Morning News

Source: Wall Street News

Supported by better-than-expected U.S. economic data and the strength of some tech stocks, U.S. stocks rebounded, with all three major U.S. stock indexes closing higher for the first time this week. Ahead of its shareholder meeting, Tesla rose 4%; Google climbed over 2% to close at a new all-time high. The semiconductor index rebounded 3%, with AMD up 2.5%, Broadcom gaining 2%, and Micron surging nearly 9%, while NVIDIA fell close to 2%. Despite reporting strong earnings, Qualcomm still dropped more than 4% at one point in after-hours trading.

Following the release of U.S. ADP employment data, U.S. Treasury prices declined and yields turned higher. After the ISM data was announced, the yield increase expanded, hitting a one-month high. In the wake of the U.S. ISM data, the U.S. Dollar Index reached a five-month high but then reversed to a decline; the offshore RMB approached 7.14 during intraday trading, a three-week low, before rebounding by nearly 100 pips at one point.

Cryptocurrencies, which had plummeted for several consecutive days, rebounded: Bitcoin reclaimed the $104,000 level intraday, bouncing more than 5% from Tuesday's low; Ethereum rose over 10% from Tuesday's low at one stage.

Spot gold rebounded by more than 1%, and gold futures pulled away from a nearly one-month low. London copper ended a four-day losing streak, temporarily moving away from a nearly two-week low. U.S. EIA crude oil inventories saw an unexpected sharp increase last week, causing crude oil to turn lower intraday and close at a two-week low. U.S. oil fell below $60, dropping nearly 2% at one point.

During the Asian session, Chinese stocks staged a major reversal. The ChiNext Index closed up over 1%, with a surge in limit-up moves in the power grid equipment sector, while semiconductors remained weak. The decline of Hong Kong stocks narrowed significantly.

# Key News

- Wang Jiang, Deputy Director of the Central Financial Work Office: Accelerate the construction of a strong financial country to provide strong support for Chinese-style modernization.

- The moment to decide the fate of Trump's tariffs has arrived: the U.S. Supreme Court held a public hearing, with judges questioning the legality of the tariffs.

- The U.S. government has been shut down for 36 days, setting a record for the longest shutdown in history. Trump stated that the government shutdown has impacted the stock market, but still expects the market to reach new highs. He called for an end to the "filibuster" rule in a bid to restart the government as soon as possible.

- The market's "U.S. Midterm Election Weather Vane": In the first general election during Trump's tenure, the Democratic Party achieved an "overwhelming victory".

- Signals of stable employment: The U.S. "small non-farm" ADP employment increased by 42,000 in October, exceeding expectations, while wage growth remained stagnant; the U.S. ISM Services PMI in October rebounded beyond expectations to an eight-month high, with the Price Paid Index hitting a three-year high.

- The Eurozone Composite PMI rose to a 29-month high in October. Germany's strong recovery has become a growth engine, while France remains mired in contraction.

- The U.S. Treasury kept its quarterly refinancing scale unchanged but signaled that it may increase bond issuance scale in the future.

- Federal Reserve Governor Milan: The ADP employment data was a reassuring surprise; expects to continue interest rate cuts and warned that the tariff ruling may weigh on the economy.

- Is falling below $100,000 just the beginning? Bitcoin "whales" sold off $45 billion worth of Bitcoin in a month, and the selling wave may continue until next spring.

- SK hynix gained the upper hand in negotiations with NVIDIA; HBM4 prices rose by more than 50%, locking in record-breaking performance for next year in advance.

- Wegovy sales fell short of expectations; Novo Nordisk's Q3 revenue increased by 5%, and it lowered its full-year performance guidance for the fourth time.

- Qualcomm's revenue in the last quarter increased by 10% beyond expectations, and its guidance for the current quarter was higher than expected, yet it still dropped more than 4% at one point in after-hours trading.

# Market Closing Quotes

## U.S. and European Stocks

- S&P 500: Rose 0.37%, closing at 6,796.29 points.

- Dow Jones Industrial Average: Gained 0.48%, closing at 47,311.00 points.

- Nasdaq Composite Index: Advanced 0.65%, closing at 23,499.797 points.

