Morning News

# Market Overview and Key News

Source: Wall Street CN

## Market Overview

Ahead of the Fed's major policy decision, U.S. stocks struggled for momentum. The S&P 500 and Dow Jones Industrial Average recorded a second consecutive decline to a one-week low, while the Nasdaq Composite staged a slight rebound with an unexpected recovery. JPMorgan Chase fell nearly 5%, leading the declines among Dow components. The semiconductor index halted its two-day winning streak, with NVIDIA slipping 0.3%, while Broadcom rose over 1% for a third straight gain to a record high; Apple dropped for the fifth consecutive session, while Tesla and Alphabet rebounded more than 1%.

Employment indicators closely watched by the Federal Reserve unexpectedly improved, with U.S. job openings rising instead of falling. U.S. Treasury prices reversed gains to decline, and yields staged a intraday V-shaped rally, with the 10-year Treasury yield approaching a more than two-month high. After the release of U.S. job openings data, the U.S. Dollar Index accelerated to a one-week high, and cryptocurrencies surged. Bitcoin jumped over 5% intraday to break above $94,000, while Ethereum climbed nearly 10% at one point.

Crude oil fell for the second consecutive day to a two-week low, dropping over 1% intraday. Gold turned higher after hitting a one-week low intraday, with COMEX gold futures closing off this month's lows; silver rebounded to break above $60 for the first time in history, with COMEX silver futures rising nearly 5% at one point. LME copper fell over 1%, moving away from its record high.

During the Asian session, A-shares fluctuated with divergence. The computing power sector led gains, the photovoltaic sector rallied, and the commercial aerospace sector remained active, with Zhongji Innolight hitting a new high. Hong Kong stocks declined, as the Hang Seng Index and Hang Seng Tech Index both fell over 1%, while non-ferrous metals and semiconductor sectors weakened.

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## Key News

- Li Qiang held a "1+10" dialogue with heads of major international economic organizations, stating that open cooperation is an important path to implement the Global Governance Initiative. He emphasized the need to increase mutual market openness and avoid over-politicizing or over-securitizing economic and trade issues.

- He Lifeng: China and the U.S. should continuously expand their cooperation list to open up new space for bilateral economic and trade relations.

- The U.S. approved the sale of NVIDIA H200 AI chips to China. The Chinese Foreign Ministry responded: China has always advocated that China and the U.S. achieve mutual benefit and win-win results through cooperation.

- Donald Trump: Interest rate cuts will be a litmus test for the new Federal Reserve Chairman; he will consider two candidates and may lower prices of some goods by adjusting tariffs. Media reports: Trump will conduct the final round of interviews for Federal Reserve Chairman candidates this week, with Kevin Hassett remaining the top choice.

- Kevin Hassett: The Federal Reserve has "ample room" for interest rate cuts, which means a cut of more than 25 basis points.

- Volodymyr Zelenskyy: Ukraine is negotiating three key documents with the U.S. and Europe, covering framework agreements, security guarantees, and post-war reconstruction.

- U.S. "small non-farm" ADP employment data improved: private enterprises added an average of 4,750 jobs per week, ending four consecutive weeks of job losses. The Fed's key employment indicator, October JOLTS job openings, rose to a five-month high instead of falling, but hiring slowed and layoffs hit a more than two-year high.

- Bank of Japan Governor: The central bank will raise interest rates if the economic outlook is achieved, and will increase bond purchases under special circumstances. It is gradually approaching its sustained inflation target, implying that there will be "more than one" interest rate hike in the future.

- A-share photovoltaic sector surged in late trading after reports that a polysilicon reserve platform has been established.

- Moore Threads will hold its first MUSA Developer Conference from December 19 to 20, where it will unveil a new-generation GPU architecture.

- After Doubao faced widespread scrutiny, Zhipu AI open-sourced its mobile Agent, allowing everyone to build AI-powered mobile phones.

- Media reports: Galaxy General plans to list in Hong Kong, with a potential filing as early as January next year, and its valuation is second only to Yushu AI and Zhiyuan AI. Galaxy General denied the listing rumors, stating that the goal of its shareholding system reform is to facilitate normal future financing.

- Gemini 3 wins downloads but loses user habits: ChatGPT still dominates 90% of mobile conversations, with an average of over 8 daily openings—more than three times that of Gemini.

- JPMorgan Chase plummeted nearly 5% intraday: its $105 billion expenditure guidance for next year exceeded expectations, and executives warned that the consumer environment is "slightly fragile."

