Morning News

### Source: Wall Street News

### Market Overview

Ahead of NVIDIA's earnings report, tech stocks strengthened, driving the Nasdaq to lead gains among U.S. benchmark indices while the S&P 500 ended a four-day losing streak. Google surged as much as 6% after releasing its latest AI model yesterday. Following NVIDIA's earnings announcement, the stock jumped 6% in after-hours trading, lifting the Nasdaq 100 by 1% in extended hours. Digital currency concept stocks plummeted sharply.

The absence of Federal Reserve meeting minutes and October nonfarm payroll data dampened market rate-cut expectations, pushing the U.S. dollar and Treasury yields higher. The 10-year U.S. Treasury yield rose 2.5 basis points. The U.S. dollar breached 100, climbing 0.67% intraday. The USD/JPY soared over 1%, returning to 157 for the first time in 10 months.

Bitcoin fell below $90,000 again intraday before rebounding, still down over 2% on the day. Ethereum dropped as much as 8% to below $2,900 before recovering. Spot gold staged a fragile rebound of 0.25%, briefly climbing back to $4,100 intraday. Silver rallied and then pulled back, ending up 1.3%. Crude oil slid over 3% at one point amid reports that the White House may reach a Russia-Ukraine framework this week.

During the Asian session, A-shares fluctuated higher with lithium miners surging again. Hong Kong stocks opened higher but closed lower, with Xiaomi leading declines among tech stocks. Lithium carbonate futures broke through the 100,000 yuan mark.

### Key News

- Dutch senior official: Has suspended intervention against Nexperia. Ministry of Commerce: Welcomes the Netherlands' voluntary suspension of the administrative order on Nexperia, noting there is still a gap from "revoking the order".

- NVIDIA delivered a surprise: Q3 revenue accelerated 62% YoY, with Q4 guidance exceeding expectations again. Jensen Huang said cloud GPUs are sold out. CFO stated that A100 GPUs shipped six years ago are still operating at full capacity this year. NVIDIA rose 6% in after-hours trading.

- Amid supply shortages, NVIDIA chips are reported to switch to mobile-style memory. Analysts: This move may double server memory prices next year.

- Fed meeting minutes reveal sharp divisions: Many believe a December rate cut is inappropriate, while some worry about disorderly stock market declines. "New Fed通讯社 (Nick Timiraos)": A narrow majority of policymakers may be uneasy about a December rate cut.

- U.S. October nonfarm payrolls not released; November report unexpectedly scheduled after the Fed's December meeting. Markets expect no rate cuts may occur within the year!

- Saudi Arabia and the U.S. signed a strategic partnership on artificial intelligence. The U.S. plans to approve the sale of advanced chips to Saudi Arabia, with NVIDIA and AMD expected to supply the Middle East. AMD, Cisco, and Saudi AI firm Humain established a joint venture to build a 1-gigawatt data center within 5 years. Elon Musk: xAI partners with Saudi Arabia to build a 500-megawatt data center in the country, with NVIDIA's participation.

- Japanese bond sell-off intensifies: 10-year yield hits highest since financial crisis. Japanese Prime Minister's advisor: "Fiscal first, monetary second", no interest rate hikes before March next year.

- Duan Yongping's Q3 positions: Significantly increased holdings in Berkshire Hathaway, cut NVIDIA positions by 38%, reduced holdings in Apple, PDD, and Google, and initiated a position in ASML.

- Another major move by Central Huijin-related entities! China International Capital Corporation (CICC) plans to absorb and merge Dongxing Securities and Cinda Securities.

- Kuaishou's Q3 revenue rose 14% YoY, net profit increased 37% YoY. Kuaishou Ling AI revenue exceeded 300 million yuan, with DAU hitting a record high for three consecutive quarters.

### Market Closing Quotes

- U.S. & European Stocks: S&P 500 rose 0.38% to 6,642.16 points, ending a four-day losing streak. Dow Jones Industrial Average gained 0.10% to 46,138.77 points. Nasdaq Composite climbed 0.59% to 22,564.229 points. Europe's STOXX 600 index closed down 0.03% at 561.71 points.

