Next week’s major schedule: US-Russia talks, China-US PMI

``` December 01 - December 07: Overview of Major Financial Events of the Week (all times in Beijing Time): Key focus for next week: US-Russia talks, closely monitor the Russia-Ukraine situation. US economic data postponed for release includes the "Fed's favorite inflation indicator" September PCE report, personal income report, etc. These will be key references for the December 9-10 FOMC meeting. China/US PMI data will be released simultaneously next Monday. Nvidia will attend the UBS Global Technology and AI Conference. In addition, next week will see a dense series of product launch events, including AI glasses launches, and Samsung is expected to unveil its first triple-folding smartphone. Reports say French President Macron will visit China at the beginning of December. EU defense ministers will meet in Brussels to discuss military aid to Ukraine. "Nvidia alternatives" like chip company Marvell and AI application layer representative C3.ai will release financial reports. Economic Indicators China/US PMI Data On Monday, December 1, China will release November RatingDog Manufacturing PMI. The index, having stood above the boom-bust line for three consecutive months, recorded 50.6 in October, indicating continued expansion but slower growth as new business and output momentum weaken. The market is watching the sustainability of this recovery trend. On the same day, the US will release the November ISM Manufacturing Index. Market expectations are a slight increase from the previous 48.7 to 49.0. Although still in contraction, Fed regional surveys show employment is improving and may support the index, with inventory and supplier delivery also possibly positive; if data beats expectations, it may strengthen judgments of a manufacturing recovery. US Bureau of Economic Analysis: The "Fed's Favorite Inflation Indicator" September PCE Report and Personal Income Report postponed to December 5 According to the Bureau of Economic Analysis (BEA): ① Preliminary Q3 2025 GDP release canceled, originally due October 30. ② The September PCE (Personal Consumption Expenditure) and Personal Income reports will be released at 10am US Eastern Time (evening Beijing time) on December 5, originally scheduled for October 31. With the December FOMC meeting imminent, the Fed has entered a quiet period; the market is closely watching for release of the "Fed's favorite inflation indicator" The Fed is now in a blackout ahead of the December 9-10 meeting, with no officials speaking during this period. The market is focused on the December 5 release of the US September PCE report, which is the Fed's preferred inflation gauge and will serve as key evidence before the meeting. The market expects September core PCE to edge down to 0.22% month-on-month, with year-on-year growth steady at a high 2.9%. While core goods inflation moderates, rising airfares and other service prices exert pressure. Financial Events US-Russia Talks According to CCTV News, on November 27 local time, Russian President Putin in Bishkek, Kyrgyzstan confirmed that a US delegation will visit Moscow next week (the week of December 1). Putin reiterated that Russia generally agrees to use the US list of solutions to the Ukraine issue as a basis for future negotiations. He said at the current stage, talks with Ukraine’s current leadership are meaningless. Putin also reiterated his core stance, insisting that the international community must legally recognize Crimea and Donbas as Russian territory. He said only after Ukrainian troops withdraw will Russia stop fighting. The international community currently recognizes those regions as part of Ukraine. Chinese Foreign Ministry announced: Wang Yi to visit Russia According to a statement on November 28, spokesperson from the Foreign Ministry announced: At the invitation of Russian Security Council Secretary Shoigu, Politburo member and Director of the CPC Central Foreign Affairs Office Wang Yi will visit Russia for the 20th China-Russia Strategic Security Consultation from December 1 to 2. Market closely monitors BOJ Governor's speech on Monday BOJ Governor Kazuo Ueda's speech will set the policy direction. Ueda will speak in Nagoya on December 1, with the market closely watching his latest assessment of “Shunto (Spring Wage Negotiations) momentum” and “underlying inflation returning to 2%.” If he delivers upbeat comments, it will be seen by markets as a strong signal for a December rate hike. Nvidia to attend the UBS Global Technology and AI Conference Nvidia will attend the UBS Global Technology and AI conference on December 2. The company’s earnings call for Q4 FY2026 is scheduled for February 25. Li Auto’s AI Glasses Livis Launch Event Li Auto has announced the Livis AI Glasses launch event for December 3 at 19:30. The Livis AI Glasses are positioned as an "extension terminal" for the in-car system, extending Li Auto’s AI capabilities from the vehicle to everyday life for a three-part “person-car-life” smart ecosystem. Livis glasses will deeply integrate Li Auto's voice assistant and large models, enabling seamless AI interaction outside the car environment. Previously on November 25, CEO Li Xiang posted a video on social media stating that smart glasses would be launched, saying "Li Auto's AI glasses are Li Auto's best AI accessory." XREAL partners with Google to launch Project Aura AR glasses in December (date TBA) XREAL and Google will officially launch Project Aura AR glasses in December 2025, to be available in 2026. As the world’s first official AR terminal equipped with Android XR system, the glasses deeply integrate Google’s Gemini AI technology, aiming for advanced semantic understanding. XREAL is one of China’s "AR Glasses Four Dragons," known for its lightweight, high-transmittance BirdBath optics. Project Aura will likely use Google’s Tensor (or similar) chip and algorithms for local SLAM, gesture recognition, and object tracking, ensuring smooth, natural interactions, and is expected to significantly improve AR glasses performance. French Presidential Office: Macron to visit China According to Global Times and French media (Le Monde, AFP) on November 26, the French Presidential Office announced that President Macron will make a state visit to China in early December. Speeches by BOJ Governor Kazuo Ueda and UK Prime Minister Keir Starmer On Monday, December 1, BOJ Governor Kazuo Ueda will speak in Nagoya. UK Prime Minister Keir Starmer will deliver a speech at the Lord Mayor’s Banquet in London, which may focus on foreign policy. EU Defense Ministers meet in Brussels to discuss Ukraine Reportedly, on Monday, December 1, EU defense ministers will meet in Brussels to discuss military aid to Ukraine. Muxi Technology: Initial Inquiry Day for Issuance Initial inquiry day for Muxi Technology’s IPO is December 2; subscription day is December 5. Samsung expected to unveil its first triple-folding smartphone Galaxy Z TriFold Samsung’s first triple-folding smartphone, the Galaxy Z TriFold, is expected to be officially released on December 5. Huawei MateX7 foldable phone launches on December 5 The Huawei MateX7 foldable phone goes on sale on December 5. ESMO Asia Congress The ESMO Asia Congress will be held December 5-7. Yingling Panoramic Drone Aerial Launch Event According to Insta360, the Yingling Panoramic Drone Aerial Launch Event will be held on December 4 at 19:30, with the AntigravityAI drone making its debut. 2025 Artificial Intelligence + Industrial Ecosystem Conference The 2025 Artificial Intelligence + Industrial Ecosystem Conference will be held in Beijing from December 1-3. Altay Region to implement first “Snow Leave” for local students Altay Region will offer the first "Snow Leave" for local primary and middle school students from December 1-5, 2025. Earnings Reports The AI industry chain will see a wave of concentrated earnings releases. On Tuesday, December 2, internet leader Credo will kick off earnings releases; on December 3, chip company Marvell (known as a "Nvidia alternative") will release its report; on December 4, AI application player C3.ai and software giant Salesforce will report latest results. In addition, next week, ZTE, Bank of Montreal, Scotiabank, National Bank of Canada, Crowdstrike, HPE, and others will issue financial reports. Risk Warning and Disclaimer The market involves risk; invest with caution. This article does not constitute personal investment advice, nor does it consider individual users’ specific investment objectives, financial circumstances, or needs. Users should evaluate whether any opinions, viewpoints, or conclusions contained herein are appropriate for their circumstances. Invest accordingly, at your own risk. ```