The EIA's Short-Term Energy Outlook report projects U.S. oil demand at 20.6 million barrels per day in 2026, unchanged from the previous forecast; and projects demand at 20.9 million barrels per day in 2027, up from the previous forecast of 20.8 mill

[Philadelphia Semiconductor Index Surges Monday, Struggling to Recover Losses Despite Extremely Overbought to Oversold Position in Five Months] On Thursday (November 5th), the Philadelphia Semiconductor Index was 17% below its 200-day moving average, its largest negative deviation since April 2025. This is also the second largest such deviation since the 2022 bear market. In comparison, after the 2008 financial crisis and the bursting of the dot-com bubble in 2000, the index fell to -49% and -52%, respectively. This contrasts sharply with June, when the index was 75% above its 200-day moving average, its largest positive deviation since 2000. In other words, semiconductor stocks have gone from extremely overbought to oversold in just five months. Semiconductor stocks have just experienced one of the most dramatic swings in decades. On Monday (November 9th), the Philadelphia Semiconductor Index surged 7.4%, on track for its largest single-day gain since its 8.2% jump on July 30th. Even with such a significant increase, the Philadelphia Semiconductor Index only recovered 53.4% of the losses from last week. Last week, the index fell 12.2%, marking its fifth consecutive weekly decline.

Key News 1. The "Nebula Constellation Project" was launched, accelerating the deployment of my country's space computing network. 2. The Ministry of Commerce announced a two-month suspension of countermeasures against five US subsidiaries of Hanwha Marine Corp. 3. Trump stated he would discuss the US-Iran conflict and denuclearization with the leaders of China and Russia at APEC; the Ministry of Foreign Affairs responded. Stock News 1. Tianbang Foods: Signed a restructuring investment agreement with Tongwei Group, with a total investment of 1.441 billion yuan. 2. Dongfang New Energy (two consecutive daily limit-up): Signed a 912 million yuan computing power board procurement contract. 3. Shanghai Electric Group: Plans to repurchase some of its A-shares for 500 million to 1 billion yuan. 4. Jinan Guoji: Plans to invest 500 million yuan to build a new project with an annual production capacity of 130 million meters of electronic-grade fiberglass cloth. 5. Hongda Electronics: Plans to raise no more than 1 billion yuan through private placement to invest in a tantalum capacitor and ceramic thin-film circuit project. 6. Zhangyuan Tungsten: Adjusted prices for cemented carbide products due to rising tungsten raw material prices. 7. Huaru Technology: Banned from participating in the procurement of materials and engineering services for the entire military for 5 years. 8. Qingyi Optoelectronics: Its subsidiary plans to invest no more than 1.5 billion yuan in the third phase of a high-end semiconductor photomask production base project. 9. Jucan Optoelectronics: Plans to raise no more than 1.5 billion yuan through a private placement for expansion and upgrade projects of red and yellow light epitaxial wafers and chips. 10. BeiGene: Net profit for the first three quarters of 2026 increased by 432% year-on-year, and Q3 net profit increased by 67% quarter-on-quarter. 11. Cambridge Technology responds: Rumors of order cancellations are untrue; demand for high-speed optical modules is strong and preparations for mass delivery are underway. 12. Rongchang Bio: Signed a global exclusive licensing agreement for pan-RAS(ON) small molecule inhibitors, and will pay an initial payment of 50 million yuan and a maximum milestone payment of 4.87 billion yuan.