https://chase-dream.cn/en/digests/ai-20261026-am/NightIndexen2026-10-26T08:34:47+08:00AI Buildout Hits a 5,000-Unit Robot Milestone and 36.94% Nine-Month Revenue Growth at Guangxun, but PC Shipments Fall 21% and Data Centers Face 50% Local Opposition https://chase-dream.cn/digests/ai-20261026-am/NightIndexzh-cn2026-10-26T08:34:47+08:00人工智能（Artificial Intelligence，AI）隔夜晨报：硬件业绩、机器人落地与安全成本三线观察 https://chase-dream.cn/digests/ai-20261026/NightIndexzh-cn2026-10-26T19:29:24+08:00人工智能（Artificial Intelligence，AI）硬件承压，企业智能体（Agent）与基础设施布局推进 https://chase-dream.cn/en/digests/ai-20261026/NightIndexen2026-10-26T19:29:24+08:00AI Buildout Widens: 3.2 Pb/s Fiber, 3,000+ Satellites and 108 Game-Company AI Investments - RMB 6.63bn Component Outflows Meet RTX 5090 Above RMB 50,000 https://chase-dream.cn/digests/cn_macro-20261026-am/NightIndexzh-cn2026-10-26T08:11:11+08:00隔夜宏观晨报 https://chase-dream.cn/en/digests/cn_macro-20261026-am/NightIndexen2026-10-26T08:11:11+08:0017-Month Loan Prime Rate Pause Meets a Two-Speed Economy: 4.5% Third-Quarter Growth Holds, but Year-to-Date Property Investment Drops 20.6% and Shimao Defaults on $9.07 Billion — Fourth-Quarter Support Steps Up https://chase-dream.cn/en/digests/cn_macro-20261026/NightIndexen2026-10-26T19:10:25+08:00Chengdu Posts 5.0% First-Three-Quarter Growth as RMB 97 Billion Funds Housing Renewal, but a Provisional 9.03% Aluminum-Foil Duty and Dual-Track Trade Probes Add Friction https://chase-dream.cn/digests/cn_macro-20261026/NightIndexzh-cn2026-10-26T19:10:25+08:00中国宏观收盘复盘：稳增长、产业新线索与外贸约束 https://chase-dream.cn/digests/fed_macro-20261026-am/NightIndexzh-cn2026-10-26T08:01:55+08:00美联储（Federal Reserve，Fed）决议前夜：市场紧盯暂停与再加息线索 https://chase-dream.cn/en/digests/fed_macro-20261026-am/NightIndexen2026-10-26T08:01:55+08:00Fed’s Expected Hawkish Pause Puts Warsh’s Language in Focus — Investors Look Beyond the Rate Decision to Financial Conditions https://chase-dream.cn/en/digests/fed_macro-20261026/NightIndexen2026-10-26T19:06:39+08:00Fed Pause Is 90% Priced, but December’s 25bp Baseline Faces a 50bp Tail as Oil Meets Statement Language https://chase-dream.cn/digests/fed_macro-20261026/NightIndexzh-cn2026-10-26T19:06:39+08:00美联储（Federal Reserve，Fed）暂停加息成基准，声明语气牵动12月路径 https://chase-dream.cn/digests/global_macro-20261026-am/NightIndexzh-cn2026-10-26T08:22:55+08:00法国债券市场压力与巴西大选交织，全球开盘聚焦利率与能源 https://chase-dream.cn/en/digests/global_macro-20261026-am/NightIndexen2026-10-26T08:22:55+08:00Brazil’s ~50% Count Flips Back to Lula, While France’s 10-Year Yield Tops 5% and Its German Spread Widens to ~157 bp — Crisis Management Takes Center Stage in ECB Succession https://chase-dream.cn/en/digests/global_macro-20261026/NightIndexen2026-10-26T19:20:38+08:00France-Germany 10-Year Spread Narrows 11 bp to 157 bp as Safe-Haven Demand Fades — French Manufacturing PMI at 49.3 Trails Germany’s 54.2 https://chase-dream.cn/digests/global_macro-20261026/NightIndexzh-cn2026-10-26T19:20:38+08:00法国债券涨势与全球政策分化：收盘前的风险和悬念 https://chase-dream.cn/digests/hormuz-20261026-am/NightIndexzh-cn2026-10-26T08:25:20+08:00霍尔木兹海峡（Strait of Hormuz）隔夜观察：主线未断，原油定价分化 https://chase-dream.cn/en/digests/hormuz-20261026-am/NightIndexen2026-10-26T08:25:20+08:00Brent Below $116 Despite 95%+ Safe Hormuz Passages — Nearly 500 Vessel Delays and a Tanker Attack Keep Risk Elevated https://chase-dream.cn/digests/hormuz-20261026/NightIndexzh-cn2026-10-26T19:24:48+08:00霍尔木兹海峡（Strait of Hormuz）：外交窗口打开，航运成本约束仍强 https://chase-dream.cn/en/digests/hormuz-20261026/NightIndexen2026-10-26T19:24:48+08:00Middle East Oil Flow Tops 24 mb/d, Yet Hormuz-to-Asia Freight Stays Near $34-36/bbl: Trump’s Deal-or-Strike