Macro News Highlights
Iran's foreign minister unveiled a "two-day plan," stating that U.S. compliance is a prerequisite for resuming Iran-U.S. negotiations.
On November 1, local time, Iranian Foreign Minister Mohammad Javad Zarif stated in a media interview that the Iranian delegation's visit to Qatar is part of the ongoing dialogue between Iran and mediators—including Qatar and Pakistan. At present, the proposal on the table is broadly similar to Iran's earlier "seven-day plan." One of Qatar's suggestions is to shorten the seven-day deadline to five days or even less; this proposal was also discussed with the Qatari side during the current visit.
At present, Iran has agreed to a "two-day plan": on the first day, the United States will take a series of measures to fulfill its obligations; on the second day, the Strait of Hormuz will be reopened, and traffic through the strait will return to its previous level. Only after the United States honors its commitments and the Strait of Hormuz is opened will the path for resuming negotiations between Iran and the United States be cleared.
Netanyahu urged Trump to strike Iran immediately after the midterm elections.
According to Axios, citing an Israeli source and a U.S. source, U.S. President Trump held a candid phone call with Israeli Prime Minister Netanyahu on Saturday, discussing the progress of U.S.-Iran negotiations and when to swiftly restore combat readiness.
Sources say Netanyahu is urging Trump to launch a strike against Iran immediately after Tuesday's midterm elections. However, Trump currently prefers to keep negotiations moving forward, a strategy that has worried Netanyahu. Israeli sources described the call as "tough," while U.S. sources characterized it as "direct." Both the White House and the Israeli prime minister's office declined to comment.
OPEC+ Statement: Decides to Keep December Crude Oil Production Quotas Unchanged
Seven OPEC+ oil-producing countries held their monthly meeting today, during which Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability. At the video conference, the nations reviewed global market conditions and prospects, and the seven participating countries decided to maintain the production quotas set for December 2026, as stipulated in September 2026.
The seven countries reaffirmed their joint commitment to fully comply with the Declaration of Cooperation. The seven OPEC+ nations will continue to hold monthly meetings to assess market conditions, with the next meeting scheduled for November 29, 2026.
White House official: Trump plans to deliver his midterm election closing address at the Reflecting Pool on Monday.
According to the Wall Street Journal, a senior White House official revealed that U.S. President Trump plans to deliver a speech on Monday at the Reflecting Pool of the Lincoln Memorial, conveying his final messages ahead of the midterm elections while promoting the restoration and renovation projects he has advanced in Washington, D.C. The official stated that Trump's address will highlight the policy agenda his administration has jointly pursued with congressional Republicans since the start of his second term.
The day before, Trump was also scheduled to travel to Iowa and Kansas to attend campaign events. Trump has consistently prioritized restoring the Lincoln Memorial Reflecting Pool as part of his broader plan to revamp Washington. Other projects he advanced during his second term included constructing a new banquet hall at the White House.
Daylight Saving Time begins in North America, and U.S. stock market trading hours are adjusted to 10:30 p.m. Eastern Time.
North America will switch to standard time at 2:00 a.m. local time on November 1 (2:00 p.m. Beijing time). Trading hours and economic data releases in U.S. and Canadian financial markets will be delayed by one hour compared to daylight saving time. Starting Monday, November 2, international gold and silver, as well as U.S. crude oil, will open at 7:00 a.m. Beijing time, while U.S. stocks will open at 10:30 p.m. Beijing time. Investors are advised to take note.
CITIC Securities: Four Allocation Strategies to Navigate the Current Market Conditions
CITIC Securities has outlined four investment approaches to navigate the current market environment. First is the steady‑return strategy, which focuses on high‑dividend stocks or sectors with the potential for supply‑side consolidation, emphasizing shifts in supply dynamics during periods of uncertain demand. Second is the expectation‑driven strategy—akin to the 2022 airline and hospitality sectors—where investors identify industries that are broadly bearish on fundamentals and carry very low allocation weights, then capitalize on the eventual policy inflection point to realize gains, engaging solely in valuation‑recovery trades.
Third, the overseas interest-rate‑reduction strategy takes the downward revision of North American AI‑related investment and financing expectations—and the corresponding decline in long-term overseas yields—as its macroeconomic premise. Once the market has adjusted EPS forecasts, the focus shifts to whether manufacturing firms in non‑AI sectors and resource‑stock issuers can break free from short‑term demand constraints. Fourth, the "sector‑heat + share‑clearance" strategy seeks to identify opportunities akin to the 2022 boom in household energy storage and inverters: it uses unexpectedly strong demand in emerging areas as a catalyst for bottom‑fishing in tech stocks, targeting sectors where institutional investors and active traders can align their positioning—rather than engaging in a simplistic zero‑sum game over "inorganic" factors.
