但现在跟2000年不一样，大伙儿对鲍威尔这话的看法差得挺多，有人担心要跌了，也有人觉得不用慌， 毕竟以前也有过好几次，美联储这么说之后，股市没跌，真正让股市跌的是后来的加息，比如1996年、 2006年那几次，都是加息落地了才跌，不是美联储说句话就跌。 再看AI这边，阿里云栖大会真是热闹，阿里巴巴在会上说了不少大计划：打算到2032年，把全球数据 中心的能耗规模比2022年提高10倍，阿里云的算力也要跟着往上涨；还在推进一个三年花3800亿的AI 基建计划，而且说之后还要加钱；另外跟英伟达合作搞Physical AI。 9月23日，美联储主席鲍威尔盯着美股直言"估值相当高"，让不少人想起2000年的互联网泡沫，另一边 是阿里云栖大会上，阿里砸出3800亿AI基建计划，直接带涨港股，这两件事发生在同一个时间节点， 是有什么关联吗？ 美股被警告，AI有新动作 最近全球市场有俩事挺显眼，一个是美联储主席鲍威尔说美股现在估值太高，另一个是阿里云栖大会上 放了不少AI领域的大招，看着没关系，其实都藏着当下经济和科技圈的大变化。 先说说美股这事，鲍威尔直接说美股估值高，为啥大家这么在意？因为美联储在任主席这么直白说股市 ...

Group 1: Solid-State Battery Developments - A research team led by Professor Zhang Qiang from Tsinghua University has made significant progress in polymer electrolytes for lithium batteries, developing a new fluorinated polyether electrolyte that enhances physical contact and ionic conductivity at solid-state interfaces, potentially aiding the development of mature solid-state battery products [2] - The Ministry of Industry and Information Technology and eight other departments have issued an action plan emphasizing solid-state batteries as a key focus area, aiming to support the transition of lithium and sodium batteries to solid-state technology and to establish 3 to 5 global leading enterprises by 2027 [4] - As of September 25, 21 solid-state battery concept stocks have seen net purchases exceeding 100 million yuan since September, with companies like CATL, Xian Dao Intelligent, Guoxuan High-Tech, and Ganfeng Lithium leading in net purchase amounts [4] Group 2: Market Reactions and Trends - The solid-state battery sector has experienced a surge in stock prices, with several companies reaching their daily limit up due to positive market sentiment [3] - Brokerages have seen a rise in stock prices, with Guosheng Financial hitting the daily limit, and other firms like Xinda Securities, GF Securities, Huatai Securities, and CITIC Securities also experiencing gains [4] - The central bank has emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply, which may positively impact the financial sector [7] Group 3: AI Infrastructure Investments - Alibaba has announced a three-year investment plan of 380 billion yuan for AI infrastructure, indicating a strong commitment to enhancing computational capabilities [11] - The demand for computational power is rapidly increasing due to the AI technology revolution, with estimates suggesting that the training requirements for large models double every 3 to 4 months [12] - Investment in computational infrastructure is expected to drive economic growth, with projections indicating that every yuan invested in the computational industry could generate 3 to 4 yuan in GDP growth [12]

| 甲骨文 < > | CO Q | | --- | --- | | ORCL | | | 344.889 今开 319.190 最高 345.490 最低 312.101 | | | 2.32% 总量 6524万股 总值 9687亿 42 81% 103.379 央于 | | | 重零 52 間高 345.490 52 周低 17.860 市橋 77.87 | | | 盘前 319.020 77.510 32.09% 09:30 美东 ▼ | | | 分时 五日 日K 周Ｋ 月Ｋ 更多, | | | 43.05% 卖1 345.070 5 | | | 买1 344.850 50 | | | न 价 를 | | | 23:16344.940 294 100 | | | 23:16344.9901 23:16345.000个 400 | | | 23:16345.080个 100 | | | 23:16344.940↓ 100 | | | 241.540- | 23:16344.965个 600 | | 23:16 345.078个 | 100 | | 23:16345.098个 | 127 | | 23:16 ...

