8:1 KrASIA | "Affordable Gold Alternative" sees skyrocketing orders across the globe; Senior executives of Chery respond to the independent operation of the Luxeed brand; OpenAI announces that quotas for some ChatGPT tasks will be shared with Codex

Today's Hotspot Overview

Binance has resumed withdrawals after suffering the largest cryptocurrency hacking theft case in history

The People's Bank of China, the State Administration of Financial Regulation and the China Securities Regulatory Commission will hold a meeting today

Anthropic's prospectus reveals that the scale of "hidden debt" in the future will reach nearly 900 billion US dollars

The global leading MLCC enterprise has announced its capacity expansion plan

Apple CEO: We will not develop products merely for the purpose of pursuing AI

Top 3 Major News

China's precious metal jewelry exports are booming, with explosive global orders

Data from the General Administration of Customs shows that China's precious metal jewelry exports delivered outstanding performance in the first three quarters. Guangdong is the core province for China's jewelry exports. At a jewelry processing enterprise in Shanwei, its sales saw a noticeable growth from January to August this year. It is introduced that precious metal jewelry products inlaid with lab-grown diamonds are its biggest growth point this year. To cope with the newly increased orders, the company has specially set up a new lab-grown diamond workshop to fully carry out the production and research and development of lab-grown diamonds.

According to statistics, from January to September, the export value of China's precious metal or precious metal-clad jewelry exceeded 10.2 billion US dollars, up 17.55% year on year. The export value of Guangdong reached 7.3 billion US dollars, with a year-on-year growth of over 36.54%. In recent years, the high price of precious metals has also brought a new change here. Industry insiders said that the high price of precious metals has not only pushed up the total export volume of jewelry, but also spawned the "demand for affordable alternatives" from overseas buyers, who will purchase jewelry with lower gold and silver content, or use copper jewelry to replace silver jewelry. (Yicai)

Chery executive responds to Luxeed's independence: it should be more like a new automotive force, not a "larger-sized" traditional automaker

At the Q3 media communication conference held on October 31, Qi Shilong, Executive Vice President of Chery Automobile Co., Ltd., responded to the independence of Luxeed, stating that he hopes the Luxeed team will be more like a new force enterprise, instead of simply being built into a "larger-sized" traditional automaker. He pointed out that the independent operation capability of Luxeed will be enhanced from the aspects of organizational scaling, high-end product positioning and gradual brand optimization. It is learned that Luxeed will introduce new products next year, while its overseas business will still be independently operated by Chery Group. (Jiemian News)

OpenAI Announces That Quotas for Some ChatGPT Tasks Will Be Shared With Codex

On October 31, OpenAI announced that starting from December, the usage quotas for ChatGPT Plus, Pro and Business plans will be shared between ChatGPT and Codex. OpenAI is integrating the agent capabilities of Work into the main ChatGPT interaction interface. Usage is counted in Tokens, and the quota consumption depends on the model and task complexity, with higher consumption for complex tasks; Instant chat does not occupy this shared quota. OpenAI expects that most users will not have to wait for quota reset more frequently than they do now. (Jiemian News)

Cutting-Edge AI

DeepSeek Unveils Brand-New Agent Architecture

On the evening of October 31, the DeepSeek Harness team published a technical article titled "Exploration of Super-agent Design: Moving Towards More Autonomous Agent Systems" on its official WeChat public account. DeepSeek stated that the improvement of model capabilities has given rise to new application forms, and Personal Agents have begun to emerge intensively. However, the existing mainstream Agent designs are still difficult to support this mode at the scale of multi-tasking and team collaboration, and the upper limit of multi-task processing depends on human attention. Through ideas such as two-tier architecture, event-driven mechanism, asynchronous multi-channel interaction, separation of storage and computing, and external Watchdog, the DeepSeek team has broken through these limitations. The system takes over cumbersome session management and context synchronization at the underlying layer, allowing humans to further move up from specific execution details to higher-level decision-making and acceptance. DeepSeek calls this Agent form and its system architecture Super-agent. The article mentions that the internal Super-agent instance built based on this set of ideas has been running continuously, and is daily involved in problem reproduction and repair, code review response, and the iteration of DeepSeek Harness itself. When team members report software problems in group chats, even if no one actively @ the AI, it can identify potential defects, try to reproduce the problem in the background and find repair solutions. (Yicai)

Apple and Alibaba Have Reached a Cooperation Agreement to Integrate Qwen into Apple Intelligence

36Kr has learned that on October 31, Apple and Alibaba announced the establishment of a cooperation partnership to integrate Qwen into Apple Intelligence. Chinese users can directly access Qwen's capabilities including text and image understanding and content generation in Siri, Writing Tools and Visual Intelligence. These functions will be open for testing along with the latest iOS developer beta version starting from November 4, and will be launched for Chinese users when iOS 27.3 is officially released in December.

