Market Overview - US stock market faced a significant decline, with the S&P 500 dropping by 1.17%, the Dow Jones down by 0.53%, and the Nasdaq falling by 2.04%, marking a new low in over a week [1] - European STOXX 600 index also decreased by 0.30% [1] - AI-related stocks experienced notable drops, with Nvidia and Palantir falling nearly 4% and 8% respectively, and Oracle declining by nearly 4% [1] Earnings Reports - AMD's post-market performance was disappointing, leading to a drop of 3%, while Pinterest saw a significant decline of nearly 20% [2] - Supermicro's stock fell by 10% after its earnings report [2] Commodity Prices - WTI crude oil futures for December fell by 0.80%, while COMEX gold futures dropped by 1.33% [2] - LME copper and aluminum futures also saw declines of approximately 1.8% and nearly 1.5% respectively [2] Currency Movements - The US dollar index achieved a three-month high, marking five consecutive days of gains [2] - The British pound fell nearly 1% to a seven-month low, and the offshore Chinese yuan dropped over 100 points, falling below 7.13 to a three-week low [2] Corporate Developments - Nvidia partnered with Deutsche Telekom to establish the largest AI center in Europe, deploying up to 10,000 GPUs to enhance AI computing power in Germany by 50% [4] - Apple plans to launch its first low-cost Mac priced below $1,000, aiming to compete with Microsoft and Chromebooks [5] Domestic Events - The 30th regular meeting between Chinese and Russian Prime Ministers emphasized cooperation in Arctic navigation, AI, and information technology [6] - The Chinese Ministry of Commerce criticized the Netherlands for interfering in corporate affairs [7] Investment Strategies - Short-term market outlook suggests a potential for index fluctuations and rapid sector rotations, with recommendations to focus on high-dividend sectors like banking and insurance, as well as low-priced sectors with performance support [13] - Mid-term outlook remains optimistic due to sustained global tech investment enthusiasm and supportive policies [13] Upcoming Events - The 2025 6G Development Conference is scheduled to be held in Beijing next week, focusing on key technological advancements [14][15] New Stock Offerings - A new stock, Dapeng Industrial, is available for subscription at a price of 9 yuan per share, specializing in industrial precision cleaning equipment [17] Company Announcements - Hopu Co. signed a 500 million yuan contract for energy storage systems [19] - Haichuang Pharmaceutical completed the first participant enrollment for its clinical trial of HP515, a drug for metabolic-related fatty liver disease [19]

Industry Insights - The 2025 6G Development Conference will be held in Beijing on November 13-14, showcasing key technological reports on 6G scenarios such as intelligent integration, sensory integration, and immersive communication [1] - The conference will also release the results of 2025 6G technology trials, with the China Academy of Information and Communications Technology collaborating with the industry to enhance 6G testing platform capabilities [1] - The 14th Five-Year Plan suggests that the sixth-generation mobile communication will be a new economic growth point, indicating a strategic focus on future industries [1] - The global 6G development is entering a critical phase, with the ITU outlining a timeline for 6G standardization, starting in 2025 and aiming for commercial use by 2030 [1] Company Developments - Guomai Technology, a local company in Fujian, is enhancing its research and development in next-generation communication technologies, including 6G [2] - Shenglu Communication has established long-term strategic partnerships with internationally renowned communication equipment manufacturers, focusing on key technologies for future 6G network development, such as microwave/millimeter-wave and active phased array technology [2]

Core Insights - The 6G technology is rapidly advancing even before the public fully understands 5G, with key features like "perception and communication integration" being highlighted [2][3] - The 6G Development Conference is scheduled for November 13-14, 2025, in Beijing, focusing on building a collaborative ecosystem for 6G technology innovation [2][5] Group 1: 6G Development in Beijing - Beijing has established a mature development framework for 6G, characterized by "policy guidance + technological breakthroughs + ecological collaboration" [3] - The city has initiated a top-level design for 6G, forming a collaborative system that includes a central group, a laboratory, and multiple research and industrial bases [3] - Beijing is leading nationally in policy support, having released the "6G Technology Innovation and Industry Cultivation Action Plan (2024-2030)" ahead of other regions [3][4] Group 2: Technological Advancements and Applications - The 6G technology in Beijing has achieved significant breakthroughs, with initiatives like the "6G SPACES" ecosystem community being launched to support testing and innovation [4] - The upcoming conference will feature discussions on the integration of 6G with AI and other advanced technologies, aiming to explore new application scenarios [5][7] - Key technical reports on 6G scenarios such as "intelligent integration" and "immersive communication" will be released during the conference [5] Group 3: Global Context and Future Directions - The standardization of 6G is at a critical stage globally, with new technical challenges arising from the introduction of complex functionalities [6] - Beijing aims to become a core technology source and a hub for high-value enterprises in the global 6G industry, focusing on application ecosystems and core technologies [7] - The city is inviting global stakeholders to collaborate and share opportunities in the development of 6G technology [7]

