Group 1: Meituan and WeRide Expansion - Meituan's international delivery brand Keeta has officially launched operations in Dubai, marking its third Middle Eastern country expansion within 40 days, following Qatar and Kuwait [1] - Keeta plans to establish a "ground + low-altitude" dual fulfillment network in the UAE, utilizing drone delivery services to enhance instant retail capabilities [1] - WeRide has commenced trial operations of its Robotaxi and Robobus in Ras Al Khaimah, becoming part of the local public transport system, with commercial operations expected to start in early 2026 [1] Group 2: Digital Transformation and Economic Growth in UAE - Chinese smart office solutions provider MAXHUB has opened in Dubai, aiming to support the region's digital transformation with sustainable collaboration solutions [2] - Abu Dhabi's GDP is projected to reach 834 billion USD by Q2 2025, with a notable 6.6% growth in the non-oil sector, which now accounts for 56.8% of the GDP [3] - The Dubai Chamber reviewed 27 laws and established 5 new business councils in the first half of 2025, reflecting significant progress in enhancing the local business environment [3] Group 3: Renewable Energy and Tourism Growth - The UAE leads the Arab region in renewable energy investments, attracting 57 projects with over 8.5 billion USD in investments, creating more than 16,000 jobs [4] - The number of business licenses in the UAE's tourism sector has surged by 275% since 2020, reaching 39,546 licenses, driven by regulatory reforms [4] Group 4: Air Taxi Services and Visa Reforms - The UAE plans to launch its first air taxi service in Ras Al Khaimah by 2027, connecting major hotels and tourism sites, significantly reducing travel time [5] - New visa categories have been introduced to attract experts in AI, entertainment, and luxury tourism, showcasing the UAE's commitment to global openness [5]

Industry Investment Rating No information provided in the report. Core Views - During the National Day holiday, there were two major trading themes in global assets: the US government shutdown and the victory of Sanae Takaichi as the president of Japan's Liberal Democratic Party. The global risk appetite is expected to rise driven by liquidity. Japanese stock indices and gold led the gains, while long - term bond yields in major countries such as the US and Japan increased due to concerns about loose fiscal policies and debt sustainability [1][11]. Summary by Directory 1. Holiday News Summary and Thoughts - **US Government Shutdown**: On the evening of September 30, the US Senate failed to pass the annual appropriation bill, leading to a government shutdown. The core reason is the disagreement between the two parties on medical insurance welfare spending. The shutdown may delay important economic data releases and the Fed's interest - rate cut decision. The market's concern about the unsustainability of US government debt has increased [11][12]. - **Sanae Takaichi's Victory**: On October 4, Sanae Takaichi won the Liberal Democratic Party's presidential election. Her victory implies a high probability of becoming Japan's prime minister. Her policy style is expected to continue "Abenomics", with a combination of loose fiscal and monetary policies, which may lead to a strong Japanese stock market, a weak Japanese bond market, and a weak yen. The market's expectation of a Japanese interest - rate hike in October has been postponed [12][13]. - **Gold Price Increase**: During the National Day holiday, the COMEX gold price rose 2.49% in three trading days. The rise is driven by the Fed's interest - rate cut expectation, geopolitical risks, and central banks' gold purchases. The US government shutdown further boosted gold's safe - haven demand [14]. 2. Global Asset Class Performance - **Equity Assets**: During the National Day holiday (October 1 - 6), equity asset prices generally rose, with Japanese stock indices performing outstandingly. In the domestic market, A - shares were on holiday, and Hong Kong stocks rose first and then fell. Overseas, most global stock indices rose after the Fed's September interest - rate cut. Sanae Takaichi's victory pushed up the Japanese stock market [15][19]. - **Commodity Market**: The US government shutdown drove up the safe - haven demand for precious metals. Gold, silver, and copper prices rose significantly, while crude oil prices generally fell [19]. - **Bond Market**: Affected by the US government shutdown and concerns about the sustainability of loose fiscal policies, US 10 - year Treasury bond yields first decreased and then increased, with a net increase of 2.0BP. Japanese bonds showed a steepening trend, with 10 - year Treasury bond yields rising 1.5BP. Italian and German 10 - year Treasury bond yields also increased [20]. 3. Overseas News Summary - **US Government Shutdown and Data Delays**: Key economic data were postponed due to the government shutdown. The new ADP employment was negative, but the decline slowed down. The US 9 - month manufacturing PMI was still in the contraction range, but the contraction speed slowed down, and the non - manufacturing PMI rose significantly [27][30]. - **US 9 - month ISM Manufacturing PMI**: The 9 - month ISM manufacturing PMI was 49.1%, a slight increase from the previous month. Except for output, supplier delivery, and prices, other sub - items were in the contraction range. The output item had the largest month - on - month increase, while new export orders had the largest decline [32]. - **Eurozone Inflation**: In September, the Eurozone CPI increased slightly year - on - year, and the core CPI decreased month - on - month. The PPI decreased both year - on - year and month - on - month [36]. - **Sanae Takaichi's Victory and BOJ Expectations**: Sanae Takaichi won the Liberal Democratic Party's presidential election, and the market's expectation of a BOJ interest - rate hike in October was postponed [39]. 4. Domestic News Summary - **Travel**: During the National Day holiday, the cross - regional population flow and private travel volume increased compared with the same period last year. Domestic and international flight operations also increased, especially international flights [44][45]. - **Movies**: During the National Day holiday, the number of moviegoers and box office revenue were close to those of 2024 but far lower than those of 2019. The number of movie screenings was significantly higher than that of 2019 [51]. - **City Subways**: The subway ridership in most first - tier cities decreased during the National Day holiday [51]. - **Catering**: Catering consumption was booming during the National Day holiday. The order volume of "Must - eat List" restaurants increased significantly, and the sales of key retail and catering enterprises increased year - on - year [58]. - **Real Estate**: Shanghai's second - hand housing transactions decreased compared with 2024, while Beijing's real estate market was active during the National Day holiday. The real - estate market's "stabilization" still needs further confirmation [58][61].

