Core Insights - China has completed the first phase of 6G technology trials, achieving over 300 key technology reserves after four years of continuous efforts, marking a significant milestone in the global 6G landscape [1][3] - The trials focus on core technologies such as terahertz communication, intelligent surfaces, and integrated space-ground networks, with peak transmission rates reaching terabits per second, significantly surpassing 5G capabilities [1][2] Group 1: Technological Advancements - 6G is expected to enhance transmission speeds by 10 to 100 times compared to 5G, exceeding 100 Gbps, with latency reduced to microseconds and supporting millions of devices per square kilometer [2][5] - The first phase of trials has established key technology directions, including communication-perception integration and AI-native networks, with the next phases focusing on prototype development and pre-commercial equipment testing [2][3] Group 2: Global Positioning and Standards - China leads in global 6G patent applications, holding 40.3% of the total, and is actively participating in international standard-setting efforts, with significant contributions to the 3GPP's 6G research projects [3][4] - The timeline for 6G standardization is set, with key milestones including the completion of technical research by 2027 and the first version of technical specifications by March 2029 [3][4] Group 3: Market Potential and Applications - The application prospects for 6G are vast, potentially creating a trillion-dollar market by 2040, with expected connections exceeding 5 billion globally, covering various sectors such as low-altitude economy, telemedicine, and smart factories [5] - 6G technology is anticipated to drive innovations in mobile terminals, integrating AI and enabling new forms of devices like AI smartphones and smart glasses, which will be key growth areas in the market [4][5]

11月13日至14日，2025年6G发展大会在北京经济技术开发区举行。大会以"智联全球，共建6G技术创新 生态"为主题，邀请两院院士、国内外权威专家、国际组织代表、知名企业家等，共同探讨6G应用需 求、关键技术、国际标准、产业研发、试验验证等议题，推动6G技术及架构形成全球共识，维护全球 统一的6G国际标准和产业生态。 转自：北京日报客户端 大会期间，IMT-2030（6G）推进组宣布6G公共研发新型试验设施能力提升，基于现有6G技术试验平 台，携手业界全面提升五项能力体系，以数据为基础，构建数字孪生底座，创新通智融合、星地融合能 力，共筑一张试验网，助力6G关键技术和样机研发、支撑国际标准研制、服务创新生态应用。大会还 集中展示了超大规模天线样机、感知智能融合应用演示系统、多智能体协同演示系统、新型物联样机等 多款6G概念样机及应用演示。 京日报客户端 来源：北 大会开幕式上，工业和信息化部党组成员、副部长张云明致辞时表示，中国的6G发展正处于技术创新 加速演进、产业方向愈发清晰的关键阶段，亟需全球产学研用各方进一步集思广益、凝聚共识、紧密合 作、共促发展。 北京市政府党组成员、副市长孙硕表示，面向未来，北 ...

Group 1 - Douyin has removed low-priced links for Moutai products, indicating a commitment to regulate misleading sales practices [2] - The majority of Moutai sales links now feature official stores, with third-party low-priced listings taken down [2] - Merchants are awaiting platform assessments to determine if they can continue selling Moutai [2] Group 2 - Xiaomi plans to increase investment in 6G technology research and standardization, having showcased its AI wireless technology prototype at a recent forum [3] - The prototype supports various deployment configurations and aims to leverage AI for data transmission [3] - This move positions Xiaomi to gain a competitive edge in the emerging 6G market [3] Group 3 - Over 80% of winter wheat has been planted nationwide, with significant progress in key regions like Huang-Huai-Hai [4][5] - The recent favorable weather conditions have accelerated the planting process [5] Group 4 - Walmart's CEO Doug McMillon will step down at the end of January, amid challenges such as tariffs and changing consumer demands [6] - This unexpected leadership change comes as the retail giant faces significant industry transformations [6] Group 5 - Bilibili announced 40 new domestic animation projects, including adaptations of popular IPs [7] - The company is collaborating with Shenman Culture for the adaptation of a popular web novel [7] Group 6 - The openEuler community has released a new operating system version supporting super nodes, along with an AI solution [17] - This release marks a significant step in the community's development and collaboration with various enterprises [17] Group 7 - Tim Cook may step down as Apple's CEO as early as next year, with John Ternus seen as a potential successor [18] - The transition plan is reportedly unrelated to the company's current performance [18] Group 8 - Elon Musk stated that the perception of overpopulation is misleading, suggesting that the Earth's population could fit in a single building in New York [19] - He emphasized that much of the Earth remains sparsely populated [19] Group 9 - Shanghai police have cracked down on illegal drone activities, resulting in over 2,500 cases since the initiative began [20] - The crackdown has led to increased registration of drone operators and equipment [20] Group 10 - Musk's X platform has launched a new chat feature aimed at enhancing user communication experiences [21] - This feature integrates audio and video calling, as well as file sharing, into the platform [21]

