本文字数：2781，阅读时长大约4分钟 作者 | 第一财经 樊志菁 北京时间10月30日凌晨2点，美联储公布利率决议。 联邦公开市场委员会（FOMC）以10-2的方式决定下调利率区间25个基点至3.75%-4.00%。反对票中，美联 储理事米兰希望降息50个基点，而堪萨斯联储主席施密德倾向于按兵不动。美联储主席鲍威尔承认，委员会内部 分歧较大，12月降息并非已成定局。 受此影响，美股盘中跳水，国际金价走弱。 美联储内部分歧 决议声明称，现有指标表明，经济活动一直以温和的速度扩张。今年就业增长放缓，失业率略有上升，但截至8 月仍处于较低水平；最近的指标与这些情况相符。通货膨胀率自今年早些时候以来有所上升，仍处于略高的水 平。 2025.10. 30 结束量化紧缩 美联储在政策声明中决定于12月1日结束量化紧缩（QT)。委员会同时计划调整投资组合结构——将到期抵押贷 款支持证券（MBS）的本金收益重新投资于短期国债（Treasury bills）。 在新闻发布会伊始，美联储主席鲍威尔表示，政府停摆前获取的数据显示，经济活动增长轨迹可能略强于此前预 期，这主要得益于消费支出的强劲表现。 对于政府停摆的影响，鲍威尔认 ...

Major Events - *ST Zhengping's stock will be suspended for investigation starting October 29, 2025, due to a significant price increase of 152.42% from September 1 to October 28, 2025, with 21 days of trading halts and 5 instances of abnormal trading fluctuations [2] - Gongjin Co. announced that its major shareholder is planning a share transfer that may lead to a change in control, resulting in the stock being suspended from October 27, 2025, for up to 3 trading days [2] - Jiuquan Technology's wholly-owned subsidiary plans to invest 150 million yuan in establishing an industrial fund focused on chips and integrated circuits [2] Company Announcements - YN Holdings decided to terminate investment in 17 distributed photovoltaic projects originally planned for a total investment of 1.197 billion yuan due to changes in market conditions [3] - Awan New Materials announced a one-day stock suspension on October 29, 2025, due to a tender offer from Shanghai Zhiyuan Hengyue Technology Partnership, aiming to acquire 149,243,840 shares at 7.78 yuan per share [4] - Dahua Intelligent clarified that it currently has no business related to quantum technology despite market speculation [5] Financial Performance - Ganfeng Lithium reported a net profit of 557 million yuan for Q3 2025, a year-on-year increase of 364.02%, with revenues of 6.249 billion yuan, up 44.10% [6] - Light Media's net profit for Q3 2025 reached 1.06 billion yuan, a 993.71% increase, with revenues of 374 million yuan, up 247.54% [6] - Hainan Airport reported a net profit of 64.35 million yuan for the first three quarters of 2025, a decline of 69.77% [7] - Su Li Co. achieved a net profit of 59.42 million yuan in Q3 2025, a 2750% increase, with revenues of 762 million yuan, up 26% [7] - Yutong Bus reported a net profit of 1.357 billion yuan for Q3 2025, a 78.98% increase, with revenues of 10.237 billion yuan, up 32.27% [9] Share Buybacks - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan for capital reduction and employee stock ownership plans, with a maximum price of 62 yuan per share [20] - Liyuan Information intends to repurchase shares totaling 20 million to 30 million yuan, with a maximum price of 15 yuan per share [21] Major Contracts - Baiao Intelligent won a project worth 97.22 million yuan from a large state-owned company [22] - Guangdong Construction signed a construction contract worth 1.924 billion yuan for a project in Guangzhou, which will enhance its business scale and profitability [22] - Guangqi Technology's subsidiary signed contracts for mass production of metamaterials worth a total of 215 million yuan [23]

