![[Titanium Morning News] To maintain the smooth operation of financial markets such as stocks, bonds, and foreign exchange, the central bank issued an important report; Tencent’s new search product Yuanbao Search is officially launched; the Apple support community will be permanently closed on November 20](/api/image?url=https%3A%2F%2Fimages.tmtpost.com%2Fuploads%2Fimages%2Fzhaopian%2Fnuxtpic%2Fchange_logo3%2Fog_image.png)
[Titanium Morning News] To maintain the smooth operation of financial markets such as stocks, bonds, and foreign exchange, the central bank issued an important report; Tencent’s new search product Yuanbao Search is officially launched; the Apple support community will be permanently closed on November 20
Titanium Media official account
2026.11.12 07:20
· From Beijing
Full text 6376 words
[Titanium Media Comprehensive] The central bank released China’s monetary policy implementation report for the third quarter of 2026. From the perspective of monetary policy trends, there are five major thrusts for monetary policy in the next stage:
First, maintain reasonable growth in financial aggregates. We must adhere to the implementation of moderately loose monetary policies, enhance the forward-looking flexibility and pertinence of monetary policies, comprehensively use and timely adjust monetary policy tools based on domestic and foreign economic and financial situations and financial market operations, grasp the intensity, rhythm and timing of policy implementation, maintain sufficient liquidity, match the growth of social financing scale and money supply with the expected goals of economic growth and overall price levels, and continue to create a suitable monetary and financial environment.
The second is to give full play to the guiding role of monetary and credit policies. Continue to make good use of various structural monetary policy tools, constantly improve the design and management of tools, and increase support for key areas such as the construction of the "five major articles" and the "six nets" of finance. Give full play to the role of technological innovation and technological transformation refinancing and the "technology board" of the bond market, strengthen the sharing of technological financial data, accelerate the construction of a higher-level regional technological financial ecosystem, and promote the strengthening of financial services throughout the entire chain and life cycle of technological innovation.
The third is to grasp the internal and external balance of interest rates and exchange rates. We will further advance the market-oriented reform of interest rates, continue to optimize the short-end interest rate control mechanism, and unblock monetary policy transmission channels. Promote the reform of loan interest rate pricing benchmarks, transform from a relatively simple reference to the loan market prime rate (LPR) pricing to a more diversified pricing benchmark, and guide financial institutions to explore the issuance of floating interest rate loans linked to DR001.
The fourth is to accelerate the construction of financial market institutions and high-level opening up to the outside world. Continue to enhance the functions of the bond market and its ability to serve the real economy. Build a high-quality "technology board" in the bond market, make good use of technological innovation and private enterprise bond risk sharing tools, and support more private technology enterprises and private equity investment institutions in bond issuance and financing. Promote and improve the legal system of the bond market. Accelerate the development of the multi-level bond market and steadily and prudently promote the development of over-the-counter bond business.
The fifth is to actively and steadily prevent and resolve financial risks. Build a comprehensive macro-prudential management system and improve the systemic financial risk prevention and resolution mechanism. We will expand and enrich the macro-prudential and financial stability functions of the central bank, enrich and improve the toolbox, intensify the implementation of two monetary policy tools to support the capital market, make good use of non-bank large redemption swap facilities in the bond market, and maintain the smooth operation of financial markets such as stocks, bonds, and foreign exchange.
