AMD(US:AMD) ZHONGTAI SECURITIES·2025-10-08 11:37Economic Indicators Changes - In September, China's official manufacturing PMI was 49.8%, an increase of 0.4 percentage points from the previous value of 49.4%, indicating a slight acceleration in overall economic output [13] - The U.S. core PCE price index in August grew by 2.9%, consistent with expectations, indicating stable potential inflation [14] - The Eurozone's unemployment rate in August was 6.3%, slightly higher than the previous 6.2%, while the manufacturing PMI for September was 49.8%, above expectations [15] Major Asset Performance - Global stock markets mostly rose, with the Nikkei 225 index leading with a 6.70% increase from September 30 to October 6 [18] - Global long-term bond yields saw a slight increase, with Japan's 10-year government bond yield rising by 0.9% during the same period [18] - In the commodities market, silver prices surged by 3.77% from September 30 to October 6, while oil prices declined [19] Domestic and International Events - The U.S. government entered a partial shutdown due to a failure to pass a temporary funding bill, raising market risk aversion [22] - High-profile political changes in Japan, with the election of Sanae Takaichi as the new leader of the ruling party, are expected to lead to a return to aggressive fiscal and monetary policies [23] - OpenAI and AMD announced a multi-billion dollar partnership, which could significantly alter the AI chip landscape and challenge Nvidia's market dominance [27] Domestic Data Tracking - During the National Day and Mid-Autumn Festival holiday, cross-regional travel in China reached a historical high, with an estimated 1.249 billion trips made from October 1 to 4, a 5.7% increase year-on-year [30] - The domestic box office exceeded 1.5 billion yuan during the holiday, although the number of moviegoers declined by 21.12% compared to the previous year [33] Post-Holiday Market Outlook - The technology sector is expected to experience a rotation pattern characterized by "high-level fluctuations—midstream switching—downstream diffusion," with a focus on AI, chips, and robotics as core areas [34] - The overall market risk and risks within the technology sector are deemed manageable, with low-position sectors such as brokerage and cyclical industries being highlighted for potential investment [34]