来源：市场资讯 英特尔股价大涨7%，触及2024年7月以来的最高水平。知情人士透露，英特尔正在与苹果接洽寻求投 资，在美国政府入股英特尔之前和之后，两家公司曾多次洽谈。 （来源：科创100ETF基金） ...

格隆汇9月26日｜据华尔街日报，知情人士透露，英特尔已接触的公司包括苹果和台积电，讨论投资或 制造合作事宜。知情人士称，这些努力在特朗普总统上个月对英特尔表示兴趣之前就已经开始，但自从 美国政府持有英特尔10%的股份后，这些努力进入加速阶段。 ...

Core Viewpoint - Intel is in discussions with TSMC regarding potential investment or collaboration opportunities, following recent external capital support and strategic moves to enhance its manufacturing capabilities [1] Group 1: Investment and Collaboration - Intel has engaged with TSMC for potential investment or collaboration opportunities, as reported by The Wall Street Journal [1] - Prior to this, Intel was also in talks with Apple to secure investment support [1] - The initiative to seek external investment began before recent government interest but accelerated after the U.S. government acquired a 10% stake in Intel [1] Group 2: Recent Capital Support - Nvidia announced a $5 billion investment to acquire approximately 4% of Intel's shares [1] - SoftBank Group injected $2 billion into Intel earlier this year [1] - Intel has been investing billions to advance its foundry business, although it faces challenges in competition with TSMC and has a limited number of external customers [1] Group 3: Joint Ventures - In April, discussions were reported between Intel and TSMC regarding the establishment of a joint venture, with TSMC potentially holding a 20% stake in the new company [1]

Market Overview - The US stock market experienced a slight decline on Thursday, with major indices falling for three consecutive trading days due to economic data increasing uncertainty about the Federal Reserve's future interest rate cuts [2] - The Dow Jones Industrial Average dropped by 173.96 points to close at 45,947.32, a decrease of 0.38%; the S&P 500 fell by 33.25 points to 6,604.72, down 0.50%; and the Nasdaq Composite decreased by 113.16 points to 22,384.70, also down 0.50% [2] Sector Performance - Most sectors in the S&P 500 closed lower, with only the energy sector rising by 0.9% and the technology sector slightly increasing by 0.03% [2] - Large-cap tech stocks showed mixed performance, with Tesla down 4.38%, Meta down 1.54%, and Amazon, Microsoft, and Google all declining by up to 0.94%. In contrast, Nvidia rose by 0.41%, and Apple increased by 1.81% [2] Economic Indicators - Intel shares surged by 8.9% following reports of discussions with TSMC regarding potential investment or collaboration [3] - The Nasdaq China Golden Dragon Index rose by 0.42%, with notable gains from Kuaishou (over 6%), NIO, Xpeng Motors, and Bilibili (over 4%), while Alibaba fell by 0.55% [3] - The US Labor Department reported a decrease of 14,000 in initial jobless claims for the week ending September 20, adjusted to 218,000, indicating resilience in the labor market [3] - The Bureau of Economic Analysis revised the second quarter GDP growth rate to an annualized 3.8%, the fastest in nearly two years, driven by strong consumer spending and business investment [3] Federal Reserve Insights - Recent statements from Federal Reserve officials have added uncertainty to the policy outlook, with Chicago Fed President Austan Goolsbee expressing concerns about rapid interest rate cuts amid ongoing inflation risks [3] - Market expectations for another 25 basis point rate cut in October have decreased from approximately 92% to 83.4% [4] Investment Sentiment - Investors are looking forward to upcoming quarterly earnings reports, particularly in the context of high stock valuations [4] - Cherry Lane Investments' partner Rick Meckler noted that current valuations are historically high, but government support for large tech companies appears to be a positive factor [4] Bond and Commodity Markets - In the bond market, the yield on the 10-year US Treasury rose by 3 basis points to 4.177%, while the 2-year yield increased by 6.5 basis points to 3.663% [4] - In commodities, WTI crude oil futures fell by 0.02% to $64.98 per barrel, while Brent crude rose by 0.18% to $68.58 per barrel. COMEX gold futures increased by 0.08% to $3,771.10 per ounce [4]

Group 1 - Investors are heavily betting on Intel (INTC.US), believing that the stock's upward trend will continue following a series of investments from the U.S. government, Nvidia (NVDA.US), and other companies [1] - Since September 17, Intel's stock price has increased by 37%, reaching $33.99 [1] - The implied volatility of Intel's three-month options surged to its highest level since early April, indicating strong investor interest in call options rather than hedging against downside risks [1] Group 2 - The premium of Intel's call options relative to put options has risen to its highest level since 2013, with over one-third of the options trading volume concentrated in short-term contracts expiring on Friday [3] - Intel is reportedly in discussions with Apple (AAPL.US) for potential investment as part of its recovery plan, although negotiations are still in early stages and may not lead to an agreement [3] - Other companies are also being approached by Intel for potential investment and collaboration, continuing the recent trend of financing for the company [3] Group 3 - Nvidia announced a $5 billion investment in Intel last week, aiming to collaborate in the personal computer and data center chip sectors [3] - SoftBank Group announced a $2 billion investment in Intel last month [3] - The U.S. government acquired approximately 10% of Intel's shares through a non-traditional transaction facilitated by the Trump administration in August [3]

