为了应对美国政府税收抵免结束的冲击，特斯拉将旗下畅销车型Model Y的标准版售价降到了4万美元以下，Model 3的标准版售价也下调。 美东时间10月7日周二美股午盘时段，特斯拉官网更新Model Y和Model 3标准版的订购信息。官网显示， Model Y的标准版目前在美国市场起售价为3.999万 美元，较此前Model Y的起售价便宜约11%。 这和最近的消息大体一致。华尔街见闻周二稍早提到，特斯拉在德国柏林工厂的经理当天表示，全新简化版Model Y将"便宜约10%"。 备受关注的特斯拉平价车来了。 在内部，以美国环保署（EPA）制定的测试标准衡量，平价后轮驱动版Model Y的续航里程预计为321英里，比高配后轮驱动版Model Y的续航里程减少10%。 相比之下，平价标准版Model Y 缺少第二排触摸屏 ，也就是说，后排的乘客无法使用8英寸的触摸屏，而且音响系统扬声器数量也不足高端后轮驱动版的一 半。平价Model Y没有氛围灯，方向盘从电动调节变为手动调节。 在美国纽约州，由于州政府电动车激励政策，消费者可以更低价格购买这两款标准版车型，其中，Model 3标准版的起售价降至3.499万美元 ...

然而，One River Asset Management的首席投资官Eric Peters指出，一个"不便的事实"是，在1995年至2000年的互联网热潮中，标普500指数上涨近两倍，而 黄金价格却下跌了25%。 相比之下，自2022年11月OpenAI发布ChatGPT引爆此轮AI热潮以来，标普500指数上涨了70%，而黄金价格的涨幅更是高达120%。 这种黄金与科技股同步走强的局面，与上世纪90年代末的资金流动模式截然相反，当时资金从黄金等避险资产流出，涌入科技股。 这一核心差异可能预示着一个重要的转变。Eric Peters认为，市场或许正在发出信号：我们可能正进入一个通胀性繁荣周期，或者，在下一次经济衰退中，庞 大的债务压力将迫使政策制定者采取激进的通胀措施来应对。无论哪种情况，其核心都指向一个"通胀式"的解决方案，以化解全球高达340万亿美元的债务积 压。 1999重演？黄金与科技股走势背离 当前市场对人工智能（AI）的热情与1999年互联网泡沫的比较甚嚣尘上，但一个关键差异正被忽视：与当年科技股飙升、黄金价格下跌的景象不同，如今 科 技股与黄金正同步创下新高。 这一反常现象表明，市场可能正在为一 ...

现货黄金历史性地突破每盎司4000美元大关，这轮强劲涨势的背后，是美国政府停摆、科技股回调与全球政治不确定性共同作用的结果。 10月8日亚太时段，现货黄金涨至4000美元整数位心理关口，创历史新高。 叠加法国的政治危机和日本的领导层变动，全球范围内的风险厌恶情绪迅速升温，进一步强化了黄金作为终极避风港的地位。今年以来，黄金价格已飙升超过 50%。 投资者在全球经济与地缘政治风险加剧的背景下，正以前所未有的热情涌入黄金市场寻求庇护。 与此同时，市场对科技股的狂热情绪开始出现裂痕。隔夜关于甲骨文公司云业务利润率的报告，引发了投资者对人工智能驱动的涨势是否已达"过度繁荣"水平 的警惕。 （黄金今年以来涨超50%） 正如对冲基金桥水创始人Ray Dalio周二表示，黄金"无疑"是比美元更安全的避风港，其言论呼应了Citadel创始人Ken Griffin的观点，即金价上涨反映了市场对 美元的深层焦虑。 美国政府停摆加剧美联储政策不确定性 黄金近期涨势的最直接催化剂是已进入第二周的美国政府停摆事件。 美国政府部分业务的暂停导致关键经济数据延迟发布，这为美联储的利率决策路径蒙上了浓厚阴影。 在缺乏明确经济指标的情况下，市 ...

Core Viewpoint - The article discusses the acquisition of Suzhou Huayi Brothers Movie World by South Korean private equity firm MBK Partners, highlighting the challenges faced by Chinese theme parks and the increasing interest of foreign capital in China's cultural tourism sector [3][9][41]. Group 1: Acquisition Details - On September 21, MBK Partners completed the full acquisition of Suzhou Huayi Brothers Movie World, renaming it "Suzhou Yangcheng Peninsula Paradise" [3]. - The theme park, which spans 690 acres, has faced continuous losses since its opening in 2018, leading to its bankruptcy restructuring in 2024 [6][17]. - MBK's initial investment of 100 million yuan has revitalized the park, achieving 350,000 visitors during the summer trial operation in 2025, with a 68% increase in revenue year-on-year [7][11]. Group 2: Historical Context and Challenges - Huayi Brothers initially envisioned the theme park as a model similar to Disneyland, aiming to monetize its intellectual properties (IPs) [9][10]. - The park opened in 2018 but quickly fell into financial difficulties, reporting losses of 134 million yuan, 162 million yuan, and 93 million yuan from 2018 to 2020 [16]. - By 2024, Huayi Brothers had accumulated a total net loss of 8.2 billion yuan since 2018, attributed to a failed "de-movie" strategy [18]. Group 3: Foreign Investment Trends - MBK Partners is not new to investing in Chinese cultural tourism projects, having previously acquired several theme parks in 2021 for 6.53 billion yuan [8]. - The article notes a trend of foreign capital entering the Chinese cultural tourism market, driven by relaxed regulations and a growing interest in distressed assets [32][35]. - The investment strategy of MBK focuses on "distressed investment," where they purchase undervalued assets with the potential for future profitability [27][37]. Group 4: Market Dynamics and Future Outlook - The article emphasizes the importance of location for theme parks, with Suzhou's strategic position allowing it to attract visitors from Shanghai and surrounding cities [39]. - The Long Triangle region is highlighted as a prime area for investment due to its robust consumer market and high concentration of affluent individuals [40]. - The influx of foreign investment is seen as a sign of confidence in the Chinese cultural tourism market, suggesting that previously "failed" assets may regain value [41].

