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Against the backdrop of AI hardware demand crowding out global production capacity and driving up prices of key raw materials such as copper-clad laminates (CCLs), India's electronics manufacturing industry is facing the dual pressures of high PCB costs and supply shortages. As a core component of products such as smartphones and automobiles, PCB production capacity is rapidly flowing to the high-profit AI application sector, leading to tighter supplies for traditional electronics companies. Although India has rapidly expanded electronic assembly and exports through subsidy policies, it still relies on imports for approximately 88% of its PCB raw materials, highlighting the vulnerability of its supply chain. CCL prices have surged by 200% to 350%, and the shortage may last for a year. Cost pressures have already been transmitted along the supply chain, with some manufacturers negotiating price increases with automotive customers, ultimately passing the cost on to consumers. This year, during the holiday season, Apple, home appliance, and automakers raised prices instead of lowering them, further highlighting the potential suppression of demand by supply constraints. India's subsidy projects promoting domestic PCB capacity construction are expected to begin production next year, but the supply chain tensions are unlikely to ease significantly in the short term.

The UK's Office for Budget Responsibility (OBR) projects that net migration to the UK will fall to around 120,000 by mid-2026. Excluding 2020 during the pandemic, this would be the lowest level since 1997. However, the decline in net migration does not necessarily mean a large-scale return of Britons. Data from the Office for National Statistics (ONS) shows that net migration to the UK in 2025 will be 171,000. Of this, a net inflow of 350,000 non-EU immigrants will occur, while a net outflow of 136,000 UK citizens and 42,000 EU citizens will occur. The decline in net migration is mainly due to a decrease in non-EU immigrant inflows: net non-EU immigrant inflows in 2025 are expected to decrease by 161,000 compared to the previous year. In contrast, net outflows of UK citizens will only increase by 19,000 compared to the previous year, while net outflows of EU citizens will decrease by 21,000. The Oxford University Migration Observatory also cautions that UK citizen departure data is affected by statistical methodologies, and there is currently insufficient evidence to suggest that Britons have significantly accelerated their departures since 2022.

The surge in AI data center construction, coupled with a shortage of new gas turbines, is driving developers to seek out used and refurbished gas turbines globally, and even converting retired aircraft engines into power generation equipment. Wood Mackenzie data shows that global gas turbine orders have exceeded 100GW, while manufacturers' annual production capacity is only about 60-70GW. The average delivery cycle for new equipment in the US is about 6 years, with some orders already scheduled for delivery in 2030-2031. In terms of price, well-maintained used equipment costs approximately $1.5 million-1.7 million per megawatt, while refurbished equipment costs about $1.3 million, lower than the $2 million-2.5 million of new equipment. Some developers are even deploying multiple small gas turbines in combination. Reuters, citing Enverus, reports that the used market can only partially alleviate the supply shortage; the existing equipment stock is limited, and grid connection and approvals remain bottlenecks for construction.

Japanese Finance Minister Satsuki Katayama: No decision has been made yet regarding whether to grant tax breaks to individual investors holding Japanese government bonds; related discussions will be handled by the Liberal Democratic Party.

The Hang Seng Index (HSI) opened 172.18 points higher, or 0.7%, at 24,621.13 on Tuesday, November 10th; the Hang Seng Tech Index opened 31.71 points higher, or 0.78%, at 4,072.44 on Tuesday, November 10th; the Hang Seng China Enterprises Index opened 38.53 points higher, or 0.47%, at 8,298.68 on Tuesday, November 10th; and the Hang Seng Red Chip Index opened 2.24 points lower, or 0.06%, at 4,015.67 on Tuesday, November 10th.

Hong Kong stocks opened higher, with the Hang Seng Index up 0.7% and the Tech Index up 0.78%. Newly listed ChipMOS Technologies (07672.HK) rose 20.5% on its first day of trading.