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TIME Honors AI Builders: A Race That Can No Longer Be Ignored 《时代》封面给AI：一场已无法回避的技术竞赛 TIME magazine will name “The AI Builders” as its 2025 Person of the Year, featuring several tech leaders on its cover. 北京时间今晚，《时代》杂志将2025年年度人物授予“AI建设者”，多位科技领袖共同登上封面。 The cover includes figures such as NVIDIA CEO Jensen Huang and Meta chief Mark Zuckerberg, symbolizing the collective rise of generative AI. 封面人物包括英伟达CEO黄仁勋、Meta负责人马克·扎克伯格等，象征生成式AI的集体崛起。 Since the launch of ChatGPT in late 2022, generative AI has fueled a global technology wave, drawing massive investment from major companies. 自2022年底ChatGPT问世以来，生成式AI推动了一轮全球技术浪潮，各大科技企业纷纷投入巨资。 TIME released two covers, stating that the race to deploy AI as quickly as possible has replaced debates over whether it should be adopted. 《时代》推出两款封面，称“尽快部署AI”的竞赛已取代是否推进AI的相关争论。 Analysts say 2025 may mark a turning point as AI penetrates daily life at a pace faster than the internet and mobile communication eras. 分析认为，2025年或将成为AI全面渗透日常生活的转折点，其普及速度甚至超过互联网和移动通信时代。

Property Market Reset: Guarding the Bottom Line as the Old Model Fades 房地产定调：守底线、去库存，旧模式加速退场 From December 10 to 11, the Central Economic Work Conference laid out comprehensive plans for economic policy in 2026, with real estate once again in sharp focus. 12月10日至11日召开的中央经济工作会议，对2026年经济工作作出全面部署，房地产再次被置于重要位置。The meeting stressed that risk prevention remains the top priority, emphasizing the need to safeguard both housing price stability and project delivery. 会议明确，防范风险仍是首要任务，必须守牢房价稳定和项目交付这两条底线。Policy emphasis is shifting from new development to digesting existing inventory, including encouraging the purchase of unsold homes for use as affordable housing, with city-specific approaches. 政策重心从增量扩张转向存量消化，鼓励收购存量商品房用于保障性住房，不同城市将因城施策。Reform of the housing provident fund system was highlighted, with plans to expand loan limits and streamline application procedures. 住房公积金制度改革被重点提及，未来将在贷款额度、办理流程等方面持续优化。The conference reaffirmed the need to accelerate a new development model for real estate, as analysts expect the market to gradually emerge from its adjustment phase over the medium to long term. 会议重申要加快构建房地产发展新模式，业内预计中长期市场有望逐步走出深度调整。 Fed Cuts Rates Again: Easing Continues and Markets Respond 美联储再度降息：宽松延续，市场情绪回暖On December 10, 2025, the U.S. Federal Reserve concluded its policy meeting and announced a 25-basis-point cut in the federal funds rate target range to 3.5%–3.75%. 2025年12月10日，美联储结束货币政策会议，宣布将联邦基金利率目标区间下调25个基点至3.5%至3.75%。This marked the third consecutive rate cut since September, each by 25 basis points, in line with market expectations. 这是自今年9月以来连续第三次降息，幅度均为25个基点，完全符合市场预期。The current easing cycle began in September 2024, making this the sixth rate cut so far. 本轮降息周期始于2024年9月，此次已是第六次降息。The decision signaled a continued accommodative stance, reinforcing expectations of looser financial conditions. 这一决定释放出持续宽松的政策信号。U.S. stock markets closed higher, while large technology stocks and popular Chinese ADRs showed mixed performance. 消息公布后，美股三大指数集体收涨，但大型科技股与热门中概股涨跌不一。 