Core Points - The Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 3.50%-3.75%, aligning with market expectations for a "hawkish cut" [1] - This marks the third consecutive rate cut by the Federal Reserve, totaling a cumulative reduction of 75 basis points for the year [2] - The decision was passed with a vote of 9 in favor and 3 against, indicating a split within the committee, with notable dissent from the Kansas City and Chicago Fed presidents [2][3] - The Fed's statement highlighted that further rate cuts would depend on evidence of deterioration in the labor market [4] - The threshold for future rate cuts has been raised, with the timing and magnitude of cuts now contingent on changes in economic outlook [5] - The "dot plot" indicates that the Fed expects only one more rate cut in 2026 and another in 2027, with rates projected to return to a long-term level of 3% [6] - The committee raised its GDP growth forecast for 2026 by 0.5 percentage points to 2.3%, while still anticipating inflation to remain above the 2% target until 2028 [8] - The Fed announced plans to resume purchasing U.S. Treasury securities, starting with $40 billion in short-term bonds, following concerns about pressures in the overnight funding market [8] - There are concerns regarding the independence of the Federal Reserve, as recent comments from the White House suggest dissatisfaction with the pace of rate cuts [8]

Federal Reserve Announcement - The Federal Reserve announced a 25 basis point interest rate cut and indicated a pause on further cuts, reflecting a stable economic outlook [1][2] - Fed Chair Powell stated that there are no discussions about rate hikes in early next year, leading to a significant rebound in major stock indices [1] - The dot plot revealed expectations for one more rate cut in 2026, maintaining the previous forecast [1] Economic Projections - The Fed raised its GDP growth forecast for 2026 from 1.8% to 2.3% while keeping the unemployment rate forecast for the end of next year at 4.4% [1] - Powell emphasized that current policies are sufficient to address future economic conditions, without providing guidance on potential short-term rate cuts [1][2] Market Reactions - Major stock indices saw gains, with the Dow Jones up 497.46 points (1.05%), Nasdaq up 77.67 points (0.33%), and S&P 500 up 46.22 points (0.68%) [3] - Sector performance included a 3.46% rise in regional bank ETFs and a 1.45% increase in healthcare [3] Company News - Roche reported that its investigational drug giredestrant reduced breast cancer recurrence risk by 30%, marking a significant advancement in treatment [6] - GE Vernova raised its future earnings guidance and announced a stock buyback, driven by the expansion of AI data centers, leading to a historic high in stock price [7] - Adobe launched Photoshop, Express, and Acrobat for ChatGPT, allowing users to access these tools directly within the chatbot [8] - Meta is shifting towards closed-source AI models, with a new model named "Avocado" expected to launch in spring 2026 [9] - Oracle's cloud business revenue grew 34% to $7.98 billion, but fell short of analyst expectations, leading to a post-earnings drop of over 6% [10]

凤凰网科技讯 12月10日，通义千问宣布语音合成模型Qwen3-TTS迎来升级，支持多音色、多语种和多 方言，目前可通过Qwen API访问。 支持中文、英文、德语、意大利语、葡萄牙语、西班牙语、日语、韩语、法语、俄语等10大主流语言， 平均词错误率（WER）优于MiniMax、ElevenLabs及GPT-4o-Audio-Preview。同时支持闽南语、粤语、 四川话等更多音色的方言生成。 据官方介绍，Qwen3-TTS 提供超过49种高品质音色，涵盖不同性别、年龄、地域特征与角色设定，满 足多样化的场景需求。 ...

其中，AudioVAE采样率从16kHz提升至44.1kHz，模型可根据高质量音频，克隆效果更佳、细节更丰富 的声音；此外，VoxCPM 1.5仅需6.25个token即可生成1秒音频，较此前版本提高一倍，在保持速度的同 时提升了音频生成质量。同时，VoxCPM 1.5版本稳定性增强，减少音频伪影，优化长文本音频的生成 效果。 凤凰网科技讯 12月10日，面壁智能宣布，VoxCPM 1.5版本正式上线并开源，多项核心能力升级。 ...