ChatGPT web and mobile platforms have launched the multi-account switching feature, allowing users to log in to up to two accounts simultaneously

According to news on October 31, OpenAI updated its help documentation stating that the ChatGPT web version, as well as iOS and Android apps, now support account switching. Users can log in to a maximum of two accounts at the same time, and switch between them without logging out of the current account. After switching, chat history, memories, files, settings, subscriptions and workspaces are all associated with the selected account, which are independent of each other and will not be automatically migrated or merged. This mobile-side feature is being rolled out gradually. If users do not see the entry in the settings, they may not have access to it yet. The document also reminds that the subscriptions and bills of the two accounts are independent of each other, and users should confirm the currently used account before making a purchase. (Jiemian News)

Major Companies / Major Events

The per-gram price of gold jewelry has dropped by nearly 550 yuan from its highest point this year

International gold prices have fallen sharply. As of the close on the 31st, COMEX gold futures fell 3.63% to close at 3884.90 US dollars per ounce. Affected by the downward trend of international gold prices, the prices of gold jewelry of domestic brands have been lowered synchronously, and the prices of some brands have dropped by nearly 550 yuan per gram from their highest points within the year. (CCTV Finance)

The People's Bank of China, the State Administration of Financial Regulation, and the China Securities Regulatory Commission will hold a meeting today

According to industry insiders, on November 2, the People's Bank of China and the China Securities Regulatory Commission will convene meetings with a number of securities companies and fund companies to study and promote the use of supporting capital market tools. On the same day, the People's Bank of China, the State Administration of Financial Regulation and the China Securities Regulatory Commission will convene meetings with banks to study and optimize the policy of re-lending for share repurchases and share increase. (Securities Times)

China plans to achieve manned lunar landing before 2030, the "two launches, one lunar landing" plan unveiled

The 7th Manned Space Academic Conference is being held in Beijing. The highly anticipated China's manned lunar landing plan was officially presented to the public at the conference on October 31: China plans to realize Chinese astronauts landing on the moon before 2030, and will adopt the "two launches, one lunar landing" scheme to accomplish this feat. According to the scheme, two Long March-10 carrier rockets will launch the Lanyue Lander and Mengzhou spacecraft successively, and the two will complete rendezvous and docking in the circumlunar orbit. The Mengzhou spacecraft can carry 3 astronauts to travel between the Earth and the circumlunar orbit, among whom 2 astronauts will take the Lanyue Lander to travel between the circumlunar orbit and the lunar surface. (CCTV News)

The profit growth rate of the Magnificent Seven tech giants may lag behind the rest of S&P 500 constituents for the first time since the end of 2022

Market analyst John Butters said that as of now in the third quarter, five of the "Magnificent Seven" tech giants have recorded lower earnings per share growth than other constituents of the S&P 500 Index. NVIDIA and Apple have not yet released their latest quarterly performance, but Butters noted that the combined expected earnings per share growth of the Magnificent Seven tech giants has dropped from 33.6% a month ago to 22.6%. By comparison, the combined earnings per share growth of the remaining 493 companies in the S&P 500 Index is 32.6%. This indicates that the profit growth rate of the Magnificent Seven tech giants is expected to be lower than that of other constituents of the S&P 500 Index for the first time since the fourth quarter of 2022. Analysts predict that this trend will continue in the fourth quarter of this year. (Sina Finance)

Companies on the STAR Market recorded a 6.74-fold year-on-year increase in net profit after deducting non-recurring gains and losses in the first three quarters

Up to now, 614 companies listed on the STAR Market have completed the disclosure of their third-quarter financial reports. In the first three quarters of this year, the growth rate of net profit after deducting non-recurring gains and losses of STAR Market companies reached 674.17%, which is about 200 percentage points different from the 474.56% growth rate of net profit, indicating that almost all the profit growth of STAR Market companies comes from their main businesses. (Securities Times)