TIME Honors AI Builders: A Race That Can No Longer Be Ignored 《时代》封面给AI：一场已无法回避的技术竞赛 TIME magazine will name “The AI Builders” as its 2025 Person of the Year, featuring several tech leaders on its cover. 北京时间今晚，《时代》杂志将2025年年度人物授予“AI建设者”，多位科技领袖共同登上封面。The cover includes figures such as NVIDIA CEO Jensen Huang and Meta chief Mark Zuckerberg, symbolizing the collective rise of generative AI. 封面人物包括英伟达CEO黄仁勋、Meta负责人马克·扎克伯格等，象征生成式AI的集体崛起。Since the launch of ChatGPT in late 2022, generative AI has fueled a global technology wave, drawing massive investment from major companies. 自2022年底ChatGPT问世以来，生成式AI推动了一轮全球技术浪潮，各大科技企业纷纷投入巨资。TIME released two covers, stating that the race to deploy AI as quickly as possible has replaced debates over whether it should be adopted. 《时代》推出两款封面，称“尽快部署AI”的竞赛已取代是否推进AI的相关争论。Analysts say 2025 may mark a turning point as AI penetrates daily life at a pace faster than the internet and mobile communication eras. 分析认为，2025年或将成为AI全面渗透日常生活的转折点，其普及速度甚至超过互联网和移动通信时代。 SpaceX Valuation Dreams: Musk’s Path Toward a Trillion-Dollar Fortune SpaceX估值想象：马斯克冲击“万亿富翁” If SpaceX goes public at a valuation of $1.5 trillion, Elon Musk’s personal wealth could dramatically increase. 若SpaceX以1.5万亿美元估值成功上市，马斯克的个人财富或将迎来大幅跃升。Musk holds about 42% of SpaceX, which would value his stake at more than $625 billion under such a scenario. 他目前持有SpaceX约42%的股份，按该估值计算，其持股价值将超过6250亿美元。His total net worth could rise from roughly $460.6 billion to $952 billion, nearly doubling. 届时，其总财富有望从约4606亿美元增长至9520亿美元，几近翻倍。This would place Musk on a potential path to becoming the world’s first trillionaire. 这一情景或将为马斯克成为全球首位“万亿富翁”铺平道路。Market expectations suggest SpaceX could pursue an IPO in 2026, potentially raising more than $30 billion. 根据市场预期，SpaceX可能在2026年启动IPO，募资规模或超过300亿美元。

Macron’s Fourth Visit to China: Bilateral Ties Poised for a New Leap 马克龙第四次访华：中法关系迈向新高度 French President Emmanuel Macron arrived in Beijing on December 3, 2025, beginning a three-day state visit. 2025年12月3日，法国总统马克龙抵达北京，开启为期三天的国事访问。 This trip serves as a reciprocal visit following Chinese leaders’ attendance at the 60th anniversary of diplomatic ties last year. 此次访问是对去年中法建交60周年之际中国领导人访法的回访。 France was the first Western nation to establish diplomatic relations with the People’s Republic of China, and both countries are permanent members of the UN Security Council. 法国是首个与新中国建交的西方大国，两国同为联合国安理会常任理事国。 Observers expect the visit to elevate the China-France comprehensive strategic partnership to a new level. 外界普遍期待此次访问推动中法全面战略伙伴关系迈上新台阶。 Analysts believe the two nations may deepen cooperation on multilateralism and global governance, contributing stability to an uncertain world. 分析人士认为，双方或将在多边主义与全球治理领域展开更紧密合作，为动荡世界注入稳定力量。

Macron’s Fourth Visit to China: Bilateral Ties Poised for a New Leap 马克龙第四次访华：中法关系迈向新高度 French President Emmanuel Macron arrived in Beijing on December 3, 2025, beginning a three-day state visit. 2025年12月3日，法国总统马克龙抵达北京，开启为期三天的国事访问。 This trip serves as a reciprocal visit following Chinese leaders’ attendance at the 60th anniversary of diplomatic ties last year. 此次访问是对去年中法建交60周年之际中国领导人访法的回访。 France was the first Western nation to establish diplomatic relations with the People’s Republic of China, and both countries are permanent members of the UN Security Council. 