Group 1: Report General Information - Report Date: October 24, 2025 [2] - Researcher: Ji Xiaoyun, Contact: 010 - 56711796, Futures Qualification No.: F3066027, Futures Trading Consultation No.: Z0011402 [3] Group 2: Steel and Ore Views - Current Situation: In the current policy vacuum period, this week's screw and coil production and apparent demand both increased, with hot - rolled coils stronger than screws in production and sales. Inventory continued to decline, and both screws and coils were in a continuous de - stocking state. However, the total steel output decreased, mainly in medium and heavy plates. Upstream coal mine safety inspections led to a second round of coke price increases, which are likely to be implemented, supporting finished products. The current daily hot metal output is 239.9 million tons, a weekly decrease of 1.05 million tons, still at a relatively high level. This week, the steel mill profitability rate was 47.62%, a 7.79% decrease from last week. Electric - arc furnaces are in full - scale losses, while blast furnaces still have profits, creating a rigid demand for iron ore. It is expected that the hot metal output will continue to decline, likely falling below 230 million tons [5][24] - Price Forecast: The pressure level of the main screw contract is 3230, and close attention should be paid to whether 3000 can provide effective support. In the short term, 3000 has certain toughness. It is expected that iron ore will continue to maintain a volatile trend. The pressure level of the main 2601 contract is 833, and close attention should be paid to the support level of 750 [5][6] Group 3: Trading Strategies - Screw Strategy: Maintain the previous view that in the short term, the screw at 3000 still has strong toughness. When approaching 3000, it is recommended to try going long, and those who already have long positions should continue to hold. Once it effectively breaks below, it is recommended to stop loss and exit [6] - Iron Ore Strategy: It is recommended to operate short - term and set stop - losses. The spread between hot - rolled coils and screws has widened to over 200, and the room for further widening is limited [6] Group 4: Important Information - Ship Exports: In September, China exported 543 ships, a 24.0% year - on - year increase; from January to September, the cumulative exports were 5226 ships, a 23.5% year - on - year increase [7] - Industrial Added Value: In September, the value - added of industrial enterprises above designated size increased by 6.5% year - on - year in real terms. From January to September, it increased by 6.2% year - on - year [7] - Coal and Coke Production: In September, the output of raw coal was 41.1505 million tons, a 1.8% year - on - year decrease; from January to September, the cumulative output was 357.017 million tons, a 2.0% year - on - year increase. In September, the output of coke was 4.2556 million tons, an 8.0% year - on - year increase; from January to September, the cumulative output was 37.7161 million tons, a 3.5% year - on - year increase [7] - Steel Production: In September 2025, China's crude steel output was 73.49 million tons, a 4.6% year - on - year decrease; pig iron output was 66.05 million tons, a 2.4% year - on - year decrease; steel output was 124.21 million tons, a 5.1% year - on - year increase. From January to September, China's crude steel output was 746.25 million tons, a 2.9% year - on - year decrease; pig iron output was 645.86 million tons, a 1.1% year - on - year decrease; steel output was 1103.85 million tons, a 5.4% year - on - year increase [7] - Real Estate: From January to September, the national real estate development investment was 677.06 billion yuan, a 13.9% year - on - year decrease. The new housing start - up area decreased by 18.9%, and the housing completion area decreased by 15.3% [7] - Iron Ore Production and Sales: In the third quarter of 2025, Vale's total iron ore output was 94.4 million tons, a 12.9% quarter - on - quarter increase and a 3.8% year - on - year increase; total sales were 86 million tons, an 11.21% quarter - on - quarter increase and a 5.1% year - on - year increase [7] Group 5: Market Analysis - Steel Price Cycle: Steel prices generally follow a 7 - year cycle. From 2008 - 2015, they declined; from 2016 - 2021, they rose; from 2021 - 2025, they are in a decline cycle. Currently, they are still in the downward cycle [8] - Macro - level: The Fourth Plenary Session has a certain supporting effect on the market. However, the terminal market performance is still poor. Real estate investment growth continues to decline, infrastructure investment and manufacturing growth have been decreasing since April, and only exports remain at a relatively high level but are also showing a downward trend. The uncertainty of steel exports in the future has increased, and external demand cannot