Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints - Betting on AI is still correct as the current AI boom's spread speed, low leverage, and valuation levels are fundamentally different from historical bubbles, with a two - thirds probability of a prosperous scenario and long - term strong fundamentals [1][2] - Chinese stocks are expected to have a more sustained upward trend, and the structural migration of Chinese capital to stocks may have begun [2] - The global economy is entering the top region due to the U.S.'s continuous wrong policies [2] Summary by Related Information AI - related - Analysts expect large tech companies' total capital expenditure to grow 24% to nearly $550 billion next year as they are competing to build AI super - computing centers [1] - Qualcomm is entering the AI data center market with new chip products to challenge Nvidia's dominance, offering up to 768GB memory and focusing on energy efficiency and AI reasoning [1] - AI has driven the South Korean Kospi index to soar over 66% this year, with strong demand for chip giants like Samsung and SK Hynix and government reform measures attracting foreign capital [1] - DeepSeek has launched a revolutionary OCR model to solve the computing power problem of AI in processing long documents [2] - The huge demand for energy by AI and the current global power supply have a large gap that may not be filled in our lifetime [2] Company - specific - Amazon plans to cut up to 30,000 employees, about 10% of its white - collar workforce, to cut costs and focus on AI [1] - Samsung Electronics will offer a 30% price cut on 12 - layer HBM3E to gain market share due to slow product yield improvement [1] - German industry is facing an outflow crisis, with over 200 billion euros of annual investment flowing overseas in the past five years and 70% of energy - intensive enterprises transferring production capacity [1] Payment - related - U.S. stablecoin payment volume soared, with the August transaction volume exceeding $10 billion, and corporate transfers accounting for nearly two - thirds. The annual payment scale is expected to reach $122 billion [1][2]

在第四财季，Visa结束了其在美国的开放银行业务。该业务曾为金融科技公司等第三方提供技术支持， 以访问客户账户数据。该公司表示，此举是由于监管不确定性增加以及竞争格局变化所致。 Ryan McInerney在财报电话会议上表示，Visa目前已支持"智能代理"(agentic)交易，即由人工智能驱动的 代理可以代表用户完成结账流程。公司还推出了一套框架，帮助商户验证这些代理身份，以防止恶意机 器人利用该类交易。 他表示，最终目标是让AI代理在无需人工干预的情况下代表用户完成购物行为，"目前市场上我们还未 真正看到这样的场景，但我们正与各大平台密切合作，确保相关功能得以实现"。 Visa首席财务官Chris Suh在财报电话会议上表示，消费者在奢侈品与必需品上的支出依然强劲。他表 示，只要旅游和电商支出保持活跃、经济环境稳定，公司预期今年假日季度将表现强劲。 Visa首席执行官Ryan McInerney则表示："在第四财季，持续健康的消费者支出推动了营收增长。随着由 人工智能驱动的商业、实时资金流动、代币化和稳定币等技术的融合重塑商业格局，我们专注于创新与 产品开发的战略，使Visa有望引领这一变革。" 智通财 ...

Financial Data and Key Metrics Changes - Fiscal fourth quarter net revenue grew 12% year over year to $10.7 billion, with EPS up 10%, resulting in full-year net revenue and EPS growth of 11% and 14% respectively [4][26] - Total full-year payments volume reached $14 trillion, up 8% year over year in constant dollars, and processed transactions totaled $258 billion, up 10% year over year [4][26] - Full year 2025 net revenue grew 11% to $40 billion, and EPS grew 14% to $11.47 [32] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [30] - Commercial and money movement solutions revenue grew 14% year over year in constant dollars, with commercial payments volume growing 10% [30] - Value-added services revenue grew 25% in constant dollars to $3 billion, driven by issuing solutions and advisory services [31] Market Data and Key Metrics Changes - Total international payments volume was up 10% year over year in constant dollars in Q4, with U.S. payments volume up 8% [26][27] - Cross-border volume, excluding intra-Europe, was up 11%, with e-commerce up 13% and travel improving to 10% [26][28] - In Latin America, there was a slight deceleration in volume growth due to moderating inflation in Argentina, but the region remains high-growth overall [72] Company Strategy and Development Direction - The company is focused on innovation and building the future of payments through the Visa-as-a-Service stack, which includes foundation, services, solutions, and access layers [5][24] - Visa is enhancing its capabilities in agentic commerce, aiming to set standards and lead product development in this emerging area [50][66] - Significant investments are planned for FY26 across consumer payments, commercial solutions, and value-added services, with a focus on AI and product development [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the strength of Visa's diversified business model as it enters FY26 [45][46] - The company anticipates continued strong performance in FY26, with adjusted net revenue growth expected in the low double digits [34][40] - Management highlighted the importance of collaboration within the ecosystem to drive the success of agentic commerce and other innovations [66][78] Other Important Information - The company bought back approximately $4.9 billion in stock and distributed $1.1 billion in dividends to shareholders in Q4 [32] - Visa's tokenization efforts have resulted in over 16 billion tokens, which are critical for secure transactions in the agentic commerce ecosystem [8][76] Q&A Session Summary Question: Concerns about macroeconomic stability and consumer spending habits - Management noted strong momentum exiting FY25 and emphasized the diversification of Visa's business, which supports resilience in consumer spending [45][46] Question: Role of Visa in agentic commerce and expected milestones - Visa is taking a leadership role in agentic commerce, establishing standards and capabilities to facilitate transactions through agents [50][66] Question: Differences between Visa's Trusted Agent Protocol and competitors - Visa's Trusted Agent Protocol is designed to be open and easy to integrate, serving as a foundational layer for the agentic commerce ecosystem [78] Question: Holiday sales growth expectations - Management acknowledged expectations of weaker holiday sales growth but emphasized the overall strength of Visa's business model [81]