A major state-owned bank plans to add a special loan quota of 100-billion-yuan level for share repurchases and shareholding increase to China Reform Holdings Corporation and China Chengtong Holdings Group respectively

Reporters from Financial Associated Press learned from relevant channels on November 1 that a super-large state-owned bank recently plans to add new loan quotas for share repurchases and shareholding increase to two central SOEs, China Reform Holdings Corporation and China Chengtong Holdings Group, and the new quota for each party may reach 100 billion yuan. It is reported that the scale of this newly added re-lending quota may exceed the first-phase quota issued by the bank to the above-mentioned entities when this policy tool was established in 2024. (Financial Associated Press)

New heavily-held stocks of insurance funds in the third quarter are unveiled, with China Life newly entering the top 10 tradable shareholders list of CATL

According to statistics from DataPal, insurance funds appear in the list of top 10 tradable shareholders in the Q3 financial reports of more than 630 stocks, making new heavy positions in 150 stocks. In terms of the latest heavily-held stocks, insurance funds newly entered the top 10 tradable shareholders list of individual stocks including CATL, Zhongji Xuchuang, Huadian New Energy, Naura Technology and other stocks in the third quarter. In terms of the market value of stocks held at the end of the period, products under China Life newly held more than 26.4 million shares of CATL in the third quarter, with a year-end stock market value of 7.686 billion yuan, ranking first in the list of market value of newly added heavy-position stocks held by insurance funds. Products under China Life newly held nearly 7.6 million shares of Zhongji Xuchuang in the third quarter, with a year-end stock market value of 6.143 billion yuan ranking second. Products under China Life, Ping An Insurance (Group) Company of China, Ltd. and other entities newly held more than 1.1 billion shares of Huadian New Energy, with a year-end stock market value exceeding 4.3 billion yuan. In addition, the year-end market value of newly added heavy-position stocks held by insurance funds in the third quarter including Naura Technology, Shengyi Technology, Eoptolink and others all exceeded 1 billion yuan. (Securities Times)

Concerning large-denomination certificates of deposit, many foreign-funded banks have intensively launched such products

Recently, a number of foreign-funded banks including HSBC, Standard Chartered, Bank SinoPac and Bank of East Asia have rolled out RMB large-denomination certificates of deposit in a concentrated manner. The interest rate of some 3-year products is nearly 40 basis points higher than that of large-denomination certificates of deposit of state-owned major banks with the same maturity. For the RMB large-denomination certificates of deposit issued by multiple foreign-funded banks, the details are as follows: the 3-year personal large-denomination certificate of deposit of Bank SinoPac (China) requires a minimum deposit of 200,000 RMB, with an annual interest rate of 1.92%, which is nearly 40 basis points higher than the products of the same maturity of state-owned major banks; Bank of East Asia (China) has issued a number of 3-year large-denomination certificates of deposit within this year, with an annual interest rate of 1.90%; the 1-month to 6-month large-denomination certificates of deposit of HSBC (China) have an annual interest rate ranging from 0.85% to 1.3%; the large-denomination certificates of deposit issued by Standard Chartered (China) cover maturities from 1 month to 1 year, and the maximum annual interest rate for 6-month and 1-year products with a minimum deposit of 500,000 RMB can reach 1.2%.

Lou Feipeng, a researcher at Postal Savings Bank of China, said that the RMB has appreciated significantly recently, and residents' willingness to hold RMB has increased. Foreign-funded banks need to increase RMB deposits if they want to expand businesses such as cross-border settlement, trade financing and wealth management, and issuing large-denomination certificates of deposit is a relatively good choice. At the same time, foreign-funded banks have relatively few outlets in China and do not have prominent advantages in attracting deposits, so they need relatively high interest rates to attract investors. (CCTV News)

Anthropic's prospectus reveals that the scale of future "hidden liabilities" is close to 900 billion US dollars

Anthropic's listing application documents show that in the process of expanding its AI business territory, the company plans to invest nearly 900 billion US dollars in servers, plants and power projects through forward performance obligations, which is far higher than the liabilities currently listed on the balance sheet. The AI lab behind the Claude chatbot submitted registration documents on October 26 to prepare for its listing, and the market expects its valuation to reach 1.5 trillion US dollars. This document submitted to the U.S. Securities and Exchange Commission discloses a number of details, including the size and health status of the balance sheet: book liabilities of 117.5 billion US dollars and cash of 112 billion US dollars. (Sina Finance)

