Market Performance - Major US stock indices reached new historical highs, with the Dow Jones up 0.34%, S&P 500 up 0.23%, and Nasdaq up 0.8% on October 28 [1][2] - Nvidia led the gains in the Dow, rising nearly 5%, with a market capitalization approaching $5 trillion [2] - Broad gains were observed in large tech stocks, including Broadcom up over 3% and Microsoft up nearly 2%, with Microsoft's market cap surpassing $4 trillion [3] Notable Stock Movements - Nokia's stock surged nearly 23%, marking its largest single-day gain since January 2021, following Nvidia's announcement of a $1 billion equity investment in Nokia [3] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 1.23% and notable declines in stocks like Qifu Technology and Xinyi Technology [4] Commodity Prices - Gold prices fell, with spot gold dropping to $3,943.248 per ounce, a decrease of 0.22% [5][6] - Oil prices continued to decline, with WTI crude oil futures down 1.89% to $60.15 per barrel and Brent crude down 1.65% to $63.83 per barrel [5][6] Federal Reserve Expectations - The Federal Reserve began a two-day meeting on October 28, with a 99.5% probability of a 25 basis point rate cut expected during this meeting [6][7] - Market participants are looking for signals from Chairman Powell regarding a potential rate cut in December, amid concerns about a weakening labor market [7]

Market Performance - Major technology stocks experienced gains, with Nvidia rising nearly 5%, approaching a total market capitalization of $5 trillion, leading the Dow Jones index [1] - Broadcom increased over 3%, and Microsoft rose nearly 2%, with its market capitalization surpassing $4 trillion [2] - The Nasdaq China Golden Dragon Index fell by 1.23%, while the Chinese tech leaders index dropped by 0.9% [3] Commodity Prices - Gold prices declined, with spot gold dropping to $3,943.248 per ounce, a decrease of 0.22%, and COMEX gold futures falling by 0.77% to $3,952.3 [4][5] - International oil prices continued to decline, with WTI crude oil futures down 1.89% to $60.15 per barrel, and Brent crude oil futures down 1.65% to $63.83 [5] Federal Reserve Expectations - The market anticipates that the Federal Reserve will lower the benchmark interest rate for the second time this year, with a 99.5% probability of a 25 basis point cut in October [5] - There is a 91.6% probability of a cumulative 50 basis point cut by December [5]

Core Viewpoint - Nvidia (NVDA.US) is investing $10 billion in Nokia (NOK.US) to provide AI computing for wireless networks, leading to a significant stock price increase for Nokia [1] Group 1: Investment Details - Nvidia will acquire approximately 2.9% of Nokia by purchasing 166 million new shares at $6.01 each [1] - This partnership aims to accelerate Nokia's software development for 5G and 6G networks using Nvidia's chips [1][5] - Nvidia's recent investments also include up to $100 billion in OpenAI and funding for various tech companies, indicating a broader strategy to enhance its AI ecosystem [3] Group 2: Nokia's Strategic Shift - Nokia is transitioning from a mobile network equipment provider to a data center-focused company, driven by the demand for AI computing capabilities [1] - The company recently acquired Infinera for $2.3 billion to expand its AI data center network product offerings [1] - CEO Justin Hotard emphasizes Nokia's goal to reduce data transmission latency by moving data processing closer to end users, describing this as a fundamental restructuring of the network [5] Group 3: Industry Context - The wireless communication network is shifting from hardware-based architectures to software-defined universal computing architectures, with AI applications expected to play a crucial role in the next generation of wireless connectivity [5] - There are ongoing discussions among European policymakers and tech executives about accelerating the establishment of a European AI ecosystem to compete with the US and China [5] - The collaboration between Nvidia and Nokia is not exclusive, allowing Nvidia to potentially work with Nokia's competitors like Ericsson [5]