- The largest IPO in history: Reports indicate SpaceX is seeking to go public in 2026, with fundraising far exceeding $30 billion and a valuation of $1.5 trillion.

- Microsoft announced a total of $23 billion in new AI investments: $17.5 billion allocated to India (its largest investment in Asia), with simultaneous expansion of investments in Canada.

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## Market Closing Quotes

### U.S. and European Stock Markets

- S&P 500: Down 0.09% to 6,840.51

- Dow Jones Industrial Average: Down 0.38% to 47,560.29

- Nasdaq Composite: Up 0.13% to 23,576.486

- Euro Stoxx 600 Index: Down 0.10% to 577.77

### A-shares

- Shanghai Composite Index: Down 0.37% to 3,909.52

- Shenzhen Component Index: Down 0.39% to 13,277.36

- ChiNext Index: Up 0.61% to 3,209.60

### Bond Market

By the end of the bond trading session:

- U.S. 10-year Treasury yield: Approximately 4.19%, up about 3 basis points intraday

- U.S. 2-year Treasury yield: Approximately 3.61%, up nearly 4 basis points intraday

### Commodities

- WTI Crude Oil Futures (January): Down 1.07% to $58.25 per barrel

- Brent Crude Oil Futures (February): Down 0.88% to $61.94 per barrel

- COMEX Gold Futures (February): Up 0.44% to $4,236.2 per ounce

- COMEX Silver Futures (March): Up 4.17% to $60.84 per ounce

- LME Copper Futures: Down approximately 1.3% to $11,487 per ton

# Details of Key News

## Global Highlights

Li Qiang held a "1+10" dialogue with heads of major international economic organizations. Li Qiang stated that open cooperation is a key entry point and an important path to implement the Global Governance Initiative. Only through open cooperation can we create greater incremental space, maintain the stability and smoothness of industrial and supply chains, and accelerate technological and industrial upgrading. We should increase mutual market openness, avoid over-politicizing or over-securitizing economic and trade issues, strengthen international cooperation in innovation, and jointly foster and expand new drivers of development. Li Qiang emphasized that China has always been a firm practitioner and promoter of open cooperation. This year, China's economy has forged ahead amid pressure and achieved new development results, and we are confident and capable of completing the annual economic and social development goals and tasks.

He Lifeng: China and the U.S. should continuously expand the cooperation list to open up new space for bilateral economic and trade relations. He Lifeng said that since the beginning of this year, the heads of state of China and the U.S. have held multiple phone calls and successfully met in Busan, South Korea, reaching a series of important consensuses. Under the strategic guidance of the two heads of state, both sides should adhere to the correct direction, maintain the momentum of cooperation, and continuously expand the cooperation list while reducing the problem list. China is about to enter the first year of the "15th Five-Year Plan" and will continue to expand high-level opening-up. We welcome more U.S. enterprises to invest and develop in China and strive to promote the stable, healthy and sustainable development of China-U.S. economic and trade relations.

U.S. approves sale of NVIDIA H200 AI chips to China; Foreign Ministry responds. Chinese Foreign Ministry spokesperson Guo Jiakun said: "We have noted the relevant reports. China has always advocated that China and the U.S. achieve mutual benefit and win-win results through cooperation."

Global Times: Trump announces permission for NVIDIA to sell H200 chips to China. The Trump administration announced that it will allow NVIDIA and other companies to sell AI chips to China, but will collect a 25% share from the sales. It also stated that this arrangement will apply to other chip companies such as AMD and Intel.

Three key questions about NVIDIA H200's approval for export to China: How long will the relevant process take? Is the performance of H200 outdated? Can it achieve the "unfreezing" of the Chinese mainland market?

Trump: Interest rate cuts are a litmus test for the new Federal Reserve Chairman; may lower prices of some goods by adjusting tariffs. When asked if interest rate cuts are a litmus test for his choice of Federal Reserve nominee, Trump replied clearly: "Yes." When asked if he would rule out tariff cuts on more goods other than coffee, beef and bananas, he said, "Some will be lowered, some will have tariffs increased." This is the first time Trump has clearly stated that he may expand the scope of tariff reductions.

Trump says he will consider two candidates for Federal Reserve Chairman.

Media: Trump to conduct final round of interviews for Federal Reserve Chairman candidates this week; Hassett remains the top choice. Trump and Treasury Secretary Bezos will meet with one of the candidates, Kevin Warsh, on Wednesday. Officials of the Trump administration have put forward an idea to let Hassett serve a shorter term as Federal Reserve Chairman than the normal term.