法国是首个与新中国建交的西方大国，两国同为联合国安理会常任理事国。 Observers expect the visit to elevate the China-France comprehensive strategic partnership to a new level. 外界普遍期待此次访问推动中法全面战略伙伴关系迈上新台阶。 Analysts believe the two nations may deepen cooperation on multilateralism and global governance, contributing stability to an uncertain world. 分析人士认为，双方或将在多边主义与全球治理领域展开更紧密合作，为动荡世界注入稳定力量。 Ren Zhengfei on the Future of AI: Excess Computing Power and the Race for Application 任正非再谈AI与未来：算力过剩时代将至，教育与产业如何接招？ The ICPC Beijing headquarters released a summary of a discussion with Huawei founder Ren Zhengfei, stirring industry attention. ICPC北京总部发布了任正非与相关人员的座谈会纪要，引发行业关注。 Ren predicted that an era of excess computing power is inevitable, shifting AI competition from capability building to application deployment. 任正非表示，算力过剩时代终将到来，AI竞争将从“能力建设”转向“应用落地”。 He noted that there is no inherent difference between men and women in computer science and stressed the importance of personalized education encouraging young people to “reach higher.” 他强调女性与男性在计算机领域无本质区别，教育应因材施教，鼓励青年不断“摸高”。 Ren added that quantum computing will eventually make breakthroughs, but Huawei cannot afford the research and may resort to purchasing solutions. 任正非认为量子计算迟早会突破，但华为无法承担研究成本，或将通过购买应对技术变革。 He predicted AI-driven automation could transform industries, and proposed mechanisms such as education vouchers to help employees retrain for future roles. 他预言AI将推动无人化趋势，并提出“学券制”等机制帮助员工再教育以应对未来转型。 Moore Threads Surges 502% on Debut: The Rise of China’s First Domestic GPU Stock “国产GPU第一股”摩尔线程暴涨：502%涨幅撼动科创板 On December 5, Moore Threads debuted on the STAR Market, soaring nearly 469% at open and peaking at over 502% intraday. 12月5日，摩尔线程登陆科创板，开盘涨近469%，盘中最高涨幅超过502%。 Its market capitalization exceeded 270 billion yuan, instantly becoming a standout in China’s high-tech investment landscape. 其市值迅速突破2700亿元，瞬间成为中国高科技市场的焦点。 Investors who secured an IPO allocation made over 280,000 yuan per lot, while early investor Peixian Qianyao achieved more than 6,262-fold gains. 中一签投资者浮盈超28万元，早期投资方沛县乾曜获超6262倍账面增值。 Although the company is still loss-making and expects profitability only by 2027, its self-developed MUSA architecture is seen as a major domestic breakthrough. 尽管公司目前仍亏损、预计2027年才会盈利，但其自研MUSA架构被视为国产GPU领域的重要突破。 With about 8 billion yuan raised and three major projects underway, Moore Threads aims to build a full-scenario computing ecosystem rivaling NVIDIA. 公司募资约80亿元布局三大项目，目标是打造可对标英伟达的全场景算力生态。 Pangdonglai Launches Global Talent Drive: Million-Yuan Salaries and 60-Day Holidays 胖东来开出“百万年薪+60天长假”豪华招聘清单 Retail chain Pangdonglai announced a long-term recruitment initiative targeting elite professionals across ten specialized fields. 胖东来官方公布长期招聘计划，面向十个专业领域招募高端人才。 Applicants must have a global perspective, be 50 or under, and face no restrictions on gender or nationality. 应聘者需具备全球化视野、年龄不超过50岁，不限性别和国籍。 Successful hires will earn no less than 1 million yuan annually, with top experts eligible for negotiable packages and premium benefits. 成功入职者年薪不低于100万元，高端人才待遇可协商。 The offer includes a remarkable minimum of 60 days of paid leave per year, sparking widespread attention. 招聘计划包含不低于60天的带薪休假政策，引发广泛关注。 Resumes can be submitted via its official WeChat service, and retained for two months, signaling the chain’s global ambitions and commitment to social value. 求职者可通过微信服务号投递简历并保存两个月，此举展现企业国际化雄心与价值理念。