Group 1 - The central bank reported that the cumulative increase in social financing for the first ten months reached 30.9 trillion yuan, which is an increase of 3.83 trillion yuan compared to the same period last year [2] - The M2 money supply increased by 8.2% year-on-year, while the social financing stock grew by 8.5% year-on-year, indicating a slight decrease in growth rates [2] - The Ministry of Industry and Information Technology announced the completion of the first phase of 6G technology testing, resulting in over 300 key technology reserves [2] Group 2 - The Ministry of Industry and Information Technology plans to develop the "14th Five-Year" plan for intelligent connected new energy vehicles and new battery industries, focusing on expanding the application of power batteries and supporting innovative battery swapping models [3] - The number of newly issued funds this year reached 1,371, the highest in nearly three years, with an average fundraising scale of 782 million yuan, indicating a shift in the public fund issuance market towards a more diversified approach [3] - The China Securities Investment Fund Association is soliciting opinions on guidelines to manage the investment style of theme investment funds, aiming to prevent style drift and ensure stability in investment direction [4][5] Group 3 - Federal Reserve official Bostic expressed a preference for maintaining the federal funds rate stability until clear evidence of inflation moving towards the 2% target is observed [7] - U.S. White House officials are discussing administrative orders to limit the influence of proxy advisers and index fund giants, indicating potential regulatory changes in the investment advisory space [7] Group 4 - Recent global stock market performance has shown divergence, with the Shanghai Composite Index down 0.18% and the Hang Seng Index up 1.26%, reflecting mixed investor sentiment [8][9] - In the bond market, the yield on 10-year Chinese government bonds rose by 1.56 basis points to 1.81%, while the yield on 10-year U.S. government bonds increased by 3.0 basis points to 4.14% [12][13] Group 5 - In the commodity market, precious metals rebounded with COMEX gold rising by 1.86% and silver by 4.69%, while international oil prices also saw an increase [15][16] - The recent week saw a significant dominance of fixed income and pure debt products in bank financing channels, contributing nearly 70% of the total number of funds and over 90% of the financing scale [19][17]

Group 1 - The Chinese Ministry of Foreign Affairs issued a warning for citizens to avoid traveling to Japan due to provocative remarks made by Japanese leaders regarding Taiwan, which have severely deteriorated the atmosphere for Sino-Japanese exchanges and pose significant risks to the safety of Chinese citizens in Japan [2] - In October, China's national economy showed stability with a continuous upward trend, as indicated by the National Bureau of Statistics [2] - From January to October, China's railway fixed asset investment reached 671.5 billion yuan, representing a year-on-year increase of 5.7% [2] Group 2 - The Shenzhou-20 astronaut crew successfully returned to Earth aboard the Shenzhou-21 manned spacecraft, with all three astronauts safely arriving in Beijing [4] - China has developed over 300 key technologies related to 6G [4] - The domestically produced C919 aircraft arrived in Dubai for the Dubai Airshow [6] Group 3 - The Chinese government is intensifying efforts to regulate the misuse of AI in impersonating public figures for live marketing, having dealt with over 11,000 accounts [6] - The Shanghai government has announced measures to strengthen and improve the management of school meal services [6] - The former general manager of China Datang was prosecuted for abuse of power that caused significant losses to national interests [6] Group 4 - France showcased its new supersonic nuclear cruise missile for the first time [8] - President Macron stated that France has thwarted 85 terrorist plots in the past decade [8] - Ukrainian President Zelensky reported large-scale attacks by Russian forces, resulting in four deaths [8] Group 5 - The first amphibious assault ship of China, the Sichuan ship, set sail from the Shanghai Hudong-Zhonghua Shipyard for its first navigation test [15]

Core Insights - The Beijing 6G Laboratory has released ten significant advancements in 6G technology, covering areas such as high-frequency communication, intelligent super surfaces, and satellite-ground integration [1][2] - Key breakthroughs include a prototype for a 256TR U6G base station, a new long-distance transmission record, and the first low-orbit satellite environment for vehicle networking [1] - The advancements have achieved a peak single-user downlink speed of 20 Gbps in the U6G frequency band and significant improvements in transmission and networking capabilities [1] Group 1 - The ten technological innovations include a cloud-based sensing integrated base station prototype and AI wireless technology prototype verification system [1] - The establishment of a 6G technology overall group and the initiation of the Beijing 6G Laboratory construction work have been announced, forming a collaborative development framework [2] - The current progress includes systematic layout for technology research, standard studies, enterprise cultivation, and application scenarios [2]