- A-shares: Shanghai Composite Index rose 0.18% to 3,946.74 points; Shenzhen Component Index closed slightly lower at 13,080.09 points; ChiNext Index gained 0.25% to 3,076.85 points.

- Bond Market: U.S. 10-year benchmark Treasury yield rose 1.55 basis points to 4.1289%. U.S. 2-year Treasury yield climbed 1.48 basis points to 3.5873%.

- Commodities: COMEX gold futures rose 0.36% to $4,081.10 per ounce. WTI December crude oil futures closed down $1.30, or 2.14%, at $59.44 per barrel.

# Detailed Key News

## Global Highlights

### Senior Dutch Official: Intervention Against Nexperia Suspended; MOFCOM Welcomes the Move While Noting Gaps Remain from Revoking the Order

According to Global Network, Dutch Minister of Economic Affairs Karremans stated on the 13th local time that a Dutch government delegation will travel to China "early next week" to seek a resolution to issues concerning Nexperia, a subsidiary of Chinese enterprise Wingtech Technology. On November 13th, a spokesperson for China's Ministry of Commerce (MOFCOM) said that since the emergence of the Nexperia issue, China has conducted multiple rounds of consultations with the Dutch side in a responsible manner for the stability and security of the global semiconductor industrial and supply chains, and has agreed to the Dutch Ministry of Economic Affairs' request to send personnel to China for consultations. We hope the Dutch side will demonstrate sincerity in cooperating with China, put forward substantive and constructive solutions to the problem as soon as possible, and take concrete actions to quickly and effectively restore the security and stability of the global semiconductor industrial and supply chains at their source.

MOFCOM stated that China welcomes the Dutch side's voluntary suspension of the administrative order, regarding it as the first step in the right direction towards an appropriate resolution of the issue. However, there is still a gap from "revoking the administrative order", which is the root cause of stabilizing the turbulent and chaotic global semiconductor industrial and supply chains. Meanwhile, the erroneous ruling by the enterprise court promoted by the Dutch Ministry of Economic Affairs that deprived Wingtech Technology of control over Nexperia Netherlands remains a key obstacle to solving the problem. It is hoped that the Dutch side will continue to show sincerity in cooperating with China and put forward truly constructive solutions.

### NVIDIA Delivers Positive Surprises: Q3 Revenue Surges 62%, Q4 Guidance Beats Expectations Again; Huang Renxun Announces Cloud GPUs Sold Out

NVIDIA's total revenue in the third quarter recorded accelerated year-on-year growth for the first time in two years, with both total revenue and data center revenue hitting new quarterly highs. The data center revenue rose 66% year-on-year and nearly 25% quarter-on-quarter. The midpoint of the fourth-quarter revenue guidance represents a 65% year-on-year increase, and the gross profit margin is expected to reach 75%, marking the first year-on-year increase in six quarters.

Huang Renxun said that sales of Blackwell chips have far exceeded expectations, and the computing demand for both training and inference is growing exponentially. The CFO reaffirmed that the new chips are expected to generate 500 billion US dollars in revenue in the next few quarters, adding that the A100 GPUs shipped six years ago are still operating at full capacity this year. NVIDIA's stock price rose 6% in after-hours trading at one point.

### NVIDIA Said to Switch to Mobile-Style Memory for Chips Amid Shortages; Analysts Warn Server Memory Prices May Double Next Year

A report from Counterpoint indicates that NVIDIA is switching the memory of AI servers from DDR5 to mobile-oriented LPDDR chips to reduce power consumption, with demand scale equivalent to that of a major smartphone manufacturer. The current memory market is already in short supply as manufacturers shift production to high-end AI chips, and NVIDIA's move has exacerbated the tight situation. Analysts predict that server memory prices will double by the end of 2026, increasing costs for cloud service providers and AI developers.

### Fed Minutes Reveal Sharp Divisions: Many Oppose December Rate Cut, Some Fear Disordered Stock Market Declines

Several meeting participants believed a December rate cut might be appropriate, while many argued that maintaining interest rates unchanged for the rest of the year would be advisable. Many held that the impact of this year's tariff hikes on inflation has been limited. Most participants noted that against the backdrop of high inflation and a cooling job market, cutting interest rates could either intensify inflation risks or be misinterpreted as insufficient commitment to reducing inflation. Some expressed concerns about overvalued financial assets, warning of potential disorderly stock price declines if the market suddenly reevaluates the prospects of AI. There was almost unanimous support for ending the balance sheet reduction in December, and many advocated increasing the proportion of short-term bond holdings.

