<h3>Overnight Market Overview</h3><p>The three major U.S. stock indices saw only the Nasdaq decline. The S&amp;P 500 index rose by 1.39 points, an increase of 0.02%, closing at 5985.38 points. The Dow Jones, closely related to the economic cycle, rose by 47.21 points, an increase of 0.11%, closing at 43958.19 points. The tech-heavy Nasdaq fell by 50.66 points, a decrease of 0.26%, closing at 19230.74 points.</p><p>The &#34;Tech Seven Sisters&#34; had mixed performances. Google A fell by 1.51%, and Nvidia fell by 1.36%. Meta, associated with the &#34;metaverse,&#34; fell by 0.82% and plans to launch ads on the short video platform Threads before early 2025. Apple rose by 0.4%, and Microsoft rose by 0.51%. Tesla rose by 0.53%, with Phillip Securities downgrading Tesla's rating from hold to sell, with a target price of $230. Amazon rose by 2.48%.</p><p>Most Chinese concept stocks retreated. The Chinese concept index fell by over 1%, Tencent ADR fell by 1.8%, and Fangdd Network, after rising 14%, turned to a decline of over 9%.</p><p>Bitcoin surged past $93,000 to a new high before turning down, and most cryptocurrency concept stocks retreated. The cryptocurrency &#34;meme stock&#34; Ideanomics fell by 59.38%, Canaan Inc. ADR fell by 8.48%, Riot Platforms fell by 12.32%, and cryptocurrency exchange giant Coinbase fell by 10.78%. &#34;Bitcoin whale&#34; MicroStrategy (MSTR) fell by 7.91%, BTC Digital rose by 68.1%, and Mercurity Fintech ADR rose by 61.24%.</p><p>In individual stocks, SoftBank Group ADR fell by 4.75%, despite its earnings report showing a net profit in the second quarter that exceeded expectations. Nvidia announced a partnership with SoftBank to build AI infrastructure in Japan. Rivian, dubbed &#34;Tesla's rival,&#34; rose by 13.71%, at one point rising by 23.8%, reaching an intraday high of $13.10 since September 20, with Volkswagen adding an $800 million investment in the company.</p><h3>Three Chinese Departments Release New Tax Incentives for the Real Estate Market!</h3><p>China will raise the area standard eligible for the current 1% low tax rate from 90 square meters to 140 square meters. After canceling the ordinary residential standards in cities, individuals selling homes purchased for more than two years (including two years) will be exempt from value-added tax. The previous regulation imposing value-added tax on individuals selling non-ordinary housing purchased for more than two years (including two years) in Beijing, Shanghai, Guangzhou, and Shenzhen will be suspended accordingly.</p><p>Minsheng Securities stated that, based on the content of the new housing tax policy, the increase in the taxable area standard and the cancellation of the ordinary housing standard are both aimed at first-tier cities, which may be the main focus of this round of real estate regulation.</p><h3>U.S. October CPI Accelerates Year-on-Year Growth to Three-Month High, but Meets Expectations</h3><p>Housing inflation resurfaces, with used car prices experiencing the largest increase in over a year, but some analysts claim there is good news for the Federal Reserve regarding inflation: the &#34;super core&#34; service index, excluding housing costs, saw the smallest increase in three months. Wall Street commented that a rate cut next month is basically certain, but the pace of rate cuts next year may slow due to Trump’s policies</p><h3>Trump nominates several for key positions, announces four senior campaign advisors will take on senior White House roles</h3><p>Trump nominated Florida Republican Senator Marco Rubio as his Secretary of State candidate after taking office. On the same day, Trump announced former Democratic Congresswoman Tulsi Gabbard as his nominee for Director of National Intelligence after he assumes the presidency. Trump also nominated Florida Republican Congressman Matt Gaetz as his candidate for Attorney General of the United States after taking office.</p><p>In addition, Musk will become one of the leaders of Trump's &#34;Department of Government Efficiency&#34; (DOGE) initiative, which is expected to be completed by July 4, 2026. Trump previously stated that he hopes Musk can assist in cutting government costs by $2 trillion, which represents about one-third of total costs. Musk made significant layoffs of 80% after acquiring Twitter in 2022.</p><h3>Tencent's Q3 revenue increased by 8% year-on-year for eight consecutive quarters, net profit surged by 47%, strong recovery in gaming business</h3><p>Tencent's Q3 revenue was 167.19 billion yuan, an 8.1% year-on-year increase, with an estimate of 167.93 billion yuan. The net profit attributable to shareholders was 53.2 billion yuan, with gross profit and operating profit (Non-IFRS) at 88.83 billion yuan and 61.27 billion yuan, respectively. Revenue from online gaming business grew by 13% year-on-year to 51.8 billion yuan, with domestic and international markets increasing by 14% and 9%, respectively; online advertising revenue rose by 17% to 29.99 billion yuan. The transaction volume of mini-programs in the third quarter exceeded 2 trillion yuan, a year-on-year increase of over ten percentage points.</p><p>Tencent pointed out in a conference call that AI-related revenue accounts for about 10% of the company's total, and China's cloud business AI revenue lags behind that of American cloud vendors due to the immaturity of the domestic AI market. In application, AI technology has improved content recommendation and advertising targeting efficiency, increased user engagement time and advertising response rates, directly boosting revenue. Tencent is integrating AI into more products and services, expecting to see more practical applications in the coming quarters.</p><h3>SoftBank secures Blackwell's first order, partners with NVIDIA to build Japan's strongest AI supercomputer</h3><p>The first batch of NVIDIA Blackwell chips has been awarded to SoftBank, with plans to create Japan's most powerful AI supercomputer and trial the world's first AI and 5G telecom network. Masayoshi Son revealed that Arm is transitioning to an AI-centric chip company. Jensen Huang announced a deep collaboration between NVIDIA and SoftBank Group, with SoftBank planning to use the NVIDIA Grace Blackwell platform to build its next supercomputer.</p><h3>AMD to cut 4% of workforce to strengthen market position in AI chip sector</h3><p>AMD stated, &#34;To align our resources with the greatest growth opportunities, we are taking a series of targeted measures that will result in a global workforce reduction of approximately 4%. We are committed to treating affected employees with respect and helping them through this transition.&#34;</p><h3>This Year, Global ETFs Attract a Record $1.4 Trillion</h3><p>As of October 31, the net inflow of funds into global ETFs this year has reached $1.4 trillion, surpassing the full-year record of $1.33 trillion set in 2021. The demand for various types of ETFs, including fixed income, commodities, and equities, is booming, with $11.7 billion flowing into Chinese stock ETFs (ETFs listed outside of China) in October, more than double the peak in June 2022</p>

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<p>Bitcoin fell after breaking through $93,000 to reach a new high, with most cryptocurrency concept stocks retreating. The "meme stock" Ideanomics dropped 59.38%, while MicroStrategy (MSTR) fell 7.91%. On the macro front, China released new tax incentives for the real estate market yesterday; the U.S. October CPI accelerated year-on-year to a three-month high, but met expectations</p>

- U.S. stock indices showed mixed results, with the S&P 500 and Dow Jones rising slightly, while the Nasdaq fell by 0.26%.  
- In China, new tax policies for the housing market were announced, raising the low tax rate area standard and eliminating VAT for certain property sales, indicating a focus on first-tier cities.  
- Global ETF inflows reached a record $1.4 trillion by October 31, driven by strong demand across various asset classes, including fixed income and commodities.

Breakfast | Tencent's ADR fell nearly 2% after earnings! Fangdd Network experienced significant fluctuations: rising over 14% before closing down 10%