Investment Rating - The report indicates a positive investment sentiment towards the North Exchange market, particularly in the new energy sector, suggesting a potential for growth and investment opportunities [4][27]. Core Insights - The North Exchange A-share trading volume reached 23.87 billion yuan on November 13, 2025, an increase of 3.952 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1529.62, up 2.62% [8][4]. - A total of 282 companies were listed on the North Exchange, with 229 stocks rising, 9 remaining flat, and 44 declining. The top five gainers included Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - The report highlights that the new energy industry chain performed strongly, with significant contributions from lithium battery chemicals and diversified chemical sectors, indicating a robust market interest [4][21]. Summary by Sections Market Review - On November 13, 2025, the North Exchange A-share trading volume was 23.87 billion yuan, marking a 39.52 billion yuan increase from the previous day. The North Exchange 50 Index closed at 1529.62, reflecting a 2.62% increase, with a PE_TTM of 72.59 [8][4]. - The North Exchange specialized index closed at 2531.88, up 1.86% [8]. Stock Performance - Among the 282 companies, 229 saw an increase in stock prices, while 44 experienced declines. The top five gainers were Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - Conversely, the top five decliners included Ruixing Co. (-4.7%) and Chicheng Co. (-3.5%) [18][4]. Investment Recommendations - The report suggests that the North Exchange market is experiencing heightened activity, driven by increased investor interest in the new energy sector. The report emphasizes the long-term investment value of companies in specialized and innovative sectors [4][27]. - The report notes that the global monetary easing cycle continues, favoring small-cap stocks, which aligns with the characteristics of companies listed on the North Exchange [4].

Core Insights - The 6G promotion group, in collaboration with the International Telecommunication Union (ITU), is advancing the definition of typical 6G scenarios, focusing on five major technological directions including immersive communication and wireless intelligence [1][4] - The international standardization timeline for 6G has been established, with research starting in 2025, standard formulation in the first half of 2027, and completion of international standards by the first half of 2029, aiming for commercial deployment around 2030 [1][3] - China has successfully completed the first phase of 6G technology testing, resulting in over 300 key technology reserves [1][6] Industry Developments - The 6G promotion group leader, Wang Zhiqin, indicated that from 2025, the focus will shift to the experimental phase of equipment development, moving from single-point key technologies to systematic testing of scenario-based solutions [3] - China's advantageous technologies have been incorporated into the overall 6G framework, with five typical scenarios and 14 key capability indicators proposed by China being adopted by the ITU [1][4]

Core Insights - The Computer ETF (159998) has seen significant growth, with a year-to-date increase of 73.2 million shares and a total scale growth of 384 million yuan over the past year [1][3] - The Electronic ETF (159997) has also experienced inflows, accumulating 8.08 million yuan over the last three days [3][4] - The launch of the first fully domestically produced "Intelligent Computing Hub" in Shanghai marks a significant breakthrough in China's smart computing infrastructure [4][6] Computer ETF Insights - The Computer ETF (159998) tracks the CSI Computer Theme Index, which covers various sectors including IT services, application software, and communication equipment [3] - Key stocks in the ETF include AI application leaders like iFlytek and Kingsoft, as well as hardware manufacturers like Inspur and Hikvision [3] - The ETF has recorded a net subscription of 19.2 million shares during trading [1] Electronic ETF Insights - The Electronic ETF (159997) tracks the CSI Electronic Index and focuses on sectors such as semiconductors and consumer electronics [3] - Major stocks in this ETF include Industrial Fulian, Haiguang Information, and Luxshare Precision, which are significant players in AI chips and the Apple supply chain [3][4] - The ETF has shown a downward trend with a 2.35% decline in the index it tracks [3] Industry Developments - The Ministry of Industry and Information Technology announced the completion of the first phase of 6G technology trials, with over 300 key technology reserves established [5][6] - The trials are divided into three phases, with the first focusing on key technology directions and the subsequent phases aimed at developing prototypes and testing key products [6] Investment Strategies - CITIC Securities has outlined investment strategies for AI in 2026, emphasizing opportunities in cooling, PCB, and power supply sectors [6] - The report highlights a trend towards domestic chip production and the increasing market concentration as domestic chips enter mass production [6] - There is a focus on identifying investment opportunities in AI applications across various industries, driven by rapid revenue growth from companies like OpenAI [6]