The "New Fed Insider" reported that a narrow majority of policymakers may feel uneasy about a December rate cut.

### U.S. October Nonfarm Payrolls Unreleased; November Report to Come After Fed's December Meeting, Dashing Rate Cut Hopes This Year

The U.S. Bureau of Labor Statistics (BLS) announced that it will not release the October nonfarm payrolls report and will instead incorporate the relevant employment data into the November report. The November nonfarm payrolls report is scheduled for release on December 16th, more than a week later than originally planned and after the Fed's final meeting of the year. Following the announcement, investors believed the likelihood of a December rate cut by the Fed has diminished, as delayed official data may deepen divisions among policymakers regarding the economic outlook. Bond traders have nearly abandoned bets on a December rate cut.

### Trump Attacks Powell Again: Wants to Fire Him, Jokingly Blames Yellen for Mismanaging Fed Issues

At the U.S.-Saudi Investment Forum held in Washington D.C. on Wednesday, Trump urged U.S. Treasury Secretary Yellen to accelerate the process of finding a successor to Powell. He also pressured Yellen half-jokingly, saying, "Interest rates are too high, Yellen. If you don't fix this quickly, I'll fire you."

### Fed Governor Miran Calls for Prioritizing Bank Regulatory Overhaul to Enable Future Balance Sheet Reduction

Federal Reserve Governor Stephen Miran stated that he hopes the Fed will revise a series of regulatory rules for Wall Street before discussing other economic issues related to the central bank's balance sheet. Reducing the regulatory burden on financial institutions may allow the Fed to shrink its balance sheet again in the future. He also mentioned that he had hoped to end Quantitative Tightening (QT) in October.

### Saudi Arabia and the U.S. Sign Strategic AI Partnership

Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and U.S. Secretary of State Rubio jointly signed the agreement. In a joint statement, both sides described the move as a new milestone in their strategic relations, reflecting a firm commitment to promoting innovation and technological progress.

### U.S. Plans to Approve Advanced Chip Sales to Saudi Arabia; NVIDIA and AMD Poised to Supply the Middle East

Reports indicate that the U.S. plans to approve the sale of advanced AI chips to Saudi AI firm Humain, with the agreement potentially finalized as early as this week. The number of chips expected to be approved is tens of thousands, which will open up supply channels in the Middle East for chip companies including NVIDIA and AMD.

AMD, Cisco, and Saudi AI firm Humain have established a joint venture aiming to build a 1-gigawatt data center within five years. The first-phase 100-megawatt project is scheduled to start construction in 2026, and its computing capacity has been fully secured by generative video company Luma AI.

### Musk: xAI Partners with Saudi Arabia to Build 500-Megawatt Data Center, with NVIDIA's Participation

In addition, Musk's xAI plans to raise 15 billion US dollars in financing, with a valuation potentially reaching as high as 2300 billion US dollars, far exceeding the 113 billion US dollars recorded in March this year.

### Japanese Bond Sell-Off Intensifies; 10-Year Yield Hits Post-Financial Crisis High

Behind the sharp sell-off of Japanese bonds is the market's expectation that the Yoko Komiyama administration may introduce a supplementary budget far exceeding expectations. There are concerns that this massive expenditure will have to be funded through the issuance of a large number of government bonds, thereby exerting additional supply pressure on the market.

### Japanese PM Advisor: "Fiscal Policy First, Monetary Policy Later", No Rate Hikes Before March 2026

Goushi Kataoka, an economic advisor to Japanese Prime Minister Yoko Komiyama, stated that the Bank of Japan is unlikely to raise interest rates before March next year. He emphasized that the policy focus should prioritize boosting domestic demand through approximately 20 trillion yen in fiscal spending, followed by the normalization of monetary policy. This statement stands in stark contrast to the market's aggressive expectations of an imminent rate hike. Amid weak economic data, the government's advisory team tends to delay the timeline for normalizing monetary policy.

