Morning News

# Market Overview & Key News 

Source: Wall Street CN

## Market Overview

- U.S. stock markets were closed; U.S. stock index futures edged higher.

- Pan-European stock indices extended gains for the fourth consecutive session, closing slightly higher at a two-week high. Allfunds, a European fund distribution platform, surged 22% after Deutsche Börse revealed acquisition talks; Puma, which is reportedly under consideration for acquisition by companies including Anta and Li-Ning, jumped nearly 19%.

- The U.S. Dollar Index hit a one-week low for the second straight day, briefly turning positive intraday; offshore RMB touched a 13-month high for the third consecutive day before reversing lower by over 100 pips intraday; Bitcoin rose 2% intraday, approaching the $92,000 mark for the first time in a week.

- Crude oil rebounded for the second day driven by OPEC+'s decision to extend production cuts, but prospects of Russia-Ukraine peace talks triggered an intraday "flash crash" in oil prices. Spot gold pulled back from a near two-week high.

- During the Asian session, A-share and Hong Kong stock indices showed divergence: ChiNext Index and Hang Seng Tech Index pulled back after intraday rallies; lithium battery and solid-state battery sectors strengthened, while consumer stocks surged. Vanke bonds experienced a "roller-coaster" trend; platinum and palladium futures soared on their debut.

## Key News

1. The Price Department of the National Development and Reform Commission (NDRC) organized a seminar on cost identification for disorderly price competition. NDRC stated: It is necessary to guard against the "cluster listing" of humanoid robot products with high repetition rates, establish and improve an access and exit mechanism for the embodied intelligence industry, and encourage the orderly development of various new energy storage and hydrogen energy technology routes.

2. The State Council Information Office released a white paper: Emerging fields such as outer space, cyberspace, and artificial intelligence are new heights for human development, new focal points of strategic security, and new areas of global governance.

3. Profits of China's industrial enterprises above designated size fell 5.5% year-on-year in October; manufacturing and power sectors maintained rapid growth in the first 10 months.

4. Firefighting operations at the Tai Po fire in Hong Kong have been largely completed; searches will be conducted in all units of the affected building.

5. OPEC+ is reported to have maintained its decision to suspend production increases in Q1 2025 during its Sunday meeting, driving a two-day rebound in crude oil. However, Putin confirmed that a U.S. delegation will visit Moscow next week, triggering a temporary "flash crash" in oil prices.

6. Putin publicly discussed his peace plan for the first time, stating that there is no final plan yet and he is prepared to hold "serious" discussions with the U.S. side next week; negotiations with Ukraine's current leadership are meaningless at this stage.

7. Nvidia is fully "AI-driven"; some internal employees requested to "use less AI," prompting Jensen Huang to lash out: "Are you crazy?"

8. DeepSeek launched the DeepSeekMath-V2 model, focusing on self-verified mathematical reasoning capabilities.

9. Alibaba entered the AI hardware market with its first Quark AI Glasses priced at 1,899 yuan (starting price), equipped with the Qianwen large model and deeply integrated with ecological services.

10. Puma surged nearly 19% amid reports that giants including Anta and Li-Ning are considering bidding for the company.

## Market Closing Quotes

### Stocks

- U.S. stocks: Closed.

- European stocks: STOXX 600 Index rose 0.14% to 575.00 points.

- A-shares:

 - Shanghai Composite Index rose 0.29% to 3,875.26 points.

 - Shenzhen Component Index fell 0.25% to 12,875.19 points.

 - ChiNext Index fell 0.44% to 3,031.30 points.

### Bonds

- U.S. Treasuries: Closed.

### Commodities

- Brent crude oil futures for January delivery rose 0.33% to $63.34 per barrel.

- LME three-month zinc futures fell approximately 1.4% to $3,015 per ton.

- LME three-month aluminum futures fell approximately 1.1% to $2,828 per ton.