U17 Team Cruises Past Bangladesh 4–0: Shuai Weihao’s Hat-Trick Seals Perfect Qualification 国少4-0狂胜孟加拉国：帅惟浩戴帽助球队全胜晋级 China's U17 national team defeated Bangladesh 4–0 in the fifth round of the AFC U17 Asian Cup qualifiers, securing a flawless campaign. 中国U17国家队在亚洲杯预选赛第5轮中以4比0战胜孟加拉国U17，强势晋级正赛。 A deflected cross from Kuang Zhaolei allowed Shuai Weihao to score the opening goal. 比赛中，邝兆镭的传中造成变线，帅惟浩抓住机会先拔头筹。 Bangladesh's goalkeeper gifted a major error soon after, enabling Shuai to score again and complete his brace. 随后，孟加拉国门将出现重大失误，帅惟浩再次破门完成“双响”。 In the second half, another assist from Kuang helped Shuai net a header and complete his hat-trick. 下半场，邝兆镭再次助攻，帅惟浩头球建功完成帽子戏法。 Late in the game, Zhao Songyuan added a fourth goal off the bench, sealing China’s five-win perfect qualification run. 比赛尾声，赵松源替补建功，国少以5战全胜昂首出线。

U17 Team Cruises Past Bangladesh 4–0: Shuai Weihao’s Hat-Trick Seals Perfect Qualification 国少4-0狂胜孟加拉国：帅惟浩戴帽助球队全胜晋级 China's U17 national team defeated Bangladesh 4–0 in the fifth round of the AFC U17 Asian Cup qualifiers, securing a flawless campaign. 中国U17国家队在亚洲杯预选赛第5轮中以4比0战胜孟加拉国U17，强势晋级正赛。 A deflected cross from Kuang Zhaolei allowed Shuai Weihao to score the opening goal. 比赛中，邝兆镭的传中造成变线，帅惟浩抓住机会先拔头筹。 Bangladesh's goalkeeper gifted a major error soon after, enabling Shuai to score again and complete his brace. 随后，孟加拉国门将出现重大失误，帅惟浩再次破门完成“双响”。 In the second half, another assist from Kuang helped Shuai net a header and complete his hat-trick. 下半场，邝兆镭再次助攻，帅惟浩头球建功完成帽子戏法。 Late in the game, Zhao Songyuan added a fourth goal off the bench, sealing China’s five-win perfect qualification run. 比赛尾声，赵松源替补建功，国少以5战全胜昂首出线。 From Lab to Assembly Line: China’s First Photonic Quantum Computer Factory Begins Production 从科研室到生产线：国内首个光量子计算机制造工厂正式投产 On November 24, 2025, China’s first photonic quantum computer manufacturing plant was completed and began initial production in Shenzhen’s Nanshan District. 2025年11月24日，国内首个光量子计算机制造工厂在深圳南山区落成并进入小规模生产阶段。 Photons, the fundamental particles of electromagnetic interactions, serve as the smallest energy units of light and a core medium for quantum computing. 光量子是传递电磁相互作用的基本粒子和光的最小能量单元，是量子计算的重要载体。 The 5,000-square-meter facility integrates R&D, manufacturing, and testing, enabling engineering-level production. 该工厂面积约5000平方米，集研发、制造、测试于一体，可实现量子计算机的工程化生产。 Its launch marks the transition of photonic quantum computers from lab prototypes to scalable products. 这标志着光量子计算机从实验室原型迈向规模化产品。 Industry experts say this milestone signals the commercial dawn of quantum computing in China. 业内普遍认为，这一节点意味着我国量子计算迈入商用新时代。 Myanmar’s KK Scam Hub Demolished: Cross-Border Fraud Networks Face Heavy Crackdowns 缅甸KK园区被拆除：跨境电诈网络遭重拳清剿 On November 23, Myanmar state television broadcast footage showing the demolition of the KK scam compound in Myawaddy, Karen State. 11月23日，缅甸广播电视台播出画面显示，克伦邦妙瓦底地区的KK电诈园区被拆除。 