Market Overview - US stock market experienced a decline after reaching intraday historical highs for the S&P 500 and Nasdaq indices on October 10, 2023 [3][5] - The Dow Jones Industrial Average closed down 243.36 points, a decrease of 0.52%, at 46,358.42 points; Nasdaq fell 18.75 points, down 0.08%, to 23,024.63 points; S&P 500 dropped 18.61 points, a decline of 0.28%, to 6,735.11 points [6] Federal Reserve Insights - Federal Reserve's third-in-command, John Williams, expressed support for further interest rate cuts within the year to address potential labor market slowdowns [8] - Williams noted that the US economy is not on the brink of recession and that inflation prospects have improved compared to earlier in the year [8] - Fed Governor Christopher Waller emphasized caution regarding further rate cuts, focusing on inflation risks while acknowledging vulnerabilities in the labor market [8] Tesla's Safety Investigation - Approximately 2.9 million Tesla vehicles equipped with the Full Self-Driving (FSD) system are under investigation by the National Highway Traffic Safety Administration (NHTSA) due to safety concerns [12] - Reports indicate that the FSD system has been linked to multiple incidents, including running red lights and causing collisions, with some resulting in injuries [12] Ferrari's Stock Performance - Ferrari's stock plummeted by 15%, marking its worst trading day since going public, following updates to its annual and 2030 revenue guidance [20][22] - The company slightly raised its 2023 revenue forecast to exceed €7.1 billion and adjusted its EBITDA expectations to €2.72 billion or more [22] - Analysts noted that Ferrari's long-term growth projections have been downgraded, with a compound annual growth rate of 6% expected by 2030, significantly lower than the previously suggested 10% [22]

贝森特宣布美国财政部干预阿根廷外汇市场 | 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 欧美 | 道琼斯工业平均 | 46358.42 | -243.36 | -0.52% | | | 纳斯达克 | 23024.63 | -18.75 | -0.08% | | | 标普500 | 6735.11 | -18.61 | -0.28% | | | 欧洲斯托克50 | 5625.56 | -24.17 | -0.43% | | | 英国富时100 | 9509.400 | -39.47 | -0.41% | | | 法国CAC40 | 8041,36. gogudat8.Jam | | -0.23% | | | 德国DAX | 24611.25 | 14.12 | 0.06% | | | 俄罗斯RTS 上证指数 | 1020.93 3933.97 | 31.02 61.19 | 3.13% 1.32% | | | 深证成指 创业板指 | 13725.56 3261.82 | 199.05 23.66 | 1.47% 0.73% | | | ...

1. 美国三大股指期货涨跌不一，纳指期货跌0.06%，标普500指数期货涨0.03%，道指期货涨0.05%。 2. 欧股主要指数多数上涨，德国DAX指数涨0.49%，英国富时100指数跌0.19%，法国CAC指数涨 0.48%，欧洲斯托克50指数涨0.11%。 3. 据报美国放行英伟达向阿联酋出售价值数十亿美元的芯片。 4. 高盛：股市尚未处于泡沫之中，围绕机器学习及AI领域将催生新一波明星企业。 5. 城堡投资创始人格里芬警告：美国经济进入"高糖状态"，黄金热或是危险信号。 6. 美国汽车安全监管机构对特斯拉FSD启动调查，涉及近290辆汽车。 7. 台积电9月合并营收约新台币3309.8亿元，环比减少1.4%，同比增加31.4%。 8. 微软与哈佛医学院合作强化Copilot健康内容，以减少对OpenAI的依赖。 9. 汇丰控股计划私有化恒生银行，现金对价为1060亿港元，溢价约30%。 10. PayPal与谷歌达成多年协议，共同开发人工智能支付体验。 11. 奈飞游戏战略大升级，首次将其视频游戏提供给电视大屏用户。 12. 华纳音乐将与奈飞合作制作一系列基于华纳旗下艺人及歌曲的电影和纪录片。 13. ...

Added Arrival Options for you to select where FSD should park: in a Parking Lot, on the Street, in a Driveway, in a Parking Garage, or at the Curbside. Added handling to pull over or yield for emergency vehicles (e.g. police cars, fire trucks, ambulances). Added navigation and routing into the vision-based neural network for real-time handling of blocked roads and detours. Added additional Speed Profile to further customize driving style preference. · Improved handling for static and dynamic gates. Improved ...