- European STOXX 600 Index: Increased by 0.23%, closing at 571.90 points.

## A-Shares

- Shanghai Composite Index: Rose 0.23%, closing at 3,969.25 points.

- Shenzhen Component Index: Gained 0.37%, closing at 13,223.56 points.

- ChiNext Index: Advanced 1.03%, closing at 3,166.23 points.

## Bond Market

By the end of the bond market session, the yield on the U.S. 10-year benchmark Treasury note was approximately 4.16%, up about 7 basis points intraday; the yield on the U.S. 2-year Treasury note was around 3.63%, rising about 5 basis points intraday.

## Commodities

- WTI Crude Oil Futures (December contract): Closed down 1.59%, at $59.60 per barrel.

- Brent Crude Oil Futures (January contract): Closed down 1.43%, at $63.52 per barrel.

- COMEX Gold Futures (December contract): Closed up 0.82%, at $3,993.9 per ounce.

- LME Copper Futures: Closed up approximately 0.3%, at $10,698 per ton.

- LME Zinc Futures: Closed down about 1.5%, at $3,043 per ton.

**Source**: Wall Street CN (Wall Street Insights)  

### Notes on Key Terms

- **ADP Employment Data**: Often referred to as the "small non-farm" report, it is a monthly indicator of U.S. private sector employment, serving as a precursor to the official non-farm payrolls data.

- **ISM Index**: The Institute for Supply Management (ISM) Manufacturing/Services PMI, a key indicator reflecting the operating conditions of the U.S. manufacturing and services sectors.

- **HBM (High Bandwidth Memory)**: A high-performance memory chip widely used in high-end GPUs, crucial for AI computing.

- **Limit-up**: A trading mechanism in Chinese stock markets where a stock's price is restricted from rising beyond a certain percentage (typically 10% for most stocks) in a single trading day.

# Detailed Key News

## Global Highlights

- Wang Jiang, Deputy Director of the Central Financial Work Office: Accelerate the construction of a strong financial country to provide strong support for Chinese-style modernization. To accelerate high-level self-reliance and self-improvement in science and technology, it is imperative to speed up the establishment of a sci-tech finance system and provide full-life-cycle and full-chain financial services for scientific and technological innovation. To solidly advance common prosperity for all people, more solid and effective financial support measures must be introduced in aspects such as optimizing the regional economic layout, promoting coordinated regional development, consolidating and expanding the achievements of poverty alleviation, and advancing the comprehensive revitalization of rural areas.

- U.S. senior officials reported to have obstructed discussions with China on NVIDIA chips. According to the Global Times, the Trump administration, despite near-unanimous opposition from senior U.S. advisors, decided not to discuss NVIDIA's request to sell next-generation AI chips to China during the China-U.S. presidential summit. This move signals that the U.S. side maintains a tough stance on the export of advanced chips, even as Trump publicly emphasizes the importance of cooperation with China. China has called on the U.S. not to touch four sensitive issues to ensure that the friendly atmosphere of last week's China-U.S. presidential summit can continue.

- The moment to decide the fate of Trump's tariffs has arrived: the U.S. Supreme Court held a public hearing, with judges questioning the legality of the tariffs. At least a majority of justices expressed reservations about the government's implementation of unlimited global tariffs by declaring a national emergency. Chief Justice Roberts emphasized that the power to impose taxes is a "core power" of Congress and refuted the government's claim that the tariffs are not taxes. Justice Barrett, appointed by Trump, asked the defense lawyer representing the Trump administration where or when the Emergency Powers Act (IEEPA) cited by the government includes "regulating imports" as a basis for authorizing tariff imposition, and questioned the rationale for imposing general reciprocal tariffs. Another Trump-appointed justice, Gorsuch, questioned whether Congress has the authority to delegate tariff-imposing power to the president. The plaintiff's lawyer argued that the tariffs are essentially taxes, and the IEEPA does not allow for the disruption of the global tariff framework.

- The U.S. government has been shut down for 36 days, setting a record for the longest shutdown in history. Trump stated: The government shutdown has impacted the stock market, but he still expects the market to reach new highs. To restart the government as soon as possible, he called for an end to the "filibuster" rule. Trump said that the government shutdown is having a negative impact on the stock market, the aviation industry, and the Supplemental Nutrition Assistance Program (SNAP) food subsidies, but he still anticipates that U.S. stocks will hit new highs.

