Morning News

Source: Wall Street News

Amid growing concerns over high valuations, U.S. stocks suffered a "Black Tuesday". The three major stock indices all hit new lows in over a week, with the Nasdaq dropping 2%. Technology stocks led the decline, and the IT sector fell by more than 2%. Tesla plummeted over 5% ahead of its shareholder meeting. AI concept stocks slumped sharply: NVIDIA and Palantir, which were shorted by the fund led by Michael Burry (the prototype for the movie *The Big Short*), fell by nearly 4% and nearly 8% respectively, while Oracle dropped nearly 4%. After the market closed, Super Micro Computer, which reported underwhelming earnings, once fell by 10%, Pinterest dropped nearly 20%, and AMD, with less-than-impressive guidance, fell by 3% at one point after hours.

U.S. Treasuries rebounded, and the 10-year U.S. Treasury yield moved away from its three-week high. The U.S. Dollar Index recorded a five-day winning streak and hit a new three-month high. The British Pound fell nearly 1% intraday to a nearly seven-month low, while the offshore Chinese Yuan dropped over 100 points during the session, breaking below the 7.13 level to a nearly three-week low. Cryptocurrencies plummeted for consecutive days: Bitcoin fell below the $100,000 mark intraday for the first time in more than four months, and Ethereum dropped over 10% during the session.

Commodities generally declined: Crude oil ended its three-day rally and pulled back from a one-week high, with U.S. oil falling nearly 2% intraday. Gold dropped back below $4,000, falling nearly 2% intraday, and gold futures closed at a new one-month low. London copper posted a four-day losing streak, closing down nearly 2% to a nearly two-week low.

During the Asian trading session, A-shares fluctuated and adjusted, with the ChiNext Index falling nearly 2%. Precious metals and innovative pharmaceutical stocks led the decline, while Fujian local stocks and the banking sector led the gains. Gold stocks in Hong Kong generally fell.

# Key News

- **Joint Communiqué of the 30th Regular Meeting between the Premiers of China and Russia**: Deepen cooperation in the Arctic Shipping Route, artificial intelligence, and information technology.

- **China's Ministry of Commerce Comments on Issues Related to Nexperia**: The Dutch side continues to act arbitrarily without taking practical actions to resolve the issue. It is hoped that the Dutch side will stop interfering in the internal affairs of enterprises.

- **U.S. Supreme Court to Rule on Wednesday: The Fate of Trump's Tariffs Hinges on Three Justices He Appointed**: U.S. Treasury Secretary Janet Yellen stated that she will go to the Supreme Court and emphasized the importance of tariffs.

- **U.S. Senate Fails to Pass Appropriations Bill: The Federal Government Shutdown is Set to Break Records**.

- **Wall Street Warns**: The market is overly optimistic about inflation; be cautious of the risk of a "hawkish surprise". CEOs of Goldman Sachs and JPMorgan Chase jointly issued warnings: U.S. stock valuations are too high, and a correction of at least 10% may occur.

- **Cryptocurrency Market Plunges Again**: Bitcoin fell below the $100,000 mark for the first time since June, and Ethereum plummeted by 10%.

- **Data from Job Site Indeed**: U.S. job openings in October fell to the lowest level since April 2021.

- **Two AI Concept Stocks Fall After Earnings Reports**: AMD's Q3 revenue grew by 36% beyond expectations, but its Q4 guidance was less than impressive, leading to a 3% drop at one point after hours. Super Micro Computer reported underwhelming earnings for the last quarter and lackluster guidance for the current quarter, falling by 10% at one point after hours.

- **NVIDIA Joins Hands with German Electric to Build Europe's Largest AI Center**: Deploy up to 10,000 GPUs, increasing Germany's AI computing power by 50%.

- **Apple Plans to Launch Its First Low-Cost Mac**: Priced far below $1,000, challenging Microsoft and Chromebook.

- **U.S. Office Real Estate Crisis Accelerates**: The default rate on office CMBS (Commercial Mortgage-Backed Securities) exceeded 11.8%, hitting a record high and surpassing the peak during the 2008 financial crisis.

