Japan's merchandise exports rose 6.1% year-on-year in November, below the expected 4.8% and the previous month's 3.6%.

Key News 1. Capital Economics: If the AI hype continues to subside, Chinese stocks may outperform US stocks. 2. Aluminum replacing copper in the air conditioning industry takes effect; price difference per ton is 3 times, cost accounts for more than half; stores: aluminum products will be available as early as 2026. 3. Sichuan: Will continue to increase support for the hydrogen energy industry and take effective measures to solve industry problems. Individual Stock News 1. Main force capital flow data shows that N Muxi-U has the largest net inflow of main force capital at 1.708 billion yuan, followed by Zhongji Xuchuang, Xin Yisheng, Shenghong Technology, and Tianfu Communication; Yonghui Supermarket has the largest net outflow of main force capital at 1.752 billion yuan, followed by Aerospace Electronics, Pingtan Development, Aerospace Development, and Saiwei Electronics. 2. Domestic GPUs usher in another capital feast: Muxi shares surged nearly 700% on the first day of listing, with market value exceeding 330 billion yuan. 3. Muxi shares announces patents related to GPU data processing systems. 4. Kweichow Moutai underwent an industrial and commercial registration change, with Chen Hua taking over as chairman. 5. BYD is advancing L3 mass production internal testing, having completed 150,000 kilometers of verification. 6. Zhejiang Shibao: The company's intelligent steering and other products are suitable for L3 and above autonomous driving. 7. USTC Guochuang and State Nuclear Power Research Institute reached a strategic cooperation agreement. 8. Shanghai Guangfa Shares and Zhongke Jingshang signed a strategic cooperation agreement. 9. Li Zhenguo of LONGi Green Energy: Called for the industry chain to strengthen pragmatic cooperation, enhance industry self-discipline, and resolutely resist irrational competition. 10. Jinlu Electronics: The company's PCBs are used in new energy vehicle charging equipment. 11. Shangda Shares: Has obtained qualifications and certifications from Blue Arrow Aerospace, Jiuzhou Yunji, etc., and has long-term stable batch production and supply. 12. Shuiyang Shares responded to the exclusive rights dispute with Ruoyuchen: Still within the contract period, currently communicating with the brand owner.

U.S. Treasury Secretary Bessant refuted the idea that the new Federal Reserve chairman would no longer be independent.