大型科技股表现分化。特斯拉下跌4.38%，Meta跌1.54%，亚马逊、微软、谷歌A至多跌0.94%，英伟达 逆势上涨0.41%，苹果上涨1.81%。 英特尔大涨8.9%，此前有消息称该公司正与台积电接触，探讨投资生产或合作事宜。 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.42%。其中，金山云涨超6%，蔚来、小鹏汽车、哔 哩哔哩涨逾4%，百度、理想汽车涨超1%，阿里巴巴跌0.55%。 *美股三大指数小幅收跌； *美国二季度GDP增速上修至3.8%； *英特尔涨8.9%，被曝与台积电探讨投资或合作 美国股市周四收盘小幅下跌，经济数据加剧了美联储未来降息路径的不确定性，主要股指连续三个交易 日收跌。 截至收盘，道琼斯工业平均指数下跌173.96点，收于45947.32点，跌幅0.38%；标准普尔500指数下跌 33.25点，收于6604.72点，跌幅0.50%；纳斯达克综合指数下跌113.16点，收于22384.70点，跌幅 0.50%。 标普500指数多数板块收低，仅能源板块上涨0.9%，科技板块微涨0.03%。 投资者普遍期待企业即将公布的季度财报，尤其是在美股频频创新高、估值水平被认为偏高的背景下。 ...

Market Overview - The U.S. stock market closed slightly lower, with major indices declining for three consecutive trading days due to economic data increasing uncertainty about the Federal Reserve's future interest rate cuts [1][3] - The Dow Jones Industrial Average fell by 173.96 points to close at 45,947.32, a decrease of 0.38%; the S&P 500 dropped 33.25 points to 6,604.72, down 0.50%; and the Nasdaq Composite decreased by 113.16 points to 22,384.70, also down 0.50% [1] Sector Performance - Most sectors in the S&P 500 closed lower, with only the energy sector rising by 0.9% and the technology sector slightly up by 0.03% [2] - Large-cap tech stocks showed mixed performance, with Tesla down 4.38%, Meta down 1.54%, and Amazon, Microsoft, and Google all declining by up to 0.94%. In contrast, Nvidia rose by 0.41% and Apple increased by 1.81% [2] Company News - Intel shares surged by 8.9% following reports that the company is in discussions with TSMC regarding potential investment or collaboration [3] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up by 0.42%. Notable gainers included Kingsoft Cloud up over 6%, NIO and Xpeng both up over 4%, and Baidu and Li Auto up over 1%. Alibaba, however, fell by 0.55% [3] Economic Data - The U.S. Labor Department reported a decrease of 14,000 in initial jobless claims for the week ending September 20, adjusted to 218,000, indicating some resilience in the labor market [3] - The Bureau of Economic Analysis revised the second-quarter GDP growth rate to an annualized 3.8%, the fastest in nearly two years, driven by strong consumer spending and business investment. The first quarter GDP had previously contracted [3] Federal Reserve Outlook - Statements from Federal Reserve officials have added uncertainty to the policy outlook, with Chicago Fed President Austan Goolsbee expressing concerns about rapid interest rate cuts amid ongoing inflation risks [3] - Market expectations for a potential rate cut in October have decreased, with the probability of a 25 basis point cut dropping from approximately 92% to 83.4% [3] Investor Sentiment - Investors are looking forward to upcoming quarterly earnings reports, especially given the high valuation levels in the stock market [4] - Cherry Lane Investments partner Rick Meckler noted that current valuations are historically high, but a positive factor is the government's apparent willingness to allow large tech companies to continue expanding [4] Bond and Commodity Markets - In the bond market, the yield on the 10-year U.S. Treasury rose by 3 basis points to 4.177%, while the 2-year Treasury yield increased by 6.5 basis points to 3.663% [4] - In commodities, international oil prices showed mixed results, with WTI crude oil futures down 0.02% to $64.98 per barrel and Brent crude oil futures up 0.18% to $68.58 per barrel [4] - COMEX gold futures rose by 0.08% to $3,771.1 per ounce [5]

