Hesai-W (02525.HK): The Company expects its net revenue for the fourth quarter of 2025 to be between RMB1 billion and RMB120 million, representing a year-on-year increase of approximately 39% to 67%.

Key News 1. Two departments: By 2035, a new power system adapted to a high proportion of new energy sources will be basically completed. 2. Ministry of Industry and Information Technology: Accelerate the cultivation of application scenarios such as "robotics+". 3. General Office of the State Council issued "Several Measures on Further Promoting the Development of Private Investment". 4. Five departments: Adjust the "Management Catalogue of Easily Precursor Chemicals Exported to Specific Countries (Regions)". Individual Stock News 1. Ganfeng Lithium: The first phase of its PPGS lithium salt lake project obtained an environmental impact assessment report, possessing approximately 15.07 million tons of proven and controlled LCE resources. 2. Zhongji Xuchuang: Plans to issue H shares and list on the Hong Kong Stock Exchange. 3. ST Huatong: Effective November 12, other risk warnings will be removed, and the stock abbreviation will be changed to Century Huatong. 4. Chaoying Electronics: Its wholly-owned subsidiary plans to invest 1.468 billion yuan in Thailand to build an AI computing power high-end printed circuit board expansion project. 5. Shandong Gold: Its wholly-owned subsidiary, Laizhou Company, needs to pay 738 million yuan in back taxes, which is expected to impact the company's net profit attributable to the parent company in 2025 by 230 million yuan. 6. Zhongbei Communication: Signed a 1 billion yuan framework agreement with Hongxin Electronics for comprehensive computing power services. 7. Shangtai Technology: Plans to invest 4.07 billion yuan in a project to build a 200,000-ton-per-year lithium-ion battery anode material production line. 8. Hesheng Silicon Industry: Shareholder Fuda Industrial plans to reduce its holdings by no more than 2.29%. 9. Sichuan Jinding: Its subsidiary, Kaiwu Information, is not involved in space computing power or related businesses. 10. The "Guidelines for the Management of Thematic Investment Styles of Publicly Offered Securities Investment Funds" are open for public comment, aiming to strictly control style drift and excessive concentration in thematic funds.

The FTSE China A50 Index futures opened 0.05% higher.