**Market Overview** November began on a positive note for both mainland and Hong Kong markets. The Hang Seng Index opened higher with a gap-up and rose 0.97% by the close, though trading volume shrank significantly to below HKD 230 billion.

**Macro Developments** U.S. President Trump emphasized Sino-U.S. cooperation in a recent interview, stating that collaboration would benefit both economies. Meanwhile, China’s new gold tax policy, effective until 2027, removed VAT exemptions for non-exchange retail sales, impacting jewelers like Chow Tai Fook (01929), Lao Pu Gold (06181), and Luk Fook Holdings (00590), which fell over 7%. Industrial and Commercial Bank of China (01398) suspended its gold accumulation product subscriptions, reflecting regulatory headwinds.

**Sector Rotation** As tech and gold faced selling pressure, capital flowed into defensive high-dividend plays: - **Banks**: CCB (00939), ABC (01288), ICBC (01398), and Bank of China (03988) gained over 2%. - **Energy**: PetroChina (00857) and CNOOC (00883) rose 3%+ on OPEC-driven oil price optimism. - **Insurance**: AIA (01299) surged nearly 6% after Q3 new business value beat estimates. - **Toll Roads**: Anhui Expressway (00995) and Sichuan Express (00107) jumped 5%+.

**Growth Sectors** - **Pharma**: Simcere Pharma (02096) and GenScript (01548) advanced 6%+ on low-base rebounds. - **Tech/Software**: Meitu (01357) and Mobvista (01860) climbed 6%, mirroring U.S. AI app rallies (e.g., Twilio +19%). China Literature (00772) gained 5% on its IP-to-AI comic ecosystem. - **Consumer**: GuoQuan (02517) and Anjoy Food (02648) rose 6%+ on strong Q3 earnings.

**Catalyst Watch** - **Quark AI Glasses**: Conant Optical (02276), the lens supplier, surged 7% as Alibaba’s smart glasses launched pre-sales. - **Nuclear Tech**: Shanghai Electric (02727) added 3% after China’s thorium reactor breakthrough. - **EVs**: XPeng (09868) rose 4% post-October delivery growth (42,013 units, +76% YoY) and flying car factory milestone.

**Commodities Spotlight** Coal port inventories hit 3-year lows, with Qinhuangdao 5,500kcal prices steady at CNY 770/ton. Supply tightness persists due to safety inspections. Key plays: Yankuang Energy (01171), China Coal (01898).

**Stock Pick: Goldwind (02208)** - **Catalyst**: Won Saudi PIF’s 3GW wind project (world’s largest onshore). - **Financials**: Q3 revenue CNY 19.61B (+25.4% YoY), net profit CNY 1.1B (+170.6%). Order book hit 52.5GW (7.2GW overseas, +29% YoY). - **Outlook**: Global energy transition tailwinds support long-term growth.