make up for the weak domestic demand [16] - Supply - side: From January to September, China's crude steel output continued to show negative year - on - year growth, and the reduction in pig iron output was relatively small [16] - Supply and Demand: This week, the supply of five major steel products was 8.6532 million tons, a week - on - week increase of 83,700 tons, an increase of 1.0%; the total inventory was 15.5485 million tons, a week - on - week decrease of 274,100 tons, a decrease of 1.7%; the apparent consumption was 8.9273 million tons, a 2.2% month - on - month increase [17] - Structural Features: Screw production has been lower than the same period in previous years, while hot - rolled coil and medium - heavy plate production have been higher than in previous years. Hot metal has shifted to plates. This week, the increase in screw production was greater than that of hot - rolled coils, but the demand for hot - rolled coils was stronger. Electric - arc furnaces are in full - scale losses, while blast furnaces still have profits [20] - Iron Ore Inventory: The current iron ore port inventory has accumulated, and the inventory contradiction is not prominent. The inventory at Australian and Brazilian ports has been rapidly de - stocked, reaching a new low in the second half of the year [24] - Iron Ore Transportation: From September 29 to October 5, the total arrival volume of iron ore at 47 ports in China was 27.758 million tons, a week - on - week increase of 1.721 million tons; at 45 ports, it was 26.087 million tons, a week - on - week increase of 2.482 million tons. The global iron ore shipping volume decreased by 1.964 million tons week - on - week [27] - Spread: The spread between hot - rolled coils and screws has widened to over 200, and the inter - period trading opportunities are not significant [28]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Fourth Plenary Session of the 20th Central Committee's communique is favorable for the technology sector, and the science - innovation 50 index has regained strength. The stock market is crucial for boosting residents' consumption confidence, and a stable stock market can enhance the internal impetus of the domestic economic cycle. In the context of weakening export expectations and investment slowdown, consumption will be the main driving force for economic growth in the fourth quarter [5][9][20] - The "15th Five - Year Plan Suggestions" propose forward - looking layout of future industries, with quantum technology, bio - manufacturing, hydrogen energy and nuclear fusion energy, brain - computer interface, embodied intelligence, 6G and other fields becoming new economic growth points. Chinese capital may be migrating structurally towards stocks, attracting overseas investors [20] 3. Summary by Related Catalogs Macroeconomic Policy - The Fourth Plenary Session of the 20th Central Committee emphasizes adhering to the economic construction as the center, promoting high - quality development, achieving self - reliance and strength in high - level science and technology, expanding domestic demand, steadily expanding institutional opening - up, improving people's livelihood, and promoting green transformation [4][5][6] - The "Learning Times" article highlights the importance of stabilizing the stock market in increasing residents' property income and boosting consumption confidence [9] Stock Market Conditions - The Shanghai Composite Index has reached a new high in 10 years. The Shanghai 50 Index representing the value style has reached a new high in the first half of the week. After being encouraged by the Fourth Plenary Session's communique, the technology sector led the rise on Friday, and the chip sector also regained strength [11][14][17] - The financing balance remains stable, with 2.93 million new A - share accounts opened in September. In August, non - bank financial institutions had an increase of 1.18 trillion yuan in RMB deposits, indicating a transfer of residents' savings to the stock market. The year - on - year growth rate of M1 in September reached 7.2%, which is conducive to the upward movement of the stock market [22][25][28] Economic Data - In September, the core CPI increased by 1.0% year - on - year, and the CPI for consumer goods increased by 0.3% month - on - month. The year - on - year growth rate of manufacturing fixed - asset investment in September was - 1.9%, infrastructure investment decreased by 7.9% year - on - year, and real estate development investment continued to decline with a year - on - year growth rate of - 21.2% [31][34][40] - The total retail sales of consumer goods in September was 4.19 trillion yuan, with a year - on - year growth rate of 3.0%. The output of industrial robots in September was 76,200 units, a new record, with a year - on - year growth rate of 41.1% [43][46] International Market - After