Market Overview - The report highlights a risk-averse sentiment in the market, driven by the Bank of Japan's hints at interest rate hikes, which have led to a rise in global bond yields [8][10] - The Dow Jones Industrial Average fell over 400 points, while Bitcoin experienced a significant drop of 8.6%, reaching a low of $83,979 [10] - The 10-year Japanese bond yield surpassed 1% for the first time since 2008, and the U.S. 10-year bond yield increased by 7.13 basis points to 4.0845% [8][10] - Silver prices reached record highs, with spot silver rising by up to 4.32% to $58.8425 per ounce [8][10] - The core drivers of the market remain the expectations surrounding the Federal Reserve's policy shift and the Bank of Japan's hawkish stance [8] Investment Strategy - The report suggests a diversified investment approach, advocating for a sector rotation from technology to cyclical stocks [8] - It emphasizes the importance of dynamic risk management, including adjusting duration and credit risk exposure [8] Company-Specific Insights - The report notes that the company "心動公司" (Heart Movement Company) reported a net profit of approximately RMB 810 million for the first half of the year, more than doubling year-on-year, with a gross margin exceeding 70% [19] - "同程旅行" (Tongcheng Travel) achieved a revenue growth of about 10.4% year-on-year to approximately RMB 5.5 billion in Q3 2025, with adjusted net profit rising by approximately 16.5% to about RMB 1.06 billion [19] - "中興通訊" (ZTE Corporation) reported revenue of RMB 100.52 billion for the first three quarters of 2025, reflecting a year-on-year growth of approximately 11.6%, indicating a solid market position in the 5G and ICT infrastructure sectors [19] Economic Data - The report includes key economic indicators, such as Japan's consumer confidence index at 36.2 for November and Brazil's industrial production growth of 0.5% month-on-month for October [17]