周五，上证综指下跌0.25%，收于3996点，而深证成分股下跌0.36%，收于13404点。在中国10月份出口意外下降1.1%，进口增长大幅放缓至1%后，内地股市结束了两天的上涨。出口下降的部分原因是高基数效应，因为公司在上个月的Xi-Trump会议之前提前发货。投资者现在正在等待周末公布的关键通胀数据，以获得有关经济势头的进一步线索。由于对人工智能估值上升的担忧再次出现，中国股市也反映了全球疲软，富士康工业（-4.6%）、中技创新（-1.4%）、浙江三花（-3.9%）、易通科技（-1.9%）和寒武纪科技（-3.2%）的跌幅显著。与此同时，当局重申，获得国家资助的新数据中心项目必须完全使用国产人工智能芯片，这突显了北京推动技术自给自足的努力。

The Shanghai Composite fell 0.25% to close at 3,996 while the Shenzhen Component lost 0.36% to 13,404 on Friday, with mainland shares snapping a two-day advance after China’s October exports unexpectedly declined 1.1% and import growth slowed sharply to 1%. The drop in exports was partly due to a high base effect as companies front-loaded shipments ahead of last month’s Xi-Trump meeting. Investors now await key inflation data due over the weekend for further clues on the economy’s momentum. Chinese equities also mirrored global weakness amid renewed concerns over elevated AI valuations, with notable losses from Foxconn Industrial (-4.6%), Zhongji Innolight (-1.4%), Zhejiang Sanhua (-3.9%), Eoptolink Technology (-1.9%), and Cambricon Technologies (-3.2%). Meanwhile, authorities reaffirmed that new data center projects receiving state funding must exclusively use domestically made AI chips, underscoring Beijing’s drive for technological self-sufficiency.