【 导读 】特朗普 对华贸易态度 "软化"， 美股迎来反弹 中国基金报记者 储是 特朗普对华贸易态度"软化"，美国科技巨头宣布AI大消息，美股迎来反弹；中国资产大涨，跑赢美股三大指数；避险情绪升温，国际黄金 和白银价格再创新高。 特朗普"改口" 美股反弹 美东时间 10月13日（ 周一），美股迎来全面反弹， 三大指数收高。代表中国资产的纳斯达克中国金龙指数大涨3.21%。 截至收盘， 道琼斯工业指数上 涨1.29%，报46067.58点； 纳斯达克指数上 涨2.21%，标普500指数 上 涨1.56%。 特朗普 对华贸易态度 "软化"。当地时间10月10日，特朗普在社交平台 上发文， 从11月1日起对华加征100%额外关税，并暗示可能取消 亚太经合组织（APEC）峰会期间与中方的会晤。 | 名称 | 现价 | 涨跌幅 ◆ | 成 -- | | --- | --- | --- | --- | | 特斯拉(TESLA) TSLA.O | 435.900 | 5.42% | 269.13亿 | | 谷歌(ALPHABET)· GOOG.O | 244.640 | 3.01% | 21.63亿 | | 英伟达(NVI ...

美东时间10月13日（周一），美股迎来全面反弹，三大指数收高。代表中国资产的纳斯达克中国金龙指数大涨3.21%。 截至收盘，道琼斯工业指数上涨1.29%，报46067.58点；纳斯达克指数上涨2.21%，标普500指数上涨1.56%。 特朗普对华贸易态度"软化"。当地时间10月10日，特朗普在社交平台上发文，从11月1日起对华加征100%额外关税，并暗示可能取消亚太经合组织 （APEC）峰会期间与中方的会晤。 【导读】特朗普对华贸易态度"软化"，美股迎来反弹 中国基金报记者 储是 特朗普对华贸易态度"软化"，美国科技巨头宣布AI大消息，美股迎来反弹；中国资产大涨，跑赢美股三大指数；避险情绪升温，国际黄金和白银价格再创 新高。 特朗普"改口" 美股反弹 | 名称 | 现价 | 涨跌幅 ◆ | 成 -- | | --- | --- | --- | --- | | 特斯拉(TESLA) | 435.900 | 5.42% | 269.13亿 | | TSLA.O | | | | | 谷歌(ALPHABET)· GOOG.O | 244.640 | 3.01% | 21.63亿 | | 英伟达(NVIDIA) | 1 ...

Group 1: Market Overview - The U.S. stock market experienced a strong rebound on October 13, with the Dow Jones rising by 1.29%, the Nasdaq by 2.21%, and the S&P 500 by 1.56% [2][3] - The Dow closed at 46,067.58 points, the Nasdaq at 22,694.61 points, and the S&P 500 at 6,654.72 points, with significant point increases of 587.98, 490.18, and 102.21 respectively [2][3] Group 2: Semiconductor Sector Performance - The semiconductor sector saw a significant surge, with the Philadelphia Semiconductor Index rising nearly 5% [5] - Notable individual stock performances included Nvidia rising over 20%, ARM up over 11%, Broadcom and Entegris near 10%, and TSMC up nearly 8% [5][9] - OpenAI announced a strategic partnership with Broadcom to deploy 10 gigawatts of AI data center capacity, marking a significant step in AI infrastructure development [8] Group 3: Financial Sector Insights - Major financial institutions, including JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo, are set to release quarterly earnings, which will be closely monitored for insights into the economic health amid ongoing government shutdowns [1] - The Federal Reserve's interest rate decisions are anticipated, with a high probability of rate cuts in the coming months [4]

Market Overview - On October 13, U.S. stock indices closed higher, with the Dow Jones up 1.29%, Nasdaq up 2.21%, and S&P 500 up 1.56% [1][3] - The Dow gained 587.98 points, closing at 46,067.58 points; Nasdaq rose 490.18 points to 22,694.61 points; S&P 500 increased by 102.21 points to 6,654.72 points [3] Chip Sector Performance - The semiconductor sector experienced significant gains, with the Philadelphia Semiconductor Index rising nearly 5% [8] - Notable individual stock performances included Nvidia up over 20%, ARM up over 11%, Broadcom and Entegris near 10%, and TSMC up nearly 8% [8][12] - OpenAI announced a strategic partnership with Broadcom to deploy 10 gigawatts of AI data center capacity, marking a significant step in AI infrastructure development [11] Financial Sector Insights - Major financial institutions, including JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo, are set to release quarterly earnings, which will be closely monitored for insights into the economic health amid ongoing government shutdowns [1] Precious Metals Market - Gold and silver prices surged, with gold exceeding $4,110 per ounce and silver surpassing $52 per ounce, both reaching historical highs [15][16] - Bank of America raised its 2026 gold price target to $5,000 per ounce, indicating a potential 22% increase from current levels, driven by sustained investment demand and structural supply shortages [15]