### Duan Yongping's Q3 Position Adjustments: Significant Increase in Berkshire Holdings, 38% Cut in NVIDIA, New Position in ASML

Known as "China's Warren Buffett", Duan Yongping announced major adjustments to his holdings in the third quarter. His key moves included a substantial increase in holdings of Berkshire Hathaway, the establishment of a new position in lithography giant ASML, a 38% reduction in NVIDIA holdings, and cuts to positions in tech stocks such as Alibaba. Duan has a long-standing connection with Warren Buffett. In 2006, he spent 620,000 US dollars to win a charity lunch with Buffett, and this time he even reduced his Apple holdings in tandem with the "Oracle of Omaha".

### Major Move by Central Huijin Group: CICC Plans to Absorb and Merge Dongxing Securities and Cinda Securities

As a financial platform representing national intentions, Central Huijin Group's promotion of securities firm integration is a crucial step in implementing the national financial strategy. Industry insiders believe that small and medium-sized securities firms under Central Huijin, including Dongxing Securities, Cinda Securities, and Great Wall Guorui Securities, may gain advantages through integration to achieve regional and differentiated development, or merge with leading securities firms to complement their business capabilities.

### CICC's "Ambition" Behind the Merger

Regarding the complementary effects, CICC explained that the profound accumulation of Dongxing Securities and Cinda Securities in network, customer, and capital resources will complement CICC's professional capabilities in comprehensive investment banking, specialized investment, cross-border trading services, and wealth management.

### Kuaishou's Q3 Revenue Rises 14% YoY, Net Profit Jumps 37% YoY; Keling AI Generates Over 300 Million Yuan in Revenue, DAU Hits Record High for Third Consecutive Quarter

Earnings reports show that the average daily active users (DAU) of the Kuaishou app reached 416.2 million, setting new records for three consecutive quarters. Keling AI generated over 300 million yuan in revenue in Q3. Its 2.5 Turbo model topped the global text-to-video rankings, and the cost per video generation decreased by nearly 30%. Cheng Yixiao, Chairman of Kuaishou, said, "While firmly investing in our AI strategy, we have achieved a year-on-year increase in the group's overall profitability. The empowering value of AI technology for Kuaishou's content ecosystem and business ecosystem continues to be unleashed."

### Learning from History: When Will the Capital Expenditure Boom Turn into a Bubble Burst?

BCA Research reviewed four major capital expenditure booms in railways, electrification, the Internet, and oil, summarizing five key laws of collapse: neglecting the S-curve of technology adoption, underestimating price declines, excessive reliance on debt, asset prices peaking before investment, and expenditure collapses triggering recessions. The current AI boom has shown warning signs, including stagnant adoption rates, a more than 99% drop in token prices, a surge in corporate debt, and falling GPU costs. The report warns that the AI bubble may burst within 6 to 12 months, advising investors to maintain a neutral stance in the short term and underweight stocks in the medium term, while keeping an eye on forward-looking indicators such as analyst expectations and GPU costs.

### Power Equipment Bull Market in Early to Mid-Stages: JPMorgan Notes U.S. Grid Upgrades Unstarted, Chinese Enterprises Poised to Penetrate U.S. Market

JPMorgan believes that AI-driven growth in power consumption is accelerating, with an extreme supply shortage paired with a structural surge in demand. Leading power equipment enterprises have an order backlog 2.5 to 2.8 times their revenue, and their profit visibility is secured until 2027 - 2028. As global shortages persist and U.S. domestic production capacity falls short, Asian and Chinese enterprises with cost advantages and delivery capabilities are expected to gain a larger market share and achieve profit growth driven by high overseas profit margins.

## Domestic Macroeconomics

### People's Daily Zhong Sheng: Yoko Komiyama Must Resolve the "Poison" She Injected into China-Japan Relations

A Zhong Sheng article in the People's Daily titled "Toxicating China-Japan Relations Will Inevitably Backfire" pointed out that Japanese Prime Minister Yoko Komiyama's open advocacy of military intervention in the Taiwan Strait seriously violates the spirit of the four political documents between China and Japan and undermines the political foundation of bilateral relations. The article emphasized that the Taiwan question is the core of China's core interests, and any act that crosses the red line will encounter firm opposition from the Chinese people. It urged Japan to immediately stop provocative actions and earnestly fulfill its political commitments to China.

