Next week might be the "most information-packed week" of the year, with three main threads worthy of attention.

First, regarding The Fed. Everyone knows there won't be a rate cut this time, so what really needs to be heard is how Powell projects things through 2026—if the easing path is more aggressive than expected, the global liquidity tap could open earlier, which would be a long-term positive sentiment for risk assets.

Next, on the domestic front. November's industrial and consumption data will be released consecutively, serving as a short-term economic thermometer; after that, the year-end key meeting will determine policy direction for next year. The market is speculating on the details of a "more aggressive" domestic demand expansion policy, which will directly impact expectations for commodities and RMB-denominated assets.

The tech sector is also anything but calm:
Broadcom's earnings report will be a litmus test for AI computing power demand—whether data center orders can support high valuations all depends on the outcome of this report.

As for OpenAI, even though the new model will be launched next year, you know how it goes: even the slightest news can send AI-themed stocks on a rollercoaster ride.

In short, next week is a "calibration week"—monetary policy expectations, economic reality and hedging tools, and the realization of industry narratives, these three forces are pulling against each other; the market will reassess the price of all kinds of assets. Whoever can read the signals first will have the edge.

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