记者丨 曾静娇 见习记者张嘉钰 编辑丨刘巷 当地时间10月28日， 欧美股市多数收涨，其中 美国三大股指均 续创历史新高 ，道指涨0.34%，标普500指数 涨0.23%，纳指涨0.8%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47706.37 | 23827.49 | 6890.89 | | +161.78 +0.34% | +190.03 +0.80% | +15.73 +0.23% | | 多伦多300 | 巴西IBOVESPA | 墨西哥MXX | | 30419.68 | 147428.90 | 61860.30 | | +143.92 +0.48% | +459.90 +0.31% +714.81 +1.17% | | | 欧非中东 △ | | | | 英国富时100 | 法国CAC40 | 德国DAX | | 9696.74 | 8216.58 | 24278.63 | | +42.92 +0.44% | -22.60 -0.27% | -30.15 -0.12% | 大型科技股普涨，英伟达涨近5%，总市值逼近5万亿美元，领涨道指。消息面上，当 ...

Market Overview - The US stock market indices reached new highs, primarily driven by major tech companies like Microsoft, Nvidia, and Apple, while most other stocks declined [1] - Microsoft announced a new partnership with OpenAI, resulting in a 2% increase in its stock price, bringing its market capitalization back to $4 trillion [1] - Nvidia's CEO expressed optimism about AI and announced several collaborations, leading to a nearly 5% increase in its stock price, with its market cap approaching $5 trillion [1] - Gold prices fell for three consecutive days, dipping below $4,000 per ounce, while silver experienced a V-shaped recovery [1][10] - Oil prices dropped over 2%, with WTI crude oil falling below $60 per barrel [1] Key Developments - The "15th Five-Year Plan" emphasizes unconventional measures to drive breakthroughs in key technologies, including AI and financial sectors [2][14] - The US private sector added an average of approximately 14,000 jobs over the past four weeks, according to the ADP report [4][15] - Nvidia plans a $1 billion equity investment in Nokia for AI and 6G network collaboration, and aims to integrate quantum computing with supercomputing [6][24] - OpenAI has transitioned to a profit-oriented organization, securing a $250 billion Azure service order from Microsoft, which holds a 27% stake in OpenAI [19][20] Company Earnings - China Bank reported a return to profit with a significant increase in non-interest income [28] - Ping An's net profit surged by 45.4% year-on-year in Q3, showing accelerating growth [29] - ZTE's Q3 revenue increased by 5.11%, but net profit saw a significant decline of 87.84% [30] -兆易创新 reported a 31% increase in revenue and a 61% increase in net profit in Q3, driven by rising DRAM prices [31] -阳光电源's Q3 revenue grew by 20.83%, with net profit increasing by 57.04% [32] Industry Insights - The gold market is experiencing significant fluctuations, with a notable reduction in gold ETF holdings, marking the largest single-day decrease in six months [3][14] - The AI sector is facing scrutiny, with concerns about a potential bubble as highlighted by prominent investors [22] - The gas turbine supply shortage is becoming a bottleneck for AI data center expansion, prompting developers to procure modified turbine generators [44]

Core Viewpoint - On October 28, U.S. stock indices closed higher, reaching historical highs, with significant gains in major tech stocks, particularly Nvidia, which saw a nearly 5% increase, surpassing $200 per share, and a market cap of $4.89 trillion [1][2][4]. Group 1: U.S. Stock Market Performance - All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.34%, the Nasdaq up 0.8%, and the S&P 500 up 0.23%, all achieving record closing prices [2][4]. - The U.S. Tech Giants Index rose by 1.6%, with notable individual stock performances including Microsoft and Tesla, both up over 1%, and Amazon rising by 1% [4]. Group 2: Nvidia's Market Impact - Nvidia's stock price increased nearly 5%, closing at a historical high and achieving a total market capitalization of $4.89 trillion [1][4]. - Nvidia announced a strategic partnership with Nokia, investing $1 billion to acquire shares, which significantly boosted Nokia's stock price by nearly 23%, bringing its market cap to $43.6 billion [1][4]. Group 3: Commodity Market Trends - In the commodities market, international precious metals exhibited a V-shaped price movement, with gold prices dropping to $3,951.945 per ounce, down 0.75%, and briefly falling below $3,900 [7][8]. - Oil prices also declined, with both WTI and Brent crude oil futures dropping over 1% [9].

