（原标题：?全球最大主权财富基金"恐高"? 2025年下半年减持英伟达(NVDA.US)等美国科技巨头） 智通财经APP获悉，根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财 富基金在2025年下半年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓 ——即AI芯片超级霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司 (Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公 司(AAPL.US)、微软公司(MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 该主权财富基金将芯片巨头英伟达的持股比例从6月底的1.32%降至年末的1.26%，同时将微软的持股比 例从1.35%降至1.26%，但是这两家科技巨头仍是该基金最有价值的前五大投资之一，其后依次为 Alphabet和云计算与电商巨头亚马逊公司(AMZN.US)。苹果则是该主权财富基金第二大投资。作为简化 投资组合战略的一部分，该主权财富基金退出了摩尔多瓦、冰岛等国股市，同时选择新增约旦和巴拿 ...

根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025年下半 年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级 霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司 (MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 NBIM成立于1990年代初，其投资遵循挪威财政部设定的基准系统指数，因此其进行主动操作的空间有 限。其投资组合覆盖股票、固定收益、房地产与可再生基础设施，且均在挪威境外。 从"美欧地缘政治博弈"的视角看，挪威主权财富基金(NBIM/GPFG)在2025年下半年小幅减持英伟达、苹 果、微软、Alphabet这类美股科技龙头，其深层意义更像是在这些占据市场高额权重的科技巨头估值来 到历史高位之际"去权重集中度 + 降政治尾部风险"，而不是"大举撤离美国或者看空AI投资主题"。 挪威NBIM本就严格贴近财政部设定的基准指数 ...

2025年，黄金以逾60%的年度涨幅成为最受瞩目的资产类别之一，全球科技股走出强劲上涨行情，美元 指数则大幅下跌。2026年，全球市场将如何演绎？A股的主线又将如何表现？带着上述问题，上海证券 报记者采访了惠理集团投资组合总监盛今。 多重因素支撑黄金凸显韧性 "2025年，黄金的表现并非由单一因素驱动。"盛今表示，地缘政治与经济不确定性加剧、美元走弱、货 币政策预期放宽、强劲的价格动能、创纪录的资金流入，以及各国央行的持续购买，均对金价上涨形成 了贡献。 在盛今看来，这种多元化的支撑，凸显了黄金作为资产类别的独特韧性。历史数据显示，黄金与美元指 数长期负相关，而2025年美元指数的显著下跌为黄金提供了关键助力。他认为，黄金在2026年有望 以"结构性强劲"而非"投机过度"的姿态继续获得支撑。 2025年，受"去美元化"浪潮、对美国经济前景的担忧等因素影响，美元指数跌幅一度超过10%。展望 2026年，盛今认为美元走势将受到几股力量的"拉扯"。 但盛今同时提醒，随着板块估值整体抬升，2026年的投资重心应更加聚焦企业自身的盈利表现与前景。 对于近期走强的消费股，盛今从政策、宏观、估值三个维度进行了分析：政策方面 ...

智通财经APP获悉，瑞银全球金融市场部中国主管房东明表示，该行继续超配中国股票，指即使中国股 市涨幅虽然不少，现估值较其历史均值稍高，但相对全球市场仍具吸引力。他认同中国宏观经济存在挑 战，但与创新有关的板块则仍在上涨，因此只要创新板块能持续发力，将带动整体中资股股市。 至于内地资金特别是机构资金，房东明观察到也在持续加强中国股市，包括险资、公募基金，因A股成 交量反映了内地散户正踊跃投入。不过，今年下半年他料投资者将更希望看到企业盈利能够兑现，因为 机构投资者觉得中国股市倘若再没有进一步推动股市的"抓手"，有需要通过盈利增长而非纯粹的估值上 升推动后市。因此，今年7、8月份尤为关键，因届时为中期业绩公布期。 房东明提到，中国股市的最大推动点是政策，尤其是对股市的政策，因政策发力前所未见，除了宽松政 策持续释放，国家队也对A股市场提供支持，政策也同时对实体经济及民营企业发挥作用。 展望2026年，房东明相信2025年的股市动力会持续，包括在资金层面。他提到，外资对中国股市兴趣提 升，跟外资交流时也能感受到投资者对中国市场的热情程度，通常大规模的长线资金也会在年初作出配 置决策，意味会"开门红"期间资金有机会投 ...

