Zhixiang HK Morning Brief | NY Silver Futures Surge Over 6% Last Friday; MIIT to Regulate Irrational Competition in Power and Energy Storage Battery Industry

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**Top News** The Ministry of Industry and Information Technology (MIIT) announced plans to accelerate targeted policy measures to regulate irrational competition in the power and energy storage battery industry. On November 28, MIIT convened a symposium with manufacturers to discuss industry standards and high-quality development. Minister Li Lecheng emphasized regulatory measures, while Vice Minister Xin Guobin chaired the meeting.

**Market Outlook** Last Friday, U.S. stocks closed higher, with the Dow Jones rising 0.61% to 47,716.42, the Nasdaq up 0.65% to 23,365.69, and the S&P 500 gaining 0.54% to 6,849.09. Intel (INTC.US) surged over 10%, while Meta Platforms (META.US) and AMD (AMD.US) rose 2% and 1%, respectively. For the week, the Dow, S&P 500, and Nasdaq advanced 3.18%, 3.73%, and 4.91%, reflecting renewed risk appetite. Key Chinese ADRs, including XPeng, JD.com, Bilibili, NIO, and Baidu, also posted gains. The Hang Seng Index ADR closed 0.53% higher at 25,995.05.

**Hotspots** - **Silver Futures Hit Record High**: NY silver futures surged over 6%, surpassing $57/oz for the first time, while spot silver breached $56/oz. Analyst Peter Schiff highlighted missed opportunities, attributing the rally to U.S. deficit concerns, inflation, Fed rate-cut expectations, and safe-haven demand. - **Copper Bull Warns of U.S. Inventory Drain**: Kostas Bintas, a prominent copper bull, predicted soaring copper prices, cautioning that U.S.-bound metal shipments could deplete global inventories. - **Crackdown on Crypto Trading**: A multi-agency meeting chaired by the PBOC reiterated that virtual currencies lack legal tender status and are banned for market circulation. - **New E-Commerce Regulations**: China’s market regulator finalized rules to oversee live-streaming commerce, targeting platform accountability and consumer protection.

**Corporate Highlights** - **CGN Power (01816.HK)**: Construction commenced on conventional islands for Units 1 & 2 of the Guangdong Lufeng nuclear project, China’s largest nuclear base. - **Ascletis-B (01672.HK)**: Selected oral GLP-1R/GIPR/GCGR agonist ASC37 for clinical trials, with an IND submission planned for Q2 2026. - **Ganfeng Lithium (01772.HK)**: Subsidiary plans a $100M convertible note issuance to the China-Africa Fund, exchangeable for Mali Lithium B.V. shares. - **Meituan-W (03690.HK)**: Q3 revenue rose 2% YoY to RMB95.5B, but core local commerce swung to a RMB14.1B loss amid competition, while overseas expansion widened new business losses. - **MAPLELEAF EDU (01317.HK)**: FY net profit skyrocketed 1,891% to RMB309M despite a 3.9% revenue dip. - **China Chunlai (01969.HK)**: Adjusted net profit grew 5.9% to RMB837M on a 9.8% revenue increase.

**Stock Focus: Jiangxi Copper (00358.HK)** The company submitted non-binding offers to acquire SolGold Plc at 26p/share but was rejected. It retains the right to make a formal bid by December 26. Currently, it holds a 12.19% stake in SolGold.

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