Core Viewpoint - The unexpected increase of 119,000 non-farm jobs in September significantly exceeded market expectations, raising the likelihood that the Federal Reserve will not lower interest rates next month [1] Economic Impact - Kevin Hassett, Director of the National Economic Council, indicated that the government shutdown is expected to negatively impact Q4 GDP by 1.5 percentage points [1] - The strong employment report for September is not sufficient to offset other negative factors affecting the economy [1] Inflation and Interest Rates - The Consumer Price Index (CPI) for September showed better-than-expected inflation, which is currently above the Federal Reserve's 2% target [3] - There are concerns that lowering interest rates to support the labor market could prolong the high inflation cycle and increase risk appetite in financial markets [3] Employment Trends - The employment growth in September followed a downward revision of August's job gains from an increase of 22,000 to a decrease of 4,000 [1] - The recent trend shows fluctuations in job growth, with negative job additions in June, followed by increases in July and September [1] - Most job growth has been in the healthcare and education sectors, but the construction industry is also seeing an increase in jobs due to new factory openings driven by tax incentives [1][4] Unemployment Rate - Despite the significant job growth, the unemployment rate rose by 0.1 percentage points to 4.4%, attributed to an increase in labor force participation as more individuals begin to seek employment [1][4]

智通财经11月21日讯（编辑 潇湘）美国股市周四创下四月以来最剧烈的盘中反转，尽管盘初随英伟达 炸裂财报高开，但基准的标普500指数此后却一路跌至了两个多月来的最低点——与此同时，困惑的华 尔街交易员们正抓耳挠腮地琢磨，究竟是什么引发了这波巨震行情？ 据FactSet数据显示，纳斯达克综合指数周四的交易区间为4月份特朗普宣布"解放日"关税政策震动市场 以来最大震幅。标普500指数开盘一小时内曾上涨1.9%，但随后全数回吐涨幅，最终收跌1.6%，同样创 下自4月市场动荡以来最大反转，市值蒸发超过2万亿美元。 衡量美股预期波动性的"恐慌指数"VIX则收于26以上，创四月以来新高。 目前，标普500指数已较10月历史高点下跌了逾5%，并自2月以来首次跌破100日移动均线。该基准指数 周四收于了9月11日以来的最低点。 周四股市抛售潮在风险最高的板块尤为明显：做空最严重的股票指数下跌3.5%，高盛集团追踪的一项 未盈利科技企业的指数下跌3.7%；罗素微型股指数下跌1.9%——这使其从历史高点的跌幅扩大至了 10%。 在收盘后，华尔街对当天市场经历的疯狂行情成因，显然众说纷纭。 部分交易员指出，市场再度担忧人工智能项目 ...

Core Insights - Faraday Future (FF) announced that its subsidiary AIxCrypto Holdings Inc. has completed the renaming process and will trade under the new stock code "AIXC" on NASDAQ, marking the second publicly listed company controlled by Jia Yueting [1] - AIxC aims to integrate blockchain technology with AI, focusing on creating a business ecosystem that connects Web2 and Web3, with three main areas of focus: Web3 AI trading terminals, Real World Assets (RWA), and AI management of crypto assets [1] - The RWA business will initiate with a tokenization project for FFAI stock, planning to purchase $5 million worth of FFAI stock through an independent third party [1] Business Strategy - FF defines this capital operation as the establishment of a "dual-flywheel, dual-listing" system, with AIxC serving as an independent growth engine expected to empower the parent company FF in five dimensions: financing, assets, and technology [2] - The company aims to explore lower-cost and more efficient financing paths through stock tokenization, alleviating financial pressure on its vehicle manufacturing business [2] Technological Developments - FF has recently submitted a patent for a blockchain-based vehicle sharing and time-sharing leasing system, which aims to automate credit verification and settlement for idle vehicle revenue distribution [2] - The company is on track to achieve the first vehicle rollout of the FX Super One by the end of the year and plans to commence the first vehicle delivery in the Middle East on November 27 [2]

如果2026年是库克担任苹果CEO的最后一年，他将华丽退场。《金融时报》此前报道称，苹果正在加紧 推进接班人计划。这似乎愈发表明，这家卓越的消费科技巨头很快将迎来新的掌舵人。 以下是文章全文： 凤凰网科技讯 北京时间11月21日，苹果公司CEO蒂姆·库克(Tim Cook)或在明年卸任。《金融时报》编 辑理查德·沃特斯(Richard Waters)发表观点文章称，苹果新任CEO不能安于现状，应该更具冒险精神， 大胆押注AI等新的技术潮流。 过去一个月，iPhone 17的强劲需求一度将苹果的市值推高至4万亿美元以上。加上库克上任之初推动的 大规模股票回购这一强劲助力，苹果股价自2011年他接任以来已上涨20倍。 但是，在AI革命中采取被动跟随姿态显然存在风险。若大语言模型成为创新核心，而苹果仅充当"收租 人"，将定义下一代数字体验的主导权拱手相让，必将使其陷入尴尬境地。 更关键的是，倘若大语言模型演变为实质性的新操作系统，它们将具有战略性重要性。OpenAI近期展 示的ChatGPT内直接调用应用功能，正是对iPhone应用商店模式的直接挑战。 然而，在AI正引发数十年来科技界最深刻变革的当下，库克的离任也 ...