Economic Data and Events - China will release October CPI and PPI data on November 9, with expectations of a mild recovery in CPI to 0.6% year-on-year due to last year's low base [6]. - PPI is expected to narrow its decline from -2.8% in September to -2.2% in October, supported by rising price indicators in the PMI [7]. - China's October import growth is projected at 1.2%, while export growth is expected to rebound to 4.9% due to delayed orders being released [8][9]. - The US will release the ADP employment report on November 5, with non-farm payroll data potentially delayed due to government shutdown [11]. - The ISM manufacturing index for October is anticipated to rise slightly to 49.5, indicating improvements in new orders and employment [12]. Central Bank and Policy Decisions - The Bank of England is expected to maintain its policy rate at 4% during its announcement on November 6, amid inflation and growth challenges [13][14]. - The Federal Reserve will have multiple officials speaking next week following a recent rate cut, with discussions on future monetary policy directions [22]. Corporate Events and Earnings Reports - Tesla's annual shareholder meeting is scheduled for November 6, where key proposals including CEO Elon Musk's compensation plan will be voted on [15][16]. - The upcoming earnings season will see 129 S&P 500 companies, including AMD, Qualcomm, and McDonald's, report their results, with AMD's growth driven by strong data center performance [27]. Market and Investment Opportunities - The International Financial Leaders Investment Summit will take place in Hong Kong from November 3 to 5, focusing on macroeconomic trends and investment opportunities [24]. - Pony.ai and WeRide plan to list simultaneously on the Hong Kong Stock Exchange on November 6, marking a competitive entry into the autonomous driving sector [23].

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Current Stock Price**: US$36.37 (as of August 8, 2025) - **Market Capitalization**: Rmb51,663 million - **Price Target**: US$52.00, indicating a 43% upside potential Key Points Positive Developments 1. **C-REIT Performance**: GDS's C-REIT gained 30% on its first trading day, establishing a new valuation benchmark with an EV/EBITDA multiple of approximately 22x, leading to a dividend yield of around 4% [2][1] 2. **MSCI China Index Inclusion**: GDS was re-added to the MSCI China Standard Index after 18 months, which is expected to attract passive and long-only investors, potentially reducing share price volatility [3][1] 3. **NV H20 Licensing**: The US Government granted a license for NV H20, with indications that new orders are being placed with TSMC, suggesting ongoing production and inventory management [4][1] Future Expectations 4. **Strong Order Growth**: Anticipation of strong new orders for DayOne's international business in the upcoming 2Q25 earnings report, supported by solid 2Q earnings from US hyperscalers and upward capex revisions [5][1] 5. **Revenue and EBITDA Growth**: Expected revenue growth of 9-10% YoY, with EBITDA growth tracking similarly, despite the deconsolidation of private REIT assets [5][1] Financial Projections 6. **2Q25 Earnings Preview**: Forecasted revenue growth of 8.7% YoY to Rmb2.8 billion and EBITDA growth of 9.5% YoY to Rmb1.4 billion [9][1] 7. **Long-term Projections**: For 2026, GDS's China business is projected to have an EV/EBITDA multiple of 15x, while the international segment is expected to have a multiple of 17.5x [12][1] Risks and Considerations 8. **Market Risks**: Potential risks include reduced capex from hyperscalers, increased competition, and a reversal of the downward trend in interest rates [12][1] Additional Insights 9. **Management's Strategy**: Management indicated readiness to inject a second batch of assets into the REIT, with a project size of Rmb2 billion and Rmb4 billion, contingent on market conditions [2][1] 10. **Analyst Ratings**: GDS is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on the company's performance relative to its peers [7][1] This summary encapsulates the critical insights and projections regarding GDS Holdings Ltd, highlighting both the positive developments and potential risks in the current market landscape.