**Market Overview** The current market sentiment has improved following constructive U.S.-China talks, with China purchasing significant U.S. soybean volumes and U.S. equities rebounding. Hong Kong stocks opened higher but pared gains, closing up 0.13%. Positive developments in Russia-Ukraine negotiations also buoyed sentiment, as Ukrainian President Zelensky signaled readiness for a U.S.-backed peace framework, while former U.S. President Trump noted "only minor differences remain." A ceasefire would benefit Russia, the U.S., and Europe, easing financial burdens and opening reconstruction opportunities.

**Tech Sector Highlights** Alphabet (GOOGL.US) outperformed Nvidia as its Gemini 3 and TPU advancements gained traction. The company is now selling its TPU chips to third-party cloud providers, with Meta reportedly negotiating a multi-billion-dollar deal for Llama model training. This move challenges Nvidia’s dominance. Rumors of Alphabet increasing 1.6T optical module orders lifted tech stocks, including YOFC (06869), which rose 5%. INGDAN (00400) surged 7% after confirming plans for an A-share spin-off, while UNISOUND (09678) gained 7.57%.

**Consumer Sector Boost** China unveiled a broad policy to stimulate consumption, covering pet products, anime, tourism, and auto aftermarkets. Airlines like CHINA EAST AIR (00670) and AIR CHINA (00753) rose 7% and 4%, respectively. Logistics firm ZTO EXPRESS-W (02057) climbed 4%, and Meituan (03690) gained 5% amid eased competition with Alibaba’s Taobao.

**Other Notables** * HEC Pharm (06887) rose 4% on share buyback plans. * CIMC (02039) jumped 12% as offshore orders extended to 2027/28. * Sanhua Smart (02050) added 4% post-dividend announcement and JPMorgan upgrades.

**Sector Focus: Paper Industry** Domestic paper producers announced price hikes for packaging and cultural paper, driven by rising pulp costs. Key players include Nine Dragons (02689) and Lee & Man (02314).

**Stock Pick: Zoomlion (01157)** The construction machinery firm reported strong Q3 results, with overseas revenue up 20.8% YoY, now comprising 57% of total sales. Its expansion into mining equipment and humanoid robotics (with three prototypes developed) positions it for future growth. The company plans mass production of robots by 2026.