记者丨黎雨桐 编辑丨陈思颖 周五（11月14日），美国三大股指收盘涨跌不一。截至收盘，道指跌0.65%报47147.48点，标普500指数跌0.05%报6734.11点，纳指涨0.13%报 22900.59点。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47147.48 | 22900.59 | 6734.11 | | -309.74 -0.65% | +30.23 +0.13% | -3.38 -0.05% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7855.22 | 25147.50 | 6765.25 | | -128.72 -1.61% | +52.75 +0.21% | +5.25 +0.08% | 大型科技股涨跌互现，万得美国科技七巨头指数涨0.35%。个股方面，英伟达涨超1%，微软涨逾1%，特斯拉涨0.59%；亚马逊跌超1%，谷歌 跌0.78%，苹果跌0.2%，脸书跌0.07%。 银行股多数下跌，摩根大通跌近2%，高盛跌近2%，花旗跌0.37%，摩根士丹利跌超1%，美国银行跌0.53%，富国银行涨0.41%。 能源股集体 ...

Group 1 - The Federal Reserve's current policy is criticized for being overly restrictive and backward-looking, with calls for at least a 25 basis point rate cut in the upcoming December meeting [2][4][30] - Recent inflation data has shown improvement, particularly in shelter inflation, which is expected to align more closely with market rents, indicating a dovish stance should be adopted [5][11][12] - There is a concern that the Fed is relying on outdated data, which may lead to delayed policy responses, potentially causing the Fed to fall behind economic changes [21][23][24] Group 2 - The Fed's focus on inflation is seen as myopic, with suggestions that it should also consider labor market conditions and wage growth when making policy decisions [19][20][22] - High-frequency data, such as freight shipments, suggests a different economic reality than what the Fed is currently acknowledging, indicating a need for more timely data analysis [12][20] - The relationship between Fed rate cuts and mortgage rates is emphasized, with expectations that rate cuts will lead to lower mortgage rates, impacting housing affordability [30][31] Group 3 - The discussion includes the potential impact of immigration on inflation, with the argument that increased immigration without sufficient housing supply has contributed to rising rents and inflation [36][37] - The Fed's mandate focuses on stable prices and maximum employment, which may not align with external pressures such as gold and cryptocurrency markets [34][35] - The overall sentiment is that the Fed needs to adapt its approach to better reflect current economic conditions and avoid being reactive rather than proactive [22][24][27]

Core Viewpoint - The incident involving Paxos highlights significant vulnerabilities in the stablecoin ecosystem, raising concerns about the reliability of issuance mechanisms and regulatory frameworks in the industry [1][3][6]. Group 1: Incident Overview - Paxos experienced a major internal error that led to the accidental minting of 300 trillion PYUSD stablecoins, a nominal value exceeding $300 trillion, which is more than double the global GDP [1][2]. - The erroneous minting lasted for 22 minutes before Paxos took corrective action by burning the excess coins, emphasizing the need for robust operational controls [1][5]. Group 2: Stability and Issuance Mechanisms - The reliability of stablecoin issuance mechanisms is under scrutiny, as the incident revealed that the minting process heavily relies on the issuer's credit rather than adequate collateral [3][4]. - Concerns were raised about the potential for arbitrage opportunities if real-time collateralization cannot be ensured, highlighting the risks associated with excessive minting [3][4]. Group 3: Regulatory and Operational Concerns - The incident exposed multiple operational vulnerabilities, including a lack of thresholds for minting limits, absence of multi-signature confirmation, and inadequate review processes [4][5]. - Regulatory oversight in the U.S. is fragmented, with state-level regulations leading to inconsistencies in transparency regarding reserve assets and risk management practices [5][6]. Group 4: Market Implications - The market reaction to the incident indicates underlying panic, with fears that similar errors could undermine the trust in stablecoins and lead to significant market disruptions [1][6]. - The ongoing development of regulatory frameworks, such as the proposed U.S. legislation to enforce reserve requirements, aims to mitigate risks but may also increase the integration of stablecoins into traditional financial systems [6].

