Federal Reserve Chairman Mossala: Investment in areas other than data centers has remained sluggish.

Individual Stock News: 1. Tencent Music (01698.HK): Q3 revenue reached RMB 8.46 billion, a year-on-year increase of 20.6%. 2. Transsion Holdings: Plans to issue shares overseas and list on the Main Board of the Hong Kong Stock Exchange. 3. China Resources Land (01109.HK): October total contracted sales amounted to approximately RMB 15.2 billion, a year-on-year decrease of 51%. 4. China Resources Mixc Lifestyle (01209.HK): Controlling shareholder China Resources Land plans to place company shares at HKD 41.7 per share. 5. Bilibili (09626.HK): The number of advertising clients for Double 11 shopping festival doubled year-on-year, and GMV of consumer goods exceeding RMB 1,000 increased by 63% year-on-year. 6. CIFI Holdings Group (00884.HK): Sales in the first 10 months reached RMB 14.17 billion, a year-on-year decrease of 51%, and the company has completed the restructuring of its RMB 10 billion domestic bonds. 7. Zhou Liufu (06168.HK): Its e-commerce subsidiary's total sales during Singles' Day, excluding Vipshop and JD.com's self-operated channels, reached RMB 287 million. 8. Juxing Legend (06683.HK) announced its plan to place approximately 54.49 million new shares at a price of HKD 7.2 per share (a discount of nearly 20%), raising HKD 392 million. 9. According to Hong Kong Stock Exchange filings, Ping An Insurance (02318.HK) purchased 8,634,000 shares of China Pacific Insurance (02601.HK) on November 7th, increasing its stake to 5.09%. 10. New China Life Insurance (01336.HK): Its cumulative original insurance premium income for the period from January 1, 2025 to October 31, 2025 was RMB 181.97302 billion, representing a year-on-year increase of 17%. 11. Fourth Paradigm (06682.HK): Total revenue for the first three quarters of 2025 was RMB 4.402 billion, a year-on-year increase of 36.8%; gross profit was RMB 1.621 billion, a year-on-year increase of 20.1%. Gross profit margin was 36.8%.

IEA Monthly Report: Global oil supply will increase by 3.1 million barrels per day in 2025 (previously forecast as an increase of 3 million barrels per day).