智通财经APP获悉，投资机构摩根士丹利近期与英伟达(NVDA.US)管理层举行会谈，会后梳理出多项核心要点，其中包括这家科技巨头在云资本 支出领域的市场份额正不断扩大。穆尔对英伟达维持"增持"评级，并将其目标价定为210美元。 以约瑟夫·穆尔(Joseph Moore)为首的摩根士丹利分析师在致客户的报告中指出："投资者当前主要关注需求端情况，而英伟达管理层对短期及长期 前景的信心持续增强。管理层表示，目前我们看到的需求增长，大部分源于云资本支出强劲增长趋势下的收入提升，主要体现为现有应用工作负 载中计算核心从CPU(中央处理器)向GPU(图形处理器)的迁移。这一增长趋势仍将持续，但具备广泛变革性的AI应用场景目前尚未真正落地。" 此外，穆尔提到，众多新AI应用领域才刚刚起步，其中医疗健康、法律服务、工业自动化等领域被视为"下一波重大增长浪潮"。 分析师补充道："长期来看，机器人技术有望将这种自动化延伸至物理领域，且每个垂直领域都将涌现出新的模型品类。这一切都支撑着我们的观 点：到2030年日历年(CY2030)，AI基础设施市场规模将达到3万亿至5万亿美元。这一数值高于我们当前的预测，但与'AI将对全球市场 ...

每经记者｜王砚丹 每经编辑｜彭水萍 2025年10月9日，A股市场在国庆中秋长假后首个交易日大涨。其中，上证指数放量突破3900点整数关 口，收报3933.97点，上涨1.32%。上一次沪指在3900点上方，还要追溯到十年前的2015年8月18日。 市场热点全面开花，但行情走得非常纠结，尤其是芯片股大幅波动引发各方关注。早盘半导体芯片突飞 猛进，中芯国际一度上涨超9%，华虹公司早盘"20CM"涨停；兆易创新、澜起科技、中微公司等也大 涨。但板块午后全面跳水，中芯国际收盘翻绿，华虹公司"炸板"，收盘涨幅缩小至12.04%，张江高科跌 停。 消息面上，有消息称，有券商自10月9日起，将中芯国际、佰维存储两融折算率均调为零。理由是根据 交易所规定，个股静态市盈率如果超过300倍或者为负数的情况下，融资融券折算率会被调为零。 科技板块利好层出不穷 值得一提的是，2024年国庆节后，A股也是首个交易日大涨，但短暂亢奋过后陷入调整。今年行情会不 会与去年有所不同？ 除了半导体芯片，其他热点板块10月9日表现相对稳健，有色金属全面爆发。黄金股中，四川黄金、山 东黄金涨停。稀土永磁板块中，北方稀土午后涨停，盛和资源、包钢股份 ...

Core Insights - Alibaba has experienced a significant rally since mid-August, outperforming the consumer discretionary sector and the S&P 500 [1] - In the e-commerce space, Alibaba is leading compared to competitors like eBay and Amazon, with a notable advantage due to its focus on AI chip production [2] - The steep upward trend observed may not be sustainable in the long term, indicating potential support levels around 182, 180, 172, and 167 [3] Technical Analysis - The Relative Strength Index (RSI) indicates an overbought condition, suggesting strength in the current trend, but also presents mixed signals as it has broken through its upward trend line [4][5] - Volume profiles show key support areas around 163 and 180, while standard deviation channels suggest potential short-term boundaries between 185 and 208 [5][6] Options Strategy - A proposed options strategy involves a short put vertical that is neutral to bullish, targeting the October 17th expiration [9][10] - The strategy includes selling a 185 strike put while buying a 175 strike put, allowing for a credit of approximately $3, with a risk of about $700 [11][12] - This approach offers a 60% probability of finishing out of the money, making it a favorable trade for those expecting Alibaba to consolidate or rise above 182 [13][14]

