Group 1 - The three major indices opened lower on November 3, with the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index down 0.81%. Among the constituent stocks, Foxit Software rose over 5%, while companies like Hehe Information, Aobi Zhongguang-UW, and Haitan Ruisheng also saw gains, whereas Stone Technology and Hengxuan Technology dropped over 4% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell 1.07% with a trading volume exceeding 20 million yuan and a premium rate of 0.04%, indicating frequent premium trading during the session [1] - The ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which selects 30 large-cap stocks involved in providing foundational resources, technology, and application support for artificial intelligence [1] Group 2 - The National Development and Reform Commission, in collaboration with other financial and regulatory bodies, has accelerated the deployment of new policy financial tools, successfully investing 500 billion yuan to support over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, artificial intelligence, and urban renewal sectors [2] - NVIDIA has reached an agreement with major South Korean companies, including Samsung Electronics, Hyundai Motor Group, and SK Group, to supply over 260,000 accelerated chips to support AI projects in Korea, although financial terms were not disclosed [2] Group 3 - Dongwu Securities indicated that the current AI market's stagnation in downstream applications is primarily due to insufficient short-term certainty, as no breakout products or smooth business models have emerged, leading to a lack of visibility in company performance [3] - The long-term perspective suggests that AI's empowerment of various sectors will ultimately be realized through application-level breakthroughs, which are expected to have mid-term certainty and broader potential compared to upstream hardware, as validated by past trends during the "Internet+" wave [3]

Group 1 - The U.S. Treasury Secretary indicated that a U.S.-China trade agreement could be signed as early as next week, with China expressing willingness to work with the U.S. to implement the consensus reached by the two heads of state [1] - The public fund industry in China, valued at over 36 trillion yuan, is undergoing significant reforms, including guidelines for performance benchmarks that may lead to reduced compensation for fund managers whose long-term performance falls below benchmarks [1] Group 2 - The State Council is focusing on deepening reforms in key areas and expanding institutional openness, aiming to enhance market access and optimize regulatory frameworks for factor markets [2] - The People's Bank of China is working on optimizing the monetary policy framework and addressing market "herding effects," while also preparing policy tools to respond to macroeconomic and financial market fluctuations [2] - The Ministry of Finance plans to utilize special bonds and long-term government bonds effectively to encourage private capital participation in major projects and improve income distribution [2] Group 3 - The National Development and Reform Commission announced that 2 trillion yuan of the 5 trillion yuan local government debt limit will be allocated for new special bonds to support investment in certain provinces [3] - China's manufacturing PMI for October was reported at 49%, a decrease of 0.8 percentage points from the previous month, while the non-manufacturing PMI rose slightly to 50.1 [3] - A new action plan for smart city development aims to establish over 50 fully digital transformation cities by the end of 2027 [3] Group 4 - The China Securities Regulatory Commission (CSRC) is emphasizing the need for a more inclusive and adaptable capital market system during the 14th Five-Year Plan period, including reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [5] - The CSRC has taken a strict stance against misinformation in the capital market, reinforcing a "zero tolerance" policy towards false information dissemination [5] - A-shares experienced a decline, with the Shanghai Composite Index closing down 0.81% at 3954.79 points, while small-cap stocks saw a rebound [6] Group 5 - The Hong Kong Hang Seng Index closed down 1.43%, with technology stocks continuing to struggle, while healthcare stocks performed well [6] - The Shanghai Stock Exchange reported a year-on-year increase in net profit for listed companies in Q3, with significant growth in mergers and acquisitions since the introduction of new policies [6] - The Hong Kong Stock Exchange announced an expansion of the "Southbound ETF Connect" list, increasing the number of ETFs available for trading [7] Group 6 - The Ministry of Housing and Urban-Rural Development is reforming the real estate development and sales system to prevent delivery risks and protect buyers' rights [10] - The top 100 real estate companies in China reported a sales amount of 253 billion yuan in October, reflecting a year-on-year decrease of 41.9% [10] - The China Automotive Dealers Association reported an increase in the inventory warning index for October, indicating improved conditions in the automotive circulation industry [11]

英伟达(NVDA.US)盘初一度涨2.5%，报207.97美元。消息面上，英伟达首席执行官黄仁勋正在韩国出席 亚太经合组织CEO峰会。英伟达达成了一项具有里程碑意义的协议，将向韩国一些最大的公司提供其技 术，这是该公司在全球范围内积极扩展人工智能AI基础设施行动的一部分。根据与韩国科学技术情报 通信部以及三家公司——三星电子、现代汽车集团和SK集团达成的协议，英伟达将供应超过26万颗加 速芯片，以帮助韩国启动AI项目。 ...

