**Key Highlights** U.S. President Donald Trump stated on Tuesday that he plans to announce his nominee for the next Federal Reserve chair in early 2026, unexpectedly naming National Economic Council Director Kevin Hassett as a potential candidate. This has intensified speculation about the future leadership of the Fed. According to CME's FedWatch Tool, the probability of a 25-basis-point rate cut in December stands at 89.2%, while the likelihood of rates remaining unchanged is 10.8%. The OECD forecasts that advanced economies will conclude their current rate-cutting cycle by late 2026, signaling limited room for further monetary easing despite slowing growth.

**Market Overview** U.S. stocks rose overnight, with Apple (AAPL.US) extending its rally to a seventh consecutive session and hitting a fresh all-time high. The Dow Jones Industrial Average gained 0.39%, the S&P 500 rose 0.25%, and the Nasdaq Composite climbed 0.59%. Tech stocks led gains, with Intel surging over 8% and Nvidia up nearly 1%. Semiconductor equipment and crypto-related stocks also advanced. Meanwhile, the Nasdaq Golden Dragon China Index fell 0.65%, with XPeng down nearly 8%.

**Key Updates** - **OECD Revises China’s 2025 Growth Forecast to 5%**, up from 4.9%. - **Morgan Stanley Predicts Humanoid Robot Chip Market to Reach $305B by 2045**, driven by semiconductor demand growth. - **XPeng (09868.HK) and Huawei Unveil Next-Gen Range Extender**, featuring high-efficiency power generation. - **TIME INTERCON (01729.HK)**, a core Google supplier, is poised to benefit from rising AI server demand, per Morgan Stanley’s upgraded TPU production forecasts.

**Corporate Developments** - **Black Sesame (02533.HK)** plans to acquire Zhuhai Yizhi Electronics for RMB 400–550M to expand its semiconductor footprint. - **JD.com** secured a 59.8% stake in Ceconomy, potentially raising its total holding to 85.2% post-regulatory approval. - **Fosun Pharma’s (02696.HK) HLX14**, a biosimilar to Prolia®, saw its NDA accepted by China’s NMPA. - **Two IPOs**: LEMO SERVICES (02539.HK) surged 101.25% in gray market trading, while JINYAN KAOLIN (02693.HK) rose 35.75%.

**Sector Watch** Lithium iron phosphate (LFP) battery makers, including Longpan Tech, are negotiating price hikes amid rising raw material costs and robust demand.