每经记者｜杜蔚 毕媛媛 每经编辑｜段炼 魏官红 潘海福 9月30日的北京前门大街，3000平方米的北京杜莎夫人蜡像馆迎来最后的"告别"，但略显冷清：成龙、周杰伦、关晓彤等99尊名人蜡像静静矗立，只有些 许灯光划过，与2014年开业时游客争相合影的场景形成鲜明反差。 《每日经济新闻》记者历时一月余，走访北京、上海两地场馆，与默林娱乐、场馆员工及行业专家对话，独家获悉多项关键数据：中国五家馆仅蜡像制作 成本就或超6.3亿元，其中北京馆逾1.4亿元，该馆所处前门商圈年租金高达千万元，而门票从超200元腰斩至99元仍难挽客流，复购率低。更尴尬的是，姚 明、梅西等"顶流"蜡像关馆后何去何从？ 当拍照打卡被AI（人工智能）生成、虚拟直播瞬间替代，静态观赏的百年IP如何跑赢内容迭代？默林娱乐2024年亏损4.92亿英镑（约合人民币47.17亿 元），一边飞速关掉"重资产"蜡像馆，一边把重心转向乐高乐园。"弃蜡像投乐高"真能让资本市场重拾信心，还是换一条更卷的赛道？杜莎夫人蜡像馆退 场、初代外资网红景点衰落的背后，下一代文旅产品靠什么故事让投资人买单？ 这已是杜莎夫人蜡像馆今年在中国关闭的第二家场馆。4个月前，重庆馆悄然谢幕 ...

Morgan Stanley's Katie Huberty says the quote everything rally will persist for now, but given the rich uh asset valuations, they suggest own quality. Um, which is obviously extends far beyond the mega caps, we we we totally get it. Um, major averages in this quarter, we should show you just to give you the scorecard really of where we are.uh in in Q3 the S&P up 7%, NASDAQ's up 10 and a half% in a quarter, the Dow up four and a half, and the Russell uh Amy is up 11. So, as we're talking about, okay, earning ...

Market Performance - The Nasdaq has led major averages with an increase of over 10% since the beginning of July, while the S&P is up more than 7% and the Dow is up 5% [1] - The market is experiencing a strong performance, with a notable strength in gold attributed to a weak dollar and overall weak currencies [2][3] Economic Indicators - The dollar has been one of the weakest currencies since 1973, contributing to the rise in gold prices [3] - Economic data over the last month has been coming in above expectations, indicating a better-than-average economic outlook [7] Sector Performance - Technology, driven by AI advancements, is leading sector performance, followed by cyclicals, while defensives are underperforming [7] - The performance of semiconductors is seen as a good economic barometer, showing relative strength after bottoming in April [8] Labor Market Insights - The labor market is showing signs of slowing, but recent job reports have been better than expected, indicating resilience [9][10] - Jobless claims trends have been encouraging, suggesting that the economy is not facing a catastrophic event despite signs of slowing [10] Market Dynamics - The current market dynamics show a combination of better economic outlook and strength in cyclicals, which is encouraging for future performance [7] - There is a noted disparity in market breadth, with significant updates occurring alongside negative breadth, which is unusual [11]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [5] Core Insights - The semiconductor industry is experiencing significant fluctuations in stock performance, with notable increases in AI chip indices both domestically and internationally, indicating a growing market interest [1][11] - The high bandwidth memory (HBM) market is projected to grow nearly threefold from 2024 to 2026, with HBM3E expected to dominate the market [2][22] - The global VR headset market is declining due to weak consumer demand, while the AR smart glasses market is showing strong growth, with a 50% year-on-year increase in shipments [2][28] Market Indices Summary - The overseas AI chip index rose by 0.54% this week, with Marvell increasing over 10% and Broadcom decreasing by 3.0% [1][11] - The domestic AI chip index increased by 5.2%, with notable gains from companies like 澜起科技 (over 10% increase) [1][11] - The storage chip index saw a 6.1% rise, with 聚辰股份 experiencing over 50% growth [1][11] - The power semiconductor index rose by 7.0%, with all component stocks showing upward trends [1][11] Industry Data Summary - The HBM market is expected to grow from 9.9 billion Gb to 27.6 billion Gb between 2024 and 2026, with HBM3E maintaining a market share of approximately 70% in 2024 [2][22] - The global smartphone average selling price (ASP) is projected to rise from $370 in 2025 to $412 in 2029, with a CAGR of 3% [30][32] - The AR smart glasses market is expected to continue its growth trajectory, driven by new product launches and advancements in optical technology [2][28] Major Events Summary - 长江存储 is developing TSV packaging technology for HBM production and plans to utilize its new Wuhan factory for DRAM chip production [3][34] - TSMC plans to increase its 2nm process pricing by 50%, creating cost pressures for clients like Qualcomm and AMD [3][34] - OpenAI has signed an agreement with Apple's assembler,立讯精密, to develop a consumer device that collaborates with AI models [3][12]