# Details of Key News

## Global Highlights

1. The Price Department of the National Development and Reform Commission (NDRC) organized a seminar on cost identification for disorderly price competition. The meeting pointed out that the problem of disorderly price competition remains prominent in some industries. Some enterprises have failed to fully implement the requirements for regulating price competition behaviors, and there are even practices that disrupt the market price order. The NDRC will work with relevant departments to continuously promote related efforts, curb disorderly price competition among enterprises, safeguard a sound market price order, and boost high-quality development.

2. NDRC: Guard against the clustered launch of humanoid robot products with high repetitiveness and establish and improve the access and exit mechanism for the embodied intelligence industry. Li Chao, spokesperson for the NDRC, stated that the current installed capacity of new energy storage across the country has exceeded 100 gigawatts, more than 30 times that at the end of the 13th Five-Year Plan period, accounting for over 40% of the global total installed capacity. Looking ahead, various technological routes for new energy storage and hydrogen energy will be encouraged to develop in an orderly manner, providing strong support for building a new power system. Regarding the construction of major projects and major initiatives, 700 billion yuan and 800 billion yuan worth of ultra-long-term special sovereign bonds were allocated last year and this year respectively.

3. The State Council Information Office released a white paper titled *China's Arms Control, Disarmament and Non-Proliferation in the New Era*. The white paper pointed out that emerging fields such as outer space, cyberspace, and artificial intelligence have become new heights for human development, new focal points of strategic security, and new areas for global governance.

4. Tai Po Fire in Hong Kong: Firefighting basically completed; all units in the affected buildings to be searched. According to Xinhua News Agency, the Fire Services Department of the Hong Kong Special Administrative Region Government held a press conference at approximately 1:20 a.m. on the 28th. It stated that the fire extinguishing operation has been basically completed, while fire fighting work was still underway in 4 units. Water was being sprayed on other units to cool them down and prevent the fire from rekindling. The Fire Services Department indicated that it will search all units in the 7 fire-affected buildings to ensure there are no other trapped people, and this operation is expected to be completed at 9 a.m. on the 28th.

5. Nvidia Goes All-In on AI; Internal Call for "Less AI Use" Triggers Jensen Huang's Outburst: "Are You Crazy?" Jensen Huang is vigorously promoting the full-scale AI transformation of Nvidia. Faced with internal managers who demanded "reducing AI usage", Huang snapped, "Are you crazy?" He instructed employees to assign every automatable task to AI. He assured employees that their jobs are secure, urging them to "use it (AI) until it works", and is actively recruiting thousands of employees to support the company's expansion.

6. The Debate Between "The Big Short" and Nvidia Continues! The Big Short Refutes Nvidia's Response Point by Point: Unbelievable from the World's Highest-Market-Cap Company. Michael Burry, known as "The Big Short", claimed that the internal memo from Nvidia in response to his criticisms "reads like a scam" and is filled with "straw man arguments". He bluntly stated that "no one cares about Nvidia's own depreciation", arguing that the real crisis lies in the huge asset impairment risks its customers face due to the accelerated iteration of technologies, with the focus being on future risks. Burry said he will continue to hold put options on Nvidia and Palantir, with each position valued at approximately 10 million US dollars.

7. Google, the New AI Giant, Nears a 4 Trillion US Dollar Market Cap; Morgan Stanley Predicts 1 Million TPU Exports by 2027. A report from Morgan Stanley noted that Google's TPUs may be exported in a quantity of 1 million units, transforming the product line from a cost center to a profit center. This shift directly challenges Nvidia's monopoly in the hardware sector. As giants like Meta plan large-scale purchases, market expectations for the monetization of Google's coordinated ecosystem of "AI models + self-developed chips" have been rising steadily, becoming the core driver behind its market cap approaching 4 trillion US dollars.

8. How Did Gemini Stage a Comeback Against the Odds? Google's Chief AI Architect: Start by Admitting Falling Behind and Regain Its Own Rhythm. Admitting to being behind was Google's first step to make a fresh start. The tech giant restructured its underlying architecture and built core advantages in multimodal understanding; it took "usability" as the key battlefield to achieve a qualitative leap in the user experience of large models. Additionally, by reorganizing teams into a "parallel system" and reactivating infrastructure, Google ultimately regained its momentum.

