Next week's major schedule: Tencent, Alibaba, Meituan, JD earnings reports; China's October economic data
Major financial events for the week of November 10th - November 16th, all in Beijing time:
Key focus next week: China and US economic data, earnings from Chinese tech giants and major US companies, AMD Analyst Day, Huawei Operating System Conference.
Additionally, next week may see Warren Buffett’s Thanksgiving letter to shareholders released, intensive speeches by Federal Reserve 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 Industrial Added Value above scale, Social Consumer Goods Retail Sales, Real Estate Development Investment, housing prices in 70 cities, Financial Data
On November 14, a series of heavy economic data for October from China—including retail sales, industrial added value above scale, and real estate development investment—will be published. On the same day, the State Council Information Office will hold a press briefing on the country's economic operations. Next week will also see the release of financial data such as aggregate financing.
CICC expects that economic activities in October, impacted by policies stabilizing growth, may see short-term improvement in production, demand, and prices related to domestic demand. On the production side, the production of raw material manufacturing has recovered, driving up industrial prosperity. On the demand side, “old-for-new” policies are boosting consumption in automobiles, home appliances, home improvement, and kitchenware, supporting retail growth; infrastructure investment may sustain a high growth rate; and the decline in transaction areas for commodity housing has narrowed significantly. Overall, economic activity has seen a short-term stabilization against the backdrop of policies to stabilize Q4 growth.
CITIC Securities expects October economic data to maintain improvement. In production, the manufacturing PMI production index rebounded significantly in October, with high-frequency data showing basic industrial recovery, and industrial added value growth expected to further accelerate. In demand, broad infrastructure and manufacturing investment growth rates are expected to stay high, while the decline in real estate investment may narrow slightly, with overall fixed-asset investment growth edging higher; retail sales are expected to benefit from the continued effects of “old-for-new” policies and could rebound to around 4.0%. In financials, there is a lag in policy transmission to financial data, so aggregate financing growth might fall slightly in October.
- US October CPI, PPI
Amid market uncertainty due to a government shutdown, whether the scheduled release of US October CPI and PPI data will happen as planned is a major question.
Market forecasts expect October CPI to increase 0.2% MoM and the YoY growth to slow to 2.9%. Should this forecast be met, it would indicate inflation pressures are not broadly accelerating, giving the Fed a “green light” for further rate cuts in December.
Financial Events
- US Government Shutdown Reaches Record Length, Unclear Rate-Cut Outlook
The US government shutdown continues. Having lasted over 35 days and set a new all-time record, the shutdown has become the Fed’s biggest uncertainty for future policy decisions. The political stalemate has indefinitely delayed many key economic data releases, leaving the data-dependent Fed in a fog about whether to cut rates again in December.
Wall Street is closely watching for signs the shutdown will end. Goldman Sachs forecasts the deadlock will “most likely end around the second week of November,” while Citi is similarly optimistic it could be resolved “within two weeks.” The core logic: the negative impacts are mounting rapidly—air traffic controllers missing paydays threatens aviation system stability, SNAP food assistance for 42 million people is being disrupted—forcing both parties toward compromise.
The length of the shutdown will directly determine the probability of a Fed rate cut in December. Morgan Stanley models three scenarios: if the shutdown ends quickly, the Fed will have enough data and the chances of a December cut are high; if it drags into mid-November, limited data may still allow some chance; if the deadlock persists past Thanksgiving in late November, the Fed will be in a “data vacuum,” making rate cuts much less likely.
- AMD Analyst Day
On November 11, AMD will host its annual Analyst Day in New York, seen by the market as the next major stock catalyst for the company. A Bank of America note says AMD may concentrate major positive announcements at the event, rather than in this quarterly report. The bank recently raised its target price for AMD to $300, stressing AMD controls under 30% of a related multi-hundred-billion-dollar market, offering vast growth potential.
With the MI450 series getting backing from Oracle and Meta 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 technical roadmap and long-term plans, giving key guidance to investors.
