首先我对化工基本没有理解，所以这个标题是明天早上十点的电话会议题目。所以我也不会是分享的嘉宾，这一次我是主持人。 在做了很多次嘉宾之后，攻守之势异也。 这一方面是大家的呼声，有无数次朋友都希望我可以聊聊其他的品种，但我觉得知之为知之，不知为不知，确实不懂就没法聊， 但可以找朋友聊。另一方面是完成对领导的承诺，我曾经夸下海口，我觉得紫金天风期货和其他很多国内期货公司，在一些品种 上的研究水平，远高于我在海外看到的投行竞品，高董，王总，贾所都是非常优秀和专业的领导，我相信有一天他们会成为全球 领先的金融企业，我也非常愿意为这个过程尽自己的力量。这并非乱夸他们，而是在过去的工作和交流中我的真实感受。而这一 次会议的两位嘉宾，肖总和郝总，可以说是我作为一个化工白痴，在化工领域最相信的几位专业人士之二了。我相信他们的专 业，也相信他们的为人。 基于合规的原因，我并没有期货从业资格，所以就不在公众号直接放出会议的信息。大家可以点击上面那个链接报名或者查看会 议的信息，当然也可以联系紫金天风期货的销售同事报名。 如果说在铜和黄金上，我经常从宏观，产业和资金流向几个角度讨论它的故事，在化工上我就是个残疾人，我只能从宏观上先简 ...

Core Insights - Tesla's recent shareholder meeting resulted in a significant CEO compensation plan and an ambitious vision for AI, robotics, and autonomous driving, drawing investor attention to its potential for future growth [1][3] Group 1: CEO Compensation Plan - The 2025 CEO incentive plan received over 75% approval at the annual shareholder meeting, allowing for stock grants up to 12% of the current total shares, potentially worth around $1 trillion [1][3] - The plan's milestones include increasing the company's market cap from $2 trillion to $8.5 trillion and achieving operational goals such as delivering 1 million robots and operating 1 million Robotaxis [1][2] Group 2: Market Expectations - Investors are viewing the new compensation plan through the lens of the 2018 incentive plan, which saw Tesla's stock rise approximately 1350% since its announcement, compared to a 130% increase in the S&P 500 during the same period [1][3] - Goldman Sachs maintains a neutral rating on Tesla, citing more cautious profit expectations for its autonomous driving and robotics businesses, while setting a 12-month price target of $400, indicating a potential downside of 10.3% from the current stock price [3] Group 3: Product Roadmap and Milestones - Tesla's product roadmap includes plans for the Optimus humanoid robot, with production of version V3 expected to start in 2026, and aims for a production capacity of 100 million robots annually [4] - The company anticipates advancements in Full Self-Driving (FSD) technology, with features allowing users to text while driving expected in the next 1-2 months [4] - Key operational milestones include the removal of safety observers from Robotaxi services by year-end and a target to increase annual vehicle production capacity by 50% by the end of next year [4] Group 4: Semiconductor Strategy - Tesla plans to collaborate with Samsung and TSMC to produce its AI5 chips and aims to start production of AI6 chips within a year of AI5's launch, exploring the possibility of building its own wafer fabrication plant to meet future chip demands [4]

赵颖，华尔街见闻 一场始于10月的加密货币抛售潮，正在吞噬华尔街今年最火热的投资策略。通过借债或募资买入比特 币、以太坊等加密货币的"数字币财库公司"，曾被投资者视为给加密货币加杠杆的绝佳工具，如今股价 跌幅已远超其持有的代币本身。 这一模式由Michael Saylor在2020年开创，将一家名为MicroStrategy的小型软件公司转型为比特币巨鲸。 该公司市值在去年7月曾触及约1280亿美元峰值，如今已缩水至约700亿美元。过去一个月， MicroStrategy股价下跌25%，比特币同期跌幅为15%。 这轮暴跌波及包括知名风投家Peter Thiel在内的多位重量级投资者。Thiel支持的以太坊财库公司BitMine Immersion Technologies过去一个月下跌超30%，另一家由他投资、从生物科技公司转型而来的ETHZilla 同期下跌23%。 加密货币总市值已从10月6日触及的近4.4万亿美元历史高点暴跌约20%，几乎抹去今年前十个月的全部 涨幅，年初至今涨幅仅剩2.5%，较10月6日创下的12万美元纪录高点下跌约18%。 杠杆效应放大下行风险 "数字资产财库公司本质上是加了杠杆的加 ...

