记者丨吴斌 见习记者张嘉钰 编辑丨吴桂兴 当地时间11月13日，美股三大指数全线收跌，道指跌1.65%，标普500指数跌1.66%，纳指跌 2.29%。其中纳指已是连续第三个交易日下滑。 美国大型科技股多数下跌，万得美国科技七巨头指数下跌2.29%。特斯拉跌超6%，博通、甲骨 文、AMD均跌超4%。 知名个股方面，英伟达跌逾3%，消息面上，据券商中国报道，此前《大空头》原型Michael Burry突然宣布，Scion基金撤销SEC注册并披露做空英伟达、Palantir细节。其中Michael Burry辟谣称，所谓的"9.12亿美元做空AI龙头"是数学错误——他真实投入的资金仅有920万美 元。 迪士尼股价暴跌超7%，公司公布的第四财季业绩，盈利好于分析师预期，但营收不及预期， 原因在于公司的娱乐平台业务受到电视网络疲软和电影上映表现平平的拖累。 | 名称 | 现价 | 涨跌巾一 | | --- | --- | --- | | 脸书(META PL ... | 609.890 | 0.14% | | META.O | | | | 苹果(APPLE) | 272.950 | -0.19% | | AAPL.O ...

Market Overview - The US stock market experienced a significant pullback on Thursday, with all three major indices recording their worst performance since October 10. The Dow Jones Industrial Average fell by 797.60 points, a decline of 1.65%, closing at 47,457.22 points, well below the record high set the previous trading day. The S&P 500 index dropped by 1.66%, closing at 6,737.49 points [1][3]. Sector Performance - The communication services sector led the decline, with Disney's mixed fourth-quarter earnings report causing its stock to plummet nearly 8%. The information technology sector also saw a notable pullback. The Nasdaq Composite Index fell by 2.29%, closing at 22,870.36 points, marking the third consecutive day of declines for tech stocks, which were the primary drag on the market. The Russell 2000 index, representing small-cap stocks, also recorded significant losses, indicating a simultaneous cooling of market risk sentiment across multiple levels [3][4]. Interest Rate Expectations - The 10-year US Treasury yield rose by 5 basis points to 4.119%, while the 2-year yield increased by 3 basis points to 3.587%. The sudden shift in interest rate expectations was a key factor behind the market turbulence. Just a day prior, the market believed there was a 62.9% probability that the Federal Reserve would implement a 25 basis point rate cut in December, a figure that was nearly 95% a month ago. By Thursday afternoon, this probability had dropped to around 50%, indicating a significant reassessment of future interest rate paths [4][6]. Economic Data and Federal Reserve Policy - The abrupt decline in rate cut expectations was primarily due to two factors: the 43-day government shutdown that halted the release of key economic data, and a rare divergence in policy views within the Federal Reserve. The lack of data left the Fed unable to make informed decisions regarding further easing, while internal disagreements among Fed officials heightened uncertainty regarding future policy directions [6][7]. Federal Reserve Officials' Views - Boston Fed President Susan Collins expressed a strong hawkish stance, suggesting that maintaining current interest rates for an extended period might be more appropriate. She emphasized that the economy remains resilient, and premature rate cuts could lead to a resurgence in inflation. Other officials, such as Kansas City Fed President Jeffrey Schmid and Cleveland Fed President Beth Hammack, shared similar views, while more dovish voices within the Fed called for quicker easing measures [8][9]. Technology Sector Concerns - The technology sector faced its third consecutive day of sell-offs, raising concerns among investors about the sustainability of AI-themed investments. Major companies like Nvidia, Broadcom, and Alphabet saw declines. As AI-related stocks had surged over the past year, some investors began to worry about overvaluation, particularly in a volatile interest rate environment. The chief investment officer of Laird Norton Wealth Management described the current adjustment as a "healthy natural consolidation," suggesting that substantial AI capital expenditures would eventually translate into real economic performance [9].

（原标题：今夜，利空！跳水！） 【导读】美联储前景不明朗，股市下跌 中国基金报记者 泰勒 大家好，今晚继续关注海外市场的表现，美股走势不大平静！ 美股下跌 11月13日 晚间，美股三大指数跳水下跌，道指跌约300点，纳指跌超1.5%，标普500指数跌约1%。 消息面上，美联储迎来一个利空消息。 分析师表示，随着政府重新启动、经济数据的"印刷机"重新开动，未来几周市场出现一些震荡也不足为 奇。尽管仍然预计12月会降息，但分析师指出，此次数据"黑屏"也给高度依赖数据的美联储带来挑战， 加剧了投资者对降息前景的悲观情绪。 自上一次美联储会议以来，市场对12月再次降息的预期从几乎"板上钉钉"降至如今的摇摆状态。 克利夫兰联储主席Beth Hammack在接受采访时表示，在劳动力市场走软的背景下，她仍将重点放在物 价稳定上，并强调美联储实现2%通胀目标至关重要。另一方面，她在旧金山的同僚Mary Daly则称，现 在还为时过早，无法决定决策者是否应在12月降息。 在此之前一天，波士顿联储主席Susan Collins表示，在经济增长仍然强劲、而这可能放缓或阻碍通胀降 温进程的情况下，她倾向于维持利率不变。 特朗普的首席 ...