US oil industry is exposed to have reaped huge profits during the Iran conflict

On October 31, according to the US source on October 30, it is estimated that the US oil industry has gained profits of more than 130 billion US dollars during the Iran conflict, almost three times the roughly 47 billion US dollars in the same period of 2025. The source said this is a conservative forecast derived from the operating data of more than 50 large US oil enterprises over the six-month period from April to September this year. The statistics do not yet cover the relevant data for March this year, right after the Iran conflict just broke out. The source added that the Q3 financial reports of the two US oil giants ExxonMobil and Chevron released on the 30th show that ExxonMobil's Q3 profit was twice higher than that of the same period of last year, while Chevron's profit was about three times that of the same period of last year, both exceeding market expectations. (CCTV News)

Global Leading MLCC Giant Announces Capacity Expansion Plan

Murata Manufacturing, the world's leading MLCC manufacturer based in Japan, recently officially announced its medium and long-term capacity expansion plan. Over the five-year cycle from fiscal year 2026 to fiscal year 2030, it will invest a total of approximately 1 trillion Japanese yen (equivalent to 42.2 billion RMB), focusing on the capacity construction of Multi-Layer Ceramic Capacitors (MLCC) to meet the surging demand for high-end passive components from AI servers and computing power hardware, with the target of doubling its MLCC sales revenue in fiscal year 2030 compared to that in fiscal year 2025. (CLS)

Changxin Technology Management: The company has currently negotiated long-term supply agreements with multiple leading clients

As learned by the reporter from Science and Technology Innovation Board Daily, at the performance meeting held on the evening of October 30, the management of Changxin Technology stated that the company has currently negotiated long-term supply agreements with a number of leading customers, so as to lock in medium and long-term deterministic demands. Supported by the dual driving forces of continued tight supply and demand as well as lean manufacturing, the company expects its gross profit margin in the fourth quarter to remain stable. (CLS)

The probability of the Federal Reserve raising interest rates in December stands at 72%

According to the CME "FedWatch Tool": The probability of the Federal Reserve keeping interest rates unchanged in December is 28%, and the probability of raising interest rates by 25 basis points is 72%. By January next year, the probability of the Federal Reserve holding interest rates steady is 19.3%, the probability of a cumulative 25-basis-point rate hike is 58.4%, and the probability of a cumulative 50-basis-point rate hike is 22.3%. (CLS)

Seres: New energy vehicle sales in October hit 24921 units, down 51.57% year on year

36Kr learned from Seres' official announcement that the company's total automobile sales in October 2026 reached 27037 units, down 50.29% year on year; the cumulative sales from January to October stood at 310198 units, down 21.48% year on year. Among the figures, the sales volume of new energy vehicles in October was 24921 units, down 51.57% year on year; the cumulative sales from January to October reached 281442 units, down 20.96% year on year.

Apple CEO: We will not develop products purely for the sake of AI

In a recent interview, Apple CEO John Ternus defended the company's current deployment in the artificial intelligence field. Over the past few years, the outside world has widely viewed Apple as lagging behind in the AI track, especially since Apple postponed the launch of the more powerful version of Siri, which was not officially released until this summer. Ternus, a long-serving senior executive at Apple, officially took up the post of CEO in early September. He acknowledged that "everyone has their own views", but insisted: "I am very satisfied with the stage we are at right now."

Ternus added that Apple will definitely apply artificial intelligence in its new products, but he noted: "We do not want to roll out AI just for the sake of AI. If we do it properly, users will not bother to think whether a certain function is realized by AI or traditional software. The core point is whether we have built products that users truly love." When asked whether AI will bring disruptive changes to Apple and its ecosystem, for instance, whether intelligent agents may make applications no longer necessary, Ternus responded: "I think that might make life extremely convenient, but product development is a highly human-centric, personal creativity-driven undertaking, and it is the business we are deeply passionate about." (Sina Finance)

Nvidia unveils next-generation CPO technology, prototype samples are already in place

