（文章来源：新华财经） 美国白宫国家经济委员会主任哈塞特预计，未来报告中的通胀将进一步下降。 ...

需要警惕的是，白宫方面宣布，下个月很可能不会发布美国通胀数据。机构分析师指出，要公布10月的 通胀数据，美国劳工统计局工作人员必须在10月期间采集价格信息——而实际上，当时他们几乎都未在 岗。经济学家指出，发布10月就业数据可能相对容易一些——毕竟企业清楚自己雇用了或解雇了哪些员 工，并有相关记录可查，但如果10月根本没有开展价格调查，那么要重新构建一份CPI报告，将会极其 困难。分析师认为，白宫的这一声明真正提醒了市场：如果缺乏关键数据，美联储12月的政策决策将变 得极为复杂。政策制定者或许对就业形势的判断仍有信心，但对通胀走向的把握则明显不足。 新华财经北京10月24日电（王姝睿）美国9月CPI年率略有上升，但低于预期。分析称，本次通胀报告 料不会影响美联储10月降息决定。 9月CPI环比上涨0.3% 同比上涨3.0% 美国劳工统计局发布的报告显示，9月各类商品与服务价格涨幅低于预期。这份在政府停摆期间获准发 布的首份官方经济数据显示，整体CPI环比上涨0.3%，同比上涨3.0%，高于8月的2.9%，但低于市场预 期。剔除食品和能源的核心CPI环比上涨0.2%，同比上涨3.0%，也低于市场预期。分析师Jo ...

Core Viewpoint - WanFeng AoWei has reported a revenue of 11.42 billion yuan for the first nine months of 2025, with a net profit of 730 million yuan, reflecting a year-on-year growth of 29.4% in net profit, indicating a positive financial performance and growth trajectory in the general aviation sector [2][9]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 11.42 billion yuan, representing a growth of 0.4% [2]. - The net profit attributable to shareholders reached 730 million yuan, showing a year-on-year increase of 29.4% [2]. - The innovative manufacturing business for general aviation aircraft generated a revenue of 2.03 billion yuan, with a growth of 2.2% compared to the previous year [2][9]. Group 2: Strategic Development - WanFeng has established a core strategy of "mergers and acquisitions + independent innovation" to penetrate the general aviation market, which was initiated in 2014 [3][4]. - The company has successfully acquired several international aviation firms, including DFC Flight School and Diamond Aircraft Industries, enhancing its manufacturing capabilities and technological expertise [3][4]. - WanFeng is constructing a low-altitude economic industrial cluster centered on low-altitude aircraft manufacturing and supporting low-altitude operation services [2][9]. Group 3: Global Expansion - The company is implementing a global strategy that includes establishing a headquarters, four manufacturing bases, and seven delivery centers, along with a dedicated aircraft research institute [9]. - WanFeng aims to leverage its global layout to ensure stable deliveries and optimize sales, focusing on high-value aircraft production and expanding into emerging markets [10][11]. - The company has initiated the opening of low-altitude flight routes, such as the "Zhejiang Xinchang - Shandong Laixi" route, to provide unique services like "low-altitude + logistics" and "low-altitude + tourism" [5][9]. Group 4: Product Development - WanFeng has developed a diverse product portfolio, including seven series of aircraft and four types of engines, with complete intellectual property rights [4]. - The company has restructured Volocopter GmbH's core assets to enhance its low-altitude transportation technology, combining traditional fixed-wing aircraft with eVTOL products [11][12]. - The future product matrix will include general fixed-wing aircraft, eVTOL, and drones, aimed at transforming human transportation into a three-dimensional space [12].

Core Insights - The Indonesian government successfully issued its first offshore RMB bond, marking a milestone for Southeast Asian sovereign institutions in issuing long-term public dim sum bonds denominated in offshore RMB [1] Summary by Categories Bond Issuance Details - The total issuance size is RMB 6 billion, consisting of RMB 3.5 billion for a 5-year term and RMB 2.5 billion for a 10-year term, with respective pricing rates of 2.5% and 2.9% [1] - The issuance attracted significant interest from international investors, with peak order book size reaching RMB 22 billion and a subscription multiple of 3.67 times [1] Involvement of Financial Institutions - Bank of China (Hong Kong) Limited acted as the settlement agent, joint lead manager, and joint bookrunner for this issuance [1] - The bonds were issued through the Hong Kong Monetary Authority's Central Moneymarkets Unit and connected to European and Luxembourg settlement systems, facilitating participation from international investors [1]

Core Points - China Bank (Hong Kong) announced its assistance to Kazakhstan's national oil and gas company in issuing offshore RMB bonds, marking a significant step in the development of the offshore RMB bond market [1] - The bond issuance has a scale of RMB 1.25 billion with a final pricing of 3.15% and a coupon rate of 2.95%, indicating strong demand from investors [1] - The peak order book reached RMB 3.78 billion, with an oversubscription ratio of 3.02 times, reflecting high investor interest [1] Company Summary - China Bank (Hong Kong) served as the joint global coordinator, joint bookrunner, and joint lead manager for the bond issuance, showcasing its role in facilitating international financing [1] - The bond represents the first issuance by Kazakhstan's national oil and gas company cleared through the central debt instrument settlement system, enhancing Hong Kong's competitiveness as a leading bond issuance center in Asia [1] Industry Summary - The successful issuance highlights the attractiveness of "dim sum bonds" as an offshore RMB financing tool, indicating a new development opportunity for the market [1] - The participation of both local and international investors in the bond issuance demonstrates the growing appeal of offshore RMB financing options [1]