市场消息 下周起美股进入冬令时，开盘收盘延后一小时。11月3日(下周一)起，因美国进入冬令时间，美股交易 时间将延后1小时，盘中交易时间段更改为北京时间22:30至次日凌晨05:00。此外，自下周一起，美国 CPI、非农等重要经济数据的公布时间将较夏令时延后1小时。美股交易时间调整如下：盘前交易为 17:00-22:30(北京时间)，盘中交易则为22:30-05:00(北京时间)。 美财长称中美贸易协定最早于下周签署，外交部回应。外交部发言人郭嘉昆主持10月31日例行记者会。 美国财长贝森特表示，中美贸易协定最早可以于下周进行签署。郭嘉昆对此表示，中美元首在釜山会晤 期间，讨论了经贸关系等议题，同意加强经贸等领域的合作。中方主管部门昨天也介绍了吉隆坡经贸磋 商的成果。中方愿同美方一道，落实好两国元首重要共识，本着平等、尊重、互惠原则，通过对话协商 不断压缩问题清单，拉长合作清单，推动中美关系健康、稳定、可持续发展，为世界注入更多的确定性 和稳定性。 1. 10月31日(周五)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.24%，标普500指数期货 涨0.87%，纳指期货涨1.43%。 | ■ US ...

Group 1 - Major stock index futures are showing positive movement, with Dow futures up 0.11%, S&P 500 futures up 0.72%, and Nasdaq futures up 1.25% [1] - Chinese concept stocks are experiencing a decline in pre-market trading, with Alibaba down 1.98%, Pinduoduo down 1.12%, JD.com down 1.23%, Ctrip down 0.67%, and Baidu down 0.67% [1] - Nvidia has reached an agreement with major South Korean companies, including Samsung Electronics and SK Group, to supply over 260,000 accelerated chips for AI projects, resulting in a 1.8% increase in Nvidia's stock [1] - OpenAI and Oracle are set to build a data center in Michigan, part of the "Star Gateway" project, with a planned capacity exceeding 8 gigawatts and total investment over $450 billion in the next three years, leading to a more than 2% increase in Oracle's stock [1] Group 2 - Pony.ai shares rose over 5% after receiving the first city-wide commercial autonomous taxi operating license in Shenzhen [2] - Reddit's stock surged over 11% following a Q3 earnings report that exceeded expectations, with revenue up 68% year-over-year to $585 million and net profit of $163 million, a 23% increase from the previous year [2] - Bank of America reported a record outflow of $7.5 billion from gold funds in the past week, marking the largest single-week outflow in history [2] Group 3 - SpaceX, led by Elon Musk, is expected to win a $2 billion satellite contract from the Pentagon, with plans to play a significant role in two additional military satellite networks [3] - Li Auto announced a recall of 11,411 units of the 2024 Li MEGA model due to compliance with defect management regulations, resulting in a 1.8% drop in Li Auto's stock [3]

① 【三大期指齐涨】截至发稿，道指期货涨0.11%、标普500指数期货涨0.72%、纳指期货涨1.25%。 ② 【中概股盘前普跌】中概股盘前普跌，阿里巴巴跌1.98%，拼多多跌1.12%，京东跌1.23%，携程跌 0.67%，百度跌0.67%。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 ⑦ 【美银：黄金基金创下单周最大资金流出纪录】美国银行发布的一份研究报告显示，黄金基金在此 前一周创下单周最大资金流入纪录后，截至周三的一周内，黄金基金出现了75亿美元的资金流出，为有 史以来最大规模的单周资金流出。 ⑧ 【马斯克旗下SpaceX有望赢得五角大楼20亿美元卫星合同】10月31日，据媒体报道，埃隆·马斯克的 SpaceX有望赢得20亿美元的五角大楼卫星合同。知情人士透露，由马斯克领导的SpaceX还预计将在另 外两个五角大楼卫星网络中发挥重要作用。其中一个名为"Milnet"，将用于传输敏感的军事通信；另一 个则涉及能够追踪地面车辆的卫星。 ⑨ 【理想汽车宣布召回11411辆理想MEGA 2024款车型】据国家市场监督管理总局官网10月31日消息， 日前，北京理想汽车有限 ...

十月最后一天，港股市场情绪全天低迷，三大指数集体飘绿收官，且录得连续3日回调。 截止收盘，恒指跌1.43%再度失守26000点大关，国企指数跌1.91%，恒生科技指数跌2.37%亦失守6000点。 大金融走低，银行、保险、券商全线下跌。光大证券、华泰证券、中国光大银行、中国太保等跌超5%，广发证券、中信证券跌超3%。 | THERVIE E | SHOW IN THE | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 汽车 -2.57% | 生物技术 +1.75% | 服装 +1.10% | 互动媒体及服 证券 -2.32% | | | | 银行 -1.04% | 线上零售商 -3.20% | 电讯服务 -0.72% | | | | | | | | | | | | 地产发展商 | 煤炭 | 家庭电器 | 其 | | | | | | | -0.56% | -2.63% | +0.51% | - | | | | | | 能源储存装置 -2.80% | 药品 | 非酒精饮 | 游戏软件 -1.39% | ...

