Federal Reserve Governor Milan: Unless another housing market-centric crisis occurs, the Fed prefers a balance sheet composed entirely of Treasury bonds.

Key News 1. Xi Jinping: A complete domestic demand system should be formed as soon as possible; a long-term mechanism for expanding residents' consumption should be established and improved. 2. my country's first batch of L3-level autonomous driving vehicle products have received market access permits. 3. my country's annual total electricity consumption is expected to exceed 10 trillion kilowatt-hours for the first time in 2025. 4. State Administration of Foreign Exchange: Further promote the reform of banks' foreign exchange business and facilitate cross-border trade and investment, and increase foreign exchange support for the real economy. Individual Stock News 1. Muxi Shares: To be listed on the Science and Technology Innovation Board on December 17. 2. Cambricon: Plans to use RMB 2.778 billion of capital reserves to offset the company's accumulated losses. 3. Luoyang Molybdenum responds to the acquisition of four producing gold mines in Brazil: Optimistic about the long-term market prospects of gold assets. 4. Changchun High & New Technology Industries: A subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, which could receive up to US$1.365 billion in milestone payments. 5. Oriental Landscape: Oriental New Energy plans to acquire 100% equity of Haicheng Ruihai and 80% equity of Dian Tou Rui Xiang, which is expected to constitute a major asset restructuring. 6. Kangster: The order amount for calibration and testing products purchased by customer SpaceX from 2016 to 2024 is relatively small, with limited impact on the company's performance. 7. Farsun (three consecutive daily limit-up): Not involved in businesses related to "controlled nuclear fusion," "superconductivity," or "commercial aerospace." 8. Feiwo Technology: Its business in the commercial aerospace field is currently in its early stages, accounting for less than 1% of its main business revenue. 9. China Tungsten High-Tech: Jinzhou Company plans to invest 319 million yuan to implement a micro-drilling technology upgrade project and build new production capacity for ultra-long diameter precision micro-tools for AI PCBs. 10. Unisplendour Microelectronics: Established a central research institute, mainly focusing on the research and development of new architectures, new models, and efficient algorithms for edge AI chips used in applications such as androids. 11. PENGDING HOLDING: Plans to invest a total of RMB 4.297 billion in its Thailand industrial park in 2026, and simultaneously build production capacity for products including high-end HDI (including SLP) and HLC. 12. Aerospace Electronics: Plans to increase its investment in Aerospace Rocket Company by RMB 728 million, which will help the company actively integrate into the new landscape of commercial aerospace development. 13. Jingjia Microelectronics: Its subsidiary's edge AI SoC chip CH37 series has successfully completed key stages such as tape-out, packaging, return, and power-on.

LME copper futures fell more than 3%, currently trading at $11,541.50 per tonne.