9月，中国央行连续第11个月增持黄金，速度较上月有所放缓。 10月7日周二，国家外汇管理局统计数据显示， 截至2025年9月末，我国外汇储备规模为33387亿美 元，较8月末上升165亿美元，升幅为0.50%。 9月，黄金录得10%以上累计涨幅，创十四年最大月度涨幅。 高盛此前分析表示，近期流入黄金ETF的资金规模远超模型预期，表明西方个人投资者将资金从固收等 传统资产转向黄金的趋势可能正在成为现实。高盛此前曾测算，若私人持有的美债资金中仅有1%转向 黄金，金价理论上可能升至近5000美元/盎司。 该行重申，黄金仍然是其"最高信念"的做多大宗商品推荐。 ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉得好看，请点"在看" 中国央行9月末黄金储备报7406万盎司（约2303.523吨），环比增加4万盎司（约1.24吨），为连续第 11个月增持黄金。 国家外汇管理局表示，2025年9月，受主要经济体宏观经济数据、货币政策及预期等因素影响，美元指 数小幅震荡，全球金融资产价格总体上涨。汇率折算和资产价格变化等因素综合作用，当月外汇储备规 ...

Core Viewpoint - Goldman Sachs has significantly raised its gold price forecast for the end of 2026 to $4,900 per ounce, an increase of $600 or nearly 14% from the previous forecast of $4,300, driven by a 17% rise in gold prices since August 26 due to "sticky" fund inflows, primarily from Western ETF investments and central bank purchases [1][2][4]. Group 1: Price Forecast and Drivers - The forecast indicates a potential 23% increase in gold prices over the next two years, with central bank purchases contributing 19 percentage points and a 5 percentage point contribution from increased ETF holdings due to Federal Reserve rate cuts [2][8]. - The key drivers of the recent gold price surge are identified as Western ETF inflows and central bank purchases, contrasting with stable speculative positions [4][8]. - Despite the higher starting point, Goldman Sachs maintains its expectation of a 23% price increase by the end of 2026, reflecting structural changes in the gold market driven by central banks and institutional investors [5][10]. Group 2: Central Bank Purchases and Market Dynamics - Central bank purchases are expected to average 80 tons in 2025 and 70 tons in 2026, with emerging market central banks likely to continue diversifying their reserves into gold, contributing significantly to the projected price increase [8][9]. - The structural growth in central bank purchases is largely attributed to the trend of reserve diversification following the freezing of Russian reserves in 2022, with expectations that this trend will persist for three years [9][10]. - The anticipated Federal Reserve rate cuts, projected to be 100 basis points by mid-2026, are expected to boost Western ETF holdings, contributing positively to gold price increases [8].

OpenAI虽未上市，但这家全球估值最高的初创公司正越来越深刻地影响股市。 上周，OpenAI在ChatGPT中推出"即时购买"功能，令电商公司Shopify和Etsy股价飙升。随后，该公司发布一篇介绍内部新功能的博客，又引发文档软件股新 一轮震荡，Atlassian等原本因担心AI冲击而承压的公司再度下跌。 周一，OpenAI又与AMD签署协议，这项交易有望为AMD带来数百亿美元新营收。受此消息刺激，AMD股价一度暴涨38%，创2016年4月以来最大单日涨幅， 最终周一收涨23.71%，并带动整个芯片行业震荡，英伟达与博通股价双双下跌。 在随后的年度开发者大会上，演讲者仅仅提到其他上市公司，这些公司的股价就飙升。其中，值得关注的涨幅包括：Figma Inc. 上涨 7.4%，HubSpot Inc. 上 涨 2.6%，Salesforce Inc. 上涨 2.3%。在线旅游公司也出现短暂上涨，Expedia Group, Inc. 和 TripAdvisor Inc. 均上涨至少 7%，随后回吐涨幅。就连玩具制 造商美泰公司的股价也上涨了近 6%，但收盘基本持平。 "随着OpenAI不断扩张，市场普遍认为该 ...