Group 1 - The "14th Five-Year Plan" has achieved significant accomplishments, emphasizing high-quality development and comprehensive reforms [2] - The report from the People's Bank of China indicates a commitment to implement a moderately loose monetary policy to support economic recovery [3] - The China Securities Regulatory Commission (CSRC) is enhancing the legal framework for foreign-related capital markets to address external risks [4] Group 2 - The Chinese yuan has strengthened against the US dollar, with a year-to-date increase of 1023 basis points, reflecting a robust domestic economy [5] - Gold prices have seen a significant drop, with a decline of $500 over seven days, indicating market volatility [6] - The Chinese government is expected to discuss rare earth export controls in upcoming talks with the EU, emphasizing the importance of free trade [7] Group 3 - Central Huijin has maintained its holdings in multiple broad-based ETFs, indicating confidence in the market despite fluctuations [8] - The 2025 Hurun Rich List reveals that the number of billionaires has increased significantly, with notable wealth growth among top entrepreneurs [12] - The latest round of national drug procurement has successfully selected 55 drugs, enhancing access to essential medications [11] Group 4 - The "15th Five-Year Plan" suggests the removal of unreasonable restrictions on consumption, particularly in the housing sector, to promote economic growth [13] - The aerospace industry is experiencing a surge in performance, reflecting high market demand [17] - The automotive industry is benefiting from a strong shift towards renewable energy, positively impacting company earnings [17]

Market Overview - US stock indices reached new highs, driven primarily by a few tech giants like Microsoft, Nvidia, and Apple, while most other stocks declined [3] - Microsoft announced a new partnership with OpenAI, leading to a 2% increase in its stock price, regaining a market cap of $4 trillion [3] - Nvidia's CEO expressed optimism about AI, resulting in a nearly 5% surge in its stock price, pushing its market cap close to $5 trillion [3] - Gold prices fell below $4,000 per ounce, marking a continuation of a downward trend, while silver experienced a V-shaped recovery [3][10] - The Chinese stock market saw the Shanghai Composite Index briefly surpass 4,000 points before closing down 0.2% [3] Key Developments - The "15th Five-Year Plan" emphasizes the need for breakthroughs in key technologies and the implementation of "AI+" initiatives, with a strong focus on finance [5][14] - The US private sector added an average of 14,000 jobs per week as of October 11, indicating a modest employment growth [6] - OpenAI transitioned to a profit-oriented organization, securing a $250 billion Azure service order from Microsoft, which holds a 27% stake in OpenAI [18] - Nvidia plans a $1 billion equity investment in Nokia to collaborate on AI and 6G networks, while also launching several partnerships in various sectors [17][21] Company Earnings - China Bank reported a return to profit growth in Q3, driven by non-interest income [26] - Ping An Insurance's Q3 net profit surged by 45.4%, showing accelerating growth [26] - ZTE's Q3 revenue increased by 5.11%, but net profit fell by 87.84% [27] - Sunny Solar's Q3 revenue grew by 20.83%, with a 57.04% increase in net profit [27] Industry Trends - The gold market is experiencing significant fluctuations, with a notable drop in ETF holdings, indicating reduced demand for safe-haven assets [15] - The AI sector is facing scrutiny, with concerns about potential bubbles as interest rates are expected to rise [21] - The gas turbine supply shortage is impacting the expansion of AI data centers, leading to increased demand for modified jet engines [38] Upcoming Events - The Federal Reserve is set to announce its interest rate decision, with market participants closely watching for any changes in monetary policy [39] - Major companies including Microsoft, Alphabet, Meta, Caterpillar, and Boeing are scheduled to release their earnings reports [40]