The operation uncovered 30 Starlink receivers and accessories, along with 2,198 individuals involved in online scams and gambling. 清剿行动中，当地军方查获30套“星链”接收器及配件，并发现2198名涉诈涉赌人员。 Meanwhile, China continues its crackdown on telecom fraud, with a major verdict handed down in Wenzhou in the Mingjia criminal group case. 与此同时，我国持续推进跨境电诈治理，温州中院近期宣判“明家犯罪集团案”。 This month, She Zhijiang, one of China's top ten wanted fugitives in overseas gambling crimes, was extradited back to China. 本月，跨境赌博“十大逃犯”之一佘智江被成功引渡回国。 China now plans to establish an international alliance to jointly combat telecom and online fraud. 下一步，中国警方将筹建国际打击电信网络诈骗联盟，加强全球合作。 Beijing Eyes Future Tech Frontiers: 6G, Quantum Breakthroughs, and Brain-Computer Interfaces 北京布局未来科技：6G、量子突破与脑机接口成新增长点 Beijing’s “15th Five-Year Plan” outlines strategic efforts to expand high-tech industries and strengthen innovation-driven growth. 北京“十五五”规划明确，将通过推动高精尖技术发展壮大未来产业。 The plan calls for upgrading traditional industries while accelerating emerging and next-generation sectors. 规划强调统筹传统产业升级与新兴产业培育。 It aims to enhance industrial clusters in next-generation information technology and other advanced fields. 未来将进一步壮大新一代信息技术等产业集群优势。 New growth drivers will center on 6G communication, quantum science, and brain–computer interface technologies. 6G通信、量子科技、脑机接口等领域将成为重点发力方向。 Beijing will also improve investment and risk-sharing mechanisms to secure a first-mover advantage in global competition. 同时将完善投入和风险分担机制，推动北京在未来科技竞争中构建先发优势。

L-15 Shines at Dubai Airshow: UAE “Knights” Team Fully Switches to China’s Trainer Jet L-15 惊艳迪拜航展：阿联酋“骑士”飞行队首次全面换装中国教练机 The 2025 Dubai Airshow was held from November seventeenth to twenty-first. 二〇二五年迪拜航展于十一月十七日至二十一日举行。 On the opening day, the UAE “Knights” aerobatic team fully switched to China’s L-15 advanced trainer, drawing wide international attention. 航展首日，阿联酋“骑士”飞行表演队全面换装中国自主研发的 L-15 高级教练机，引发国际关注。 It was the team’s first aircraft replacement since its founding in 2008, after long using Italian-built trainers. 这是该队二〇〇八年成立以来首次更换机型，此前长期使用意大利教练机。 The newly equipped team opened the show with a twenty-nine-minute aerobatic performance showcasing the L-15’s impressive capabilities. 换装后的“骑士”率先亮相，奉上二十九分钟高难度特技表演，充分展现 L-15 的优秀性能。 This milestone is seen as a breakthrough for China’s manned aviation equipment in the Gulf region. 这一进展被视为我国航空工业在海湾地区有人机装备取得开创性突破的重要标志。

L-15 Shines at Dubai Airshow: UAE “Knights” Team Fully Switches to China’s Trainer Jet L-15 惊艳迪拜航展：阿联酋“骑士”飞行队首次全面换装中国教练机 The 2025 Dubai Airshow was held from November seventeenth to twenty-first. 二〇二五年迪拜航展于十一月十七日至二十一日举行。 On the opening day, the UAE “Knights” aerobatic team fully switched to China’s L-15 advanced trainer, drawing wide international attention. 航展首日，阿联酋“骑士”飞行表演队全面换装中国自主研发的 L-15 高级教练机，引发国际关注。 It was the team’s first aircraft replacement since its founding in 2008, after long using Italian-built trainers. 这是该队二〇〇八年成立以来首次更换机型，此前长期使用意大利教练机。 The newly equipped team opened the show with a twenty-nine-minute aerobatic performance showcasing the L-15’s impressive capabilities. 换装后的“骑士”率先亮相，奉上二十九分钟高难度特技表演，充分展现 L-15 的优秀性能。 