# Market Closing Quotes

- **U.S. and European Stock Markets**:

 - The S&P 500 fell 1.17% to close at 6,771.55 points.

 - The Dow Jones Industrial Average dropped 0.53% to close at 47,085.24 points.

 - The Nasdaq Composite Index declined 2.04% to close at 23,348.637 points.

 - Europe's STOXX 600 Index fell 0.30% to close at 570.58 points.

- **A-Shares**:

 - The Shanghai Composite Index fell 0.41% to close at 3,960.19 points.

 - The Shenzhen Component Index dropped 1.71% to close at 13,175.22 points.

 - The ChiNext Index declined 1.96% to close at 3,134.09 points.

- **Bond Market**: By the end of the bond market session, the yield on the 10-year U.S. benchmark Treasury note was approximately 4.09%, down about 2 basis points intraday; the yield on the 2-year U.S. Treasury note was around 3.58%, also down about 2 basis points intraday.

- **Commodities**:

 - WTI Crude Oil Futures for December closed down 0.80% at $60.56 per barrel.

 - Brent Crude Oil Futures for January closed down 0.69% at $64.44 per barrel.

 - COMEX Gold Futures for December fell 1.33% to close at $3,960.5 per ounce.

 - COMEX Silver Futures for December dropped 1.58% to close at $47.291 per ounce.

 - LME Copper Futures closed down approximately 1.8% at $10,664 per ton.

 - LME Aluminum Futures fell nearly 1.5% to close at $2,859 per ton.

### Notes on Key Terms:

1. **Black Tuesday**: A term derived from the 1929 U.S. stock market crash, now commonly used to describe a day of sharp and significant declines in stock markets.

2. **Short (a stock)**: An investment strategy where an investor borrows shares and sells them, hoping to buy them back later at a lower price to return to the lender, profiting from the price drop.

3. **After-hours trading**: Trading that occurs outside the regular stock exchange hours (typically 9:30 AM - 4:00 PM ET for U.S. exchanges), where stock prices may fluctuate based on earnings releases or other news.

4. **CMBS (Commercial Mortgage-Backed Securities)**: A type of mortgage-backed security backed by commercial real estate loans (e.g., office buildings, shopping malls) rather than residential mortgages.

5. **Basis point (bp)**: A unit of measurement for interest rates, equal to 0.01% (e.g., a 2-basis-point drop means the yield decreases by 0.02%).

# Details of Key News

## Global Highlights

### Joint Communiqué of the 30th Regular Meeting between the Premiers of China and Russia: Deepen Cooperation in Arctic Shipping Route, Artificial Intelligence and Information Technology  

According to Xinhua News Agency, the two sides agreed to carry out cooperation on Arctic issues and deepen collaboration within the framework of the Sub-Committee on Arctic Shipping Route Cooperation under the Committee for Regular Meetings between the Premiers of China and Russia. An Expert Committee on Artificial Intelligence Cooperation will be established within the framework of the Artificial Intelligence Working Group under the Sub-Committee on Communications and Information Technology Cooperation of the aforementioned committee. Serving as an analysis and consultation mechanism, this expert committee will provide specific recommendations, technical solutions, and practical approaches to support cooperation in areas such as AI ethical governance, standardization, and industrial application. Additionally, efforts will be made to strengthen exchanges between the Cyberspace Administration of the People's Republic of China and the Federal Service for Supervision of Communications, Information Technology and Mass Media of the Russian Federation in relevant fields.

### China's Ministry of Commerce Comments on Issues Related to Nexperia  

The Dutch side continues to act arbitrarily without taking practical actions to resolve the issue, and it is hoped that the Dutch side will stop interfering in the internal affairs of enterprises. According to China's Ministry of Commerce, on September 30, the Dutch government issued an executive order that improperly interfered in the internal affairs of Nexperia. Subsequently, a Dutch enterprise court made an erroneous ruling to strip Chinese enterprises of their equity, seriously infringing on the legitimate rights and interests of Chinese enterprises. Since then, despite the reasonable demands put forward by China in multiple consultations, the Dutch government has not shown a constructive attitude or taken constructive actions; instead, it has escalated the global supply chain crisis. On October 26, Nexperia (Netherlands) announced the suspension of wafer supply to Nexperia (China), rendering the latter unable to conduct normal production and causing turbulence and chaos in the global semiconductor supply chain. The Dutch side should bear full responsibility for this.