Core Insights - BYD announced the third OTA upgrade for the BYD Han L, introducing 23 new features and optimizing 12 existing experiences [1] Feature Enhancements - A new DiLink smart cockpit UI has been introduced, providing a fresh visual interaction experience and enhanced operational efficiency through a new automatic split-screen feature [1] - The upgrade includes a parking assistance feature with external voice prompts, which informs pedestrians about vehicle status when parking [1] - In narrow parking situations, the system recommends using the exit parking feature [1] - The vehicle connectivity has been enhanced with the addition of Honor Car Link, compatible with Honor Magic series models, supporting navigation and application transfer functionalities [1]

Market Overview - The three major U.S. stock indices opened slightly lower, with the Dow Jones down 0.05%, the S&P 500 down 0.04%, and the Nasdaq Composite down 0.18% [1] - The technology giants showed mixed performance, with Amazon up 0.47%, Tesla up 0.26%, and Apple up 0.14%. In contrast, Meta fell 0.5%, Google down 0.17%, Microsoft down 1.8%, and Nvidia down 0.15% [1] - Chinese concept stocks related to AI opened higher, with Alibaba rising over 2% and Baidu up over 1% [1] Company News - Elon Musk stated that if he could start over, he would not choose to lead the U.S. "Department of Government Efficiency" (DOGE), acknowledging that while DOGE achieved some savings for taxpayers, it fell significantly short of the initial $2 trillion target. He also noted that Tesla's stock price suffered due to DOGE [2] - Google announced the launch of Google AI Plus service in India, with a monthly fee of 399 rupees, offering a promotional price of 199 rupees for the first six months for new users [3] - Amazon plans to invest over $35 billion in India by 2030, building on nearly $40 billion already invested, focusing on business expansion and three strategic pillars: AI-driven digital transformation, export growth, and job creation [4] - SK Hynix is considering listing in the U.S. by issuing American Depositary Receipts (ADRs) based on its treasury stock to seek a fundamental reassessment of the company's valuation [5] - Alibaba Cloud launched the Function Compute AgentRun, a one-stop Agentic AI infrastructure platform that integrates Serverless features with AI-native application scenarios, helping businesses optimize costs and efficiency, with an average total cost of ownership (TCO) reduction of 60% [6] Analyst Ratings - JPMorgan reiterated its "Overweight" rating on Marvell Technology, maintaining a target price of $90, slightly below the closing price of $92 on December 8, with analyst Harlan Sur noting that despite market noise, customer orders remain strong [7] - Goldman Sachs recently issued a report giving Robinhood a "Buy" rating with a target price of $167, highlighting strong customer engagement and the diversification of revenue structure through predictive markets [7]

Core Viewpoint - Two leading liquor companies, Kweichow Moutai and Wuliangye, announced their mid-term profit distribution plans for 2025, totaling a cash distribution of 40 billion yuan [1] Group 1: Profit Distribution Plans - Kweichow Moutai will distribute a cash dividend of 23.957 yuan per share, totaling 300.01 billion yuan, with the record date on December 18, 2025, and the payment date on December 19, 2025 [1] - Wuliangye plans to distribute 25.78 yuan for every 10 shares, amounting to 100.07 billion yuan, with the record date on December 17, 2025, and the payment date on December 18, 2025 [1] Group 2: Financial Performance - Kweichow Moutai reported a revenue of 1284.54 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.36%, and a net profit of 646.27 billion yuan, up 6.25% [2] - Wuliangye's revenue for the same period was 609.45 billion yuan, a decline of 10.26%, with a net profit of 215.11 billion yuan, down 13.72% [2] - In the third quarter, Kweichow Moutai's revenue was 390.64 billion yuan, growing only 0.56%, while Wuliangye's revenue fell sharply by 52.66% to 81.74 billion yuan [2] Group 3: Stock Performance - Kweichow Moutai's stock closed at 1402.80 yuan, with a total market capitalization of 1.76 trillion yuan, reflecting a year-to-date decline of 6.25% [3] - Wuliangye's stock reached a new low, closing at 111.62 yuan, with a market capitalization of 433.3 billion yuan, showing a year-to-date decline of 16.89% [6]

