Market Review - Spot gold prices have surpassed $3840 per ounce, reaching a new high [6] - On September 29, US major stock indices experienced slight gains, with the Dow Jones up 0.15% at 46316.07 points, S&P 500 up 0.26% at 6661.21 points, and Nasdaq up 0.48% at 22591.15 points [6] - European stock indices also saw minor increases, with Germany's DAX up 0.02% at 23745.06 points, France's CAC40 up 0.13% at 7880.87 points, and the UK's FTSE 100 up 0.16% at 9299.84 points [6] International Macro - US President Trump met with congressional leaders on September 29 to discuss avoiding a government shutdown, with significant disagreements noted by Senate Democratic leader Chuck Schumer [7] - The US federal government is set to run out of funding by midnight on September 30, risking a government shutdown if no agreement is reached on funding legislation [7] - The Bureau of Labor Statistics (BLS) has announced that it will halt data collection and not release planned reports, including the monthly non-farm payroll report, if funding is interrupted [7] Corporate News - On September 29, DeepSeek-V3.2-Exp model was officially released and open-sourced on the Hugging Face platform, introducing a sparse attention mechanism for improved efficiency in training and inference of long texts [8] - OpenAI plans to release the new Sora 2 video generator as a standalone application, which may generate videos containing copyrighted content unless rights holders opt out [8] Institutional Views - Goldman Sachs analysts predict that global stock markets are likely to continue rising until the end of the year, supported by strong US economic performance and favorable stock valuations [9] - The team led by Christian Mueller-Glissmann has upgraded the global stock market allocation rating to "overweight" for the next three months, suggesting that stocks typically perform well in the later stages of economic slowdown with strong policy support [9]

Core Viewpoint - The article highlights the significance of TileLang, a domain-specific language for GPU kernel development, which has been adopted by DeepSeek in its v3.2 update, showcasing its performance advantages over traditional methods like Flash Attention 2 [1][6][26]. Group 1: TileLang Overview - TileLang is designed to simplify the development of high-performance GPU/CPU kernels, comparable to NVIDIA's CUDA, and is recommended by DeepSeek for experiments due to its debugging and rapid iteration advantages [6][10]. - The language allows developers to write efficient code with significantly reduced lines, achieving performance parity with existing implementations [5][8]. - TileLang's development is led by a team from Peking University, including key figures such as Wang Lei and Dong Yuqi [15][19]. Group 2: DeepSeek's Adoption of TileLang - DeepSeek's choice to use TileLang was first showcased at the Beijing Zhiyuan Conference in June, where its potential for faster operator implementation was discussed [10][11]. - The integration of TileLang has been recognized by industry leaders, including Huawei, which announced support for the language [7][4]. - DeepSeek's v3.2 release demonstrates that TileLang can effectively be used for model training, validating its capabilities in real-world applications [34][26]. Group 3: Performance and Technical Aspects - TileLang provides three programming interfaces catering to different developer expertise levels, from beginners to performance-focused experts [20][21][23]. - The language's architecture allows for decoupling scheduling space from data flow, enabling more efficient optimization by the compiler [19]. - DeepSeek's implementation of TileLang has resulted in significant performance improvements, with claims of achieving a 30% speed increase over traditional methods [5][27].

Market Overview - On September 29, 2025, A-shares saw all three major indices rise, with the Shanghai Composite Index closing at 3862.53 points, up 0.9% [1] - The Shenzhen Component Index closed at 13479.43 points, up 2.05%, and the ChiNext Index closed at 3238.01 points, up 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.16 trillion yuan, an increase of 100 billion yuan from the previous trading day [1] - Hong Kong stocks also experienced gains, with the Hang Seng Index rising 1.89% to 26622.88 points and a total trading volume of 3090.96 million HKD [1] - In the US market, all three major indices closed higher, with the Dow Jones up 0.15% to 46316.07 points and the Nasdaq Composite up 0.48% to 22591.15 points [1] New IPOs - Two new stocks were listed on September 29, 2025, with no new stock subscriptions [1] - Yunhan Xincheng, listed on the ChiNext with a stock code of 301563, had an issue price of 27 yuan per share and a price-to-earnings ratio of 20.91 [1] - The company focuses on electronic component distribution and industrial internet integration, providing a full range of services from product selection to technical support [1] Policy Developments - The National Development and Reform Commission (NDRC) is actively promoting a new type of policy financial tool with a scale of 500 billion yuan to support effective investment in specific projects [3] - The NDRC aims to ensure that funds from this financial tool are quickly allocated to projects to promote stable economic development [3] Industry Licensing - The Ministry of Industry and Information Technology has issued a satellite mobile communication business license to China Mobile, allowing it to engage in satellite communication services [4] - This move follows similar licensing for China Telecom and China Unicom, enhancing emergency communication and services in remote areas [4] Smart Technology Promotion - The NDRC is working to expand the market for smart terminals and intelligent entities by focusing on policy guidance, technological innovation, and market demand [6] - The initiative aims to support the application of artificial intelligence in key sectors such as education, healthcare, and transportation, promoting new products and applications [6]

