Morning News

# Market Overview

The growth rate of the U.S. core CPI (Consumer Price Index) slowed in September, significantly boosting expectations that the Federal Reserve will cut interest rates twice within the year. Technology stocks and small-cap stocks led the gains, driving the S&P 500 and the Nasdaq to new highs, while the Dow Jones Industrial Average closed above the 47,000-point mark for the first time.

Apple closed at a record high, with a cumulative gain of over 4% for the whole week. Tesla fell by 3.4%, making it the only decliner among the "Magnificent Seven" tech giants. AMD rose by 7.6% and IBM jumped nearly 8%—reports indicated that IBM could use AMD chips in the field of quantum computing. Ford surged by 12%, recording its largest single-day gain since March 2020.

After the release of the CPI data, U.S. Treasury yields dropped sharply at one point; later, driven by the better-than-expected Markit PMI (Purchasing Managers' Index), the magnitude of the yield decline narrowed significantly. The 2-year U.S. Treasury yield once fell by 6.2 basis points from the daily high, then reclaimed most of the losses. The 10-year Treasury yield still closed above 4%. The U.S. dollar plummeted briefly, then rose rapidly, and finally saw little change compared with the previous day's closing level. The USD/CAD (U.S. Dollar to Canadian Dollar) exchange rate once rose above 1.40, then fell sharply, dropping 0.33% from the daily high.

Gold continued to decline before the release of the CPI data; after the data was announced, it once rose by 2.44%, but pulled back at the New York closing on Friday, ending lower than the previous day's close. The upward trend of crude oil paused temporarily, with U.S. oil falling by approximately 0.5%.

In the Asian trading session on Monday morning, S&P 500 index futures rose by 0.8%, Nasdaq futures gained 0.9%, Dow Jones futures increased by 0.7%, and spot gold opened with a gap down of more than 1%.

# Key News

- China-U.S. Economic and Trade Consultations in Kuala Lumpur: The two sides reached a basic consensus on arrangements to address their respective concerns. *People's Daily* "Bell" Column: Jointly safeguard the hard-won achievements of China-U.S. economic and trade consultations. Li Chenggang stated that China and the U.S. had conducted constructive discussions on this matter; the U.S. expressed its stance in a tough manner, while China firmly safeguarded its own interests.

- Wall Street bets that "the Supreme Court will strike down tariffs, forcing the U.S. government to refund taxes"—the son of the U.S. Secretary of Commerce even participated at one point.

- Robert Bentsen's "candid statement": He strongly promotes MAGA (Make America Great Again) but advocates for market protection, noting that Trump "always announces high tariffs to create leverage and then lowers them afterward."

- Sanae Takaichi delivered her first policy speech, and her "hawkish" policies have aroused widespread concerns.

- Nvidia's "only bear": "This is not the first time I have seen a bubble," and he gave a target price of $100 for Nvidia's stock.

- JPMorgan downgraded Oracle's rating, pointing out three major credit risks behind its aggressive expansion.

- Sora enters the social sector, and ChatGPT launches advertisements—OpenAI may be replicating the early development path of Facebook.

- Tencent disclosed its R&D progress systematically for the first time: AI generates 50% of new codes, and the level of R&D automation has increased by 67% year-on-year.

- Zhao Changpeng spoke out after being "exonerated," stating that "we need to make the United States the capital of cryptocurrency," as Binance aims to regain the U.S. market.

- The gaming industry witnesses young people's first "margin call": $2 billion evaporates in an instant. Some people lose all their fortunes, while others get rich overnight. Valve (V社) has put an end to scalpers' dreams of getting rich quickly with a single policy.

- Moutai迎来 another leadership change! Chen Hua, Secretary of the Party Leadership Group and Director of the Guizhou Provincial Energy Bureau, as well as Secretary of the Party Committee of the organ, will replace Zhang Deqin as Chairman.

# Market Closing Quotes

## European and U.S. Stock Markets

- S&P 500: Rose by 0.79%, closing at 6,791.69 points, with a cumulative weekly gain of 1.92%.

- Dow Jones Industrial Average: Increased by 1.01%, closing at 47,207.12 points, up 2.20% for the week.

- Nasdaq Composite Index: Gained 1.15%, closing at 23,204.867 points, with a weekly cumulative rise of 2.31%.

- European STOXX 600 Index: Closed up 0.23% at 575.76 points, recording a weekly gain of 1.68%.