Group 1 - The core viewpoint of the article highlights a collective decline in cryptocurrency-related stocks in the US market, with specific companies like Canaan Inc. and CleanSpark experiencing drops of over 4% [1] - Bitcoin has fallen below $96,000, contributing to the negative sentiment in the cryptocurrency sector [1] Group 2 - Canaan Inc. and CleanSpark both saw their stock prices decrease by more than 4% [1] - Strategy's stock price declined by nearly 4% [1]

沪金期货主力连续合约跌3.64%，报924元(人民币)/克；沪银期货主力连续合约跌3.82%，报11965元(人民币)/千克。 | 1小时爆仓 | $2.22 乙 | 4小时爆仓 | $3.02亿 | | --- | --- | --- | --- | | 冬東 | $2.08亿 | 多車 | $2.83亿 | | 空車 | $1418.43万 | 空单 | $1913.47万 | | 12小时爆仓 | $7.50亿 | 24小时爆仓 | $13.84亿 | | 多車 | $6.92亿 | 多車 | $12.40亿 | | 空单 | $5806.81万 | 空单 | $1.44亿 | 北京时间11月14日晚，现货黄金直线下跌，截至发稿前跌幅超3%，报4052.11美元/盎司。 加密货币下跌，比特币跌破96000美元，跌幅超7%，以太坊更是跌超10%。 | 伦敦金现 | | | | | --- | --- | --- | --- | | AUUSDO 贵 | | | | | 4052.110 = | | 4211.000 昨收 | 4186.1 | | 低 | | 4041.000 买价 | 4052. | | ...

Core Viewpoint - Cryptocurrency-related stocks experienced a significant decline in pre-market trading, reflecting broader market concerns over the recent drop in Bitcoin and Ethereum prices [1] Group 1: Market Performance - IREN Ltd (IREN.US) and Cipher Mining (CIFR.US) both fell over 8% [1] - CleanSpark (CLSK.US) dropped more than 7% [1] - Strategy (MSTR.US) and Robinhood (HOOD.US) saw declines exceeding 5% [1] Group 2: Cryptocurrency Price Movements - Bitcoin's price fell over 4%, dropping below $96,000, with a 24-hour decline of 6.65% [1] - Ethereum experienced a decline of over 3%, falling below $3,200, with a nearly 9% drop in the past 24 hours [1]

本周早些时候，由于美国政府历史上持续时间最长的停摆正式结束带来的看涨宽慰情绪强劲推动，美股 短暂反弹，但很快又陷入回落，由于美股科技股和比特币往往在风险偏好下行之际呈现出类似轨迹，比 特币等加密货币也集体下跌且跌幅远大于纳斯达克100指数。 （原标题：?接盘侠越来越少 比特币坠入熊市! ETF撤资近9亿美元 创有史以来第二大流出规模） 智通财经APP获悉，随着近期以来的这一波席卷全球金融市场的风险厌恶情绪加速蔓延，估值高企的美 股科技股、比特币等风险资产似乎陷入螺旋式下跌境地，投资者们从投资于比特币的ETF基金中大举撤 走近9亿美元资金，比特币进一步跌破10万美元关口，且跌幅似乎呈现出持续加深态势。 这些在美股上市交易的比特币ETF自今年以来可谓是全球股票市场的最热门投资板块之一，因此在币圈 资深投资者们看来，这轮比特币下跌趋势中最核心的点，其实不是做空势力有多强，而是 "盲从型投机 者"已经基本没了踪影——即"接盘比特币"的短线投机者们越来越少了(也被描述为"顶部需求塌陷")。当 比特币这一全球最大市值加密货币市场上没有足够多的"接盘者们"，跌破10万美元重要关口之后，跌幅 自然越来深。 比特币这一最大市值 ...

智通财经APP获悉，随着近期以来的这一波席卷全球金融市场的风险厌恶情绪加速蔓延，估值高企的美股科技股、比特 币等风险资产似乎陷入螺旋式下跌境地，投资者们从投资于比特币的ETF基金中大举撤走近9亿美元资金，比特币进一 步跌破10万美元关口，且跌幅似乎呈现出持续加深态势。 本周早些时候，由于美国政府历史上持续时间最长的停摆正式结束带来的看涨宽慰情绪强劲推动，美股短暂反弹，但很 快又陷入回落，由于美股科技股和比特币往往在风险偏好下行之际呈现出类似轨迹，比特币等加密货币也集体下跌且跌 幅远大于纳斯达克100指数。 随着关键经济数据的发布被大幅推迟，交易员们开始质疑美联储是否有足够动力的降息理由——市场的这种"再评估进 程"正给市场中风险更高的高估值科技股板块以及加密货币这类极度敏感的风险资产带来新的压力。此外，市场还担忧 随着美国政府结束停摆，包括CPI与非农在内的各项经济数据将密集公布，如果多项数据不如市场所预期的那样积极， 也可能使得这一轮包括加密货币在内的风险资产抛售愈发升级。 "当前的比特币等加密货币抛售与其他风险资产完全同步，但由于加密货币固有的波动性往往更高，包括比特币在内的 加密货币资产的跌幅更大。"来 ...