Group 1: Chip Sector Performance - The chip sector experienced a significant surge, with the Philadelphia Semiconductor Index rising nearly 5% [9] - Notable individual stock performances included Nvidia rising over 20%, ARM increasing over 11%, and Broadcom and Entegris both nearing 10% gains [9][10] - OpenAI announced a strategic partnership with Broadcom to deploy 10 gigawatts of AI data center capacity, marking a significant step in AI infrastructure development [11][12] Group 2: Market Overview - On October 13, major U.S. stock indices closed higher, with the Dow Jones up 1.29%, Nasdaq up 2.21%, and S&P 500 up 1.56% [3] - The technology sector led the gains, with the information technology sector rising 2.47% and consumer discretionary following closely with a 2.29% increase [5] - Large tech stocks also saw broad increases, with Tesla up over 5% and Google up over 3% [6] Group 3: Economic Indicators - Federal Reserve official Anna Paulsen expressed support for two more rate cuts this year, each by 25 basis points, indicating a focus on economic growth despite tariff impacts [5] - The upcoming earnings reports from major financial institutions like JPMorgan and Goldman Sachs are anticipated to provide insights into the economic health amid government shutdowns delaying key economic data [2]

Core Viewpoint - OpenAI's strategic partnership with Broadcom marks a significant development in AI infrastructure, leading to a surge in Broadcom's stock price and a positive impact on the semiconductor sector [1][2]. Group 1: Partnership Details - OpenAI and Broadcom will collaborate to deploy 10 gigawatts of AI data center capacity, equivalent to the power generation of approximately five Hoover Dams [2]. - The partnership emphasizes the importance of custom accelerators and Ethernet technology in AI data center networks [1][2]. - OpenAI will handle hardware design while Broadcom will focus on development and manufacturing, with deployment expected to start in the second half of 2026 and complete by the end of 2029 [2][3]. Group 2: Market Reaction - Following the announcement, Broadcom's stock price surged over 10%, reaching a total market capitalization of $1.69 trillion (approximately 12 trillion RMB) [2]. - Other semiconductor stocks also experienced gains, with TSMC ADR rising over 6% and Micron Technology increasing by over 4% [2]. - The Philadelphia Semiconductor Index rose more than 4%, reflecting a broader positive sentiment in the semiconductor sector [1]. Group 3: Broader Market Impact - The major U.S. stock indices rebounded, with the Nasdaq rising over 2% and the S&P 500 gaining 1.33% [1][4]. - Other large tech stocks also saw significant increases, including Oracle and Tesla, contributing to the overall market recovery [4]. - The surge in Chinese concept stocks was notable, with the Nasdaq Golden Dragon China Index rising over 3% [1]. Group 4: Economic Outlook and Risks - Morgan Stanley's strategist Michael Wilson warned of a potential 11% decline in U.S. stocks if trade tensions are not resolved before November [1][6]. - The ongoing trade tensions and their associated uncertainties are highlighted as major risks to the market [7]. - Despite short-term warnings, Wilson maintains a long-term optimistic outlook for the U.S. economy, predicting a recovery by 2026 [7].

（来源：美股情报站） 10月13日，美光科技的股价突然间如脱缰的骏马般飙升，全日涨幅达到了6.15%。这一令人瞩目的增长 吸引了众多投资者的目光，并引发了一场关于其背后影响因素的讨论浪潮。 关于投资建议，考虑到美光科技的评级提高、技术突破以及市场需求增加，这些因素预示着其具有良好 的增长潜力。然而，每位投资者在行动之前仍需仔细评估自身的风险承受能力，做出符合自身情况的决 策，投资需谨慎。 首先，法国巴黎银行给予其"跑赢大盘"的评级，使美光科技的市场热度进一步升温，并将目标价定为 270美元，这使得投资者对其未来的表现充满期待。这一评级调整无疑是一剂强心针，为美光科技的股 价上涨提供了直接的刺激。 与此同时，AI技术的迅猛发展也成为美光科技股价腾飞的重要推手。随着人工智能应用的普及，市场 对存储芯片的需求持续攀升。自9月以来，美光科技及其他存储芯片制造商纷纷宣布涨价，这一策略不 仅超出了市场的预期，也彰显了美光科技在技术和市场需求的强大竞争力。 技术突破亦是美光科技获得市场青睐的重要原因。公司在内存技术方面的进步显著提升了人工智能设备 的智能体验，为其开辟了更广阔的市场空间。这不仅使得美光科技在技术创新方面的领 ...