## Domestic Enterprises

### Baidu's AI Revenue Hits 10 Billion Yuan in Q3, Autonomous Driving Gains Momentum

Baidu disclosed for the first time in the third quarter that its AI revenue reached 10 billion yuan, a year-on-year surge of 50%, becoming the biggest highlight of its performance exceeding expectations. Its AI cloud, AI-native marketing, and AI applications are all making strong strides, offsetting the decline in traditional advertising and reshaping its revenue structure. Citi raised its target price for Baidu to 181 US dollars, believing that improved AI transparency, growth in cloud business, and the accelerated rollout of autonomous ride-hailing services will drive Baidu's valuation recovery.

### Kingsoft Cloud Achieves First Quarterly Profit in Q3

Kingsoft Cloud reported an adjusted net profit of 28.7 million yuan in the third quarter, marking its first quarterly profit. Its AI billing business revenue soared 120% year-on-year.

## Overseas Macroeconomics

### White House Economic Advisor Hasset: Tariff Rebate Checks "Should Be Up for Discussion"

Kevin Hasset, Director of the White House National Economic Council and a candidate for Federal Reserve Chairman, stated on Wednesday that the United States has made progress in reducing debt, and Congress will have room next year to discuss including "tariff rebate checks" in the budget reconciliation bill. Some Republican lawmakers oppose the proposal, arguing that the funds should prioritize deficit reduction and expressing concerns about potential inflationary pressures.

### Bull-Bear Divide Widens After Trillion-Dollar Sell-Off

The CEO of Goldman Sachs remains bearish, arguing that technical indicators currently favor defensive strategies and suggest further downside risks for the market. The S&P 500 has fallen more than 3% this month, on track for its worst monthly performance since March. Investors are closely watching NVIDIA's earnings report, which is seen as a key test of the sustainability of the AI boom and market stability. In contrast, the former CEO of Barclays described the current market movement as a "healthy correction rather than a bear market".

### U.S. 2026 Deficit Rate May Approach 6.2%; 5.5 Trillion Dollar Financing Gap Looms

A JPMorgan report predicts that the U.S. budget deficit will reach 1.955 trillion US dollars in fiscal year 2026, with a financing gap of 5.5 trillion US dollars over the next five years. To address this, the U.S. Treasury plans to start increasing the issuance of short-term and medium-term bonds from the end of 2026 while maintaining stable long-term bond issuance. Meanwhile, the Federal Reserve will assist in absorbing the debt through secondary market operations.

### EU Plans Strategic Reserve to Prevent U.S. From Diversion of Critical Minerals

Having fallen behind in the competition for rare earth resources, the EU is planning to establish a central authority responsible for centralized procurement and strategic reserves to enhance the security of industrial and defense supply chains. EU officials admitted that the United States has taken a leading position in snapping up critical materials globally, prompting the EU to accelerate cooperation with countries such as Brazil and promote supply diversification. The new authority will coordinate procurement, build inventories, and strengthen economic security, but its establishment still requires approval from all 27 EU member states.

### Oil Prices Plunge, European Defense Stocks Fall; White House Says Russia-Ukraine Framework Agreement May Be Reached This Week

Senior White House officials stated that Russia and Ukraine are expected to reach a framework agreement to end the conflict by the end of this month, "possibly as early as this week". According to Global Network, the U.S. government has been conducting "secret consultations" with Russia to draft a new plan to end the Russia-Ukraine conflict.

## Overseas Enterprises

### Google's Gemini 3 Gains Market Recognition; Alphabet's Stock Rises Over 6% to a New High

Analysts at D.A. Davidson called Gemini 3 a truly powerful AI model capable of competing with rivals launched by OpenAI and Anthropic. Analysts at Bank of America Securities noted that Gemini 3 represents another positive step for Google in narrowing the "perceived large language model performance gap" with AI competitors. By the time of press release, Alphabet's stock price had pulled back to 293.76 US dollars, still up more than 3%.