Investors should also watch for potential risks. JP Morgan and others warn AMD faces fierce competition from bigger rivals Nvidia and Broadcom, and transitioning to rack-level systems may pressure gross margins in the short term.
- US Treasury Issues Wave, Liquidity “Adds Insult to Injury”
WallstreetCN reported that next week, the US Treasury will auction $125 billion worth of government bonds, plus about $40 billion in corporate bonds in a holiday-shortened trading week—posing a severe liquidity test for the market. To respond to the government shutdown, the Treasury has stockpiled over $700 billion cash, driving bank reserves down to their lowest since 2021, leaving the current liquidity environment very fragile.
Specific issuance schedule:
Monday: $58 billion in 3-year government bonds to be auctioned,Wednesday: $42 billion in 10-year government bonds,Thursday: $25 billion in 30-year government bonds.
- Buffett’s Thanksgiving Letter to Shareholders May Be Released
Buffett will remain CEO for two more months and will continue sharing his views with the investment community. Media citing Buffett’s assistant reveal a Thanksgiving letter to his three children and shareholders will be published on November 10.
- G7 Foreign Ministers’ Meeting
The G7 foreign ministers’ meeting will be held from November 11 to 12 in Canada.
- Intensive Speeches by Fed Officials and US Treasury Secretary Besant
Fed officials and Treasury Secretary Besant will intensively speak next week, including 2026 FOMC voter Cleveland Fed president Harker, 2027 voter Atlanta Fed president Bostic, 2026 voter Philadelphia Fed president Pawlson, 2027 voter San Francisco Fed president Daly. US Treasury Secretary Besant will speak on November 12.
- Huawei to Hold OS Conference & openEuler Summit 2025 on November 14-15
According to Huawei Computing, openAtom Open Source Foundation openEuler committee chair Xiong Wei revealed in the OS Conference & openEuler Summit 2025 invitation, that on November 14-15, 2025, the Summit will be held at Beijing Zhongguancun International Innovation Center, releasing an important openEuler AI technology version.
- The 30th UN Climate Change Conference will be held in Brazil from November 10-21
The 30th UN Climate Conference (COP30) marks the 10th anniversary of the Paris Agreement’s implementation—a key milestone. On one hand, as a pivotal meeting after the first global climate stocktake, it will assess collective progress in emission reduction actions and climate adaptation; on the other, it will examine whether the world can turn the scientific consensus of keeping warming within 1.5°C into concrete action. The outcomes of the Belém meeting will largely decide whether future global climate governance can enter a new phase that is more ambitious, fairer, and more sustainable.
- The 8th China International Import Expo Closes
The 8th China International Import Expo was held in Shanghai from November 5 to 10.
- The 2025 6G Development Conference is held November 13—14 in Beijing Economic-Technological Development Area
- Bank of Canada Releases Minutes from October Monetary Policy Meeting
- OPEC Releases Monthly Oil Market Report
Earnings
- Tencent, Alibaba, Meituan, Bilibili, Coreweave, Circle, and others—Major Earnings Incoming
Next week, Tencent, Alibaba, Meituan, JD, Bilibili, Li Auto, SMIC, Lenovo Holdings will release Q3 earnings in US or Hong Kong markets.
At the same time, AI computing upstart CoreWeave, stablecoin leader Circle, Cisco, Occidental Petroleum, Disney, Tyson Foods and others will report their earnings.
Market expects Tencent’s Q3 revenue to rise about 14% YoY, driven by both games and ads. Alibaba needs to showcase resilience in its e-commerce business recovery and growth potential in AI and cloud. The performance of these two giants will provide key direction for the current movement of Chinese tech stocks.
Meanwhile, Meituan, JD, and other e-commerce peers continue to face intense price competition within the industry.
For US companies, CoreWeave is expected to see explosive revenue growth, though the market is cautious about its high valuation, high leverage, and client concentration risk from Microsoft.
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