Report Summary 1. Overnight Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 0.93% at $4174.5 per ounce and COMEX silver futures down 2.30% at $52.23 per ounce. The end of the US government shutdown led the market to focus on economic data, and the Fed's policy divergence increased market uncertainty. Weak economic data in the eurozone and an unclear global economic outlook supported the safe - haven demand for gold [5]. - US crude oil's main contract rose 0.19% to $58.6 per barrel, and Brent crude's main contract rose 0.29% to $62.89 per barrel. The International Energy Agency (IEA) reversed its previous forecast and expected global oil and gas demand to continue growing until 2050, with a more favorable long - term fundamental outlook [5]. - London's base metals all declined. LME zinc fell 1.12% to $3040.50 per ton, LME lead fell 0.98% to $2075.00 per ton, LME tin fell 0.89% to $37065.00 per ton, LME copper fell 0.78% to $10859.00 per ton, LME nickel fell 0.65% to $14955.00 per ton, and LME aluminum fell 0.60% to $2877.00 per ton [5]. - As of the close at 23:00 on October 13, most domestic futures contracts rose. Liquefied petroleum gas (LPG) rose nearly 2%, and PTA, ethylene glycol (EG), PX, styrene (EB), caustic soda, bottle chips, plastics, and soybeans rose more than 1%. In terms of declines, asphalt, fuel oil, and low - sulfur fuel oil (LU) fell nearly 1% [7]. 2. Important Information Macro Information - As of the end of October 2025, China's total domestic and foreign currency deposits reached 332.92 trillion yuan, a year - on - year increase of 8.3%; domestic and foreign currency loans were 274.54 trillion yuan, a year - on - year increase of 6.3%; the stock of social financing at the end of October was 437.72 trillion yuan, a year - on - year increase of 8.5%; the broad - money (M2) balance was 335.13 trillion yuan, a year - on - year increase of 8.2%; and the narrow - money (M1) balance was 112 trillion yuan, a year - on - year increase of 6.2% [9]. - US President Trump signed a temporary appropriation bill, ending the longest government shutdown in US history. The bill will provide continuous funding for the federal government, allowing most government agencies to obtain operating funds until January 30, 2026 [9]. - Morgan Stanley's Bruna Skarica said the UK's latest GDP data was weaker than expected, indicating that the economy needed support to resume growth. The third - quarter GDP growth was 0.1%, lower than the 0.2% consensus growth predicted by economists in a Wall Street Journal survey. Skarica said the Bank of England was likely to cut interest rates in December to support the struggling economy [9]. - From November 10 to 13, 2025, China Securities Regulatory Commission Chairman Wu Qing visited Paris, France, and Rio de Janeiro, Brazil, and held bilateral talks with relevant regulatory authorities, exchanging views on securities market regulation and further deepening and expanding bilateral pragmatic cooperation in the capital market [10]. - On November 13, at the 16th Caixin Summit, Wang Shengbang, Director of the Regulations Department of the Financial Regulatory Administration, revealed that the administration would soon issue a revised "Administrative Measures for Commercial Bank Merger and Acquisition Loans" to support the mergers, reorganizations, and transformations of various enterprises, including high - tech startups [12]. - At a regular press conference on November 13, the Ministry of Commerce responded to questions about Sino - US soybean trade, stating that relevant information on the Sino - US economic and trade consultations in Kuala Lumpur, including agricultural product trade, had been released [12]. - Premier Li Qiang will attend relevant meetings in Russia, visit Zambia, and attend the G20 Summit in South Africa from November 17 to 23 [12]. - As of November 12, 75% of the winter wheat sowing in China had been completed, with different progress in different regions [12]. Energy and Chemical Futures - According to Longzhong Information, China's ethylene glycol sample demand this week was 552,200 tons, a 0.31% week - on - week decrease. The supply of the domestic polyester industry decreased more than it increased, and the weekly output and capacity utilization rate of the domestic polyester industry declined slightly [14]. - China's methanol production this week was 1,976,025 tons, a decrease of 12,880 tons from last week. The device capacity utilization rate was 87.08%, a 0.65% week - on - week decrease. The total inventory of national float glass sample enterprises was 63.247 million heavy boxes, a week - on - week increase of 111,000 heavy boxes and a year - on - year increase of 33.61%. The national float glass production was 1.1139 million tons, a week - on - week decrease of 1.08% and a year - on - year increase of 0.76%. The inventory of