Group 1 - The 2025 Financial Street Forum Annual Conference focused on advancing financial development through legal frameworks, emphasizing the need for a multi-faceted enforcement mechanism in Hong Kong to address various risks and violations [1] - The Hong Kong government has implemented a licensing system for virtual asset trading platforms (VATP) to protect investors and mitigate risks to the traditional financial system, effective from June 2023 [1] Group 2 - The rise of stablecoins has prompted the introduction of the "Stablecoin Ordinance" in August 2023, requiring anyone issuing fiat-backed stablecoins in Hong Kong to obtain a license from the Financial Management Commissioner [2] - The Stablecoin Ordinance aims to enhance the regulatory framework for digital asset activities in Hong Kong, ensuring monetary and financial stability while reinforcing Hong Kong's status as an international financial center [2] - A joint consultation by the Financial Services and the Treasury Bureau and the Securities and Futures Commission was initiated to empower the SFC to regulate virtual asset service providers and custodians, with plans to revise laws to prevent misleading titles that may confuse investors [2]

Core Insights - The evolving role of CFOs emphasizes the importance of soft skills alongside technical expertise, particularly in communication and empathy [4][5][10] - Adaptability is crucial for CFOs in navigating changes driven by technology, AI, and geopolitical factors [3][9] - CFOs are increasingly seen as "chief translators of uncertainty," needing to align various stakeholders with differing perspectives and information [9][10] Group 1: Importance of Soft Skills - Empathy and emotional intelligence are highlighted as essential skills for CFOs to foster engaged teams and manage change effectively [5][7] - Communication is critical for CFOs to convey financial narratives and align teams, requiring an understanding of diverse audience backgrounds [10][11] - Collaboration across departments is necessary for achieving organizational goals, emphasizing the need for compromise and understanding [6][7] Group 2: Adaptability and Technology - The rapid advancement of technology, including AI and automation, necessitates that CFOs remain adaptable and continuously learn [3][4] - CFOs must explain the implications of new technologies to employees, ensuring clarity on how these changes affect their roles [4][8] - The demand for CFOs to be adaptable is underscored by the need to respond to external pressures and internal changes [3][9] Group 3: Navigating Uncertainty - CFOs are tasked with translating complex financial data into understandable narratives for various stakeholders [10][12] - The ability to maintain composure and focus during challenging times is essential for effective leadership [14] - Building trust and maintaining open communication are vital for keeping teams aligned and motivated during periods of uncertainty [14]

Core Viewpoint - The launch of the JPYC stablecoin, pegged to the Japanese yen, marks a significant milestone in Japan's monetary history and is seen as a test for the penetration of yen-based stablecoins in society [4]. Group 1: Launch and Initial Performance - JPYC began issuing its stablecoin on October 27, with an issuance amount reaching 15 million yen within the first three hours [2]. - The global stablecoin market has expanded rapidly, with a total market size of approximately $300 billion, predominantly driven by USD-pegged stablecoins [2][4]. Group 2: Market Context and Trends - The issuance of JPYC is part of a broader global trend where major financial institutions in Europe and the U.S. are developing and issuing stablecoins for various applications, including international remittances and asset management [4]. - Stablecoins are designed to maintain a 1:1 value with fiat currencies, with JPYC effectively equating to 1 yen, despite minor price fluctuations [5]. Group 3: Technological Foundation - JPYC, like other stablecoins, is based on blockchain technology, which allows for low-cost and rapid remittance capabilities [5].