## A-Share Market (China)

- Shanghai Composite Index: Closed at 3,950.31 points, up 0.71%.

- Shenzhen Component Index: Ended at 13,289.18 points, rising by 2.02%.

- ChiNext Index: Closed at 3,171.57 points, surging by 3.57%.

## Bond Market

- U.S. 10-year Treasury Yield: Fell by 0.21 basis points, closing at 3.9988%, with a cumulative weekly decline of 1.19 basis points.

- U.S. 2-year Treasury Yield: Dropped by 0.65 basis points, closing at 3.4821%, up 2.47 basis points for the week.

## Commodities

- COMEX Gold Futures: Fell by 0.65%, closing at 4,118.50 yuan per ounce, with a cumulative weekly loss of 2.25%.

- WTI Crude Oil Futures (December contract): Closed down 0.47% at $61.50 per barrel, recording a weekly cumulative gain of 7.61%.

- Brent Crude Oil Futures (December contract): Fell by 0.08%, closing at $65.94 per barrel, with a weekly cumulative rise of 7.74%.

### Notes on Key Terms

1. **Core CPI**: A key inflation indicator that excludes volatile food and energy prices, closely watched by central banks for monetary policy decisions.

2. **Magnificent Seven**: A term referring to seven large U.S. tech giants (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, Meta) that have significant influence on the stock market.

3. **MAGA**: Short for "Make America Great Again," a political slogan closely associated with former U.S. President Donald Trump.

4. **Margin Call ("爆仓")**: A demand by a broker for an investor to deposit additional funds or securities to meet minimum margin requirements, usually triggered by significant losses in the investor's margin account.

5. **COMEX**: The Commodity Exchange Inc., a major U.S. futures and options exchange focused on metals trading (e.g., gold, silver).

6. **WTI/Brent Crude Oil**: Two major global crude oil benchmarks—WTI (West Texas Intermediate) is U.S.-based, while Brent is European-focused.

# Detailed Key News

## Global Highlights

### China-U.S. Economic and Trade Consultations in Kuala Lumpur: Basic Consensus Reached on Arrangements to Address Mutual Concerns  

Guided by the important consensus reached in the previous calls between the two heads of state this year, the two sides conducted candid, in-depth, and constructive exchanges and consultations on a range of major economic and trade issues of common concern. These issues included the U.S. Section 301 measures targeting China's maritime logistics and shipbuilding industries, the extension of the suspension period for reciprocal tariffs, tariffs on fentanyl and law enforcement cooperation, agricultural trade, and export controls. A basic consensus was reached on arrangements to address each other's concerns. The two sides agreed to further finalize specific details and complete their respective domestic approval procedures.

### People's Daily "Bell" Column: Jointly Safeguard the Hard-Won Achievements of China-U.S. Economic and Trade Consultations  

The article pointed out that from October 25 to 26 (local time), China and the U.S. held a new round of economic and trade consultations in Kuala Lumpur, Malaysia. Guided by the important consensus from the heads of state's previous calls this year, the two sides engaged in candid, in-depth, and constructive discussions on a series of key economic and trade issues and reached a basic consensus on addressing each other's concerns. This achievement is hard-won and once again demonstrates that differences between China and the U.S.—two major countries—on economic and trade issues are normal. However, as long as the two sides sit down to negotiate and uphold an equal, consultative, and constructive stance, they can properly resolve differences and find the right way to get along.

### Li Chenggang: China and the U.S. Held Constructive Discussions; the U.S. Expressed Its Stance Firmly, and China Resolutely Defended Its Interests  

According to Xinhua News Agency, Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, stated on the 26th that the discussions covered a wide range of topics. These included export control issues of concern to both sides, the further extension of the reciprocal tariff suspension period, tariffs on fentanyl and anti-narcotics cooperation on fentanyl, the further expansion of trade, and the U.S. Section 301 measures related to ship fees. China and the U.S. conducted constructive discussions on these matters.

### A Week That Will Determine Market Fate Is Here  

The APEC Economic Leaders' Informal Meeting is about to be held, and the Chinese and U.S. leaders will travel to South Korea. It will be a "Super Central Bank Week," with the Federal Reserve, Bank of Japan, European Central Bank, Bank of Canada, and other central banks set to announce interest rate decisions. It will also be a "Super Earnings Week": among the U.S. stock market's "Magnificent Seven," Alphabet, Meta, Amazon, Apple, and Microsoft will release their earnings reports; while for A-shares, companies including Kweichow Moutai, BYD, and China Vanke will release their financial results in a concentrated manner. In addition, China's latest PMI data and the Federal Reserve's preferred inflation indicator (PCE) will be released.