"Shadow Federal Reserve Chairman" Kevin Hassett: The Federal Reserve has "ample room" for interest rate cuts, which means a cut of more than 25 basis points. When asked whether he would lean towards Trump or independent economic judgment if he becomes Federal Reserve Chairman, Hassett said he would adhere to his own judgment and believed that Trump trusts his judgment. He also said that if the inflation rate rises from 2.5% to 4%, interest rates cannot be cut.

"Small non-farm" ADP employment data improves ahead of interest rate decision; private enterprises add 4,750 jobs per week on average. In the four weeks ending November 22, private employers added an average of 4,750 jobs per week, ending four consecutive weeks of job losses. This shift has injected positive signals into the recently sluggish labor market.

U.S. October JOLTS job openings rise to a five-month high instead of falling, but hiring slows and layoffs hit a more than two-year high. The JOLTS report shows that hiring fell by more than 4% month-on-month in October, and layoffs rose to 1.85 million, the highest since the beginning of 2023; the voluntary quit rate hit a five-year low. Economists believe that the background of reduced hiring and increased layoffs indicates that the labor market is slowing down, but not as severely as shown by some alternative data sources; the Federal Reserve currently does not regard the labor market as a source of inflationary pressure.

Demand for U.S. Treasury auctions is stronger than expected; 10-year U.S. Treasuries still fall; job openings highlight the Federal Reserve's policy dilemma. The U.S. Treasury Department auctioned $39 billion of 10-year Treasury bonds on Tuesday. The allocation ratio to foreign buyers reached 70.2%, a nearly four-month high, and the bid-to-cover ratio rose to 2.550, but the auction failed to boost the bond market. Before the completion of the auction, after the unexpected rise in October job openings was announced, the 10-year U.S. Treasury yield rose intraday, approaching a more than two-month high.

BOJ Governor strengthens interest rate hike expectations: Will raise rates if economic outlook is achieved; will increase bond purchases under special circumstances. Kazuo Ueda acknowledged that long-term bond yields should be determined by the market, but due to the relatively fast pace of interest rate hikes recently, the central bank will increase bond purchases under "special circumstances."

Kazuo Ueda: Gradually approaching the sustained inflation target, implying "more than one" interest rate hike in the future. Kazuo Ueda said that Japan has approached the sustained 2% inflation target; even if interest rates are raised again, the central bank must continue to adjust the intensity of economic support, and the central bank's work will not end. He said that the policy will continue to normalize, interest rates will eventually return to the "natural level," and he will pay attention to the inflationary pressure brought by the weak yen. Market pricing currently reflects an approximately 88% probability of the BOJ raising interest rates in December.

Zelenskyy: Ukraine is negotiating three key documents with the U.S. and Europe. The documents cover three major areas: framework agreements, security guarantees, and post-war reconstruction. Zelenskyy said Ukraine is ready to hold elections.

A-share photovoltaic sector surges in late trading; reports say polysilicon reserve platform established. Media reports that "Beijing Guanghe Qiancheng," a long-awaited polysilicon capacity integration and acquisition platform in the industry, has been established with a registered capital of 3 billion yuan. However, the company's industrial and commercial registration information has not yet been found on official channels. This news is the latest progress of the polysilicon reserve plan. The reserve plan is jointly initiated by leading enterprises, aiming to eliminate backward production capacity and alleviate vicious competition in the industry, but specific details and industrial and commercial information have not been made public.

Newly listed Moore Threads is about to unveil a new-generation GPU architecture. Moore Threads' first MUSA Developer Conference will be held in Beijing from December 19 to 20. Zhang Jianzhong, founder, chairman and CEO of Moore Threads, will systematically elaborate on the full-stack development strategy and future vision centered on MUSA for the first time, grandly release a new-generation GPU architecture, launch a complete layout covering product systems, core technologies and industry solutions, and share landing cases in multiple fields and progress in ecological construction.

Game-changer! After Doubao was "besieged," Zhipu AI open-sourced its mobile Agent, allowing everyone to build AI-powered mobile phones. When the technical threshold is eliminated, giants may be able to encircle and suppress a single "Doubao mobile phone," but it is difficult to suppress tens of millions of personalized Agents built on open-source frameworks. Zhipu AI said: "It is not enough to do this only in one company. The original intention of AutoGLM's open-source is to turn this layer of capability into a public base that the entire industry can jointly own and polish."

