**Key Highlights** China's "Double 11" shopping festival saw express delivery volume reach a new peak. From October 21 to November 11, courier companies handled 13.938 billion parcels, averaging 634 million daily—117.8% higher than usual. The single-day record hit 777 million parcels, reflecting robust market expansion and the sector's role in boosting consumption and economic growth. Analysts note nationwide "anti-internal competition" measures have lifted per-parcel revenue, improving profitability for e-commerce logistics firms. Key HK-listed players include ZTO Express-W (02057), SF Holding (06936), and JD Logistics (02618).

**Market Overview** The Nasdaq Golden Dragon China Index fell 1.46%, while U.S. indices were mixed: Dow (+0.68%), S&P 500 (+0.06%), and Nasdaq (-0.26%). Gold stocks rallied, with Hecla Mining and Harmony Gold up over 5%. COMEX gold futures surged 2.36% to $4,213.6/oz.

**Sector Updates** - **JPMorgan** launched deposit token *JPM Coin* on Coinbase’s Base blockchain, enabling 24/7 instant settlements for institutional clients. - **UBS** revised China’s power demand growth forecast to 8%-9% by 2030, driven by AI data centers, exports, and electrification. - Guinea’s **Simandou iron ore project**, a $20B venture co-developed by Rio Tinto, Chinalco, and others, commenced operations, targeting 120M-ton annual exports.

**Corporate News** - **Tianqi Lithium (09696)**: Chilean court dismissed a lawsuit by subsidiary TQ Chile over SQM’s unauthorized partnership with Codelco. The company may appeal. - **Country Garden (02007)**: Delivered 130K units YTD, with chairperson Yang Huiyan announcing a "second entrepreneurship" phase post-debt restructuring. - **Alibaba (09988)**: Set to debut its self-developed *Quark AI Glasses* on November 27. - **UBTECH**: Began mass delivery of industrial humanoid robot *Walker S2*, with 2025 orders exceeding RMB 800M.

**Earnings Snapshots** - **TME-SW (01698)**: Q3 revenue rose 20.6% YoY to RMB 8.46B; net profit up 36% to RMB 2.15B. - **Zhongjiao Holding (00839)**: Forecasts FY net profit of RMB 440M–600M vs. RMB 502M a year earlier. - **Yue Yuen (00551)**: 9M net profit fell 15.96% to $279M. - **BeiGene (06160)**: Turned profitable with 9M net income of RMB 1.14B (+44.2% revenue growth).

**Other Notices** - **Bliss Biopharmaceutical (688506.SH)**: Postponed its H股 listing citing market conditions. - **Wah Sun Handbags (02683)**: Expects H1 net profit ≥HK$40M vs. HK$27M YoY. - **Johnson Electric (00179)**: H1 net profit up 3% to $133M; interim dividend of 17 HK cents/share.