US equities closed higher on Wednesday: Dow Jones +0.69%, S&P 500 +0.59%, Nasdaq +1.05%. SpaceX (SPCX.O) rose 7.7%; Tesla (TSLA.O) gained >3%; SK Hynix (SKHY.O) and NVIDIA (NVDA.O) each advanced >2%. The Nasdaq Golden Dragon China Index fell 2.35%; Alibaba (BABA.N) slid 3.8% and XPeng (XPEV.N) dropped 5.5%.

The CPC Central Committee General Office and State Council General Office issued opinions to deepen integration of technology and industrial innovation. They call for improving mechanisms for enterprises to routinely participate in national technology and industrial strategy, planning and policy-making. The National Natural Science Foundation pilot will be opened to private firms; the scope and size of corporate joint innovation funds will be expanded. The document encourages state-owned enterprises to accelerate establishment of independently accounted R&D reserve funds that are exempt from value-preservation/appreciation performance assessments and that include error-tolerance and correction provisions. It urges technology SMEs to boost R&D spending and raises the preferential R&D super-deduction rate. The guidance backs enterprise-led construction of innovation platforms, opens major national science infrastructure, large research instruments and national scientific data centers to firms, and steps up corporate support under national talent programs while strengthening enterprise postdoctoral stations.

美銀全球研究：將奈飛公司目標價從105.00美元下調至90.00美元。