智通财经APP获悉，自ChatGPT推出以来，人工智能已从技术概念跃升为全球股市回报的 "决定性引擎"。瑞银首席投资办公室近日发布全球股票策略报 告指出，AI正打破传统投资框架的束缚，成为股票配置中关键的差异化因素，而投资者若想捕捉AI红利，需跳出宽泛的地区、行业或风格标签，聚焦 企业将AI转化为竞争优势的核心能力。 Part.01 传统股票分类框架：解释力不足的 "旧地图" 长期以来，全球投资界构建股票组合时，高度依赖源于 20 世纪 70 年代的 "因子模型"，并在 90 年代通过 Fama-French 多因子模型进一步扩展 —— 这类 框架以 "预设特征" 划分股票，比如国家（如美国、欧洲市场）、行业（如科技、工业）、规模（大盘 / 小盘）、风格（价值 / 成长）等，将其作为 portfolio 构建和收益分析的核心依据。 但数据揭示了这一框架的局限性：UBS 对 MSCI 全国家指数（MSCI ACWI）过去 20 年的分析显示，国家、行业、风格这三类传统特征仅能解释 24% 的总回报，其中风格因子的贡献更是低至 3%。报告指出，股市回报的主力实则来自 "公司特定因素"—— 且这类因素并非随机：正如 ...

Market Overview - US stock indices closed lower on Thursday, with the Dow Jones Industrial Average recording its largest single-day drop in a month, down 243.36 points to 46358.42, a decline of 0.52% [1] - The S&P 500 index fell 18.61 points to 6735.11, down 0.28%, while the Nasdaq Composite dropped 18.75 points to 23024.63, a decrease of 0.08% [1] - Among the 11 sectors of the S&P 500, the materials sector saw the largest decline, while the consumer staples sector was the only one to rise [1] Earnings Season Insights - The upcoming earnings season is anticipated to show whether corporate profits can continue the stable growth seen in the past two quarters, with analysts expecting an 8.8% year-over-year increase in S&P 500 earnings for Q3, down from 13.8% in the previous quarter [2] - Major banks including JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo are set to report their earnings next week [2] Economic Indicators - The yield on the US 10-year Treasury rose by 1.7 basis points to 4.15%, while the 2-year Treasury yield increased by 1.3 basis points to 3.60% [3] - The futures market indicates a 94.6% probability of a 25 basis point rate cut by the Federal Reserve in October, as the job market may weaken further [2] Commodity Prices - International oil prices fell, with WTI crude oil futures down 1.66% to $61.51 per barrel, and Brent crude down 1.55% to $65.22 per barrel [3] - Gold prices also retreated, with spot gold down 1.62% to $3976.76 per ounce, and COMEX gold futures down 1.96% to $3990.9 per ounce [3] Corporate Developments - Delta Air Lines reported stronger-than-expected Q3 earnings and raised its guidance for the current quarter, resulting in a 4.3% increase in its stock price [2] - The Keator Group's partner noted that the market is adjusting due to a lack of new economic data and clear policy signals, which is a natural occurrence [2]

Core Insights - RISC-V's market penetration has reached 25%, indicating significant growth in the chip market, particularly in IoT and automotive applications [3][4] - SHD Group's upcoming forecast suggests that RISC-V chip shipments could exceed 21 billion by 2031, generating over $2 billion in revenue [3] - Meta's acquisition of Rivos, a startup developing RISC-V processors, highlights the competitive landscape for advanced AI chips and the potential for RISC-V to challenge established players like Nvidia [4][9] RISC-V Market Growth - RISC-V's market penetration is a substantial leap, with predictions of reaching 25% of the semiconductor market by 2030, equating to 17 billion chip shipments [3] - The growth is attributed to RISC-V's applications in edge AI deployments, providing localized data centers for smaller communities [3] Meta's Acquisition of Rivos - Meta's acquisition of Rivos, which has developed RISC-V processors compatible with CUDA, signifies a strategic move to enhance its AI capabilities [4][7] - Rivos aims to reduce the cost and complexity of migrating applications to its SoC, leveraging its compatibility with existing CUDA software [6][9] - The acquisition is expected to accelerate Meta's development of proprietary chips for AI workloads, with significant R&D investment [7][8] European RISC-V Developments - The eProcessor project in Europe has successfully developed the first out-of-order RISC-V processor, marking a significant milestone in the semiconductor industry [12][14] - This processor, built on a 22nm process, enhances computational performance and efficiency for various applications, including AI and automotive [12][15] - The project aligns with the EU's semiconductor innovation strategy, aiming to boost Europe's position in the global chip market [14][17] Future Implications - The success of the eProcessor project underscores the potential for RISC-V to provide alternatives to traditional closed architectures, fostering innovation in high-performance computing and embedded systems [16][17] - Continued investment and strategic support are crucial for the eProcessor project to compete with industry leaders like AMD and Intel [17]

