随着2025年接近尾声，华尔街又到了展望新一年的时刻，阿波罗全球管理公司（Apollo Global Management）的首席经济学家正密切关注市场和经济前景面临的几大关键风险。 在12月4日的报告中，阿波罗全球资本首席经济学家托尔斯滕·斯洛克（Torsten Sløk）带领的团队提出了 2026年投资者应重点关注的五大核心市场风险（包括上行和下行风险）。以下是他重点关注的内容： 1. 美国经济重拾增长动能 斯洛克近期表示，他认为2026年美国经济增长可能会再次加速，因为贸易战风险正在消退，而《大而美 法案》（One Big Beautiful Bill Act，简称OBBBA）有望提振需求。 这一情景下的风险在于，强劲的经济增长将催生新的通胀压力。物价若重新攀升，对市场而言将是不小 的麻烦——因为投资者的看涨逻辑核心是美联储持续降息，而如果通胀再度飙升，美联储降息的意愿将 会大幅下降。 斯洛克认为，市场对AI的乐观情绪可能被高估，2026年AI泡沫或将破裂。他表示，若出现这种情 况，"七巨头"（Magnificent 7）股票可能引发大幅市场回调，同时大型科技巨头的资本支出也会随之减 少。 5. 债券供 ...

据悉，德国总理默茨正在进行最后一搏，试图争取比利时的关键支持，以推动欧盟利用被冻结的俄罗斯 主权资产资助对乌克兰的军事援助。 慕尼黑联邦国防军大学国际关系教授Carlo Masala表示："他正在冒巨大的风险，并为此押上了全部身 家。这表明他对这个问题有多么认真。" 比利时和总部位于布鲁塞尔的欧洲清算银行（持有大部分资产的清算所）已威胁要阻止该计划，除非获 得"坚如磐石的保证"，即其他欧盟国家也将分担任何财务负担或来自莫斯科的报复。 包括法国在内的几个国家不愿为这笔贷款提供国家担保，而一旦欧洲清算银行被要求将资产归还给莫斯 科，这些担保是必须的。欧洲央行已拒绝在这些担保被触发时向欧洲清算银行提供紧急流动性。 默茨将于周五前往布鲁塞尔，与比利时首相德韦弗共进晚餐，后者已成为这项以资产为担保向基辅提供 所谓"赔偿贷款"计划的最大障碍。欧洲官员们正争分夺秒，试图在两周后的峰会领导人辩论之前为该计 划争取到支持。 一位德国政府内部人士表示："这是一场与时间的赛跑。"另一位人士补充道："默茨认为这事儿得靠他 扛过去。" 就在此次会晤几天前，欧盟委员会主席冯德莱恩公布了该贷款的法律提案，其中颇具争议地依赖欧盟条 约中的第 ...

Core Viewpoint - Russian President Putin publicly questioned the U.S. pressure on India to refrain from purchasing Russian fuel, highlighting the inconsistency of the U.S. buying Russian nuclear fuel while restricting India's purchases [1][2]. Group 1: Trade Relations - India and Russia have a long-standing relationship dating back to the Soviet era, with Russia being a major arms supplier to India [2]. - Despite Western sanctions following the Ukraine conflict, India has become the largest buyer of Russian seaborne oil [2]. - The overall trade volume between India and Russia has seen a significant increase, growing from approximately $13 billion in 2021 to nearly $69 billion by 2024-25, primarily driven by India's energy imports [4]. Group 2: U.S. Influence and Tariffs - U.S. punitive tariffs on Indian goods and tightening sanctions on Russia have led to a projected decline in India's crude oil imports, expected to hit a three-year low [2]. - Putin criticized the U.S. tariffs as unjust, arguing that if the U.S. can purchase Russian fuel for its nuclear power plants, India should have the same right [2][3]. - The Indian government has expressed its intention to diversify its exports to Russia, aiming to reduce the trade imbalance heavily skewed towards energy [5]. Group 3: Future Trade Goals - India and Russia aim to increase bilateral trade to $100 billion by 2030, with current trade structures heavily reliant on energy imports [4]. - The trade volume between April and August 2025 showed a decline to $28.25 billion, reflecting the drop in oil imports [4]. - Russia is looking to import more goods from India to balance the trade, while India seeks to diversify its exports, including automobiles, electronics, and textiles [5].

Core Viewpoint - India has emerged as a key driver of record investment demand in the silver market, pushing silver prices close to an all-time high of nearly $59 per ounce [1] Group 1: Silver Market Dynamics - India accounts for nearly 80% of global demand for silver bars and coins, making it the second-largest physical silver investment market globally [1] - Over the past five years, Indian consumers, particularly low-income individuals in rural areas, have purchased approximately 29,000 tons of silver jewelry and 4,000 tons of silver coins [1] - The Reserve Bank of India's new rule will allow consumers to monetize their physical silver, potentially transforming the silver market [1] Group 2: Impact of New Regulations - The new regulation may help unlock India's vast household silver holdings and expand access to formal credit, officially recognizing silver as a mainstream collateral asset [2] - In October 2025, India's silver imports reached $2.72 billion, a significant increase from $430 million in October 2024, indicating a surge in demand [2] - Strong demand for physical silver has led to severe supply shortages in the London over-the-counter market, driving leasing rates to historic highs [2] Group 3: Credit Market Insights - India's total bank credit is approximately 193 trillion Indian Rupees (around $2.1 trillion), with 3.4 trillion Indian Rupees (about $38 billion) secured by gold jewelry [3] - The estimated size of India's formal gold loan market is around 700 tons, while the informal market is between 1,000 to 1,500 tons [3] - The Reserve Bank of India's revised framework is expected to bring order and consistency to silver pledge loans, marking the first formal recognition of silver in a regulated collateral ecosystem [3]

