长期以来，宾州的参议院共和党人一直反对RGGI。他们认为，该机制给作为电网和工业经济支柱的传 统发电厂带来了过重负担。据独立的电网运营商PJM和州监管机构的报告警告，参与RGGI可能会迫使 燃煤和天然气发电厂提前关闭，从而削弱电网的韧性，并增加电力容量短缺的风险。在电力需求不断攀 升的背景下，这些担忧成为促使政策转向的关键因素。 该州州长Josh Shapiro在签署预算案时表示，共和党人多年来一直以RGGI为借口，拖延关于能源生产的 实质性对话，而"今天这个借口消失了"。 因电价飙升及数据中心需求激增，美国宾夕法尼亚州正式决定退出区域性碳交易市场。 11月13日，美国宾夕法尼亚州州长Josh Shapiro已签署法案，授权该州退出"区域温室气体倡 议"（RGGI）。此举不仅削减了与该气候倡议相关的资金，也标志着该州能源政策的重大转变，正式推 翻了前州长Tom Wolf在2019年推动加入RGGI的决定。 而宾州此次退出的直接原因是该地区不断恶化的电价危机。RGGI通过其碳定价结构，对该州的能源部 门尤其是天然气和燃煤电厂构成了事实上的惩罚。发电厂需要为二氧化碳排放购买配额，这直接推高了 批发电价，最终导致企 ...

更值得关注的是，投票废除了要求公司准备"绿色转型计划"的条款，而这一直是许多企业抱怨的负担。 尽管新规保留了对违规企业的处罚措施，包括罚款或对受害者进行赔偿，但整体上显著降低了企业的合 规成本和压力。 不过，该法案的最终命运悬而未决。它必须经过与欧盟各成员国的谈判才能成为正式法律。包括法国和 德国在内的主要经济体已公开呼吁废除该法案，预示着未来的立法过程将充满博弈，也让依赖明确监管 信号的投资者面临更复杂的政策环境。 风险提示及免责条款 欧洲议会一项旨在放松企业环境、社会和治理（ESG）报告义务的投票，正被市场解读为欧盟政策天平 从绿色雄心向放松管制倾斜的强烈信号。 据英国《金融时报》报道，欧洲议会于11月13日本周四以382票赞成、249票反对的显著优势，通过了削 弱企业可持续发展报告规则的法案。此次投票的决定性力量，来自于中右翼的欧洲人民党（EPP）与极 右翼的"欧洲爱国者"和右翼的"欧洲保守派和改革主义者"党团的联合。 这一举动被视为对美国总统特朗普所倡导的放松环境法规呼声的响应。EPP领袖Manfred Weber表示，此 举兑现了其"减少繁文缛节"的承诺。然而，对于关注可持续投资的机构和市场参与者而 ...

伯克希尔-哈撒韦第三季度出售了120亿美元股票，延续了多年来的净卖出趋势。苹果和美国银行成为最 主要的减持对象，同时该公司也购入64亿美元股票，多数新增持仓集中在商业和工业类别。 伯克希尔第三季度最新10-Q报告显示出售股票124亿美元、购入股票64亿美元，实现资本利得约100亿 美元。据媒体周五估算，截至6月30日持有2.8亿股苹果股票的伯克希尔，在三季度可能减持约3500万 股；而美国银行的持仓则从6月底的略高于6亿股中减持了5000万至1亿股。这一估算基于伯克希尔第三 季度10-Q报告中披露的相关财务数据。 伯克希尔预计将在周五晚间发布季度13-F报告，详细披露截至9月30日的美国上市证券持仓情况。周五 是13-F文件提交的最后期限，而伯克希尔通常会等到最后一天才提交。 多年净卖出趋势持续 另一关键线索来自伯克希尔"消费品"类别股票成本基础在三季度减少约12亿美元。苹果很可能被归入这 一类别——伯克希尔将其约3000亿美元股票持仓分为三大类：消费品、金融、商业工业及其他。 根据几年前的披露，伯克希尔持有苹果股票的成本基础约为每股35美元，出售约3500万股正好与12亿美 元的成本基础减少相吻合。 新增持 ...