Excerpt from Titanium Media:
The introduction of AI tools requires the establishment of mechanisms for data retention, human-machine verification, and professional control, while allowing professional teams to have more energy to participate in the sustainable transformation of enterprises. AI is good at polishing narratives, integrating materials, and optimizing expressions, but it cannot automatically determine the authenticity of data, nor can it independently verify facts. AI is responsible for "telling the story well", and the responsibility for authenticity and accuracy always falls on the data source and professional team. ——Ernst & Young Partner, Greater China ESG Sustainability Leader Li Jing disagrees with the statement that "AI can take over real estate" because it is illogical to use a tool to replace an industry. AI is more of a replacement tool for old industries rather than bringing new increments. Its function is similar to that of the Internet. Internet e-commerce has replaced a large number of physical stores, but people's total consumption has not increased significantly as a result. ——Li Xunlei, Chief Economist of Zhongtai International
Domestic companies:
Tencent’s new search product Yuanbao Search is officially launched
On November 11, Tencent’s new search product Yuanbao Search was officially launched. Enter the URL so.qq.com in the address bar of any browser to use it. You can also upgrade QQ Browser to the latest version and switch to "Yuanbao Search" in the engine settings options. According to reports, Yuanbao Search has rebuilt the entire search link from understanding, retrieval, sorting to answer organization based on Yuanbao's large model capabilities. Relying on a 100-billion-level index, the search scope covers Tencent ecological content and academic documents such as web pages, public accounts, and video accounts. When presenting results, give priority to content from authoritative institutions and official sources, and clearly distinguish advertisements from answers.
JD.com’s internal testing of independent short drama products
On November 11, JD.com internally tested the independent short drama product "JD.com Drama Chasing Welfare Club", which adopts a free model. The core gameplay is "watch the drama to receive benefits, buy the same style in the drama directly, and JD.com will deliver the goods." However, according to test findings, the relevant functions are still in the testing and improvement stage, and no corresponding e-commerce jump entrance has been found in actual experience. As of press time, JD.com has not yet responded.
Token becomes an independent category on Tmall’s Double 11 for the first time, and large model manufacturers are offering 50% off today
On November 11, the Tmall Double 11 Token recharge event started, and large model manufacturers such as Zhipu, MiniMax, Qianwen Office, Alibaba Cloud, and Qoder participated in the 50% discount promotion. Specific details include: 50% off for all three MiniMax monthly cards; 50% off for two Alibaba Cloud Token Plan monthly cards; 50% off for Zhipu Weekly Cards; 30% off for the first month of Qianwen Office Basic Edition membership monthly cards; 33% off for Qoder monthly cards, as low as 19.9 yuan. It is worth mentioning that this year’s Double 11 series Token was listed on Tmall as an independent category for the first time.
Zhang Xue Motorcycle's 100,000th mass-produced motorcycle rolls off the production line
On November 11, Zhang Xue Motorcycles ushered in the 100,000th production vehicle rolling off the assembly line in Liangjiang New District, Chongqing. From the first mass-produced vehicle rolling off the production line in March 2025, to the 10,000th vehicle rolling off the production line in July 2025, and now the 100,000th vehicle rolling off the production line, Zhang Xue Motorcycles has continued to invest in production capacity ramping, personnel training, production line construction, on-site response and supply chain assurance, completing the leap into mass production under rapid growth.
Foreign enterprises:
Apple Support Communities will permanently close on November 20
On November 11, according to the Apple Support Community page, "The Apple Support Community will permanently close on November 20, 2026. From now on, the community will no longer accept new posts and will be converted to read-only mode." Apple said that consumers can still go to the official Apple support website. "We sincerely thank all community members for their continued contribution of valuable time and expertise to help other users solve problems encountered in the use of Apple products."
Musk: SpaceX has ordered HJT equipment with an annual production capacity of 100GW from Singulus to build a "smart sun"
On November 11, Musk posted today that SpaceX has ordered heterojunction (HJT) solar cell manufacturing equipment with an annual production capacity of 100GW from German equipment manufacturer Singulus. These devices will be used in the Starmind project to create a "sentient sun" with autonomous consciousness. A previous press release issued by Singulus showed that according to the cooperation plan between the two parties, it plans to deliver multiple additional production lines to SpaceX. The first production line is expected to be delivered in the first half of 2027.
Anthropic reveals a new deal exceeding $10 billion
On November 11, Anthropic disclosed a new deal exceeding $10 billion.
