Market Overview - U.S. stock index futures are all up, with Dow futures rising by 0.11%, S&P 500 futures up by 0.08%, and Nasdaq futures increasing by 0.09% [1] - European indices show mixed performance, with Germany's DAX down by 0.25%, UK's FTSE 100 down by 0.01%, and France's CAC40 remaining unchanged [2][3] - WTI crude oil prices fell by 1.17% to $60.79 per barrel, while Brent crude oil dropped by 1.09% to $64.51 per barrel [3][4] Company News - Tesla's wholesale sales in China rebounded in September, increasing by 2.8% year-on-year to 90,812 vehicles, ending a two-month decline [8] - Google has been designated as the first company with "strategic market status" in the UK, leading to stricter scrutiny of its online search and advertising business by the Competition and Markets Authority [8] - Qualcomm is under investigation by China's market regulator for failing to legally report its acquisition of Autotalks, causing its stock to drop nearly 2% in pre-market trading [8] - Applied Digital reported a significant revenue increase of 84% year-on-year in Q1, driven by surging demand for data center services to support generative AI applications, with revenue reaching $64.2 million [10] - Stellantis announced a 13% year-on-year increase in global vehicle deliveries in Q3, attributed to new model launches and strong demand in North America, with deliveries in the region rising by 35% [11] Economic Data and Events - The U.S. Consumer Price Index (CPI) for September is expected to be released on October 15, with the Labor Statistics Bureau recalling employees to ensure timely publication [6] - Upcoming speeches from Federal Reserve officials may influence market sentiment and economic outlook [12]

U.S. stocks traded lower this morning, with the Dow Jones falling around 0.1% on Wednesday. The U.S. federal government officially entered a shutdown at 12:01 a.m. on Wednesday, Oct. 1, after Congress failed to reach an agreement on a spending plan.Following the market opening Wednesday, the Dow traded down 0.08% to 46,360.72 while the NASDAQ fell 0.36% to 22,577.49. The S&P 500 also fell, dropping, 0.29% to 6,669.38.Check This Out: 5 Stock Picks From September By Wall Street’s Most Accurate AnalystsLeading ...

具体来看，袁闯表示，一是政策支持条件已充分具备，其力度与决心尤为突出。无论是围绕新质生产力 的产业政策顶层设计，还是资本市场的深化改革举措，都显示出明确的政策导向，为市场构筑了坚实的 政策底，提供了明确的方向性指引。二是整体估值既反映市场对未来增长的乐观预期，也对业绩兑现提 出更高要求。三是外部流动性出现积极变化。美联储降息后，全球流动性收紧压力缓解、美元强势弱 化。这有助于缓解中美利差倒挂压力、支撑人民币汇率，或引导外资回流新兴市场，利好A股尤其利率 敏感的科技成长板块。四是当前经济处于弱修复轨道，社会有效需求仍需提振，企业盈利能否实现从局 部到全局的、具有持续性的回升，是市场信心的根本来源。 袁闯认为，综合来看，当前A股外部约束减轻、内部政策积极，结构性行情有望延续，但全面系统性行 情的开启，仍有待经济基本面提供更强劲、更广泛的盈利增长作为核心驱动力。投资者应保持耐心，重 点关注经济复苏的强度与企业盈利改善的可持续性，这两大因素的明朗化将是市场迈向更广阔空间的决 定性因素。 日前，财信证券首席经济学家、研究发展中心总经理袁闯在接受中国证券报记者专访时表示，回顾历 史，A股行情启动主要依赖流动性宽松、经济改 ...

Group 1 - The core viewpoint of the article is that the recent rally in A-shares is primarily driven by market sentiment and valuation expansion rather than significant improvements in corporate earnings [6][9]. - The communication between the U.S. and China has created a positive atmosphere, suggesting a stable competitive relationship that may benefit the market in the long term [5][6]. - A-shares have seen a 37.1% return in 2024, with 32.6% attributed to price increases and only 1.7% from profit growth, indicating a reliance on valuation rather than earnings [6][8]. Group 2 - A-shares are compared unfavorably to U.S. stocks, which benefit from higher profit growth and shareholder returns through buybacks and dividends [7][9]. - The article highlights that A-shares face challenges such as frequent financing and dilution of earnings per share (EPS), which limits shareholder returns [7][9]. - The analysis from Bridgewater indicates that while A-shares are not in a bubble, there are signs of overheating in specific indices like the Sci-Tech 50 [8][9]. Group 3 - The article discusses the potential of the domestic chip industry, noting advancements in technology that could alleviate supply chain risks [9]. - The performance of the Hang Seng Index is characterized as more stable compared to A-shares, with a higher earnings growth rate among its constituents [10]. - The article emphasizes the importance of monitoring corporate earnings reports to confirm any recovery in profit growth, which is essential for sustaining the current market rally [10][11].

来源：市场资讯 这并非短期波动，自2023年11月，公司完成最新一轮融资后，迅策科技部分业绩指标显露增长压力， 2024年营收增速放缓、亏损加大、行业市占率下滑。 值得关注的是，迅策科技的估值曾一路高歌：2021年6月至2023年11月，投后估值从25.18亿元飙升至 62.2亿元。 如今，当62.2亿元的估值遭遇持续承压的经营数据，第三次递表早已超越单纯的上市诉求，而是成为一 场关键的"估值辩护战"。 来源：尺度商业 文 | 张佳儒 港股市场中，二次递表并不新鲜，但三次递表还未上市的案例不多，迅策科技即是其中一例。 2025年9月22日，迅策科技这家手握"国内资管行业实时数据基础设施市占率第一"头衔、背靠腾讯、高 盛、云锋基金等明星股东的公司，再次向港交所递交招股书，这是其在2024年3月以及2024年9月两次递 表失效后，第三次闯关港交所。 行业地位亮眼，明星股东加持，迅策科技依然未走出盈利困境。2025年上半年，公司营收下滑，亏损加 剧，影响业绩的核心指标下滑：付费客户从上年同期的169家下降至121家，降幅28%。 对于持续亏损，迅策科技主要归因于大量研发开支、行政开支等。其中，研发开支是大项，202 ...