9. DeepSeek Launches DeepSeekMath-V2, Focusing on Self-Verified Mathematical Reasoning Capabilities. On November 27th, DeepSeek rolled out the mathematical reasoning model DeepSeekMath-V2, which adopts a self-verification training framework and has achieved gold medal-level performance in competitions such as the International Mathematical Olympiad (IMO) and the Chinese Mathematical Olympiad (CMO). Through a verification-generation loop and a meta-verification mechanism, the model has significantly improved the accuracy of proof quality evaluation and realized fully automated annotation. Tests show that it has outperformed mainstream models in multiple benchmarks, demonstrating the feasibility of self-driven learning systems in complex mathematical reasoning tasks.

10. Alibaba Enters the AI Hardware Market; Its First Quark AI Glasses Start at 1,899 Yuan, Equipped with Qianwen Large Model and Deeply Integrated with Ecological Services. Alibaba launched its first Qianwen large model-powered Quark AI Glasses S1 and G1, making a strong foray into the consumer wearable market. The glasses are deeply integrated with Alibaba's ecological services including Alipay, Taobao, and Amap, enabling intelligent interactions such as payment, navigation, and photography, with a starting price of 1,899 yuan. The product boasts leading hardware configurations such as dual flagship chips, Super Raw low-light enhancement photography, and swappable dual batteries.

11. The Optimal Carrier for On-Device AI? AI Glasses Are Booming Amid Accelerated AI Penetration and a Massive Stock Market. IDC predicts that the global shipment volume of AI glasses will reach 12.8 million units in 2025. TF Securities believes that the integration of AI and AR will drive rapid growth in the future. Chips and optics (such as optical waveguides and Micro LED) are the core of the industrial chain, and the coordination of "SoC + MCU" constitutes an ideal computing power combination. This market holds enormous potential and is expected to replace the hundreds-of-billions-yuan traditional glasses market.

12. Oil Prices on a Roller-Coaster Ride! Prospects of Russia-Ukraine Peace Talks Trigger a Short-Term Plunge, While OPEC+ Stabilizes Market Expectations to Drive a Rebound. On Thursday evening, Putin confirmed that a US delegation will visit Moscow. The prospect of peace talks between Russia and Ukraine led to the rapid fading of the geopolitical risk premium, and international oil prices plummeted in response. Subsequently, OPEC+ released a signal to stabilize the market, announcing that it is expected to maintain the existing policy of suspending production increases in the first quarter of 2026. This news effectively boosted market confidence and pushed oil prices to rebound.

13. JPMorgan Chase: Severe Oversupply May Push Oil Prices Down to 30 US Dollars by 2027. Based on the current pattern of severe oversupply, JPMorgan Chase predicts that Brent oil prices may drop to the 30 US dollars per barrel range by 2027. Meanwhile, Goldman Sachs advises investors to short crude oil immediately and expects the average price of WTI crude oil to fall to 53 US dollars per barrel in 2026. The continuous production increases by OPEC+ and oil-producing countries in the Americas, coupled with the potential increase in Russian oil supply if the Russia-Ukraine peace talks succeed, have collectively exacerbated the structural imbalance in the global oil market.

14. How Much Will Oil Prices Fall If Russia and Ukraine Reach an Agreement? Market expectations for a potential peace agreement between Russia and Ukraine have caused Brent crude oil prices to drop 5% in a single week to 62 US dollars per barrel. A quantitative analysis by Goldman Sachs pointed out that if an agreement is reached, the average oil price may fall by another 4 - 5 US dollars per barrel in 2026. Additionally, the profit margins of refined oil products such as diesel will face a more severe impact, with European diesel profit margins expected to drop by a further 6 - 8 US dollars per barrel.

