Market Overview - US stock index futures are all down, with Dow futures down 0.26%, S&P 500 futures down 0.38%, and Nasdaq futures down 0.42% [1] - European indices show positive performance, with Germany's DAX up 0.52%, UK's FTSE 100 up 0.68%, France's CAC40 up 0.48%, and the Euro Stoxx 50 up 0.41% [2][3] Commodities - WTI crude oil is down 0.55%, trading at $62.03 per barrel, while Brent crude oil is down 0.53%, trading at $65.68 per barrel [3][4] Economic Events - The US government has shut down for the first time in seven years due to Congress's failure to agree on a spending plan, affecting federal workers and delaying economic data releases [5] - The ADP employment report is expected to show an increase of approximately 60,000 jobs, becoming a focal point for labor market data this month [5] Gold Market - Gold prices have reached a historic high of $3,890 per ounce, driven by increased demand for safe-haven assets amid the government shutdown [6] Federal Reserve Insights - Market expectations indicate a high probability of interest rate cuts this month, with a 76% chance of another cut in December [6] Corporate Developments - Samsung and SK Hynix have signed a letter of intent to supply memory chips for OpenAI's data center, supporting the Stargate project [8] - Berkshire Hathaway is reportedly close to acquiring Occidental Petroleum's chemical division for approximately $10 billion, marking its largest acquisition since 2022 [8] - BHP is investing $554 million to expand its Olympic Dam copper mine in South Australia, anticipating a 70% increase in global copper demand by 2050 [9] - Tesla has raised leasing prices for all models in the US following the expiration of a $7,500 federal tax credit [9] - Nike's Q1 revenue reached $11.7 billion, slightly down but better than expected, indicating early success in its transformation plan [10]

1.10月1日(周三)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.26%，标普500指数期货跌0.38%，纳指期货 跌0.42%。 美联储主席的"估值警告"反成美股最好的"催化剂"?近期，美联储主席再次提及美国股市估值过高的问题，但市场却依旧置 若罔闻。历史经验表明，这种态度或许不无道理：过去的历次警告不仅从未引发即时回调，反而往往对应着行情上扬期 ——至少在短期内如此。摩根大通的数据显示，自1996年以来，在历任联储主席发出估值警告后，标普500指数未来12个月 平均涨幅接近13%。该行同时指出，这些预警后的一年期内，美股表现通常领先全球市场。 OPEC+或加快增产步伐沙特谋求夺回全球市场份额。据消息人士透露，OPEC+计划在10月5日的会议上讨论加快增产进程 的可能性，考虑将此前承诺的166万桶/日供应增量分三个月、每月约50万桶/日快速释放。目前尚未做出最终决定，加速增 产仅为多个选项之一。 | ■ US 30 | 46,275.10 46,406.40 46,054.10 | | -122.70 | -0.26% | | --- | --- | --- | --- | --- | | ■ ...

（文章来源：证券日报） 证券日报网讯 9月29日晚间，爱玛科技发布公告称，公司于2025年9月9日召开公司2025年第二次临时股 东大会，审议通过了《关于取消监事会、变更注册资本并重新制定的议案》。近日，公司完成了工商变 更登记等相关手续，并取得了天津市静海区市场监督管理局换发的《营业执照》。 ...

Group 1: Photovoltaic Industry - The price of silicon materials has stabilized at a high level, supporting the differentiated performance of silicon wafers [1][2] - Battery cells are showing a steady upward trend with localized price increases, while module prices remain stable overall [1][2] - Domestic demand release is helping to maintain the resilience of the industry chain despite disturbances in the overseas market [1][2] Group 2: Wind Power - Major offshore wind power projects are being awarded, including a 1GW project by China Power Construction and a 1.2GW project by China Datang [3] - The industry chain is experiencing high prosperity driven by both domestic and international project advancements [3] Group 3: Energy Storage - Domestic policies are promoting growth in the independent energy storage market, with significant demand in Europe and emerging markets [4] - The hydrogen energy sector is developing positively, with reduced financing difficulties and national support for new technology research [4] Group 4: Electric Vehicles - China's lithium-ion battery exports reached 3 billion units from January to August 2025, marking an 18.66% year-on-year increase [6] - The extension of the export ban from the Democratic Republic of Congo and remaining quotas are influencing the market dynamics [6] Group 5: Robotics and AI - Figure has completed over $1 billion in financing, indicating strong investor interest in AI applications [7] - Upcoming internal meetings at Tesla regarding robotics and autonomous driving may catalyze further developments in the sector [7] Group 6: Electric Grid Equipment - Alibaba plans to increase its capital expenditure beyond the initial 380 billion yuan, indicating a significant investment in infrastructure [5] - The energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold by 2032 [5]

