Next week's heavy schedule: Alibaba and Meituan earnings reports, the U.S. "ultimatum day" to Ukraine, and the Federal Reserve's favorite inflation indicator

November 24 - November 30 Key Financial Events Overview, all times in Beijing:

Key Focus Next Week: Earnings reports from Alibaba, Meituan, Li Auto, Nio, as well as Pony.ai and WeRide. The latest economic data from China and the U.S., and the Federal Reserve will release its latest economic conditions Beige Book. Huawei's new product launch event is expected to unveil the Mate80 series. Trump plans to sign a new AI policy - the "Genesis Plan" - at the White House. Trump stated that November 27 is the deadline for Ukraine to accept the U.S. "28-point plan."

In addition, the central banks of New Zealand and South Korea will announce their interest rate decisions. "Big Short" Michael Burry claims that tech giants "underestimating depreciation leads to inflated profits" and will disclose more details on November 25. The U.S. market will be closed on November 27 for Thanksgiving. The "Black Friday" shopping festival in the U.S. begins on November 30.

Earnings Reports

• Earnings Reports from Alibaba, Meituan, Li Auto, Nio

Earnings season continues, with Alibaba's earnings report set to be released next Tuesday before the U.S. market opens, and Meituan's latest earnings report will be released next Friday before the market opens. The earnings reports from leading electric vehicle manufacturers Li Auto and Nio will also be presented.

Additionally, the recently listed Hong Kong IPO star companies Pony.ai and WeRide, as well as Dell, HP, Chow Tai Fook, and Bosideng, will also release their earnings reports.

Economic Indicators

• U.S. Q3 GDP Revision, "Fed's Favorite Inflation Indicator" PCE Price Index

Ahead of the Federal Reserve's December meeting, a series of key economic data delayed due to government shutdowns will be released.

The U.S. Department of Commerce announced that on November 26, next Wednesday, it will release the Q3 GDP revision, October personal income and spending, and the PCE price index report. The U.S. Department of Labor stated that it will release the September PPI on November 25.

The market expects that driven by consumer spending, the U.S. economy's growth rate for the quarter is still expected to exceed 3.0%. It is anticipated that the "Fed's favorite inflation indicator" - the PCE price index - will not show significant acceleration.

• China's November Official Manufacturing PMI, October Profits of Large-scale Industrial Enterprises

Next week, China will release the November official manufacturing PMI and October profits of large-scale industrial enterprises. Looking back at last month, the manufacturing sector's prosperity level declined due to factors such as some demand being released ahead of the "Eleventh" holiday and a more complex international environment. China's October official manufacturing PMI fell to 49, but the PMIs for high-tech manufacturing, equipment manufacturing, and consumer goods industries continued to expand

Financial Events

• Trump: November 27 is the deadline for Ukraine to accept the U.S. "28-point plan"

Trump issued an ultimatum stating that November 27 is the deadline for Ukraine to accept the U.S. "28-point plan." According to CCTV News, the key points of the "28-point plan" include a non-aggression pact between Russia, Ukraine, and Europe, with Ukraine committing not to join NATO, among others. Zelensky proposed to present an alternative plan for peace but stated that "there will be no reason for the enemy to say that Ukraine does not want peace." However, Trump stated that Zelensky must agree to this peace plan, or the conflict will continue. Putin expressed that Russia is willing to engage in peace negotiations, but this requires substantial discussions on all details of the plan.

• Trump plans to sign new AI policy at the White House - "Genesis Mission"

Wall Street Insight reported that Trump plans to launch the "Genesis Mission" at the White House next Monday. This plan is likened to the "Manhattan Project" and the "Space Race." The order may require national laboratories to conduct more work in emerging AI technologies and may involve public-private partnership mechanisms.

Trump also called on Congress to pass federal AI regulatory standards, advocating for a unified federal approval process to avoid obstacles caused by fragmented state regulations.

• Huawei's new product launch event, Mate 80 series and new Kirin chips expected to debut

Huawei officially announced that it will hold a new product launch event on November 25 at 14:30, during which the Huawei Mate 80 series, Mate X7, and multiple new all-scenario products will be unveiled.

Reports suggest that the Huawei Mate 80 series may debut with the new Kirin 9030 chip. Previously, Huawei had publicly released the roadmap for its Ascend and Kunpeng chips.

The Huawei Mate 80 series is also expected to feature the new HarmonyOS 6 operating system. It is understood that a major focus of HarmonyOS 6 is the Harmony intelligent framework, with the first batch of over 80 Harmony application agents already online, including Trip.com AI itinerary assistant, Damai agent, Ant Health steward, iFlytek Xiaoyi, and other agents.

• "Big Short" Michael Burry: Tech giants "underestimating depreciation leads to inflated profits," will disclose more details on November 25

Wall Street Insight reported that recently Michael Burry posted on his social media platform stating,Tech giants underestimate depreciation by extending the "effective lifespan" of assets, artificially inflating profits. It is estimated that from 2026 to 2028, large tech companies will inflate profits by $176 billion due to underestimated depreciation.

Burry has promised to disclose more details on November 25. He specifically pointed out that by 2028, Oracle's profits could be overstated by 26.9%, while Meta's profits could be overstated by 20.8%.

• The Asian General Aviation Exhibition will be held

The Asian General Aviation Exhibition will take place from November 27 to 30, 2025, in Zhuhai, Guangdong.

• The 2025 China Automotive Supply Chain Conference will be held from November 24 to 26 in Wuhu.

• Alibaba's first self-developed flagship dual-display AI glasses are scheduled to be released on November 27.