### Significance of Gemini 3: AI Moves Beyond the "Hallucination Phase" and Approaches Human Capabilities

Ethan Mollick argued that the emergence of Gemini 3 signals the rise of "agent models" with independent action capabilities. Although not flawless, the errors it makes are no longer unfounded "hallucinations" but are closer to human biases in judgment or intent understanding. As AI capabilities improve, human-AI collaboration is evolving from "humans correcting AI errors" to "humans guiding AI work".

### Meta's "Segment Anything" Model Gets a Major Upgrade

Meta's upgraded SAM 3 model can "understand human language" and process images containing hundreds of objects in just 30 milliseconds. SA-Co benchmark test results show that SAM 3's concept segmentation performance for images and videos has doubled compared to existing models, outperforming basic models like Gemini 2.5 Pro and specialized baseline models such as GLEE. User preference for SAM 3's outputs is about three times that of OWLv2, the strongest baseline model. Meta also released the open-source SAM 3D model for 3D reconstruction and launched the Segment Anything Playground platform, allowing ordinary users to experience SAM 3 and SAM 3D without technical backgrounds.

### The Culprit Behind the Collapse of the AI Bull Market: Oracle, the "Weakest Link"

Investors are no longer simply buying into the AI narrative; instead, they have started to rigorously examine the financial costs that enterprises incur to support this narrative, especially those companies funding their expansion through heavy borrowing. Oracle plans to reach an annual capital expenditure of 80 billion US dollars by 2030. However, analysts argue that with its soaring net debt and persistently negative cash flow, the risk of default is on the rise.

### CEO of Hugging Face: We Are in a "Large Model Bubble", Not an "AI Bubble", and It Is About to Burst

The CEO of Hugging Face stated that all attention, focus, and capital have converged on the concept of building a single model with massive computing power to solve all problems, and this bubble is expected to burst next year. Large models are not suitable for all scenarios. In the future, more customized and specialized small - scale models will emerge, which can solve specific problems at lower costs and faster speeds.

### The Most Significant AI Application Since ChatGPT! The Era of "AI Shopping Agents" Is Approaching—Who Will Be the Winners and Losers?

Morgan Stanley predicts that AI shopping agents will bring a major transformation to e - commerce and could add up to 115 billion US dollars to the US market by 2030. These AI assistants, capable of comparing prices across platforms and placing orders automatically, will reshape shopping patterns and the advertising landscape. Retailers with robust infrastructure such as Amazon and Walmart will benefit, while platforms with high commission rates like Etsy will face challenges.

### The Weight - Loss Drug Battle Has a Clear Winner; Eli Lilly Is Nearing the Title of the "First Trillion - Dollar Pharmaceutical Company"

According to analysis, Eli Lilly's drug Zepbound has seized an absolute dominant position in the new prescription drug market, driving the company's market value to soar to approximately 970 billion US dollars. In contrast, its competitor Novo Nordisk has fallen far behind, with its market value dropping to around 200 billion US dollars. With the reaching of a medical insurance coverage agreement with the US government, the resolution of production capacity bottlenecks, and the upcoming launch of more convenient oral medications, Eli Lilly's leading position in the weight - loss drug market is expected to be further consolidated.

### Target's Same - Store Sales Decline for Three Consecutive Quarters; It Lowers Full - Year Guidance, and Its Stock Price Falls Back to 2019 Levels

Target's same - store sales in the third quarter dropped for the third consecutive quarter, declining by 2.7% year - on - year, which fell short of expectations. The company lowered its full - year profit guidance to 7 - 8 US dollars per share, reflecting the lingering pressures of weak demand, falling store foot traffic, and price cuts. Its net profit slid by 21% year - on - year, and its stock price plummeted by 5% in pre - market trading, hitting its lowest level since the middle of 2019. Brian Cornell, the incoming CEO, expressed dissatisfaction with the current performance and plans to increase capital expenditure and promote store reforms. Meanwhile, the company announced a partnership with OpenAI to enhance its AI capabilities.