the US imposed reciprocal tariffs on various countries, China's commodity competitiveness increased, and the US imports from China in August increased by nearly 40% month - on - month. The total retail and food sales in the US in August increased by 0.6% month - on - month, exceeding expectations. The sales of US wholesalers in August reached a record high of 711.3 billion US dollars, with a year - on - year increase of 6.2% [49][52][55] - The US capital goods imports in August were 91.9 billion US dollars, still at a high level, with a year - on - year growth rate of 10.5%, indicating an acceleration of the US "re - industrialization" [58] Investment Strategy - For stock index futures directional trading, wait for the clarity of the China - US negotiation at the end of the month. The long positions of stock index futures should be mainly allocated to the CSI 300 Index and the Shanghai 50 Index. For stock index option trading, as the market is still in a large - range volatile consolidation state, it is advisable to wait and see [20][21] - Before and after the China - US agreement at the end of the month, consider buying out - of - the - money long - term call options on the stock index, with the CSI 300 Index being a good choice for both offense and defense [64][66]

| 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | COMEX 黄金期货涨 1.91%报 4143.2 美元/盎司，COMEX 白银期货涨 2.03%报 48.65 美 元/盎司。沪金收涨 1.56%报 948.64 元/克，沪银涨 1.48%报 11517 元/千克。 | | | | | 【重要资讯】 | | | | | 1、截至 10 月 23 日，全球最大的黄金 ETF SPDR Gold Trust 持仓量为 1052.37 吨， 较前一个交易日维持不变。全球最大白银 ETF--iShares Silver Trust 持仓较上一 | | | | | 交易日减少 128.41 吨，当前持仓量为 15469.2 吨。 | | | | | 2、当地时间 23 日，欧盟外交与安全政策高级代表卡拉斯宣布，欧盟正式通过对俄 | | | | | 罗斯第 19 轮制裁。此轮制裁首次涉及俄罗斯的天然气行业。欧盟将首次禁止俄罗 | | | | | 斯液化天然气进入欧洲市场。 | | | | 黄 金 震 | 3、美国财政部当地时间 22 日 ...

Group 1: Report Industry Investment Rating - Short - term treasury bond futures may fluctuate [2] Group 2: Core Viewpoints - On Wednesday, the main contracts of treasury bond futures opened higher across the board, with a slow decline in the morning session and a continuation in the afternoon. There was a late - session rally followed by a slight decline. The 30 - year treasury bond futures main contract TL2512 rose 0.10%, the 10 - year T2512 rose 0.02%, the 5 - year TF2512 rose 0.04%, and the 2 - year TS2512 remained flat [1] - On Wednesday, the central bank conducted 138.2 billion yuan of 7 - day reverse repurchase operations, with 43.5 billion yuan of reverse repurchases maturing, resulting in a net injection of 94.7 billion yuan [1] - On Wednesday, the overnight interest rate in the inter - bank money market was basically flat compared to the previous trading day. DR001 had a weighted average of 1.32% for the day, and DR007 had a weighted average of 1.43% [1] - On Wednesday, the closing yields of inter - bank treasury bonds fluctuated narrowly compared to the previous trading day. The 2 - year treasury bond yield rose 0.50 BP to 1.50%, the 5 - year yield fell 0.06 BP to 1.60%, the 10 - year yield fell 0.64 BP to 1.83%, and the 30 - year yield fell 0.50 BP to 2.18% [1] - In the first three quarters of 2025, the number of domestic tourist trips was 4.998 billion, an increase of 761 million compared to the same period last year, a year - on - year increase of 18.0% [1] - On October 22, local time, US President Trump canceled his meeting with Russian President Putin in Budapest and said it was time to impose sanctions on Russia [1] - China's GDP in the third quarter increased by 4.8% year - on - year, in line with market expectations. In September, China's fixed - asset investment growth and total retail sales of consumer goods growth were lower than market expectations, while exports exceeded expectations. Industrial added value of large - scale industries increased more than expected, and the service production index was flat compared to August. Real estate sales continued to decline year - on - year in September and in the first half of October [1] - On October 18, the leaders of China - US economic and trade negotiations agreed to hold a new round of China - US economic and trade consultations as soon as possible. On Wednesday, the Wind All - A Index opened lower, fluctuated narrowly throughout the day, and closed with a small positive star. The trading volume was 1.69 trillion yuan, a contraction compared to the previous trading day's 1.89 trillion yuan [2] Group 3: Trading Strategies - Traders should conduct band operations [2]