10月28日，创造正当时·2025内容创作者嘉年华活动在广州火热开幕。毒舌电影创始人何君在接受南方 财经全媒体记者的采访时表示，她认为短视频已成为新的"传统媒体"，因其已不再新颖；拥有内容经验 的媒体人现在入行依然为时不晚。她还表示，以短视频为核心的媒体形态将重塑各行各业，而其中对优 质内容的巨大需求正等待更多人才的加入。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Asia-Pacific equity market** and its relationship with the **US dollar** movements, particularly how currency fluctuations impact equity performance in the region. Core Insights and Arguments - **Currency Impact on Equity Returns**: Currency moves have historically contributed an average of **16%** to the MXAPJ index USD price return over the past **20 years**. This impact is significant and varies across different Asian markets [2][9][15]. - **Correlation with Dollar Movements**: There is a strong inverse correlation (60-80%) between regional equity returns and the dollar, indicating that Asian equities tend to perform better when the dollar weakens [6][19]. - **Future Dollar Weakness**: The dollar has declined **10%** since its peak in January, and further depreciation is expected due to factors such as overvaluation, narrowing interest rate differentials, and high budget deficits [7][8][10]. - **Earnings Sensitivity**: MXAPJ earnings have a neutral beta of **+0.1x** to a weaker dollar, with a potential **+0.2%** earnings revision for a **5%** annual-average appreciation of local currencies against the USD. Japan's earnings are negatively impacted by a stronger yen, estimated at **-3%** for a **5%** appreciation [6][44]. - **Valuation Effects**: Each **1%** appreciation in Asian FX leads to a **0.1x** increase in the MXAPJ forward P/E ratio, with Japan being an outlier showing a negative sensitivity [6][57]. - **Portfolio Flows**: A weaker dollar is associated with increased foreign investor flows into Asian equities, which contribute to stronger equity returns. The correlation between foreign equity flows and Asian equity performance is about **75%** on a 3-year rolling basis [66][67]. Important but Overlooked Content - **Intraregional Differences**: Different Asian markets exhibit varying sensitivities to dollar movements. For instance, Hong Kong and China show higher sensitivity, while Japan and Taiwan are less affected [78]. - **Sector Performance**: Higher beta sectors such as media, entertainment, and autos tend to outperform during periods of USD weakness, while defensive sectors like telecom and utilities lag behind [33][34]. - **Implementation Strategies**: The report suggests screening for stocks that may benefit from a weaker dollar, focusing on those with negative share price correlation with the dollar and high USD debt exposure. Conversely, stocks with high US sales exposure may be negatively impacted [82][83]. Conclusion - The outlook for Asian equities remains constructive, supported by the expectation of further dollar depreciation and favorable monetary policy conditions. The dynamics between currency movements and equity performance will be crucial for investors to monitor as they navigate the market into **2026** [10][67].

Group 1 - The American Writers Guild is collaborating with regulators to block Paramount Global's acquisition of Warner Bros. Discovery, citing concerns over employee interests, market competition, and freedom of speech [1] - The Writers Guild's statement highlights that recent media mergers have wasted hundreds of billions of dollars that could have been used for organic growth, and merging Warner Bros. with Paramount or other large studios would have disastrous effects on writers, consumers, and market competition [1] - Paramount's CEO David Ellison initially offered $20 per share, later increasing the bid to between $22 and $24, and eventually to $25, but Warner Bros. Discovery rejected all three offers [1] Group 2 - Warner Bros. Discovery's CEO David Zaslav indicated that the company has received multiple informal acquisition offers, including interest from Comcast and Netflix, for both the entire company and its studio and streaming businesses [2] - Zaslav noted that the significant value of Warner Bros. Discovery's portfolio is increasingly recognized by other market players [2]

Financial Data and Key Metrics Changes - Consolidated service revenue increased by 4% to $4.7 billion, while adjusted EBITDA decreased by 1% to $2.5 billion, reflecting modest growth in wireless, cable, and media combined with the consolidation of MLSE results [24][25][28] - Free cash flow was reported at $829 million, down 9% year-over-year due to increasing taxable income and the timing of tax installment payments [24][26] - The debt leverage ratio stood at 3.9 times, reflecting a slight increase due to the acquisition of the additional stake in MLSE [25][26] Business Line Data and Key Metrics Changes - Wireless service revenue was flat year-over-year, with adjusted EBITDA up 1%, driven by cost efficiencies that improved wireless margins to 67%, up 60 basis points [18][19] - Cable service revenue grew by 1% year-over-year, with adjusted EBITDA up 2%, leading to cable margins of 58%, an increase of 70 basis points [21] - Media revenue surged by 26% to $753 million, driven by strong performance from the Toronto Blue Jays and the consolidation of MLSE [22] Market Data and Key Metrics Changes - The wireless market saw a total of 111,000 mobile phone net additions in Q3, with a year-to-date total of 206,000, primarily on the Rogers Postpaid brand [7][19] - Retail internet additions were 29,000 in the quarter, contributing to approximately 80,000 new internet subscribers year-to-date [9][21] - Blended mobile phone ARPU decreased by 3% to $56.7, reflecting competitive pressures and lower international roaming revenue [20] Company Strategy and Development Direction - The company is focused on maintaining strong execution across its three core businesses: wireless, cable, and media, while also exploring opportunities to unlock value from its sports and media assets [12][29] - The launch of satellite to mobile technology aims to enhance coverage in remote areas, reinforcing the company's commitment to innovation [8][9] - The company plans to acquire the remaining minority stake in MLSE, which is expected to enhance revenue and profitability growth [12][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining service revenue growth despite competitive pressures and a slower growth economy [18][51] - The company anticipates strong execution in Q4, with expectations for positive service revenue growth for wireless [51] - Management highlighted the importance of customer experience and operational efficiency, particularly through the deployment of AI technologies [42][44] Other Important Information - Capital expenditures for the year are expected to be approximately $3.7 billion, a reduction from previous targets, reflecting a focus on capital efficiency [14][28] - The company maintains a strong liquidity position with available liquidity of $6.4 billion [26] Q&A Session Summary Question: Discussion on wireless competitive environment and pricing sustainability - Management indicated that streamlined pricing and promotional strategies have resonated well with customers, leading to positive subscriber performance [32][35] Question: Insights on churn management - A holistic approach to base management has been implemented, focusing on proactive customer engagement to reduce churn [36] Question: Clarification on service revenue trends and roaming impacts - Management confirmed that lower roaming volumes and wholesale revenues contributed to the decline in service revenue [40] Question: Opportunities from AI technologies - Management outlined three main areas for AI deployment: customer experience, operational efficiency, and security enhancements [44][45] Question: Expectations for wireless revenue trends and subscriber growth - Management expects positive service revenue growth for wireless, despite current immigration levels impacting subscriber additions [51][68] Question: Competitive advantages of converged offerings - The company is leveraging its converged footprint to enhance customer offerings, leading to increased demand for bundled services [78] Question: Financing plans for upcoming acquisitions - Management confirmed that credit agencies are aware of the company's plans and that no equity will be needed to bridge gaps for upcoming deals [91][92]