Economic Information - The margin trading ratio for SMIC (688981) has been adjusted from 0.70 to 0.00, and for BAWI Storage (688525) from 0.50 to 0.00 due to their static P/E ratios exceeding 300 [2] - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration have announced adjustments to the technical requirements for new energy vehicles eligible for vehicle purchase tax exemptions for 2026-2027, increasing the minimum electric range for plug-in hybrid vehicles from 43 km to 100 km [2] Company Alerts - Dongfang Fortune's initial pricing for its inquiry transfer is set at 24.40 CNY per share, representing an 8.8% discount from the previous closing price [4] - New Yisheng's initial pricing for its inquiry transfer is set at 328 CNY per share, representing a 6.6% discount from the previous closing price [7] Overseas Alerts - The three major U.S. stock indices closed lower, with the Dow Jones down 0.52%, Nasdaq down 0.08%, and S&P 500 down 0.28%. Popular tech stocks showed mixed performance, with Oracle up over 3% and Meta up over 2%, while Apple and Google fell over 1% [5] - COMEX gold futures fell by 1.95% to 3991.1 USD per ounce, and COMEX silver futures fell by 2.73% to 47.655 USD per ounce [7]

Core Viewpoint - The recent volatility in the computing power sector presents an opportunity for investment, with a continued recommendation for the AI industry chain [1] AI Applications - OpenAI has launched the video generation model Sora 2, which shows significant performance improvements, leading to the Sora App reaching the top of the US App Store free chart within three days of release [1] - Meta's AI smart glasses, Ray-Ban Display, have sold out in stores, with trial appointments booked out for two months [1] AI Computing Power - OpenAI and AMD have announced a strategic agreement for 6GW, highlighting the importance of AMD's supply chain [1] - The demand for AI computing power remains strong, with ongoing capital expenditures in this area [1] Sector Overview - The AI computing power sector encompasses advanced processes, GPU/ASIC, optical modules, PCBs, servers, switches, optical devices, copper connections, IDC, and supporting infrastructure (liquid cooling, power supply, electrical systems, comprehensive wiring, etc.) [1] - The sector is characterized by a broad market trend, with individual stocks in the industry chain showing potential for growth, indicating that there is still market capitalization space available [1]

编者荐语： 彼得·蒂尔是PayPal、Palantir Technologies和Founders Fund的联合创始人，Facebook首位外部投资者。2025年，其创立的Palantir与波音公司达成合作。 以下文章来源于泉成漫谈录 ，作者泉成漫谈录 泉成漫谈录 . 一个在思想的土地上耕种的农夫，一个在现实的丛林中狩猎的猎人。 作者 | 泉成漫谈录 导语：彼得·蒂尔在1987年联合创办了《斯坦福评论》，这份报纸不仅是一个思想和观点的平台，还成为了一个强大的硅谷人脉网络，连接了许多成功 的创业家和投资人，Craft Ventures的大卫·萨克斯、美国驻瑞典前大使肯·霍威利、Palantir的三位创始人都曾经为该报撰稿。 原标题： 从"模仿欲望"到"创造性垄断"：解密彼得·蒂尔的底层代码 故事始于上世纪80年代末的斯坦福大学，那片加州阳光下的校园不仅是学术殿堂，更是一座思想与政治狂热的熔炉。 图源：财富中文网 这次相遇并非通过一门标准课程，而是一个影响链条的结果。关键的中间人是罗伯特·哈默顿-凯利（Robert Hamerton-Kelly），时任斯坦福纪 念教堂的院长，一位深受基拉尔思想影响的神学家 。正 ...