### Wall Street Bets on "Supreme Court Overturning Tariffs, Forcing U.S. Government to Refund Taxes"—U.S. Commerce Secretary's Son Even Participated at One Point  

Wall Street investment banks are building a special "financial bet." Reports indicate that hedge funds are purchasing claims for potential future tariff refunds from cash-strapped importers at a price of 20 to 40 cents per $1 of claim rights.

### Robert Bentsen's "Candid Talk": Push for MAGA While Protecting the Market; Trump "Always Announces High Tariffs to Create Leverage, Then Lowers Them"  

Bentsen admitted that his core work is to strike a balance between promoting the "MAGA" (Make America Great Again) agenda and the bottom line of "not provoking market anger." He stated that he holds the market in awe and must "respect the market."

### The "Widely Expected" Gold Crash Has Occurred—Now Everyone Is Waiting to Buy the Dip?  

Tuesday's gold crash did not trigger panic; instead, it ignited enthusiasm among retail investors worldwide to rush into the market to "buy the dip." Meanwhile, the core views of most precious metals analysts remain unchanged. However, analysts represented by Bank of America strategist Michael Hartnett have raised doubts against the trend, arguing that the "depreciation trade" logic supporting gold prices is not solid.

### Sanae Takaichi Delivers First Policy Speech; "Hawkish" Policies Arouse Widespread Concern  

According to the Global Times, Takaichi stated that Japan will focus on the Japan-U.S. alliance, deepen multilateral security cooperation with Japan-U.S.-South Korea, Japan-U.S.-Philippines, and Japan-U.S.-Australia-India, and strive to build a "free and open Indo-Pacific region." She said that China is an important neighbor of Japan, and there is a need to build a constructive and stable bilateral relationship, but there are still some unresolved issues between the two countries in the security field.

### Nvidia's "Only Bear": "This Is Not the First Bubble I've Seen"—Sets $100 Target Price  

Jay Goldberg, an analyst at Seaport Global, believes that Nvidia's current stunning growth mainly relies on the huge capital expenditures of a few major tech giants. However, the actual returns generated by these massive investments so far have been very limited. This model is very similar to the telecommunications infrastructure construction during the dot-com bubble: "For largely psychological reasons, we will build all these AI facilities. At some point, spending will stop, then the entire system will collapse, and we will face a reset."

### JPMorgan Downgrades Oracle's Rating—A Glimpse into the Bond Market's View on "AI Infrastructure Financing"  

The report pointed out three major credit risks behind Oracle's aggressive expansion:  

1. The $35 billion in massive capital expenditures conflicts with its vague financing strategy and "unfriendly" credit history;  

2. The $300 billion large order from OpenAI poses customer concentration risks, and the "slim profit margin" of only 14% in its cloud business cannot support high leverage;  

3. The potential "capital internal circulation" among AI giants may amplify the demand bubble.

### Sora Enters Social Sector, ChatGPT Launches Ads—Is OpenAI Replicating Early Facebook?  

In its pursuit of user growth and commercialization, OpenAI is gradually adopting Meta-style development logic—from recruiting a large number of former Meta executives, to building ChatGPT into a high-frequency social application, and then shifting to an open attitude towards the advertising business. With the combination of high valuation and profit pressure, OpenAI is transforming from an idealistic research laboratory into a business giant oriented towards growth and user engagement.

### Tencent Discloses R&D Progress Systematically for the First Time: AI Generates 50% of New Code; R&D Automation Level Rises 67% YoY  

According to Tencent's *2025 R&D Big Data Report*, AI has been deeply integrated into its R&D system: over 90% of engineers use AI programming assistants, 50% of new code is generated by AI, and overall R&D efficiency has been driven up by more than 20%. The Hunyuan Large Model supports AI's full participation in coding, review, and testing, significantly reducing coding time by 40% and increasing code review detections by 44%. Supported by efficient platforms, the daily average number of completed requirements has increased by 25% year-on-year.