Company - OpenAI has launched an AI browser called ChatGPT Atlas, directly competing with Google [3] - Apple faces engineering challenges with its large foldable iPad, potentially delaying its release [3] - Warner Bros. Discovery is considering a sale, with Netflix and Comcast showing interest [3] - Walmart has paused job offers to candidates requiring H-1B visas [3] - Jefferies' associated fund, once celebrated for its perfect track record, is now under scrutiny [3] - General Motors has raised its earnings guidance and exceeded expectations for Q3 profits, leading to a 15% increase in stock price [3] - Volkswagen is preparing to suspend production of certain models due to chip shortages [3] Industry - Gold and silver experienced their largest single-day declines in years, influenced by multiple factors [3] - Analysts speculate four main reasons behind the sharp drop in gold prices on Tuesday [3] - The precious metals market faced widespread selling, resulting in significant price drops for gold and silver [3] - Emerging market currencies are showing less volatility compared to developed markets, indicating a shift in market dynamics [3] - Goldman Sachs' CEO stated that losses among U.S. regional banks are isolated cases and do not pose systemic risks [3] - The S&P 500 index showed signs of fatigue, closing with little change [3] - In the New York foreign exchange market, the dollar rose while the yen lagged, and the Canadian dollar performed well after inflation data was released [3] - WTI crude oil saw a slight increase as the U.S. plans to replenish its strategic petroleum reserve [3] - In the U.S. bond market, long-term bonds led gains, with active trading in the SOFR-federal funds rate basis [3] - In the European bond market, UK government bonds narrowed their gains as focus shifted to inflation data [3]

Core Insights - Travel + Leisure Co (TNL) is set to release its quarterly earnings on October 22, 2025, with expected earnings per share of $1.74 and projected revenue of approximately $1.03 billion [1][4] Financial Metrics - TNL has a price-to-earnings (P/E) ratio of 10.01, indicating the market's valuation of its earnings [2][4] - The price-to-sales ratio stands at 0.99, suggesting that the market value is closely aligned with its sales [2][4] - The enterprise value to sales ratio is 2.37, reflecting the company's total valuation in relation to its sales [2] - The enterprise value to operating cash flow ratio is 15.58, showing the company's valuation relative to its cash flow from operations [3] - TNL has an earnings yield of 9.99%, indicating strong earnings generation per dollar invested [3] - The company has a negative debt-to-equity ratio of -6.56, suggesting more liabilities than equity [3] - TNL maintains a robust current ratio of 3.48, demonstrating its ability to effectively cover short-term liabilities [3][4]

华纳兄弟探索(WBD.US)大涨超12%，最高触及20.58美元，创2022年5月以来新高。 消息面上，华纳兄弟探索表示，随着其策略评估的扩大，对出售持开放态度。该公司原本计划分拆为两 个独立的媒体公司，分别为流媒体和工作室业务以及全球网络业务，但已收到多方主动提出的收购意 向，故已启动对战略方案的全面审查，以找到释放资产全部价值的最佳途径。(格隆汇) ...

Core Viewpoint - The article emphasizes the rapid updates in the AI academic field and the recruitment of an intern to assist in managing the latest AI research papers and findings [1]. Group 1: Recruitment Information - The company is looking for a quick and attentive academic editor intern focused on AI to help with content organization and submission of recent AI research papers [1][2]. - The intern will be involved in editing AI and computer science academic papers, assisting in content selection, abstract extraction, and media dissemination [5]. - The internship requires a minimum commitment of three months, with flexible working arrangements, and offers a stipend and recommendation opportunities [5][6]. Group 2: Company Overview - Quantum Bit (量子位) has over 2.3 million subscribers on WeChat and more than 7 million users across the internet, with a daily reading volume exceeding 2 million [3]. - The company is recognized as a top media outlet in the AI and technology sector, receiving accolades from various mainstream media platforms [4][8]. - Quantum Bit is a strategic partner in major industry conferences and is part of influential organizations in the AI field, enhancing its credibility and reach [8]. Group 3: Company Culture and Values - The company promotes a culture driven by curiosity, encouraging individuals to explore and share new technological advancements [10][11]. - It values diverse educational backgrounds, focusing on curiosity and the ability to act on it rather than specific academic qualifications [9][10].