In the past few days, the market information has been quite overwhelming, so I noted down a few trends worth following.

Let's start with the domestic economy. The manufacturing PMI data for November has been released, standing at 49.2%, which is an increase of 0.2 percentage points compared to last month. Although it is still below the line of prosperity, the recovery in new export orders has boosted the confidence of small and medium-sized enterprises. In the construction sector, the situation is also improving as some key projects are gradually progressing. Additionally, the new resource tax regulations officially took effect today, with the Ministry of Finance and the State Administration of Taxation clarifying the implementation criteria from nine aspects, making key points such as the taxable product assessment basis clear. Another piece of news is that the central bank reiterated the ban on virtual currencies during a meeting, classifying stablecoins as virtual currencies and stating that it will crack down on related speculation and illegal activities.

The capital market here is quite lively. Enjie Co., Ltd. is suspended today, preparing to acquire all the shares of Zhongke Hualian and raise some supporting funds; Jiarong Technology is resuming trading today due to a major asset reorganization. In terms of index adjustments, the China Securities Index Company and the Shenzhen Stock Exchange will adjust the sample stocks of indices such as the CSI 300 and the Shenzhen Component Index, which will take effect on December 12 and 15 respectively. After the adjustments, the weight of industries such as information technology will increase. Institutions have a relatively unified view on the December market, believing that it is likely to be mainly structural opportunities. Securities firms such as CITIC Construction Investment and China Merchants Strategy suggest laying out for the year-end market, with a focus on tracks like AI and commercial aerospace.

In terms of industry dynamics, the Ministry of Industry and Information Technology is preparing to introduce policies to address the irrational competition issues in the power and energy storage battery industry, aiming to guide production capacity into a reasonable range. The上市 process for leading domestic GPU companies has clearly accelerated, with Moore Threads just announcing the results of its new stock issuance, and Muxi Co., Ltd. set to start subscription on December 5. Tianfeng Securities has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing; however, the company responded that production and operations are normal.

In overseas markets, the three major U.S. stock indexes achieved five consecutive days of gains, with Intel's stock price soaring by 10%. There are market rumors that it may become a major client of Apple. CME data shows that the probability of the Federal Reserve cutting interest rates by 25 basis points in December has reached 86.4%, indicating a strong market expectation for a rate cut. In late November, the yield on 10-year U.S. Treasury bonds quickly declined, briefly falling below 4%, reflecting a global reassessment of the U.S. economic outlook and the Federal Reserve's policy path.