- Key catalyst to end the U.S. government shutdown: The political consequences of SNAP disruption are severe, and the two parties may be forced to reach a compromise! The U.S. government shutdown has set a record, leading to the suspension of payments under the Supplemental Nutrition Assistance Program (SNAP), which affects approximately 12% of the U.S. population and directly impacts a large group of voters. Bank of America warned that the significant political costs arising from this may prompt the two parties to accelerate negotiations to prevent the situation from deteriorating. Disruptions to medical subsidies and Thanksgiving travel have also become powerful catalysts, and a breakthrough in the shutdown deadlock is imminent.

- The market's "U.S. Midterm Election Weather Vane": In the first general election during Trump's tenure, the Democratic Party achieved an "overwhelming victory". In U.S. local elections, the Democratic Party scored a major victory: Spanberger became Virginia's first female governor, seizing power from the Republican Party; Democrat Mikie Sherrill also won the New Jersey governorship. 34-year-old Mamdani was elected New York City's first Muslim mayor, and his left-wing policies have raised concerns on Wall Street. Against the backdrop of the U.S. government shutdown entering its sixth week, economic pressures and people's livelihood costs have become the top concerns of voters. The election results reflect the public's attitude towards the government shutdown and their judgment on who is responsible, and may indicate voters' tendencies ahead of next year's midterm elections, which will determine which party controls Congress.

- California passes a key proposal, boosting the Democratic Party's chances of regaining five congressional seats and increasing its odds in the midterm elections! According to U.S. media reports, California voters approved Proposition 50 with a 65% support rate, allowing state legislators to redraw congressional district maps, which may enable the Democratic Party to flip up to five Republican seats. This move directly responds to the Texas Republican Party's district redrawing efforts, successfully offsetting its impact and significantly increasing the Democratic Party's chances of regaining control of the House of Representatives in the 2026 midterm elections.

- Signals of stable employment: The U.S. "small non-farm" ADP employment increased by 42,000 in October, exceeding expectations, while wage growth remained stagnant. The U.S. job market showed signs of stabilization after two consecutive months of decline. U.S. ADP employment rose by 42,000 in October, significantly higher than the expected 30,000, reversing the revised decline of 32,000 (revised to 29,000 this time) in the previous month.

- The U.S. ISM Services PMI in October rebounded beyond expectations to an eight-month high, with the Price Paid Index hitting a three-year high. The U.S. ISM Services PMI index stood at 52.4 in October, compared with the expected 50.8 and the previous reading of 50. The New Orders Index jumped to a one-year high. While demand rebounds, inflationary pressures have become more pronounced. The Input Prices Index rose to 70, the highest level in three years. Employment conditions are stabilizing, although the relevant index remains in contraction territory.

- The Eurozone Composite PMI rose to a 29-month high in October. Germany's strong recovery has become a growth engine, while France remains mired in contraction. The Eurozone Composite PMI climbed to 52.5 in October, a new high since May 2023. Germany's services sector has rebounded strongly, with significant growth in new orders and employment, making it a regional growth engine. France's economy has been in contraction for 14 consecutive months, with persistent political uncertainty weighing on its economy. Input cost inflation slowed to a three-month low, but output price increases hit a seven-month high. Analysts believe that moderate growth and controllable inflation provide the European Central Bank with policy flexibility.

- The U.S. Treasury kept its quarterly refinancing scale unchanged but signaled a possible increase in bond issuance in the future, leading to a jump in the 10-year U.S. Treasury yield. The U.S. Treasury Department announced the quarterly refinancing scale for the period from November to January, setting the bond issuance scale at $125 billion, the same as the previous quarter announced in July and in line with the expectations of Wall Street bond traders. The Treasury stated that it will maintain the auction scale of medium- and long-term U.S. Treasuries unchanged for at least the next several quarters, but for the first time, it included wording that "preliminary consideration has been given to increasing the issuance scale of fixed-rate and floating-rate U.S. Treasuries in the future", which the market sees as laying the groundwork for expanding issuance in advance.