Chinese styrene factories increased by 5.22% week - on - week [14]. - The IEA monthly report predicted that OPEC + supply would increase by 1.4 million barrels per day in 2025 and 1.3 million barrels per day in 2026 [16]. - As of the week ending November 12, Singapore's residue fuel oil inventory, including fuel oil and low - sulfur waxy residue, increased by 1.47 million barrels to a nine - week high of 25.952 million barrels [16]. Metal Futures - On November 13, the domestic electrolytic copper spot inventory was 198,000 tons, a decrease of 4,600 tons from the 6th and 300 tons from the 10th. The inventory in different regions showed different trends [18]. - This week, the total SMM alumina inventory was 4.793 million tons, a week - on - week increase of 79,000 tons. The alumina market remained in an oversupply situation, and the inventory continued to accumulate [18]. - This week, the SMM weekly aluminum - water ratio was 77.25%, a 0.5 - percentage - point week - on - week decrease. Some sectors were transitioning from the peak to the off - season, and some aluminum - rod enterprises reduced production [18]. - Supported by the easing of trade tensions, aluminum prices climbed above $2900 per metric ton. Aluminum has risen more than 13% this year and is the third - best - performing variety on the London Metal Exchange after copper and tin [19]. Black - Series Futures - According to Buguwang data, the steel billet inventory in Tangshan this week was 1.1963 million tons, a 1.35% decrease from last week. The inventory in warehouses and ports showed different trends [22]. - As of the week ending November 13, the production and apparent demand of rebar decreased for two consecutive weeks, and the factory and social inventories decreased for five consecutive weeks [22]. - On November 13, in the Linfen Puxian coking coal auction, some lots had lower prices and some lots were unsold compared to the previous auction on November 3 [23]. - In early November 2025, the steel inventory of key steel enterprises increased compared to the previous ten - day period, with different comparison results in different time frames. The average daily production of crude steel, pig iron, and steel also showed different trends [23]. - This week, the average national profit per ton of coke for 30 independent coking plants was - 34 yuan/ton, with different profit levels in different regions [24]. Agricultural Product Futures - Indian palm oil, soybean oil, and sunflower oil imports in October decreased compared to September. The 2024/25 annual palm oil imports were lower than the previous year, and the share of palm oil in India's vegetable oil imports fell below 50% for the first time. The 2024/25 annual vegetable oil imports were expected to be higher than the previous year [27]. - On November 12, the duty - paid cost of imported cotton under different tariffs was different from the domestic cotton price. After China cancelled the 15% counter - tariff on US cotton, the duty - paid cost of imported US cotton under a 10% tariff was higher than the domestic standard - grade cotton price [28]. - Brazil's CONAB predicted that the 2025/26 soybean production would be a record - high 177.6 million tons, with a slight decrease in the planting area compared to the October prediction. The soybean export volume was expected to increase by 5.11% year - on - year. The 2025/26 corn production was expected to be 138.84 million tons, higher than the October prediction [28]. - According to the US Department of Agriculture, the net sales and shipments of US soybeans and corn in the 2025/2026 season showed different trends compared to the previous week [29]. 3. Financial Market Finance - China Securities Regulatory Commission Chairman Wu Qing visited France and Brazil, exchanging views on securities market regulation and capital - market cooperation, and also listened to the opinions of international institutional investors and Chinese - funded enterprises on opening up the Chinese capital market [32]. - The A - share market opened lower and closed higher. The lithium - battery industry chain soared, and some sectors performed well while others were weak. The Shanghai Composite Index rose 0.73% to 4029.5 points, the Shenzhen Component Index rose 1.78%, and the ChiNext Index rose 2.55%. The A - share trading volume for the day was 2.07 trillion yuan [32]. - The Hong Kong Hang Seng Index rose 0.56% to 27073.03 points, with some sectors performing well and others falling. Southbound funds had a net sell - off of HK$3.521 billion, while Alibaba had a net buy - in of HK$1.375 billion [32]. - An investment guideline from a pension insurance company required investment managers to adjust their portfolios to meet style requirements [32]. - In September, the number of privately - offered asset - management products registered in China increased by 230.23% year - on - year, and the establishment scale increased by 69.2% year - on - year [33]. - Tencent Holdings' Q3 revenue was 192.87 billion yuan, a 15% year - on - year increase, and its operating profit was 72.57 billion yuan, an 18% year - on - year