This week's key agenda: US-Russia talks, China-US PMI

December 01 - December 07 Weekly Major Financial Events Overview, all times are in Beijing time:

Key focus for next week: US-Russia talks, closely monitor the Russia-Ukraine situation. The delayed economic data from the US includes the "Federal Reserve's favorite inflation indicator" September PCE report, personal income report, etc. These data will be key references for the monetary policy meeting on December 9-10. The China-US PMI data will be released simultaneously next Monday. NVIDIA will attend the UBS Global Technology and AI Conference.

In addition, next week will see a series of product launch events, including an AI glasses launch and Samsung's expected release of its first foldable smartphone. According to reports, French President Macron will make a state visit to China in early December. EU defense ministers will meet in Brussels to discuss military support for Ukraine. Companies such as Marvell, a chip company dubbed the "NVIDIA alternative," and C3.ai, a representative of AI applications, will release their earnings reports.

Economic Indicators

• China-US PMI Data

On December 1st, Monday, China will release the November RatingDog Manufacturing PMI. Previously, this index has remained above the expansion line for three consecutive months, recording 50.6 in October, indicating continued expansion but slowing growth, with weakening momentum in new business and output. The market is observing the sustainability of this round of recovery momentum.

On the same day, the US will announce the November ISM Manufacturing Index, with the market expecting a slight increase from the previous value of 48.7 to 49.0. Although still in the contraction zone, the regional Federal Reserve surveys show that employment improvements support the index, and inventory and supplier deliveries may also have a positive impact. If the data exceeds expectations, it may strengthen the market's judgment on the manufacturing sector hitting bottom and rebounding.

• US Bureau of Economic Analysis: "Federal Reserve's Favorite Inflation Indicator" - September PCE Report, Personal Income Report Rescheduled to December 5th

According to the US Bureau of Economic Analysis (BEA), the data release schedule affected during the US government shutdown is as follows: ① The preliminary GDP for Q3 2025 has been canceled, originally scheduled for release on October 30. ② The September PCE (Personal Consumption Expenditures) and personal income report will be released on December 5th at 10 AM Eastern Time (10 PM Beijing time), originally scheduled for October 31.

• With the December monetary policy meeting approaching, the Federal Reserve has entered a quiet period, and the market awaits the release of the "Federal Reserve's Favorite Inflation Indicator"

Currently, the Federal Reserve has entered a quiet period in preparation for the monetary policy meeting on December 9-10, during which officials will not speak. The market's focus has shifted entirely to the rescheduled release of the US September PCE report on Friday, December 5th. This inflation indicator, favored by the Federal Reserve, will provide key references before the meeting. The market expects the core PCE for September to slightly decrease month-on-month to 0.22%, while the year-on-year growth rate is expected to remain stable at a high of 2.9%. Despite the slowdown in core goods inflation, rising service prices such as airfare pose pressure

Financial Events

• US-Russia Talks

According to CCTV News, on November 27 local time, Russian President Putin confirmed in Bishkek, the capital of Kyrgyzstan, that a US delegation will visit Moscow next week (the week of December 1). Putin reiterated that Russia generally agrees to use the US list of solutions to the Ukraine issue as the basis for future negotiations. Putin stated that negotiating with the current Ukrainian leadership is not practically meaningful at this stage.

Reports indicate that Putin reaffirmed his core stance, insisting that the international community must legally recognize Crimea and Donbas as Russian territory. He stated that Russia would only cease fighting after the withdrawal of Ukrainian troops. The international community currently recognizes these regions as belonging to Ukraine.

• Chinese Foreign Ministry Announces: Wang Yi to Visit Russia

According to news from the Foreign Ministry's website on the 28th, the spokesperson announced that at the invitation of Nikolai Patrushev, Secretary of the Security Council of the Russian Federation, Wang Yi, a member of the Political Bureau of the CPC Central Committee and Director of the Central Foreign Affairs Office, will visit Russia from December 1 to 2 for the 20th round of China-Russia strategic security consultations.

• Market Focus on Bank of Japan Governor's Speech Next Monday

The speech by Bank of Japan Governor Kazuo Ueda will determine the policy direction. Ueda will speak in Nagoya on December 1, and the market will closely monitor his latest assessment of the "initial momentum of the spring labor negotiations" and "core inflation rebounding to 2%." If he makes positive comments, it will be seen by the market as a strong signal for a rate hike in December.

