**Market Overview** The U.S. government's temporary funding bill passed the Senate with a 60-40 vote, pending House approval by Wednesday. While markets anticipate its passage, lingering uncertainty kept Hong Kong's Hang Seng Index cautious, closing up 0.18%. Geopolitical tensions resurfaced as the EU reportedly explored measures to phase out Huawei and ZTE from telecom networks, contrasting with Mexico's delayed tariff hike on Chinese imports and Spain's pro-trade diplomacy.

**Tech and AI Momentum** SoftBank sold its $5.83 billion Nvidia stake in October, attributed to financial restructuring rather than bearishness. Citi forecasts Nvidia’s upcoming earnings to surpass expectations with Q3 sales hitting $57 billion (vs. consensus $55 billion). However, China’s tech stocks lagged due to tightened fund regulations targeting "style drift," mandating 80% portfolio alignment with fund themes.

**Auto Sector Spotlight** China’s October auto sales rose 12.1% YoY, with NEVs hitting a record 51.6% share. XPENG-W (09868) surged 18% after unveiling its VLA 2.0 AI model, Robotaxi, humanoid robot, and flying car, prompting Deutsche Bank to hail its "leap toward global embodied AI leadership." Geely (00175) and NIO-SW (09866) also gained, while Great Wall (02333) trailed.

**Energy and Infrastructure** Global energy storage demand soared, with U.S. pre-installation projects up 40%. CALB (00666) ranked among top global suppliers with 50GWh+ shipments in 2025’s first nine months, rising 10%. Wasion Holdings (03393) climbed 7% as data center partnerships, including with GDS Holdings (09698), drove smart grid expansion.

**Hydrogen and Consumer Trends** Mitsubishi Fuso’s liquid-hydrogen truck, powered by SinoHytec (02402)’s 260kW fuel cell system, debuted at Tokyo Motor Show, lifting SinoHytec 7%. LVMH’s Beijing store plans signaled luxury recovery, with Zhenjiu LiDu (06979) gaining 3% as its chairman’s viral videos boosted branding.

**Entertainment and Buffett’s Exit** Maoyan Entertainment (01896) rose 6% on strong pre-sales for *Demon Slayer* and upcoming blockbusters. Meanwhile, Warren Buffett announced plans to step down as Berkshire CEO, transferring $149 billion to family foundations while retaining chairman duties—marking the end of his 60-year leadership era.

**Sector Focus: Macau Gaming** UBS noted Macau’s November GGR held steady at MOP711 million daily, reflecting resilient demand. Galaxy Entertainment (00027), Wynn Macau (01128), and MGM China (02282) traded at 8.6x 2026 EV/EBITDA, below historical averages.

**Stock Pick: TIANGONG INT'L (00826)** The industrial materials leader, dominant in tool steel and high-speed steel, is pivoting to nuclear fusion materials (boron/RAFM steel) and robotics components. Its titanium alloy arm targets consumer electronics, with powder metallurgy breakthroughs poised to capture import substitution. A 600-ton supply pact with Hengli Da underscores its niche market strength.