据国防部消息，2025年10月25日，中印两军在莫尔多/楚舒勒会晤点印方一侧举行边境西段第23轮将军级会谈。双方就中印边境西段管控 问题进行了积极深入沟通，同意以两国领导人重要共识为指引，继续通过军事和外交渠道保持沟通对话，共同维护好中印边境地区和平安 宁。 ...

Core Viewpoint - The simultaneous meetings of major central banks, including the Federal Reserve, are expected to have significant implications for global markets, particularly in terms of monetary policy and economic conditions [1][2]. Group 1: Central Bank Meetings - The Federal Reserve is anticipated to announce a 25 basis point rate cut during its two-day meeting, which concludes at 2 AM Beijing time on Thursday [1]. - The Bank of Canada is also expected to announce a rate decision shortly before the Fed, with similar expectations for a rate cut [3]. - The European Central Bank and the Bank of Japan will hold meetings concurrently, with decisions expected on Thursday [1]. Group 2: Market Implications - The coordinated actions of these central banks could lead to a more accommodative global funding environment, especially with the Fed's involvement, which influences the value of the US dollar [2]. - A weaker dollar could reduce the price competitiveness of US goods overseas, as 54% of global trade invoices are denominated in dollars [2]. Group 3: Economic Conditions - Despite the potential for coordinated rate cuts, there is no clear indication of synchronized economic shifts among the countries involved [2]. - The Fed is expected to cut rates to support a weakening US job market, while the European Central Bank is likely to maintain its current policy stance due to persistent inflation in the services sector [2][4]. - The Bank of Canada faces a challenging decision regarding rate cuts due to strong employment data and stubborn inflation [3]. Group 4: Diverging Priorities - Different central banks are prioritizing various economic issues, with some focusing on economic support and others on inflation control [4]. - The potential for further rate cuts by the Fed, combined with strong corporate earnings, may support risk assets in the market [4].

特斯拉董事长萝宾·德诺姆（Robyn Denholm）最新表示，如果股东否决了埃隆·马斯克的薪酬计划并导致他辞职，公司可能准备从内部任 命一名新的首席执行官。 当地时间周二（10月28日），德诺姆在接受采访时说道，为了确保"有序过渡，最可能的情况是由公司内部人选接任"，但她也不排除选择 外部候选人的可能性。 上月，特斯拉提出了一份薪酬计划，设定了充满挑战的分阶段目标，若能完成全部12项目标，马斯克将获得12%的股票，加上当前的约 12.8%，其持股比例将提升至25%左右。 先前，ISS和Glass Lewis两家知名咨询公司建议特斯拉股东反对马斯克的薪酬计划，理由包括金额巨大、董事会缺乏独立性、对股东手里的 股权造成严重稀释等。 德诺姆 本周早些时候，德诺姆致信股东警告称，如果马斯克的10年期薪酬计划未获批准，他就可能卸任首席执行官，特斯拉就会失去他的才能和远 见。 马斯克曾在社交媒体上发文称，将持股比例提升至25%是"既能确保战略方向，又不会多到无法被罢免"的平衡点， "如果激进股东联合行 动，可能把我赶出自己创立的公司。" 德诺姆指出，目前的形势仍存在不确定性，因为"许多被动投资者（如ETF投资者）可能会 ...