Report Industry Investment Rating - No information provided Core Views of the Report - After the high - level oscillation in September, the stock index is expected to enter a phase of direction selection again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme of the current upward market trend, considering the possible intensification of Q4 growth - stabilization policies and the potential resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4648.40, 4634.80, 4604.00, and 4567.40 respectively, with increases of 68.60, 68.00, 62.40, and 66.80, and increases of 1.50%, 1.49%, 1.37%, and 1.48% respectively. The trading volumes were 24392.00, 74172.00, 14177.00, and 3440.00, and the open interests were 40441.00, 153415.00, 55843.00, and 5714.00 respectively, with changes of - 2317.00, - 6793.00, - 1216.00, and 1074.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 3067.40, 3066.80, 3069.20, and 3067.40 respectively, with increases of 23.40, 22.40, 23.60, and 24.40, and increases of 0.77%, 0.74%, 0.77%, and 0.80% respectively. The trading volumes were 11960.00, 37476.00, 5043.00, and 1819.00, and the open interests were 15335.00, 65887.00, 14472.00, and 2468.00 respectively, with changes of 218.00, 1268.00, 850.00, and 497.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7310.40, 7254.40, 7083.00, and 6903.40 respectively, with increases of 125.00, 125.20, 121.20, and 126.40, and increases of 1.74%, 1.76%, 1.74%, and 1.87% respectively. The trading volumes were 27275.00, 87202.00, 16929.00, and 5288.00, and the open interests were 49174.00, 140233.00, 51880.00, and 11298.00 respectively, with changes of 1344.00, 5789.00, 409.00, and 1439.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7399.40, 7322.60, 7105.20, and 6891.60 respectively, with increases of 55.80, 54.80, 54.80, and 58.60, and increases of 0.76%, 0.75%, 0.78%, and 0.86% respectively. The trading volumes were 45173.00, 137585.00, 23471.00, and 8513.00, and the open interests were 72266.00, 187588.00, 78846.00, and 20144.00 respectively, with changes of 2184.00, 4103.00, 2254.00, and 1214.00 [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 13.60, - 0.60, - 56.00, and - 76.80 respectively, compared with previous values of - 12.80, 0.20, - 52.00, and - 71.20 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4716.02, 3045.82, 7258.53, and 7495.38 respectively, with increases of 1.19%, 0.62%, 1.62%, and 1.03% respectively. The trading volumes (in billions of shares) were 6726.70, 1554.40, 3660.62, and 4581.70 respectively [1] - **Industry Indexes**: Among different industries, the raw materials, telecommunications services, and information technology industries had relatively high increases of 2.24%, 3.72%, and 2.63% respectively, while the major consumer industry had a slight decline of - 0.03% [1] 3. Futures - Spot Basis - The previous values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF far - quarter - CSI 300 were - 12.28, - 25.88, - 56.68, and - 93.28 respectively; those of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH far - quarter - SSE 50 were 2.58, 2.78, 4.18, and 5.98 respectively; those of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC far - quarter - CSI 500 were - 68.99, - 124.99, - 296.39, and - 475.99 respectively; and those of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM far - quarter - CSI 1000 were - 95.98, - 172.78, - 390.18, and - 603.78 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3996.94, 13489.40, 8272.63, and 3234.45 respectively, with increases of 1.18%, 1.51%, 1.63%, and 1.98% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26433.70, 49299.65, 6875.16, and 24308.78 respectively, with increases of 1.05%, 1.35%, 1.23%, and 0.28% respectively [1] 5. Macroeconomic Information - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work towards each other to prepare for high - level interactions and create conditions for bilateral relations. Spokesperson Guo Jiakun said that China and the US were in close communication regarding the possible meeting of the two heads of state [2] - The 2025 Financial Street Forum Annual Conference opened. Central Bank Governor Pan Gongsheng stated that the central bank would maintain a supportive monetary policy stance, resume open - market treasury bond trading, and take other measures. Financial Regulatory Administration Director Li Yunze said that a financial service model emphasizing both investment in things and people would be constructed. CSRC Chairman Wu Qing said that reforms of the ChiNext would be deepened [2] - Premier Li Qiang attended the 5th RCEP Leaders' Meeting, calling on all parties to collaborate more closely to address challenges and support the accession of applicants such as Hong Kong, China. Vice - Premier He Lifeng emphasized that the financial system should prevent risks, strengthen supervision, and promote high - quality development and opening - up [2] 6. Industry Information - Domestic gasoline and diesel prices were lowered on October 27th. The prices per ton were reduced by 265 yuan and 255 yuan respectively [2] - Relevant authorities were considering a new document to standardize the naming of "semi - solid - state batteries" as "solid - liquid batteries" [2] - Shandong Province issued the first provincial - level special plan for low - altitude information infrastructure, aiming to build a low - altitude communication network infrastructure in ten years [2] - The Bank of Korea stated that stablecoins should be issued by traditional banks under national supervision, and the South Korean government was considering launching a won - linked stablecoin [2]