Market Overview - US stock market opened lower with Dow Jones down 0.29%, Nasdaq down 0.61%, and S&P 500 down 0.42% [1] Company Performance - Disney's Q4 revenue was $22.5 billion, below market expectations, with adjusted EPS of $1.11, a year-on-year decline of 3% [1] - Cisco's Q1 revenue increased by 8% year-on-year to $14.88 billion, raising its full-year revenue guidance to between $60.2 billion and $61 billion [1][4] - Alibaba's stock rose over 4% amid reports of its "Qianwen" project, aimed at developing a personal AI assistant to compete with ChatGPT [2] - Baidu launched its Wenxin large model 5.0 with over 2.4 trillion parameters and announced the upcoming release of its Kunlun chips M100 and M300 in 2026 and 2027, respectively [3] Stock Movements - Cisco's stock surged over 5% due to AI-driven demand growth and an upward revision of its revenue guidance [4] - Chinese stocks showed mixed performance with Xunlei up over 5%, Alibaba up over 3%, and Bilibili down over 7% [1]

【时政新闻】 ⑥白宫称特朗普外部团队已起诉BBC； ⑦日产和本田正在治谈在美国联合开发产品； 【市场动态】 ①美股三大股指期货齐跌，截至发稿，道指期货跌0.14%，标普500指数期货跌0.2%，纳指期货跌 0.2%； ②欧洲主要股指涨跌不一，截至发稿，英国富时100指数跌0.82%，法国CAC40指数涨0.4%，德国DAX 指数跌0.5%； ①特朗普签署临时拨款法案 结束政府停摆； ②美政府将"开门" 多部门要求员工明日返岗； ③特朗普：美国政府"停摆"损失了1.5万亿美元； ④美政府停摆结束但党争还在继续； ⑤白宫称10月经济数据或"断供" 美联储面临"失明"； ①腾讯控股盘前涨超2%，公司第三季度营收1928.7亿元，同比增长15%； ②京东美股盘前涨近2%，此前第三季度营收超预期； ③迪士尼美股盘前跌近5%，公司第四财季营收225亿美元； ④哔哩哔哩美股盘前涨近3%，其第三季度经调整净利润为7.86亿元，同比增长233%； ⑤阿里巴巴美股盘前涨超4%。 (本文来自第一财经) 【公司新闻】 ...

格隆汇11月13日｜迪士尼(DIS.US)加大向股东返还现金的力度，将其年度股息提高了50%，并将其新财 年的股票回购计划增加了一倍。迪士尼宣布2026财年的股息为1.50美元，分两次支付，高于这家娱乐巨 头2025财年支付的1美元。根据周三116.65美元的收盘价计算，这相当于年化收益率约为1.3%。这家市 值近2100亿美元的公司表示，其目标是在2026财年回购70亿美元的股票，是2025财年回购量的两倍。 ...

Market Overview - A-shares experienced a slight decline, with the Shanghai Composite Index down 0.07% at 4,000 points, while the Shenzhen Component fell 0.36% and the ChiNext Index dropped 0.39%[15] - Hong Kong stocks rose, with the Hang Seng Index increasing by 0.85% and the Hang Seng Tech Index up 0.16%[10] - European markets closed higher, with the Euro Stoxx 600 up 0.7% and the German DAX rising 1.2%[8] - U.S. markets showed mixed results, with the Dow Jones up 0.7% nearing record highs, while the Nasdaq fell 0.3%[8] Commodity and Currency Trends - OPEC revised its outlook, indicating a global oil supply surplus earlier than expected, leading to a 4.18% drop in WTI crude oil prices to $58.49 per barrel[26] - Gold prices increased by 2.4%, while silver prices surged, reflecting market expectations of further monetary easing by the Federal Reserve[26] - The Japanese yen fell below the 155 mark against the U.S. dollar for the first time since February[26] Fixed Income Market - U.S. Treasury yields decreased by 2-5 basis points, with the 10-year yield at 4.07%[29] - The auction of $42 billion in 10-year Treasuries was relatively stable, with a bid-to-cover ratio of 2.43[29] - Asian bond markets saw a widening of spreads by 0-2 basis points due to selling pressure[29] Key Economic Indicators - The Federal Reserve is expected to maintain a cautious stance on interest rates, with potential for a 10 basis point cut in Q4 if domestic demand does not recover sufficiently[5] - The Chinese central bank is focusing on enhancing the internal coordination of the interest rate system, transitioning from aggregate control to structural optimization[5] Sector Performance - In the A-share market, financial stocks led gains, with Agricultural Bank of China up 3.5% and China Life Insurance rising 4%[15] - In Hong Kong, financial stocks also performed well, with notable increases in Agricultural Bank and China Life, while home appliance stocks surged following positive sales reports[10]