1. Report Industry Investment Rating - The report recommends going long on IF and IH, staying neutral on IC and IM in the stock index futures of the macro and financial sector [1]. 2. Core Viewpoints of the Report - Goldman Sachs predicts that Chinese stocks will have a more sustained upward trend, with the MSCI China Index expected to rise by about 30% by the end of 2027, driven by 12% trend - like earnings growth and 5% - 10% re - evaluation potential [1][2]. - The low bond yields and the discounted valuation of Chinese stocks compared to global stocks, along with the expected loosening of Fed policy and potential decline in China's domestic real interest rates, make Chinese stocks' valuations attractive [1]. - Chinese capital may be undergoing a structural shift towards stocks, driven by trillions of dollars of potential asset re - allocation funds, and China has re - entered the sight of overseas investors [1][2][3]. - Stabilizing the stock market is crucial for boosting consumers' spending confidence, as it can inject capital into the real economy and drive consumption through wealth, psychological, and expectation effects [2][3]. 3. Summary by Relevant Catalogs Market Review - On Wednesday, the two markets opened lower and then oscillated strongly, with the banking sector continuing to strengthen. The total trading volume of the two markets was 1.66 trillion yuan, showing a contraction in volume and a decline in selling pressure [1]. - The CSI 300 Index closed at 4,592 points, down 15 points (- 0.33%); the SSE 50 Index closed at 3,010 points, up 2 points (0.09%); the CSI 500 Index closed at 7,128 points, down 57 points (- 0.80%); the CSI 1000 Index closed at 7,312 points, down 31 points (- 0.43%) [1]. - Among industry and theme ETFs, those with the highest gains were oil and gas resource ETFs, bank ETF funds, leading home appliance ETFs, education ETFs, and real estate ETF funds; those with the highest losses were gold stock ETFs, power grid equipment ETFs, and photovoltaic leading ETFs [1]. - Among the sector indices of the two markets, those with the highest gains were oilfield services engineering, geothermal energy, wind power equipment, shale gas, and home appliance parts indices; those with the highest losses were precious metals, forestry, coke processing, feed, and consumer electronics indices [1]. - The settlement funds of CSI 1000, CSI 500, CSI 300, and SSE 50 index stock index futures had net outflows of 5 billion, 4.7 billion, 3.3 billion, and 0.6 billion yuan respectively [1]. Important Information - Goldman Sachs believes that the AI boom has changed corporate profit models, and profit growth from AI - based capital expenditure is underway. Counter - cyclical regulatory policies have reignited market hopes for corporate profit recovery, and the "going global" strategy demonstrates China's enhanced competitiveness [1]. - Since September 15, the price of lithium hexafluorophosphate has risen by 44%, with a 33% jump in the past ten days. The capacity utilization rate of lithium iron phosphate has increased [2]. - Meta and private equity giant Blue Owl raised $27 billion through private bond issuance to build data centers. BlackRock subscribed for over $3 billion, becoming the second - largest investor, and Pimco subscribed for $18 billion, ranking first [2]. - OpenAI launched a new AI - driven web browser, ChatGPT Atlas, to compete directly with Google's Chrome browser [2]. - Anthropic is in talks with Google about a potential cloud - computing agreement worth tens of billions of dollars, which will provide large - scale computing power support for Claude [2]. - The zinc market of the London Metal Exchange is facing its most severe squeeze in decades. Due to production cuts by Western smelters and continuous depletion of inventories, the available zinc inventory on the LME is less than one - day's demand, and the premium of spot zinc prices over three - month contracts has soared to $323 per ton [2]. Market Logic - The stock market has warmed up, and investor confidence has gradually increased. As of October 13, the number of new A - share accounts exceeded 20 million, a year - on - year increase of over 50%, which has effectively increased residents' property income [2]. - Many foreign institutions believe that the recent valuation of A - shares is reasonably low, making them attractive for global diversified allocation and hedging against the risk of US dollar assets [2]. Future Market Outlook - As of October 17, the net inflow of the ETF market in October reached 99.161 billion yuan, with equity - based ETFs contributing 92.457 billion yuan, accounting for over 90% [3]. - The market is still in a defensive state, and the volatile market is difficult to change. The market is waiting for the clarity of the China - US negotiation at the end of the month [3]. Trading Strategy - For stock index futures directional trading, the volatile market is difficult to change, and the market is waiting for the clarity of the China - US negotiation at the end of the month. Long positions in stock index futures should be mainly allocated to the CSI 300 Index and the SSE 50 Index [3]. - For stock index option trading, as the market is in a volatile and consolidating state, it is advisable to wait and see [3].