[Table_Title] 研究报告 Research Report 29 Sep 2025 中国电子 China (Overseas) Technology 科技新闻 Weekly Update - 20250929 Tech News Weekly Update - 20250929 姚书桥 Barney Yao 纪雨岑 Grace Chi 吕小潼 Xiaotong Lyu barney.sq.yao@htisec.com grace.yt.chi@htisec.com xt.lyu@htisec.com [Table_summary] (Please see APPENDIX 1 for English summary) 苹果开发类似 ChatGPT 的内部应用程序 为加速 Siri 大幅改版做准备(Digitimes) 苹果（Apple）为了 2026 年预定推出的语音助理 Siri 进行大规模改版，知情人士透露，作为测试与准备工作的一部 分，已经开发出一款类似 OpenAI「ChatGPT」的 iPhone 应用程序。 彭博（Bloomberg）报导，苹果的人工智能（AI）部门利用该应用程序，快速评 ...

2025年9月28日 —— 全球高端智能电动车领导品牌小牛电动正式发布FX系列全新力作——两轮超跑电 摩FX风速，新品权益价4799元。新车以"极速80km/h、3000W超高功率电机、装甲级强化车架、全尺寸 TFT真彩屏"等多项越级配置，彻底打破行业对4000元价位电摩的性能想象。 FX风速的上市，如同一尾强劲的"鲶鱼"，势必将激烈搅动现有市场格局。小牛电动产品负责人对此表 示："FX风速不是'水桶车'，而是'长板车'。我们聚焦用户最关注的速度、车架、空间三大核心需求，将 成本投入刀刃，让每一位年轻用户都能以亲民价格享受高性能电摩的驾驶乐趣。" 这款产品的发布，不仅标志着"原厂满配、一步到位"的消费体验正式步入大众市场，更将推动行业配置 升级逻辑的转变，加速技术普惠与价值回归的进程。 更令人惊喜的是，FX风速首次也是同级唯一在4000元档车型上标配全尺寸TFT真彩屏，支持车规级AI 全屏导航、自定义壁纸与音效，将智能体验的门槛大幅拉低。这一配置以往多出现在小牛万元级车型 上，此次下放被用户称为"最具感知力的升级"。 在实际骑行中，FX风速的Boost弹射模式下极速可达80km/h，0-50km/h加速时间仅 ...

产业上谋划守正创新。《施政报告》提出，巩固金融、法律等传统产业的同时，培育先进制造、生 命健康、新能源、AI等产业发展。具体包括：引进欧洲航空服务公司开展飞机回收业务，联动院校培 训人才；打造生命健康产业链，吸引顶尖药企落户，2026年成立"香港药物及医疗器械监督管理中心"， 推进大湾区临床试验协作；发展新能源，建设氢能湾区走廊，2026年启用电动车电池回收设施；设立香 港人工智能研发院，建设沙岭数据园区等。 区域上发挥好内引外联的优势。为了把握内地企业"出海"机遇，《施政报告》提出成立一个专班 —"内地企业出海专班"，推动内地企业在港设立财资中心，利用专业服务拓展新兴市场。深化与大湾区 内地城市的规则衔接，推进"香港国际机场东莞空港中心""跨境征信互通"等。同时，积极拓展经贸伙伴 网络，争取加入RCEP，与卡塔尔完成投资协定谈判，拟与沙特、埃及等签新协定；年内成立吉隆坡经 贸办，覆盖东盟及拉美、中亚。 治港有长策，要紧在统筹。通过《施政报告》，可以看出特区政府在处理长远与当前、局部与整 体、市场与政府关系方面的考量和把握，这种施政能力和作风是确保各项施政措施落地的关键。(本文 来源：经济日报 作者：刘亮) ...