Core Points - The Japanese government is preparing to emphasize the central bank's focus on achieving strong economic growth and price stability in its economic stimulus plan, highlighting Prime Minister Sanna Takashi's intention to maintain low interest rates to support the fragile economic recovery [1] - The draft framework of the stimulus plan indicates a focus on alleviating the impact of rising living costs on households, investing in crisis management and growth areas, and enhancing defense capabilities [1] - The draft emphasizes the importance of monetary policy aimed at achieving strong economic growth and price stability, with a commitment to closely coordinate with the Bank of Japan to avoid a return to deflation and ensure sustained economic growth based on price stability [1] - The Nikkei reported that the stimulus plan will include tax reduction measures aimed at stimulating investment in 17 key industries [1] Summary of the Stimulus Plan - The stimulus plan is expected to be finalized on November 21, marking the first significant economic initiative since Prime Minister Takashi took office last month [2] - The finalization of the stimulus plan will signify the formal establishment of the Takashi government's policy direction, providing important insights into Japan's economic policy trajectory [2]

Core Insights - The capital market is shifting its focus from artificial intelligence to quantum computing, which is seen as a field with greater potential for innovation [1] - Quantum computing companies like Rigetti Computing Inc. and D-Wave Quantum Inc. have experienced stock price surges exceeding 1900% over the past year, outperforming many popular AI stocks [1] - Despite their impressive stock performance, these companies currently lack practical applications and are not expected to generate significant revenue in the coming years, leading to high cash burn rates [1] Market Sentiment - There is a polarized view in the market regarding quantum computing; bulls believe it can address major issues like disease treatment and climate change, while bears warn of a speculative bubble lacking fundamental support [1] - Concerns about high valuations are substantiated, with Rigetti's valuation exceeding 500 times its forward sales, compared to 72 times for AI company Palantir and less than 6 times for the Nasdaq 100 index [4] - Despite high valuations, Wall Street analysts remain optimistic, with all ten analysts covering D-Wave recommending a buy, although some analysts face backlash for their bullish outlook on Rigetti [4] Stock Performance - Rigetti's stock has seen a decline of approximately 28% over the past month, while D-Wave's stock has dropped around 16% in the same period [4] - As of November 7, Rigetti's market capitalization stands at $10.947 billion, with a closing price of $33.77, down 28.32% over the past month [5] - D-Wave's market capitalization is approximately $10.09 billion, with a closing price of $29.50, reflecting a decrease of 15.88% over the past month [7]

A股高开低走，创业板超跌1%，锂电池、氟化工、存储器、卫星导航、磷化工、光伏概念股走强，冰雪旅游、核聚变、减速器、创新药题材走 弱。 港股恒生科技指数涨幅收窄至0.07%，恒生指数涨幅收窄至0.3%。锂电池、光伏概念走强，创新药、新能源车、机器人题材走弱。 债市全线下跌，30年期国债期货下跌0.1%。 商品多数低开，焦煤跌2.11%。 9：44 创业板指跌超1% | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3995.75 | -1.81 | -0.05% | | 399001 | 深证成指 | 13391.42 | -12.63 | -0.09% | | 899050 | 北证50 | 1523.04 | 0.31 | 0.02% | | 881001 | 万得全A | 6390.44 | 3.89 | 0.06% | | 000688 | 科创50 | 1411.88 | -3.81 | -0.27% | | 399006 | 创业板指 | 3185.15 | -23.05 | -0.72% | ...

周一，日本央行最新公布的政策会议纪要显示，该行可能最早于12月实施下一次加息，与市场主流预期 一致。这份会议纪要表明，央行九名委员越来越倾向于认为加息时机正在临近。 一名委员在会议中明确表示，"进一步推进政策利率正常化的条件几乎已经满足"，同时强调需要审视基 础通胀情况。该委员会在10月30日结束的两天会议上以7比2的投票结果维持利率不变。 纪要内容与央行行长植田和男近期释放的信号一致。植田和男此前暗示加息可能在未来数月内到来。目 前几乎所有日本央行观察人士都预期1月前将上调借贷成本，市场焦点已转向加息究竟会在12月19日还 是次月实施。 日元在纪要发布后交易于1美元兑153.80日元附近，上周日元触及154.48的八个月新低。 据媒体上月调查，约半数日本央行观察人士预期该行将在下月加息，而约98%的受访者预测加息最迟将 在1月实施。 汇率成为关键触发因素 据华尔街见闻文章，德银此前表示，未来日元的汇率波动成为预判加息时点的关键指标。德意志银行10 月30日发布研报指出，日本央行此次会议传递出关键的政策转向信号——未来将更加强调实际通胀而非 仅关注潜在通胀。 德银分析认为，如果日元持续贬值推高实际通胀，央行可 ...