Market Performance - After "Black Friday," U.S. stock markets experienced a strong rebound, with the Dow Jones rising by 1.27%, Nasdaq increasing by 2.04%, and S&P 500 up by 1.54% [1] - Major tech stocks showed mixed performance, with Tesla up by 3.06%, Nvidia by 2.77%, Google by 2.49%, Amazon by 1.84%, Apple by 1.48%, Facebook by 0.96%, and Microsoft by 0.44% [3][4] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 3.31%, with Century Internet increasing over 11%, Global Data up nearly 8%, NIO up over 6%, and Alibaba and Kingsoft both rising over 5% [4] Semiconductor Sector - The Philadelphia Semiconductor Index surged by 4.78%, with TSMC rising over 7% and Micron Technology up over 4%. Broadcom saw a nearly 10% increase following a partnership announcement with OpenAI to produce its first self-designed AI processor [5] Precious Metals - Spot gold prices reached a new high of $4,100 per ounce, marking an increase of over $90 in a single day and a year-to-date rise of nearly $1,500, or over 56% [6][9] - Silver prices in London surged due to a historic short squeeze, with a year-to-date increase of over 70%, outpacing gold [8] Federal Reserve Insights - The Federal Reserve is expected to release its latest economic conditions report, with several officials scheduled to speak, including new Philadelphia Fed President Harker and Fed Chair Powell [10][11][12] - Market expectations indicate a 97.8% probability of a 25 basis point rate cut in October, with a 96.7% chance of a cumulative 50 basis point cut by December [13]

Core Viewpoint - OpenAI's strategic partnership with Broadcom marks a significant development in AI infrastructure, leading to a surge in Broadcom's stock price and a positive impact on the semiconductor sector [1][3][4]. Group 1: Partnership Details - OpenAI and Broadcom will collaborate to deploy 10 gigawatts of AI data center capacity, equivalent to the power generation of approximately five Hoover Dams [3]. - OpenAI will handle hardware design while Broadcom will focus on development and manufacturing, with deployment expected to start in the second half of 2026 and complete by the end of 2029 [3]. - This partnership is one of the largest publicly announced AI hardware collaborations, highlighting the significant capital investment by tech giants in expanding AI computing capabilities [4]. Group 2: Market Reaction - Following the announcement, Broadcom's stock price surged over 10%, reaching a total market capitalization of $1.69 trillion (approximately 12 trillion RMB) [3]. - Other semiconductor stocks also experienced gains, with TSMC ADR rising over 6%, Micron Technology up over 4%, and Nvidia, ASML ADR, and Qualcomm increasing by over 3% [3]. - The Philadelphia Semiconductor Index rose by more than 4%, reflecting a broader positive sentiment in the semiconductor market [1]. Group 3: Broader Market Context - The U.S. stock market rebounded after a previous sell-off, with major indices showing significant gains, including the Nasdaq rising over 2% [1][7]. - Concerns remain regarding potential trade tensions, with Morgan Stanley's strategist warning of an 11% downside risk for the U.S. stock market if issues are not resolved before November [1][9]. - The upcoming earnings season is expected to highlight AI and tech stocks, with investors anticipating increased volatility in stock prices [10].

Investment Rating - The report suggests a cautious approach to the electronic industry, indicating a moderate recovery in demand and recommending gradual investment in specific sectors [6][7]. Core Views - The ongoing US-China technology friction is intensifying, with China's Ministry of Commerce implementing stricter export controls on rare earth elements, while the US plans to impose an additional 100% tariff on Chinese imports. This situation is expected to exacerbate the global semiconductor supply chain tension and may accelerate the domestic supply chain replacement [6][12]. - OpenAI has established a significant partnership with AMD to deploy a total of 6GW of AMD GPU computing power, marking a shift towards a "computing alliance" era in AI competition. This collaboration is anticipated to drive the global AI computing infrastructure to a new scale [6][13]. - The electronic industry is currently experiencing a mild recovery in demand, with price stabilization observed. The report recommends focusing on sectors such as AI server supply chains, AIOT, equipment materials, and domestic automotive electronics [6][7]. Summary by Sections Industry News - China's Ministry of Commerce announced new export controls on rare earth elements, particularly affecting the semiconductor sector [12]. - President Trump stated that the US will impose an additional 100% tariff on Chinese imports starting November 1, which could significantly raise the tariff levels [12]. - OpenAI and AMD have finalized a strategic agreement to provide 6GW of computing power for AI infrastructure, with AMD expected to receive substantial chip sales contracts [13]. - TSMC reported a 31.4% year-on-year increase in revenue for September 2025, indicating strong performance in the semiconductor market [14]. Market Performance - The report notes that the electronic industry underperformed the broader market, with the Shanghai-Shenzhen 300 Index down 0.51% and the Shenwan Electronics Index down 2.63% [19][21]. - As of October 10, 2025, various sub-sectors within the electronic industry showed mixed performance, with semiconductors down 3.28% and other electronic components down 2.51% [21][22]. Investment Recommendations - The report suggests focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Hanguang Technology [7]. - It also highlights the AI innovation-driven sector, recommending investments in computing chips and optical devices [7]. - The report emphasizes the importance of domestic supply chain replacement in semiconductor equipment and materials, suggesting companies like North Huachuang and Zhongwei Technology as potential investment targets [7].