Group 1 - Hedge funds have net bought Chinese stocks at the fastest pace in seven weeks, indicating a shift in market sentiment towards China [1] - Morgan Stanley's chief strategist for China believes the recent A-share rally is driven by improved liquidity, with funds moving from bonds and deposits to the stock market [1] - HSBC has raised its year-end target for the Shanghai Composite Index to 4000 points, citing abundant domestic liquidity and a potential 5% to 7% upside [1] Group 2 - Barclays and Societe Generale predict the Federal Reserve will cut rates by 25 basis points in September, influenced by Chairman Powell's shift in tone regarding employment risks [2] - Bank of America suggests that if the dollar weakens and the UK economy improves, the British pound could strengthen, with a forecast of GBP/USD reaching 1.45 in Q4 [2] Group 3 - Canadian dollar is under pressure due to trade uncertainties and expectations of further rate cuts by the Bank of Canada, with the currency hitting a three-month low [3] - Citigroup expects the 10-year U.S. Treasury yield to reach 4.10% by year-end, maintaining confidence in its long-term predictions [4] Group 4 - CITIC Securities anticipates three rate cuts by the Federal Reserve this year, each by 25 basis points, as Powell's comments align with their expectations [6] - China International Capital Corporation estimates that potential funds from household deposits entering the market could range from 5 to 7 trillion yuan [6] Group 5 - Huatai Securities indicates that the current economic conditions suggest a high probability of a 25 basis point rate cut by the Federal Reserve in September, with two additional cuts likely in Q4 [7] - China Merchants Macro reports that the Producer Price Index (PPI) likely bottomed out in June-July, with expectations for a rebound driven by global inventory cycles and oil prices [8] Group 6 - China Merchants Strategy recommends focusing on the entire rare earth sector, especially smaller companies, following new regulations that allow more firms to obtain mining quotas [9] - CITIC Securities notes that the current market rally is primarily driven by institutional investors rather than retail, emphasizing the importance of industry trends and performance [10] Group 7 - Huatai Securities maintains that coal prices are likely to remain supported due to high demand and supply constraints, suggesting a focus on companies with stable cash flows and high dividends [8] - Guotai Junan expects the Asian metallurgical coal market to continue recovering in Q3 2025, supported by inventory replenishment in India and potential rebounds in China [9] Group 8 - China Merchants Macro identifies September as a potential observation window for the appreciation of the Chinese yuan, which could lead to a comprehensive revaluation of Chinese assets [17][18] - The report suggests that if the yuan returns to the 6 range, it would enhance the attractiveness of Chinese equities, particularly in consumer sectors [18]

Core Viewpoint - The stock of 伟仕佳杰 (00856) has seen a price increase of over 3% during trading, currently at 9.29 HKD with a trading volume of 86.90 million HKD, indicating positive market sentiment towards the company [1] Group 1: Business Performance - 天风证券 (601162) reports that 伟仕佳杰's Southeast Asia operations have diversified across nine countries, including Thailand, Singapore, the Philippines, and Malaysia, focusing on GPU, AI infrastructure, and consumer electronics [1] - The projected revenue for the region in 2024 is expected to increase significantly by 74% year-on-year, with net profit contribution estimated at around 51% [1] Group 2: Growth Drivers - The company is anticipated to benefit from three main drivers: rapid global demand for computing power, accelerated channel expansion in Southeast Asia, and the implementation of new directions such as electric vehicles and cross-border payments [1] - Forecasted net profit for the company from 2025 to 2027 is projected to be 1.251 billion, 1.532 billion, and 1.883 billion CNY, respectively, with growth rates of 30%, 22.4%, and 22.9% [1] Group 3: Valuation Outlook - Given the sustained high growth in global computing power, the accelerated digital infrastructure in Southeast Asia, and the successful diversification of the company's business, the current valuation is believed to have significant upside potential [1]

Core Viewpoint - The stock of 伟仕佳杰 (00856) has seen a price increase of over 3% during trading, currently at 9.29 HKD with a trading volume of 86.90 million HKD, indicating positive market sentiment towards the company [1] Group 1: Business Performance - 天风证券 reports that 伟仕佳杰's Southeast Asia business has established a diversified presence in nine countries, including Thailand, Singapore, the Philippines, and Malaysia, focusing on GPU, AI infrastructure, and consumer electronics [1] - The projected revenue for the Southeast Asia region is expected to increase significantly by 74% year-on-year in 2024, with net profit contribution around 51% [1] Group 2: Growth Drivers - The company is anticipated to benefit from three main drivers: rapid global demand for computing power, accelerated channel expansion in Southeast Asia, and the implementation of new directions such as electric vehicles and cross-border payments [1] - Forecasted net profit for the company from 2025 to 2027 is estimated at 1.251 billion, 1.532 billion, and 1.883 billion CNY, with corresponding growth rates of 30%, 22.4%, and 22.9% respectively [1] Group 3: Valuation Outlook - Given the sustained high growth in global computing power, accelerated digital infrastructure development in Southeast Asia, and the effectiveness of the company's diversified business layout, the current valuation of 伟仕佳杰 is believed to have significant upside potential [1]