Core Insights - The company is accelerating its capital operations globally, with a focus on transforming its technological value into operational capital [1][3] - The recent financing activities, including a nearly 38 billion RMB A-share private placement and an upcoming H-share IPO, reflect the company's commitment to achieving its long-term goals [1][8] - The H-share IPO is a crucial step in the company's strategy to become a multinational corporation (MNC) within five years, as stated by the founder [1][18] Financing Activities - The A-share private placement raised approximately 38 billion RMB, aimed at strengthening domestic innovative drug research and development [1][8] - The H-share IPO will offer 8.6343 million shares at a price range of 347.5 to 389 HKD per share, with expected net proceeds between 3.001 to 3.359 billion HKD [4] - The involvement of prestigious underwriters such as Goldman Sachs and JPMorgan Chase indicates strong market confidence [5] Strategic Partnerships - Bristol-Myers Squibb (BMS) is a key cornerstone investor in the IPO, having previously engaged in an 84 billion USD collaboration with the company [6][9] - BMS's investment signals strong confidence in the company's technology platform and its potential to produce successful products like Iza-bren [7][12] Product Development - Iza-bren is a first-in-class dual-specific antibody ADC that has shown promising clinical results, including a 100% objective response rate in lung cancer treatment [10][11] - The company is also advancing T-Bren, a new HER2 ADC, which has received breakthrough therapy designation and shows strong efficacy in clinical trials [14][15] Technological Framework - The company operates a unique "dual-engine" research and development model, with operations in both the U.S. and China, allowing for efficient innovation and development [16] - The technology matrix includes three tiers: the ADC platform, the multi-antibody platform, and the nuclear drug platform, ensuring a robust pipeline for future growth [16][17] Vision and Leadership - The founder, Dr. Zhu Yi, has a clear vision to establish the company as an MNC within five years, demonstrating strong leadership and execution capabilities [18]

据媒体报道，Thune周日表示，参议院正朝着达成协议的方向努力，并计划最早在周日进行一次测试性 投票，以结束已持续40天的政府关门。他警告称谈判仍可能遭遇障碍，但明确表示"将会有东西可以投 票"。 最新媒体报道称，一群参议院民主党中间派人士倾向于支持该项支出方案，这可能为法案在参议院获得 通过所需的60票扫清道路。特朗普也在社交媒体上表示： "看来我们离结束政府停摆已经非常接近 了。" 一场创纪录的美国政府关门僵局正显现出瓦解迹象，关键在于参议院共和党人提出了一项创新的医疗保 健补贴方案，最早或于当地时间周日进行投票，有望打破僵局让美国联邦政府恢复运作。 据央视新闻，当地时间11月9日，美国参议院多数党领袖John Thune当天表示，一项关于结束政府"停 摆"的潜在协议"正在逐步达成"。但Thune同时表示，该协议并不能保证达成，参议院的议员们需要时间 阅读提案，且可能需要数小时才能采取具体行动。 此次僵局的核心在于一项即将到期的《平价医疗法案》（ACA）加强版补贴。该僵局得以打破的关键 进展是，共和党提出将部分医疗资金直接发放给家庭，而非支付给保险公司。这一方案旨在绕开两党在 如何延长每年约300亿美元补 ...

一场由美国投资者主导的资本迁徙正在日本上演。高盛集团最新观察显示，美国资金正加速流入日本股 市，其速度已达到自"安倍经济学"时期以来的顶峰。 美国资金流入的增长速度是我们自安倍经济学以来所见过的最快速度。 高盛日本首席股票策略师Bruce Kirk在11月6日接受彭博采访时表示，美国投资者在日本股市的活跃参与 度已升至2022年10月以来的最高水平。 这股资金流入的背后，是日股以美元计价的惊人回报。得益于日元升值2.5%以及首相高市早苗刺激政 策带来的乐观情绪，日经225指数今年以美元计算的涨幅已达约30%，远超标普500指数14%的涨幅。根 据日本交易所集团的数据，仅在10月最后两周，外国投资者就净买入了3840亿日元（约合25亿美元）的 日本股票及期货。 高盛策略师认为，这可能标志着日股的一个转折点，市场驱动力或从价值股转向成长股。而美国投资者 的投资偏好可能成为改变日股市场风格的关键变量。 这一观点也与Bruce Kirk提到的"日经指数已进入超买区域，市场出现盘整并不意外"的看法形成了某种 呼应。 风险提示及免责条款 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 ...