Nvidia(US:NVDA) 吴晓波频道·2025-11-26 00:30Monetary Policy - The central bank conducted a 1 trillion yuan MLF operation on November 25, with a one-year term, resulting in a net injection of 100 billion yuan for the month, marking the ninth consecutive month of increased MLF operations [2] - The combined net injection from MLF and reverse repos in November reached 600 billion yuan, maintaining liquidity levels consistent with the previous month [2] - The central bank's monetary policy has become more precise and balanced, with cautious use of traditional tools, indicating a potential for rate cuts or reserve requirement ratio reductions by year-end [3] Personal Pension Funds - As of November 23, 2025, 97% of personal pension funds have achieved positive returns, with 296 out of 305 Y-share funds yielding positive results since inception [4] - The performance of index-type Y-share funds has significantly outperformed, with 13 funds exceeding a 30% return and four funds surpassing 40% [4] - Despite the overall positive performance, there remains a gap between the actual performance of personal pension funds and investor expectations, particularly in terms of stability versus profitability [5][6] Charging Battery Regulations - New safety standards for mobile power banks are expected to be published in December 2023, with implementation set for June 2026, leading to the invalidation of existing 3C certifications [7] - Compliance with the new standards is projected to increase manufacturing costs by approximately 30%, impacting the profitability of charging battery manufacturers [7][8] AI Industry Developments - Alphabet's market capitalization is nearing $4 trillion, driven by advancements in AI technologies, including the Gemini 3 model and new TPU developments, with a stock price increase of nearly 69% this year [9] - OpenAI has launched a free AI shopping search feature, enhancing its commercial capabilities and aiming to drive incremental sales for e-commerce platforms [11][12] - Nvidia has issued a detailed memo refuting allegations of financial misrepresentation, emphasizing its adherence to strict payment terms and clarifying its investment strategies amid scrutiny from short-sellers [13][14] Oil Market Outlook - JPMorgan forecasts that Brent crude oil prices may average between $57 and $58 per barrel in 2026 and 2027, with potential declines to around $30 per barrel unless production cuts are implemented [15][16] - The global oil supply is expected to outpace demand growth significantly in the coming years, contributing to a bearish outlook for oil prices [15][16]