Core Insights - The article highlights the growing interest in future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G, with 142 stocks being analyzed for institutional research reports [1] Group 1: Industry Trends - 66 stocks are related to embodied intelligence, 33 to hydrogen energy or nuclear fusion, 20 to quantum technology, 13 to biomanufacturing or biosynthesis, 8 to brain-computer interfaces, and 2 to 6G [1] Group 2: Growth Potential - Among stocks rated by three or more institutions, 59 stocks are expected to have a net profit growth rate exceeding 20% for both next year and 2027 [1] - Companies such as Guandun Quantum and New Times are forecasted to have net profit growth rates exceeding 100% over the next two years, while Hezhong Intelligent, Shenzhou Information, and Huazhong CNC are expected to exceed 50% [1] Group 3: Stock Performance - The average increase in stock prices for the mentioned companies is nearly 62% year-to-date, significantly outperforming the broader market [1] - Stocks related to embodied intelligence and nuclear fusion have shown strong price momentum, with companies like Hezhong Intelligent, Yingliu Co., Anpeilong, Meihu Co., and Zhongjian Technology seeing their stock prices double [1]

Market Performance - The S&P 500 advanced approximately 1.9% in October, the Dow Jones gained 1.7%, and the Nasdaq Composite surged about 4.2% as of October 31, 2025 [1] Earnings Season - Among 222 S&P 500 companies reporting Q3 results, earnings increased by 10.7% year over year on 8% higher revenues, with 83.8% exceeding EPS estimates and 77.9% surpassing revenue forecasts; notably, 68.5% beat both metrics [3] Federal Reserve Actions - The Federal Reserve cut interest rates by a quarter percentage point for the second consecutive meeting, bringing the benchmark rate to a range of 3.75-4.00%, aimed at bolstering economic growth and strengthening the labor market [4] U.S.-China Trade Relations - Investor confidence was boosted by a meeting between President Trump and President Xi Jinping, where they reached an understanding to pause new trade tensions and resume U.S. agricultural imports [5] - China announced the end of investigations targeting U.S. companies in the semiconductor supply chain [6] Company Highlights - NVIDIA became the first company to reach a $5 trillion market cap, driven by partnerships with the U.S. Energy Department and Uber, among others, focusing on supercomputers and self-driving cars [7] Gold Market - Gold prices fell in late October, with the SPDR Gold Trust losing about 0.8% over the past week and approximately 8.7% over the last 10 days, attributed to easing U.S.-China trade tensions and a stronger U.S. dollar [8] Leveraged ETFs Performance - Tradr 2X Long NVTS Daily ETF (NVTX) increased by 172.3% over the past month, driven by a 55% surge in Navitas Semiconductor Corp [10] - Direxion Daily AMD Bull 2X Shares (AMUU) rose by 130.3%, benefiting from a 55.5% increase in Advanced Micro Devices, Inc. due to a deal with OpenAI [11] - Direxion Daily MSCI South Korea Bull 3x Shares (KORU) gained 63.3%, while Direxion Daily S&P Biotech Bull 3X Shares (LABU) increased by 40% [12][13] - GraniteShares 2x Long INTC Daily ETF (INTW) saw a rise of 37.9% [14]

Core Points - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1][3] - The shares will continue to be listed on the Helsinki Nasdaq and the American Depositary Receipts will remain on the New York Stock Exchange [1] - The delisting process is subject to approval from the Euronext Paris board and is expected to take effect within three months after approval [3] Financial Performance - For Q3 2025, Nokia reported adjusted net sales of €4.833 billion, a 12% year-over-year increase, while operating profit decreased by 10% to €435 million [7] - CEO Justin Hotard highlighted robust growth across all business segments and emphasized the accelerating demand for advanced, reliable connectivity solutions driven by the AI supercycle [7] Strategic Partnerships - Nokia announced a strategic partnership with NVIDIA, involving a directed share issue of 166,389,351 new shares to facilitate a $1 billion equity investment from NVIDIA [8] - This investment will allow NVIDIA to hold a 2.9% stake in Nokia, and the collaboration aims to enhance Nokia's 5G and 6G software to operate on NVIDIA chips [8] - NVIDIA's investment is expected to accelerate AI-RAN innovation and support the transition from 5G to 6G, with both companies working on next-generation AI-native mobile networks [10]