Core Insights - Nvidia's CEO Jensen Huang emphasized breakthroughs in 6G, AI, quantum computing, and robotics during the GTC conference, highlighting the shift from traditional computing to accelerated computing and GPU technology as key drivers of technological advancement [1][2][3] Group 1: Strategic Partnerships and Collaborations - Nvidia announced a strategic partnership with Nokia to invest $1 billion in Nokia shares to jointly advance an AI-native 6G network platform [1][4] - Collaborations with AI company Palantir and pharmaceutical giant Eli Lilly aim to integrate Nvidia's GPU computing capabilities into enterprise data platforms and drug development processes, accelerating the commercialization of AI in complex industries [2][24][27] Group 2: AI and Quantum Computing Innovations - Nvidia introduced NVQLink technology, connecting quantum processors with GPU supercomputers, which has garnered support from 17 quantum computing companies [8][10] - The company is collaborating with the U.S. Department of Energy to build the largest AI supercomputer, equipped with 100,000 Nvidia Blackwell GPUs, to enhance scientific research capabilities [12] Group 3: AI Infrastructure and Product Launches - The launch of the Bluefield-4 processor aims to support AI factory operations, providing significant throughput and performance improvements over previous models [13][14] - Nvidia's DRIVE Hyperion platform is set to support Uber's deployment of 100,000 Robotaxi vehicles starting in 2027, marking a significant step in autonomous vehicle technology [20][22] Group 4: Market Predictions and Future Outlook - The AI-RAN market is projected to exceed $200 billion by 2030, with Nvidia and Nokia's partnership expected to open new high-growth areas for telecom operators [7] - Eli Lilly's new supercomputer, powered by over 1,000 Blackwell Ultra GPUs, aims to revolutionize drug discovery and development processes, with significant benefits expected by 2030 [27][28]

Group 1 - The "15th Five-Year Plan" outlines major goals for economic and social development, including maintaining reasonable economic growth, improving total factor productivity, and significantly increasing the resident consumption rate [2] - The plan emphasizes accelerating the development of strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy, while promoting breakthroughs in key core technologies in integrated circuits and advanced materials [2] - The plan also calls for the implementation of the "Artificial Intelligence +" initiative and aims to boost consumption and improve the adaptability of the capital market [2] Group 2 - NVIDIA's CEO announced the launch of NVQLink, a new system connecting quantum computers with AI chips, paving the way for next-generation supercomputers [3] - NVIDIA will collaborate with the U.S. Department of Energy to develop seven new supercomputers equipped with NVIDIA AI chips [3] - Partnerships with companies like Stellantis, Lucid Group, and Mercedes-Benz were also announced, indicating a strong focus on AI and quantum computing [3] Group 3 - China and ASEAN signed the upgraded version of the free trade agreement, expanding cooperation into new areas such as digital economy and green economy [4] - The Chinese government is committed to high-level financial openness and welcomes foreign financial institutions to invest in China [4] - The People's Bank of China plans to implement a moderately loose monetary policy to support the capital market [4] Group 4 - The latest public fund reports show significant changes in top holdings, with companies like Ningde Times and Tencent remaining prominent, while others like Midea Group and Xiaomi have dropped out of the top ten [7] - The Hong Kong Hang Seng Index closed down, with technology stocks experiencing a pullback, while financial and power sectors showed resilience [7] - The Shanghai Stock Exchange is focusing on supporting innovative sectors like AI and commercial aerospace through regulatory reforms [7] Group 5 - The latest announcements from listed companies reveal significant profit changes, with companies like Ganfeng Lithium and Jibite showing substantial profit increases, while ZTE reported a significant decline [9] - The eighth China International Import Expo is set to take place, with participation from 155 countries and regions, indicating strong international trade engagement [5] - The recent drug procurement results show a successful bid for 55 types of medicines, reflecting ongoing efforts to enhance healthcare accessibility [10]