盘前要闻 1、国家发改委发声!事关新型政策性金融工具、宏观政策 情绪影响：正面 发改委表示，为促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面积极推 进新型政策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。此 外，将持续发力、适时加力实施宏观政策。 2、强强联手! DeepSeek、寒武纪同日传大消息 类型：公司 情绪影响：正面 9月29日晚间，DeepSeek-V3.2-Exp 正式发布并开源。中信建投TMT行业首席分析师武超则评价， DeepSeek-V3.2-Exp"易用性再次大幅提升"。此外，寒武纪表示，寒武纪已同步实现对DeepSeek-V3.2- Exp的适配，在业内人士看来，此种同步发布适配的动作，表明中国AI产业链头部公司正在进行深度协 同。 3、黄金续创历史新高 机构称中长期仍有上涨空间 类型：行业 情绪影响：正面 9月29日晚间，黄金续创历史新高，COMEX黄金期货收涨1.42%，报3862.9美元/盎司;COMEX白银期货 收涨0.97%，报47.11美元/盎司。机构人士认为，在美联储降息等因素的支撑下，金价中长期仍具上涨 空间。 ...

完整早报音频，请点击标题下方小耳机收听 【 DeepSeek-V3.2-Exp发布 】 DeepSeek 宣布官方App、网页端、小程序均已同步更新为 DeepSeek-V3.2-Exp， 得益于新模型服务成本的大幅降低，官方API价格也相应下调，新价格即刻 生效。在新的价 格政策下，开发者调用DeepSeek API的成 本将降 低50%以上。 DeepSeek-V3.2-Exp API 输入: 0.5元 0.2元 缓存命中 4元 2元 缓存未命中 输出: 12元 3元 2025 年 9月29日18:00 生效 目前，华为云和寒武纪均表示，已完成对该模型的适配工作。有消息称，智谱新模型GLM–4.6也将 于近日发布，目前已可通过API接口 调用。（ 券商中国） 【王健林"限高"措施已取消】 记者 9 月 29 日查询，中国执行信息公开网已经没有万达集团董事长 王健林"限高"信息。同时，另据企查查信息，并未显示王健林"限高"风险。财联社此前了解到，本次 事件是万达下属项目公司经济纠纷，或因在执行层面信息不对称导致。 （ 财联社 ） 限制消费令0 历史限制消费令1 共 1 条历史限制消费令 2 案号:(2025 ...

大家早上壕！ 先看海外要闻： 美股齐涨，道指收涨0.15%、纳指收涨0.48%、标普500收涨0.26%；英伟达收涨2.05%、亚马逊涨1.09%、特斯拉和微软至多涨0.64%、Meta跌 0.05%、苹果跌0.40%、谷歌A跌1.01%。 美股存储概念股大涨，闪迪涨近17%、西部数据涨逾9%、希捷科技涨逾5%、美光科技涨逾4%。 美国劳工部：BLS将在政府关门时暂停运作，既不收集也不发布非农就业等数据。 特朗普称将对所有在美国境外制作的电影征收100%关税。 美国黄金储备价值触及万亿美元大关，达官方账面价值的90多倍。 OpenAI宣布第三届年度开发者大会将于10月6日在旧金山举行，预计吸引1500名开发者现场参会；OpenAI将发布新版Sora视频生成大模型。 Anthropic推出最新AI模型Claude Sonnet 4.5，号称 "全球最佳编码模型"。 印尼总统下令切断1000个非法锡矿。 2、工业母机| 9月29日，工信部等六部门印发"机械行业稳增长方案"通知，2025—2026年机械行业力争营业收入年均增速达到3.5%左右，营业收 入突破10万亿元。方案中提到，将全方位扩大有效需求，不断增强机械 ...

商务部回应美商务部发布出口管制穿透性规则：将采取必要措施坚决维护中国企业的合法权益 国家发展改革委：支持民营企业等深度参与"人工智能+"行动在资金上持续在算力等领域发放"人工智能券" 现货黄金突破3800美元续创历史新高年内累计上涨超四成 国务院总理李强日前签署国务院令，公布《国务院关于修改〈中华人民共和国国际海运条例〉的决定》，自公布之日起施行。（新华社） 有记者问：美东时间2025年9月29日，美商务部发布出口管制穿透性规则，对被列入美"实体清单"等的企业持股超过50%的子公司追加同等出口管制制裁。 商务部新闻发言人表示，中方注意到有关情况。相关规则是美方泛化国家安全、滥用出口管制的又一典型例证。美方此举性质极其恶劣，严重损害受波及企 业的正当合法权益，严重冲击国际经贸秩序，严重破坏全球产业链供应链的安全稳定，中方对此坚决反对。中方敦促美方立即纠正错误做法，停止对中国企 业的无理打压。中方将采取必要措施，坚决维护中国企业的合法权益。（新华社） 商务部新闻发言人9月29日就日方将我多家实体列入出口管制"最终用户清单"事答记者问时说，中方对此坚决反对。中方敦促日方，立即停止列单中国企业 的错误做法。发言人表示 ...

