Group 1 - The core viewpoint is that China's asset prices are undergoing a significant revaluation driven by multiple factors, marking the beginning of a new era for the Chinese capital market [1] - The institutional opening of China's capital market is deepening, reshaping global capital allocation logic, as evidenced by the Shanghai Stock Exchange's focus on expanding cross-border investment channels and enhancing international competitiveness [3][4] - China's economic resilience is providing a solid foundation for asset value revaluation, with GDP growth expected to remain around 5% in 2026, and the attractiveness of RMB assets in global capital allocation is increasing [4][5] Group 2 - New growth drivers are emerging, with innovation, mergers and acquisitions, and globalization creating diverse investment paths that expand valuation space for Chinese assets [6][7] - The innovation sector, particularly in AI and new consumption, is becoming a hotspot for global capital, while mergers and acquisitions are enhancing asset quality through industry consolidation [7][8] - The globalization of Chinese enterprises is accelerating, broadening revenue sources and reconstructing the valuation system on a global scale, indicating that the revaluation of Chinese assets is not just a forecast but a current reality [8]

Core Insights - Nomura emphasizes China's focus on resilient, stable, and inclusive economic growth from 2026 to 2030, driven by significant investments and industrial policies, particularly in semiconductors and artificial intelligence [1][5] - The core drivers for the A-share market's future growth are policy support, liquidity, and industrial upgrades, with AI and high-value exports identified as key themes for the upcoming year [4][1] Group 1: Global Economic Resilience - Despite rising tariffs, geopolitical tensions, and fiscal pressures, the global economy shows significant resilience, supported by the AI revolution, flexible trade adjustments, and moderate monetary and fiscal policies [2] - Economic inequality is becoming more pronounced, with low-income families and small businesses struggling, posing challenges for policymakers to maintain global economic stability [2] Group 2: Asian Economic Outlook - The technology sector in Asia (excluding Japan) is expected to perform well, driven by strong demand for AI and a supercycle in storage chips, while non-tech sectors face challenges due to limited spillover effects from AI and increased tariffs on labor-intensive industries [3] - The region's solid economic fundamentals and new growth drivers, such as supply chain shifts and increased AI investment, position India, the Philippines, and Malaysia as some of the fastest-growing economies in the next decade [3] Group 3: A-share Market Dynamics - A-share valuations have expanded over the past year but remain reasonable when considering the equity risk premium in a declining risk-free rate environment [4] - The "14th Five-Year Plan" emphasizes long-term productivity upgrades and technological transformation, which will catalyze structural market trends, although improvements in earnings fundamentals are still needed [4][7] Group 4: AI and Technology Sector Developments - The trend towards a self-sufficient AI supply chain in China is becoming more evident, with significant investments in AI infrastructure and a focus on developing large language models and generative AI applications [8] - The competitive landscape in the instant retail sector is expected to stabilize, potentially alleviating losses for companies expanding in this area [8] Group 5: Entertainment Sector Insights - The online entertainment sector, particularly online gaming and music services, is expected to remain resilient, while long-form video content may continue to lag due to shifts in consumer preferences towards short videos [9]

Group 1 - The G7 Foreign Ministers' meeting took place in Niagara, Ontario, Canada, on November 11-12, focusing on urgent global economic and security challenges [1] - Key discussion topics included maritime security and prosperity, economic resilience, energy security, and critical minerals [1] - The meeting will also address issues related to ceasefire agreements in Ukraine and Gaza [1] Group 2 - In addition to G7 member countries, invited participants included Ukraine, Brazil, India, Saudi Arabia, Australia, South Africa, South Korea, and Mexico [1]

Group 1 - Canadian Prime Minister Carney stated that the long-standing close economic relationship between Canada and the U.S. has ended, calling for a rapid and thorough change in Canada's economic strategy to reduce dependence on the U.S. [1] - Carney emphasized that Canada is actively seeking new trade partners to achieve greater economic independence, as the previous close ties have become a weakness due to high tariffs imposed by the U.S. [1] - A recent poll indicated that over 70% of Canadians are willing to accept an economic slowdown in exchange for reduced reliance on the U.S., reflecting a strong desire for autonomy among the populace [2][3] Group 2 - The Abacus Data poll revealed that 71% of respondents agreed to sacrifice economic growth for independence from the U.S., with support across various demographics [2] - The Canadian government submitted its first budget since Carney took office, proposing strategic investments to enhance economic resilience and reduce dependence on the U.S. amid global uncertainties [3] - U.S. President Trump stated that there would be no resumption of trade negotiations with Canada, further complicating the bilateral economic relationship [4]