15. Putin: US Delegation to Visit Moscow Next Week. Putin publicly discussed his peace plan for the first time, stating that there is no final version yet, and he is ready to hold "serious" discussions with the US side next week. Russia generally agrees to take the US list of proposals for resolving the Ukraine issue as the basis for future negotiations. He added that negotiations with Ukraine's current leadership are meaningless at this stage.

16. Ukrainian Foreign Minister: Ukrainian and US Negotiating Teams to Meet Soon. According to CCTV, Ukraine hopes to arrange a meeting between Ukrainian President Volodymyr Zelenskyy and US President Donald Trump, as some sensitive issues need to be discussed directly by the leaders of the two countries.

17. From Xiaomi to HP, Multiple Tech Companies Warn of Memory Shortages; Dell Says "Never Seen Costs Rise So Fast" in a Conference Call. Dell stated that it has "never seen costs rise at the current rate", and Lenovo also described the cost surge as "unprecedented". SK Hynix announced last month that it has sold out all its memory chip product lines for next year, while Micron expects the supply shortage to persist until 2026. Analysts noted that demand for all memory-related products—both advanced and traditional—is extremely strong, while supply is lagging behind. Price increases for DRAM and NAND are likely to last for several quarters.

18. Puma's Stock Soars; Reports Indicate Anta, Li-Ning and Other Giants Are Considering a Bid. Puma's European-listed shares closed nearly 19% higher. Reports suggest that Anta Sports is evaluating a potential acquisition of the sportswear manufacturer. Furthermore, Chinese sportswear brand Li-Ning and Japan's Asics may also be interested in Puma. Currently, Puma is trapped in operational difficulties. Its stock price has plummeted by over 50% this year, hitting a ten-year low. Plagued by multiple challenges including double-digit sales decline, high inventory, and weakened brand appeal, the company has lowered its 2025 guidance and expects to incur an operating loss.

19. A Dialogue Between the Head of the World's Largest Sovereign Fund and the CIO of the World's Largest Hedge Fund: The Investment Logic and Secrets to Success of Bridgewater Associates. Greg Jensen conducted an in-depth analysis of the "three pillars" reshaping the global finance: modern mercantilism (which is inflationary), AI disruption (underestimated by the market and leading to growth differentiation), and capital competition. He advocates a diversified investment philosophy of "survival first" and warns against the "US concentration trap". He believes that pure alpha is the core, and investing is a probabilistic practice where one must get used to making mistakes. Bridgewater's success stems from its "radical transparency" culture and the "safe garden" system that algorithmizes investment knowledge.

## Domestic Macroeconomy

1. Profits of China's Industrial Enterprises Above Designated Size Fell 5.5% YoY in October; Manufacturing and Power Sectors Grew Rapidly in the First 10 Months. In October, affected by factors such as a higher comparison base from the same period last year and a sharp increase in financial expenses, the profits of industrial enterprises above designated size decreased by 5.5% year-on-year (YoY). In the first 10 months, the total profits of these enterprises increased by 1.9% YoY, maintaining growth for three consecutive months. Among the three major sectors, the mining industry saw a 27.8% decline in profits in the first 10 months; the manufacturing sector grew by 7.7%; and the production and supply of electricity, heat, gas, and water sector rose by 9.5%.

2. Minsheng Securities commented that the 5.5% YoY decline in China's industrial enterprises' profit growth in October indicates that the drive to avoid vicious competition has entered a new phase. The current increase in corporate costs is an inevitable growing pain on the path to high-quality development. In the future, corporate profits will rely more on pricing power and technological strength. The midstream manufacturing sector has performed relatively stably, but continuous policy support is needed to help the industry achieve the crucial transition from falling prices to rising prices.