Media: Humanoid robot unicorn Galaxy General plans to list in Hong Kong; may file as early as January next year, with valuation second only to Yushu AI and Zhiyuan AI. Media reports that Galaxy General is expected to file in the first quarter of next year, and its valuation ranks in the first echelon of the industry. Led by scholar-founder Wang He, the company has built full-stack self-developed capabilities, and its listing process reflects that the humanoid robot track is entering a critical stage of concentrated capitalization.

Galaxy General denies Hong Kong listing rumors: The goal of shareholding system reform is to facilitate normal future financing. Some comments say that the widespread attention to this rumor may be related to Galaxy General's recent completion of the shareholding system reform.

Li Auto: The realization of L4 autonomous driving will be the real "iPhone 4 moment" for the automotive industry; plans to launch the first L4 autonomous driving car within three years. Li Auto said that according to the company's plan, it will launch the first car defined for L4 autonomous driving within three years, that is, around 2028. Li Xiang, chairman and CEO of Li Auto, even further imagined that by 2030, the company has a 50% chance of launching an AI supercar.

Gemini 3 wins downloads but loses user habits? ChatGPT still monopolizes 90% of mobile conversations, with an average of over 8 daily openings. Gemini 3 has driven a 33% year-on-year increase in its recent downloads, but ChatGPT's mobile app is opened more than 8 times a day, far exceeding Gemini's 2.5 times. This highlights a key issue: in the AI product market, attracting users to try and cultivating usage habits are two different battles, and the latter is much more difficult.

JPMorgan Chase plummets nearly 5% intraday; 2026 expenditure guidance of $105 billion exceeds expectations. JPMorgan Chase executive Marianne Lake said on Tuesday that the bank expects its overall expenditure next year to rise to $105 billion, higher than analysts' expectations, mainly driven by business expansion, strategic investments and structural inflation, and warned that the consumer environment is "slightly fragile." The sharp drop in JPMorgan Chase's stock price intraday dragged down the overall weakness of the banking sector.

The largest IPO in history: Reports say SpaceX seeks to go public in 2026, with fundraising far exceeding $30 billion and a valuation of $1.5 trillion. If SpaceX sells 5% of its shares as planned, the fundraising scale will reach about $40 billion, far exceeding Saudi Aramco's $29 billion record in 2019.

Microsoft announces a total of $23 billion in new AI investments: $17.5 billion bet on India; Canadian investments expanded simultaneously. The $17.5 billion investment becomes Microsoft's largest single investment in Asia, used to build AI infrastructure in India. Microsoft also plans to add more than 7.5 billion Canadian dollars in investment to Canada over the next two years, increasing the total AI investment in Canada to 19 billion Canadian dollars. The new production capacity brought by the investment will be put into operation in the second half of next year.

## Domestic Macroeconomics

Delays in China's rare earth exports to Japan? Foreign Ministry: China is handling relevant issues in accordance with laws and regulations.

Joint Press Release of the Third Meeting of the China-Iran-Saudi Arabia Trilateral Joint Committee. Iran and Saudi Arabia reaffirmed their adherence to all provisions of the Beijing Agreement, and will continue to abide by the Charter of the United Nations, the Charter of the Organization of Islamic Cooperation and international law, and consolidate their good-neighborly and friendly relations on the basis of respecting national sovereignty, territorial integrity, independence and security. Iran and Saudi Arabia welcome China to continue to play an active role and believe that China's support and follow-up implementation of the Beijing Agreement are crucial. China emphasized that it is willing to continue to support and encourage Iran and Saudi Arabia to take actions to develop relations in various fields between the two countries.

# Domestic Companies/Industries

Where Lies the Opportunity for China's AI GPUs? Morgan Stanley Industry Research: Inference Segment May Emerge as the Biggest Winner. Research shows that inference computing is replacing pure computing power stacking to become the core growth driver of China's AI chip industry. Local manufacturers are betting on 6/7nm processes and LPDDR technology to secure production capacity and seize the inference market window. Based on this, Morgan Stanley has raised its AI GPU revenue forecast for 2026-2027 and expects China's self-sufficiency rate to rise to 50%.

Maximum Profit Margin Surpasses 60%! December Securities Firms' Golden Stock Lists Released Again, Still Focusing on Pan-Tech.

Beijing Stock Exchange May Welcome Its First Art Company: Zhu Bingren Copper Launches Listing Counseling for the Second Time. The "Pop Mart for Middle-Aged People" is set to go public.