Market Overview - US stock markets experienced a decline, with the Dow Jones falling by 0.52%, the Nasdaq by 0.08%, and the S&P 500 by 0.28% [1] - Notable stock movements included Apple down by 1.56%, Google A down by 1.26%, while Nvidia, Amazon, and Meta saw increases ranging from 1.12% to 2.18% [1] Robotics and AI Developments - Figure AI, a US humanoid robot startup, launched its third-generation humanoid robot "Figure 03" [2] - OpenAI's CEO, Sam Altman, indicated that significant deals in AI, similar to those with Nvidia and Oracle, are expected to continue [3] - Microsoft forecasted that the data center resource shortage crisis will persist until 2026 [4] - Intel revealed details about its Panther Lake processor architecture, marking the first AI PC platform based on 18A technology [5] - Google Cloud introduced the Gemini enterprise AI platform, competing with Microsoft and OpenAI in the enterprise AI market [6] Commodities and Metals - Chile's National Copper Corporation (Codelco) reported that copper production in August hit its lowest level since 2003 [8] - The non-ferrous metals market saw collective gains, with London copper rising by 1.86%, aluminum by 1.63%, and cobalt by 3.57% [9] Domestic Policy and Industry Updates - The Chinese Ministry of Commerce and the General Administration of Customs announced export controls on certain rare earth materials and related items [11] - The National Development and Reform Commission is addressing price competition issues to maintain market order [12] - The Ministry of Industry and Information Technology adjusted the technical requirements for tax exemptions on new energy vehicles for 2026-2027 [13] Company Announcements and Financial Performance - SAILIS signed a cooperation framework agreement with Beijing Volcano Engine Technology for embodied intelligence business [20] - TCL Technology completed the acquisition of 80% and 100% stakes in LGDCA and LGDGZ, respectively, for a total of 11.088 billion yuan [20] - Gold and magnet companies reported significant profit increases, with Guangdong Mingzhu's net profit expected to rise by 858.45% to 1,071.44% year-on-year [21] - Shandong Steel projected a net profit of approximately 1.4 billion yuan for the first three quarters, marking a significant increase from the previous year [21] Investment Trends - The market is witnessing a surge in investments in solid-state batteries and robotics, with companies like Yunshe Technology launching new humanoid robots [18][19] - The domestic humanoid robot sector is poised for rapid growth, with major companies receiving substantial orders [17]

Core Insights - Meta has launched three different AI glasses at the Meta Connect developer conference, positioning them as a significant step towards consumer-level AI and AR technology [1] - Mark Zuckerberg and Kevin Kelly predict that smart glasses will replace most smartphones, creating a "transparent mirror world" that lacks privacy [3] Market Trends - The AI glasses market is experiencing explosive growth, with JD.com reporting a more than 10-fold increase in transaction volume year-on-year for the first half of 2025, and a 54.9% increase in global shipments to 2.555 million units in Q2 2025 [5][6] - Despite the market's growth, high return rates for AI glasses are a concerning trend, with return rates around 30% on platforms like JD.com and Tmall, and as high as 40%-50% on Douyin, primarily due to functionality issues [6] Product Innovations - Meta's new Ray-Ban Display features a color display on the inner side of the right lens and a Meta Neural Band for gesture control, enhancing user interaction and functionality [8] - The core value of AI glasses lies in their ability to provide "data accumulation + decision support" based on user preferences and past behaviors, although they currently lack a compelling core feature to attract consumers [10] Privacy and Security Concerns - Privacy issues surrounding AI glasses, particularly regarding unauthorized recording, remain a significant concern, with suggestions for stronger notification mechanisms and user control over recording features [11][16] - Legal experts emphasize the need for compliance with data privacy laws, advocating for minimal data collection and user consent for sensitive information [17][18]

Instagram's (NASDAQ:META) top boss has hinted at building a standalone TV app in hopes of pivoting deeper into video and competing with YouTube (GOOG) (GOOGL), according to a Bloomberg report on Thursday. "If behavior [and] the consumption of these platforms is moving ...

Core Viewpoint - Meta is embroiled in a legal battle in New Mexico regarding child safety, with allegations that its platforms endanger children's mental health and expose them to sexual exploitation [4][5]. Group 1: Legal Proceedings - The New Mexico Attorney General's office has filed motions alleging that Meta has not fully produced internal records related to its AI chatbots, which reportedly engaged minors in inappropriate conversations [2][12]. - Meta has argued that the requested documents and testimony from former researcher Jason Sattizahn are irrelevant to the case and beyond the scope of a previous court order [3][5]. - The lawsuit, New Mexico v. Meta, is set to be the first state-led child safety suit against Meta to go to trial, scheduled for February 2026 [4]. Group 2: Allegations Against Meta - The lawsuit accuses Meta of designing Facebook and Instagram in ways that jeopardize children's mental health and expose them to sexual exploitation [4]. - New Mexico's Attorney General claims that Meta has misled the public about the dangers of its platforms and is attempting to avoid transparency and accountability [6]. - Reports indicate that Meta's chatbots have engaged in inappropriate interactions with test accounts set up as teenagers, raising concerns about the safety of underage users [21]. Group 3: Meta's Defense - Meta has requested the dismissal of the case, arguing that New Mexico lacks jurisdiction and that it cannot be held liable for content created by third parties [5]. - The company maintains that it has invested in creating safer experiences for teens and that the allegations mischaracterize its efforts [5][6]. - Meta's legal team has indicated that the internal documents requested by New Mexico are not relevant to the case, as the complaint does not mention chatbots [14][15]. Group 4: Ongoing Scrutiny - The legal filings coincide with Meta's promotion of new parental controls and safety updates, although these measures have been criticized for being easy to bypass [19]. - Meta has faced scrutiny from Congress and missed a deadline to provide records related to its AI chatbots' interactions with children [20]. - The New Mexico Department of Justice is committed to using all legal tools available to protect children and ensure Meta's compliance with the law [6].