### U.S. Supreme Court to Rule on Wednesday: Fate of Trump's Tariffs Hinges on Three Justices He Appointed  

The core of this case lies in whether the President has the authority to impose tariffs without explicit authorization from Congress under a national security emergency. Although the court is dominated by Republican-appointed justices, the positions of three key justices personally appointed by Trump—Barrett, Gorsuch, and Kavanaugh—have attracted significant attention, as they have previously indicated that they may not necessarily support the President's claim to expand his authority. Analysts believe that Kavanaugh is most likely to support the tariffs; Gorsuch's stance is uncertain due to his adherence to textualism; and Barrett's attitude is more pragmatic, making her one of the most unpredictable "swing votes." The final outcome of the case will depend on the voting tendencies of these justices.

### U.S. Treasury Secretary Yellen: I Will Go to the Supreme Court to Emphasize the Importance of Tariffs  

As the U.S. Supreme Court is set to hear the case on the legality of Trump's tariff policy this Wednesday, Yellen publicly stated that she will go to the Supreme Court to "emphasize the importance of tariffs." She added that if the court makes an unfavorable ruling, the government will "find another way." Trump had previously considered attending the hearing in person but later changed his mind, stating, "I don't want people to focus on me. This is not about me personally; it's about our country."

### U.S. Senate Fails to Pass Appropriations Bill: Federal Government Shutdown Set to Break Record  

On the 4th, the U.S. Senate once again failed to pass a temporary appropriations bill for the federal government. This means that the current federal government shutdown, which began on October 1, is about to break the previous record of 35 days set from the end of 2018 to the beginning of 2019, becoming the longest government shutdown in U.S. history.

### After a One-Month Shutdown, Signs of a "Reopening" Emerge for the U.S. Government  

Thirty-four days into the U.S. federal government shutdown, a turning point has emerged. Senior Republican officials in the Senate have released optimistic signals, stating that a solution is within reach. Although both parties perceive progress, the issue of healthcare subsidies remains a core obstacle to reaching an agreement. Moderate members of the House of Representatives have put forward specific compromise proposals in an attempt to break the deadlock.

### The U.S. Is Heading for a "Liquidity Crisis"—Is a "Government Shutdown" Equivalent to an Interest Rate Hike? The Next Step Is Crucial for the Market  

The core reason for the tight liquidity is that the government shutdown has forced the Treasury Department to increase its cash balance from $300 billion to $1 trillion over the past three months. The U.S. government shutdown has drained $700 billion in liquidity from the market, leading to a sharp drop in banking system liquidity and a surge in financing interest rates—an effect comparable to multiple interest rate hikes. Key financing indicators show that market pressure has reached a critical point.  

Analysts point out that the $1 trillion in fiscal cash may trigger risks for risky assets. If financing conditions deteriorate further before the government "reopens," the market may repeat the vicious cycle of the 2019 repo crisis. However, crises also contain opportunities for a turnaround. Once the government reopens, the Treasury Department will release hundreds of billions of dollars in cash. This "invisible quantitative easing" may trigger a large-scale rush to buy risky assets, driving a significant stock market rally at the end of the year.

### Wall Street Warns: The Market Is Overly Optimistic About Inflation—Beware of the Risk of a "Hawkish Surprise"  

Deutsche Bank and JPMorgan Chase have warned that investors may underestimate the persistence of inflation and the lagging impact of tariffs. Deutsche Bank believes that strong economic growth, rapid interest rate cuts, fiscal stimulus, and rising energy prices are accumulating inflationary pressures; JPMorgan Chase estimates that tariffs may push U.S. core CPI to 4.6% by 2026. If inflation exceeds expectations, central banks may be forced to turn hawkish again, potentially leading to a repeat of stock market corrections and gold rallies.

