【导读】美股科技巨头回调，纳斯达克指数收跌0.28%。关税大消息传出，部分汽车股短线走高 中国基金报记者储是 美股科技巨头回调带动纳指下跌。据报道，特朗普考虑对在美最终组装的汽车给予重大关税减免，部分汽车股短线走高。 中国金龙指数本周累计上涨2.58%，中概互联和汽车板块周五回调。 伯克希尔调整公司权力结构。特朗普对哈马斯"最后通牒"见效，油价结束连跌。 美国政府持续"关门" 美股三大指数涨跌不一 美东时间10月3日（周五），美股三大指数涨跌不一，科技股回调带动纳斯达克指数下跌。道琼斯指数和标普指数收涨，并创下新高。 截至收盘，道琼斯指数上涨0.51%，报46758.28点；标普500指数上涨0.01%，报6715.79点；纳斯达克指数下跌0.28%，报22780.51点。 中概互联网、汽车股回调 由于美国劳工部暂停几乎所有经济活动，盘前未发布9月份非农就业报告。盘后，美国参议院再度否决了两党提出的临时拨款法案，联邦政府将持续"关 门"。 非农数据是影响美股走势的关键要素，同时也是美联储决议的参考数据。芝商所"美联储观察"工具显示，市场预计本月降息25个基点的概率接近95%。 科技巨头回调 汽车股盘中短线走高 ...

北京时间10月3日晚，美股三大指数小幅高开，截至发稿前，道指上涨1.01%，创下历史新高，纳指上涨0.19%，标普500指数上涨0.46%。 大型科技股涨跌不一，特斯拉跌超2%，谷歌、Meta、英伟达、亚马逊、苹果、微软上涨。 | 谷歌Ａ | 243.125 | -1.04% | -2.56 | | --- | --- | --- | --- | | US GOOGL 244.500 盘前 | | -0.48% | -1.19 | | 英伟大 | 189.265 | +0.20% | 0.37 | | US NVDA | 189.200 盘前 | 0.16% | 0.31 | | 亚马逊 | 222 860 | +0.20% | 0.45 | | US AMZN | 223.400 盘前 | 0.45% | 0.99 | | 特斯拉 | | 425.950 -2.31% -10.05 | | | US TSLA | 443.240 盘前 | 1.66% | 7.24 | | 苹果 | 258.287 | +0.45% | 1.15 | | US AAPL | 254.520 盘前 | -1.02% | -2. ...

【导读】港股市场震荡调整，电力板块走强 10月3日，港股市场震荡走低，恒生科技指数跌超1%，汽车股集体走低，比亚迪股份、小鹏汽车、理想汽车均跌超3%。 | | | 电力板块震荡拉升，中核国际涨超18%，中国核能科技、上海电气均涨超10%，东方电气、哈尔滨电气、中广核矿业等跟涨。 | 名称 | 现价 | 涨跌幅 | 成交量 | 换手率 | 市智學 | 总市值 | | --- | --- | --- | --- | --- | --- | --- | | 中核国际 | 6.380 | 18.15% | 807万 | 1.65% | 14.6 | 31亿 | | 中国核能科技 | 0.670 | 15.52% | 8609万 | 4.65% | 8.7 | 12亿 | | 上海电气 | 4.840 | 12.56% | 8953万 | 3.06% | 84.8 | 1446亿 | | 东方电气 | 18.020 | 6.31% | 1066万 | 2.61% | 18.1 | 718亿 | | 哈尔滨电气 | 12.680 | 5.67% | 878万 | 1.30% | 11.7 | 284亿 | | 中广核矿业 ...

Core Viewpoint - Tesla has raised leasing prices for all models in the U.S. market following the termination of the $7,500 federal tax credit, which has led to concerns about declining electric vehicle (EV) sales in the industry [1][2]. Group 1: Price Adjustments - The leasing prices for Tesla's Model Y have increased from a range of $479-$529 to $529-$599 per month [1] - The leasing prices for the Model 3 have risen from a range of $349-$699 to $429-$759 per month [1] - Retail prices for all models have remained unchanged despite the increase in leasing prices [1] Group 2: Market Dynamics - The termination of the tax credit, which also included a $4,000 credit for used electric vehicles, is expected to further decrease EV sales [1] - Tesla's market share in the U.S. electric vehicle market has dropped to 38% in August, down from over 80% previously, marking the lowest level in nearly eight years [2] - The increase in competition from other automakers has provided consumers with more choices, contributing to Tesla's declining market share [2]

