Sou Hu Cai Jing·2025-11-12 00:55Macro News - The People's Bank of China has released the monetary policy implementation report for Q3 2025, emphasizing the need for a moderately loose monetary policy and the use of various tools to maintain relatively loose social financing conditions, while also improving the monetary policy framework and execution [1] - The U.S. Department of Commerce announced a one-year suspension of export control rules, which is seen as a significant step in implementing the consensus reached during the U.S.-China economic and trade consultations in Kuala Lumpur [1] Industry News - The National Development and Reform Commission has indicated that the issuance of real estate investment trusts (REITs) in the infrastructure sector will enter a normalization phase in 2024, with a total of 105 projects recommended to the China Securities Regulatory Commission, of which 83 have been issued, raising a total of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments [2] - The Ministry of Industry and Information Technology has issued a notice to accelerate the systematic layout and high-level construction of pilot platforms in the manufacturing sector, aiming to establish a modern pilot platform system by 2027 [2] - The China Passenger Car Association noted that the passenger car industry will see a rational return of promotions and price reductions in 2025, with improved market order and a significant reduction in price-cutting phenomena [2] Overseas News - On November 11, U.S. stock indices closed mixed, with the Dow Jones Industrial Average rising by 559.33 points to 47,927.96, a gain of 1.18%, while the S&P 500 increased by 14.18 points to 6,846.61, a rise of 0.21%. The Nasdaq Composite fell by 58.87 points to 23,468.3, a decline of 0.25% [3] - SoftBank Group reported that it sold 32.1 million shares of NVIDIA for $5.83 billion (approximately 41.5 billion yuan) in October 2025, and also sold T-Mobile shares worth $9.17 billion between June and September. Additionally, SoftBank plans to invest an additional $22.5 billion in OpenAI, with the full investment expected to be completed by December through the SoftBank Vision Fund 2 [3]