- Federal Reserve Governor Milan: The ADP employment data was a reassuring surprise; expects to continue interest rate cuts and warns that the tariff ruling may weigh on the economy. Milan, a newly appointed Federal Reserve Governor by Trump, stated that he believes it is still a "reasonable move" for the Federal Reserve to continue cutting interest rates, including at the last meeting of this year in December. Milan's stance on interest rate cuts makes him an outlier compared to many other Federal Reserve officials. Milan described the latest ADP data as a "reassuring surprise" but pointed out that when considering the overall employment situation, he believes the trend before the U.S. government shutdown is still continuing. He warned that if the U.S. Supreme Court rules that the tariffs imposed by the Trump administration based on economic emergency powers are illegal, this may increase uncertainty and weigh on the economy.

- Is falling below $100,000 just the beginning? Bitcoin "whales" sold off $45 billion worth of Bitcoin in a month, and the selling wave may continue until next spring. Bitcoin fell below $100,000, but the core of this round of decline is not the liquidation of leveraged positions. Data shows that long-term holders sold approximately 400,000 Bitcoins worth $45 billion in the past month, while liquidations amounted to only $2 billion. Analysts pointed out that Bitcoin-holding "whales" have stopped buying, and institutional demand has faded. This wave of selling may continue until next spring, and Bitcoin may further drop to $85,000.

- SK hynix gained the upper hand in negotiations with NVIDIA; HBM4 prices rose by more than 50%, locking in record-breaking performance for next year in advance! Analysts expect that based on the high profit margin of HBM4 and the surge in prices of general-purpose DRAM, SK hynix's operating profit next year may exceed 70 trillion won. Among them, the overall performance of the HBM business is expected to grow by 40% to 50% compared with this year (with sales of approximately 30 trillion won and operating profit of 17 trillion won).

- Wegovy sales fell short of expectations; Novo Nordisk's Q3 revenue increased by 5%, and it lowered its full-year performance guidance for the fourth time. Over the past year, as market competition has intensified, the company's sales growth rate has slowed significantly, in sharp contrast to the previous period of rapid growth driven by Wegovy. Faced with growth pressure, Novo Nordisk adjusted its full-year performance guidance. The company lowered its full-year profit forecast and also reduced the upper limit of its full-year sales forecast range: calculated at constant exchange rates, the full-year sales growth forecast was narrowed to 8% to 11%, compared with the previous forecast of 8% to 14%; the operating profit growth forecast was narrowed to 4% to 7%, down from the previous forecast of 4% to 10%.

- Qualcomm's Q4 financial results exceeded expectations, with quarterly revenue increasing by 10% year-on-year, and its Q1 revenue guidance was higher than expected. However, after the earnings report was released, Qualcomm's stock price turned lower in after-hours trading, dropping more than 4% at one point.

- Hong Hao: Now is not the time to buy gold; the bubble has not yet been digested, and Bitcoin should be waited for until the end of Q3 next year. The gold rally is too rapid, like driving at high speed, which is prone to accidents.

## Domestic Macroeconomics

- China's October RatingDog Services PMI edged down to 52.6, with total new orders remaining in expansion. China's services sector continued to expand at the start of the last quarter of this year. Yao Yu, founder of RatingDog, commented that although complex trade conditions have restrained export business, the solid improvement in domestic demand has continued to drive the expansion of new orders.

- Report: ICBC to open a vault at Hong Kong Airport to help Hong Kong become a global gold trading center. According to reports, Industrial and Commercial Bank of China (ICBC) plans to establish a precious metals vault at Hong Kong Airport and expand its gold trading team to assist Hong Kong in building a global gold trading and clearing center. This move aligns with Hong Kong's strategy of increasing gold storage to 2,000 tons and establishing a central clearing system, and will further strengthen the influence of the Shanghai Gold Exchange.

## Domestic Companies

- Driven by the surge in AI server shipments, Hon Hai's October sales hit a record monthly high since the company's establishment. Hon Hai's latest announcement shows that its revenue in October reached 895.7 billion yuan, surpassing September's 837 billion yuan and far higher than 804.8 billion yuan in the same period last year. The AI server business has become the core growth engine, and cloud network products led the growth among all categories due to strong demand for AI cabinet shipments. The traditional PC and iPhone assembly businesses showed lackluster performance. It is expected that "operations will continue to grow quarter by quarter" in the fourth quarter, benefiting from the surge in AI cabinet shipments and the peak season for ICT products.

