降息预期，持续升温！福建，大动作；阿里，再出新品！

Market Overview - US stock indices collectively rose overnight, with Intel gaining over 8%. The Nasdaq China Golden Dragon Index fell by 0.65%. COMEX gold futures dropped by 0.84% to $4238.7 per ounce, while silver futures rose by 0.01% to $59.15 per ounce. Expectations for a Federal Reserve rate cut are increasing, with Bank of America predicting a 25 basis point cut in December, raising the probability of such a move to 89.2% as of December 3 [1] - WTI crude oil futures fell by 1.15% to $58.64 per barrel, and Brent crude dropped by 1.14% to $62.45 per barrel. High-level talks between the US and Ukraine in Florida did not yield a compromise on the Ukraine issue, according to Russian officials [1] Industry Developments - Fujian Province aims to achieve a public computing power scale of over 12 EFLOPS by the end of 2027, planning to construct several medium-sized computing infrastructure projects. Stocks related to computing power in Fujian saw significant movements, with Sun Cable hitting the limit up within 2 minutes [2] - Alibaba updated its image generation and editing model Qwen-Image, which has improved consistency in image editing and made advancements in multi-view transformation and multi-image fusion [2] - Nvidia's CFO stated that no final agreement has been reached with OpenAI, with $500 billion in orders for AI chips expected by 2026, excluding ongoing work with OpenAI [2] Stock Market Dynamics - On December 2, southbound funds net bought approximately HKD 4.101 billion, with Meituan and Xiaomi receiving net purchases of HKD 5.92 billion and HKD 3.80 billion, respectively. Tencent Holdings faced a net sell-off of HKD 3.81 billion [3] - In November 2025, A-share new accounts reached 2.38 million, a 3% increase from October, with a total of 24.84 million new accounts opened in the first 11 months of 2025, a year-on-year increase of 7.95% [3] - The bond market saw a decline in Vanke bonds, with "21 Vanke 06" dropping over 31% and "21 Vanke 02" down over 25% [3] Technological Advancements - UBTECH and ZhiSheng Technology signed a strategic cooperation framework to promote the application of large models and humanoid robots, aiming for the deployment of 10,000 robots and the realization of billions in commercial orders over the next five years [4] - Amazon Web Services is set to launch its latest AI chip, Trainium3, which aims to provide cost-effective and efficient computing power for AI models, with Amazon's stock rising by 1.5% [5] - Samsung Electronics has completed the development of its sixth-generation high-bandwidth memory (HBM4) chips and is preparing for mass production [5] Regulatory and Policy Updates - The National Development and Reform Commission emphasized the need to address risks in real estate, local government debt, and small financial institutions while enhancing national security capabilities in emerging fields [9] - The Ministry of Industry and Information Technology held a meeting to prepare for the establishment of the China Artificial Intelligence Terminal Industry Association [10] - The National Energy Administration reported that in October 2025, 5,358 new renewable energy projects were added, with a significant focus on solar power [11] Automotive and Semiconductor Industry Insights - In October 2025, the total import and export value of automotive goods reached $25.31 billion, with exports amounting to $21.63 billion, reflecting a year-on-year increase of 15.9% [12] - The global semiconductor market size is projected to reach $772 billion in 2025, with a year-on-year growth rate of 22% [14]