AI革命已启动全球新一轮资本泡沫，类似于90年代互联网的超级行情。这个视频所谈及的研究议题， 将关乎今后几年我们的财富积累。如果今天把时间拉回到1995年，你会买什么资产？ ...

长假期间最引人瞩目的消息，莫过于黄金价格的凌厉走势。国际金价首次站上了4000美元每盎司，这一历史性突破让全球 投资者为之震撼。 短短三年间，国际金价从每盎司1614美元攀援而上，在去年上涨27%之后，今年以来再度涨超50%，这样的斜率堪称历史 罕见。（来源：Wind） 人们难免追问：4000美元的金价，究竟在为什么疯狂？背后藏着怎样的市场逻辑？更关键的是，面对这看似高不可攀的点 位，普通人又该如何在波动中锚定自己的资产安全感？ 01 狂飙的金价，到底在定价什么？ 按过去的规律，黄金属于无息资产，当美债实际利率走高时，投资者会抛售黄金转投美债。但2022年俄乌战争后，即便美 债实际利率持续高位，金价依旧一路狂飙。 这种反常并非偶然，背后藏着的是黄金的定价逻辑的根本性转变——它已从单纯的避险、抗通胀工具，进化成为主权信用 对冲利器。 这个身份的转变，才是驱动金价打破常理的核心动力，而这一切又源于当下全球正在发生的两大不可逆趋势。 第一波推力来自去美元化的浪潮。 从特朗普上任后的"美国优先"搅乱全球秩序，到日本极右翼首相上台后的亦步亦趋，地缘政治的不确定性继续外溢，甚至 在中美AI、芯片竞赛的白热化中不断升级。 ...

凌晨3点，当AMD的股价因为OpenAI的一纸合约狂飙37%、市值瞬间膨胀1000亿美元时，币圈却正经历一场无声的屠杀——以太坊合约爆仓金额达1.43亿美 元，是比特币的2倍多，24小时内超13万人倒在血泊中。 这场算力狂欢的赢家与赌徒，竟被同一场AI革命推向天堂与地狱的两极。 美股市场像一锅沸腾的麻辣烫。 一边是AMD开盘直接蹿升37%，因为OpenAI宣布要部署6吉瓦的AMD GPU算力，相当于把半个硅谷的AI家当都押在这家芯 片公司身上。 消息一出，华尔街的交易员们疯狂敲键盘，AMD股价盘中最高涨了快40%，市值硬生生多出1000亿美元，够买下三个推特还有余。 而另一边，加密货币玩的就是心跳。 比特币刚冲上12.5万美元，以太坊也站上4600美元，但转眼就有人笑不出来了。 CoinGlass数据显示，过去24小时，全 球超过13万人爆仓，光以太坊合约就爆了1.43亿美元，比比特币爆仓金额高出两倍还多。 最大的一笔单笔爆仓980万美元，据说是个加了百倍杠杆的韩国散 户，一夜间账户归零。 但最魔幻的剧情藏在市场裂缝里。 AMD的暴涨暴露了AI算力争夺的白热化，OpenAI为了喂饱大模型，砸钱像撒纸片；而币圈 ...

智通财经APP获悉，核电股早盘集体走高，截至发稿，中核国际(02302)涨20.37%，报6.5港元；中广核 矿业(01164)涨5.34%，报3.55港元。 消息面上，据中银国际，Sprottt现货天然铀基金在过去的22个交易日中有18天成功融资，且筹资规模达 到2021-22年以来的新高。自9月1日以来，SPUT已募集超3亿美元，并在现货市场购买了超380万磅 U3O8。9月期间，现货铀价从76.03美元攀升至83美元。中邮证券认为，随着美联储持续降息，SPUT基 金购买行为将维持较长时间。此外，随着欧洲夏休结束，长贸交易逐渐活跃，历史看四季度为全年采购 旺季，下游核电业主或陆续进场采购，看好铀价下半年持续上行。 此外，摩根大通近日报告揭示了一个日益紧张的市场现实：一边是核能复兴和AI革命带来的爆炸性需 求，另一边却是主要生产商的减产和地缘政治引发的供应瓶颈。今年以来，铀的现货和期货价格已上涨 约5%。价格上涨的背后，是全球主要生产商如Kazatomprom和Cameco纷纷削减产量，而中国迅猛的核 电建设与AI数据中心带来的巨大电力需求，正推动需求强劲增长。 ...