Choice Puts $100/bbl WTI and $120/bbl Oil in Play https://chase-dream.cn/digests/industrial_metals-20261026/NightIndexzh-cn2026-10-26T19:55:19+08:00工业金属（Industrial Metals）：价格、库存与贸易政策观察 https://chase-dream.cn/digests/precious_metals-20261026-am/NightIndexzh-cn2026-10-26T08:51:39+08:00金银隔夜高开：黄金冲破4000美元后失守3990美元，白银站上54美元 https://chase-dream.cn/en/digests/precious_metals-20261026-am/NightIndexen2026-10-26T08:51:39+08:00Gold Clears $4,000, Then Slips Below $3,990 as Silver Tops $54 — ETF Reports and the Central-Bank Buying Narrative Put Confirmation in Focus https://chase-dream.cn/en/digests/precious_metals-20261026/NightIndexen2026-10-26T19:39:18+08:00Gold Tops $4,020/oz on a Weak-Dollar Rebound, While Silver T+D Ends 0.56% Lower at ¥13,017/kg https://chase-dream.cn/digests/precious_metals-20261026/NightIndexzh-cn2026-10-26T19:39:18+08:00黄金先抑后扬，白银收弱：4000美元/盎司成多空分水岭 https://chase-dream.cn/digests/research-20261026-am/NightIndexzh-cn2026-10-26T08:49:51+08:00隔夜研报主线与今日开盘观察 https://chase-dream.cn/en/digests/research-20261026-am/NightIndexen2026-10-26T08:49:51+08:00Large ETF Inflows Dampen the Liquidity Feedback Loop as the 10-Year U.S. Yield Falls to 5.00%, but a 257.6% Margin-Collateral Ratio Leaves the Bottom Unproven https://chase-dream.cn/digests/research-20261026/NightIndexzh-cn2026-10-26T19:34:22+08:00研报主线与复盘悬念 https://chase-dream.cn/en/digests/research-20261026/NightIndexen2026-10-26T19:34:22+08:00Goldman Calls a Hold This Week and a 25bp December Hike as the France-Germany 10-Year Spread Hits 178bp, While CATL Sees 1.6x Storage Unit-Gross-Profit Growth https://chase-dream.cn/en/digests/ai-20261025-am/NightIndexen2026-10-25T08:17:01+08:00AI Capex Race Locks Capacity With ~$5 Billion in Substrate Prepayments, While Nearly $340 Million in Copyright Claims Test the Cost of Scale https://chase-dream.cn/digests/ai-20261025-am/NightIndexzh-cn2026-10-25T08:17:01+08:00人工智能（Artificial Intelligence，AI）隔夜观察 https://chase-dream.cn/digests/ai-20261025/NightIndexzh-cn2026-10-25T19:22:40+08:00人工智能产业日报：应用扩张、供给瓶颈与资本约束并存 https://chase-dream.cn/en/digests/ai-20261025/NightIndexen2026-10-25T19:22:40+08:00Substrates Top the AI Bottleneck; Nomura Sees 2027 Memory Nearly Locked and 75% Odds for a Continuing Supercycle, While Meta’s $135B Capex Raises the Funding Test https://chase-dream.cn/digests/cn_macro-20261025-am/NightIndexzh-cn2026-10-25T08:04:30+08:00增长修复中的政策加力：财政、金融与稳供给 https://chase-dream.cn/en/digests/cn_macro-20261025-am/NightIndexen2026-10-25T08:04:30+08:00Bond Issuance Meets Weak Revenue: Q3 GDP Rebounded 4.5% y/y, but September General-Budget Revenue Fell 0.1% and Land-Sale Income Fell 23.2% https://chase-dream.cn/digests/cn_macro-20261025/NightIndexzh-cn2026-10-25T19:06:51+08:00政策信号、增长分化与资产重估悬念 https://chase-dream.cn/en/digests/cn_macro-20261025/NightIndexen2026-10-25T19:06:51+08:00China Repricing Finds Policy-and-Earnings Support — 700 Billion-Yuan MLF, 5.1% Fiscal Revenue Growth and 93.56% Profit Growth Among 64 Disclosing STAR Companies — but 1.1% Retail Sales, -7.2% Fixed-Investment Growth and a 1.64% China 10-Year Yield Preserve the Tension https://chase-dream.cn/en/digests/fed_macro-20261025-am/NightIndexen2026-10-25T08:01:41+08:003.7% September CPI Revives Hike Risk as Warsh Faces a Communication Test - PCE, FOMC and Three Hyperscaler Reports Define the Week https://chase-dream.cn/digests/fed_macro-20261025-am/NightIndexzh-cn2026-10-25T08:01:41+08:00再加息预期与政策沟通考验升温 https://chase-dream.cn/digests/fed_macro-20261025/NightIndexzh-cn2026-10-25T19:02:35+08:00超级央行周前夜：美联储（Federal Reserve，Fed）按兵不动（rate hold）预期与鹰派（hawkish）悬念 https://chase-dream.cn/en/digests/fed_macro-20261025/NightIndexen2026-10-25T19:02:35+08:00Fed