3. China International Capital Corporation (CICC) attributed the decline in profits of industrial enterprises above designated size in October to three main factors. Firstly, operating income dropped by 3.3% YoY, affected by the decline in export delivery value and the slowdown in industrial added value. Secondly, the expense ratio rose by 0.38 percentage points, narrowing the room for cost reduction and efficiency improvement. Thirdly, investment gains decreased significantly, with other gains and losses falling from 49 billion yuan in September to 20.1 billion yuan. Structurally, the manufacturing sector witnessed the largest profit decline, and enterprises across the upstream, midstream, and downstream sectors were weighed down by reduced investment gains and increased expenses.

4. State Council Executive Meeting: Arranges for Promoting Provincial-Level Pooling of Basic Medical Insurance; Discusses and Approves in Principle the Draft Amendment to the Certified Public Accountants Law of the People's Republic of China. The meeting pointed out that advancing the provincial-level pooling of basic medical insurance is a key measure to improve the universal medical insurance system, which helps give better play to the mutual assistance role of insurance and enhance the security capacity of the medical insurance system. Local governments should be guided to adopt targeted measures based on local conditions, reasonably determine the fund management model for provincial-level pooling, and improve the efficiency of fund utilization.

5. Beijing Plans to Deploy Large-Scale AI Computing Power in Space. Beijing intends to construct and operate a centralized large-scale data center system with a power capacity exceeding 1 gigawatt (GW) in the dawn-dusk orbit 700 - 800 kilometers above the Earth. According to the plan, the data center system consists of three subsystems: space computing power, relay transmission, and ground control. The construction will be carried out in three phases. From 2025 to 2027, it will make breakthroughs in key technologies such as energy supply and heat dissipation, develop and upgrade test satellites, and build the first-phase computing constellation. From 2028 to 2030, it will tackle key technologies like on-orbit assembly and construction to reduce construction and operation costs, and build the second-phase computing constellation. From 2031 to 2035, mass production and networking launches of satellites will be carried out, and on-orbit docking will be completed to build a large-scale space data center.

6. Major Breakthrough: Chinese Scientists Realize and Detect Higher-Order Non-Equilibrium Topological Phases in a Quantum System for the First Time. Topological phases have emerged as a key research focus in condensed matter physics and quantum simulation in recent years. Unlike traditional topological phases, higher-order topological phases exhibit localized states at lower-dimensional boundaries, challenging the traditional bulk-boundary correspondence. The realization of higher-order topological phases not only helps uncover the quantum nature of topological matter but also provides a potential approach for topological quantum computing based on non-Abelian statistics.

## Domestic Enterprises

1. Google vs. Nvidia Ignites the Optical Module Sector: Is This the First Step in Reforming the Tech Consensus in A-Shares? Huaxi Securities opined that the market is currently attempting to rebuild a consensus around tech investments. Amid existing differences in technical routes between Google and Nvidia, capital has prioritized investing in "computing power arms dealers" that serve both sides. Leading optical module companies have led the gains thanks to securing orders from both, while stocks related to Google's exclusive OCS route have weakened. As overseas computing power investments become increasingly crowded, if a consensus on tech sector investments is formed, domestic computing power, which is currently undervalued, is expected to attract significant capital attention.

2. Li Auto's Stock Rises Despite Weak Financial Report? Morgan Stanley: It's a Relief Rally After Bad News Is Fully Priced In, Not a Reversal; Self-Developed Chips and Production Capacity Ramp-Up Hold the Key. Although Li Auto released a weak Q3 financial report and gave a lackluster delivery forecast, its stock rebound has been interpreted as a tactical rally after negative news related to its MEGA model was fully digested. The report noted that the company's stock performance will no longer depend on short-term data, but on whether it can break through supply chain bottlenecks and achieve a technological turnaround in 2026 with its self-developed M100 chip and the upgraded L-series models. Morgan Stanley maintained an "Overweight" rating on Li Auto with a target price of 32 US dollars.

# Overseas Macroeconomics

1. Content of Sanae Takaichi's Call with Trump Revealed. According to *China Newsweek*, Japanese officials and a U.S. official familiar with the call disclosed that U.S. President Trump took the initiative to initiate a call with Sanae Takaichi and advised her not to provoke China on the issue of Taiwan's sovereignty. The call lasted approximately 25 minutes. Takaichi revealed that Trump briefed her on the Sino-U.S. presidential call held on the 24th during the conversation, and she emphasized that "the close cooperative relationship between Japan and the United States was confirmed."