尽管市场对美联储进一步降息的预期为白银涨势提供了助力，但激增的工业需求和持续的供应紧张，同 样是推动银价大幅走高的驱动力。 在AI基建中扮演着日益重要的角色 周二，白银价格首次突破每盎司60美元大关，延续了此前的涨势。今年以来，白银价格已经上涨了一倍 多，远远超过了黄金约60%的涨幅。 报告还称，数据中心越来越依赖下一代芯片，如配备高性能半导体的GPU和TPU，这些半导体在内部连 接和封装中均需使用白银。 除了数据中心和人工智能，该报告还聚焦太阳能光伏、电动汽车及其基础设施领域，明确指出白银凭借 优异的电导率和热导率，在这些高增长行业中发挥着关键作用。 报告指出，光伏产业17%的年复合增长率、电动汽车产业13%的年复合增长率，以及数据中心的爆发式 扩张，共同构成了白银需求增长的三大支柱。 报告还预计，这些行业将在2030年前持续推升工业领域对白银的需求。 供应紧张状况持续 白银在人工智能基础设施建设中扮演着日益重要的角色，是投资者竞相买入这种贵金属的重要理由之 一。 华尔街资深策略师埃德•亚德尼周二写道，若忽视白银在人工智能经济中愈发重要的地位，就无法理解 此番白银价格的暴涨行情。 他认为，随着人工智能数据中 ...

Core Insights - The report by Counterpoint indicates that Battery Electric Vehicles (BEVs) continue to dominate the global electric vehicle market, accounting for two-thirds of total electric vehicle sales, with a year-on-year growth of 32% [1] - Plug-in Hybrid Electric Vehicles (PHEVs) also saw moderate growth, with a year-on-year increase of 6% [1] Company Performance - BYD Group maintains its position as the global leader in BEV sales, with nearly 600,000 units sold in Q3 2025, reflecting a year-on-year growth of 33% [1] - The top-selling models for BYD in Q3 2025 include the Seagull, Dolphin, and Yuan UP [1] - Geely Holding Group ranks third globally in BEV market share with 10%, achieving a year-on-year sales increase of 51% in Q3 2025 [1] - Tesla holds the second position in global market share with over 13%, experiencing a year-on-year sales growth of 7% in Q3 2025 [1] Model Performance - The best-selling electric vehicles globally for the quarter are the Tesla Model Y, Geely Galaxy Star Wish, and Tesla Model 3 [1]

2023年，欧盟委员会认定，英特尔滥用其芯片市场支配地位，对其罚款3.76亿欧元。这笔罚款涉及英特 尔在2002年11月至2006年12月期间向惠普、宏碁和联想支付费用，以阻止或推迟竞争对手产品的上市。 此前，欧盟普通法院推翻了欧盟委员会2009年针对英特尔排挤AMD作出的10.6亿欧元罚款。 英特尔 凤凰网科技讯北京时间12月10日，据路透社报道，当地时间周三，美国芯片制造商英特尔挑战欧盟反垄 断决定失败，但是罚款金额减少了大约1.4亿欧元(约合11.51亿元人民币)。 法官指出，受英特尔限制措施影响的计算机数量相对有限，且部分反竞争行为之间存在12个月的时间间 隔。 欧盟委员会与英特尔可就法律问题向欧盟最高法院欧洲法院提起上诉。(作者/箫雨) 欧盟普通法院周三支持欧盟委员会对英特尔滥用市场支配地位的认定，同时裁定将罚款金额从3.76亿欧 元进一步调降。 "本院维持欧盟委员会在2023年对英特尔的处罚决定，但将罚款金额削减约1.4亿欧元。"欧盟普通法院 表示。法官指出，2.37亿欧元的罚款更能恰当反映该侵害行为的严重性及其持续时间。 ...