• NVIDIA to Attend UBS Global Technology and AI Conference

NVIDIA will attend the UBS Global Technology and AI Conference on December 2, and the company's earnings call discussing Q4 results for fiscal year 2026 is scheduled for February 25.

• Li Auto AI Glasses Livis Launch Event

Li Auto announced that the launch event for the Livis AI glasses will be held on December 3 at 19:30. From the preview, the core positioning of Livis AI glasses is as an "extended terminal" of the vehicle system. It will extend the AI capabilities of Li Auto's assistant from the car interior to users' daily lives, achieving an integrated smart ecosystem of "people-vehicle-life." This means that Livis glasses will deeply integrate Li Auto's existing voice assistant and large model capabilities, providing users with a seamless AI interaction experience outside of the vehicle environment. Previously, on the evening of November 25, Li Xiang posted a video on social media stating that smart glasses would be released, saying, "The Livis AI glasses are the best AI accessory from Li Auto."

• XREAL Collaborates with Google to Release AR Glasses Project Aura in December (Date TBD)

XREAL collaborates with Google to officially release AR glasses Project Aura in December 2025, with plans to launch in the market in 2026. As the world's first official AR terminal device equipped with the Android XR system, these glasses deeply integrate Google's Gemini AI technology, aiming to achieve intelligent interactions such as environmental semantic understandingXREAL is one of the four domestic AR glasses "dragons," with its core advantage being its outstanding "end-side" hardware capabilities—lightweight and high light transmittance BirdBath optical solution. Project Aura is likely to use Google's self-developed Tensor or similar chips and algorithms to complete SLAM (Simultaneous Localization and Mapping), gesture recognition, and object tracking locally and in real-time, ensuring smooth and natural interactions, which is expected to significantly enhance the performance of AR glasses.

• French Presidential Palace: Macron to Visit China

According to Global Times, the French presidential palace, Élysée Palace, announced on the 26th local time that President Macron will make a state visit to China in early December.

• Bank of Japan Governor Ueda Kazuo and UK Prime Minister Starmer Deliver Speeches

On Monday, December 1st, Bank of Japan Governor Ueda Kazuo delivered a speech in Nagoya. UK Prime Minister Keir Starmer gave a speech at the Lord Mayor's banquet in London, which may focus on foreign policy.

• EU Defense Ministers Meet in Brussels to Discuss Ukraine Issues

Reports indicate that on Monday, December 1st, EU defense ministers met in Brussels to discuss military support for Ukraine.

• Moxi Co., Ltd. Initial Inquiry Date

Moxi Co., Ltd. will have its initial inquiry date on December 2nd, with the subscription date on December 5th.

• Samsung Expected to Launch First Tri-Fold Smartphone Galaxy Z TriFold

Samsung's first tri-fold smartphone, Galaxy Z TriFold, is expected to be officially launched on December 5th.

• Huawei Mate X7 Foldable Screen Available for Sale on December 5th

• European Society for Medical Oncology Asia Annual Meeting

The European Society for Medical Oncology Asia Annual Meeting will be held from December 5th to 7th.

• Yingling Panoramic Drone Aerial Launch Event

Media from Insta360 reported that the Yingling panoramic drone aerial launch event will be held on December 4th at 19:30, where the Yingling Antigravity AI will be officially unveiled.

• 2025 Artificial Intelligence + Industrial Ecosystem Conference

The 2025 Artificial Intelligence + Industrial Ecosystem Conference will be held in Beijing from December 1st to December 3rd.

• Altay Region to Give Local Primary and Secondary School Students First Snow Holiday

The Altay region will grant local primary and secondary school students their first snow holiday from December 1st to 5th, 2025.

Financial Reports

The AI industry chain is about to enter a period of intensive financial report releases.

On Tuesday, December 2nd, internet leader Credo will be the first to disclose its performance, followed by chip company Marvell, known as the "NVIDIA alternative," which will announce its financial report on December 3rd. On December 4th, AI application representative C3.ai and software giant Salesforce will release their latest financial reports.

In addition, next week, ZTE Corporation, Montreal Bank, Scotiabank, National Bank of Canada, Crowdstrike, and Huiyu Technology will also release their financial reports