CITIC Securities believes that all four strategies have the potential to generate relative returns and are suited to investors with varying return‑risk preferences. The degree of liquidity pressure in the market will determine which strategy outperforms others over specific periods.
U.S. stock market行情
All three major indices declined last Friday, with the Nasdaq falling nearly 3%.
On Friday Eastern Time, Intel and Amazon both reported after-hours earnings that fell short of expectations, sending tech stocks lower across the board. The Nasdaq dropped nearly 3%, marking its biggest single-day decline since June 5. At the close, the Dow Jones Industrial Average fell 572.25 points, a drop of 1.09%, to 51,770.31; the Nasdaq Composite declined 747.73 points, down 2.86%, to 25,437; and the S&P 500 slipped 140.32 points, a decrease of 1.82%, to 7,580.07.
$Star Technology Stocks (LIST2518.US)$Most stocks declined, with Intel plunging more than 28%, AMD falling nearly 11%, SpaceX dropping over 6%, Micron Technology slipping more than 5%, NVIDIA tumbling over 4%, and Apple, Amazon, Google A, and Microsoft all down by more than 1%, while Tesla fell nearly 1%.
$Philadelphia Semiconductor Index (.SOX.US)$It fell 7.2%, marking its biggest drop since June; Intel plunged 28.58%, its largest single-day decline in more than four decades; Qualcomm dropped more than 11%, AMD slid nearly 11%, Applied Materials declined over 7%, Lam Research fell more than 6%, and Taiwan Semiconductor and Broadcom both dropped more than 5%.
$Shale Oil (LIST2585.US)$Stocks rose across the board, with ConocoPhillips up nearly 3%, Exxon Mobil, EOG Resources, and Apache Corporation gaining more than 2%, Chevron and Devon Energy rising nearly 2%, and Occidental Petroleum surging over 1%.
Individual Stock Information
NVIDIA unveiled its next-generation CPO technology, with prototype samples already in place.
$NVIDIA (NVDA.US)$Recently, at SEMICON West 2026, the next-generation Co-Packaged Optics (CPO) technology—known as OOI (Optics‑on‑Interposer), which integrates optics directly onto the interposer—was publicly unveiled. Unlike existing CPO solutions, OOI leverages an organic packaging substrate to mount the optical engine directly atop the silicon interposer that supports the GPU, bringing the optoelectronic conversion stage even closer to the chip's core and offering a groundbreaking new interconnect paradigm for the next generation of ultra-large‑scale AI clusters.
According to Nikola Nedovic, Chief Research Scientist at NVIDIA Research, this solution replaces the current organic packaging substrate with a larger-area interposer, and NVIDIA has already obtained prototype samples.
Apple officially announced: Apple's intelligent access to Alibaba Qwen will be open for testing on November 4.
October 31,$Apple(AAPL.US)$and$Alibaba (BABA.US)$An agreement has been announced to integrate Qwen into Apple's intelligent ecosystem, enabling Chinese users to directly access Qwen's capabilities—such as text and image understanding, and content generation—within Siri, writing tools, and visual intelligence features. These functions will be available for beta testing starting November 4 with the latest iOS Developer Beta, and will roll out to Chinese users when iOS 27.3 is officially released in December.
Apple has once again overtaken NVIDIA to become the world's most valuable company.
$Apple(AAPL.US)$Last Friday, it reclaimed the title of the world's most valuable company, taking the spot from NVIDIA. Amid concerns over AI spending, investors are seeking the relative safety offered by Apple, the maker of the iPhone. On Friday, Apple's stock fell 1.2%, bringing its market capitalization down to $5.03 trillion, while NVIDIA dropped 4.2%, closing at a market cap of $4.93 trillion. This marks the first time Apple has regained the top spot since briefly surpassing NVIDIA in late July.
Fourier helped Meta develop a robotic prototype, creating the "Muse physical avatar."
$Meta Platforms(META.US)$It is extending its AI strategy into the physical world. According to insiders, Meta Platforms has jointly developed a humanoid robot prototype with the Chinese robotics company Fourier, codenamed "Max," and has already begun work on a second-generation version. This marks the most substantial progress since Meta established its robotics division, signaling that the social media giant's efforts to enter the consumer‑grade robotics market are accelerating.
S&P has revised Meta's rating outlook from Stable to Negative.
S&P will$Meta Platforms(META.US)$The rating outlook has been revised from Stable to Negative, owing to uncertainties regarding how long capital expenditures will remain elevated and how long free operating cash flow will stay negative.