Tesla's AI and Robotics Transformation - Wedbush analyst Dan Ives raises Tesla's target price to $600, predicting a $3 trillion valuation by the end of 2026, driven by AI and robotics [1] - AI and autonomous driving could contribute $1 trillion to Tesla's valuation [1] - Tesla is expected to launch Robotaxi services in over 30 US cities within the next year, potentially monopolizing mobility [1] - Potential for relaxed federal regulations on autonomous driving if Trump returns to the White House, benefiting Tesla's AI strategy [1] - Deutsche Bank also raises Tesla's target price to $435, citing Robotaxi and Optimus as key drivers [1] China's Electric Vehicle Export Regulations - China will require export licenses for all pure electric passenger vehicles (BEV) starting January 1, 2026 [2] - The new regulation aims to address overcapacity, prevent data fraud, and manage the disorderly expansion of the electric vehicle industry [2] - The policy targets "zero-kilometer used cars" and subsidy fraud, requiring manufacturers to report accurate export data [2] - China's electric vehicle exports have faced increasing trade barriers, such as tariffs from the US and anti-subsidy investigations from the EU [2] Impact on Tesla - Tesla is unlikely to be targeted by the new export regulations due to its high quality, efficiency, and status as a leading foreign investor in China [2] - The policy could benefit Tesla by creating a cleaner and more rational market, eliminating subsidized and fraudulent competitors [2] - Tesla's Shanghai factory will remain a key export hub for Asian and European markets [2]

Core Viewpoint - Cathie Wood, known as the "female Buffett," has made significant investments in Alibaba and Baidu, signaling a potential revaluation of Chinese tech stocks, particularly in the AI sector [1][2][3] Group 1: Investment Actions - On September 22, ARK Invest purchased approximately $16.3 million worth of Alibaba ADR, marking Wood's first re-entry into the stock since liquidating her position in September 2021 [1] - In addition to Alibaba, ARK also increased its stake in Baidu, bringing the total investment in Baidu to around $47 million [2] Group 2: Market Conditions - Chinese tech stocks are currently perceived as undervalued, with key valuation metrics like P/E and P/S ratios at historical lows, approximately half of their U.S. counterparts [1][2] - Alibaba's stock has risen over 116% this year, while U.S. tech stocks have seen similar gains, yet Alibaba's valuation remains low compared to its U.S. peers [1] Group 3: Strategic Focus - Alibaba operates across multiple sectors, including e-commerce, logistics, and cloud computing, positioning it at the intersection of several disruptive technologies [2] - The company's AI strategy is transitioning from a narrative phase to a realization phase, with significant revenue growth in its cloud services and AI products [2] Group 4: Broader Implications - Wood's investment strategy reflects a belief that Chinese tech companies with core technologies and broad application scenarios are being re-evaluated by global investors [3][4] - The rapid iteration in China's open-source software and electric vehicle sectors has impressed Wood, indicating a shift towards fundamental technological innovation in Chinese companies [3]

摩根士丹利发布研报称，小米集团-W(01810)周四(25日)发布其旗舰智能手机——小米17系列，包括三 款型号——17、17Pro及17Pro Max。Pro及Pro Max型号配备全新后置屏幕，这是一项创新设计。结合优 良的产品质量及吸引人的价格，大摩认为小米17系列的销售表现很可能超预期。此类新产品可能加速小 米在高端智能手机市场的份额增长。大摩维持小米集团"增持"评级，目标价62港元，将该股定位行业内 首选。 与此同时，小米已在其电动车业务中启动"客制化服务"。大摩表示，该服务将推出五种新定制颜色、两 种新内饰设计以及其他新功能，如定制标志、安全带等。虽然初期数量非常有限，每月仅40辆，但相 信"客制化服务"将成为小米电动车的关键竞争优势。一旦新电动车工厂的利用率提升，"客制化服务"很 可能扩展至大多数型号，帮助小米维持稳健的新订单流。 ...