华尔街见闻早餐FM-Radio | 2025年12月1日

Market Overview - The S&P 500 index rose nearly 4% for the week, marking its best Thanksgiving week performance since 2008, while the Nasdaq fell 1.5% for the month [3] - Nvidia and Oracle saw declines of 12% and 23% respectively in November, while Google gained over 14% [3] - US Treasury prices fell after a holiday, and the dollar index dropped for five consecutive days, reaching a new low [3] - Bitcoin tested the $93,000 mark but fell back over 2%, with November seeing a nearly 20% drop, the largest monthly decline in over three years [3] - Oil prices fell for four consecutive months, while gold reached a two-week high with a rise of over 1% [3] Key Economic Indicators - China's official manufacturing PMI rose to 49.2 in November, while the high-tech manufacturing PMI remained above 50 for ten consecutive months [4][8] - Hong Kong's Tai Po fire resulted in 146 fatalities and 100 missing, with ongoing investigations [4][8] - Meituan reported its first loss in three years, with a core local business loss of 14.1 billion yuan in Q3, expecting continued losses in Q4 [4][10] Commodity Market - Silver futures reached a new high, with domestic silver inventory at a near ten-year low [11][26] - Copper supply is at its tightest in history, with metal premiums soaring to record levels [12][28] - WTI crude oil futures fell 0.17% to $58.55 per barrel, while Brent crude oil futures dropped 0.8% to $62.38 per barrel [7] Corporate Developments - Intel's stock surged 10% as it is expected to regain a major client, with potential delivery of Apple's M-series chips by 2027 [14] - Oracle and others borrowed $38 billion, contributing to a total debt of $100 billion in the "OpenAI chain" data center ecosystem [13] - The Shanghai Guomao Holdings Co., Ltd. was established to enhance international competitiveness in commodity trading [15] Industry Trends - The AI sector is experiencing significant growth, with a 600% increase in AI traffic during the Black Friday sales period [4][10] - The copper market is facing unprecedented supply constraints, with expectations of a significant price increase due to tight supply and strong demand [28] - The commercial real estate investment trust (REITs) pilot program is being proposed in China to enhance regulatory oversight [15]