Core Viewpoint - The optimism following the end of the U.S. government shutdown quickly dissipated, leading to widespread selling of high-valuation tech stocks and risk assets due to concerns over delayed economic data and uncertainty regarding the Federal Reserve's interest rate cuts [1][2]. Group 1: Market Reactions - Investors accelerated the sell-off of momentum stocks that had seen significant gains this year, shifting towards safer assets, resulting in a notable decline in risk asset prices and the largest single-day drop in U.S. stocks in a month [2]. - The Nasdaq Composite Index, heavily weighted with tech stocks, fell by 2.29%, with major tech companies like Tesla and Nvidia dropping 6.64% and 3.58% respectively [2]. - The cryptocurrency market also felt the impact, with Bitcoin falling below $100,000 and Ethereum dropping over 10% at one point [2]. Group 2: Federal Reserve's Influence - The immediate catalyst for the sell-off was cautious remarks from several Federal Reserve officials, indicating that interest rate cuts should be approached with caution, leading to a sharp decline in the probability of a rate cut by December from over 70% to around 50% [2][9]. - Statements from Federal Reserve officials reinforced market caution, with comments highlighting the need for a careful approach to further rate cuts due to inflation remaining above the 2% target [11]. Group 3: Sector Rotation - Momentum stocks and AI-related stocks were particularly hard hit, with a basket of high-momentum stocks tracked by Bank of America dropping 4.7%, marking the worst single-day performance since April [3]. - Funds are increasingly flowing into defensive sectors such as healthcare and consumer staples, with the healthcare sector seeing significant inflows as hedge funds seek to hedge against the risks associated with AI stock weakness [6][7]. - The Ark Innovation ETF and VanEck Social Sentiment ETF both fell over 5%, indicating a broad-based market sell-off [5]. Group 4: Upcoming Economic Data - Following the end of the government shutdown, the market is bracing for a "data deluge" as delayed economic data is expected to be released, which could lead to significant market volatility [14]. - Key economic reports, particularly October's employment data, are crucial for the Federal Reserve's assessment of the labor market and inflation trends, directly impacting future interest rate decisions [14].

以吸引年轻投资者闻名的券商Robinhood正将目光投向一项非传统银行业务：现金上门。 为解决潜在的安全担忧，Robinhood与Gopuff设计了多重保障措施。 Gopuff联合首席执行官Yakir Gola表示，客户取件时必须提供一个验证码，并直接从配送员手中接过现 金，而非将包裹放置在门口。 Robinhood押注其千禧一代和Z世代客户会像订购披萨一样，欣然接受付费的现金配送服务。这项服务 未来几个月内将扩展至旧金山、费城和华盛顿特区等主要城市。 根据服务条款，用户需为每次配送支付6.99美元的费用，若其Robinhood账户总资产超过10万美元，则 费用可降至2.99美元。 这项新服务是Robinhood首席执行官Vlad Tenev在今年三月所预告的系列计划的一部分，其目标不仅是 提供便捷，更是效仿高端财富管理机构为富裕客户提供的专属礼遇，以新颖方式留住并吸引其核心用户 群。 服务细节与安全考量 要使用这项现金配送服务，客户必须满足特定条件。 他们需要成为Robinhood Gold的订阅会员（月费5美元），并且每月向其Robinhood银行账户设置至少 1000美元的入金存款。在运营初期，服务时间 ...

Core Viewpoint - Kioxia's significant decline in adjusted net profit has triggered a chain reaction affecting the U.S. storage sector, raising concerns about the overall health of the storage industry [1][3]. Group 1: Kioxia's Performance - Kioxia reported a net profit of 41.7 billion yen (approximately $284 million), a drastic drop of over 60% year-on-year [3]. - The company is facing dual pressures from declining revenues and rising costs, leading to market concerns about the storage industry's outlook [3][6]. Group 2: Impact on U.S. Peers - Following Kioxia's announcement, shares of U.S. counterparts Seagate, Western Digital, and Micron experienced significant declines, with Seagate down 7.31%, Western Digital down 5.29%, and Micron down 3.25% [3]. - Despite these declines, the year-to-date performance of these stocks has been strong, with Western Digital's stock up 269%, leading the S&P 500 index [3]. Group 3: Market Sentiment and Future Outlook - Market sentiment suggests that Kioxia's poor performance may be an isolated incident due to its fixed-price supply agreement with Apple, which prevented it from benefiting from rising spot prices [6][8]. - The data and memory hardware industry is expected to see strong growth driven by AI and cloud computing investments, with significant demand anticipated through 2025 [7]. - Investors are tasked with determining whether Kioxia's results indicate a broader industry issue or if it is merely a unique case [7].

