Next week's key schedule: Tencent, JD.com, and SMIC financial reports; China's October economic data.
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Overview of major financial events for the week of November 10 - November 16, all times Beijing Time:
Key Focus Next Week: China-US economic data, Chinese tech giants and US companies’ major earnings reports, AMD Analyst Day, Huawei Operating System Summit.
In addition, Buffett's Thanksgiving letter to shareholders may be released next week; intensive speeches by Fed officials and US Treasury Secretary Besant; the closing of the 8th China International Import Expo; and the G7 Foreign Ministers' Meeting.
Economic Indicators
- China October Added Value of Industrial Enterprises Above Designated Size, Total Retail Sales of Consumer Goods, Real Estate Development Investment, Housing Prices in 70 Cities, Financial Data
On November 14, a series of significant economic data for China in October, including retail sales, industrial production, and real estate investment, will be released. On the same day, the State Council Information Office will hold a press conference on national economic operations. Next week will also see the release of financial data including aggregate financing.
CICC expects that economic activity in October, affected by policies to stabilize growth, may see short-term improvements in supply, demand, and prices in domestic demand-related areas. On the production side, the production of raw material manufacturing has recovered, driving up industrial prosperity. On the demand side, "old-for-new" policies in consumer goods are boosting consumption of cars, appliances, and home decoration, supporting retail sales growth. Infrastructure investment may maintain high growth rates, while the decline in floor space sold in real estate has significantly narrowed. Overall, economic activity has seen short-term stabilization against the backdrop of policy efforts to secure Q4 growth.
CITIC Securities expects the improving trend to continue in October. On the production side, the manufacturing PMI output index rebounded, with high-frequency data indicating fundamentals of industrial production are recovering, and added value growth is expected to rise further. On the demand side, infrastructure and manufacturing investment growth will remain high, with the decline in real estate investment possibly narrowing, and overall fixed asset investment growth may improve slightly. Consumption will benefit from "old-for-new" policy effects, and retail sales growth is expected to rebound to around 4.0%. Regarding financial data, there is some time lag in policy transmission, so aggregate financing growth may dip slightly in October.
- US October CPI and PPI
In a market full of uncertainty due to the government shutdown, whether the scheduled release of US CPI and PPI data can go ahead next week is a major question.
Market expectations: CPI for October up 0.2% month-over-month, year-over-year growth slowing to about 2.9%. If realized, it would indicate inflation pressures have not broadly accelerated, giving the Federal Reserve a "green light" for another rate cut in December.
Financial Events
- US Government Shutdown Hits Record, Rate Cut Outlook Unclear
The US government shutdown continues. Surpassing 35 days, it's now the longest in history, becoming the biggest uncertainty for the Fed's future monetary policy path. The political deadlock has indefinitely delayed releases of key economic data, leaving data-dependent Fed officials in the dark over the December rate cut decision.
Wall Street is closely watching for signs of an end to the shutdown. Goldman Sachs predicts the deadlock is "most likely to end around the second week of November"; Citi is also optimistic, expecting resolution "within two weeks." The core logic: Negative impacts of the shutdown are widening rapidly—air traffic controllers missing pay threatens system stability, SNAP food aid for 42 million is interrupted; these pressures are forcing both parties to compromise.
The length of the shutdown directly determines the likelihood of a December rate cut by the Federal Reserve. Morgan Stanley analyzes three scenarios: If the shutdown ends soon, the Fed gets enough data, and the probability of a December rate cut is high; if it drags into mid-November, data becomes limited, but rate cuts are still possible; if it continues past Thanksgiving late November, the Fed will face a "data vacuum" and may stay on hold in December.
- AMD Analyst Day
On November 11, AMD will hold its annual Analyst Day event in New York, considered by the market as the company's next major stock catalyst. Bank of America expects AMD to unveil major good news at the event rather than during the earnings report. The bank recently raised AMD's price target to $300, noting AMD has less than 30% market share in sectors worth hundreds of billions, with huge growth potential.
With MI450 series gaining support from Oracle, Meta and other giants and the data center GPU business projected to reach $14 billion in revenue by 2026, this Analyst Day is expected to reveal more about AMD's technology roadmap and long-term plans, giving investors key guidance.