Core Viewpoint - The article discusses the recent performance of the Hong Kong stock market, highlighting the fluctuations in various sectors and specific stocks, particularly in the technology and healthcare industries. Group 1: Market Performance - The Hang Seng Index is currently at 26,779.48, down by 143.25 points or 0.53% [1] - The Hang Seng Technology Index (HSTECH) is at 5,885.22, decreasing by 48.77 points or 0.82% [1] - The Hang Seng BioTech Index (HSBIO) shows a positive trend, up by 163.85 points or 1.04% to 15,911.62 [1] - The Hang Seng China Enterprises Index (HSCEI) is at 9,491.64, down by 47.35 points or 0.50% [1] - The Hang Seng Composite Index (HSCI) is at 4,110.97, decreasing by 17.37 points or 0.42% [1] Group 2: Sector Performance - The pharmaceutical and biotechnology, gold and jewelry, liquor, and retail sectors are leading in gains [2] - Conversely, the media, oil and petrochemicals, semiconductor, and real estate sectors are experiencing declines [2] Group 3: Individual Stock Movements - Technology stocks opened lower, with Tencent Music down over 6%, JD.com and Kuaishou down over 2%, and Alibaba and Tencent Holdings down over 1% [3] - Specific stock performances include Tencent Music at 79.55, down 6.02%, JD.com at 121.50, down 2.57%, and Kuaishou at 68.25, down 2.08% [4] - Alibaba is at 153.90, down 1.85%, and Tencent Holdings at 649.50, down 1.14% [5] - Notable declines include China Resources Mixc Lifestyle down nearly 8% due to a proposed placement of 49.5 million shares, and Superstar Legend down over 13% for a discounted share placement [5]

Core Viewpoint - The A-share market has experienced rapid rotation and structural differentiation around the 4000-point mark, with cyclical and value-style sectors becoming key drivers of market growth, while emphasizing value investment strategies that focus on safety margins and balanced allocation [1][4] Group 1: Investment Strategy - The investment strategy emphasizes selecting undervalued stocks and acquiring good companies at favorable prices, focusing on both absolute and relative valuation methods [1][3] - The core of individual stock investment lies in objectively evaluating the equity value of listed companies, using discounted cash flow analysis and historical valuation metrics [1][2] Group 2: Sector and Stock Selection - Emphasis is placed on long-term factors such as corporate governance, competitive advantages, and industry structure rather than just short-term performance [2] - In sector allocation, the focus is on sustainable competitive advantages and cost leadership, particularly in familiar areas like finance, niche manufacturing, and consumer sectors [2][3] Group 3: Performance and Returns - The Penghua Shengshi Innovation Mixed Fund has shown significant excess returns, achieving 27.62%, 30.55%, and 382.62% excess net value growth rates over the past three years, five years, and since inception, respectively [3][4] - The fund manager has maintained positive excess returns in 12 out of 13 years, demonstrating strong active management capabilities [4] Group 4: Future Outlook - The market is expected to balance liquidity, profitability, sentiment, and fundamentals, with a focus on high-dividend assets as a core strategy to navigate high volatility [4] - The approach includes maintaining a core position in stable high-dividend assets while also capturing market opportunities through selective investments in quality assets during market fluctuations [4]

Group 1 - CPE Yuanfeng is injecting $350 million into Burger King China and will hold approximately 83% equity in the joint venture [1] - The partnership aims to support restaurant expansion, marketing, menu innovation, and operational capacity enhancement [1] - A 20-year main development agreement will grant exclusive rights for Burger King brand development in China [1] Group 2 - Intel is suing former employee Jinfeng Luo for stealing 18,000 confidential files, seeking $250,000 in damages [4] - Luo attempted to download company data to an external hard drive before being stopped by Intel's security measures [4] - The case highlights the importance of data security in tech companies [4] Group 3 - WeRide has received approval from the UAE government to operate the world's first city-level Robotaxi service outside the US [10] - This marks a significant milestone in the commercialization of autonomous driving technology in the Middle East [10] - The project is expected to enhance the region's transportation infrastructure [10] Group 4 - Thailand has approved nearly $3.1 billion for four large data center projects to strengthen its digital economy [10] - The investment aims to position Thailand as a regional digital hub and improve its digital infrastructure [10] - This initiative reflects the growing demand for data centers in Southeast Asia [10] Group 5 - The Chinese tablet market saw a shipment of 8.49 million units in Q3 2025, a year-on-year increase of 10.9% [15] - Consumer market shipments grew by 12.3%, while the commercial market experienced a decline of 4.2% [15] - The data indicates a shift in consumer preferences and market dynamics in the tablet sector [15] Group 6 - The retail sales of new energy passenger vehicles in October reached 1.282 million units, a year-on-year increase of 7.3% [15] - Cumulative retail sales from January to October reached 10.151 million units, growing by 21.9% [15] - In contrast, traditional fuel vehicle sales saw a decline, indicating a shift towards electric vehicles [15]