Core Insights - The cryptocurrency market is experiencing significant sell-offs, with nearly $900 million withdrawn from Bitcoin funds, causing Bitcoin prices to drop below $100,000 [1][3] - The total market capitalization of cryptocurrencies has decreased by over $1 trillion due to a liquidation event that saw $19 billion in liquidations on October 10 [3][6] - Bitcoin exchange-traded funds (ETFs) recorded approximately $870 million in net outflows, marking the second-largest single-day redemption since their inception [3][6] Group 1 - Investor sentiment is heavily influenced by risk aversion, leading to substantial withdrawals from Bitcoin funds [1] - Bitcoin's price fell by 2.8% to below $96,000, representing a decline of over 20% from its record high earlier in October [1][6] - The cryptocurrency market's liquidity has significantly decreased, with market depth down approximately 30% from its peak this year [6] Group 2 - The sell-off in cryptocurrencies is correlated with broader market risks, particularly as traders reassess the Federal Reserve's potential for short-term interest rate cuts [6] - There is an increasing demand for neutral strategies in the options market, indicating that traders are betting more on volatility [7]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 1.85% to close at 26,572.46 points, and the Hang Seng Technology Index dropping 2.82% to 5,812.8 points, amid a sell-off in US tech stocks and hawkish comments from multiple Federal Reserve officials [1] - The overall trading volume for the day was HKD 232.79 billion, with the Hang Seng Index showing a weekly increase of 1.26% [1] Blue-Chip Performance - JD Health (06618) led the blue-chip stocks, rising 6.59% to HKD 68.75, contributing 7.49 points to the Hang Seng Index, following a strong Q3 performance with revenue of RMB 17.12 billion, a 28.7% year-on-year increase [2] - Other notable blue-chip movements included Hansoh Pharmaceutical (03692) up 2.18%, and WH Group (00288) up 1.64%, while Alibaba (09988) fell 4.38%, negatively impacting the index by 107.48 points [2] Sector Performance - Major technology stocks faced pressure, with Alibaba down over 4% and Tencent down over 2% [3] - The cryptocurrency market also suffered, with Bitcoin dropping below USD 100,000, and related stocks declining [3] - The healthcare sector saw some stocks gaining traction, with several rising over 10%, while hydrogen energy stocks experienced significant gains, with Reshape Energy (02570) surging over 70% at one point [3][4] Cryptocurrency Market - Bitcoin fell below USD 97,000, with a 24-hour decline exceeding 6%, while Ethereum dropped nearly 10% [5] - The correlation between Bitcoin and the Nasdaq index remains high at 0.8, indicating a strong relationship with market sentiment [5] Pharmaceutical Sector Insights - The pharmaceutical industry is expected to see stable growth driven by innovation and supportive policies, with a focus on clinical value and market pricing [6] - Notable pharmaceutical stocks included 旺山旺水-B (02630) up 23.89% and 歌礼制药-B (01672) up 15.46% [5][6] Hydrogen Energy Developments - The National Energy Administration is promoting green hydrogen projects, with plans to deploy over 2,000 hydrogen vehicles and establish 38 refueling stations [7] - Recent policies are expected to accelerate the adoption of fuel cell vehicles, with significant growth anticipated in the sector [7] Notable Stock Movements - 中集集团 (02039) saw a significant increase of 14.17% to HKD 8.3, attributed to its competitive edge in the energy storage sector [8] - 派格生物医药-B (02565) reached a new high, rising 12.15% to HKD 63.25 following the approval of its new drug application [9] - 基石药业-B (02616) gained 10.75% to HKD 6.08, supported by a recent increase in holdings by the Government of Singapore Investment Corporation [10] - 伟易达 (00303) faced a decline of 12.11% to HKD 58.8 after reporting a revenue drop of 9.05% for the past six months [10]