2. ECB's Kazaks Warns: "Too Early to Talk About Rate Cuts"; Inflation Risks Remain a Concern. European Central Bank (ECB) official Martins Kazaks warned that it is too early to discuss interest rate cuts, dampening market expectations. He stated that core inflation is "far above 2%" and the inflation outlook faces two-way risks. Kazaks emphasized that the 2026 and 2027 inflation forecasts at the December meeting will be crucial, as monetary policy transmission takes time.

3. New Budget "Raises Taxes to Historical High"; UK Struggles to Defend "Last Debt Line"; Starmer Government Faces "Political Backlash". The UK Labour Party unveiled the most "tax-heavy" budget in history, with the tax burden soaring to 38% of GDP, a move temporarily welcomed by the market. However, the chaos caused by the unexpected leak of the budget 40 minutes in advance and the tax measures targeting wage earners and capital gains are raising questions about the government's governance capabilities. Analysts believe that if the market reaction deteriorates or voter backlash against tax hikes becomes too strong, the positions of Rachel Reeves and even Prime Minister Keir Starmer himself will be precarious.

4. This Crypto Winter Could Endanger the Entire Financial Market. The current crypto market winter has gone beyond mere price volatility and is directly threatening global financial stability through stablecoins, a key channel. Stablecoins, which have expanded rapidly with the endorsement of regulatory bills, are backed by traditional financial assets such as U.S. Treasury bonds. A run on stablecoins would trigger the sell-off of reserve assets, thereby transmitting the crypto market crisis to the core of the global financial system.

5. The Real "Big Player" in Gold: Tether, the "Stablecoin Giant". Crypto giant Tether has emerged as a new force in the gold market. As of September 30, Tether held 116 tons of gold, making it the largest single gold holder outside of major central banks. Gold prices have risen by approximately $2,000 in two waves this year, with the second wave coinciding with Tether's accelerated gold purchases. This also means that if stablecoin demand reverses sharply for any reason, pressure will inevitably be transmitted to the large gold reserves. Tether's enthusiasm for gold may reflect its long-term bet on tokenized physical gold.

6. Deutsche Bank Sharply Raises Next Year's Gold Price Forecast: Gold to Hit $5,000 in 2026; Silver and PGMs to Follow Suit with Gains! Deutsche Bank stated that rigid official demand for gold is replacing price-sensitive consumer demand. It expects official demand to rebound to 1,053 tons per year in 2026, and the normalization of capital inflows into gold ETFs will push the 2026 average price target sharply higher from the previous $4,000 per ounce to $4,450 per ounce. Silver, platinum, and palladium are set to benefit from synchronized gains. Deutsche Bank predicts that the supply-demand balance for silver and platinum will remain in deficit next year, with the 2026 target price for silver as high as $55 per ounce.

# Overseas Companies

1. Anthropic Releases Another Groundbreaking Paper on Agents: Thinking Like Human Engineers to Solve "Long-Range Task" Challenges. Anthropic proposed a dual-Agent architecture to address the challenges of long-range tasks, with core mechanisms consisting of three pillars: a detailed function list (over 200 function points labeled in JSON), Git commits + progress files to record incremental progress, and end-to-end browser testing for validation. Each new session Agent quickly understands the status by reading Git logs and progress files, avoiding the "amnesia" problem caused by context window limitations, enabling Agents to complete complex projects across days like human engineers.

2. "Double 11" Mobile Phone Sales Rise Only 3% YoY; Apple iPhone 17 Carries the Load Alone. Apple accounted for 26% of total smartphone sales during the month-long Double 11 shopping festival, with overall smartphone sales across all brands rising 3% YoY. The sales performance of the Apple iPhone 17 was particularly strong. Excluding Apple, smartphone sales actually fell 5% during the Double 11 period.