Policy direction:
China will accelerate the deep integration of "artificial intelligence + natural resources"
On November 11, we learned from the Ministry of Natural Resources that the Ministry of Natural Resources and the National Development and Reform Commission recently issued implementation opinions on "artificial intelligence + natural resources" to accelerate the large-scale and industrialized innovative application of artificial intelligence in the field of natural resources and serve the "one map" intelligent upgrade of land and space planning. Among them, the opinions clarify the phased development goals: by 2028, realize the demonstration application of artificial intelligence in the field of natural resources, build high-quality data sets, large models and intelligent entities in key directions such as spatio-temporal geographical information, land spatial planning and governance, oceans, geology and minerals, forestry and grasslands, comprehensively improve the level of intelligence in "one picture", form typical application scenarios that can be replicated and promoted, and promote the development of new productivity of natural resources.
By 2030, artificial intelligence will be deeply integrated into the entire chain of natural resource management, and an integrated platform will be built for intelligent land and space governance. Key core technologies and intelligent equipment will be safe and controllable. The overall level of digital and intelligent natural resource management will reach an internationally leading level. Artificial intelligence will become an important engine leading the construction of ecological civilization and high-quality development.
At the same time, the opinions proposed the overall layout of five artificial intelligence pilot platforms, covering spatiotemporal geographical information, land spatial planning and governance, oceans, geology and minerals, and forestry and grassland, to create a common service system that integrates computing power supply, model training, algorithm iteration, scenario verification, and ecological construction. The opinions also launched eight demonstration scenarios, covering integrated monitoring of "sky, earth and sea network", smart land spatial planning, natural resource asset management, natural resource disaster management, etc.
The industry version of the recommended list of commercially insured innovative drugs is here, including 6 "sky-high-priced anti-cancer drugs"
On November 11, just before the National Medical Insurance Administration’s catalog of commercially insured innovative drugs was updated, an industry version of the “Recommended List of Commercially Insurable Drugs” compiled by the Insurance Association of China (hereinafter referred to as the “China Insurance Association”) was finally released after a year of preparation. The first batch included 58 medical devices, of which self-paid drugs outside medical insurance accounted for about 60%, and innovative drugs accounted for nearly half of the total. This industry-specific list is different from the commercially insured innovative drug list. Although both parties focus on self-funded innovative products outside basic medical insurance, the China Insurance Association's list further incorporates market-oriented variables such as clinical application of drugs, insurance claims experience, and changes in drug demand in addition to dimensions such as innovation and clinical value. Because of this, the first batch of selected varieties has the characteristics of "higher oncology drug content" - more original drugs and CAR-T products are included, while more prudent selection criteria are maintained in the fields of neurodegenerative diseases and some rare diseases.
CAR-T belongs to the category of cell and gene therapy. As a typical individualized therapy, it has always been labeled as a "sky-high price therapy". At present, the pricing range of domestically approved CAR-T products is generally between 900,000 and 1.3 million yuan. Related treatments are not yet included in the basic medical insurance catalog. Patients need to pay the full amount out of their own pocket or rely on commercial health insurance to share the cost. The list includes a total of 6 domestic CAR-T products, including Yikaida, Benoda, Fucosu, Sakaize, Yuanruida, and Pridika. As of early November, there were 10 CAR-T products on the market in China.
National Development and Reform Commission: Jointly building the “Belt and Road” will expand cooperation in emerging areas and promote the construction of “small but beautiful” projects
On November 11, the National Development and Reform Commission held a series of press conferences for the “15th Five-Year Plan” to introduce the situation related to the joint construction of the “Belt and Road”. Liang Linchong, director of the Department of Regional Opening of the National Development and Reform Commission, said that practice has fully proved that the joint construction of the "Belt and Road" has not only led the continuous deepening of my country's opening up to the outside world, injecting vitality and impetus into accelerating the construction of a new development pattern and promoting high-quality development, but also improved the level of global connectivity, built a new platform for international cooperation, expanded new practices for global governance, brought more certainty and stability to a world intertwined with chaos, and promoted the establishment of a community with a shared future for mankind. During the "15th Five-Year Plan" period, the National Development and Reform Commission will continue to expand trade and investment cooperation with co-building countries, actively promote the construction of "small but beautiful" projects, expand cooperation in emerging fields, deepen people-to-people and cultural exchanges in multiple fields, continuously promote the improvement of people's livelihood and people-to-people bonds, improve the investment and financing system of diversified sustainable risk prevention and control, enhance risk prevention and control capabilities, further promote the construction of the Silk Road of Integrity, and continuously expand new space for win-win development of the Belt and Road Initiative.