Core Insights - Blue Origin, founded by Jeff Bezos, announced plans to develop a larger and more powerful variant of the "New Glenn" rocket, named "New Glenn 9x4," which will feature nine engines in the first stage and four in the second stage, increasing the engine count by two for each stage compared to the current design [1][2] - The announcement follows the successful second launch of the "New Glenn" rocket, which included the first delivery of a Mars satellite for NASA and the successful recovery of the first stage [1] - Blue Origin's roadmap indicates that the new heavy-lift rocket will provide more launch options for customers, including large constellation deployments, lunar and deep space exploration, and national security projects [1] Company Developments - The CEO of Blue Origin, Dave Limp, shared a digital rendering of the new "New Glenn" rocket, which is taller than the Saturn V rocket used in the Apollo program, indicating a significant increase in size and payload capacity [2] - The company has not disclosed a specific timeline for the first flight of the new rocket variant but emphasized that the design is an iteration from the existing 7x2 model, allowing for quicker construction [1]

Market Overview - On November 21, US stock markets experienced significant volatility, with the Nasdaq initially rising over 2% due to Nvidia's strong earnings report, but ultimately closing down over 2% as valuation concerns resurfaced and interest rate cut expectations were further dampened [1][3] - The Dow Jones Industrial Average fell 0.84% to 45,752.26 points, the S&P 500 dropped 1.56% to 6,538.76 points, and the Nasdaq Composite decreased 2.15% to 22,078.05 points [3] Nvidia Performance - Nvidia's stock rose by 5% during the day but closed down 3%. CEO Jensen Huang emphasized strong demand for the Blackwell chip and denied the existence of an AI bubble, yet market concerns prevailed [3] - Analyst Jeff Kilburg from KKM Financial noted that Nvidia's momentum is being overshadowed by declining expectations for a December interest rate cut, which was previously anticipated [3] Employment Data Impact - The US non-farm payrolls report for September showed an increase of 119,000 jobs, significantly above the market estimate of 52,000, with an unemployment rate of 4.4%, slightly above the expected 4.3% [3] - This strong employment data has contributed to lowering expectations for interest rate cuts, with the probability of a December cut now below 40% [3] Retail Sector Highlights - Walmart was one of the few stocks to perform well, with its shares rising over 6% after reporting better-than-expected third-quarter sales and revenue, partly due to growth in its e-commerce business [3][4] Technology Sector Performance - Major tech stocks experienced declines, with Nvidia down 2.97%, Microsoft down 1.60%, Apple down 0.86%, Google down 1.15%, Amazon down 2.49%, Meta down 0.19%, Tesla down 2.21%, Broadcom down 2.14%, and Oracle down 6.58% [5] - Chinese stocks also fell, with the Nasdaq Golden Dragon China Index down 3.26%, Alibaba down 3.53%, JD.com down 1.68%, Pinduoduo down 4.31%, NIO down 6.09%, Xpeng down 5.10%, Li Auto down 2.32%, Bilibili down 4.54%, Baidu down 4.36%, NetEase up 0.40%, Tencent Music down 5.61%, and Pony.ai down 4.86% [5] Company News - Google launched a new image generation and editing model called NANO BANANA PRO, which is designed to produce clearer images and support more precise and readable text in multiple languages [5] - SoftBank plans to invest up to $3 billion to retrofit an electric vehicle factory in Lordstown, Ohio, to produce equipment for OpenAI's upcoming data center, making SoftBank one of OpenAI's largest investors [6] - Waymo, a subsidiary of Alphabet, announced the expansion of its autonomous ride-hailing service to Minneapolis, Tampa, and New Orleans [7] - Verizon announced it will lay off over 13,000 employees as part of a plan to streamline operations and reduce external labor costs, indicating that every department will undergo some level of change [8]