Nvidia recently publicly demonstrated its next-generation Co-Packaged Optics (CPO) technology named OOI (Optics‑on‑Interposer) at SEMICON West 2026. Different from existing CPO solutions, OOI removes the organic packaging substrate and directly integrates the optical engine onto the silicon interposer that carries the GPU, moving the photoelectric conversion process even closer to the chip core, which provides a brand new interconnection idea for next-generation ultra-large-scale AI clusters. According to Nikola Nedovic, principal research scientist at Nvidia Research, this solution replaces the current organic packaging substrate with a larger-area interposer, and Nvidia has already obtained the prototype samples. OOI is still in the research stage at present, and there is no commercialization schedule yet. (CLS)

OpenAI's Sam Altman on Memory Shortage: Global DRAM Should Be Prioritized for Data Centers, Idling in Gamers' PCs Is a Waste

Sam Altman, CEO of OpenAI, stated in a podcast interview on December 30 that under the circumstance of tight supply of DRAM memory chips, only by centrally deploying memory in data centers and improving its utilization rate can limited resources be used more efficiently. Altman said that from the perspective of global resource allocation, it is a "quite bad" waste of resources to let everyone equip a large amount of limited DRAM in their personal computers (PCs), while such memory may only be used 5% of the time. He advocates that in an environment where the global supply chain is extremely constrained, memory resources should be maximally concentrated in cloud data centers to achieve higher utilization rates. (Sina Tech)

OpenAI cuts its fundraising target by 10 billion US dollars, with a valuation of 1.25 trillion US dollars

With the drastic slump of tech stocks, market concerns over the scale of AI investment and the pace of return have intensified, and OpenAI has lowered its fundraising target. Multiple people familiar with the matter revealed that OpenAI currently plans to raise about 20 billion US dollars at a valuation of 1.25 trillion US dollars. (Sina Finance)

Samsung Electronics and SK Hynix Drive a 467.33% Surge in the Share Repurchase Scale of South Korean Enterprises

According to the announcement released by the Korea Exchange on November 1, the total scale of treasury share repurchase and disposal of listed companies from January to October this year is about 101.9217 trillion won, which is a year-on-year increase of about 467.33% compared with 17.9652 trillion won in the same period last year. Among them, the scale in the KOSPI market reached 100.6006 trillion won, and that in the KOSDAQ market hit 1.5207 trillion won, rising by 494.78% and 40.22% year on year respectively. The sharp growth of the treasury share repurchase and disposal scale this time is mainly driven by Samsung Electronics and SK Hynix. Up to now, Samsung Electronics has repurchased about 15 trillion won of its treasury shares; SK Hynix has completed the 40 trillion won repurchase, and plans to add an additional 20 trillion won of repurchase. The total repurchase amount of the two companies is about 82 trillion won, accounting for 80% of the total declared scale of treasury share repurchase and disposal of all listed companies. (Sina Finance)

Luda Technology Group Acquires 55% Equity Stake of Asia Computing Power Network and Quantum Computing Technology Co., Ltd.

Luda Technology Group (LUD.US), a US-listed company, announced that it has officially acquired a 55% stake in Asia Computing Power Network and Quantum Computing Technology Co., Ltd. (abbreviated as "Asia Computing Power"). The business of the latter covers the operation and management of data center planning and construction, high-performance computing power leasing, as well as quantum computing hosting and operation. To support the business development of Asia Computing Power, Luda Technology Group has signed a strategic memorandum of understanding with Huazhi Future Technology Co., Ltd. The two sides will explore cooperation opportunities in three major directions: overseas computing power output, liquid cooling technology and financial cooperation. (CLS)

Investment and Financing

"SIRUI Additive Manufacturing" Completes Tens of Millions Yuan Pre-A Round Financing

36Kr learned that "SIRUI Additive Manufacturing" has recently completed a Pre-A round financing of tens of millions of yuan. New investors in this round include Tongkai Wanwei Venture Capital and industrial investors from the consumer electronics industry. Wutong Angel Fund of Southern University of Science and Technology, the angel round shareholder, has made additional investment, and TP Capital serves as the financing consultant for this round. The funds will be mainly used to promote the large-scale production of 3D printing metal powder preparation technologies for consumer electronics, liquid cooling and other scenarios, as well as further research and development of multi-metal powder manufacturing and fine adjustment technologies.

Compiled by | Baby Chinese Cabbage