- China's version of Tesla! In 2026, XPeng Motors will cooperate with AutoNavi to launch Robotaxi and mass-produce humanoid robots. XPeng Motors, in collaboration with AutoNavi Maps, announced that three self-developed Robotaxi models will officially start trial operations in 2026, integrating AutoNavi's ride-hailing platform, opening up its ecological layout, and entering overseas markets. XPeng also released the humanoid robot IRON and announced the goal of achieving large-scale mass production of high-level humanoid robots by the end of 2026.

- BYD's October sales in the UK soared: New car registrations were nearly seven times that of Tesla, making the UK its largest overseas market. Last year, Tesla's sales in the UK were nearly six times that of BYD; in just one year, the market positions of the two companies have undergone a fundamental reversal. So far this year, BYD's sales in the UK have reached 39,103 units, a surge of more than five times compared with the same period last year, while Tesla's sales have fallen by 4.5% to 35,455 units.

- Driven by the surge in trading volume and IPOs, Hong Kong Exchanges and Clearing Limited (HKEX) saw a 56% jump in Q3 profits. The latest financial report shows that HKEX's core trading and clearing fee revenue in Q3 increased by 54% to HK$7.5 billion, stock trading volume doubled, and the trading volume of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects more than tripled. IPO fundraising in the first nine months reached HK$188.3 billion, far exceeding the same period last year. The Hang Seng Index soared 29% in Q3, driving stock and derivatives trading to hit historical records and bringing substantial profits to the exchange.

## Overseas Macroeconomics

- The U.S. plans to establish a critical minerals trading club. According to the Global Times, the U.S. is joining forces with Japan, South Korea, Australia and other countries to establish a "critical minerals trading club", aiming to restructure the supply chain, reduce dependence on China, and compete for dominance in the AI and green industries. Chinese experts believe that it will be difficult for the U.S. to establish a complete refining capacity in the short term, and this club will hardly have a substantial effect within five years, but it may compete for resource-rich countries and force them to "take sides".

- At a sensitive moment, U.S. stocks are facing successive warnings! A well-known valuation indicator has broken through the red line for the "second time in history", with the last time being in 1999. The Cyclically Adjusted Price-to-Earnings Ratio (Shiller P/E), a well-known valuation indicator, has recently exceeded 40, marking only the second time in history that it has reached this high level—the last time occurred during the dot-com bubble in 1999. Predictions based on this valuation model indicate that the real return of large U.S. growth stocks may be negative over the next decade.

- Beware of the bubble: Deutsche Bank considers shorting AI stocks for risk hedging. Deutsche Bank is exploring ways to hedge its multi-billion-dollar exposure in the data center industry, with considered plans including shorting a basket of AI-related stocks and conducting synthetic risk transfer (SRT) through derivatives. Currently, global concerns about the AI bubble are growing. The Monetary Authority of Singapore and the Korea Exchange have recently issued warnings, and the well-known "big short" investor Michael Burry has heavily shorted NVIDIA and Palantir.

- How big is the U.S. stock bubble? UBS has provided seven observation indicators. The current high valuation of U.S. stocks has triggered market concerns about a potential bubble. A UBS report points out that the market already exhibits seven indicators of bubble formation: the "buy the dip" mentality, the "this time is different" narrative driven by AI technology, the intergenerational memory gap, overall profit growth pressure, high market concentration, active retail investor participation, and a loose monetary environment. However, the report believes that the market is still in the early stage of a potential bubble and has not yet reached a dangerous peak, as valuations have not reached extreme levels, the proportion of technology investment in GDP is controllable, and there are no peak signals such as extreme mergers and acquisitions similar to those during the millennium bubble.

