**Key Highlights** The Federal Reserve delivered its third consecutive rate cut this year, lowering the federal funds rate by 25 basis points to 3.5%-3.75%. However, policymakers maintained their projection for only one rate cut in 2026, highlighting deepening divisions over future policy. The FOMC voted 9-3 for the cut and adjusted its statement to reflect greater uncertainty about the timing of further easing. Separately, the Fed announced a $40 billion monthly Treasury bill purchase program starting December 12 to replenish bank reserves depleted during quantitative tightening.

**Market Overview** Global silver prices hit record highs, with spot silver rising 1.88% to $61.81/oz and COMEX silver futures up 2.24% at $62.20/oz. U.S. stocks gained, led by tech and infrastructure shares: GE Vernova surged 15% to a record high, while Caterpillar rose 3%. Hong Kong ADRs climbed 0.55%, tracking the HSI.

**Sector Focus** - **Cobalt**: Glencore declined to comment on reports it became the first company to export cobalt under the DRC’s new quota system, which mandates 10% royalty prepayments. CMOC Group’s Tenke Fungurume mine is also preparing shipments. - **Batteries**: Samsung SDI secured a $13.6B LFP battery order for U.S. energy storage systems, marking Korean firms’ pivot from NMC to LFP technology. - **AI Hardware**: Quark AI glasses face 45-day delivery delays due to overwhelming demand, prompting emergency production ramp-up.

**Corporate Updates** - **Hainan Airport** finalized procedures to acquire Meilan Airport’s controlling stake for RMB2.34B. - **Lens Technology** (06613) agreed to acquire PMG International, expanding into AI computing infrastructure. - **Sunny Optical** (02382) reported November auto lens shipments up 69.4% YoY. - **CSPC Pharma** (01093) and **Shanghai Pharma** (02607) received U.S. and Chinese trial approvals for new drugs, respectively. - **Ascletis Pharma** (01672) had its acne treatment NDA accepted by China’s NMPA.

**Stock Spotlight: SINOTRUK (03808)** China’s heavy truck sales jumped 46% YoY in November, with SINOTRUK on track to meet its 300K annual target. The company plans disciplined CAPEX (≤RMB2B/year) for overseas expansion while maintaining ≥55% dividend payout ratios. BofA raised 2025-27 EPS estimates by 4-10%, citing higher-margin international sales.