"The 15th Five-Year Plan for Accounting Reform and Development" is released
On November 11, the Ministry of Finance released the "15th Five-Year Plan for Accounting Reform and Development". The main goals set out in the plan are that during the "15th Five-Year Plan" period, the foundation of accounting rule of law will continue to be consolidated, accounting talent support will be more powerful, the accounting service industry will develop with high quality and efficiency, the role of accounting supervision will be better played, the level of accounting intelligence will continue to improve, the contribution of accounting to international governance will be significantly improved, and the construction of accounting theory will achieve innovative results.
The State Administration for Market Regulation publicly solicits opinions on the measurement compliance requirements for online sales of electronic price scales
On November 11, in order to implement the measurement management main responsibilities of merchants and online platforms selling electronic pricing scales online and regulate the online sales and business activities of electronic pricing scales, the State Administration for Market Regulation solicited opinions from the public on the "Measurement Compliance Requirements for Online Sales of Electronic Pricing Scales (Draft for Comment)". The period for soliciting opinions is from November 11 to December 10, 2026. The "Draft for Comments" adheres to a problem-oriented approach, clarifies the measurement and management obligations of electronic pricing scales for online sales operations entities and online trading platforms, refines the measurement requirements for online sales operations, promotes compliance operations in online circulation links, protects the rights and interests of operators and consumers, and maintains a market order of fair competition.
Beijing: Establish a "one-on-one" service mechanism for the listing of embodied intelligent robot companies and cultivate leading companies with advantages
On November 11, the "Beijing Embodied Intelligent Robot Industry High-Quality Development Action Plan (2026-2028)" was issued, and the plan was proposed to further strengthen innovation entities. Establish a "one-to-one" service mechanism for the listing of embodied intelligent robot companies and cultivate leading companies with advantages. In key areas such as complete machines, key components, embodied intelligent models and data collection, cultivate no less than 200 technological and innovative small and medium-sized enterprises, high-tech enterprises, specialized and special new small and medium-sized enterprises, specialized and special new "little giant" enterprises, and individual champion enterprises in the manufacturing industry. Give full play to the role of industry organizations such as the Beijing Robot Industry Association, strengthen industry self-discipline, oppose "involution" competition, and guide the healthy and orderly development of the industry.
Stock market quotes:
The China Futures Association issued and implemented the "Guidelines for the Suitability Management of Traders in the Derivatives Trading Business of Futures Companies (Trial)"
On November 11, the China Futures Association (hereinafter referred to as the Association) formulated the "Guidelines for the Suitability Management of Traders in the Derivatives Trading Business of Futures Companies (Trial)" after extensively soliciting opinions from all parties. The "Guidelines" were reviewed and adopted at the 31st meeting of the 6th Council of the Association and are now issued and will be implemented from November 16, 2026. In order to ensure the smooth and orderly connection of relevant businesses, the relevant matters are now explained as follows: 1. From the date of implementation of this "Guidelines", futures companies shall not conduct new transactions with traders who do not comply with the relevant provisions of the "Derivatives Measures" and these "Guidelines", and existing transactions will be terminated upon expiration. 2. Within 6 months from the date of implementation of these "Guidelines", futures companies shall gradually implement the provisions on situational risk disclosure for ordinary institutional traders, management of the continued scale of derivatives transactions, review and follow-up visits, and management measures for major changes and abnormal behaviors of traders. If they are not implemented at the expiration of the period, the Association will take corresponding disciplinary sanctions or self-regulatory management measures in accordance with the regulations. 3. Before a futures company obtains the qualification for derivatives trading business, or before completing business adjustments after obtaining the qualification, its risk management company shall refer to the "Guidelines" when conducting derivatives trading business.