### Zhao Changpeng Speaks Out After "Exoneration": "We Want to Make the U.S. the Capital of Cryptocurrency"—Binance Aims to Regain the U.S. Market  

Trump's pardon has cleared legal obstacles for Zhao Changpeng. Zhao expressed gratitude and promised to "make the U.S. the capital of cryptocurrency." This move paves the way for Binance to integrate its U.S. business and enter the U.S. market directly to counter Coinbase's challenges. The industry expects Zhao Changpeng to participate more actively in Binance's operations, use the pardon to remove regulatory barriers to global expansion, and promote Binance's efforts to regain the U.S. market.

### The Gaming Industry's "First Margin Call" for Young People: $2 Billion Evaporates Instantly—Some Lose Everything, Others Get Rich Overnight; Valve Cuts Off Scalpers' "Get-Rich-Quick" Dreams  

In the gaming industry, a sudden "margin call" event led to the instantaneous evaporation of $2 billion in value. While some people lost all their wealth overnight, others became rich instantly. Valve put an end to scalpers' dreams of making quick fortunes with a single policy.

### Another Leadership Change at Moutai: New "Chen" Replaces "Zhang"  

Chen Hua—Secretary of the Party Leadership Group and Director of the Guizhou Provincial Energy Bureau, as well as Secretary of the Party Committee of the organ—will replace Zhang Deqin as Chairman of China Kweichow Moutai Distillery (Group) Co., Ltd.

## Domestic Macroeconomics

### Comparing History to Analyze the Plenary Session Communiqué: Industrial Changes Every Five Years  

According to Guosen Securities, looking ahead, independent and self-reliant technology will be the main theme in the next five years. Sectors related to independent control and domestic original innovation are expected to see optimistic market performance. General computer equipment, electronic chemicals, discrete devices, and machine tool equipment have shown significant competitive advantages and are also key sub-sectors for layout in the "14th Five-Year Plan" period under the independent technology drive.

### Current Status of the Real Estate Market: New Homes Have Prices but No Sales Volume; Second-Hand Homes Trade Price for Volume  

According to Guojin Securities, the crux of the new home market lies in "volume," while that of the second-hand home market lies in "price." Over the past few years, the total transaction area of newly built residential properties and second-hand residential properties in China has remained basically stable at around 1.5 billion square meters. The continuous contraction in the transaction area of new homes is largely due to structural changes in transactions—i.e., the accelerated replacement of new home transactions by second-hand home transactions.

## Domestic Companies

### Amid the Nexperia Semiconductor Turmoil, Wentai Technology's Q3 Net Profit Surges 279%: "If Nexperia's Control Rights Cannot Be Restored, It May Face Risks of Revenue and Profit Declines"  

Wentai Technology stated that in its semiconductor business, revenue from the Chinese market accounts for 49.29% of its global total revenue, continuing to play the role of a "core growth driver." However, if Nexperia's control rights cannot be restored by the end of 2025, the company may face phased risks of declines in revenue, profits, and cash flow.

### World's First "High-Performance" Humanoid Robot Under 10,000 Yuan: 94cm Tall, Approximately 12kg, Priced at 9,998 Yuan—200 Units Sold in 3 Hours!  

The core components of "Xiaobumi" have basically achieved localization. Except for the motors, core components such as the structure, circuit boards, and domain controllers are independently developed. In addition, "Xiaobumi" is manufactured using a large amount of composite materials, which helps with weight reduction and cost control.

### Why Can Agricultural Bank of China Stabilize at 1x PB?  

TF Securities believes that it is an inevitable trend for large state-owned banks to return to above 1x PB (Price-to-Book Ratio), and Agricultural Bank of China is expected to take the lead as a "pioneer" in stabilizing above 1x PB. On the one hand, the central government has a clear positioning for, attaches great importance to, and fully supports large state-owned banks. On the other hand, the reshaping of the banking industry's competitive landscape is accelerating, and the competitive advantages of large state-owned banks are expected to become more prominent. In the short term, the banking sector has a relatively high probability of outperforming the market in the fourth quarter and the first quarter. If Agricultural Bank of China's stock price experiences a correction again in the future, it may mainly be disturbed by two factors: 1. The impact of market style rotation; 2. The inherent need for technical adjustments.

### China's Largest Ever Pharmaceutical Export Deal: Over 80 Billion Yuan, Setting a New Record  

Some foreign media commented that this transaction is a "turning point for China's innovative pharmaceutical industry." However, the most important aspect of this deal is not just the amount. In this Co-Co (Co-development and Co-commercialization) cooperation with Takeda, the key focus for InnoCare Pharma is how to leverage the existing resources and experience of the established global pharmaceutical company to build its own global R&D and commercialization capabilities.