increase. Tencent also made some statements about its future plans [35]. - SMIC's Q3 revenue was 17.162 billion yuan, a 9.9% year - on - year increase, and its net profit was 1.517 billion yuan, a 43.1% year - on - year increase. It also gave forecasts for the fourth quarter [35]. - JD Group's Q3 total revenue was 299.059 billion yuan, a 14.9% year - on - year increase, and its adjusted net profit was 5.8 billion yuan, a 56% year - on - year decrease. Its user scale and shopping frequency continued to grow [35]. - Bilibili's Q3 net operating revenue was 7.69 billion yuan, a 5% year - on - year increase, and its adjusted net profit was 786 million yuan, a 233% year - on - year increase. Its core user indicators reached record highs in Q3 [35]. Industry - At the 2025 6G Development Conference, Vice - Minister Zhang Yunming of the Ministry of Industry and Information Technology said China had completed the first - stage 6G technology tests and formed over 300 key technology reserves. 6G is now in the international standard research stage and is expected to be commercially deployed around 2030 [36]. - At the 2025 World Power Battery Conference, Vice - Minister Xin Guobin of the Ministry of Industry and Information Technology said relevant development plans for intelligent, connected, new - energy vehicles and the new - battery industry would be formulated, and policies to promote the application of power batteries and regulate the industry would be studied [36]. - As the full exemption of new - energy vehicle purchase tax is about to end, 17 major automobile brands have launched purchase - tax subsidy plans [37]. - Many large insurance companies are launching "good start" products, with a trend towards floating - design dividend - insurance products [37]. - From January to October this year, China completed 1.00947 trillion yuan in water - conservancy construction investment, implemented 46,000 water - conservancy projects, and started 28,000 new projects [38]. Overseas - The US Bureau of Labor Statistics failed to release the October CPI report as scheduled. The White House said the October CPI and employment data might never be released, and the September employment report might be released next week with limited data [39]. - An IMF spokesperson said the US economy showed signs of weakness, and the fourth - quarter GDP growth was expected to be lower than the previous forecast [39]. - Some Fed officials expressed different views on interest - rate policies [39]. - European financial stability officials were discussing a plan to establish an alternative to the Fed's liquidity - support mechanism by integrating non - US central banks' US - dollar reserves [39]. - The UK's third - quarter GDP growth was only 0.1%, and the September GDP shrank by 0.1% [41]. International Stock Markets - US stocks closed lower across the board. The Dow Jones Industrial Average fell 1.65% to 47457.22 points, the S&P 500 Index fell 1.66% to 6737.49 points, and the Nasdaq Composite Index fell 2.29% to 22870.36 points. Disney and other stocks led the decline [42]. - European stocks also closed lower across the board. The German DAX Index fell 1.36% to 24048.84 points, the French CAC40 Index fell 0.11% to 8232.49 points, and the UK FTSE 100 Index fell 1.05% to 9807.68 points [42]. - Disney's adjusted EPS in the fourth fiscal quarter was $1.11, exceeding market expectations, and its revenue was $22.5 billion, slightly lower than market expectations. Disney also announced a 50% dividend increase and a doubling of the 2026 stock - buyback plan [42]. Commodities - International precious metal futures generally closed lower, with gold and silver futures falling. Economic data and Fed policy affected the market [43]. - Crude - oil futures rose, supported by the IEA's revised forecast of long - term oil and gas demand [45]. - London's base metals all declined [45]. Bonds - The domestic bond market weakened, with most interest - rate bond yields rising slightly and Treasury - bond futures falling. The central bank conducted reverse - repurchase operations, and the inter - bank market liquidity improved [46]. - US Treasury yields rose across the board [46]. Foreign Exchange - The on - shore RMB against the US dollar closed at 7.0959 on Thursday, a 213 - basis - point increase from the previous trading day, reaching a new high since mid - October 2024. The RMB central parity rate against the US dollar was adjusted down by 32 basis points [47]. - The US dollar index fell 0.30% to 99.18, and most non - US currencies rose. The Japanese yen against the US dollar fell to a nine - month low, and the euro against the yen approached a record high. The South Korean won against the US dollar fell, and the central bank said it would intervene if necessary [48][49]. 4. Upcoming Economic Data and Events - Upcoming economic data include China's October industrial added value, retail sales, and other indicators, as well as data from other countries such as France, Spain, and the US [51]. - Upcoming events include central - bank operations, press conferences, and speeches by central - bank officials [53].