【Financial Breakfast | December 9, 2025】

1. The three major U.S. stock indexes fell back, with the S&P 500 and Nasdaq ending a four-day winning streak, but Nvidia rebounded nearly 2%; the yield on the 10-year U.S. Treasury hit a two-month high; London copper reached a historic high.

2. The CCP Zzj meeting: Next year's economic work should adhere to stability while seeking progress, improving quality and efficiency, leveraging the integrated effects of existing and incremental policies, continuing to implement more proactive fiscal policies and moderately loose monetary policies, increasing counter-cyclical and cross-cyclical adjustment efforts, and implementing more proactive macro policies to continuously expand domestic demand and optimize supply, improving increments and revitalizing stock.

3. China's foreign trade growth rate rebounded sharply in November, with exports in U.S. dollars increasing by 5.9% year-on-year and imports up 1.9% year-on-year; rare earth exports increased by 26.5% month-on-month, while soybean imports fell by 14.5% month-on-month.

4. The U.S. Supreme Court hinted at supporting Trump's dismissal of independent government agency FTC commissioners, overturning a 90-year precedent, but a conservative judge expressed “concerns” about undermining the independence of the Federal Reserve.

5. Trump hinted in a post that the Supreme Court might veto the “reciprocal tariff” but has a “Plan B,” with U.S. companies “racing” to claim “tax rebates.”

6. Trump stated that this week he will issue a single regulatory executive order on artificial intelligence, limiting states' decision-making autonomy.

7. Trump questioned Netflix after Paramount's acquisition of Warner Bros., with the CEO promising to give shareholders $17.6 billion in cash, leading to a 9% surge in Paramount's stock and over a 4% rise in Warner's stock.

8. Google will collaborate with Chinese AR company Xreal to create “Project Aura” glasses.

9. Riding the Trump All-in robot wave: SoftBank and Nvidia are reportedly discussing participation in Skild AI's new financing, which could be valued at $14 billion.

10. Pop Mart plunged 9% during trading, as U.S. “Black Friday” sales are suspected to fall short of expectations, with short-selling ratios hitting a two-year high.

11. Muxi shares’ lottery number has been released, with a winning rate of 0.033%, making it more sought after than the “first domestic GPU stock” Moole Technology.