Core Insights - Huawei's HarmonyOS cockpit has reached 1.34 million users, achieving the highest brand recognition and an average NPS of 93.6% [1] Group 1: Product Development - The HarmonyOS cockpit has entered the L3 era, enhancing capabilities in perception, understanding, connectivity, memory, decision-making, and execution [1] - The intelligent cockpit is categorized into levels: L1 (Instruction Assistant), L2 (Task Assistant), L3 (Professional Assistant), L4 (Exclusive Butler), and L5 (Digital Superman) [1] Group 2: Technical Features - HarmonySpace 5, based on the new MoLA architecture, includes over 30 new features such as a 3D smart control desktop and intercom capabilities for inside and outside the vehicle [1]

Core Viewpoint - Xiaopeng Motors has officially launched its first range-extended model, the Xiaopeng X9 Super Range Extender, which offers a maximum range of 1602 kilometers and features advanced technology and safety standards [1][2]. Group 1: Product Specifications - The Xiaopeng X9 Super Range Extender is available in two configurations: Max and Ultra, priced at 309,800 yuan and 329,800 yuan respectively [1]. - It is equipped with a 63.3 kWh lithium iron phosphate battery and a 60-liter fuel tank, achieving a comprehensive range of 1602 km (CLTC) and a pure electric range of 452 km [1]. - The vehicle supports a 5C charging capability, allowing for 70% state of charge (SOC) in just 11.7 minutes [1]. - The energy consumption is rated at 16.5 kWh/100 km (CLTC) and 2.53 L/100 km (WLTP) for combined fuel and electricity [1]. Group 2: Safety Features - The Xiaopeng X9 Super Range Extender meets multiple safety standards, including the 2026 E-NCAP five-star rating and the 2024 C-NCAP five-star rating [2]. - It features a front energy-absorbing box and a lithium iron phosphate battery pack that complies with the new national battery standards, ensuring safety against thermal runaway [2]. - The vehicle is equipped with nine airbags, including a new remote airbag for the driver and passenger, and a zero-gravity seat airbag to prevent forward sliding during collisions [2]. Group 3: Comfort and Technology - The Xiaopeng X9 Super Range Extender includes advanced noise cancellation technology and double-layer soundproof glass for enhanced comfort [3]. - The third-row seats can be fully folded down, allowing for flexible cargo space, accommodating up to seven 24-inch suitcases [3]. - The Max version features a Turing chip with a computing power of 750 TOPS, while the Ultra version has three Turing chips with a total computing power of 2250 TOPS [3]. - The vehicle will also incorporate the second-generation VLA model for improved inference efficiency and response speed, with updates planned for early 2026 [3].

Core Insights - The MINI × Paul Smith designer model made its debut in China, featuring exclusive designs by British designer Paul Smith on the 2024 electric MINI COOPER platform [1] - The vehicle offers three exterior color options: Midnight Black, Dawn Grey, and the showcased Parchment White, with a roof color named "Nottingham Green" paying homage to Paul Smith's hometown [1] - The design includes signature elements such as colorful stripes, designer signatures, and unique projections when opening the doors, emphasizing personalization [1] Company Strategy - MINI brand emphasizes personalized design as a core element, aiming to convey ongoing attention to individual expression through this collaborative model [2] - The design philosophy of Paul Smith aligns with MINI's "miniature simplicity," aiming to blend modern design with classic genes while incorporating humor to highlight brand characteristics [2]

凤凰网科技讯 （作者/杨睿琪）11月20日，在华为乾崑生态大会上，华为智能汽车解决方案BU CEO靳 玉志宣布，乾崑智驾ADS Pro系统实现"越级领先"，将正式支持城区领航辅助NCA功能，预计2026年第 一季度通过OTA方式向用户推送升级。届时，该功能将覆盖超过20款新车型，涵盖轿车、SUV及越野等 多种车型类别。 ADS Ultra旗舰版则具备高速L3级自动驾驶能力，专为高端旗舰车型打造。 随着城区NCA的加入，华为ADS Pro进一步增强其在智能驾驶领域的技术竞争力，推动城市道路辅助驾 驶进入规模化落地阶段。 华为于今年4月正式推出乾崑ADS 4辅助驾驶系统，共推出四个版本： 靳玉志同时表示，华为乾崑正在北上广深、合肥、武汉、重庆等7个城市进行高速L3的路测工作，为高 速L3的正式商用做最后准备。 ADS SE基础版具备基础主动安全、泊车辅助、高速NCA及城区LCC+功能，面向经济型车型； ADS Pro增强版搭载舱内激光视觉传感器，进一步提升主动安全与城区LCC+能力，适用于标准型车 型； ADS Max超阶版配备高性能激光雷达与可选毫米波雷达，支持全维主动安全、城区NCA及车位到车位 智驾等高阶功 ...