Core Insights - DeepSeek has launched its latest experimental model, DeepSeek-V3.2-Exp, featuring a new attention mechanism called DeepSeek Sparse Attention (DSA), which improves training and inference efficiency while reducing API costs by over 50% [1][19]. Model Features - The V3.2 model builds on DeepSeek-V3.1-Terminus and introduces DSA, achieving faster and more efficient training and inference for long contexts [3][5]. - DSA is the first key technology branded under "DeepSeek" and is an improvement over the Native Sparse Attention (NSA) from a previous collaboration with Peking University [3][5]. - The DSA mechanism allows the model to focus on a small subset of important tokens rather than all tokens, significantly reducing computational complexity from O(L²) to O(Lk), where k is much smaller than L [8][10]. Performance Evaluation - Evaluation results indicate that DeepSeek-V3.2-Exp maintains performance levels comparable to its predecessor, with no significant decline in effectiveness across both short and long text tasks [14][15]. - Specific benchmark results show that while some metrics slightly decreased, others improved, indicating a balanced performance across various tasks [15]. Cost Efficiency - The introduction of DSA has led to substantial reductions in operational costs, with the API price being lowered by over 50% for developers [19]. - The model's deployment has demonstrated significant end-to-end acceleration and cost savings in inference [18]. Future Implications - Although still an experimental model, DeepSeek-V3.2-Exp presents a promising engineering pathway for overcoming long text processing challenges without sacrificing performance [18].

公司方面，据国盛证券、上市公司互动平台表示， Agent、AI应用：泛微网络、金山办公、鼎捷数智。 华为昇腾：软通动力、常山北明。 久其软件：公司2025年年初进一步对旗下女娲GPT进行升级，快速完成与主流大模型的深度融合与适 配，推出"智能问数、智能问答、智能报告、智能审核"等一系列智能体应用。另外，公司表示其Ai蒸馏 技术与Deepseek的Ai蒸馏技术比较类似。 9月29日，DeepSeek宣布官方App、网页端、小程序均已同步更新为DeepSeek-V3.2-Exp。DeepSeek介 绍，得益于新模型服务成本的大幅降低，官方API价格也相应下调，新价格即刻生效。在新的价格政策 下，开发者调用DeepSeek API的成本将降低50%以上。 算力作为AI应用落地的核心基础设施，其供给能力与成本结构的变化直接推动AI应用的商业化进程。 近3年来，随着AI大模型的不断进化及推理侧算力芯片性能与性价比的不断提升，AI推理侧算力成本与 大模型调用成本持续下降。 硬件层面，成本每年下降约30%，而能效每年提升约40%。推理侧算力成本及模型调用成本的快速下 降，为AI应用商业化提供了底层经济性支撑。 中银证券表示 ...

协议要求加沙将由一个技术官僚、非政治性的巴勒斯坦委员会进行临时过渡治理，负责为加沙人民提供公共服务和市政的日常运行。该委员会将由符合条 件的巴勒斯坦人和国际专家组成，并由一个新的国际过渡机构"和平委员会"进行监督和监管，该委员会将由特朗普领导和主持，其他成员和国家元首将另 行公布。 每经记者｜范芊芊 每经编辑｜段炼 张喜威 王晓波 标题点睛： 当地时间9月29日，美国白宫公布了特朗普关于结束加沙冲突的计划。根据该计划，如果冲突双方同意，"战争将立即结束"。以色列军队将撤回到商定边 界，为释放人质做准备。在此期间，所有军事行动，包括空中和炮兵轰炸，都将暂停，战线将保持冻结状态，直到完全分阶段撤军的条件得到满足。协议 规定，在以色列公开接受此协议后的72小时内，所有的人质，无论生死，都将被归还。接受本协议后，将立即向加沙地带提供全额援助。 协议还要求哈马斯和其他派别不在加沙的治理中发挥任何直接、间接或任何形式的作用。所有军事设施都将被摧毁，不得重建。美国将与阿拉伯和国际伙 伴合作，发展一支临时国际稳定部队（ISF），以稳定局势。协议还规定，以色列不会占领或吞并加沙。（央视新闻） 当地时间9月29日，卡塔尔外交部发 ...