Group 1 - The current shift in the dollar cycle is leading to a reallocation of global capital, with expectations of a transition from a "tight" to a "loose" liquidity environment [1] - Emerging markets are experiencing increased capital inflows, with a net inflow of $44.8 billion in August, up from $38.1 billion in July and $28.2 billion in August of the previous year [2] - China is becoming a focal point for international capital, with $39 billion net inflow into Chinese bonds and stocks in August, while other emerging markets saw a net outflow of $7.4 billion in stocks [2] Group 2 - The anticipated decrease in U.S. interest rates is expected to lower financing costs for companies with high overseas debt, improving profit expectations, particularly in sectors like aviation and raw materials [3] - The shift in dollar liquidity presents opportunities but also challenges, including potential reversals in Federal Reserve policy, structural deficits in some emerging markets, and external factors like geopolitical conflicts and energy price fluctuations [3] - The reallocation of capital emphasizes the importance of economic resilience, policy flexibility, and core competitiveness in markets to truly benefit from the current dollar cycle shift [3]

Industry News - The People's Bank of China reported that as of the end of September, the country's gold reserves stood at 74.06 million ounces, marking an increase of 40,000 ounces from the previous month, continuing a streak of 11 consecutive months of gold accumulation [9] - The Ministry of Finance and the Ministry of Commerce announced a funding subsidy of 2 billion yuan for each international consumption center city to support the construction of an international consumption environment [10] - Morgan Stanley reported that foreign capital inflow into the Chinese stock market rebounded to 4.6 billion USD in September, the highest monthly inflow since November 2024, driven by passive funds [12] - Goldman Sachs raised its gold price forecast for December 2026 to 4,900 USD per ounce, up from a previous estimate of 4,300 USD, anticipating continued net purchases of gold by central banks [11] - The State Development and Reform Commission allocated 69 billion yuan in special bonds to support the consumption upgrade policy, completing the annual target of 300 billion yuan [6] Company News - BYD announced total sales of 396,270 new energy vehicles in September, a decrease from 419,426 units in the same month last year, while cumulative sales for the year reached 3,260,146 units, reflecting a year-on-year growth of 18.64% [26] - Cambrian Technology disclosed that its private placement price is set at 1,195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan for projects related to large model chip platforms and software platforms [19] - Tesla launched a new version of the Model Y priced at 39,990 USD, approximately 11% cheaper than the previous base model, to counter the impact of the cancellation of electric vehicle subsidies in the US [20] - OpenAI completed a secondary transaction allowing employees to sell shares at a record valuation of 500 billion USD, surpassing SpaceX to become the highest-valued startup globally [21] - Hainan Huatie announced the termination of a 36.9 billion yuan computing power service agreement due to significant changes in market conditions since the contract was signed [22]