S&P stated that the negative outlook reflects our expectation that, if capital expenditures remain elevated and the monetization of AI investments is delayed or fails to materialize, the company's leverage could exceed 1.0x, and its free operating cash flow could remain negative for longer than anticipated.
Microsoft and four other tech giants have slashed their AI spending by 80% and reduced share buybacks.
According to data from the London Stock Exchange Group (LSEG) and financial reports of individual companies,$Microsoft (MSFT.US)$、 $Google-A (GOOGL.US)$、$Amazon (AMZN.US)$、$Meta Platforms(META.US)$and$Oracle (ORCL.US)$In the first three quarters of this year, cash returned to shareholders through dividends and share buybacks accounted for just 9.3% of operating cash flow, the lowest level in at least 15 years; in the same period last year, this ratio stood at 27.4%. Over the same period, the total value of share repurchases by five major companies plunged 83% year over year, falling from $81.8 billion to $13.6 billion.
Samsung Electronics Chairman Lee Jae-yong traveled to Japan to inspect advanced packaging technologies, with plans to invest 40 billion yen over the next five years.
$Samsung Electronics (SSNLF.US)$On the 11th, Chairman Lee Jae-yong visited the Advanced Packaging Laboratory (APL) in Yokohama, Japan, where he inspected the progress of research and development on next-generation semiconductor packaging materials and processes, and held discussions with local researchers on strengthening cooperation with Japanese companies specializing in semiconductor materials, components, and equipment.
Samsung Electronics plans to invest 40 billion yen (approximately US$254 million) over the next five years, starting in 2024, to transform its Yokohama APL facility into a global R&D center for advanced packaging. The company also aims to expand its local R&D workforce to more than 100 employees by 2027, with research efforts extending to next-generation packaging technologies such as wafer bonding and glass substrates.
Google is reportedly in talks to join the "Golden Dome" missile defense program, potentially providing data security and technical support.
According to market sources,$Google-C(GOOG.US)$It is currently in negotiations with the U.S. Department of Defense to participate in a new data‑security project aimed at supporting the "Golden Dome" missile‑defense program. Sources familiar with the matter say the Pentagon is establishing a new industry consortium designed to safeguard the data security of the military software used in the Golden Dome program.
According to reports, the alliance may comprise multiple enterprises working together to ensure that the data transmission systems underpinning next-generation command-and-control software can withstand attacks and communication disruptions, including scenarios in which fixed-line networks, mobile base stations, and other critical communications infrastructure are compromised.
Anthropic's dark pool is currently trading at $1,681.
According to data from Coinglass,$Anthropic(ANT.US)$The after-hours market last reported at $1,681.46. Anthropic has publicly filed for an IPO and will list on the Nasdaq, potentially kicking off its roadshow as early as the week of November 9 and seeking to go public as early as the week of November 16.
According to market reports, the company could raise approximately $100 billion, with a valuation as high as $2 trillion. If these reports prove accurate, the deal would surpass SpaceX's $75 billion IPO this year, setting a new record.
Okta will be added to the S&P 500 index on November 4, while Kenvue has been removed.
On October 30, local time, S&P Dow Jones Indices announced that,$Okta(OKTA.US)$Will replace$Kenvue(KVUE.US)$Include$S&P 500 Index (.SPX.US)$, the adjustment will take effect before the market opens on November 4. Okta was previously a constituent of the S&P MidCap 400 Index, and its spot will be filled by Glaukos;
$Glaukos(GKOS.US)$Its former position in the S&P SmallCap 600 Index has been taken over by$McGrath RentCorp(MGRC.US)$Succeed. In addition,$Loar Holdings(LOAR.US)$Will replace$LiveRamp(RAMP.US)$It has been added to the S&P SmallCap 600 Index. This adjustment is related to merger and acquisition transactions involving the companies concerned.
Starbucks' fourth-quarter earnings exceeded expectations, but revenue fell short of forecasts.
$Starbucks (SBUX.US)$In the fourth quarter of fiscal year 2026, revenue totaled $9.1 billion, down 3.9% year over year, primarily due to the shift of the China business to a licensing model. Adjusted earnings per share were $0.80, surpassing the market consensus estimate of $0.72. Global comparable-store sales increased by 7.2%, with U.S. sales up 7.7%; however, international sales grew only 0.9%, falling short of the market's forecast of 3.3%.
The company expects an operating profit margin of 13.5% to 14% in fiscal year 2027, up from 11.9% in fiscal year 2026, but full-year revenue will decline year over year due to the divestiture of its China business. Starbucks' stock closed down 1.8% on Friday.
OpenAI is reportedly lowering its fundraising target by $10 billion.