### CEOs of Goldman Sachs and JPMorgan Chase Jointly Issue Warnings: U.S. Stock Valuations Are Too High—A Correction of at Least 10% May Occur  

CEOs of Goldman Sachs, JPMorgan Chase, and other institutions believe that despite strong corporate earnings, current valuation levels are worrying, especially for technology stocks. Goldman Sachs predicts a possible correction of 10% to 20%, but emphasizes that this would be a healthy adjustment rather than a crisis. At the same time, Goldman Sachs and JPMorgan Chase remain optimistic about the Asian market and are bullish on the growth prospects of China, Japan, and India.

### Cryptocurrency Market Plunges Again: Bitcoin Falls Below $100,000 Mark for the First Time Since June, Ethereum Plummets 10%  

On Tuesday, the price of Bitcoin fell sharply, dropping below the $100,000 mark for the first time since June, once dipping to around $99,932 and breaking below its 200-day moving average, marking the second-largest single-day decline this year. According to Coinglass statistics, over 342,000 investors were liquidated globally in the past 24 hours, with liquidation amounts exceeding $1.3 billion, of which long positions accounted for 85% of the losses.

### "Institutional Demand for Bitcoin Falls Below Mining Speed for the First Time in 7 Months"  

Analysts believe that the shadow of the cryptocurrency market turbulence in October still lingers, and investors will not easily enter the market until clear signals of price support emerge. Meanwhile, institutional demand for Bitcoin has fallen below the speed of new coin mining for the first time in seven months—a shift that suggests large-scale buyers may be pulling back. In addition, the activation of some long-dormant wallets and profit-taking have exerted some selling pressure on the market.

### Data from Job Site Indeed: U.S. Job Openings in October Fall to Lowest Level Since April 2021  

Indeed's job posting index stood at 101.9 as of October 24, the lowest level since early February 2021. This level is approximately 0.5% lower than the start of the month and about 3.5% lower than mid-August, when the U.S. Bureau of Labor Statistics last released relevant data. The index uses February 2020 as the baseline value of 100.

### AMD's Q3 Revenue Grows 36% Exceeding Expectations, but Q4 Guidance Is Less Impressive  

The midpoint of AMD's Q4 revenue guidance is $9.6 billion, which, while higher than the average analyst expectation of $9.2 billion, is still lower than the optimistic expectation of $9.9 billion from some analysts; its gross profit margin guidance is 54.5%, in line with the consensus analyst expectation. After the earnings report was released, AMD's stock price fell by approximately 3% in after-hours trading.

### Super Micro Computer's Earnings and Guidance Are Underwhelming  

Super Micro Computer's revenue and EPS for the first fiscal quarter were both below expectations, and its EPS guidance for the second fiscal quarter also fell short of expectations. After the earnings report was released, its stock price fell by 10% at one point in after-hours trading.

### NVIDIA Joins Hands with German Electric to Build Europe's Largest AI Center: Deploy Up to 10,000 GPUs to Boost Germany's AI Computing Power by 50%  

The two companies will jointly build a 1 billion euro ($1.2 billion) data center in Munich, Germany, which is expected to start operations in the first quarter of 2026. By then, it will increase Germany's AI computing power by approximately 50%.

### "Severe Shortage" of Memory Chips—Price Increases for DRAM and DDR Are "Inevitable"; UBS Raises Target Prices for Samsung and SK Hynix  

The memory chip industry is facing a "severe shortage." A UBS report points out that the contract price of DDR memory is expected to rise by 21% or more month-on-month in the fourth quarter of 2025. Based on this, UBS has raised the target stock prices of Samsung Electronics and SK Hynix, and expects the supply shortage to last at least until the end of 2026, with the price uptrend likely to continue until the first quarter of 2027.