Core Viewpoint - The Canadian Prime Minister Carney stated that the long-standing close economic relationship between Canada and the U.S. has ended, urging for a rapid and thorough change in Canada's economic strategy to enhance independence from the U.S. [2] Group 1: Economic Relationship Changes - Carney emphasized that Canada is actively seeking new trade partners to reduce its over-reliance on the U.S. and achieve greater economic independence [3] - The U.S. government has frequently threatened Canadian economic interests with high import tariffs since taking office, leading to increased dissatisfaction among Canadians and uncertainty for businesses and consumers [3] Group 2: Public Sentiment - A recent poll indicated that over 70% of Canadians are willing to accept an economic slowdown in exchange for reduced dependence on the U.S., reflecting a strong desire for autonomy [5] - The poll, conducted by Abacus Data, showed that 71% of respondents agreed with sacrificing growth for independence, with support across various demographics [5] Group 3: Government Response - On November 4, the Canadian government submitted its first budget proposal since Carney took office, focusing on strategic investments to enhance economic resilience and reduce reliance on the U.S. [6] Group 4: Trade Negotiations - U.S. President Trump stated that there would be no resumption of trade negotiations with Canada, following a dispute over an advertisement sponsored by the Ontario government [8] - Trump announced the suspension of trade talks due to dissatisfaction with the advertisement, which he claimed misrepresented U.S. positions on tariffs [8]

Group 1 - The consumer confidence index in the U.S. has plummeted to 50.3, nearing a three-year historical low, contrary to Wall Street's expectation of a slight recovery to 54.2 [5] - The decline in consumer confidence is attributed to persistent inflation, government shutdown, and slowing employment, creating significant economic pressure [5] - The price of eggs has increased by 10% in one month, while gasoline and mortgage pressures remain high, leading to a more pronounced economic divide between high-income and middle-low income households [5] Group 2 - The current economic situation reflects a "K-shaped recovery," highlighting the growing disparity in American society and the emotional impact on consumer confidence [5] - Despite the low confidence levels, there is potential for a rebound, suggesting that economic conditions are not solely defined by numbers but also by public sentiment [5] - The article emphasizes that global economic resilience stems from confidence and institutional stability, contrasting it with China's proactive transformation and innovation, which are generating new growth momentum [5]

Core Insights - The UAE demonstrates economic resilience through sovereign investments and strategic partnerships with global partners [1] - The focus of the investments includes future industries such as AI, digital infrastructure, advanced computing, healthcare, advanced manufacturing, and clean energy [1] Investment Strategy - The UAE's sovereign investment strategy is aimed at establishing strategic connections with global partners [1] - The sectors targeted for investment reflect a commitment to innovation and sustainability [1]

Core Viewpoint - The article highlights the escalating tensions between the United States and China, particularly focusing on Trump's urgent communications regarding the potential consequences of the ongoing tariff war, suggesting that a loss could lead to the U.S. becoming a "third-rate country" [1][4][5]. Group 1: Tariff War Dynamics - The tariff conflict began in April when the U.S. imposed a 34% tariff on all goods from China, prompting a swift and strong retaliatory response from China [7]. - Trump's expectation of negotiations was thwarted by China's immediate and firm countermeasures, which matched the tariff amounts imposed by the U.S. [7]. - China's response included a temporary suspension of a 24% tariff on U.S. goods for 90 days while maintaining a 10% tariff, showcasing a strategic and flexible diplomatic approach [7]. Group 2: China's Institutional Advantages - China's ability to withstand U.S. pressure is attributed to its unique institutional advantages, including a long-term planning system that ensures strategic continuity [9]. - The country has established comprehensive mid- to long-term technology development plans, which are crucial for addressing weaknesses and enhancing strengths in key sectors [9]. Group 3: Global Cooperation and Economic Resilience - Amid U.S. unilateralism, China is actively promoting international cooperation, exemplified by a significant tripartite summit with ASEAN and the Gulf Cooperation Council [10][12]. - China's manufacturing sector demonstrates remarkable resilience, accounting for 31.6% of global manufacturing output, with significant advancements in robotics and renewable energy [13]. - The country is transitioning from a manufacturing powerhouse to a manufacturing stronghold, driven by sustained technological innovation and industrial upgrades [13]. Group 4: Talent and Cultural Resilience - China's innovation capacity is bolstered by a vast talent pool, with 22 million individuals in the workforce and over 5 million STEM graduates annually, leading the world in research and development personnel [15]. - The enduring nature of Chinese civilization contributes to a collective resilience against external pressures, as evidenced by the unified response to challenges such as supply chain disruptions [17].

Group 1 - A recent survey by Abacus Data indicates that over 70% of Canadians are willing to accept an "economic slowdown" in exchange for "reducing dependence on the U.S." [1] - The survey, conducted from October 24 to 29, found that 71% of respondents agreed with sacrificing growth for independence, with only 19% opposing and 10% uncertain [1] - This sentiment transcends age, region, and political affiliation, with more than 50% of respondents in each group supporting the idea of prioritizing independence over short-term economic prosperity [1] Group 2 - 63% of Canadians believe the government should pursue new trade relationships with other countries rather than strengthen ties with the U.S., with the highest support (76%) coming from those aged 60 and above [1] - This reflects a broader desire among Canadians for "genuine and secure economic development" rather than a "fragile, dependent" economy [1] - The Canadian government, facing political uncertainty from the U.S., aims to enhance economic resilience through strategic investments as outlined in the first budget proposal since Prime Minister Carney took office [2]

Core Viewpoint - The Federal Reserve's Daly expresses surprise and satisfaction regarding the resilience of the economy [1] Group 1 - Daly's comments highlight an unexpected strength in economic performance, indicating a positive outlook for future growth [1]