这次美国政府的"关门"并不是因为债务危机、战争或政权更替，而是源自于美国国内的政治分歧。问题的根源是美国国会未能批准新的财政预算，导致政府 运转停滞。简单来说，就是"你们公司发不了工资了，80万名联邦员工只能无休止地待在家里。" 之所以没能通过预算案，是因为民主党和共和党在医疗补贴方面产生了重大分歧。尽管共和党在参议院占据多数席位，但任何财政拨款案都需要至少60票才 能通过程序障碍，而民主党拒绝投支持票，最终导致预算案搁置。可以想象，就像公司账上有资金，但股东们意见不合，董事长决定冻结资金，直到问题解 决，员工就只能待命，工资也拿不到。 在中国人眼中，这种"关门"似乎是新鲜事，但其实在美国，这并不是第一次。过去因为两党斗争，美国政府已经停摆过二十多次。最近一次发生在2018年， 当时特朗普总统提出的修建边境墙计划遭到民主党强烈反对，最终也导致了政府关门。 那么，这次"关门"会带来哪些影响呢？ 今天早晨一觉醒来，历史再次被写下——美国政府正式"关门"了！这并非是某种经济危机或战争引起的，而是因为美国的政治斗争导致的。那么，究竟发生 了什么？这种情况会带来哪些影响，特别是对中国有何影响？ 第三，对美国政府形象的影 ...

1.我国科研人员解决全固态金属锂电池界面接触难题 记者从中国科学院物理研究所获悉，由该所研究员黄学杰团队联合华中科技大学、中国科学院宁波材料技 术与工程研究所等组成的研究团队开发出一种阴离子调控技术，解决了全固态金属锂电池中电解质和锂电 极之间难以紧密接触的难题，为其走向实用化提供了关键技术支撑。相关研究成果已于7日发表在国际学术 期刊《自然-可持续发展》上。 点评：我国科研突破固态电池技术瓶颈，产业前景广阔。 2.世贸组织上调2025年全球货物贸易增长预期至2.4% 世界贸易组织（WTO）10月7日发布《全球贸易展望与统计》最新报告指出，受人工智能（AI）相关产品需 求增长、北美在关税上调前的进口激增及新兴经济体间贸易活跃推动，2025年上半年全球货物贸易超出预 期。WTO据此将2025年全球货物贸易增长预测上调至2.4%，高于8月时的0.9%；但2026年预测下调至 0.5%。 3.政府停摆致人手紧张，美多个城市航班大面积延误 当地时间10月7日，由于美国政府停摆造成航空管制人员短缺，美国联邦航空管理局（FAA）当天晚间发布 通告称，芝加哥、达拉斯和纳什维尔等主要城市的航班出现大面积延误。数据显示，飞往芝 ...

Group 1: Consumer Market Performance - The dual holiday of National Day and Mid-Autumn Festival has led to a vibrant consumer market, with companies in dining, cultural tourism, and travel sectors launching special activities to meet festive demand [1] - Companies have reported impressive consumption data, showcasing the resilience and potential of the domestic consumer market [1] Group 2: Dining Sector - Shanghai dining companies are leveraging the holiday opportunity through themed marketing, new product development, and channel expansion, resulting in increased festive consumption [2] - Guangzhou Restaurant's outlets have created festive dining experiences and launched various themed banquet packages, catering to diverse consumer needs [2] - During the holiday period, the Yuyuan Garden Mall in Shanghai attracted over 1.1 million visitors, achieving a 10% year-on-year sales growth [2] - Five Star's innovative "rice mooncake" series has seen sales double prior to the holiday, with expectations of double-digit growth in freshly baked mooncake sales [2] Group 3: Tourism Sector - Shanghai's cultural tourism companies are enhancing visitor experiences through themed activities and cultural performances, leading to increased tourism during the holiday [3] - Huangshan Scenic Area received nearly 200,000 visitors from October 1 to 6, marking a 7.54% increase compared to the previous year [3] - In Nanjing, the iconic Confucius Temple boat tours saw over 10,000 visitors daily, with a 10% increase in revenue during the first six days of the holiday [3] Group 4: Film Industry - The film market remained robust during the holiday, with box office revenue surpassing 1.7 billion yuan and over 46 million attendees [4] - Major films, including "The Volunteer Army: Blood and Peace," led the box office, while Shanghai Film's "The Little Monster of Langshan" continued to perform well after two months of release [4] Group 5: Travel Sector - Airlines in Shanghai are increasing flight frequencies and upgrading aircraft to accommodate the surge in travel demand during the holiday [5][6] - Eastern Airlines operated over 15,400 flights and transported more than 2.27 million passengers from October 1 to 5, achieving a 3.9% increase in daily flight volume [5] - Southern Airlines plans to add over 2,700 flights and execute 48,000 flights during the holiday, with significant growth in international routes [6] - Baiyun Airport reported daily averages of 1,562 flights and 245,401 passengers from October 1 to 5, reflecting year-on-year growth [6] - Shanghai's two major airports are expected to handle 19,000 flights and 3.14 million passengers during the holiday period, marking a 5.6% increase [7]