According to market reports, as AI stocks come under selling pressure and competitors…$Anthropic(ANT.US)$Set to go public, OpenAI is facing growing challenges in securing investment commitments, and the company has lowered its fundraising target by $10 billion. Sources say OpenAI is now seeking to raise roughly $20 billion at a $1.25 trillion valuation, down from last month's plan to raise $30 billion at a $1.4 trillion valuation.
According to reports, some investors have already reduced their funding commitments for OpenAI's current round of financing. The shrinking fundraising target reflects growing investor unease over the massive capital投入 in the AI sector. On Friday, the Nasdaq Composite Index plunged nearly 3%, marking its first three-week losing streak since March.
Top 20 in Trading Volume
Hong Kong Stock Market Outlook
Southbound capital reduced its holdings in Hong Kong stocks by over HK$3.5 billion, while GenScript Biotech-1000 saw net purchases exceeding HK$100 million; SMIC and Xiaomi Group were each subject to net sales of nearly HK$1 billion and HK$700 million, respectively.
On October 30 (Friday), southbound capital net sold HK$3.56 billion worth of Hong Kong stocks.
$GenScript Biotech - One Thousand (01548.HK)$ 、$JianTao Laminate Board (01888.HK)$、$Zhipu (02513.HK)$They recorded net purchases of HK$133 million, HK$97.33 million, and HK$12.29 million, respectively;
$SMIC (00981.HK)$、$Xiaomi Group-W(01810.HK)$、$Alibaba-W(09988.HK)$They were net sold off to the tune of HK$999 million, HK$686 million, and HK$649 million, respectively.
BYD: In October, new-energy vehicle sales reached 490,200 units, up 10.97% year on year.
$BYD Co., Ltd. (01211.HK)$In October, new-energy vehicle sales reached 490,200 units, up 10.97% year on year; cumulative sales for the first ten months totaled 3.6217 million units, down 2.16% compared with the same period last year. Among them, pure electric vehicle sales in October were 305,700 units, up 37.38% year on year, while plug-in hybrid vehicle sales stood at 177,400 units, down 17.22% year on year.
In the first ten months, cumulative sales of battery electric vehicles reached 1.9357 million units, up 5.86% year on year; plug-in hybrid vehicle sales totaled 1.6260 million units, down 11.02% year on year. In October, 170,200 new-energy vehicles were exported.
Leapmotor: Delivered 106,127 vehicles in October, up 51% year over year.
$Leapmotor (09863.HK)$In October, global deliveries reached 106,127 units, up 51% year over year, marking the fourth consecutive month with monthly sales exceeding 100,000. As of the end of October 2026, Leapmotor has achieved cumulative global deliveries of over 1.9 million vehicles and is on track to roll off its 2-millionth unit in November.
XPeng Motors: Delivered 50,237 new vehicles in October, setting a new monthly delivery record.
$XPeng Group-W (09868.HK)$In October, the company delivered 50,237 new vehicles, up 22% month-over-month and 20% year-over-year, marking a record high for monthly deliveries. Of these, 13,326 units were delivered to overseas markets, a 166% year-over-year increase and the highest-ever monthly volume in that region.
Nio: Delivered 34,246 vehicles in October
In October,$Nio-SW(09866.HK)$A total of 34,246 new vehicles were delivered, including 18,125 Nio-branded vehicles, 8,383 Lantu-branded vehicles, and 7,738 Firefly-branded vehicles.
From January to October 2026, Nio delivered a total of 334,547 new vehicles, up 38.5% year over year, marking a record high. To date, Nio has cumulatively delivered 1,332,139 new vehicles.
Xiaomi Auto: October deliveries exceeded 50,000 units.
October 2026,$Xiaomi Group-W(01810.HK)$Automobile deliveries exceeded 50,000 units.
Today's Focus
Keywords: Financial regulators will hold a meeting; Apple and Palantir earnings reports; October ISM Manufacturing PMI
On the economic data front, at 10:45 PM, the final reading for the U.S. October S&P Global Manufacturing PMI will be released; at 11:00 PM, the U.S. October ISM Manufacturing PMI will be published.
On the economic and financial front, financial regulators will convene a meeting to explore ways to promote the use of tools that support the capital market. Meanwhile, the Wuzhen Summit of the World Internet Conference 2026 has opened, running from November 2 to 5, with topics spanning artificial intelligence, robotics, and embodied intelligence.
In terms of performance,$Tower Semiconductor (TSEM.US)$、$Tempus AI(TEM.US)$U.S. stocks reported earnings before the market opens;$Apple(AAPL.US)$、$Palantir(PLTR.US)$、$ON Semiconductor (ON.US)$U.S. stocks reported earnings after the market closed.
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Edited by melody