### Apple Plans to Launch Its First Low-Cost Mac, Priced Far Below $1,000 to Challenge Microsoft and Chromebook  

According to media reports, Apple is preparing to launch its first low-cost Mac laptop in history, with an expected price far below $1,000, and it may be unveiled as early as the first half of next year. The new machine will use an iPhone processor and a low-end LCD screen, targeting the education and entry-level markets to challenge Chromebook and Windows PCs.

### U.S. Office Real Estate Crisis Accelerates: Office CMBS Default Rate Surpasses 11.8%, Hitting a Record High Exceeding the 2008 Financial Crisis Peak  

In October, the default rate on U.S. office CMBS (Commercial Mortgage-Backed Securities) soared to 11.8%, a record high that surpasses the peak during the 2008 financial crisis. This rate has surged tenfold from 1.8% in just three years. The popularity of remote work has pushed the vacancy rate to 20%, reaching as high as 36.9% in San Francisco. $230 billion in office loans will mature in 2025, with project failures already occurring in many places, and regional banks and pension funds facing risks of asset revaluation and loss spread.

## Domestic Macroeconomics

### U.S. Media: China Has Never Had Such a Level of Pricing Power in Seaborne Iron Ore—It Will Begin to Take Control  

Simandou, the world's largest undeveloped iron ore mine, has officially started production. Through the key equity holdings of its leading enterprises and dominance in infrastructure, China has gained control of a stable supply of high-quality seaborne iron ore for the first time. This move will reshape the global iron ore pattern monopolized by the three major giants and enhance China's pricing power over iron ore.

### How the New Gold Policy Affects Market Participants  

Citic Construction Investment Securities believes that the intent of this new gold policy is clear: to guide transactions to shift to on-exchange platforms, improve regulatory transparency, and diverge investment and consumption demand. It will affect three groups: exchange members must conduct strict declarations; investors will face lower tax burdens for on-exchange transactions; and processing and retail enterprises may face higher costs, which could be passed on to the consumer end.

### Deutsche Bank: Gold ETF Outflows Are Weakening, and the Impact of China's New Tax Policy Is Minimal  

The wave of gold ETF outflows that has driven the recent correction in gold prices is gradually weakening, with the cumulative outflow scale reaching 86% of the previous total. Most of the selling pressure has been released, indicating that the price correction is approaching an end. At the same time, the impact of China's new gold value-added tax policy on overall demand and imports is expected to be moderate, as falling gold prices offset cost pressures and investment demand remains stable.

### Hong Kong Property Market Warms Up: Tycoons Like Zhang Yong Flock to Buy Super Luxury Homes; Mainland Chinese Have Spent Nearly HK$100 Billion on Homes in Hong Kong  

Transaction volume in Hong Kong's property market has increased significantly. In the first nine months, mainland Chinese spent nearly HK$100 billion on home purchases in Hong Kong, and over 80% of new buyers of luxury homes in Hong Kong are from the Chinese mainland. Zhang Yong, the former CEO of Alibaba, recently bought a four-bedroom apartment for HK$535.4 million. An important reason for mainland Chinese to buy homes in Hong Kong is that, in addition to the high rental yield, Hong Kong's status has become increasingly important amid Sino-U.S. games in the context of interest rate cuts.

## Domestic Companies

### Tesla China's Shipments Return to a Downtrend: Down 9.9% YoY in October, Plunging 32.3% MoM  

According to data released by the China Passenger Car Association (CPCA) on Tuesday, Tesla's Shanghai Gigafactory shipped 61,497 vehicles in October, a year-on-year decrease of 9.9%. This not only reversed the slight 2.8% growth in September but also represented a sharp 32.3% month-on-month decline. Global demand has weakened simultaneously, with the termination of U.S. tax subsidies and weak demand in the European market weighing on sales.