- Following South Korea, Singapore issues an AI bubble warning: Tech stock valuations are too high, and the risk of market correction is increasing! The Monetary Authority of Singapore (MAS) pointed out that the rally in AI-related stocks is mainly driven by valuation expansion rather than profit growth. If market optimism about the profitability of AI weakens, it may trigger a sharp market correction. Just before MAS issued the warning, due to the fact that companies such as Palantir and AMD failed to meet market expectations with their earnings outlooks, a wave of selling occurred in global semiconductor stocks, with market value evaporating by approximately $500 billion.

- Norway suspends "ethical investment rules" to prevent the world's largest sovereign fund from selling U.S. tech stocks. Norway's center-left government urgently promoted a bill to pass in parliament on Tuesday, suspending the work of the independent ethics committee to avoid being forced to sell shares of U.S. tech giants such as Amazon, Microsoft, and Alphabet. The fund's holdings of shares in the seven major U.S. tech companies account for more than 15% of its equity investment portfolio.

# Overseas Companies

Tesla's Board of Directors to Shareholders: Either Compensate Musk, or Bear the Consequences. Tesla's board of directors has asked shareholders to approve a compensation package for Elon Musk of up to $878 billion, warning that rejecting it could lead to his resignation and a collapse in the company's stock price. The board argues that only Musk can achieve the goals of autonomous driving and robotics, and if successful, the company's market value will reach $8.5 trillion. However, major shareholders such as the California Public Employees' Retirement System (CalPERS) and the Norwegian Sovereign Wealth Fund oppose the package, stating that the compensation is excessively high and exacerbates "key person risk." Experts have criticized this as being "held hostage by a superstar CEO," which violates corporate governance principles.

Apple Plans to Spend $1 Billion on Google's AI Services; 1.2-Trillion-Parameter Model to Power Major Siri Upgrade. Reports indicate that the new version of Siri is expected to launch in the spring of next year, with Google's Gemini model set to handle core functions such as information integration and task execution for Siri. However, Apple has emphasized that this is only a transitional solution and that it is still developing its own 1-trillion-parameter model. Following the announcement of this news, the stock prices of both companies briefly jumped to intraday highs on Wednesday.

Will AI Training Spark a Cooling Revolution? Goldman Sachs: Liquid Cooling to Overtake Air Cooling in Full Swing Next Year, with CAGR Exceeding 100%! According to Goldman Sachs' latest research report, the global server cooling market is ushering in a period of structural growth opportunities, and the total market size is projected to reach $17.6 billion by 2027. AI training servers are the core driver, with an expected compound annual growth rate (CAGR) of up to 101%. The penetration rate of liquid cooling is anticipated to surge from 15% in 2024 to 80% in 2027. The growth momentum stems from the surge in demand for high-power AI servers and the increase in the unit value of liquid cooling solutions.

Anthropic Makes Bold Prediction: 180-Fold Revenue Growth in Four Years, Positive Cash Flow Three Years Ahead of OpenAI. Anthropic has significantly raised its revenue forecast: it expects to achieve $70 billion in revenue by 2028, representing an approximately 13-fold increase from this year and a more than 182-fold increase from last year. More crucially, Anthropic anticipates achieving positive cash flow as early as 2027, three years ahead of OpenAI's 2030 target. OpenAI has been hindered primarily by substantial development costs.

McDonald's Q3 Net Profit Edges Down, Same-Store Sales Exceed Expectations; "Value Meal Deals" Drive U.S. Market Recovery. In the third quarter, McDonald's global same-store sales rose by 3.6%, slightly exceeding expectations, with same-store sales in the U.S. market growing by 2.4%. In August, the company reduced the prices of certain meal combinations and launched a "buy-one-get-one-free" promotion covering products such as sausage biscuits and double cheeseburgers.

# Industries/Concepts

1. Beidou Navigation | According to the website of the Beijing Municipal Bureau of Economy and Information Technology, recently, the Beijing Municipal Bureau of Economy and Information Technology, Tianjin Municipal Bureau of Industry and Information Technology, and Hebei Provincial Department of Industry and Information Technology jointly issued the *Action Plan for the Coordinated Development of the Beidou Spatiotemporal Industry in Beijing-Tianjin-Hebei (2025-2027)*. The Action Plan clarifies that by 2027, efforts will be made to promote the application of more than 800,000 units (sets) of various new types of Beidou independent positioning terminal products, achieve a total scale of 5 million units (sets) of Beidou applications across the three regions, attract and cultivate 10 leading enterprises in the industry, foster 50 "specialized, refined, characteristic, and innovative" enterprises, and build a Beijing-Tianjin-Hebei Beidou spatiotemporal industry cluster with an industrial scale exceeding RMB 200 billion.