### WuXi AppTec's Q3 Net Profit Rises 53.27%; TIDES Business Doubles, Outstanding Orders Surge 41%  

The chemical business remains the main growth driver, with revenue increasing by 29.3% year-on-year in the first three quarters. Among them, the TIDES business (oligonucleotides and peptides) performed outstandingly, with revenue surging by 121.1% year-on-year to 7.84 billion yuan. The small-molecule CDMO (Contract Development and Manufacturing Organization) business achieved steady growth.

## Overseas Macroeconomics

### U.S. Core CPI Rises 0.2% MoM in September—Slowest Growth in Three Months; Expectations of Another Fed Rate Cut This Year Heat Up  

U.S. CPI rose 3% year-on-year in September, lower than expected; core inflation rose 0.2% month-on-month, the slowest growth in three months and below the market expectation of 0.3%. Service sector inflation in September slowed to its weakest level since November 2021. The market has fully priced in expectations of two 25-basis-point rate cuts in the remaining months of the year.

### White House: CPI Data Unlikely to Be Released Next Month  

A U.S. government shutdown may result in the absence of October's inflation data, which would be the first time in history. Currently, the U.S. government shutdown has entered its fourth week.

### U.S. Buys Over $1 Billion in Argentine Pesos This Month to Support Milei's Election; Argentine Currency Depreciates 21% in Four Months  

To stabilize Argentina's financial market and support the Milei government, the U.S. Treasury has taken a rare direct intervention ahead of the midterm elections, with the amount possibly exceeding $1 billion, and provided a $20 billion currency swap line. The Argentine peso has depreciated by 21% in the past four months. The outcome of the midterm elections will be a key test of support for the Milei government's reforms.

## Overseas Companies

### Tesla's AI Chief Reveals FSD Autopilot Methodology for the First Time: Why Do We Choose End-to-End?  

Tesla is using an "end-to-end" neural network to turn autonomous driving into a purely AI problem, rather than an engineering problem that requires countless engineers to write rules. They believe that the industry's mainstream "modular" approach—separating perception, prediction, and planning—is not only cumbersome but also has a clear ceiling. The end-to-end AI model is the correct solution for autonomous driving.

### Musk Praises Zhuque-3: It Can Beat SpaceX's Falcon 9  

Musk rarely praised a Chinese rocket, believing it has the potential to catch up with SpaceX.

### Co-Founder of Musk's Neuralink Achieves Artificial Vision Milestone—Blind Person Regains Sight  

The latest issue of *Nature* published new research progress: artificial vision technology has just helped a 70-year-old grandmother regain her sight. This stems from a world-first artificial vision study called PRIMA. Leading the research is the co-founder who previously established Neuralink with Musk; he now runs his own business, focusing on retinal implants. The implant is only as thick as a strand of hair, yet it can significantly improve the vision of 80% of patients, enabling them to read letters, numbers, and words smoothly.

### "Stablecoin Leader" Tether Is "Thriving": Expected Profit of $15 Billion This Year, Profit Margin as High as 99%, Over 500 Million Users, Valuation of $500 Billion!  

Stablecoin giant Tether, driven by its stunning 99% profit margin and returns from reserve assets in a high-interest rate environment, is expected to achieve a profit of nearly $15 billion this year. The company is in talks for a round of financing, with a potential valuation of up to $500 billion, which would make it one of the world's most valuable unlisted companies. Tether stated that its USDT accounts for approximately 60% of the stablecoin market, with over 500 million users, and its market reach continues to expand.

### AI Impacts the Advertising Industry: Oreo's Parent Company Has Invested $40 Million in AI Tools, Reducing Marketing Content Production Costs by 30% to 50%  

Mondelez International—the parent company of Oreo—has invested over $40 million in developing generative AI tools in collaboration with Publicis Groupe and others, aiming to significantly reduce marketing costs. The tools have been used in social media content production for products such as "Chips Ahoy!" and are expected to save 30% to 50% of production costs. Mondelez International plans to expand AI applications to e-commerce platforms and TV advertisements, and even use them for "Super Bowl" ads in the future.