Core Viewpoint - The aviation sector is experiencing a collective decline in stock prices, attributed to ongoing cost pressures, increased competition, and weak pricing power, leading to profit constraints [1] Group 1: Stock Performance - Southern Airlines (01055) fell by 4.53%, trading at 3.79 HKD - Eastern Airlines (00670) decreased by 3.5%, trading at 3.03 HKD - Air China (00753) dropped by 2.68%, trading at 5.45 HKD - Meilan Airport (00357) declined by 1.42%, trading at 10.43 HKD [1] Group 2: Market Influences - OPEC+ agreed to increase oil production by 137,000 barrels per day in November, which is lower than expected, contributing to a recovery in oil prices [1] - Morgan Stanley reported that the aviation sector has underperformed the market this year due to cost pressures and competitive dynamics [1] Group 3: Future Outlook - The sustainability of the recent rebound in aviation stock prices remains uncertain as the industry is approaching its off-peak season [1] - The impact of anti-competitive measures and related regulations is limited, and current initiatives are unlikely to materially improve pricing levels [1] - The forecast for prices is expected to remain flat from 2025 to 2027 [1]

点评：德勤联手AI新锐，赋能企业智能化升级。 6.OpenAI首席执行官奥尔特曼表示，人工智能有许多领域都还处于泡沫阶段，我认为这就是新技术革命的 常态；数千万用户正在为ChatGPT付费。 7.波音据悉计划最快10月将737Max产量提高至每月42架 1.美国最高法院拒绝了谷歌的请求，要求暂停一项法官命令的关键部分。该命令要求谷歌在Epic提起的反垄 断案件中对Play Store进行重大修改。 2.ChatGPT中的应用程序可能是OpenAI迄今为止最雄心勃勃的平台尝试，与Facebook在2007年通过社交图 谱成为平台的努力相似。 3.Altman：在API中发布小型语音模型GPT-5Pro Sam Altman表示，OpenAI在API推出GPT-5Pro，公司还在API中发布规模更小的语音模型GPT-realtime- mini。Altman认为，语音将成为人们与人工智能（AI）交互的主要方式之一。 4.特朗普宣布对进口中型和重型卡车征收25%关税 据央视新闻，当地时间10月6日，美国总统特朗普在其社交平台"真实社交"上发文表示，自2025年11月1日 起，所有从其他国家和地区进口至美国的中型和重 ...

最近辽宁省开了个航空产业发展大会，各路专家都在喊"超级周期"要来了。看着新闻里那些振奋人心的数据，什么客座率创新高、票价市场化见效，我这个 老股民却忍不住想笑——每次行业大会开完，总有一批散户要当接盘侠。 还记得2025年5月那波白酒崩盘吗？当时市场上一片哀嚎，都说这是"黑天鹅"。但看看当时的交易数据图： 记得2025年白酒板块那波大跌吗？当时也是各种专家出来站台，说什么消费升级、估值合理。结果呢？限酒令一来，股价直接腰斩。更讽刺的是，那些提前 跑路的机构早就通过交易数据暴露了意图，可惜大多数散户根本看不懂。 说到这儿，不得不提一个有趣的现象——"出赢保亏"。这玩意儿就像股市里的魔咒，越是行情好，散户越容易犯这个毛病。赚钱的股票拿不住，亏钱的反而 死扛。这不是傻，而是人性使然。 行为金融学管这叫"厌恶损失"和"处置效应"。简单说就是：赚了钱怕回吐，所以赶紧落袋为安；亏了钱不甘心，总想等回本。这种心理在航空股这种周期性 品种上尤其明显——涨一点就卖飞，跌多了又不敢补。 1. 别被表面利好冲昏头脑 记住：在股市里，数据和行为永远不会说谎。与其听专家分析，不如学会用数据说话。 图中橙色柱体是反映机构资金活跃程度的量 ...