Core Viewpoint - NVIDIA's GTC conference highlighted its expansive vision for AI and related technologies, showcasing partnerships and innovations that position the company at the forefront of the AI and telecommunications sectors [2][4]. Group 1: NVIDIA's Technological Advancements - NVIDIA's CEO Jensen Huang presented a roadmap extending to 2028, revealing that the company has accumulated $500 billion in orders for its Blackwell and Rubin chips by the end of the 2026 fiscal year [4][19]. - The introduction of the NVIDIA ARC (Aerial RAN Computer) aims to capture opportunities in the AI-RAN market, in collaboration with Nokia, which includes a $1 billion equity investment [6]. - NVIDIA's new BlueField-4 data processing chip is designed to accelerate AI infrastructure, supporting throughput of 800 Gb/s and high-performance inference processing [17]. Group 2: Partnerships and Collaborations - NVIDIA announced partnerships with T-Mobile and Cisco to develop the first AI-native wireless stack for 6G in the U.S. [9]. - A collaboration with the U.S. Department of Energy will see the construction of seven supercomputers, including the Solstice system, which will be the largest AI supercomputer for scientific discovery [11]. Group 3: AI Applications and Innovations - The AI traffic is experiencing explosive growth, with ChatGPT having 800 million active users, nearly half of whom access it via mobile devices [8]. - NVIDIA's Omniverse digital twin technology is being utilized to build modern factories and train robots, with a partnership with the startup Figure to accelerate humanoid robot development [26]. - The introduction of the IGX Thor edge AI platform offers 8 times the AI computing power compared to its predecessor, enabling seamless operation of large language models at the edge [29]. Group 4: Automotive and Autonomous Driving - The launch of the NVIDIA DRIVE AGX Hyperion 10 platform is aimed at L4-level autonomous driving, featuring a comprehensive sensor architecture [31]. - A partnership with Uber will allow vehicles using this platform to connect to the Uber network [33].

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。 侧重于挖掘重要事件的投资价值、分 析产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价 值用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ①存储芯片+汽车芯片，自主研发PCIe5.0 SSD主控芯片，已切入海康存储、致态等头部供应链，这家公 司车规级芯片达到可量产状态； ②智算液冷+数据中心，向数据中心提供UQD快速接头，这家公司智算液 冷领域实现部分客户的开发样件的交付。 ...

Core Viewpoint - Microsoft and OpenAI have reached an agreement involving the restructuring of OpenAI and collaboration in the AI field, with significant implications for both companies' equity and future operations [3][4]. Group 1: Restructuring and Equity - OpenAI has completed a restructuring, changing its nonprofit entity to OpenAI Foundation, which holds approximately $130 billion in equity of the profit-making division [3]. - The profit-making division has been restructured into a Public Benefit Corporation named OpenAI Group PBC, with the OpenAI Foundation holding 26% of the equity, current and former employees and investors holding 47%, and Microsoft holding 27% valued at around $135 billion [3][4]. - OpenAI's valuation in the private market is reported to be $500 billion following the latest secondary share sale [4]. Group 2: Financial Commitments and Investments - OpenAI plans to invest $25 billion initially to support breakthroughs in health and AI safety-related technology research [5]. - According to the agreement, OpenAI will purchase $250 billion worth of Azure cloud computing services from Microsoft, while Microsoft will relinquish its prior preferential supply rights for OpenAI's computing services [6]. Group 3: Intellectual Property and Collaboration - The previous agreement allowed Microsoft to use OpenAI's product and model intellectual property until 2030 or until OpenAI achieves Artificial General Intelligence (AGI) [7]. - The new agreement extends this period to 2032, ensuring that the authorization remains valid even if an independent expert group confirms that OpenAI has achieved AGI [8]. - OpenAI will continue to be a key partner for Microsoft in model collaboration, retaining exclusive intellectual property and Azure API usage rights until AGI is achieved [9].