# Industries/Concepts

## 1. Computing Power  

According to GMNews, the world's first brain-inspired intelligent computing entity – "Zhezhe-1" – was recently launched in the Hengqin Guangdong-Macao In-depth Cooperation Zone. By adapting an original intuitive neural network-based brain-inspired algorithm, it has successfully condensed supercomputing capabilities into a device the size of a mini refrigerator. While achieving highly integrated supercomputing performance, it also provides a new pathway for improving the energy efficiency of traditional supercomputing centers and intelligent computing clusters.  

**Commentary**: Analysts believe that brain-inspired intelligent computing (brain-like intelligent computing) is an emerging computing paradigm that simulates the neural network structure and information processing mechanism of the human brain. Through collaborative innovation between hardware and algorithms, it enables efficient, low-energy-consumption, and interpretable intelligent processing. Brain-inspired chips and memory-computing integrated architectures will break through the bottlenecks of traditional von Neumann architecture, achieving exponential growth in computing density and energy efficiency. Leveraging advantages such as hardware miniaturization, algorithm interpretability, and low energy consumption, brain-inspired intelligent computing is reshaping the underlying logic of intelligent computing. It is driving a shift in intelligent applications from "one-size-fits-all" to "personalized for each user" and reconstructing service models in fields such as healthcare, education, and industry.  

## 2. Warehousing and Logistics  

According to CNR.cn, the China Federation of Logistics and Purchasing recently launched the "Initiative on Opposing 'Involutionary' Competition and Promoting High-Quality Development of the Warehousing Industry". The initiative requires warehousing operators to strictly comply with the *Price Law of the People's Republic of China*, take production and operation costs as well as market supply and demand conditions as the basic basis for pricing, exercise independent pricing power in accordance with the law, consciously maintain market price stability, and jointly create a fair and orderly competitive environment. It also mandates resolute resistance to vicious competitive behaviors of "low quality and low price" – strictly prohibiting participation in bidding with quotes lower than costs throughout the entire bidding process to effectively ensure the quality standards of warehousing products and services. At the same time, warehousing operators must take digital transformation as their core strategic direction, and enhance operational efficiency and core competitiveness through technological upgrading, process optimization, and data empowerment, thereby fundamentally laying a solid foundation for "countering involution" in the industry.  

**Commentary**: Analysts point out that driven by the prosperity of e-commerce, the upgrading of manufacturing, and the restructuring of global supply chains, China's warehousing and logistics industry is undergoing profound transformation. As a key link connecting production and consumption, warehousing and logistics ensures the smooth flow of goods from factories to consumers through efficient storage, precise sorting, and rapid distribution. From traditional manual warehouses to automated three-dimensional warehouses, and from single warehousing services to integrated supply chain solutions, the functional positioning and technological connotation of warehousing and logistics are constantly enriched, and market demand is being steadily released. China's warehousing industry is transitioning from traditional "goods storage" to an "intelligent supply chain hub". It is expected that by 2030, the market scale will reach 3.5 trillion yuan, with intelligence, greenization, and globalization as the core development directions.  

## 3. Air Batteries  

Recently, Liu Xinyan, Secretary of the Party Committee and Deputy Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, put forward four suggestions at the 2025 New Energy Battery Industry Development Conference. The first suggestion is to strengthen the leadership of technological innovation, systematically deploy R&D work on next-generation batteries such as new material systems, all-solid-state batteries, and metal-air batteries, and accelerate the implementation, transformation, and industrialization of new technologies. The fact that all-solid-state batteries and metal-air batteries are mentioned side by side in the above statement reflects the policy-level emphasis on metal-air batteries.  

**Commentary**: Research institutions believe that metal-air batteries are a new type of battery made using common metals (such as zinc, magnesium, and aluminum) along with oxygen and seawater, and they function as both energy storage devices and fuel-based batteries. Compared with lithium-ion batteries and other battery types, metal-air batteries have numerous advantages in terms of energy density, charging time, cruising range, environmental friendliness, and safety, thus boasting broad application prospects.  

## 4. Photoresists  

According to the Beijing Daily, a team led by Professor Peng Hailin from the College of Chemistry and Molecular Engineering at Peking University, together with collaborators, used cryo-electron tomography technology to resolve, for the first time under in-situ conditions, the microscopic three-dimensional structure, interface distribution, and entanglement behavior of photoresist molecules in a liquid environment. This research has guided the development of an industrial solution that can significantly reduce photolithography defects. The relevant paper was recently published in *Nature Communications*.  