未经许可，不得转载或者引用。 投资要点 本周复盘总结：九月第三周交强险50.8万辆，环比上周/上月周度+12.9%/+8.2% 。 本周细分板块涨跌幅排序:SＷ摩托车及其他(+5.0%) > SW汽车零部件(+0.4%) >SW乘用车 (-0.9%) >SW商用载货车（-2.5%）>SW商用载客车(-3.0%) 。本周已覆盖标的 立讯精密、松原 股份、旭升集团、常熟汽饰、恒帅股份 涨幅前五。 本周团队研究成果： 外发深度报告《AI智能车时代是【产品为王】》《Robotaxi正重塑汽车出行市场》《2025年主 流城市NOA试驾报告——9月上海篇》。 本周行业核心变化： 1） 特斯拉FSD的V14版本预计下周提前广泛发布，大约2周后发布14.1版本，最后发布14.2版 本； 2） 小鹏和阿里云宣布正式签署"后量子加密算法安全技术合作协议"，阿里云将成为小鹏 面向安全算法业务的合作伙伴； 3） 理想发布为年轻人设计的5座纯电SUV理想i6，仅提供一 个配置，标配及顶配，官方价格24.98万元，首销期用户可享受1万元现金减免及免费双腔空悬 权益； 4） 尚界H5上市一小时大定破万，问界M7上市24小时大定突破4000 ...

证券研究报告 汽车周观点： 9月第3周乘用车环比+12.9%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月29日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.9.22-2025.9.28 2 （ ◼ 本周复盘总结：九月第三周交强险50.8万辆，环比上周/上月周度+12.9%/+8.2% 。 ➢ 本周细分板块涨跌幅排序:SＷ摩托车及其他(+5.0%) > SW汽车零部件(+0.4%) >SW 乘用车(-0.9%) >SW商用载货车（-2.5%）>SW商用载客车(-3.0%) 。本周已覆盖标 的立讯精密、松原股份、旭升集团、常熟汽饰、恒帅股份涨幅前五。 ◼ 本周团队研究成果：外发深度报告《AI智能车时代是【产品为王】》《Robotaxi正 重塑汽车出行市场》《2025年主流城市NOA试驾报告——9月上海篇》。 ◼ 本周行业核心变化：1）特斯拉FSD的V14版本预计下周提前广泛发布，大约2周后发 布14.1版本，最后发布14.2版本；2）小鹏和阿里云宣布正式签署"后量子加 ...

经观感知 中国自动驾驶公司Momenta的上市进程或要生变。 据路透社报道，多名知情人士透露，Momenta正在考虑将原定赴美的上市计划转向香港。消息人士称， 公司已在内部向部分投资人传递了这一可能性，但尚处早期阶段，存在调整空间。 Momenta方面则回应称，尚未就IPO地点和时间作出最终决定。 这一动向背后，是中美资本市场摩擦与监管趋紧的现实。根据证监会官网披露，Momenta去年获批赴美 上市，但该批文已在今年6月到期。受美国监管层持续要求中概股提高合规透明度以及退市威胁的影 响，越来越多中国企业选择香港作为融资渠道。 市场数据印证了这一趋势：截至9月底，已有逾230家公司在港提交上市申请，募资额接近200亿美元， 已远超去年全年水平。相比之下，今年以来中国企业在美募资不足8亿美元，且主要由茶饮连锁企业 Chagee的IPO支撑。 在资本层面，Momenta正接近完成一轮Pre-IPO融资，潜在投资方包括奔驰和现代，这将与此前的丰 田、博世形成更完整的全球车企股东阵容。若该融资顺利落地，Momenta将进一步获得跨国整车厂在资 金与市场资源上的支持，亦意味着其技术路线获得国际认可。 自2016年由前微软 ...