## Industries/Concepts

1.  **3D Printing**

   According to Beijing Youth Net, scientists from Carnegie Mellon University in the United States have developed a new 3D printing process and successfully created miniature delta robots named microDeltas. These robots are expected to play a vital role in fields such as micro - manipulation, micro - assembly, minimally invasive surgery, and wearable haptic devices. It is an advanced nano - manufacturing technology. By using a focused laser to precisely cure photosensitive materials and then depositing a thin layer of metal, complex 3D structures and actuators with electrical functions can be produced without manual folding or assembly. The team stated that with the help of 3D design and printing technology, they completed eight design iterations of the robot in a very short time, a process that might take weeks or even months using traditional methods.

   **Comment**: Analysts believe that as a transformative industrial technology, 3D printing is on the eve of its industrialization turning point. Driven by technological cost reduction, improved standards, and growing demand, 3D printing technology is being increasingly widely applied in various fields, propelling the manufacturing industry into the era of intelligent manufacturing. It also shows enormous potential and promising prospects in sectors such as healthcare, education, and construction. Institutions point out that the performance and cost advantages of 3D printing have become more prominent, accelerating the increase in its technological penetration rate. The scale of China's 3D printing market exceeded 63 billion yuan in 2024, a 30 - fold increase over the past decade. It is predicted to surpass 100 billion yuan by 2029, driving the scale of the upstream and downstream industrial chains to exceed 300 billion yuan.

2.  **AI Toys**

   On November 19th, the Ministry of Industry and Information Technology (MIIT) held a press conference to elaborate on the revision of the mandatory national standard series GB 6675 "Toy Safety". He Yaqiong, Director of the Consumer Goods Industry Department of MIIT, stated that in the next step, MIIT will strengthen coordination with relevant departments to jointly promote the high - quality development of the AI toy industry. Firstly, it will strengthen policy support. It will work with relevant departments to formulate and issue an implementation plan to promote the adaptability between the supply and demand of consumer goods, guiding toy enterprises to apply AI technology to create more new demands. Secondly, it will boost product innovation. Toy enterprises are encouraged to form powerful alliances with AI technology firms to develop more best - selling AI toy products.

   **Comment**: Analysts note that China's toy industry is transitioning from a "global manufacturing base" to an "innovation leader". The total retail sales of the domestic market reached 97.85 billion yuan in 2024 and are expected to exceed 100 billion yuan in 2025. AI toys, trendy toys, and educational toys have become the three core growth engines. Over the next five years, the toy industry will accelerate its development towards an all - age, intelligent, IP - driven, and green direction. Technological integration will reshape the underlying logic of toys, evolving from "mechanical interaction" to "intelligent organisms". AI embodied intelligence, combined with robot technology, will enable more complex physical movement capabilities.

3.  **Down Feather**

   According to Guangming Net, as the cold wave hits, down jackets have witnessed a "price surge". Insiders revealed that there are very few duck farmers currently, and the price of down feathers is rising daily. The price of 90% white duck down was as low as 170,000 yuan per ton before, and now it has soared to approximately 580,000 yuan per ton. The price of goose down currently stands at 980,000 yuan per ton. A short - style adult down jacket requires down feathers from about 100 ducks. The skyrocketing costs have pushed the ex - factory prices of regular manufacturers close to 1,000 yuan. The main reason for this phenomenon is that the low price of pork in the previous period led to a decrease in the demand for poultry and a lower slaughter rate. With limited down supply and numerous merchants competing for it, the price naturally rose.

4.  **MLCC**

   Feng Hua Advanced Technology issued a price increase notice on November 17th. The company stated that due to the rising price of silver and the overall increase in the prices of other metal materials such as tin, copper, bismuth, and cobalt, it will raise the prices of some products due to cost pressures. The prices of inductive bead products will increase by 5 - 25%, the prices of all varistor products with silver electrodes will rise by 10 - 20%, the prices of all ceramic capacitor products with silver electrodes will go up by 10 - 20%, and the prices of thick - film circuit products will increase by 15 - 30%.