**Commentary**: Analysts argue that the above research results not only solve the long-standing problem of photolithography defects in advanced chip manufacturing (improving chip yield) but also provide a powerful universal tool for in-situ research on various chemical reactions occurring in liquid environments at the atomic/molecular scale. It helps promote defect control and yield improvement in multiple key links of advanced manufacturing, such as photolithography, etching, and cleaning. This plays an important role in driving the development of the semiconductor industry and paves the way for manufacturing next-generation chips with stronger performance and higher reliability.  

## 5. Large Aircraft  

According to a report on the website of Singapore's *Lianhe Zaobao* on October 24, official documents from Brunei show that Brunei's airlines have been approved to use Commercial Aircraft Corporation of China (COMAC) aircraft. It is reported that new regulations issued by Brunei's Civil Aviation Authority on the 23rd indicate that Brunei Airlines is permitted to operate aircraft manufactured in China. This revision of regulations has laid an important legal foundation for Chinese-made jetliners to enter the Brunei market, reflecting high recognition of China's aviation industry's design capabilities and safety management system.  

**Commentary**: According to COMAC's forecast, the total global civil aircraft fleet is expected to reach 48,455 units by 2042 (approximately 2.2 times that of 2022), and China's civil aircraft fleet will reach 9,969 units (accounting for 21% of the global total), making China the world's largest single aviation market. In addition, COMAC has disclosed that China is expected to receive more than 9,000 new aircraft in the next 20 years (2023-2042), with a corresponding value of 1.4 trillion US dollars. As the mass production and delivery process of the C919 accelerates, it is expected to break the monopoly of Airbus and Boeing, and the related industrial chain has significant room for development.  

## 6. Autonomous Driving  

On October 23 (local time), NVIDIA announced that it is collaborating with Uber on the development of autonomous vehicles. Uber's stock price rose by 3.5% on the same day. NVIDIA released information on social media platforms, detailing how the two companies will work together to advance the development of autonomous driving technology. According to NVIDIA, the focus of this cooperation is to use the large amount of real-world driving data collected by Uber from various scenarios to train NVIDIA's Cosmos World foundation model.  

**Commentary**: Analysts stated that NVIDIA will accelerate the development process by leveraging its DGX Cloud infrastructure. This cooperation marks the two companies' continued commitment to maintaining a leading position in the field of autonomous vehicle technology. In the future, as the autonomous driving cooperation between NVIDIA and Uber deepens, companies in the related NVIDIA intelligent driving industrial chain are also expected to benefit.  

## 7. Multimodality  

According to Sina Tech, Ant Group is about to launch a new AGI (Artificial General Intelligence) multimodal application named "Lingguang". Currently, the app has been launched on platforms such as Tencent MyApp and vivo App Store, and an invitation-only closed beta has been initiated. It is understood that the developer of the "Lingguang" application is Alipay (Hangzhou) Digital Services Technology Co., Ltd., and its most prominent feature is the "AGI Camera" function, which can recognize and understand the world using AI capabilities.  

**Commentary**: Analysts pointed out that the launch of "Lingguang" signifies Ant Group's official entry into the AGI multimodal track. Relying on its billion-level real-name user accounts and trillion-level payment data, Ant Group has inherent scenario advantages and compliance barriers. Once it connects services such as Fortune Account, Wangshangdai (online business loans), and Alipay mini-programs, it will form an AI commercial closed loop. Referring to OpenAI ChatGPT's annual revenue path of 2 billion US dollars, an optimistic estimate suggests that "Lingguang" could bring Ant Group an incremental revenue of 10 billion yuan within three years, with a potential valuation revaluation space of over 150 billion yuan.  

# Preview of Today's Key News  

- China and the United States will hold economic and trade consultations in Malaysia from October 24 to 27.  

- The 18th Session of the Standing Committee of the 14th National People's Congress will be held in Beijing from October 24 to 28.  

- The 2025 Financial Street Forum Annual Meeting will open, and the main leaders of the "One Bank, Two Administrations, and One Association" (the People's Bank of China, China Securities Regulatory Commission, China Banking and Insurance Regulatory Commission, and China Association of Banks) will deliver keynote speeches.  

- U.S. President Trump will visit Japan.  

- Year-on-year profit of China's industrial enterprises above designated size in September.  

- U.S. durable goods orders in September.  

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# 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 conditions, 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 user's own risk.