Report Key Points 1. Industry Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View - Goldman Sachs expects a more sustained upward trend in Chinese stocks, with the MSCI China Index predicted to rise by about 30% by the end of 2027, driven by 12% trend - based earnings growth and 5% - 10% further revaluation potential [1]. - Due to the focus on STEM education and talent cultivation, China is taking the lead in industrial innovation, with a shift in enrollment trends towards STEM majors and a decrease in majors like law, economics, and management [1]. - The recent rebound in US stocks is a "short - squeeze" market caused by short - covering, which may send false optimistic signals [1]. - The global economy is entering the top region due to the continuous wrong policies in the US [2]. 3. Summary by Related Information Global Economic News - Meta and private equity giant Blue Owl raised $27 billion through private bond issuance to build data centers, with BlackRock subscribing over $3 billion and Pimco subscribing $18 billion. The bond has a S&P A+ rating but a high yield of 6.58% [1]. - OpenAI launched a new AI - driven web browser, ChatGPT Atlas, to compete directly with Google Chrome [1]. - Anthropic is in talks with Google for a potential multi - billion - dollar cloud computing agreement, and Google has previously invested about $3 billion in Anthropic [1]. - The zinc market on the London Metal Exchange is facing its worst squeeze in decades, with available zinc inventory insufficient for one - day demand and the spot zinc premium soaring to $323 per ton [1]. Chinese Market News - Chinese stocks are expected to have a sustained upward trend, and Chinese capital may have started a structural shift towards stocks. The central parity rate of the RMB against the US dollar has been raised to 7.0995, the first time since November last year [1]. - According to a survey of emerging markets, China is the top choice for stock investment, with 100 surveyed institutions managing $423 billion of emerging - market assets [2]. - Huawei announced the evolution and goals of its Ascend chips, with its computing power in "super - node + cluster" leading NVIDIA by over a year [2]. US Market News - US AI investment accounts for less than 1% of GDP, and although AI infrastructure investment has reached a nominal high, it is not exaggerated compared to historical technology cycles [2]. - DeepSeek launched a revolutionary OCR model to solve the computing power problem of AI in processing long documents [2].

Report Industry Investment Rating - The investment rating for the steel sector in the black building materials industry is "volatile" [1] Report's Core View - The steel market is in a policy vacuum period. Macroscopically, Sino - US risk fluctuations change, and the Fourth Plenary Session still supports the market. The terminal market is still poor, with the proportion of steel used in real estate decreasing. Infrastructure and manufacturing growth rates have declined, and steel exports face uncertainties. Supply is expected to decrease, and short - term steel prices are expected to show a volatile trend [1] Summary by Relevant Catalogs Market Review - Steel futures (screw and coil) closed higher in the night session on Tuesday [1] Important Information - US President Trump said he would visit China early next year, and the Chinese Foreign Ministry spokesman responded that there was no information to provide for now [1] - The Ministry of Commerce held a policy interpretation round - table meeting for foreign - funded enterprises, emphasizing that China's export control is a responsible act to maintain world peace and supply chain stability [1] - In September, key steel enterprises produced 62.86 million tons of crude steel, a 1.0% year - on - year decrease, and 58.43 million tons of pig iron, a 0.9% year - on - year decrease [1] Market Logic - The terminal market is weak, with real estate continuously dragging down steel consumption. Infrastructure and manufacturing growth rates have dropped to 1.1% and 5%, respectively. Steel exports are at a relatively high level but face uncertainties [1] - From January to September, China's crude steel production continued to decline year - on - year. Steel mills' profits are falling, and production cuts are increasing. It is expected that steel production will continue to decline [1] - The daily pig iron output is currently over 2.4 million tons and is expected to drop below 2.3 million tons. The annual crude steel and pig iron production are expected to decline year - on - year [1] Trading Strategy - In the short term, the 3000 level of rebar has strong support. It is recommended to try to go long when approaching 3000, and stop loss if it effectively breaks below [1]

