AMD(US:AMD) Sou Hu Cai Jing·2025-10-07 08:28Group 1: Market Insights - Morgan Stanley's chief China equity strategist, Laura Wang, argues that the current A-share market rally is driven by earnings rather than liquidity, labeling it an "earnings bull market" [1] - The MSCI China Index has shown stable earnings over the past three quarters, with the earnings revision breadth indicator turning positive in August, making China the second market globally to enter this zone after the US [2] - Despite concerns about market divergence, key sectors such as information technology, internet, finance, and biotechnology are leading earnings growth, with foreign investors planning to increase their exposure to Chinese stocks [2] Group 2: AI and Technology Developments - OpenAI has entered a significant $90 billion GPU supply agreement with AMD, which includes a unique equity-for-purchase model, potentially redefining AI infrastructure financing [4][5] - AMD's stock surged over 37% in intraday trading following the announcement, marking its largest single-day gain since 2016 [6] Group 3: Gold Market Trends - China's central bank has increased its gold reserves for the 11th consecutive month, reaching 7.406 million ounces by the end of September [9] - Goldman Sachs has raised its gold price target for the end of 2026 from $4,300 to $4,900 per ounce, citing a 17% increase in gold prices since August 26, driven by long-term capital inflows and central bank purchases [11] - The report indicates that gold prices may have a further 23% upside in the next two years, with central bank purchases contributing significantly to this growth [11]