Core Insights - The Chinese accelerated server market is projected to reach $16 billion in the first half of 2025, more than doubling from the first half of 2024, with expectations to exceed $140 billion by 2029 [1] Market Overview - In terms of vendor sales, Inspur, H3C, and Lenovo occupy the top three positions, accounting for nearly 50% of the market share [1] - From the perspective of server shipment volume, Inspur, H3C, and Ningchang lead the market, holding approximately 43% of the market share [1] Industry Segmentation - The internet sector remains the largest purchasing industry, representing nearly 69% of the overall accelerated server market, with significant growth observed in finance, education, telecommunications, and healthcare sectors, all exceeding 100% growth [1] Chip Market Insights - The market for accelerated chips in China is expected to exceed 1.9 million units in the first half of 2025 [1] Competitive Landscape - The Chinese AI accelerated server market is currently undergoing a phase of scale expansion and domestic substitution, with a need for breakthroughs in high-end computing efficiency and ecosystem maturity [1] - Future competition will shift focus from single-chip performance to system efficiency, open ecosystem collaboration, and green computing cost control [1] - The industry is encouraged to avoid low-level redundant construction and enhance international competitiveness through technological collaboration and standard optimization [1]

Core Insights - The Chinese accelerated server market is projected to reach $16 billion in the first half of 2025, more than doubling from the first half of 2024, with expectations to exceed $140 billion by 2029 [1][3] Market Overview - The top three vendors by sales revenue in the first half of 2025 are Inspur, H3C, and Lenovo, collectively holding nearly 50% of the market share [3] - In terms of server shipments, Inspur, H3C, and Ningchang lead the market with approximately 43% share [3] - The internet sector remains the largest purchaser, accounting for nearly 69% of the overall accelerated server market, with significant growth observed in finance, education, telecommunications, and healthcare sectors [3] Policy and Industry Dynamics - The computing power voucher policy has significantly lowered the entry barriers for domestic AI computing power through substantial funding and multi-level support systems [3] - This initiative has facilitated a strategic shift for domestic manufacturers from single product replacements to comprehensive ecosystem innovation [3] - The market is transitioning from a phase of demand driven by large-scale commercial deployment in 2024 to a focus on product competitiveness in the first half of 2025 [3] Application and Technology Trends - In the industrial sector, AI servers are enhancing real-time process optimization, predictive maintenance, and digital twin simulations, improving manufacturing precision [3] - In finance, applications include high-frequency trading risk control and intelligent investment research, capable of processing high-dimensional real-time data [3] - In smart healthcare, technologies such as genomic analysis and surgical robot control are emerging, emphasizing ultra-low latency and high reliability [3] - Traditional industries like retail, energy, and agriculture are leveraging edge computing for real-time analysis and localized decision-making [3] Accelerated Chip Market - The market for accelerated chips in China is expected to exceed 1.9 million units in the first half of 2025 [5] - Demand for non-GPU cards is growing rapidly, supported by policies, capturing 30% of the market share, while domestic chip brands account for approximately 35% of the overall market [5] Competitive Landscape - The Chinese AI accelerated server market is currently in a phase of scale expansion and domestic substitution, with a need for breakthroughs in high-end computing efficiency and ecosystem maturity [7] - Future competition will shift focus from single-chip performance to system efficiency, open ecosystem collaboration, and green computing cost control [7] - The industry is encouraged to avoid low-level redundant construction and enhance international competitiveness through technological collaboration and standard optimization [7]

Group 1 - TSMC's revenue in August increased by 34% year-on-year, indicating strong global demand for advanced AI chips [1] - TSMC's sales reached 335.8 billion NTD (approximately 11.1 billion USD) in August, with a month-on-month growth of 3.9% [1] - Total revenue from January to August amounted to 2,431.98 billion NTD, reflecting a year-on-year growth of 37.1% [1] - Analysts expect TSMC's revenue for Q3 2024 to grow by approximately 25% [1] - TSMC has been a major beneficiary of the AI boom since the rise of ChatGPT, playing a crucial role in accelerating chip production for NVIDIA [1] - TSMC is the largest advanced process chip manufacturer globally, producing chips for products like Apple's iPhone [1] - The continuous revenue growth of TSMC supports the view that investments in AI-related fields will remain high in the coming years [1] Group 2 - Broadcom's stock price has risen due to reports of securing a chip order worth over 10 billion USD in collaboration with OpenAI [2]