   **Comment**: Industry insiders indicated that besides the reasonable transmission of cost pressures resulting from the price hikes of upstream raw materials, the deeper driver behind Feng Hua Advanced Technology's price increase for MLCC - related products lies in the structural explosion of downstream demand. Currently, AI servers and new energy vehicles have become the dual engines driving the demand for passive components. The MLCC consumption of a single AI server is 8 times that of traditional servers, and the MLCC usage per pure electric vehicle is 18,000 units, 6 times that of fuel - powered vehicles. The surging demand has pushed the industry's capacity utilization rate up from 65% at the beginning of 2024 to over 80% currently. Meanwhile, inventory has dropped from the peak levels in 2022 - 2023 to a reasonable level of 3 - 4 months, shifting the supply - demand relationship from oversupply to a tight balance. Supported by such strong demand, enterprises are no longer forced to absorb cost pressures internally; instead, they have the market basis to pass these pressures on to the downstream. Previously, Kemet under Yageo raised the price of tantalum capacitors on November 1st. Feng Hua Advanced Technology's price adjustment is essentially a continuation of the industry's price - rising cycle rather than an isolated incident.

5.  **Flash Memory**

   According to the latest quotes from the CFM Flash Market, the prices of flash wafers rose across the board on November 19th, with the highest increase reaching 38.46%. Specifically, the price of 1Tb QLC increased by 25.00% to 12.5 US dollars, the price of 1Tb TLC rose by 23.81% to 13 US dollars, the price of 512Gb TLC went up by 38.46% to 9 US dollars, and the price of 256Gb TLC increased by 14.58% to 5.5 US dollars.

   **Comment**: Analysts held that SanDisk, a world - leading provider of flash memory storage solutions, previously stated that the demand for NAND products exceeded the supply in this fiscal quarter, and the inventory turnover days decreased from 135 to 115. This trend is expected to continue until the end of 2026. David, the CEO of SanDisk, said that by 2026, the data center market will become the largest market for NAND flash memory for the first time.

6.  **Charging Piles**

   The National Energy Administration released data on national electric vehicle charging facilities for October on November 19th. According to data from the National Charging Facility Monitoring and Service Platform, as of the end of October 2025, the total number of electric vehicle charging infrastructure (piles) in China reached 18.645 million, a year - on - year increase of 54.0%.

   **Comment**: Analysts noted that prior to this, six departments including the National Development and Reform Commission jointly issued the "Three - Year Doubling Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025 - 2027)", which clearly stated that the charging service capacity would double by the end of 2027. The action plan takes both scale and power into account as the evaluation indicators for the development of a high - quality charging facility system, promoting the transformation of the charging network from expanding and densifying to balancing quantity and quality, which can better guide the high - quality development of the industry. A preliminary estimate shows that the action plan will drive over 200 billion yuan in investment in the manufacturing and construction of charging facility equipment.

7.  **Biofuels**

   India's Civil Aviation Minister stated that the government is about to release a national policy on Sustainable Aviation Fuel (SAF). With the expansion of the aviation industry, India's demand for aviation fuel is expected to rise to 15 - 16 million tons by 2030 and exceed 30 million tons by 2040.

   **Comment**: Analysts believe that the SAF industry is significantly "policy - driven". The EU has allocated 1.6 billion euros from the EU Emissions Trading System to subsidize airlines' use of SAF, coupled with clear blending mandates, which have become key factors stimulating demand. The International Air Transport Association (IATA) predicts that the global demand for SAF will reach 350 million tons by 2050. Supported by strong demand, the price of SAF has been continuously rising since the middle of 2025. As of November 15th, the price of European SAF FOB ranged from 2,900 to 2,920 US dollars per ton, an increase of approximately 58% compared with the beginning of the year. Domestic SAF prices have also risen to 2,450 - 2,650 US dollars per ton during the same period, an increase of about 45%. With the intensification of policy support from various countries, SAF will usher in a wave of large - scale development. China has already achieved the regular application of SAF and established the SAF Industry Alliance, indicating a promising future for the industry's development.

### Preview of Key News for Today

1. China's one - year and five - year Loan Prime Rates (LPR) for November.

2. The proportion of RMB in global payments via Swift in China for October.

3. The US non - farm payrolls report for September.

4. The number of initial jobless claims in the US last week.

5. US existing home sales for October.

6. Germany's Producer Price Index (PPI) for October.

7. Speeches by Federal Reserve Governor Lisa Cook, Cleveland Fed President Loretta Mester, and Chicago Fed President Austan Goolsbee.

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