Core Viewpoint - Wall Street banks predict that the U.S. stock market will achieve another year of double-digit growth by 2026, despite recent investor concerns over large tech companies' spending plans and potential AI bubble risks [1][3]. Group 1: S&P 500 Index Predictions - The average forecast from nine major investment banks suggests that the S&P 500 index will rise to over 7500 points by the end of 2026, representing an approximate 10% increase from current levels [1][3]. - The index closed at 6857 points recently, having reached a historical high of 6920 points in October [1][3]. - This growth would mark the seventh year of double-digit increases in the past eight years, although the growth rate is expected to slow compared to the 16.6% increase seen in 2025 and the average growth over the past decade [3]. Group 2: Market Sentiment and Influencing Factors - Analysts believe that the market has moved past the recent pullback caused by AI valuation concerns, supported by President Trump's tax cuts and expectations of interest rate cuts [7]. - Morgan Stanley analysts project the S&P 500 index will reach 7800 points by the end of next year, citing a combination of loose fiscal, monetary, and regulatory policies, along with favorable conditions for AI [7]. - Deutsche Bank forecasts the S&P 500 index will hit 8000 points by 2026, indicating a similar growth rate to 2025, driven by strong corporate earnings growth [8]. Group 3: Broader Market Trends - Outside the U.S., other stock markets are also expected to rise by 2026, though at a slower pace than U.S. markets. The average forecast suggests the European Stoxx 600 index will increase by 6.4% to around 615 points, while Japan's Topix index is expected to rise by 5.6% to approximately 3590 points [9].

Core Viewpoint - Silver prices are on the rise, with strong inflows into exchange-traded funds (ETFs) contributing to this upward momentum, potentially marking a second consecutive week of gains [1] Group 1: Price Movement and Market Dynamics - Silver prices surged over 2% before the European market opened, approaching a historical high of nearly $59 reached earlier in the week [1] - The relative strength index (RSI) for silver has fluctuated around 70, indicating potential overbought conditions, as investors flock to silver amid rising prices [3] - Year-to-date, silver prices have nearly doubled, significantly outpacing gold's 60% increase, driven by a short squeeze in the London market [3] Group 2: Economic Factors and Predictions - Expectations of a Federal Reserve interest rate cut next week have bolstered silver prices, with swap contracts indicating a high likelihood of a rate reduction in December, which typically benefits non-yielding precious metals [3] - Analysts from Citigroup, including Max Layton, predict silver could reach $62 per ounce in the next three months due to factors such as Fed rate cuts, strong investment demand, and physical shortages [4] Group 3: Industrial Demand and Structural Changes - Silver is not only a precious metal but also essential in various industrial applications, including circuit boards, solar panels, and medical device coatings, with global demand exceeding mining output for five consecutive years [4] - Analysts suggest that the current surge in silver prices indicates a shift in market perception, recognizing silver's structural scarcity and growing industrial demand beyond its role as a safe-haven asset [4] Group 4: ETF Inflows and Investor Sentiment - In just four days leading up to Thursday, the increase in silver ETF holdings surpassed the total for any complete week since July, signaling strong investor appetite despite concerns of overvaluation [5]

Core Viewpoint - The Federal Reserve is expected to lower interest rates by 25 basis points during the policy meeting on December 9-10 to support a cooling labor market, despite internal disagreements among policymakers regarding the necessity of further easing measures [1]. Group 1: Economic Forecasts and Predictions - A Reuters survey of over 100 economists indicates a strong consensus (approximately 85% probability) for a 25 basis point rate cut, aligning with previous survey results from November [1]. - The median forecast suggests that the Federal Reserve will lower rates two more times in 2026, bringing the federal funds rate to a range of 3.00%-3.25% by year-end [3]. - Economic growth is projected to slow down, with the U.S. economy potentially growing by 3% in Q3, but expected to decelerate to 0.8% in the current quarter, with an average growth rate of 2.0% for both this year and 2026 [7]. Group 2: Internal Disagreements and Policy Signals - The FOMC has shown significant internal divisions, with some members favoring maintaining current rates while others oppose the October rate cut decision [1]. - Recent comments from various Federal Reserve officials, including New York Fed President Williams, indicate a growing support for rate cuts, suggesting that rates can be lowered without jeopardizing inflation targets [2]. - The ongoing uncertainty regarding fiscal policies, tariffs, and the independence of the Federal Reserve is contributing to mixed signals about future rate cuts, leading to increased hedging in financial markets [6]. Group 3: Inflation Expectations - There is a notable gap in inflation expectations, with consumer surveys indicating an inflation rate close to 4%, while market indicators such as TIPS suggest lower implied inflation rates [6]. - The preferred inflation measure by the Federal Reserve, the Personal Consumption Expenditures (PCE) index, is expected to remain above 2% until 2027 [7].