3. Google Re-launches AI Glasses: Contract Manufactured by Foxconn, Designed by Samsung, to Be Released in Q4 2026. Google launched two AI glasses projects at the end of last year, which have now entered the POC (Proof of Concept) phase. It is reported that Foxconn will be the hardware contract manufacturer, Samsung will provide the reference design, and Qualcomm will supply the chips. The official release of Google's AI glasses is expected as early as the fourth quarter of 2026, and it will most likely adopt an optical solution with waveguide sheets and be equipped with cameras.

# Industries/Concepts

1. Hydrogen Energy: Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission (NDRC), revealed that the NDRC will continue to work with relevant parties to create a favorable environment for the healthy development of emerging industries such as energy storage and hydrogen energy. Firstly, deepen the reform of the power market, encourage energy storage projects to participate in the electricity energy market and auxiliary service markets such as frequency regulation, peak shaving, and standby services according to their own characteristics to obtain reasonable returns. Secondly, make overall planning and layout, effectively connect the supply and demand of green hydrogen, ammonia, and methanol, promote the large-scale development of green hydrogen, ammonia, and methanol in key fields, moderately advance the construction of infrastructure in production, transportation, and storage links, and effectively reduce system operation costs.

2. Smart Glasses: According to *Securities Times*, XREAL and Google will officially release the first AI glasses "Project Aura" equipped with the Android XR platform next month. The product integrates Google Gemini AI as the core "brain", marking Gemini's leap from a software assistant to spatial hardware. Users can directly conduct natural conversations, environmental analysis, and task processing with Gemini through the glasses' cameras, microphones, and sensors.

3. Brain-Computer Interface (BCI): According to *Hubei Daily*, on November 26, 31-year-old spinal cord injury patient Liu (pseudonym) successfully underwent an implanted brain-computer interface surgery at the Department of Neurosurgery, Tongji Hospital Affiliated to Huazhong University of Science and Technology, ushering in a new phase of clinical application of BCI in China. This surgery is China's first clinical operation of BCI implemented in accordance with the government-approved medical service price project (i.e., the fee for invasive BCI implantation is 6,552 yuan per session, excluding the cost of BCI equipment, etc.), marking that BCI technology has officially entered the medical service charging catalog system from the research and exploration stage, taking an important step in promoting technology popularization and industrialization.

4. Robotics: The latest "2025 China Humanoid Robot 6-Axis Force Sensor Market Analysis Report" released by GGII shows that with the acceleration of the industrialization process of humanoid robots, 6-axis force sensors, as key components for realizing real-time and precise force control, are experiencing explosive growth. The report predicts that the shipment volume of 6-axis force sensors for humanoid robots in China will reach 12,300 units this year, a year-on-year surge of 510.1%. Moreover, the market is further concentrated, with leading enterprise Bluedot Touch accounting for over 70% of the market share, reaching 72.6%.

5. Lithium Batteries: According to grassroots research by securities firms, the total scheduled output of power batteries, energy storage batteries, and consumer batteries in the Chinese market in December is expected to reach 220 GWh, a month-on-month increase of 5.3%, exceeding market expectations. Among them, energy storage cells account for about 35.3% of the scheduled output, and ternary cells account for about 17.3%.

6. Games: On November 27, the National Press and Publication Administration announced the approval information for domestic online games in November 2025. A total of 178 games were approved, including *Shadow Miracle* and *Dream Match* under Baidu Duoku, and *Mystery of Ancient Books* and *Journey of Destiny* under Qunyou Technology. The National Press and Publication Administration also announced that 6 imported online games were approved in November 2025.

# Key News Preview for Today

- Japan's November Tokyo CPI

- Germany's November CPI

- France's Q3 GDP, October CPI and PPI

- U.S. "Black Friday" Shopping Spree

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# Risk Warning and Disclaimer

The market is risky, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Investment based on this article is at the user's own risk.