Core Viewpoint - The Ministry of Agriculture and Rural Affairs emphasizes enhancing agricultural production capacity and quality, promoting various forms of agriculture, and ensuring sustainable rural development [1] Group 1: Agricultural Development Initiatives - The Ministry plans to implement a new round of actions to increase grain production capacity by 100 billion jin (approximately 50 million tons) [1] - There is a focus on developing technology-driven, green, quality, and brand agriculture to optimize agricultural structure and promote a comprehensive green transformation [1] Group 2: Poverty Alleviation and Rural Support - Continuous efforts will be made to consolidate and expand the achievements in poverty alleviation, establishing mechanisms to prevent large-scale poverty recurrence [1] - The Ministry aims to enhance support policies and strengthen assistance in key areas to boost internal development momentum [1] Group 3: Rural Development and Community Building - The Ministry encourages the application of successful experiences from the "Ten Thousand Projects" to promote livable and workable rural areas [1] - There is a strong emphasis on developing rural industries that benefit the population and improving rural living environments [1] Group 4: Policy and Reform Enhancements - The Ministry seeks to improve the effectiveness of agricultural support policies and promote urban-rural integration [1] - Further reforms in rural areas are planned to unleash development potential and ensure that farmers benefit more from modernization [1]

美国10月标普全球服务业PMI初值55.2，预期53.5，前值54.2；制造业PMI初值52.2，预期52，前值52； 综合PMI初值54.8，预期53.1，前值53.9。 （文章来源：新华财经） ...

Core Viewpoint - The macroeconomic atmosphere remains cautious, leading to continued low fluctuations in crude oil futures prices, with expectations for a reduction in retail fuel prices due to negative changes in crude oil reference rates [1] Oil Market Analysis - The reference crude oil change rate as of October 23 is -6.93%, indicating an expected reduction of 300 yuan per ton for gasoline and diesel, with the adjustment window set for October 27 at 24:00 [1] - Kuwait's statement about potentially canceling production cuts to address any oil shortages suggests that actual supply disruptions are unlikely, reducing market anxiety and indicating a risk of oil price decline [1] - With only one working day left before the price adjustment, it is highly probable that the negative fluctuation in the change rate will persist, leading to a likely downward adjustment in retail fuel prices [1]

Core Insights - Ninebot Company reported strong financial performance in Q3 2025, with revenue of 6.65 billion yuan, a year-on-year increase of 56.82%, and a net profit of 550 million yuan, up 45.86% [1] - The company achieved a total revenue of approximately 18.4 billion yuan and a net profit of about 1.79 billion yuan for the first three quarters of 2025 [1] Business Performance - The electric two-wheeler segment remains the standout performer, with sales of 1.4867 million units in Q3, generating revenue of 4.454 billion yuan, a growth of approximately 72% [1] - Cumulative shipments of Ninebot's electric two-wheelers in China surpassed 9 million units, setting a new industry growth record [2] - The flagship smart electric motorcycle M5 series launched on August 26, 2025, sold over 11,292 units within the first four hours, achieving sales exceeding 351 million yuan by October 20, 2025 [2] R&D and Innovation - R&D investment for the first three quarters of 2025 reached 872 million yuan, reflecting a year-on-year increase of 59% [4] - Ninebot has obtained 5,982 global patents and has led or participated in over 110 domestic and international technical standards [4] - The company introduced the NimbleOS, a proprietary operating system designed for two-wheeled short-distance travel, enhancing the integration of various hardware components for improved user experience [4] User Experience and Engagement - Ninebot emphasizes that its product and technology development aims to meet user needs and create a strong emotional connection with users [5] - The company has built a high-engagement platform through its app and community operations, allowing users to participate in discussions and activities [5] - The global user base of Ninebot has exceeded 32 million [6] Future Outlook - Ninebot aims to further explore the smart mobility sector by deepening technological innovation and enhancing user ecosystems, transitioning from merely meeting needs to creating new demands [7]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the listing review for the Sci-Tech Innovation Board, marking a significant step in its IPO process, as the demand for computing power continues to drive the digital economy [1][2]. Company Overview - Founded in September 2020 by former AMD China executive Chen Weiliang, Muxi is a leading domestic high-performance general-purpose GPU company, focusing on the development of full-stack GPU chips and computing platforms [2][4]. - The company has developed various product lines, including the Xisi series for intelligent computing inference, the Xiyun series for general computing, and the Xicai series for graphics rendering, addressing the high efficiency and versatility needs of computing power [2][4]. Financial Performance - Muxi's revenue is projected to grow from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52%, despite net losses exceeding 3 billion yuan over the same period [4]. - The flagship Xiyun C500 series GPU chip is expected to account for 97.28% of the company's revenue in 2024, increasing to 97.87% in the first quarter of 2025 [4]. Market Position and Trends - The global demand for AI computing power is expanding rapidly, with estimates suggesting a 750-fold increase every two years, and the Chinese cloud AI chip market is expected to exceed $48 billion by 2027, with domestic GPU replacement rates projected to exceed 80% [5][10]. - Muxi is positioned to capture approximately 1% of the Chinese AI chip market in 2024, leveraging its technological advancements and delivery capabilities [5]. Strategic Initiatives - Muxi is pursuing a development strategy centered on a "single computing power base + six key industries + X emerging fields," aiming to integrate AI technology with various sectors such as finance, healthcare, and entertainment [6]. - The company has established partnerships with leading AI firms and research institutions to enhance its product offerings and expand its market reach [8]. Industry Dynamics - The domestic GPU sector is experiencing a capital frenzy, driven by policy support and the demand for domestic alternatives, with several companies, including Muxi, actively pursuing IPOs [9][10]. - The current market environment allows for high valuations despite ongoing losses, as investors are optimistic about the potential for domestic GPU companies to capture market share from established players like NVIDIA [10].