Financial Market Overview - In August 2025, the bond market issued a total of 74,281.4 billion yuan in various bonds, including 13,277.6 billion yuan in government bonds, 9,776.4 billion yuan in local government bonds, 11,550.3 billion yuan in financial bonds, 12,391.4 billion yuan in corporate credit bonds, 212.2 billion yuan in credit asset-backed securities, and 26,956.5 billion yuan in interbank certificates of deposit [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance proposed a new reward system for whistleblowers reporting securities and futures violations, increasing the maximum reward from 100,000 yuan to 1 million yuan and raising the reward percentage from 1% to 3% of the penalty amount [3] - The China Interbank Bond Market Dealers Association issued warnings to five institutions, including Tianjin Binhai Rural Commercial Bank and Guanghui Automobile, for regulatory non-compliance [5] Debt Issuance and Financial Tools - The National Development and Reform Commission allocated 69 billion yuan in special long-term bonds to support consumption upgrades, completing the annual target of 300 billion yuan [7] - The People's Bank of China announced a 1.1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, scheduled for October 9, 2025 [9] - The Shanghai Clearing House will continue to waive all bond issuance registration fees and reduce service fees for bond interest payments and redemptions by 50% from October 1, 2025, to September 30, 2026 [10] Local Government Financial Activities - The government of Yinchuan secured 12.648 billion yuan in transfer payment funds from central and regional authorities in the first half of 2025, achieving 53.02% of the annual target [15] - The first batch of new policy financial tools in Jiangsu and Guangxi has been implemented, with a total of 3.199 billion yuan allocated for projects, including a significant rail transit project in Jiangsu [12] Bond Market Dynamics - The issuance of land reserve special bonds has accelerated, reaching 280.476 billion yuan in 2025, with 1.096 billion yuan issued in the third quarter alone, accounting for 64% of the total issued in the first half of the year [25] - Several companies, including Kaifeng Urban Construction Group and Nanyang Industrial Investment Group, have initiated bond issuance projects, with amounts ranging from 5 billion to 35 billion yuan [16][18][22] Market Sentiment and Outlook - Investor sentiment in the bond market has slightly improved, with expectations for long-term government bond yields remaining stable, while preferences for medium and long-term bonds have increased [33]

Group 1 - The Ministry of Industry and Information Technology announced the first batch of 62 manufacturing digital transformation promotion centers, with four from Jiangsu province [1][2] - The listed entities from Jiangsu include the East China Branch of the Ministry of Industry and Information Technology's Electronic Fifth Research Institute, Jiangsu Jinheng Information Technology Co., Ltd., Wuxi Internet of Things Innovation Promotion Center, and China Electric Hongxin Information Technology Co., Ltd. [1][3] - The industries represented by these entities include electronic information manufacturing, machinery, automotive, and steel [1][3] Group 2 - The Ministry of Industry and Information Technology emphasized the need for local departments to provide guidance and support for the construction of these promotion centers [2] - A comprehensive information service platform will be established to facilitate demand release and feedback evaluation mechanisms [2] - Regular assessments of service capabilities and effectiveness of the promotion centers will be conducted to optimize the system dynamically [2]

Core Viewpoint - The manufacturing PMI for September is 49.8%, indicating a 0.4 percentage point increase from August, marking two consecutive months of recovery, while the non-manufacturing business activity index remains stable at 50% [1][2] Manufacturing Sector - The manufacturing PMI has shown a slight increase, reflecting the effectiveness of various growth-stabilizing policies [2] - Among the 13 sub-indices, production index, new orders index, and procurement volume index have risen, while order-related indices remain below the threshold, indicating persistent demand challenges [2][3] - The equipment manufacturing and consumer goods sectors show rising purchasing price indices above 50%, suggesting increased raw material costs, while the basic raw materials sector faces pressure due to weak real estate investment [3] Non-Manufacturing Sector - The non-manufacturing business activity index is at 50%, indicating stability, with the financial sector's index exceeding 60%, providing a favorable environment for economic recovery [4][5] - New momentum industries, such as telecommunications and internet services, are performing well, with significant increases in business activity indices [5] - The construction sector remains weak, with indices below 50%, highlighting the need for improved project execution and funding [5] Economic Outlook - The third quarter saw a slight improvement in manufacturing PMI, averaging 49.5%, indicating a consolidation of economic recovery compared to previous quarters [6] - The non-manufacturing sector maintained stability, with an average business activity index of 50.1% for the third quarter [6] - Looking ahead to the fourth quarter, macroeconomic policies are expected to strengthen, with anticipated boosts in consumer demand and infrastructure projects driving economic activity [6][7] - Manufacturing firms exhibit increased optimism for the fourth quarter, with the production activity expectation index rising to 54.1% [7]

