A-share gaming stocks saw a surge, with Dianhun Network and Mingchen Health hitting their daily limit, Zhongqingbao rising over 10%, and Fuchun Shares, Dasheng Culture, Shengtian Network, Talking Tom, and Bingchuan Network following suit.

Domestic News: 1. Wang Yi spoke with US Secretary of State Marco Rubio by phone. 2. State Taxation Administration: Taxation of offshore trust income is progressing smoothly and orderly, with cumulative declarations of personal income tax on offshore trusts exceeding 160 billion yuan. 3. my country successfully launched the Pathfinder satellite for its Origin Exploration Program. 4. Li Qiang will pay an official visit to Thailand from November 13th to 15th. 5. China Association of Automobile Manufacturers (CAAM): my country's automobile production and sales both exceeded 3 million units in October, with new energy vehicle sales increasing by 13.1% year-on-year. 6. The 15th Five-Year Plan for Accounting Reform and Development: Accelerating the clearing of existing financial fraud and effectively curbing new cases. 7. China Securities Regulatory Commission (CSRC): Currently soliciting public opinions on the "Guiding Opinions on Advance Compensation in the Securities Market," aiming to further refine the implementation procedures for advance compensation. 8. The People's Bank of China (PBOC) released its third-quarter report on the implementation of China's monetary policy: Adhering to a moderately loose monetary policy and enhancing its forward-looking, flexible, and targeted nature. International News: 1. Anthropic's mega-IPO is reportedly oversubscribed several times. 2. US media reports that Nvidia is preparing to remove Jensen Huang, causing Nvidia shares to fall 9% in after-hours trading. 3. US military aircraft are reportedly withdrawing from US bases in the UK, possibly related to potential security threats. 4. LME aluminum spot premium hits a more than 30-year high, with inventories falling to their lowest level since 1990. 5. OPEC's monthly report forecasts global oil demand growth of 2.55 million barrels per day in 2027. 6. South Korea's Financial Services Commission will hold a symposium on November 13 to discuss capital market issues. 7. AI trading reignites, with the Nasdaq 100 recovering all losses since the US midterm elections. 8. Discussions arise regarding the length of New York Fed President Williams' term, potentially impacting the regional Fed structure again due to the White House's influence. 9. Russia-Ukraine Situation—Russia and Ukraine have agreed in principle to a new round of large-scale prisoner exchanges; a US special envoy will travel to Russia on Thursday to meet with Putin; Ukrainian negotiators say the momentum is good and a solution is expected by the end of the year; Zelensky says Russia refuses a ceasefire; it is reported that the US is demanding Russia propose a new European security agreement and clarify what reciprocal de-escalation measures Russia is willing to take. 10. Middle East Situation— ① Iran's Supreme National Security Council Secretary Rezaei: Iran will not allow any enriched uranium to leave the country; Iran needs enriched uranium to design nuclear-powered ships and submarines. ② US media: Vance seeks face-to-face talks with Rezaei and has received relevant authorization from Trump. ③ Rezaei: If the US launches an attack on Haoshan, Iran's retaliation will target all US long-range bases. ④ Reports indicate that the US and Iran have reached an agreement on four of the seven negotiating conditions.

Data from the Energy Institute and Ember show that China and the EU's power systems have followed different paths over the past four decades. China's power generation in 2025 is approximately 10,600 TWh, about 26 times that of 1985. Coal-fired power still accounts for 54%, while hydropower, wind power, and solar power account for 13%, 11%, and 11%, respectively. However, clean energy is changing the power structure: in 2025, China's clean energy power generation will increase by 561 TWh, exceeding the 503 TWh increase in electricity demand during the same period, leading to a 56 TWh decrease in fossil fuel power generation. According to the emissions data used in the original post, CO2 emissions from Chinese power plants will decrease from a peak of 6.265 billion tons in 2024 to 6.108 billion tons in 2025, a decrease of approximately 2.5%. The EU, on the other hand, has followed a different path: power generation in 2025 is approximately 2,800 TWh, roughly the same as in 2005; the share of coal-fired power will decrease from nearly 40% to 9%, while nuclear power, wind power, and natural gas will account for 23%, 17%, and 17%, respectively. The EU's carbon dioxide emissions from power plants will decrease from a peak of 1.239 billion tons in 2007 to 536 million tons in 2025, a cumulative reduction of approximately 57%. The difference between the two paths lies in the fact that China is promoting energy structure substitution while continuously expanding its power supply scale, while the EU mainly relies on adjusting its power generation structure to achieve emission reductions while maintaining a relatively stable total power generation volume over a long period.