### Feitian Moutai Falls Below 1,700 Yuan—Moutai Faces Its Most Uncertain Winter  

### Starbucks China Changes Ownership, to Open 12,000 More Stores in the Future  

## Overseas Macroeconomics

### The Embarrassing Truth Behind the U.S. Stock Rally: Except for the "Magnificent Seven," the Other 493 Stocks Are "Deep in Trouble"  

The rally of the S&P 500 Index relies heavily on the seven major tech giants, whose Q3 earnings grew by 27%, while the profit growth rate of the other 493 constituent stocks was only 8.8%. The equal-weighted index is discounted by more than 25% relative to the S&P 500, approaching the level seen during the tech bubble in the late 1990s. Although high market concentration has raised concerns about a bubble, Wall Street strategists believe that as long as the earnings of tech giants remain strong, investors should continue to bet on this trend, and the possibility of a major market decline is low.

### U.S. Dollar Index Breaks Above 100 Mark for the First Time Since August 1  

The core driver of this round of gains stems from the unexpected hawkish signals released by Federal Reserve Chair Powell, combined with the relatively loose monetary policies of major economies such as Japan and Europe, as well as safe-haven demand triggered by the domestic political deadlock in the United States.

### British Pound Falls to Seven-Month Low; UK Chancellor Reeves Commits to Cutting Debt to Pave the Way for Tax Hikes  

UK Chancellor of the Exchequer Reeves hinted that the Labour government may abandon its "no tax hike" commitment to address a fiscal gap of up to £35 billion. She emphasized that cutting debt and curbing inflation are top priorities, laying the groundwork for potential tax hikes in the November budget.

## Overseas Companies

### Follow-Up to OpenAI's Internal Turmoil: 52-Page PPT Full of "Dirt" on Altman; Female CTO Reported Him  

According to 62 pages of testimony from former OpenAI Chief Scientist Ilya Sutskever, the dismissal of Sam Altman in November 2023 was planned for a year. Based on second-hand information and screenshots provided by former CTO Mira Murati, Sutskever wrote a 52-page secret memo accusing Altman of "lying, manipulating, and sowing discord," which led to the decision to dismiss Altman. The board of directors held discussions with competitor Anthropic about a merger within 24 hours of dismissing Altman, but the plan was shelved due to practical obstacles.

### When Microsoft's CEO Said "Insufficient Power May Lead to Chip Stockpiles," Neither He nor Altman Knew How Much Electricity AI Actually Needs  

AI giants are facing a new bottleneck: electricity. Microsoft CEO Satya Nadella revealed that the chips the company has purchased are sitting idle due to insufficient power supply and data center capacity. Altman pointed out that tech companies face a dilemma: if they lock in long-term power contracts now, they may suffer losses due to breakthroughs in new energy technologies in the future; if they underinvest, they may be unable to meet the explosive growth in AI demand.

### SK Hynix Surges 240% This Year—Korea Exchange Rarely Issues Risk Warning  

On Monday evening, the Korea Exchange issued an "investment caution notice" for SK Hynix's stock. Affected by this, SK Hynix fell by 5.4% on the Korea Exchange on Tuesday, marking its largest decline in three weeks. It is extremely rare for the Korea Exchange to issue such a notice for a large-cap stock. This move is triggered by a sudden or unexplained sharp fluctuation in stock price or trading volume, aiming to remind investors to act cautiously without immediately halting trading.

# Shorting the AI Bubble: "The Big Short" Investor Allocates 80% of Positions to Shorting Palantir and NVIDIA  

Michael Burry is putting his money where his mouth is by betting on the burst of the AI bubble. Regulatory filings show that the Scion Fund he manages has concentrated approximately 80% of its positions in shorting NVIDIA and Palantir, with a notional value exceeding $1 billion. However, both stocks have continued to rise since the end of September, pushing his positions into paper losses. Palantir's CEO lashed out at "the Big Short" investor, calling the move "absolutely crazy" and questioning the existence of market manipulation.  

# As One of Tesla’s Top 10 Shareholders, Norway’s Sovereign Wealth Fund to Vote Against Musk’s "Trillion-Dollar Compensation Package" Again  

As early as 2024, the world’s largest sovereign wealth fund had already opposed Musk’s $56 billion compensation plan. Musk previously stated that if shareholders reject his compensation package again, he will leave Tesla. Morgan Stanley warned that if Musk’s compensation plan is not approved, Tesla’s stock price may face an immediate sell-off of more than 10%, which the market will view as a vote of no confidence in his leadership.  