After Leading the Trillion-Yuan "Securities Giant," Zhu Jian Takes on Another Important Role, Elected Chairman of the Securities Association. Zhu Jian currently serves as Chairman of Guotai Haitong Securities.

Insta360's Liu Jingkang Responds to Drone "Slump" Controversy in Internal Letter: 30 Million Yuan in Domestic Shipments in 48 Hours.

Nubia and Douyin Respond to AI Phone Controversy: Development Trend Is Irreversible, AI Is Definitely the Future.

# Overseas Macroeconomics

Will the Fed Cut Interest Rates After Changing Leadership? Allianz Chief Pour Cold Water: FOMC Is Divided, New Leader Will Struggle to Take Control. Despite market bets on "interest rate cuts upon leadership change," El-Erian warned that the new Federal Reserve Chairman will struggle to take control quickly: the FOMC is deeply divided internally, members may resist new policies to avoid political interference, and the impact of interest rate cuts has largely been priced in advance. He emphasized that the real key lies in advancing in-depth structural reforms such as inflation targeting, communication frameworks, and balance sheet management to rebuild the Fed's credibility and forward-looking capabilities.

Asset Management Giant: If the Market Doesn't Trust the New Chairman, the Fed May Be Forced to Restart QE. The increasing possibility of Kevin Hassett being appointed Federal Reserve Chairman has heightened investors' concerns about the Fed's independence. Kristina Hooper, Chief Market Strategist at Man Group, believes that cutting interest rates cannot ensure a decline in long-term interest rates. If the market believes Hassett will struggle to push down long-term rates, the Fed will have to resort to quantitative easing.

RBA Keeps Interest Rates Unchanged but Signals Next Move May Be a Hike. The Reserve Bank of Australia kept interest rates unchanged but explicitly warned that strong domestic demand is exacerbating inflationary risks, suggesting that future monetary policy will remain tight and further rate hikes cannot be ruled out. This hawkish stance has prompted a shift in market expectations, with traders starting to price in the possibility of rate hikes later next year.

Hedge Fund Giant Balyasny: AI Is the Biggest Tail Risk in 2026. Balyasny, a hedge fund giant with $31 billion in assets, warned that AI will be the biggest tail risk next year. If cloud giants' AI investment returns fall short of expectations, reduced spending may trigger a downward chain reaction in the industrial chain; the wave of unemployment caused by AI may also impact the market. Despite the potential instability, the baseline scenario remains that AI will advance at its current pace.

Howard Marks Warns: AI's Impact on Employment Is "Scary," Tech Giants' Frenzy of Borrowing Lays Hidden Dangers. Howard Marks, Co-Founder of Oaktree Capital Management, stated that AI may have a "scary" impact on employment, and the market's optimistic expectations for productivity growth ignore social affordability. He pointed out that AI is evolving into a "winner-takes-all" arms race, forcing tech giants to borrow heavily to invest huge sums of money, which may also exacerbate social and political divisions.

Soaring to $3 Trillion: U.S. Private Credit Is Evolving into a "High-Risk Version" of the Public Debt Market; Aggressive Underwriting Raises Bubble Concerns. The size of the U.S. private credit market has soared to $3 trillion, and it is rapidly converging with public markets such as high-yield bonds, allowing large enterprises to freely switch financing between the two. Capital inflows have boosted trading volume but brought risks such as aggressive underwriting, insufficient liquidity, and high concentration. Institutions warn that if lending standards continue to loosen, this rapidly expanding market may become a new systemic hidden danger in an economic downturn.

# Overseas Companies

"Making Bold Predictions" Ahead of Earnings: JPMorgan Chase: Broadcom's AI Revenue Will Exceed $50 Billion Next Year. JPMorgan Chase stated that driven by the continuous volume increase of Google's TPU and new orders from Meta, Broadcom's AI revenue is expected to exceed $50 billion in fiscal year 2026. In the short term, strong demand for AI networks and custom ASICs will drive Broadcom's October quarter revenue and January quarter guidance next year to exceed market consensus. In addition, the accelerated release of VMware's synergies jointly supports Broadcom's optimistic outlook.

Valuation May Reach $800 Billion? Morgan Stanley: SpaceX's Next Grand Narrative Will Be Space Data Centers. Morgan Stanley stated that the market is pricing a brand-new grand narrative of AI infrastructure, and the underlying logic behind SpaceX's doubled valuation lies in the expansion of its business boundaries. Elon Musk is outlining SpaceX's blueprint for entering orbital data centers, believing that orbital data centers are the fastest way to expand computing power in the next 4 years, which can solve the problem of global power shortages and have advantages such as extreme cooling, unlimited solar energy, and zero operating costs.

