**Top Headline** Alibaba (09988) officially announced its "Qianwen" project on November 17, marking its full-scale entry into the AI-to-consumer market. The public beta version of the Qianwen app was launched the same day, leveraging the globally top-performing open-source model Qwen3. By offering free access and integration with various lifestyle scenarios, Qianwen aims to compete directly with ChatGPT. Alibaba’s core management views the project as a "battle for the future in the AI era." The app is now available on major platforms, including web and PC versions, with an international edition set to launch soon to capture overseas users. The Qwen series has surpassed 600 million global downloads. Recently, Alibaba’s flagship model Qwen3-Max outperformed competitors like GPT5 and Claude Opus 4, ranking among the top three globally. Qwen is rapidly gaining traction in Silicon Valley, with Airbnb CEO Brian Chesky praising its efficiency over OpenAI models. Nvidia CEO Jensen Huang noted Qwen’s dominance in the open-source market.

**Market Overview** U.S. stock indices closed lower overnight. The Dow Jones fell 1.18%, the S&P 500 dropped 0.92%, and the Nasdaq declined 0.84%. Tech stocks mostly retreated, with AMD and Intel down over 2%, while lithium miners rallied—SQM surged 9% and Lithium Americas rose nearly 7%. Chinese ADRs dipped, with XPeng down 10% and Li Auto off 4%. The Hang Seng Index ADR slipped 0.69% to 26,202.97.

**Key Developments** - **HK SFC Crackdown**: The Securities and Futures Commission urged licensed firms and virtual asset platforms to detect and prevent layered transactions linked to money laundering, citing rising misuse of financial systems to obscure illicit funds. - **China Isotope (01763)**: Signed a cobalt-60 irradiation source procurement agreement with Brazil’s National Nuclear Energy Commission, marking its first export to Latin America. - **CATL**: Priced its share transfer at RMB 376.12 per share, a 3.8% discount to the closing price, with 16 institutional investors subscribing for 45.6 million shares. - **Geely Auto (00175)**: CEO Daniel Li confirmed the merger with Zeekr is on track for completion by year-end. - **CGN Power (01816)**: Begins full-scale construction of the Huaylong One-powered Zhaoyuan Unit 1 reactor on November 18. - **Chinasoft (00354)**: Partnered with Shenzhen Kaihong and ESWIN to build a dual open-source ecosystem (OpenHarmony + RISC-V) for digital infrastructure.

**Earnings Highlights** - **Huazhu (01179)**: Q3 net profit rose 15.4% YoY to RMB 1.5 billion. - **Leapmotor (09863)**: Q3 revenue surged 97.3% YoY, with eight consecutive months as China’s top-selling new energy brand. - **XPeng (09868)**: Gross margin exceeded 20% for the first time, while net loss narrowed 78.9% YoY. - **Trip.com (09961)**: Q3 net profit skyrocketed 194% YoY to RMB 19.89 billion.

**Stock Spotlight: SMIC (00981)** The chipmaker reported 95.8% capacity utilization in Q3, driven by urgent orders for analog, NOR/NAND Flash, and MCU chips. Memory shortages have spiked prices, with clients stockpiling components amid supply uncertainty. SMIC anticipates sustained high prices due to tight supply, noting lengthy validation cycles (16+ months) for new entrants in NOR/NAND Flash and MCU markets.