大家早上壕！ 先看海外要闻： Netflix和德州仪器业绩疲软，叠加全球贸易紧张局势升级，打压风险偏好情绪。"动量股"的抛售潮继续，纳指领跌三大美股指。美股收盘标普 500跌幅0.53%，指跌幅0.71%，纳指跌幅0.93%。 苹果终结连涨，跌1.64%。谷歌称量子芯片"Willow"现重大突破，量子计算概念股重挫，QBTS暴跌15%，RGTI跌近10%。EDA软件股盘中一度 跳水。 纳斯达克金龙中国指数收跌0.93%，报8202.71点。热门中概股阿特斯太阳能收跌7.10%，小马智行跌6.91%，晶科能源跌5.42%，网易跌4.51%， 金山云跌4.51%。 10年期美债收益率三连跌，跌0.58个基点。美元终结三连涨，日内先涨后跌，较日高一度跌0.36%。 黄金一度下挫至接近4000美元，随后宽幅震荡，日内振幅达3.7%。白银盘中走低，但48美元构成支撑。Comex金银纽约尾盘较周二收涨。俄乌局 势推动美油涨约3.2%。 谷歌称量子芯片"Willow"现重大突破：算法可重复验证，五年内或迎实用化。 美联储"历史性"Fintech会议：沃勒强调积极拥抱支付创新，提出"精简主账户"概念，这也意味着稳定币发行商和 ...

Market Overview - Netflix and Texas Instruments reported weak performance, exacerbated by escalating global trade tensions, dampening risk appetite. The sell-off in "momentum stocks" continues, with the Nasdaq leading declines among major U.S. indices [1] - The 10-year U.S. Treasury yield fell for the third consecutive day, down 0.58 basis points. The dollar ended a three-day rise, initially gaining before dropping 0.36% from its daily high. Bitcoin retraced all gains from the previous day, falling below the $108,000 support level [1] - Gold experienced significant volatility, dipping close to $4,000 before fluctuating widely, with a daily range of 3.7%. Silver also declined but found support at $48 [1] Key Company News - Tesla's Q3 revenue rebounded significantly due to the expiration of tax credits, but earnings fell 31% due to tariff impacts exceeding $400 million. The company reported a 12% increase in revenue compared to the previous quarter, with automotive revenue reaching a two-year high [2][17] - SAP, Europe's largest software company, reported Q3 cloud revenue below expectations, leading to a 4% drop in stock price post-announcement. The company maintained its growth outlook for 2025, expecting cloud revenue at the lower end of its guidance [3][18] - IBM's Red Hat business growth has slowed, causing investor concerns and a 5% drop in stock price after the earnings report, despite overall revenue and EPS exceeding expectations [4][18] - Wall Street is experiencing its strongest earnings season in four years, with 85% of S&P 500 companies exceeding profit expectations, the highest ratio since 2021 [5][19] Industry Insights - The secondary lending market is facing turmoil, with PrimaLend filing for bankruptcy, highlighting pressures in the low-income consumer sector [19] - Gold ETF holdings reached a three-year high, following a significant drop in gold prices, attributed to a crowded long position among traders leading to a technical sell-off [20] - The U.S. Federal Reserve is considering reducing bank capital requirements from 19% to a minimum of 3%, which could significantly impact large banks' capital levels [22] - The Chinese stock market is expected to enter a prolonged upward phase, with key indices projected to rise by 30% by the end of 2027, driven by earnings growth and potential revaluation [25]