**Key Highlights** North America's AI infrastructure development is being hindered by power shortages. Microsoft CEO Satya Nadella and OpenAI's Sam Altman recently highlighted that the primary bottleneck for AI computing expansion is not chip scarcity but electricity supply and related infrastructure. Data centers in North America require high-voltage substations (230/345kV), but overseas equipment manufacturers face tight production capacity, potentially creating opportunities for global suppliers.

Wanlian Securities noted that China's power equipment sector holds technological and cost advantages, with exports of transformers, meters, switches, and cables expected to grow. Hong Kong-listed **Wasion Holdings (03393)** has seen overseas orders surge after expanding into Mexico, Brazil, and Tanzania.

**Market Overview** U.S. stocks closed higher overnight, with the Dow Jones up 0.48%, S&P 500 rising 0.37%, and Nasdaq gaining 0.65%. Tech stocks led gains: Google hit a record high, Tesla rose 4%, and memory chip stocks rallied—Micron surged nearly 9%. Hong Kong’s Hang Seng Index ADRs climbed 0.68%.

**Key Developments** - **SK Hynix** finalized negotiations with **NVIDIA** to supply HBM4 memory chips at a 50%+ premium over HBM3E, with prices reaching ~$560/unit, exceeding industry expectations. - **BYD (01211)**: Cumulative installed capacity for EV and energy storage batteries surpassed 230GWh by October 2025. - **Harbour BioMed (02142)** signed an evaluation and licensing agreement with **UMOJA BIOPHARMA** to co-develop in-vivo CAR-T therapies. - **E-Commodities (01733)** partnered with **Bridge Mining** to develop coal projects in Mongolia, targeting 100,000 tons/month initially. - **Sunac China (01918)** secured court approval for its offshore debt restructuring plan. - **Tianli Education (01773)** projected a 17% annual profit increase to ~RMB650 million. - **Cathay Pacific (00293)** plans to repurchase 643 million shares from Qatar Airways at a 3.9% discount.

**Corporate Updates** - **Hon Hai (Foxconn)** reported October revenue growth of 11.3% amid strong AI server demand. Related HK stocks: **FIT Hon Teng (06088)** and **FIH Mobile (02038)**. - **Dobot (02432)** announced a 10.3% discounted placement to raise ~HK$771 million. - **Wanshun Health-B (02630)** surged 130% in gray market trading ahead of its IPO. - **New Listings**: **WeRide (00800)**, **Joyson Electronics (00699)**, and **Pony.ai (02620)** debuted on HKEX.

**Spotlight** **XtalPi (02228)** partnered with **Eli Lilly** on AI-driven bispecific antibody R&D, with a deal value up to $345 million, including upfront and milestone payments.