# Uber’s Q3 Gross Bookings Surge 21%, But Operating Profit Falls Short of Expectations  

Uber’s Q3 operating profit reached $1.11 billion, below analysts’ expectations. However, its operating data showed highlights: gross bookings increased by 20% year-on-year to $49.7 billion, exceeding analysts’ forecasts. The ride-hailing and food delivery businesses performed strongly, while the freight business remained sluggish. The earnings report revealed weak Q3 profits and a slowdown in Q4 growth guidance, leading to a more than 5% drop in the company’s stock price.  

# U.S. "M&A Frenzy" Nears Record High: 4 "Major Mergers" in One Day, Valued at Over $80 Billion  

On Monday, Kimberly-Clark acquired Johnson & Johnson (the parent company of Tylenol) for $48.7 billion. After the merger, Kimberly-Clark will become the world’s second-largest seller of health and personal care products, second only to Procter & Gamble. The other three transactions cover the energy, industrial, and mining sectors. This year, the number of U.S. transactions worth over $1 billion has reached 57, the highest level since records began in 1970. The U.S. M&A boom is a microcosm of the recovery in global transaction activity: the total value of global M&A transactions this year has reached $3.8 trillion, approximately 38% higher than the same period in 2024.  

# Wind Power Giant Ørsted "Cuts Losses to Survive," Sells 50% Stake in "World’s Largest Offshore Wind Farm" to PE Giant Apollo for $6.5 Billion  

By selling a stake in its core asset, Ørsted will receive a $6.5 billion capital injection from Apollo, alleviating the dual pressures of rising interest rates and North American policy risks it currently faces. The transaction will help the company maintain the operation of other projects, while introducing Apollo’s capital and professional experience in infrastructure to ensure the continued construction of its flagship project and advance the UK’s key decarbonization initiative.  

# Pfizer’s Q3 Revenue Drops 6% Year-on-Year (More Than Expected), Non-COVID Business Shines; Company Raises Full-Year Earnings Forecast  

Pfizer’s Q3 revenue reached $16.65 billion, a 6% year-on-year decline, mainly dragged down by falling demand for COVID-related products. Pfizer raised its forecast for full-year adjusted earnings per share to $3–$3.15, up from the previous forecast of $2.9–$3.1, as growth in its non-COVID business offset the overall revenue decline. Pfizer’s U.S. stock rose more than 2% in pre-market trading but later fell nearly 1.5%.  

# Industries/Concepts  

1. **Commercial Aerospace** | According to an official WeChat announcement from Galactic Energy, on November 4, Galactic Energy successfully completed a static test of the first-stage propulsion system of the Zhishenxing-1 reusable liquid launch vehicle at the semi-fixed rocket stage test platform of the Oriental Aerospace Port in Haiyang, Shandong. This test marks another key progress following the recent successful static test of the second-stage propulsion system of the same model, indicating that all major ground tests for Zhishenxing-1 have been completed and its maiden launch is imminent.  

2. **Foldable Screens** | According to Securities Times, a tech blogger revealed that Apple’s foldable iPhone will be released next year, with a starting price of no more than 16,000 yuan, overlapping with the pricing range of Huawei’s Mate X6 foldable phone. The new device will feature an external screen of approximately 5.5 inches and an internal screen of about 7.8 inches (close to the size of the iPad mini), highlighting "almost no creases on the internal screen." It will be equipped with the A20 series chip, a dual rear camera setup, front-facing cameras on both the internal and external screens, support side fingerprint recognition, and will not include Face ID.  

