知行合一

Shanghai Superconductor's IPO on the Sci-Tech Innovation Board has updated its financial information Shanghai Superconductor Technology Co., Ltd. has recently supplemented its latest financial information to the Shanghai Stock Exchange's official website during its IPO process on the Sci-Tech Innovation Board. This marks a further advancement in the company's listing process, laying the foundation for future performance in the capital market.

After the government reopens, the reduction in U.S. flights drops to 3% After the U.S. government shutdown ended, flight operations are gradually resuming. Since November 15, the reduction in flights has decreased from 6% to 3%. Although the shortage of air traffic controllers has eased somewhat, flight delays and cancellations are expected to continue for some time.

Bilibili holds a national animation release conference, with users watching national animation content for 970 million hours in 2025 Bilibili's online conference revealed that over 3,000 national animation works have been produced, with users watching national animation content for 970 million hours in 2025, a year-on-year increase of 104% in the third quarter, and a user base reaching 330 million, showcasing strong growth momentum in domestic animation.

After two consecutive weeks of large-scale buying, Xiaomi Group receives capital bottom-fishing Xiaomi Group's Hong Kong stocks have seen net buying from southbound funds for two consecutive weeks, amounting to 4.332 billion Hong Kong dollars, the highest among all tech stocks, indicating continued optimism from investors. Since the end of September, Xiaomi's stock price has dropped nearly 30%, reflecting investors' bottom-fishing intentions.

European Central Bank Governing Council member Lane: Inflation slowdown risks need to be considered European Central Bank member Philip Lane stated that the risks of inflation slowing down cannot be ignored. Low energy prices, a stronger euro, and easing wage inflation may lead to inflation falling below the 2% target. Lane also reminded that the risks of rising inflation need to be monitored.

Former Federal Reserve Governor Kugler resigns after more trading violations Former Federal Reserve Governor Adriana Kugler resigned after being denied a waiver for financial trading behavior related to ethical violations. Her latest financial disclosures were not certified and were referred for oversight, involving more trading violations, with relevant information published on the government ethics office website.

The first gas storage facility group in Northwest China begins supplying gas The Wengjisang gas storage facility group in the Tuha Oilfield of Xinjiang has officially been put into operation, marking the first gas storage facility group in Northwest China, with a maximum daily gas supply exceeding 5 million cubic meters and a cumulative gas supply of nearly 300 million cubic meters, significantly enhancing the region's natural gas security for this winter.

Dongwu Securities: Focus on the key window for a new round of market style transition in 2026, AI main line may face mid-term adjustments Dongwu Securities' research report states that growth stocks have performed prominently in the A-share bull market, and it is expected that around 2026, the market will experience a transition from "growth to value" style. If popular AI applications do not emerge as expected, combined with a stronger dollar, the AI main line may face mid-term adjustments.

Apple reportedly accelerates the development of a successor plan: Cook may retire as early as next year Apple is accelerating the development of a CEO succession plan. Current CEO Tim Cook may retire as early as next year, with Senior Vice President of Hardware Engineering John Ternus considered the most likely successor, attracting significant market attention.

Guotai Junan Securities: The bull market is still ongoing, the technology main line is shifting from computing power to applications Guotai Junan Securities' research report believes that the bull market is not over, and the technology main line continues, but the focus is shifting from computing power to applications, such as AI glasses and robots. In the mid to late stages, there may be a rotation to sectors like real estate, brokerage, and liquor consumption.

Guotai Junan: Liquidity crisis eases, gold returns to an upward trend Guotai Junan believes that after the end of the U.S. government shutdown, the decrease in the Treasury Department's account balance has led to liquidity release, alleviating short-term pressure on gold. The trend of dollar interest rate cuts remains unchanged, and gold prices still have mid-term support, with attention to gold opportunities in the context of de-dollarization.

The academic community gathers in Foshan to explore new paths for semiconductor industry development The Guangdong Semiconductor Equipment and Components Society, in collaboration with the Jihua Laboratory, held an academic conference in Foshan, where experts, scholars, and industry representatives discussed new development paths for the semiconductor industry, promoting deep integration of industry, academia, and research.

CITIC Construction Investment: China has a complete rare earth industry chain advantage, future focus on demand-driven fields for neodymium-iron-boron materials CITIC Construction Investment pointed out that China's rare earth industry has achieved full chain coverage from resources to consumption, with demand for high-performance neodymium-iron-boron materials driven by industries such as new energy vehicles and wind power, expecting demand to reach 212,000 tons by 2027, with a compound annual growth rate of 13%.

In the first ten months, the national railway transported 3.95 billion passengers, a year-on-year increase of 6.4% In the first ten months of this year, the national railway transported a total of 3.95 billion passengers, a year-on-year increase of 6.4%, setting a historical high for the same period, indicating steady growth in transportation and safe, orderly operations.

Guotai Junan: Storage enters a super cycle, emphasizing the price elasticity of consumer-grade storage Guotai Junan's research report points out that NAND Flash has entered a super cycle driven by AI applications, and consumer-grade NAND prices are expected to align with enterprise-grade prices. The demand for large-capacity NOR Flash is rising, and the industry has received an "overweight" rating.

Yidian Tianxia and Alibaba Cloud reach a framework cooperation agreement for AI comic series going overseas Yidian Tianxia and Alibaba Cloud have signed an agreement for AI comic series going overseas, aiming to integrate resources to create a full-link solution including content production capacity, computing power support, and marketing monetization, accelerating the overseas expansion of Chinese AI comic series.

Hanwei Technology: Currently, the company's flexible sensor products are not limited by production capacity and can meet downstream demand Hanwei Technology responded to investors, stating that its annual production of flexible sensors has exceeded 10 million units, and the production line expansion has been put into use. Currently, product capacity is almost unrestricted and can fully meet downstream market demand, with future expansion depending on demand.

The large scientific device "Lasso" reveals key mechanisms of cosmic ray origins The latest research from the "Lasso" scientific device has discovered that five micro-quasars in the Milky Way can accelerate cosmic particles to extremely high energies, solving the mystery of the "knee structure" origin in cosmic rays and opening new directions for high-energy astrophysics research.

The Gates Foundation reduces its stake in Microsoft by 65%, cashing out about $8.7 billion The Gates Foundation sold 17 million shares of Microsoft stock in the third quarter of 2025, reducing its stake by nearly 65%, with a cash-out amount of about $8.7 billion. This action is part of portfolio adjustment, with Microsoft's weight in the fund dropping from 27% to 13%.

Cinda Securities: The current market style diffusion is still in the valuation, expectations, and capital-driven stage Cinda Securities' research report states that the rotation of value style sectors is evident, and the market is in a valuation, expectations, and capital-driven stage, with style diffusion expected to continue for 1-2 quarters. The annual market trend requires value stocks to realize profits, while long-term attention should still be paid to the technology main line.