**Top Headlines** - **Precious Metals Surge Ahead of Fed Meeting**: Silver skyrocketed past $60 for the first time, while gold held firm above $4,200. The gold-silver ratio dropped to 69, its lowest since July 2021. Suki Cooper of Standard Chartered noted that while silver’s rally is backed by strong fundamentals, traditional market dynamics could trigger short-term volatility. - **Failed Merger**: Hygon Information and Sugon called off a major asset restructuring, citing "immature conditions" amid shifting market environments. Both firms assured minimal operational and financial impact. - **Fed Rate Cut Hints**: White House NEC Director Kevin Hassett suggested the Fed has "significant room" to cut rates, potentially exceeding 25 bps, while emphasizing data-driven decisions over political influence.

**Market Trends** - **Global Funds Eye China’s AI Sector**: Amid debates over AI valuations, international capital is diversifying into China’s tech stocks, drawn by lower valuations, robust supply chains, and policy support. Invesco’s Lei Ma highlighted growing interest from Latin American funds. - **Secondary Home Sales Hit 4-Year Peak**: First-tier cities recorded 519,000 transactions in 11 months, surpassing 2024 levels. Analysts attribute the rebound to easing policies and smoother property replacement cycles.

**Corporate Spotlight** - **Moutai’s Price Plunge**: Wholesale prices for Feitian Moutai dropped 43% in two years to ¥1,520/bottle, nearing its official guidance price of ¥1,499. Speculation swirls over whether the distiller is curbing supply to stabilize prices. - **Solar Shakeup Looms**: Beijing Guanghe Qiancheng Tech, a ¥3B polysilicon investment platform, was unveiled, signaling industry consolidation. A major silicon player confirmed it explores strategic collaborations like cost optimization. - **ST Warnings**: Jiaao Enviro and another A-lister face delisting risks after admitting to financial fraud in 2022–2023 reports, including profit inflation and cost underreporting.

**Investor Moves** - **Lin Yuan Backs Pien Tze Huang**: The veteran investor reaffirmed his long-term hold on the traditional medicine stock, calling it a "rare gem." Once hyped at ¥1,600/pill, its price has normalized to hundreds.

**New Listings & Key Updates** - **Today’s IPOs**: 2 debuts, 2 payment deadlines. - **Notable Contracts**: Wanma Tech secured ¥59.9M in State Grid bids; Chongqing Construction won a ¥1.71B municipal project. - **Drug Approvals**: Tai’en Kang, Xianju Pharma, and FujiLai gained regulatory nods for new treatments.

**Data Snapshot** - **Insurance**: China Life’s premiums crossed ¥700B. - **Livestock**: New Wufeng’s November hog sales jumped 81% YoY; Luoniushan reported a 13.6% revenue rise.

**Tech & Health Advances** - **Dizal Pharma** unveiled breakthrough data for two oncology drugs at ASH. - **Allied Vision** partnered to establish an embodied AI robotics firm.

**Capital Management** - **Jiuzhou Pharma** plans up to ¥1B in cash management via low-risk instruments.

**Disclosures**: All announcements are company-issued.