核电股早盘集体走高，截至发稿，中核国际(02302)涨20.37%，报6.5港元；中广核矿业(01164)涨 5.34%，报3.55港元。 此外，摩根大通近日报告揭示了一个日益紧张的市场现实：一边是核能复兴和AI革命带来的爆炸性需 求，另一边却是主要生产商的减产和地缘政治引发的供应瓶颈。今年以来，铀的现货和期货价格已上涨 约5%。价格上涨的背后，是全球主要生产商如Kazatomprom和Cameco纷纷削减产量，而中国迅猛的核 电建设与AI数据中心带来的巨大电力需求，正推动需求强劲增长。 消息面上，据中银国际，Sprottt现货天然铀基金在过去的22个交易日中有18天成功融资，且筹资规模达 到2021-22年以来的新高。自9月1日以来，SPUT已募集超3亿美元，并在现货市场购买了超380万磅 U3O8。9月期间，现货铀价从76.03美元攀升至83美元。中邮证券认为，随着美联储持续降息，SPUT基 金购买行为将维持较长时间。此外，随着欧洲夏休结束，长贸交易逐渐活跃，历史看四季度为全年采购 旺季，下游核电业主或陆续进场采购，看好铀价下半年持续上行。 ...

Group 1: Gold Market Analysis - The current market is characterized by a "golden age of chaos" and an "industrial revolution," with gold remaining the core choice for de-dollarization and risk aversion [2][13] - As of September 29, 2025, gold prices reached historical highs, with London gold at $3827.37 per ounce and New York gold at $3856.38 per ounce, driven by increased demand for safe-haven assets, shifts in monetary policy, and changes in supply-demand dynamics [3][5] - The significant rise in gold prices, over 42% year-to-date, is attributed to heightened market risk aversion, expectations of Federal Reserve rate cuts, and geopolitical tensions [5][6] Group 2: Silver Market Analysis - Silver prices have surged, with London silver nearing $44 per ounce, marking a 40% increase year-to-date, driven by a recovery in the gold-silver ratio and strong industrial demand [8][9] - The dual nature of silver as both an industrial and financial asset has contributed to its price increase, particularly in sectors like photovoltaics and renewable energy [8][9] - The silver market is smaller than gold, making it more susceptible to speculative trading, which can lead to significant price volatility [10] Group 3: Copper Market Analysis - Copper prices have recently surpassed $10,000 per ton, with a nearly 20% increase this year, influenced by an expanding supply gap and surging demand from emerging sectors [12][13] - The supply gap is expected to reach 53,000 tons in 2025 and 87,000 tons in 2026, exacerbated by mining disruptions and limited production growth [12] - The structural bull market for copper is driven by long-term demand from green technologies and AI, while supply growth remains constrained [12]

Group 1 - Nuclear power stocks have risen significantly, with increases of over 9% and 7% for specific companies [1] - Major companies such as China National Nuclear Corporation and China General Nuclear Power Corporation have seen notable stock price increases, with China National Nuclear Corporation rising by 9.16% to 4.290 and China General Nuclear Mining rising by 7.19% to 3.280 [1] - The rise in uranium prices, approximately 5% this year, is attributed to production cuts by major suppliers and increasing demand from nuclear power construction and AI data centers in China [1] Group 2 - Morgan Stanley reports that the global uranium market is undergoing significant changes, with a tight supply and strong demand leading to an optimistic price outlook [2] - The forecast predicts uranium prices will reach $87 per pound by Q4 2025, supported by supply challenges, stable spot demand, and potential increases in contract volumes [2] - The structural support from the "nuclear renaissance" is strengthening the fundamentals of the uranium market, indicating further price potential [2]