Core Points - Nokia intends to delist its shares from Euronext Paris after evaluating trading volumes, costs, and administrative requirements [3] - The company's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts (ADR) will remain on the New York Stock Exchange [3] - The delisting requires approval from the Euronext Paris board and is expected to take effect within three months if approved [3] - As of November 3, Nokia's share price was €6.14, with a market capitalization of €34.236 billion, approximately ¥267 billion [3] Stock Performance - Following the announcement of the delisting, Nokia's stock experienced a decline of 2.31% on November 4 [5] Strategic Investment - Nvidia announced a $1 billion investment to acquire a 2.9% stake in Nokia through a directed share issue of 166,389,351 new shares at $6.01 per share [6] - This partnership aims to adjust Nokia's 5G and 6G software to run on Nvidia chips, while Nvidia will explore using Nokia's data center technology in AI infrastructure [6] - Nvidia's CEO highlighted the significance of the partnership, noting the potential to transform the $3 trillion telecommunications industry through accelerated computing and AI [6]

Group 1 - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The shares will continue to be listed on the Helsinki Nasdaq and the American Depositary Receipts will remain listed on the New York Stock Exchange [1] - The delisting process requires approval from the Euronext Paris board and is expected to take effect within three months after approval [1] Group 2 - Nokia's board has approved a directed share issue of 166,389,351 new shares to enable NVIDIA to make a $1 billion equity investment [2] - NVIDIA will subscribe to these shares at a price of $6.01 per share, resulting in NVIDIA holding 2.9% of Nokia's shares [2] - The partnership aims to adjust Nokia's 5G and 6G software to run on NVIDIA chips, while NVIDIA will explore the use of Nokia's data center technology in AI infrastructure [2]

Core Viewpoint - The 2025 6G Development Conference will be held on November 13-14 in Beijing, focusing on building a global 6G technology innovation ecosystem and discussing key topics such as application demands, critical technologies, and international standards [1][2]. Group 1: Conference Overview - The conference aims to promote global consensus on 6G key technologies and maintain unified international standards and industrial ecosystems [1][2]. - The first day will feature an opening ceremony and a main forum, with participation from international standard organizations and industry representatives [2]. - The second day will include seven parallel sub-forums covering various themes related to 6G technology and its applications [2]. Group 2: Key Highlights - The conference will release technical reports on key scenarios such as intelligent integration and immersive communication, providing guidance for standardization and industrialization [3]. - A focus will be on showcasing the latest research in 6G AI-native design and intelligent communication [3]. - The conference will also present the results of 2025 6G technology tests and upgrade the 6G technology testing platform capabilities [3].

Financial Performance - In Q3 2025, the company achieved a revenue of 815 million yuan, a year-on-year decrease of 3.34% [2] - The net profit attributable to shareholders was 25.27 million yuan, down 50.91% year-on-year [3] - Operating cash flow improved significantly, reaching 71.01 million yuan, indicating enhanced cash management and operational efficiency [3] Product Development and Market Expansion - The company successfully signed a bulk procurement agreement for MACRO WIFI products with an Australian client, totaling 1,000 units, marking a significant step in overseas market penetration [3] - In the 5G antenna sector, the company maintains deep collaborations with major equipment manufacturers like Huawei, ZTE, Ericsson, and Nokia, with ZTE being the largest domestic client and Ericsson the largest overseas client [4] - The company is expanding its satellite terminal products into new application areas, including cross-border high-speed rail, energy IoT, and civil aviation communication [4] Global Market Strategy - The company has established direct teams in emerging markets such as Mexico, Brazil, South Africa, and North America to enhance local service capabilities [5] - In traditional markets, the company continues to strengthen its presence along the "Belt and Road" initiative, particularly in India, where local factory investments have improved product delivery capabilities [5] - The overseas revenue has shown continuous growth, with major clients including Ericsson, Vodafone, Samsung, and Nokia, solidifying the company's competitive position in international markets [5] Future Technology and Product Layout - The company is preparing for the transition from 5G to 6G, focusing on low-orbit satellite internet technology and related applications [5] - Current technological reserves include multi-beam, ground-to-air and air-to-ground communication, and microwave technology, aligning with future 6G application scenarios [5] - The company’s product layout includes ground terminals and stations, which are integral to the Macro WiFi segment, awaiting formal agreements and standards from regulatory bodies [5]