Group 1 - Arc'teryx issued apologies in both domestic and international markets, with the content of the statements differing significantly [4] - The international apology was criticized for distancing the brand from its Chinese team, suggesting a blame-shifting approach [4] - The controversy arose from an event involving fireworks in the Himalayas, which was a collaboration with artist Cai Guoqiang [4] Group 2 - The Chinese government is actively working on establishing national standards for pre-prepared dishes, involving multiple departments to enhance consumer rights [5] - The second-hand market for the iPhone 17 series has seen fluctuations, with some models' buyback prices dropping below official retail prices [5] - The recent price adjustments in the express delivery sector in Shanghai are aimed at curbing low-price competition, primarily affecting e-commerce shipments [7] Group 3 - Tesla faces legal action from Chinese customers over alleged fraud related to its Full Self-Driving (FSD) feature, with claims of unmet promises regarding functionality [7] - The Chinese mining company is responding to an $80 billion compensation claim in Zambia, asserting that the claim lacks basis and has engaged legal counsel [9] - The reopening of the Notre-Dame Cathedral towers marks a significant milestone in the restoration process following the 2019 fire [12]

Group 1 - BlackRock has doubled its exposure to U.S. stocks and artificial intelligence in its investment outlook report, increasing its stock allocation to 2% in its $185 billion model portfolio, favoring U.S. equities over international developed markets [5] - The model team at BlackRock is shifting from a broad-based U.S. tech ETF to an AI-focused fund, with nearly $1.4 billion flowing into the iShares AI Innovation and Tech Active ETF [5] Group 2 - Reddit is in discussions with Google for a new AI content agreement, with Reddit's stock price decline narrowing from 6.5% to less than 2% [6] - Meta has announced a new generation of Ray-Ban smart glasses starting at $379, showcasing AI features that assist in cooking [6] - NVIDIA is incubating a Robotaxi project, expected to be announced soon, with a focus on a new single-stage technology route using an "end-to-end" neural network, similar to Tesla's FSD approach, with an anticipated investment of $3 billion [7] Group 3 - OpenAI's model has outperformed Google's Gemini 2.5 in the "Programming Olympics," achieving a first-place finish in the ICPC World Finals by solving 12 algorithm problems, with GPT-5 solving 11 of them correctly [9][10] - The ICPC competition promotes excellence in algorithmic thinking, programming, and teamwork, fostering collaboration between academia and industry [11]

Core Viewpoint - The next decade will see autonomous driving as a core force reshaping human mobility, with significant competition for a trillion-dollar market among tech giants, traditional automakers, and capital market players [2] Group 1: Technological Evolution - The transition from "assisted driving" to "fully autonomous driving" is a critical turning point, with the race to achieve large-scale commercial deployment of Level 4 (L4) autonomous driving [2][4] - Current mass-produced vehicles are mostly transitioning from Level 2 (L2) to Level 3 (L3), while true "driverless" capabilities (L4/L5) are still limited to specific scenarios [5] - Two main technological paths have emerged: the "pure vision" approach led by Tesla, which relies on cameras and AI algorithms, and the "multi-sensor fusion" approach adopted by companies like Waymo and Huawei, which emphasizes safety through redundancy [6][7] Group 2: Market Opportunities - The autonomous driving ecosystem can be broken down into four layers, each presenting key investment opportunities: 1. Perception Layer: Comprising sensors like cameras and LiDAR, with companies like Hesai and Suoteng Ju Chuang achieving near-international performance levels [7] 2. Decision Layer: Involves chips and algorithms for planning, with NVIDIA's DRIVE Orin being a preferred choice for L4 solutions [8] 3. Execution Layer: Focuses on components that translate decisions into actions, with companies like Bosch and Continental leading in mass production of drive-by-wire systems [10] 4. Support Layer: Encompasses infrastructure like 5G and cloud computing, crucial for real-time vehicle connectivity and data processing [11] Group 3: Investment Landscape - The autonomous driving industry is on the brink of a breakthrough, with significant advancements in AI models enhancing decision-making capabilities [15] - Investment opportunities can be categorized into four segments: 1. Vehicle and solution providers (e.g., Tesla, Waymo) with high potential returns but also high risks [16] 2. Key technology suppliers (e.g., NVIDIA, Horizon Robotics) with more stable business models [16] 3. Infrastructure and service providers (e.g., Baidu Maps, Tencent) with clearer profit models [16] 4. Application and operation service providers focusing on specific commercial scenarios [16] Group 4: Future Outlook - The commercialization of autonomous driving is expected to accelerate, with 2025 potentially being a pivotal year [18] - The industry faces challenges not only in technology but also in societal acceptance, legal frameworks, and business models [18]