2. Robotaxi | According to Economic Information Daily, on November 5th, AutoNavi, a subsidiary of Alibaba, announced its entry into the Robotaxi sector. XPeng Robotaxi will be officially connected to the AutoNavi platform to jointly provide users with L4-level autonomous driving mobility services. This marks the industry's first cooperative model of "mobility platform + pre-installed mass-produced Robotaxi" and represents a crucial step in AutoNavi's cross-domain opening of AI capabilities after its full transition to spatial intelligence. Specifically, AutoNavi is committed to serving global customers through "technology + ecology" and building the largest Robotaxi aggregation platform.

3. Robotics | According to IT Home, on November 5th, He Xiaopeng, Chairman of XPeng Motors, stated that XPeng's goal is to achieve large-scale mass production of high-level humanoid robots by the end of 2026. At the same time, XPeng will open the SDK (Software Development Kit) for its IRON robot and work with global developers to build a humanoid robot application ecosystem. Additionally, Baosteel will become an ecological partner of XPeng's IRON robot to explore scenario-based applications in industrial fields such as inspection.

4. Energy Storage | According to China Securities Journal, the parallel forum on "High-Quality Development of New Energy Storage to Promote Global Energy Transition" at the 8th Hongqiao International Economic Forum was held at the National Exhibition and Convention Center (Shanghai) on November 5th. Song Hongkun, Member of the Party Leadership Group and Vice Minister of the National Energy Administration, stated that as of the end of September this year, China's installed capacity of new energy storage had exceeded 100 million kilowatts, an increase of more than 30 times compared with the end of the 13th Five-Year Plan period. Its installed capacity accounts for over 40% of the world's total installed capacity, ranking first globally and becoming an important part of the new power system. Since the beginning of this year, the global energy storage market has been expanding at an astonishing rate. From January to September 2025, the scale of domestic energy storage tenders increased by 30% year-on-year, reaching 102 GWh.

5. Robotics | According to Jiemian News, recently, the Volcano Engine team under ByteDance launched a high-level recruitment drive to seek a "Senior Expert in Operation Algorithms (Embodied Intelligence)." This position explicitly focuses on the research and development of "humanoid embodied robots," with a monthly salary of up to 95,000-120,000 yuan (i.e., RMB 95,000 to 120,000 per month). This development is regarded as ByteDance's substantive effort in the cutting-edge humanoid robot track. According to the recruitment information, this position is not a general robotics algorithm role but is precisely targeted at "humanoid embodied robots."

6. Gene Editing | According to Jiemian News, United Therapeutics, a U.S. biotech company, announced that it has completed the first clinical trial of transplanting gene-edited pig kidneys into humans at NYU Langone Health, marking the official launch of large-scale clinical trials for this procedure. The launch of this FDA-formally approved registered clinical trial means that the trial can include patients with relatively stable physical conditions, helping researchers move away from the "compassionate use" case-by-case model. This is not only a sign of technological maturity but also marks that relevant research has entered a new phase of greater systematization and scale—specifically, gene-edited pig kidney transplantation technology is in a critical period of transition from individual cases to large-scale clinical trials.

# Today's Key News Preview

- Japan's October Services and Composite PMI.

- Speeches by Federal Reserve Governor Christopher Waller, Federal Reserve Governor Michael Barr, New York Fed President John Williams, Philadelphia Fed President Patrick Harker, Cleveland Fed President Loretta Mester, and St. Louis Fed President James Bullard.

- The Bank of England announces its interest rate decision.

- Tesla's Annual Shareholders' Meeting.

- Pony.ai and DeepRoute.ai plan to list simultaneously on the Hong Kong Stock Exchange on November 6th.

- Airbnb releases its financial report.

- 2025 World Internet Conference Wuzhen Summit.

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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 status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Any investment made based on this article shall be at the investor's own risk.