Core Viewpoint - The copper price has reached a historical high, driven by optimistic price forecasts from Citigroup and expectations of a supply shortage due to increased U.S. inventories [1][3]. Group 1: Price Forecasts - Citigroup analysts predict that the average copper price will reach $13,000 per ton by Q2 2026 due to supply gaps in other regions as U.S. inventories rise [1][3]. - Morgan Stanley expects copper prices to reach $12,500 per ton by Q2 2026, with an annual average of approximately $12,075 per ton [6]. - UBS has a more aggressive forecast, predicting copper prices will rise from $11,500 per ton in March 2026 to $13,000 per ton by December 2026 [6]. Group 2: Demand Drivers - Global terminal consumption of copper is expected to grow by 2.5% next year, driven by low interest rates, U.S. fiscal expansion, European military spending, and energy transition [3]. - The AI revolution is creating a new consumption pattern for copper, particularly in large-scale AI data centers, which require significantly more copper than traditional data centers [4]. - By 2030, global copper demand from data centers is projected to reach 400,000 tons annually, with a peak consumption of 572,000 tons by 2038, indicating an annual growth rate of 8% to 12% [4]. Group 3: Supply Challenges - Ongoing operational disruptions, such as declining ore grades and water shortages, along with community protests in major producing countries like Chile and Peru, are exacerbating supply challenges [4]. - The development cycle for new mines, which can take 17 to 23 years, is hindering rapid supply adjustments [4]. - Major Chinese smelters have announced significant production cuts by 2025 due to declining profitability, further constraining supply [4]. Group 4: Market Dynamics - The copper market is expected to enter a structural shortage in 2024, with a projected gap of 150,000 tons by 2026, driven by strong demand and limited supply [5]. - The International Copper Study Group (ICSG) indicates that the supply gap could reach 30% by 2035, highlighting copper's critical role in global supply chains for energy transition and AI expansion [5]. - Global copper inventories have surged to over 656,000 tons, the highest level since 2018, with about 60% stored in U.S. warehouses [7].

Core Viewpoint - Moer Technology (688795.SH) successfully listed on the STAR Market on December 5, 2025, with a peak intraday increase of 502.03%, reaching a maximum price of 688 CNY per share, and a market capitalization exceeding 300 billion CNY [1] Company Overview - Moer Technology is the only domestic company in China to achieve mass production of fully functional GPUs, often referred to as the "first domestic GPU stock" [1] - The company was founded in 2020 and focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields such as AI, digital twins, and scientific computing [1][2] - The founding team consists of members with extensive experience from NVIDIA, including founder Zhang Jianzhong, who previously served as NVIDIA's global vice president and general manager for Greater China [1][2] Financial Performance - Moer Technology's revenue exceeded 400 million CNY in 2024, with a compound annual growth rate (CAGR) of over 200% in the past three years [2] - In the first half of 2025, the company achieved revenue of 702 million CNY [2] - The company reported revenues of 46 million CNY, 124 million CNY, and 438 million CNY for the years 2022, 2023, and 2024, respectively, with net losses of 1.894 billion CNY, 1.703 billion CNY, and 1.618 billion CNY during the same period [3] Market Potential - According to Frost & Sullivan, the AI chip market in China is projected to grow from 142.54 billion CNY in 2024 to 1,336.79 billion CNY by 2029, with a CAGR of 53.7% from 2025 to 2029 [3] - The GPU market is expected to grow rapidly, with its market share in China projected to increase from 69.9% in 2024 to 77.3% in 2029 [3] IPO and Fund Utilization - The IPO process for Moer Technology was notably swift, taking only 158 days from application acceptance to successful listing [1] - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, new autonomous controllable graphics chips, and new AI SoC chips, as well as to supplement working capital [4]

Group 1 - The U.S. stock market has rebounded close to historical highs after a turbulent month, but persistent inflation concerns and deteriorating consumer confidence are causing unease among investors ahead of the Federal Reserve's final policy meeting of the year [1] - The September Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is seen as crucial for investors to validate economic sentiment, as soft data has been deemed unreliable [1][2] - There is a divergence in economic signals, with strong consumer spending reported by companies like Dollar General and Macy's, challenging narratives that inflation and a weak labor market would suppress spending [2] Group 2 - The PCE report and the latest data on personal spending and income are considered extremely important for investors, especially amid bearish narratives about consumer struggles [2] - Economists surveyed by The Wall Street Journal expect a 0.3% month-over-month increase in overall PCE for September, with core PCE expected to rise by 0.2%, while the annual rates are projected to remain at 2.9% and 2.8% respectively [3] - There is an 87% probability that the Federal Reserve will cut rates by 25 basis points in the upcoming meeting, despite concerns about inflation remaining above the 2% target [3]