Group 1 - In September, the Manufacturing Purchasing Managers' Index (PMI) was 49.8%, an increase of 0.4 percentage points from August, marking two consecutive months of growth [1][3] - The Non-Manufacturing Business Activity Index stood at 50%, indicating stable overall operations, while the comprehensive PMI output index remained in expansion [1][6] - The financial sector's business activity index rose above 60%, outperforming the same period last year, providing a favorable financial environment for economic recovery [5][6] Group 2 - The production index, new orders index, and purchasing volume index showed signs of recovery, while order indices remained below the threshold, highlighting persistent demand challenges [3][4] - The construction sector's business activity index remained below 50%, indicating weak growth in investment-related construction activities [7] - The overall economic outlook for the fourth quarter is positive, driven by macroeconomic policy support, holiday consumption, and project launches [8][10] Group 3 - The average PMI for the manufacturing sector in the third quarter was 49.5%, showing a slight increase compared to the second quarter and the same period last year [9] - The non-manufacturing sector maintained stable operations with an average business activity index of 50.1% in the third quarter [9] - Expectations for the fourth quarter are optimistic, with manufacturing enterprises showing increased confidence in production activities [10]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) for September is 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing activity [1] - The production index for September is 51.9%, rising by 1.1 percentage points, reaching a six-month high, reflecting active manufacturing production [1] - The new orders index is at 49.7%, up by 0.2 percentage points, suggesting a slight improvement in market demand [1] Group 2 - The PMI for small enterprises has increased to 48.2%, up by 1.6 percentage points, indicating an improvement in their economic conditions [1] - The PMI for large enterprises is 51.0%, showing a stable expansion, while the PMI for medium enterprises is 48.8%, indicating stability [1] - Key industries such as equipment manufacturing, high-tech manufacturing, and consumer goods have PMIs of 51.9%, 51.6%, and 50.6% respectively, all above the overall manufacturing level [1] Group 3 - The production expectations index for September is 54.1%, up by 0.4 percentage points, indicating a positive outlook for manufacturing enterprises [2] - Industries such as food processing, automotive, and aerospace have production expectation indices above 57.0%, reflecting strong confidence in industry development [2]

Core Viewpoint - The recovery of upstream industry prices has been observed, while the midstream and downstream sectors still require more policy support to combat "involution" and promote sustainable development [1][5][7] Group 1: Industrial Profit and Price Trends - From January to August, the profit of the raw materials manufacturing industry increased by 22.1% year-on-year, with the steel industry turning from loss to profit [1][5] - The overall industrial profit growth turned positive, with a 0.9% increase in profits for large-scale industrial enterprises from January to August, reversing a decline since May [2][4] - In August, the Producer Price Index (PPI) decline narrowed to 2.9% year-on-year, marking the first reduction in the decline since March [3][4] Group 2: Policy Measures and Industry Support - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need for state-owned enterprises to resist "involution" and promote healthy competition [1][7] - The Ministry of Industry and Information Technology (MIIT) has released multiple industry stabilization plans, focusing on sectors like automotive, steel, and non-ferrous metals to enhance governance and competition order [7][8] - Future policies should focus on expanding domestic demand and ensuring the effective implementation of "anti-involution" measures to support downstream industries [6][8] Group 3: Market Dynamics and Challenges - Despite improvements in industrial profits, revenue growth indicates that demand has not significantly improved, with rising inventory levels and longer accounts receivable periods [4][6] - The structural differentiation of profits between upstream and downstream industries persists, with upstream benefiting from "anti-involution" policies while downstream remains constrained by weak terminal demand [6][8] - The steel industry faces challenges with excess capacity and demand imbalance, necessitating precise capacity control and supply-demand coordination [9]