Group 1: Investment Rating - The investment rating for the bond futures sector is "oscillation" [1] Group 2: Core View - The short - term bond futures may oscillate. The market risk preference is expected to increase in the short term due to factors such as GDP growth meeting expectations, central fiscal allocation to local governments, and the agreement on a new round of Sino - US economic and trade consultations. [1] Group 3: Summary by Related Content Market Performance - On Tuesday, most of the bond futures' main contracts opened lower, rose in the morning and then declined, and showed a unilateral upward trend in the afternoon. The 30 - year bond futures main contract TL2512 rose 0.16%, the 10 - year T2512 rose 0.05%, the 5 - year TF2512 rose 0.05%, and the 2 - year TS2512 rose 0.04%. [1] - On Tuesday, the Wande All - A Index opened higher, rose unilaterally in the morning, fluctuated narrowly horizontally in the afternoon, and closed with a bald阳线. The trading volume was 1.89 trillion yuan, slightly larger than the previous trading day's 1.75 trillion yuan. [1] Important Information - On Tuesday, the central bank conducted 1595 billion yuan of 7 - day reverse repurchase operations, with 910 billion yuan of reverse repurchases due on the same day, resulting in a net investment of 685 billion yuan. [1] - On Tuesday, the overnight interest rate in the inter - bank money market was basically flat compared with the previous trading day. The weighted average of DR001 was 1.31%, and that of DR007 was 1.44%. [1] - On Tuesday, the closing yields of inter - bank treasury bonds mostly declined compared with the previous trading day. The 2 - year treasury bond yield fell 0.53 BP to 1.50%, the 5 - year fell 0.71 BP to 1.60%, the 10 - year fell 1.41 BP to 1.84%, and the 30 - year fell 2.91 BP to 2.192%. [1] - On October 21, Kao Makiko was elected as the Prime Minister of Japan, becoming the first female Prime Minister in Japanese history. [1] Market Logic - In the third quarter, China's GDP increased by 4.8% year - on - year, in line with market expectations. In September, China's fixed - asset investment growth and total retail sales of consumer goods growth were lower than expected, while exports exceeded expectations. The added value of industrial enterprises above designated size increased more than expected, and the service production index was flat compared with August. The real estate sales continued to decline year - on - year in September and early October. [1] - Recently, the central government has allocated 500 billion yuan from the local government debt balance limit to local governments. On October 18, the leaders of Sino - US economic and trade negotiations agreed to hold a new round of consultations soon, which are conducive to increasing short - term market risk preference. [1] Trading Strategy - Traders are advised to conduct band operations. [2]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 22 日星期三 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 昨日焦煤主力合约 Jm2601 收于 1177.0，环比日盘开盘下跌 3.21%；焦炭主力合约 J2601 | | | | | 收于 1672.0，环比日盘开盘下跌 2.22%。昨日夜盘，Jm2601 收于 1189.5，环比日盘收 | | | | | 盘上涨 1.06%；J2601 合约收于 1687.0，环比日盘收盘上涨 0.9%。 | | | | | 【重要资讯】 | | | | | 1、海关总署最新数据显示，2025 年 9 月份，中国进口动力煤（非炼焦煤）3508 万吨， | | | | | 同比下降 5.76%，环比增长 7.69%。2025 年 1-9 月份，中国累计 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The global economic situation is complex, with the US economy affected by wrong policies and the global economy entering the top - region [2]. - AI - related fields are rapidly developing, with multiple technological breakthroughs and new product launches, and AI toys are reshaping the consumer market [1]. - The US banking industry has increased concerns about credit losses, leading to increased merger expectations [1]. - The Japanese stock market has reached new highs, but the market is now focusing on the political stability of the new government [1]. 3. Summary by Related Catalogs 3.1 Important Information - OpenAI is facing absolute computing power scarcity, and it has a resource - allocation mechanism for research and application [1]. - DeepSeek has launched a revolutionary OCR model that solves the computing power problem of AI in processing long documents and has high - efficiency data generation capabilities [1][2]. - Yushu (Unitree) has released a four - legged robot training platform and a 180 - cm humanoid robot Unitree H2 with good balance and control capabilities [1][2]. - AI toys are becoming a new consumer hotspot across all age groups and are in a "golden age" of development, breaking the scene boundaries of traditional toys [1]. - The nuclear fusion technology competition is intensifying in the US, covering two key tracks: small modular reactors for AI power and future - oriented fusion technology [1]. - US banks' concerns about credit losses are promoting merger expectations, and regulatory and political factors support merger discussions [1]. - Kōichi Hamada has been elected as the new Prime Minister of Japan, and the Japanese stock market has reached new highs, but market attention has shifted to the political stability of the new government [1]. 3.2 Global Economic Logic - China's industrial added value in September 2025 increased by 6.5% year - on - year and 0.64% month - on - month, and the central parity rate of the RMB against the US dollar has been raised to 7.0995 [1]. - Traders are betting that the Fed will cut interest rates by at least 50 basis points in the upcoming meetings [1]. - China is the preferred stock investment market for emerging markets, and 100 surveyed institutions manage $423 billion in emerging - market assets [2]. - Huawei has announced the evolution and goals of Ascend chips, with its computing power "super - node + cluster" leading NVIDIA by more than a year [2]. - Although AI infrastructure investment has reached a new high in nominal terms, the proportion of US AI investment in GDP is still less than 1% [2]. - TSMC's CEO said that AI demand is stronger than expected [2].