Core Viewpoint - AMD and OpenAI have announced a groundbreaking GPU supply agreement worth up to $90 billion, utilizing an unprecedented "equity-for-purchase" model that could redefine financing for AI infrastructure [3][4]. Group 1: Agreement Structure - The agreement involves OpenAI purchasing up to 6 gigawatts of AMD Instinct GPUs, with potential sales reaching $90 billion. In exchange, AMD will issue warrants for up to 160 million shares at an exercise price of $0.01 per share [3][4]. - If AMD's stock reaches $600, the value of the 160 million shares could total $96 billion, equivalent to the hardware's value in the agreement [3]. - The structure of the warrants is designed to function like performance-based equity incentives, linking AMD's long-term valuation directly to OpenAI's infrastructure growth [6][9]. Group 2: Strategic Benefits - For AMD, this agreement represents an innovative customer acquisition strategy, converting traditional upfront discounts into equity costs tied to future performance, thus securing a minimum revenue of 1 gigawatt while mitigating dilution risks [9][10]. - OpenAI benefits by ensuring a stable source of non-NVIDIA hardware in a tight supply market and creating a potential self-funding pathway through the appreciation of its AMD shares, which can be used to finance future GPU purchases [11]. Group 3: Industry Implications - This transaction signifies a shift in AI computing power from a mere capital expenditure to a financialized and securitized asset class, showcasing a different ecosystem-building paradigm compared to NVIDIA and Intel [12][14]. - AMD's model does not require partners to co-invest directly but maintains the core of commercial transactions, allowing OpenAI to purchase hardware fully while incentivizing them to expand procurement through equity rewards [15][16]. Group 4: Risks and Challenges - The agreement faces execution risks, including the lack of transparency regarding key timelines and technical triggers for equity vesting, making it difficult to predict revenue recognition [18]. - The target of 6 gigawatts is a ceiling rather than a firm commitment, with future purchases dependent on OpenAI's business needs and performance [19]. - AMD must maintain a stable supply chain for the delivery of such a large GPU cluster, with potential disruptions in any part of the supply chain posing significant challenges [20].

Core Viewpoint - The strategic partnership between AMD and OpenAI marks a significant development in the AI chip market, with AMD set to deploy 6 GW of GPU power to OpenAI, potentially transforming AMD's revenue and market position [2][10]. Group 1: Partnership Details - AMD will provide a total of 6 GW of GPU power to OpenAI, equivalent to Singapore's average electricity demand, with the first 1 GW expected to be deployed in the second half of 2026 [2]. - As part of the agreement, OpenAI has been granted warrants to purchase up to 160 million shares of AMD at a nominal price of $0.01, which could result in OpenAI owning approximately 10% of AMD if fully exercised [5][6]. - The partnership is structured to unlock warrants based on AMD's stock price reaching specific targets, including a milestone linked to a price of $600, significantly higher than AMD's recent closing price of $164.67 [6]. Group 2: Financial Implications - AMD's CFO stated that the agreement is expected to generate hundreds of billions in revenue and enhance the company's earnings per share [3]. - AMD's AI GPU revenue is projected to be $6.55 billion this year, with the collaboration with OpenAI serving as a strong growth catalyst [10]. Group 3: Competitive Landscape - This partnership positions AMD as a key player in the AI chip market, traditionally dominated by NVIDIA, and validates AMD's next-generation Instinct product roadmap [9]. - OpenAI's collaboration with AMD is a strategic move to diversify its supply chain and reduce reliance on NVIDIA, following a recent $100 billion agreement with NVIDIA for 10 GW of computing infrastructure [10]. Group 4: Industry Dynamics - The partnership highlights the emergence of an AI "closed-loop economy," where capital, equity, and computing power circulate among a few leading companies, raising concerns about the sustainability of such a concentrated ecosystem [11][12]. - Analysts express concerns that any weakness in this tightly interwoven system could lead to significant pressures on the industry [12].

随着投资者对美国财政前景和美元价值的担忧加剧，一种旨在 对冲美元贬值的"贬值交易"正成为今年最受欢迎的投资主题之一 ，推动黄金和比特币价格双双 升至历史高位。 美国联邦政府自上周三开始部分关门，进一步刺激了这一交易。6日周一，现货黄金上破3900美元/盎司关口，再创历史新高，距离首次突破3800美元关口仅不 到10天。 与此同时，比特币在5日最高触及125689美元，超越此前8月14日创下的124514美元纪录。 而作为衡量美元对六种主要货币的ICE美元指数（DXY）上周五下跌0.1%， 年内累计跌幅已达约10%。 投资者正加速远离美元等法定货币，转向被视为价值 储存手段的替代资产。 这种"贬值交易"策略在2024年美国总统大选前夕开始受到散户投资者的青睐。分析人士认为，无论此次政府关门是短暂还是持续数周，由于其背后的结构性因 素，该交易在未来仍有进一步上升的空间。 " 贬值交易"今年表现出强劲势头，黄金和比特币等资产创造了可观的回报。 实际利率下降以及在通胀持续高企的情况下美联储重启降息，为这轮上涨增添了 额外的催化剂。 美国政府自周三开始关门，这一事件成为推动比特币价格突破的关键因素。投资者在国会议员未能 ...