Joining us now with more on the market, Stephen Parker, JP Morgan uh private bank, co-head of global uh investment strategy. I I'll I guess I'll start with in a similar vein to with with Katie Stockton. She's um obviously looks at at technicals.You're more fundamentals. There's probably no one that that doesn't or hasn't heard that the market is fully valued. I think even uh Jay Powell intimated as much the other day also said that that doesn't necessarily mean that the market's ready to go down either beca ...

Core Viewpoint - Goldman Sachs has raised its year-end target for the S&P 500 index from 6600 to 6800 points, indicating a potential 2% upside based on the latest closing price [1] Group 1: Reasons for Target Adjustment - The upward adjustment is primarily based on two factors: the Federal Reserve's more dovish policy stance and resilient corporate earnings [1] - Goldman Sachs has also increased its 6-month and 12-month return expectations for the S&P 500 index to 5% and 8%, respectively, suggesting target levels of 7000 and 7200 points [1] Group 2: Federal Reserve Actions - Recently, the Federal Reserve implemented its first interest rate cut since December, with plans for further cuts in October and December as the labor market cools [1] - Goldman Sachs predicts that both upcoming meetings will result in a 25 basis point rate cut, a view shared by most major Wall Street firms [1] Group 3: Market Context - Earlier this year, concerns over an economic recession intensified following President Trump's "liberation day" tariff policy, leading to a sell-off in global stock markets and a downward revision of the S&P 500 index target to below 6000 points by major banks [1] - However, the easing of tariff policies and rising expectations for Federal Reserve easing have alleviated investor anxiety, reducing recession risks and driving the stock market to new historical highs [1] - According to S&P Global data, the S&P 500 index has risen over 30% since its low on April 8, and has repeatedly set closing records between July and September, with the latest closing price reaching 6693.75 points as of early September [1]

周一美股的交易量巨大，创下了2008年以来的第三高水平，显示市场对前景普遍乐观。英伟达等大型科 技公司的强劲表现提升了标普500指数，并将其推向新的高点。同时，有数据显示全球股票基金的资金 流入也在增加，进一步推动了市场的上行空间。 来源：市场资讯 （来源：美股情报站） 随着科技股的强劲表现，美国股市在本周一连续第28次在今年创下新的历史高点。英伟达的股价上涨了 4%，成为本次上涨背后的主要推动力之一。在英伟达计划向OpenAI投资高达1000亿美元之后，市场对 人工智能的热情进一步提升。此次投资主要用于支持OpenAI构建数据中心，并使用英伟达的先进芯片 技术来训练和部署AI模型。 苹果公司表现亮眼，股价也上涨4.3%，收入达到自去年12月以来的最高水平，再次增强了投资者信 心。高盛在其最新的市场策略中表示，投资者应理性看多，保持对市场的乐观态度。 投资者关注焦点依然是美联储的政策路径，特别是在未来几个月可能进行的降息。虽然高盛分析师对冲 基金业务主管认为需要理性对待仓位风险，但同时也指出，美国超大盘科技股依然具备很强的投资吸引 力。 美联储官员的最新言论显示，他们对降息的态度各不相同。联储官员指出在当前经 ...

Group 1 - The recent performance of the three major U.S. stock indices has been strong, with record highs, raising questions about the sustainability of this rally and its underlying drivers [1] - The expectation of interest rate cuts by the Federal Reserve is a significant factor contributing to the stock market's rise, but it is not a guaranteed solution for long-term growth [3] - Company earnings are crucial for sustained stock market growth, as evidenced by FedEx's strong earnings boosting its stock, while Lennar's disappointing results led to a 4.2% drop in its stock price [3] Group 2 - The rise in gold prices, which has significantly benefited Newmont Mining's stock, is driven by expectations of interest rate cuts, inflation fears, and concerns over government debt devaluation [5] - However, if the Federal Reserve's rate cuts are not as substantial as anticipated or if inflation decreases, the upward momentum in gold prices may weaken [5] - The Federal Reserve primarily relies on interest rates as its main tool for economic management, facing challenges in balancing employment growth and inflation control [7] Group 3 - Concerns exist regarding the impact of declining stock markets in Europe and Asia on U.S. markets, particularly as the Nikkei index fell due to the Bank of Japan's stock sales [7] - The U.S. stock market's strength is primarily supported by domestic factors, such as interest rate expectations and strong corporate earnings, rather than external market movements [7] - The slowing growth in the U.S. job market and potential global economic slowdown could negatively affect U.S. companies' overseas operations, posing risks to the stock market [9]

Core Viewpoint - Wall Street analysts have been increasing corporate earnings estimates throughout the summer, indicating a positive sentiment towards corporate profitability despite economic uncertainties [1] Group 1: Corporate Earnings - Analysts are raising corporate earnings estimates, suggesting a bullish outlook for companies [1] - The upward revision of earnings estimates reflects confidence in corporate performance amid economic fluctuations [1] Group 2: Economic Outlook - The outlook for economic growth has improved, signaling potential resilience in the economy [1] - Despite a slowdown in the labor market, the overall economic growth perspective remains optimistic [1]