股票私募仓位创年内新高。 9月26日，记者从私募排排网获悉，截至2025年9月19日，股票私募仓位指数为78.41%，较前一周上升0.37个百分点，实现连续第二周上 涨。同时，在经历持续加仓后，当前股票私募仓位指数已刷新今年以来的最高水平。 从股票私募的仓位分布情况来看，满仓私募（60.01%）占比最高，其次是中等仓位私募（23.68%），而低仓和空仓私募占比相对较低， 分别为11.18%和5.13%。对比前一周数据，结构变化明显。其中，中等仓位占比明显提升，同时低仓占比大幅下降。这一数据变动揭示，本 次仓位指数的上涨主要由低仓私募向中等仓位的迁移所驱动，预示着私募整体乐观情绪正在扩散。 分规模来看，数据显示，截至2025年9月19日，100亿元以上、50亿至100亿元、20亿至50亿元、10亿至20亿元、5亿至10亿元和0亿至5亿 元规模股票私募，仓位指数依次为79.95%、85.56%、75.19%、76.28%、76.74%和79.02%。环比前一周，除仓位已处高位的50亿至100亿元规 模私募微降外，其他规模私募仓位普遍提升。值得关注的是，百亿级私募加仓意愿最为坚决，单周加仓1.73%，并且连续2周大 ...

Core Viewpoint - Defu Technology (301511) plans to raise up to 1.89 billion shares through a private placement to specific investors, aiming to raise no more than 1.93 billion yuan for acquisitions and project developments [1][3] Group 1: Fundraising and Acquisition Plans - The company intends to use 1.43 billion yuan of the raised funds to acquire 100% of Luxembourg Copper Foil, with a total investment of 1.446 billion yuan [3] - Luxembourg Copper Foil is a leading global high-end electronic circuit copper foil manufacturer, with core technologies in HVLP and DTH products, serving AI servers, 5G base stations, and mobile terminals [3][4] - The acquisition is expected to enhance Defu Technology's position in both lithium battery and electronic circuit copper foil sectors, while alleviating its asset-liability ratio of 73.55% as of June 30, 2025 [1][6] Group 2: Financial Performance and Market Position - Defu Technology's stock price has increased by 194% year-to-date, significantly outperforming the market, driven by improved financial performance and business expansion [5][6] - For the first half of 2025, the company reported a revenue of 5.299 billion yuan, a year-on-year increase of 66.82%, and a net profit of 38.7062 million yuan, marking a turnaround from losses [6] - The company plans to allocate 200 million yuan for an electronic chemical project for copper foil additives, which will enhance its supply chain stability and cost efficiency [4] Group 3: Share Structure and Regulatory Considerations - The private placement will not change the control of the company, as the controlling shareholder's stake will decrease from 33.57% to 25.83% post-issuance [7] - The issuance price will be based on the average stock price over the previous 20 trading days, ensuring a fair valuation for investors [7]

Steve, joining us now, Christina Minis, Goldman Sachs global head of credit and asset uh finance. How's how's business. How how would you characterize it right now.Do we need a rate cut. I think things feel pretty good and I think we probably do need a rate cut. Both two things can be true at once.Yeah, I do. Liberation Day was there's some trepidation, but but overall third quarter's been better. It's been much better.And if you look at volumes in the credit markets since liberation day, they're up pretty ...