1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints - The global economy is entering the top - region due to the US's continuous wrong policies [2] - After the key nodes at the end of October (trade conflicts, tech giants' earnings reports, Fed decisions), if the Nasdaq continues to rise, the market will enter the strong upward phase of the last stage of the bull market, but also the most dangerous top moment is approaching [1] 3. Summary According to Related Information Global Economic News - Fed Chair Powell hinted at a possible rate cut in October and a potential halt to balance - sheet reduction in the coming months [1] - The US bank raised its price forecasts for gold to $5000 per ounce and silver to $65 per ounce in 2026 [1] - Google's parent company Alphabet will invest $15 billion in India over five years to build an AI data - center hub [1][2] - OpenAI plans to invest up to $25 billion in Argentina to build a data - center hub [1] - Goldman Sachs will limit employee growth and cut some positions by the end of this year and launched the "OneGS 3.0" strategy [1] Chinese Economic News - China's September exports were $328.5 billion, up 8.3% year - on - year, and imports rose 7.4% year - on - year, with the growth rates hitting multi - month highs [2] - The RMB central parity rate against the US dollar was reported at 7.0995, up 26 points, the first time since last November [1][2] - According to the HSBC emerging market survey, China is the preferred stock investment market, and 100 surveyed institutions manage $423 billion of emerging - market assets [2] Tech - related News - Huawei announced the evolution and goals of its Ascend chips, with computing power leading Nvidia by over a year [2] - Alibaba is actively promoting 380 billion yuan of AI infrastructure construction and plans to increase investment [2] - Broadcom released the Thor Ultra network chip, strengthening its position in AI data - center network communication and competing with Nvidia [1]