthy beverage products. However, unit case sales—a key measure of consumer demand—rose by only 1%, and sales in the two core markets of North America and Latin America remained flat. This indicates that high living costs continue to suppress consumer demand. The company reaffirmed its full-year performance guidance.  

## Unexpected Good News Amid Tariff Clouds: GM’s Q3 Results Beat Expectations, Passes Cost to Consumers via Price Hikes, Raises Full-Year Profit Guidance  

General Motors’ adjusted EBITDA for Q3 was $3.4 billion, a 18% YoY decrease but higher than the average analyst expectation of $2.7 billion. The company expects the impact of U.S. tariffs to reach $4.5 billion, lower than the previous forecast of $5 billion. Meanwhile, it raised its full-year profit forecast to $12 billion–$13 billion, up from the earlier range of $10 billion–$12.5 billion. After the earnings report was released, GM’s U.S. stock price rose by over 9% in pre-market trading.  

# Industries/Concepts  

## 1. Robotics  

According to a report by *Economic Observer*, the latest 3D micro-nano robot developed by the Technical Institute of Physics and Chemistry of the Chinese Academy of Sciences has made the dream of "nano-doctors" treating diseases inside the human body a possibility. In fact, this robot is a pair of flexible "robotic hands" capable of performing precise tasks such as cell grasping and particle release. It measures only about 40 microns in size—thinner than a human hair.  

**Commentary**: Analysts believe that "nano-doctors" have revealed new possibilities for medical technology. In the future, it will be possible to accurately capture cancer cells without surgery and deliver drugs to targeted areas without injections. The once far-fetched dream of "swallowing nano-doctors for treatment" is being turned into reality step by step by Chinese scientists! The growing demand for minimally invasive surgery and the rising prevalence of chronic diseases are driving the continuous expansion of nano-robots’ application scale in the medical field. Authoritative forecasts suggest that the market size of China’s medical nano-robots will increase from RMB 4.5 billion in 2020 to RMB 14.94 billion in 2025, and is expected to exceed RMB 80 billion by 2030, with a CAGR of over 25%.  

## 2. Controlled Nuclear Fusion  

According to a report by *China Science and Technology Network*, a helium refrigerator developed and manufactured by Henan Zhongke Qingneng Technology Co., Ltd. was successfully started up recently. As of October 20, the equipment had operated safely and stably for over 120 hours, with an actual cooling capacity of 3kW (kilowatts), meeting the design specifications. Adopting advanced technologies such as multi-user operating mode and rapid variable condition control, the equipment achieves efficient and stable operation, filling the gap in ultra-low-temperature refrigeration equipment for nuclear fusion in China. Currently, it is the helium refrigerator with the largest refrigeration capacity put into operation in China’s nuclear fusion field, and will provide support for the stable operation of CRAFT (Comprehensive Research Facility for Fusion Technology)—a major national scientific infrastructure.  

**Commentary**: Analysts note that fusion materials are extremely abundant on Earth and produce no polluting emissions, making them widely regarded as the key to unlocking "energy freedom." Controlled nuclear fusion generates energy through the same principle that powers the Sun’s light and heat, earning it the title of the next-generation "artificial Sun." The fusion process can continuously provide green energy with nearly zero carbon emissions. Boasting advantages such as inexhaustibility, cost-effectiveness, predictability, cleanliness, and safety, controlled fusion energy is considered the ultimate form of energy accessible to humanity under current scientific development levels—and may even propel human civilization into its next stage of development.  

## 3. Digital Currency  

According to the latest article *The Wartime Military Functions of Digital Currency* published in *Study Times* (supervised by the Central Party School), digital currency serves as a crucial strategic tool for national total warfare, modern hybrid warfare, and digital financial warfare. In essence, it is a new form of traditional financial warfare evolved under the context of modern information-based and intelligent warfare. It is reshaping the traditional models of cross-border fund flow and resource mobilization during wartime and gradually becoming a key strategic tool in geopolitical competition.  

**Commentary**: Analysts point out that in response to issues such as the instability of the U.S. dollar-dominated international monetary system and escalating geopolitical risks, China is advancing a dual-track system of "Digital RMB + offshore finance." Through the parallel development of Central Bank Digital Currency (CBDC) and multilateral central bank cooperation projects, China aims to build a multi-polar global monetary pattern.  

## 4. Computing Power  

On October 21, the Ministry of Industry and Information Technology organized the formulation of the *Guidelines for the Construction of Computing Power Standard System (2025 Version)* (Draft for Comments). It proposes that by 2027, more than 50 standards will be formulated or revised in areas including basic general standards, computing power infrastructure, computing power equipment, computing-network integration, computing power interconnection, computing power platforms, computing power applications, computing power security, and green and low-carbon development—effectively advancing the construction of the computing power standard system. Over 500 enterprises will carry out standard promotion and implementation, leading to the formation of a batch of standard application cases, and the role of standards in supporting enterprise innovation and development will become more prominent. Efforts will be made to promote a collaborative standard R&D mechanism involving research institutions, industry associations, and industrial alliances, continuously facilitating exchanges and cooperation in technological innovation, industrialization promotion, infrastructure construction, and talent cultivation to effectively support the development of a national integrated computing power network.  

**Commentary**: Founder Securities believes that amid the slowdown of Moore’s Law and restrictions on advanced process technologies, advanced packaging has become a key direction for domestic computing power chips to break through performance bottlenecks. Companies like Huawei are accelerating the iteration of their computing power chips, while the domestic supply chain is actively providing supporting facilities to achieve independent and controllable computing power chips. The demand for expanding advanced packaging capacity is becoming increasingly urgent, bringing significant development opportunities to the industrial chain.  

## 5. Industrial Internet  

On October 21, the General Office of the People’s Government of Guangdong Province issued the *Guangdong Province Action Plan for AI-Enabled High-Quality Development of the Manufacturing Industry (2025-2027)*. It encourages cities and prefectures to establish "model vouchers" to support enterprises in purchasing industrial model services. The plan also supports industrial enterprises, telecom operators, and communication equipment companies in building edge data centers and promotes the intelligent upgrading of end-side equipment. It advances projects such as core software research and development, implements a batch of technology research projects, and drives the iterative upgrading of key industrial software empowered by AI. Additionally, it promotes the collaborative empowerment of AI and industrial internet, supports enterprises in building cross-industry, cross-field, and specialized industrial internet platforms integrated with AI, and develops innovative models such as Model-as-a-Service (MaaS) and intelligent supply plug-ins.  

**Commentary**: Soochow Securities argues that China is accelerating the advancement of information technology application innovation (ITA) and the localization of industrial software, and external factors are expected to further speed up this process. Meanwhile, various ITA funds have been allocated, and the industry has entered the deep-water phase of core system replacement. The AI+ policy clearly proposes empowering new-type industrialization with AI, and it is expected that more policies to accelerate the localization of industrial software will be introduced in the future.  

# Today’s News Preview  

- Earnings reports from Tesla, SAP, and IBM.  

- China Solid-State Battery Conference.  

- UK CPI for September.  

- Speech by Christine Lagarde, President of the European Central Bank.  

- U.S. EIA Crude Oil Inventory Changes for the Previous Week.  

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