Core Insights - Intel's stock has seen a significant increase, closing up 8.87% on September 25, reaching its highest price since July 2024, attracting considerable market attention [1] - The recent rebound is attributed to substantial investments from the U.S. government and Nvidia, with the government purchasing a 9.9% stake for $8.9 billion, making it Intel's largest single shareholder, reflecting a strategic intent to enhance domestic tech competitiveness [1] - Nvidia has also invested $5 billion to collaborate with Intel on next-generation PC and data center chips, providing both financial support and a foundation for partnerships with other tech giants [1] - Intel is actively seeking investment from Apple to further its revival strategy, with discussions in early stages, as Apple views Intel as a potential partner for diversifying its chip manufacturing supply chain [1] Challenges - Despite the investments from the U.S. government, Nvidia, and SoftBank, Intel's foundry business requires a larger customer base and orders to improve capacity utilization [2] - The company is focused on enhancing its process technology competitiveness, particularly advancing the Intel 14A process, with plans for mass production of 14A and 18A nodes in the coming years [2] - Achieving these goals necessitates securing commitments from more external customers to ensure a positive feedback loop for its financial and technological investments [2] - In the highly competitive semiconductor industry, rapid technological iteration and market expansion are crucial for Intel's revival, requiring both financial backing and technological breakthroughs [2] - Investors should monitor Intel's progress in its foundry business and the mass production of new technology nodes as key indicators of its future growth potential [2] - Although uncertainties exist in Intel's foundry business, a combination of fiscal discipline and technological innovation may enable the company to reshape its position in the global semiconductor market [2]

Economic and Market Updates - The U.S. stock market indices closed lower, with the Dow Jones down 0.38%, Nasdaq down 0.5%, and S&P 500 down 0.5%, marking the third consecutive day of decline [4] - International precious metals futures generally rose, with COMEX gold futures up 0.33% at $3780.5 per ounce and COMEX silver futures up 2.89% at $45.47 per ounce [5] - International oil prices showed slight fluctuations, with WTI crude oil up 0.35% at $65.22 per barrel and Brent crude oil up 0.42% at $68.75 per barrel [6] - European stock indices closed slightly lower, with Germany's DAX down 0.56%, France's CAC40 down 0.41%, and the UK's FTSE 100 down 0.39% [7] Corporate Actions and Developments - Xiaomi Group launched the Xiaomi 17 series, with the standard version starting at 4499 yuan, featuring a 7000mAh battery [17][18] - The State Administration for Market Regulation supervised the recall of over 1.35 million power banks from three companies, including Xiaomi, due to safety concerns [19] - ByteDance's spokesperson denied rumors of an IPO in Hong Kong, emphasizing the importance of accurate market information [23] - Five major state-owned banks announced the abolition of their supervisory boards, opting to establish audit committees instead, reflecting changes in financial regulatory practices [21] Regulatory and Policy Updates - The Ministry of Commerce initiated anti-dumping investigations on imported pecans from Mexico and the U.S., citing evidence of dumping practices affecting domestic industries [10] - The National Medical Insurance Administration launched a "100-day action" to combat fraud in medical insurance fund management, aiming for strict enforcement [12] - The digital RMB international operation center officially commenced operations in Shanghai, introducing three major business platforms to enhance cross-border payment solutions [13] Industry Insights - The China Nonferrous Metals Industry Association Copper Branch expressed strong opposition to "involution" competition in the copper smelting industry, highlighting its negative impact on national interests [20] - The recent incident involving a fund manager's gambling arrest raised concerns about investor confidence and the need for compliance within the financial sector [25]

每经编辑｜陈鹏程 王晓波 1 美国8月PCE物价指数公布 2美国9月密歇根大学消费者预期指数终值公布 ③ 2025无人机创新应用大会将于9月26日至27日 举办 4 HarmonyOS Connect伙伴峰会暨鸿蒙智选 2025年秋季新品发布会将于9月26日举办 ⑤2025人工智能计算大会将于9月26日举办 1 李强同美国友好团体座谈 当地时间9月25日，国务院总理李强在纽约同美国友好团体座谈。李强表示，经贸关系是两国关系的重要组成部分。中美两国市场结构差异较大、产业结构 互补性强，在国际产业链中都占据重要位置，双方加强经贸合作互利共赢，惠及全球。与会美方人士表示，希望美中保持高层交往，扩大各领域对话，加强 互利合作，密切人文交流，发展长期稳定的美中关系，为国际社会注入更多确定性。美国企业界看好中国经济发展前景，将继续扩大在华投资，为促进两国 合作、增进相互了解发挥桥梁作用。（新华社） 2 隔夜市场 美股三大指数集体收跌，道指跌0.38%，纳指跌0.5%，标普500指数跌0.5%，三大股指均连续第三个交易日下滑；甲骨文跌超5%，特斯拉跌超4%，Meta跌 超1%；英特尔大涨近9%，苹果涨超1%；稀土概念、贵金 ...