Ministry of Finance to issue US dollar sovereign bonds in Hong Kong
On November 11, with the approval of the State Council, the Ministry of Finance will issue US dollar sovereign bonds in the Hong Kong Special Administrative Region in the week of November 16, 2026, with a scale of no more than US$2 billion. Specific issuance arrangements will be announced separately before the issuance.
The exchange adjusted the automatic conversion standards for aluminum, cast aluminum alloy, and lead varieties to maintain warehouse quotas in the previous period.
On November 11, according to the announcement of the Shanghai Futures Exchange, after research and decision, in accordance with Article 13 of the "Shanghai Futures Exchange Hedging Transaction Management Measures" and other relevant regulations, the automatic conversion standard adjustments for aluminum, cast aluminum alloy, and lead varieties are now notified as follows: Aluminum, cast aluminum alloy, and lead varieties will not be available from the last trading day of November 2026. For non-futures company members, overseas special non-brokerage participants or customers who have obtained hedging transaction position quotas for the near-delivery month, when their general-month hedging transaction position quotas enter the near-delivery month (the first month before the delivery month and the delivery month), the automatically converted buy and sell hedging transaction position quotas for the near-delivery month will be temporarily adjusted to 0 lots.
Guangzhou Futures Exchange issued an announcement on matters related to polysilicon futures PS2711 contract and lithium carbonate futures LC2711 contract.
On November 11, the Guangzhou Futures Exchange announced that after research and decision, the relevant matters regarding the polysilicon futures PS2711 and lithium carbonate futures LC2711 contracts are now announced as follows: The transaction fee standard for the polysilicon futures PS2711 contract is one ten thousandth of the transaction amount, daily The standard transaction fee for closing current positions is 2.5% of the transaction amount. The minimum order quantity for each transaction order is 5 lots for opening a position, and the minimum order quantity for closing a position is 1 lot per time. Non-futures company members or customers may not open more than 200 lots in a single day. The trading fee standard for the lithium carbonate futures LC2711 contract is 0.80% of the transaction amount, and the intraday closing transaction fee standard is 0.8% of the transaction amount. The minimum order quantity for each transaction order is 2 lots for opening a position, and the minimum order quantity for closing a position is 1 lot. Non-futures company members or customers may not open more than 800 lots in a single day.
Other important content:
The proportion of new energy vehicle sales in China continues to rise
On November 11, the latest data released by the China Association of Automobile Manufacturers today showed that in October, China's automobile production and sales exceeded 3 million vehicles, showing a certain increase from the previous month. Among them, the sales proportion of new energy vehicles continued to rise.
The latest data shows that in October, China's new energy vehicle production and sales reached 2.017 million and 1.94 million units respectively, a year-on-year increase of 13.8% and 13.1% respectively. New energy vehicle sales accounted for 64.3% of total new automobile sales. Since the beginning of this year, China's new energy vehicle market has continued to consolidate its dominant position, and its cumulative sales ratio has continued to increase, reaching 54.8% from January to October. Taking new energy passenger vehicles as an example, the domestic market share in October exceeded 70%. Experts said that the continued increase in the proportion of new energy vehicle sales in China is not a short-term phenomenon, but is the result of the iteration of industrial technology, improvement of product capabilities, and increased market acceptance.
The latest data from the China Association of Automobile Manufacturers also shows that China's automobile exports have exceeded 1 million units for five consecutive months, and the proportion of new energy vehicle exports has exceeded 50% for five consecutive months. Among them, in October, 606,000 new energy vehicles were exported, a year-on-year increase of 1.4 times.
(Comprehensive from Xinhua News Agency, Economic Information Daily, CCTV, The Paper, China Business News, Securities Times, etc.)
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