As AI Bubble Is Questioned, Apple, Which Is Slow to Move, Unexpectedly "Wins by Default": Stock Price Soars 35% in Six Months, Outperforming Microsoft and Meta. Against the backdrop of questioned AI investment boom, Apple has unexpectedly become a market winner due to its prudent capital expenditure strategy. Its stock price has risen by more than 35% since the end of June, with a market value exceeding $4.1 trillion, surpassing Microsoft to become the second-largest component stock in the S&P 500. With its hardware ecosystem and high-margin service business, Apple is regarded as an investment target that can both avoid AI bubble risks and benefit from technological popularization, and its valuation has risen to an all-time high.

Pepsi Compromises with Activist Shareholders to "Save Itself": Close Factories, Lay Off Employees, and Cut 20% of Product Lines in the U.S. Market. Faced with performance and shareholder pressure, PepsiCo reached a strategic reform agreement with activist investor Elliott Management. Core measures include: cutting 20% of product lines in the U.S. by 2026, closing three factories, promoting layoffs and production line optimization, and shifting resources to affordable products and healthy innovations. The company raised its performance guidance, targeting to increase core profit margin by at least 100 basis points within three years.

Widening the Gap with Tesla's Robotaxi: Waymo's Weekly Orders Reportedly Surpass 450,000, Nearly Doubling in Less Than Eight Months. Data disclosed by Waymo's investor Tiger Global Management shows that Waymo's weekly paid ride-hailing orders have increased by 80% from 250,000 in April this year. Analysts said Waymo's Robotaxi service currently deploys 2,500 vehicles nationwide. Based on 450,000 weekly orders, each vehicle averages about 26 orders per day.

# Industries/Concepts

1. Photovoltaics: According to Securities Times, sources indicate that the "Polysilicon Capacity Integration and Acquisition Platform" has been officially established, named Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion yuan, a establishment date of December 9, 2025, and a registered address in Chaoyang District, Beijing. It is understood that Guanghe Qiancheng's main business is to explore potential strategic cooperation opportunities for major enterprises in the industry, such as technological upgrading, market expansion, and capacity and cost optimization. Insiders in the polysilicon industry did not directly respond to whether the company is the main entity of the "polysilicon capacity integration and acquisition platform."

2. Mass Consumption: The National Retail Innovation and Development Conference was held in Beijing from the 9th to the 10th. According to Xinhua News Agency, Sheng Qiuping, Vice Minister of Commerce, stated that during the "15th Five-Year Plan" period, retail should be taken as a key focus to cultivate a complete domestic demand system and strengthen the domestic circulation, promoting the industry to shift towards quality-driven and service-driven development to achieve high-quality growth. Currently, the retail industry still needs to be further strengthened in terms of network layout, supply-demand adaptation, and online-offline balance. More attention should be paid to the sinking market, developing new formats, new models, and new scenarios to stimulate consumption potential.

3. Computing Power: On December 11, the 2025 Computing Power Industry Ecosystem High-Quality Development Conference, an ideological feast focusing on the future of the industry, is about to kick off. Hosted by the Data Center Committee of China Communications Industry Association, this conference aims to delve into the fundamentals of the computing power ecosystem and decode the new development paradigm of the intelligent era.

4. Medical Devices: According to a previous notice issued by the National Medical Products Administration, starting from January 1, 2026, China will fully ban the production of mercury-containing thermometers and mercury-containing sphygmomanometers. This policy marks that mercury thermometers are about to officially withdraw from the historical stage.

5. XR: At 2:00 a.m. Beijing time on December 9, Google held a special press conference themed "Android XR." The conference focused on the extended reality (XR) field, covering the latest progress of various products from smart glasses to head-mounted devices. Industry analysts regard this live broadcast as an important weather vane for the XR industry.

# Today's Key News Preview

- China's November CPI and PPI.

- ZTE Corporation's earnings report.

- Microsoft CEO Satya Nadella visits India from the 10th to the 12th and meets with government officials.

- In the early morning of Thursday Beijing time, the Federal Reserve will announce the interest rate decision after the end of the FOMC meeting, and Federal Reserve Chairman Jerome Powell will hold a monetary policy press conference afterwards.

- After the close of U.S. stocks on Wednesday, Oracle and Adobe will release their earnings reports.

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