Shanghai Gold Exchange gold T+D was up 1.17% at 882.28 yuan/gram in early trade on Monday, Nov. 9; silver T+D was up 2.21% at 12,691.0 yuan/kg.

Russia has seized local assets of Japan Tobacco, risking a reduction in dividend income to Japan's Ministry of Finance—JT's largest shareholder—which expected JPY103.5bn (≈USD655m) from the company in the fiscal year to March. The dividend, while only about 0.1% of Japan's annual tax revenue and only partly linked to Russian operations, accounts for roughly 44% of projected dividend receipts for a fund supporting industrial and innovation projects. Japan Tobacco said it is still assessing the impact; its Russia-related assets stood at about JPY1.5tln (≈USD9.5bn) as of Sept. 30. The seizure increases fiscal and funding pressure on Prime Minister TAKAICHI as she advances a costly investment and spending agenda.

11月7日，Token支出价格指数连跌六日至0.83美元附近，继续刷新有记录以来新低，延续5月开启的下跌状态。 -------- 1、各大模型降价以及用户从昂贵的前沿模型转向更便宜的开源模型、小模型，推动token价格下跌。 2、当前阶段价格下降可能刺激需求增加，这有利于AI应用等板块，对云厂商影响复杂，而对OpenAI、Anthropic等模型厂商来说，定价权下降则是个风险因素。 3、数据来自OpenAI、Anthropic、DeepSeek等全球顶尖AI模型。