Investors should also watch for risks. Institutions like JPMorgan caution AMD faces fierce competition from bigger rivals like Nvidia and Broadcom, and transitions to rack-level systems may pressure gross margins in the short term.
- US Treasury Issuance Wave Hits, Liquidity "Worsens"
WallstreetCN wrote, the US Treasury will auction $125 billion in bonds next week, plus about $40 billion in corporate bonds, all packed into a holiday-shortened trading week, putting severe pressure on market liquidity. To deal with the shutdown, the Treasury has stockpiled over $700 billion in cash, causing bank reserves to drop to their lowest since 2021, leaving liquidity extremely fragile.
Details of the auctions:
$58 billion in 3-year notes on Monday,$42 billion in 10-year notes on Wednesday,$25 billion in 30-year notes on Thursday.
- Buffett's Thanksgiving Letter to Shareholders May Be Released
Buffett will remain CEO for two more months and continue to share his views with the investment community. According to media citing Buffett's assistant, a Thanksgiving letter to his three children and shareholders will be released on November 10.
- G7 Foreign Ministers' Meeting
The G7 Foreign Ministers’ Meeting will take place in Canada from November 11-12.
- Intensive Speeches from Fed Officials and US Treasury Secretary Besant
Fed officials and Treasury Secretary Besant will speak intensively next week, including 2026 FOMC voter Cleveland Fed President Harker, 2027 FOMC voter Atlanta Fed President Bostic, 2026 FOMC voter Philadelphia Fed President Harker, and 2027 FOMC voter San Francisco Fed President Daly. Secretary Besant will speak on November 12.
- Huawei will hold the Operating System Summit & openEuler Summit 2025 on November 14-15
According to Huawei Computing, openAtom Open Source Foundation openEuler Committee Chairman Xiong Wei revealed in the invitation letter for the Operating System Summit & openEuler Summit 2025 that on November 14-15, 2025, the summit will be held at Beijing Zhongguancun International Innovation Center, and an important AI technology version of openEuler will be released.
- The 30th United Nations Climate Change Conference will be held in Brazil from November 10-21
The 30th UN Climate Change Conference (COP30) is a key milestone on the 10th anniversary of the implementation of the Paris Agreement, carrying dual historic missions. On one hand, as the first major meeting since the global climate stocktake, it will assess nations' collective progress in mitigation and adaptation; on the other, it will test whether the world can turn the 1.5°C climate target from scientific consensus into practical action. The outcomes from Belém will largely determine whether global climate governance enters a new phase that is more ambitious, equitable, and sustainable.
- The 8th China International Import Expo Closes
The 8th China International Import Expo will be held from November 5 to 10 in Shanghai.
- The 2025 6G Development Conference will be held November 13–14 in Beijing Economic-Technological Development Area
- Bank of Canada releases minutes of October monetary policy meeting
- OPEC releases monthly crude oil market report
Financial Reports
- Tencent, JD.com, Bilibili, Coreweave, Circle and other major financial reports coming
Next week, Tencent, JD.com, Bilibili, SMIC, Lenovo Holdings and other companies will release financial reports for US or Hong Kong-listed stocks. Note, Alibaba, Meituan, Li Auto, Pinduoduo and other popular Chinese ADRs are also expected to report earnings, but specific timing has not yet been confirmed.
Meanwhile, AI compute upstart CoreWeave, stablecoin leader Circle, Cisco, Occidental Petroleum, Disney, Tyson Foods, and other companies will release earnings reports.
Markets expect Tencent's third-quarter revenue to grow about 14% year-over-year, driven by both gaming and advertising businesses; Alibaba needs to demonstrate resilience in its e-commerce business and growth potential in AI and cloud computing. The performance of these two tech giants will provide critical direction for the recent moves of Chinese tech stocks.
In addition, e-commerce peers like Meituan and JD.com continue to face intense industry price competition.
For US companies, CoreWeave revenue is expected to continue explosive growth, but markets are wary of its high valuation, high leverage, and concentrated customer risk with Microsoft.
Risk Warning and DisclaimerThe market carries risk, invest cautiously. This article does not constitute personal investment advice, nor does it consider individual users’ unique investment objectives, financial status, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their personal circumstances. Invest at your own risk. ```