10月26日，美国海军在南海摔了两架飞机。下午2时45分左右，一架隶属于第73直升机海上打击中队的MH-60R"海鹰"直升机从"尼米兹"号航母起飞 执行"例行行动"时，摔进南海，3名飞行员获救。下午3时15分，同样从该航母起飞的一架F/A-18F"超级大黄蜂"战斗机在起飞过程中直接摔进海里， 两名飞行员成功弹射获救。消息传出，立即成为网络热点，千万网友热议，甚至闹到美国总统特朗普亲自出面回应，说可能是燃油质量不好。 电磁攻击？你想多了！ 不到一个小时，连摔两架飞机，这是非常严重的A级事故！ 很多网友直接反应就是， 这不正常！ 特朗普的回应给事件的原因提供了一个新说法： 燃油问题。 这个说法确有几分道理， 一是坠机的MH-60R直升机和F/A-18F"超级大黄蜂"战斗机使用的是同一种航空煤油 ，也就是美军通用的JP-8喷气燃油。从 两架飞机出事故的时间来判断，确实可能是起飞之前，加注了同一批出问题的燃油，结果不幸双双坠机。 二是燃油遭到污染或混进杂质， 也可能导 致机械故障，引发系统失效，极端情况下甚至可能直接导致发动机推力丧失或停机。 甚至直接脑补出现场：某神秘大国动用神秘武器，对美军飞机进行了电磁攻击，导致 ...

早 报 精 选 宏 观 新 闻 1、 昨日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》公布。建议提出，培育壮大新兴产业和未来产业。加 快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展。推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身 智能、第六代移动通信等成为新的经济增长点。 2、外交部发言人郭嘉昆昨日主持例行记者会。记者提问称，欧盟和中国的代表团将在布鲁塞尔进行贸易协定的会谈，并且讨论稀土 的相关问题，中方是否打算放松对稀土的出口管制？郭嘉昆表示，中欧经贸关系的本质是优势互补、互利共赢。我们希望欧方恪守支 持自由贸易、反对贸易保护主义的承诺，不要动辄采取限制性的措施，而应坚持通过对话协商妥善解决贸易分歧，为各国企业提供公 平、透明、非歧视的营商环境，以实际行动维护市场经济和世贸组织规则。 3、外交部例行记者会上，记者提问，中方的稀土出口管制措施是否已经生效？外交部发言人郭嘉昆指出，中方相关措施是对出口管 制体系的规范和完善，符合国际通行做法，目的是更好维护世界和平和地区稳定，履行防扩散等国际义务。中方愿同各国加强出口管 制的对话交流，维护全球产供链安全稳定。 6、财联社记 ...

湖南省人大常委会决定罢免许达哲的第十四届全国人民代表大会代表职务。海南省人大常委会决定罢免何琼妹的第十四届全国人民代表大会 代表职务。贵州省人大常委会决定罢免杨三可的第十四届全国人民代表大会代表职务。中央军委办公厅军人代表大会决定罢免孙斌的第十四 届全国人民代表大会代表职务。海军军人代表大会决定罢免袁华智的第十四届全国人民代表大会代表职务。北京市人大常委会决定接受王希 勤辞去第十四届全国人民代表大会代表职务。辽宁省人大常委会决定接受王心宇辞去第十四届全国人民代表大会代表职务。依照《中华人民 共和国全国人民代表大会和地方各级人民代表大会代表法》的有关规定，许达哲、何琼妹、杨三可、孙斌、袁华智、王希勤、王心宇的代表 资格终止。依照《中华人民共和国全国人民代表大会和地方各级人民代表大会选举法》的有关规定，许达哲的第十四届全国人民代表大会常 务委员会委员、全国人民代表大会教育科学文化卫生委员会副主任委员职务相应撤销。王希勤的第十四届全国人民代表大会常务委员会委 员、全国人民代表大会教育科学文化卫生委员会副主任委员职务相应终止。 截至目前，第十四届全国人民代表大会实有代表2904人。 特此公告。 全国人民代表大会常务委 ...

Group 1 - The article highlights the importance of major announcements in the stock market, including suspensions, investments, acquisitions, and performance reports, to help investors identify potential investment opportunities and risks [1] - A company providing testing services for storage chips primarily serves military groups and research institutions, indicating a strong market focus on defense and technology sectors [1] - Another company is involved in quantum technology and robotics, with connections to cross-strait relations and artificial intelligence, showcasing its innovative capabilities in high-tech industries [1] - A chip company reported a net profit increase of over 800% year-on-year in the third quarter, reflecting significant growth and potential investment interest in the semiconductor sector [1]