围绕人工智能、量子计算和新能源等投机性主题的炒作热潮正迅速降温。 自10月中旬以来，包括核能公司Oklo、量子计算公司IonQ和D-Wave Quantum、AI基础设施供应商 CoreWeave以及能源技术公司Bloom Energy在内的投机性股票，市值整体下跌了约33%。 市场转向的背后，是第三季度财报季的开启。当企业界开始公布实实在在的业绩时，投资者开始重新审 视那些与盈利能力关系不大甚至毫无关系的公司的高昂估值。 据FactSet的数据，高达82%的标普500指数成分股公司实现了超预期的盈利，这促使资金流向了基本面 稳健的价值型股票。 更重要的是，即便如甲骨文这样的科技巨头，也因其对"烧钱"客户的敞口而面临市场对其债务偿还能力 的质疑，这一信号终结了市场对处于AI生态边缘的小公司"一切都会完美"的定价幻想。 投机狂潮的急刹车 Oklo、D-Wave Quantum、CoreWeave、IonQ、Nebius、Cipher Mining、IREN、Rigetti Computing、 Tempus AI、POET Technologies、Bloom Energy、Plug Power和SoundHo ...

Core Insights - Tesla's AI software VP Ashok Elluswamy warned employees that 2026 will be the "toughest year" of their careers, urging them to prepare for unprecedented work intensity to meet company goals [1] - The meeting was described as a "call to action," where AI department leaders communicated specific objectives related to the ambitious timelines set for the Optimus robot and Robotaxi services [1][2] - The success of these projects is directly tied to CEO Elon Musk's recently approved compensation plan, which includes aggressive milestones that could make him the world's first trillionaire [1][2] Aggressive Expansion Timeline - Tesla plans to operate Robotaxi services in 8 to 10 major metropolitan areas by the end of 2025, with over 1,000 autonomous taxis deployed by year-end [2] - Production of the Optimus robot is expected to begin by the end of 2026, with Musk acknowledging that ramping up to an annual production of 1 million units will take time due to the complexity of the components involved [2] - The approved compensation plan for Musk includes key performance indicators such as deploying 1 million Robotaxis and producing 1 million humanoid robots [2] High-Pressure Work Culture - The Autopilot team has been a top priority for Tesla, known for its long working hours and close-knit structure, often working in isolation from other engineers [3] - The team has maintained a tradition of weekly meetings with Musk, which have continued under Elluswamy's leadership after the departure of the previous Optimus VP [3] - Musk humorously mentioned needing more Tesla shares to ensure he maintains a strong influence over the company while developing a "robot army" [3]

Core Viewpoint - European financial stability officials are discussing the integration of non-U.S. central bank dollar reserves to reduce dependence on the U.S. financial system, particularly under the Trump administration [2][10]. Group 1: Discussion of Dollar Reserve Integration - European officials are considering a plan to consolidate dollar reserves held by central banks outside the U.S. to create an alternative to the Federal Reserve's funding support mechanisms [2]. - Concerns have been raised that these mechanisms could be weaponized by the Trump administration, with fears peaking in April when tariff threats shook the global financial system [2][9]. - Discussions are ongoing at a working level among central banks in and outside the Eurozone, although practical challenges to integrating dollar reserves exist [3][4]. Group 2: Challenges and Limitations - Despite holding thousands of billions in cash, non-U.S. central banks cannot match the Federal Reserve's capacity as the issuer of the world's reserve currency [4]. - Any attempt to pool reserves will face logistical and political challenges, with indications that even a hint of the Fed interrupting swap lines could create significant pressure on the global financial system [5]. - The proposed dollar reserve pool may only address localized liquidity issues and is unlikely to provide decisive support during widespread market turmoil [4]. Group 3: Alternative Measures and Precedents - European officials are looking at other measures to enhance financial resilience, including strengthening scrutiny of lending institutions and requiring them to develop plans for obtaining dollars from markets in Asia and the Middle East [7]. - The experience of other regions, such as the ASEAN and China, which established the Chiang Mai Initiative for multilateral currency swap arrangements, is being considered as a potential model [6]. Group 4: Ongoing Concerns and Future Outlook - The issue of building resilience without relying on the U.S. is consistently raised in central bank meetings, indicating a persistent concern among European officials [8]. - The potential loss of access to the Fed's swap lines is not seen as the primary concern, but discussions about finding alternatives continue among the European Central Bank and various national central banks [9][10]. - European officials are particularly worried about the implications of Jerome Powell's term ending in May 2024 and the potential selection of a new Fed chair by Trump, which could affect future financial stability [10].

特斯拉针对苹果车载互联解决方案Apple CarPlay系统开发支持，已经启动初步测试。预计未来数月有望 推出。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...