3. **AI in Healthcare** | Based on summarizing the experience of various regions in the application and management of artificial intelligence, the National Health Commission has formulated the *Implementation Opinions on Promoting and Regulating the Application and Development of "Artificial Intelligence + Healthcare"*, and jointly issued it with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the National Administration of Traditional Chinese Medicine, and the National Disease Control and Prevention Administration for implementation. The document proposes that by 2027, a number of vertical large models and intelligent applications for clinical specialized diseases will be developed; intelligent assistance for primary-level diagnosis and treatment, intelligent decision-making for clinical specialized disease diagnosis and treatment, and intelligent services for patient consultations will be widely applied in medical and health institutions; more high-value application scenarios will be created to drive the high-quality development of the health industry. By 2030, the coverage of intelligent assistance for primary-level diagnosis and treatment will basically be universal.  

4. **Smart Glasses** | According to CCTV News, recent industry data shows that the AI glasses market is growing at an astonishing rate, and tech giants such as Google, Apple, and Meta are accelerating their layout. In terms of market positioning, AI glasses are developing in two directions: first, serving as a mobile phone accessory to enhance mobile phone functions; second, gradually evolving into independent devices that may eventually replace smartphones. The latest data shows that in the first half of 2025, global shipments of AI glasses reached 4.065 million units, a year-on-year increase of 64.2%.  

5. **Stem Cells** | According to reports, an international research team led by the Catalan Institute for Bioengineering (IBEC) in Spain has successfully developed a new technology for the large-scale production of human kidney organoids. "Kidney organoids" are three-dimensional structures cultivated from human stem cells in the laboratory. Using microaggregation and genetic engineering technologies, the research team has established a systematic and scalable production process for the first time, enabling the high-precision generation of thousands of kidney organoids in a controlled environment within a short period. This will help reduce the waiting time for patients with chronic diseases and increase the number of organs available for transplantation. Researchers believe that this method provides a feasible path for repairing or optimizing donor organs before transplantation in the future.  

6. **Satellite Internet** | The China Surveying and Mapping Geographic Information Conference is Approaching, with Broad Prospects for Future Applications. From November 5 to 7, the 2nd China Surveying and Mapping Geographic Information Conference will be held in Deqing County, Zhejiang Province. Guided by the Ministry of Natural Resources, the conference is co-hosted by the China Geographic Information Industry Association, the Chinese Society of Surveying and Mapping, and the China Satellite Navigation and Positioning Association. The conference will cover topics such as the new-quality development of the geographic information industry, the global application of Beidou, and technological innovation. A concurrent expo will feature an exhibition area of over 20,000 square meters, showcasing cutting-edge technologies such as remote sensing satellites and Beidou applications, as well as industry solutions.  

7. **Innovative Drugs** | According to a CCTV News report, from October 30 to November 3, the National Healthcare Security Administration organized negotiations and bidding for the 2025 National Basic Medical Insurance Drug List and price negotiations for the commercial insurance innovative drug list. A total of 120 domestic and foreign enterprises participated on-site, including 127 off-list drugs for negotiations and bidding for the National Basic Medical Insurance Drug List, and 24 drugs for price negotiations for the commercial insurance innovative drug list. After the completion of subsequent technical, administrative, and legal procedures, the new version of the National Basic Medical Insurance Drug List and the first commercial insurance innovative drug list are scheduled to be released simultaneously online and offline in Guangzhou on the first weekend of December, and will be officially implemented on January 1 next year.  

8. **Consumer Electronics** | According to Nintendo’s earnings report released on November 4, the company has raised its sales forecast for the Switch 2, expecting sales to reach 19 million units by March next year, up from the previous forecast of 15 million units. Nintendo also raised its forecast for full-year operating profit by nearly 16% to 370 billion yen. The Nintendo Switch 2 was officially launched on June 2 this year and was well-received by gamers, becoming the fastest-selling game console in the world.  

# Today’s Key News Preview  

- October Services and Composite PMIs for China, the U.S., the Eurozone, and the UK.  

- September PPI for the Eurozone.  

- Trump may attend the hearing in person to observe the U.S. Supreme Court’s key "tariff ruling."  

- The 8th China International Import Expo will be held in Shanghai from November 5 to 10.  

- The Bank of Japan will release the minutes of its September monetary policy meeting.  

- Seres is expected to list on the Hong Kong Main Board on November 5.  

- U.S. EIA crude oil inventory changes for the previous week.  

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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.