This milestone is seen as a breakthrough for China’s manned aviation equipment in the Gulf region. 这一进展被视为我国航空工业在海湾地区有人机装备取得开创性突破的重要标志。 Huawei Qiankun Ecosystem Conference: Intelligent Driving Enters the Highway L3 Testing Era 华为乾崑生态大会：智驾进入高速 L3 内测时代，百万用户规模继续扩大 On November twentieth, Huawei held its Qiankun Ecosystem Conference in Guangzhou. 十一月二十日，华为乾崑生态大会在广州举行。 The company announced that its intelligent-driving partner models have begun highway-level L3 testing, alongside the launch of ecosystem services. 大会宣布智驾合作车型正式开启高速 L3 内测，并同步启动生态服务建设。 The upgraded HarmonyOS hybrid model pushes smart cockpits into the “L3 era.” 鸿蒙座舱混合大模型完成升级，使智能座舱进入“L3 时代”。 Fourteen automakers and thirty-three mass-produced models now use Qiankun solutions, with over one million users. 目前已有十四家车企、三十三款量产车搭载乾崑方案，智驾用户规模突破一百万。 Huawei also unveiled two new brands—Yijing and Qijing—with related models expected to launch in 2026. 大会上全新品牌“奕境”和“启境”发布，相关车型预计将在二〇二六年上市。 Musk and Jensen Huang Announce 500-MW AI Plant: xAI Joins Forces with NVIDIA and Saudi Partners 马斯克与黄仁勋同台：xAI 联手英伟达与沙特共建 500 兆瓦级 AI 工厂 On November twentieth local time, Elon Musk and Jensen Huang held a public dialogue at the Saudi-US Investment Forum. 当地时间十一月二十日，马斯克与黄仁勋在美沙投资论坛展开对谈。 They announced that xAI will partner with NVIDIA and Saudi companies to build a five-hundred-megawatt AI data center. 双方宣布 xAI 将与英伟达及沙特企业合作建设五百兆瓦级 AI 数据中心。 Musk said AI will not cause unemployment; instead, productivity gains will make people busier. 马斯克表示 AI 不会让人类失业，反而会使人类在生产力提升后更加忙碌。 He predicted that humanoid robots will become the world’s largest industry and could help eliminate poverty. 他认为人形机器人将成为最大产业，有望在未来帮助消除贫困。 Musk added that space-based AI is inevitable, and within five years its computing cost may fall below ground-based systems, marking a shift from general to accelerated computing. 他还指出太空 AI 时代不可避免，五年内太空算力成本或将低于地面，这是一场计算模式从通用到加速的结构性转变。 Hangzhou to Make Lingyin–Feilaifeng Scenic Area Free: Real-Name Booking System to Manage Visitor Flow 杭州灵隐飞来峰景区宣布免票：实名预约上线，分时游保障客流安全 Hangzhou announced that the Lingyin–Feilaifeng Scenic Area will become free to the public starting December first, 2025. 杭州宣布，自二〇二五年十二月一日起，灵隐飞来峰景区将实行免票开放。 The policy covers Lingyin Temple, Yongfu Temple, and Taoguang Temple, with opening hours from seven-thirty to seventeen-thirty. 景区范围包括灵隐寺、永福寺、韬光寺，开放时间为七时三十分至十七时三十分。 To safeguard cultural relics and handle large visitor flows, the site will adopt a “real-name reservation and time-slot entry” system. 为应对大客流与文物保护需求，景区将实施“实名预约、分时游览”机制。 Daily reservation quotas are set at thirty-five thousand on weekdays, fifty thousand on weekends, and sixty-five thousand during holidays. 每日预约量分为工作日三点五万人次、双休日五万人次、节假日六点五万人次。 Visitors can book through the “Hangzhou Lingyin-Feilaifeng” mini-program on Alipay or WeChat, with reservations available starting eight a.m. on November twenty-fourth. 游客可通过支付宝或微信搜索“杭州灵隐飞来峰”小程序进行预约，预约通道将于十一月二十四日八时开启。