Core Insights - Nuclear stocks have risen significantly, with China National Nuclear Power (02302) up 9.67% to HKD 4.31 and China General Nuclear Power (01164) up 7.84% to HKD 3.3 [1] - A recent report from JPMorgan highlights a growing market tension between the explosive demand driven by nuclear energy revival and AI revolution, and the supply bottlenecks caused by major producers reducing output and geopolitical factors [1] - Uranium spot and futures prices have increased by approximately 5% this year, driven by production cuts from major suppliers like Kazatomprom and Cameco, alongside strong demand from China's rapid nuclear power construction and AI data centers [1] Supply and Demand Dynamics - Morgan Stanley's report indicates significant changes in the global uranium market, with evolving supply-demand dynamics making the market outlook increasingly favorable [1] - The optimistic price outlook is supported by tightening supply, stable spot demand, and an increase in potential contract volumes, alongside structural support from the nuclear energy revival [1] - Morgan Stanley projects uranium prices to reach USD 87 per pound by Q4 2025, reflecting a solid fundamental backdrop for the uranium market with further upward price potential [1]

Core Viewpoint - Nuclear stocks have risen significantly, driven by a combination of increasing demand from nuclear energy revival and AI revolution, alongside supply constraints from major producers [1] Group 1: Market Performance - China National Nuclear Corporation International (02302) increased by 9.67%, reaching 4.31 HKD; China General Nuclear Power Corporation (01164) rose by 7.84%, reaching 3.3 HKD [1] Group 2: Supply and Demand Dynamics - A report from JPMorgan highlights a tightening market reality, with uranium spot and futures prices rising approximately 5% this year due to reduced production from major suppliers like Kazatomprom and Cameco [1] - The rapid construction of nuclear power plants in China and the substantial electricity demand from AI data centers are driving strong growth in uranium demand [1] Group 3: Future Price Outlook - Morgan Stanley indicates that the global uranium market is undergoing significant changes, with a positive price outlook due to tightening supply and strong demand [1] - Uranium prices are expected to reach 87 USD per pound by Q4 2025, supported by supply challenges, stable spot demand, and an increase in potential contract volumes [1] - The structural support from the "nuclear energy revival" contributes to a solid fundamental outlook for the uranium market, indicating further price upside potential [1]

私募在担心什么？ 私募的担忧主要集中在三点：一是部分科技股估值已跑得太快，比如某些AI概念股市盈率突破百倍，但业绩增速却跟不上；二是资金扎堆现象严重，一旦 市场风向变化，容易引发集中抛售；三是外部不确定性，比如美联储政策摇摆、地缘冲突等可能冲击全球科技板块。 老铁们，最近圈内有个动向值得注意——部分私募基金开始对科技股表示担忧，甚至悄悄降低仓位。我是帮主郑重，二十年财经老记者，专攻中长线投资。 今天咱就聊聊，这波谨慎情绪背后，到底是风险信号还是布局机会？ 帮主结语 私募的谨慎是市场成熟的标志，说明资金不再盲目追高。对咱中长线投资者来说，核心仍是抓住"真技术+真需求"的公司。记住，产业升级的列车不会掉 头，但乘客需要坐对车厢。我是帮主郑重，咱们一起理性投资，行稳致远！ 但帮主看来，私募降温未必是坏事。历史经验表明，当机构情绪从狂热回归理性，往往是市场健康调整的开始。比如2023年初的AI股回调后，真正有技术 的公司又创出新高。当前科技股的长期逻辑——国产替代、AI革命、能源转型——并未改变，短期波动反而能挤掉泡沫。 中长线投资者该如何应对？ 首先，别被情绪带偏节奏。私募操作更侧重短期收益，而中长线投资要看产业趋 ...