Set for 3.75%-4.00% Hold as $116 Oil, 5% 10-Year Yield and Big Tech Earnings Collide: Warsh’s December Signal Is the Key Variable https://chase-dream.cn/en/digests/global_macro-20261025-am/NightIndexen2026-10-25T08:08:50+08:00France’s Unrest Meets Contraction as the French-German 10-Year Yield Spread Hits 178 bp — 135 Arrests, 70,000 Security Staff and a 2027 Fiscal Test https://chase-dream.cn/digests/global_macro-20261025-am/NightIndexzh-cn2026-10-25T08:08:50+08:00法国抗议升级，英国拟加码国防预算 https://chase-dream.cn/digests/global_macro-20261025/NightIndexzh-cn2026-10-25T19:15:36+08:00全球宏观：利率分歧、财政约束与能源供给 https://chase-dream.cn/en/digests/global_macro-20261025/NightIndexen2026-10-25T19:15:36+08:00Energy and Fiscal Strain Force Harder Trade-Offs: RM45bn Malaysia Fuel Bill, Nomura's 3.50% Korea Rate Peak and UK Hiring Caution - Growth Support Meets France's Sovereign Stress https://chase-dream.cn/en/digests/hormuz-20261025-am/NightIndexen2026-10-25T08:12:03+08:00Partial Riyadh Flights Set to Return as 28 Reported Strait Attacks and Possible Tanker Damage Keep Oil-Price Risk Elevated https://chase-dream.cn/digests/hormuz-20261025-am/NightIndexzh-cn2026-10-25T08:12:03+08:00霍尔木兹海峡（Strait of Hormuz）隔夜风险清单：油轮遇袭、机场复航与美伊选项 https://chase-dream.cn/digests/hormuz-20261025/NightIndexzh-cn2026-10-25T19:18:55+08:00霍尔木兹海峡（Strait of Hormuz）风险再定价：通航僵局、沙特遇袭与运价基准诉讼 https://chase-dream.cn/en/digests/hormuz-20261025/NightIndexen2026-10-25T19:18:55+08:00Iran Says It Downed a U.S. Drone; Houthi Claims Seven Saudi Strikes as Brent Reaches $117 and October Hormuz Merchant-Ship Attacks Hit 28 — Baltic Exchange Rate Publication Faces Court Test https://chase-dream.cn/en/digests/industrial_metals-20261025/NightIndexen2026-10-25T19:38:26+08:00Higher Volumes and Prices Lift Huasheng Lithium Q3 Net 800.58%; Tianqi Net Rises 1,323.97%, While Gaozheng Minbao Halts for Tibet Mining Assets and Huayou Closes $70.90 Million Atlantic Lithium Contract-Rights Transfer - Consolidation Meets Export Demand https://chase-dream.cn/digests/industrial_metals-20261025/NightIndexzh-cn2026-10-25T19:38:26+08:00锂电链业绩高增，矿业资产交易与储能出口推进 https://chase-dream.cn/en/digests/precious_metals-20261025-am/NightIndexen2026-10-25T08:22:32+08:00Gold at a Three-Month Low, Silver Down on Oil-Driven Fed Fears — Vote and Warsh Remain Key https://chase-dream.cn/digests/precious_metals-20261025-am/NightIndexzh-cn2026-10-25T08:22:32+08:00黄金跌至三个月低位，白银同步承压：美联储（Fed）利率与油价担忧牵动情绪 https://chase-dream.cn/digests/precious_metals-20261025/NightIndexzh-cn2026-10-25T19:30:55+08:00黄金失守4000美元：连续16周吸金与价格走弱并存 https://chase-dream.cn/en/digests/precious_metals-20261025/NightIndexen2026-10-25T19:30:55+08:00Oil, Hike Bets and Liquidity Tightening Pressure Gold Below $4,000 in a 3%-Plus Week — Yet Bank of America Sees 16 Weeks of Precious-Metals Inflows https://chase-dream.cn/digests/research-20261025-am/NightIndexzh-cn2026-10-25T08:20:24+08:00信用违约互换（Credit Default Swap，CDS）利差分化，超跌修复（Oversold Rebound）成为配置线索 https://chase-dream.cn/en/digests/research-20261025-am/NightIndexen2026-10-25T08:20:24+08:00Active ETF Liquidity Supports a 4.16% ChiNext Jump, but AI CDS Spreads Widen and ChangXin Guidance Implies Only RMB4-10 of Profit per RMB100 of Sales https://chase-dream.cn/en/digests/research-20261025/NightIndexen2026-10-25T19:29:28+08:00AI Capex Faces Its Payoff Test: 493 S&P 500 Companies Show Flat Revenue per Employee as the 10-Year Yield Drops 17 bp - A-Shares Face a 3,700-Point Bottom Debate https://chase-dream.cn/digests/research-20261025/NightIndexzh-cn2026-10-25T19:29:28+08:00研报动态：人工智能（Artificial Intelligence，AI）回报、A股底部与政策线索的今日分歧