Buffett’s Final Move Before Retirement: Apple Stake Cut, Google Becomes New Favorite 巴菲特谢幕前最后布局：减持苹果，新宠是谷歌 On November fifteenth, Berkshire Hathaway released its third-quarter 13F report, marking Warren Buffett’s final portfolio disclosure before retirement. 北京时间十一月十五日，伯克希尔哈撒韦公布第三季度十三 F 报告，这是巴菲特卸任前最后一次披露投资组合。 The report showed that the company has been a net seller of stocks for twelve consecutive quarters. 报告显示，公司已连续十二个季度净卖出股票。 Buffett reduced his Apple holdings, cutting them to one-quarter of the previous level, bringing Apple’s share of the portfolio down to twenty-two point sixty-nine percent. 巴菲特减持苹果股票，持股比例降至二十二点六九个百分点，仅剩原持仓的四分之一。 Meanwhile, he opened a new position in Google, buying seventeen point eighty-four million shares, making it the tenth-largest holding. 与此同时，他新建仓谷歌一千七百八十四万股，成为第十大持仓。 Analysts believe these moves reflect Buffett’s concern over high valuations in the U.S. stock market. 外界认为，这一系列操作或反映他对美股高估值的担忧。

Buffett’s Final Move Before Retirement: Major Apple Sell-Off, Google Becomes New Favorite 巴菲特谢幕前最后布局：大幅减持苹果，新宠是谷歌 On November fifteenth, Berkshire Hathaway released its third-quarter 13F report, marking Warren Buffett’s final portfolio disclosure before retirement. 北京时间十一月十五日，伯克希尔哈撒韦公布第三季度十三 F 报告，这是巴菲特卸任前最后一次披露投资组合。 The report showed that the company has been a net seller of stocks for twelve consecutive quarters. 报告显示，公司已连续十二个季度净卖出股票。 Buffett reduced his Apple holdings, cutting them to one-quarter of the previous level, bringing Apple’s share of the portfolio down to twenty-two point sixty-nine percent. 巴菲特减持苹果股票，持股比例降至二十二点六九个百分点，仅剩原持仓的四分之一。 Meanwhile, he opened a new position in Google, buying seventeen point eighty-four million shares, making it the tenth-largest holding. 与此同时，他新建仓谷歌一千七百八十四万股，成为第十大持仓。 Analysts believe these moves reflect Buffett’s concern over high valuations in the U.S. stock market. 外界认为，这一系列操作或反映他对美股高估值的担忧。 Tencent Delivers Strong Q3 Results: AI and WeChat Ecosystem Drive Growth 腾讯交出亮眼三季报：AI与微信生态双轮驱动增长 On November thirteenth, Tencent announced its third-quarter 2025 financial results, reporting revenue of 192.87 billion yuan, up fifteen percent year on year. 十一月十三日，腾讯公布二〇二五年第三季度财报，实现营收一千九百二十八点七亿元，同比增长十五个百分点。 Non-IFRS operating profit reached 72.57 billion yuan, an eighteen percent increase. Non-IFRS 经营利润七百二十五点七亿元，同比增长十八个百分点。 Game revenue rose twenty-two point eight percent, driving total value-added service revenue to 95.86 billion yuan. 游戏业务收入增长二十二点八个百分点，带动增值服务总收入九百五十八点六亿元。 Marketing services grew twenty-one percent year on year to 36.24 billion yuan, fueled by AI and the WeChat ecosystem. 营销服务在 AI 和微信商业生态助推下同比提升二十一个百分点至三百六十二点四亿元。 FinTech and business services revenue also increased ten percent to 58.17 billion yuan due to rising payment and enterprise demand. 金融科技与企业服务收入也因支付和企业需求增长而上涨十个百分点至五百八十一点七亿元。 Gene-Edited Pig Kidney Transplant in Humans: U.S. Launches Large-Scale Clinical Trial 基因编辑猪肾移植人体：美国开启规模化临床试验 On November third local time, United Therapeutics performed the world’s first gene-edited pig kidney transplant into a human at NYU Langone Health. 当地时间十一月三日，美国联合治疗公司在纽约大学朗格尼医学中心完成全球首例基因编辑猪肾移植人体临床试验。 Approved by the FDA, the trial marks the beginning of a large-scale study. 该试验获得 FDA 批准，标志着规模化研究正式启动。 The initial phase will recruit six participants, with possible expansion to fifty if successful. 首批预计招募六人，若顺利将扩至五十人。 