**Market Overview** Global markets faced a broad sell-off, with U.S. stocks leading the decline. European markets fell over 1%, while Japan’s Nikkei dropped more than 3%. The Hang Seng Index opened with a 1.72% gap-down amid escalating geopolitical tensions. Recent reports indicate Japan plans to revise its military ranking system, reviving historical terms like "Daisa," signaling further escalation. China’s Foreign Ministry warned against any revival of Japanese militarism, demanding immediate retraction of controversial statements.

Meanwhile, the U.S. government’s post-shutdown announcement that October CPI and employment data may never be released has left the Fed without critical metrics for its December meeting. Hawkish remarks from the Fed Vice Chair further reduced expectations of a rate cut, spooking risk assets. Bitcoin plunged below $90,000, triggering $1 billion in crypto liquidations. Over $1 trillion in crypto market value has evaporated in six weeks.

**Sector Highlights** - **Lithium Batteries**: Negative sentiment resurfaced after Eve Energy’s chairman cast doubt on industry-wide 50% growth forecasts and price hikes, citing demand risks. Tianqi Lithium (09696), Ganfeng Lithium (01772), and CALB (03931) fell over 6%. - **Auto Sector**: XPeng (09868) retreated as Q4 revenue guidance missed estimates (¥215–230B vs. ¥260B expected) and gross margins dipped to 13.1% due to higher costs for its P7i model. - **AI & Tech**: Sentiment improved as Google’s Gemini 3.0 model, dubbed an "epic leap," is set to debut. SMIC (00981) reported 95.8% capacity utilization and strong demand for analog/NAND flash chips, lifting shares 1.44%. Baidu (09888) posted a 50% surge in AI revenue post-market, while Kingsoft Cloud (03896) rose 4%.

**Corporate Spotlight** - **Shenzhou International (02313)**: H1 revenue grew 15.3% to ¥14.97B, driven by sportswear demand (Nike, Adidas, Uniqlo, Puma account for 80.7% of sales). Overseas expansion in Cambodia/Vietnam supports growth. - **CIMC Enric (03899)**: Gained 3% on a HK$200M buyback plan and accelerated Q3 orders. - **DZUG (01635)**: Surged 4% on AI-linked robotics hype after a viral demo by Shenzhen startup Mind On Tech, using Unitree’s G1 humanoid robot.

**Aviation Focus** Boeing forecasts Middle East fleets to double in 20 years, with COMAC’s C919 making waves at Dubai Airshow. Airlines like China Eastern (00670), China Southern (01055), and Air China (00753) benefit from recovering global travel demand.