新 3 it 主管主办 上海診券泵 (O)中国证券网 www.cnstock.com 【企业资讯】 【市场回顾】 北京时间10月28日早盘，国际黄金、白银市场稍有回暖。伦敦现货重新站上4000美元/盎司关口；伦敦现货白重返47美元/盎司上方。 隔夜，国际金银价格暴跌，伦敦现货黄金一度下逼至3970美元/盎司；伦敦现货白银离跌破46美元/盎司仅一步之遥。 北京时间10月28日，日本股市低开。日经225指数小幅下跌0.31%。 美股三大指数周一齐创新高。截至收盘，道指涨0.71%，报47544.59点；纳指1.86%，报23637.46点；标普500指数涨1.23%，报6875.16点。 隔夜，中国资产"爆发"。纳斯达克中国金龙指数收涨1.59%，热门中概股集体上涨。 2025 10/2 市场回顾 黄金重回4000美元/盎司 美股三大指数周一齐创新高，中国资产 "爆发" 企业资讯 苹果总市值逼近4万亿美元 国际宏观 CME"美联储观察"：10月降息25个基 点概率为97.3% 当地时间周一，高通涨超11%，创2024年7月以来新高。消息面上，公司高通推出人工智能芯片，高通AI200和AI250预计分别于2026年 ...

三菱、三井、瑞穗三个大银行，10月17号一块儿搞了个大动作，决定联合出了个"稳定币"——说白了， 就是区块链上的数字钱，跟日元美元绑在一起，第一批用在大公司结算上，别小看，这背后盘子大着 呢，三家银行加起来客户企业三十多万家，生意量大得吓人。 这玩意儿看着挺新鲜，谁不爱方便快捷，转账秒到账，成本还低——但这其实是美国又一招金融套路， 美元靠着稳定币这套系统，想把钱从全球吸回来，撑起那堆天文数字的国债，生怕没人买了债务崩盘。 你看现在市场上最火的稳定币，大多是法币抵押型，像USDT、USDC，这两家就是收到一美元，存一 美元，或者买短期美债，保证背后金银实实在在的撑着，安全感爆棚。 另一个模式是用加密货币抵押，比如存150美元的以太币，才能换100个稳定币，多出来的部分是留给波 动的缓冲，风险稍大；还有纯算法控制的，没抵押物靠程序调节，之前有个UST崩盘了，吓得一大堆人 跑。 稳定币在加密市场占了八成以上份额，成了硬通货，谁敢说这只是金融科技进步？这是美国在全球金融 体系上拉的网，谁进谁就得给美国买债，钱就这么转来转去，绕回去美国怀抱。 美国几十年头疼的特里芬悖论又活过来了，美元要做全球通用货币，得撒出去，别人 ...

"当利用人工智能的潜力和管理其将带来的巨大冲击时，我们也必须不断努力，更好理解人工智能对生 产率的影响——其在什么时间、哪些领域能带来多少效益。在满怀兴奋迎接新技术的同时，须得谨慎行 事，保持警惕，脚踏实地。"格奥尔基耶娃谈到。(完) （文章来源：中国新闻网） 谈及如何妥善管理这些风险，她说，作为监管者和市场参与者，须对新生事物与未知领域保持适当的敬 畏；对于加密世界和稳定币所蕴含的机遇和风险，须继续加深相关认识；对于这些资产、非银行金融中 介机构、核心银行体系之间日益增长的复杂联系，须加强把握。 中新网北京10月27日电 (记者吕少威陈杭)27日在2025金融街论坛年会开幕式上，国际货币基金组织 (IMF)总裁格奥尔基耶娃进行视频主题演讲。她指出，当前金融市场的热情在很大程度上反映了全球对 人工智能的强烈乐观情绪，相关投资也急剧增加，但须对随之而来的风险保持高度警惕。 格奥尔基耶娃说，从铁路到互联网，各种开创性的新技术无疑都让人激动不已，高度乐观，但它们确实 也伴随着重新估值。当前的状况与先前的一个事件十分相似，那就是千禧年前后的互联网泡沫事件。随 着市场估值高位攀升，应当警惕这些风险。 ...