Previously, similar transplants were conducted only under “compassionate use” cases, but this trial includes relatively stable patients. 此前类似移植多属“同情用药”个案，如今可纳入相对稳定患者。 At least nine such surgeries have been publicly reported worldwide, including one in China with positive postoperative recovery, showing promise despite immune-rejection challenges. 全球至少已有九个手术案例，中国亦有一例患者术后恢复良好，显示异种器官移植前景可期但仍面临免疫排斥等挑战。 National Games Opening Gala Revealed: Stars Unite to Showcase Greater Bay Area Spirit 十五运会开幕式阵容揭晓：群星汇聚展大湾区新气象 On November eighth, the lineup for the opening ceremony of the Fifteenth National Games was unveiled, bringing together performers from the Chinese mainland, Hong Kong, and Macao. 十一月八日，第十五届全国运动会开幕式文体展演阵容公布，融合内地、香港与澳门三地文艺力量。 The show consists of three chapters — “Same Roots and Origin,” “Same Heart and Bond,” and “Same Dream and Vision” — highlighting cultural unity. 展演以“同根同源”“同心同缘”“同梦同圆”三章呈现，凸显文化共融。 Renowned artists such as dancer Shan Chong, Cantonese opera legend Liza Wang, and Wing Chun master Ip Kong-chiu will perform. 舞者山翀、粤剧名家汪明荃、咏春传承人叶港超等齐聚舞台。 Singers Joey Yung, Ansonbean, the “Greater Bay Brothers,” and Andy Lau will join the stage for spectacular performances. 容祖儿、曾比特、“大湾区哥哥”与刘德华等歌手联袂献艺。 Zhou Shen and Shan Yichun will perform the theme song “One Heart, One Sea”, adding a grand finale to the November ninth opening night. 周深与单依纯将合唱主题曲《天海一心》，为十一月九日晚的开幕式增添高潮。

China’s Longest-Ever Nine-Day Spring Festival Holiday Announced for 2026 2026年春节迎来“史上最长”九天长假 China has announced that the 2026 Spring Festival holiday will last for nine days, from February 15 to February 23. 2026年春节假期安排出炉，将从2月15日放假至2月23日，共9天。 This makes it the longest Spring Festival holiday ever recorded. 这被称为“史上最长”的春节假期。 The holiday combines four statutory holidays, two adjusted workdays, and two weekends, with February 14 and 28 set as workdays. 此次假期由4天法定假日、2天调休以及两个周末组成，2月14日与2月28日需上班补班。 The arrangement helps avoid a seven-day work streak before the festival. 调整后的假期避免了节前连续工作7天的疲劳。 Experts say this schedule allows for better rest and supports both family reunions and tourism. 业内人士认为，这一安排有助于提升公众休息质量，带动探亲与旅游热潮，实现假期经济双赢。

Fed Resumes Rate Cuts, Markets React with Volatility 美联储重启降息，市场震荡加剧 The Federal Reserve announced on September 18 at 2 a.m. that it would cut the benchmark interest rate by 25 basis points to 4.00%–4.25%, marking the restart of an easing cycle. 美联储在9月18日凌晨宣布，将基准利率下调25个基点至4.00%—4.25%，开启新一轮降息周期。 Meeting records show that the Federal Open Market Committee approved the decision with 11 votes in favor and 1 against, with the sole dissent calling for a 50-basis-point cut. 会议记录显示，联邦公开市场委员会以11票赞成、1票反对通过该决定，唯一的反对票主张降息50个基点。 The post-meeting statement noted that U.S. economic activity had “slowed somewhat,” with employment growth clearly decelerating while inflation remained elevated. 会后声明指出，美国经济活动“有所放缓”，就业增速明显放慢，而通胀依然处于高位。 The dot plot revealed widening divisions among Fed officials over the future path of interest rates. 点阵图显示，美联储内部对未来利率走向分歧加大。 After the announcement, U.S. stocks rose initially but then fell, Chinese ADRs pared gains, the U.S. dollar plunged, and the renminbi strengthened. 降息决定公布后，美股先涨后跌，中概股涨幅收窄，美元大幅跳水，人民币走强。