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/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/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/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/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/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/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/ai-20261024-am/NightIndexen2026-10-24T08:15:57+08:00AWS Capacity Sold Out Through 2027 and Orders Stretch to 2028 as CoreWeave Bond Yields Top 15% and OpenAI Faces $10,000-Per-Violation Claims: AI Demand Meets Capital and Safety Friction https://chase-dream.cn/digests/ai-20261024-am/NightIndexzh-cn2026-10-24T08:15:57+08:00人工智能（Artificial Intelligence，AI）隔夜变盘点：风险偏好退潮，需求与融资继续扩张 https://chase-dream.cn/digests/ai-20261024/NightIndexzh-cn2026-10-24T19:24:48+08:00资本、应用与安全：人工智能（Artificial Intelligence，AI）产业三线并进 https://chase-dream.cn/en/digests/ai-20261024/NightIndexen2026-10-24T19:24:48+08:00AI Revenue Exceeds $25B Annualized, Baidu AI-Cloud Growth Is Seen at 90-99% - Capacity, Capital Discipline and Safety Proof Define the Next Test https://chase-dream.cn/en/digests/cn_macro-20261024-am/NightIndexen2026-10-24T08:07:14+08:00RMB 700 Billion MLF Supports Liquidity as 40 Technology Export Controls Enter Consultation, while Freight and Bank-Share Performance Diverge https://chase-dream.cn/digests/cn_macro-20261024-am/NightIndexzh-cn2026-10-24T08:07:14+08:00隔夜宏观：资金安排、产业升级与扩内需政策并进 https://chase-dream.cn/digests/cn_macro-20261024/NightIndexzh-cn2026-10-24T19:05:59+08:00财政加力、流动性安排与区域电力市场落地 https://chase-dream.cn/en/digests/cn_macro-20261024/NightIndexen2026-10-24T19:05:59+08:00Hybrid-Car Understanding Reached, RMB700bn One-Year MLF Scheduled and Five-Region Power Market Starts — Producer Prices Still Split 22 Up, 25 Down https://chase-dream.cn/en/digests/fed_macro-20261024-am/NightIndexen2026-10-24T08:04:51+08:00Oil Near $117 and the 10-Year at 4.992% Stoke Inflation Tension as a 25-bp Hike Headline Collides With Pause Previews https://chase-dream.cn/digests/fed_macro-20261024-am/NightIndexzh-cn2026-10-24T08:04:51+08:00增长韧性、通胀黏性与联储路径重估 https://chase-dream.cn/digests/fed_macro-20261024/NightIndexzh-cn2026-10-24T19:01:48+08:00油价推升通胀忧虑，本周焦点转向消费与财报 https://chase-dream.cn/en/digests/fed_macro-20261024/NightIndexen2026-10-24T19:01:48+08:00Oil Near a Six-Month High Pressures Stocks and Treasuries as Inflation, Earnings, Consumer Mood and the Federal Reserve Fill a Busy Week - Dow Falls 1.23% https://chase-dream.cn/en/digests/global_macro-20261024-am/NightIndexen2026-10-24T08:10:00+08:00AI Financing Fears Push Global Investment-Grade Spreads to 129 bp and a 17-Month High - Germany’s Energy Buffer and France’s Aa3 Negative Outlook Face the Test https://chase-dream.cn/digests/global_macro-20261024-am/NightIndexzh-cn2026-10-24T08:10:00+08:00全球央行会议周、信用警报与能源供给牵动今晨开盘 https://chase-dream.cn/digests/global_macro-20261024/NightIndexzh-cn2026-10-24T19:10:03+08:00英国预算案牵动债市，泰国增长预期与韩国资金面分化 https://chase-dream.cn/en/digests/global_macro-20261024/NightIndexen2026-10-24T19:10:03+08:00Indonesia Cuts Singapore Gas Exports ~9%, Redirecting 31M Standard Cubic Feet/Day to Domestic Power as Korea Investor Deposits Shrink ~51tn Won - UK Budget Must Balance Gilts Against Labour While an Energy Shock Sharpens the ECB Dilemma https://chase-dream.cn/digests/hormuz-20261024-am/NightIndexzh-cn2026-10-24T08:12:29+08:00霍尔木兹海峡风险骤升：油价冲高，袭船事件增加周末变数 https://chase-dream.cn/en/digests/hormuz-20261024-am/NightIndexen2026-10-24T08:12:29+08:00Hormuz Tanker Attacks and Supply Fears Lift Brent to $116.72 as Shipping Incidents Hit a Record — Diplomacy vs Escalation https://chase-dream.cn/digests/hormuz-20261024/NightIndexzh-cn2026-10-24T19:14:51+08:00霍尔木兹风险外溢：商船遇袭、人员缩减与油价冲高 https://chase-dream.cn/en/digests/hormuz-20261024/NightIndexen2026-10-24T19:14:51+08:00Reported Supertanker Mine Strikes Coincide With a Record Month of 28 Hormuz Attacks as Brent Nears $117 - 113 Tracked Attacks, U.S. Embassy Staffing Cuts and an Unproven Shipping Stop https://chase-dream.cn/en/digests/industrial_metals-20261024-am/NightIndexen2026-10-24T08:26:06+08:00Potential 2028 Copper Squeeze Meets a 132,000-Tonne August Surplus: LME Zinc Jumps 2.06% as Concentrate Frictions Clash With a Weak Near-Term Balance https://chase-dream.cn/digests/industrial_metals-20261024-am/NightIndexzh-cn2026-10-24T08:26:06+08:00工业金属隔夜晨报：伦敦金属交易所（London Metal Exchange，LME）多数品种收高，沪铜与沪锡分化 https://chase-dream.cn/digests/industrial_metals-20261024/NightIndexzh-cn2026-10-24T19:37:14+08:00伦铜反弹与基本金属普涨并行，区域化分化留下悬念 https://chase-dream.cn/en/digests/industrial_metals-20261024/NightIndexen2026-10-24T19:37:14+08:00LME Copper's 1.74% Rebound Faces a 273,750-Tonne Inventory: Tariff Fragmentation and a Potential 1-2 Million-Tonne 2027 Aluminum Surplus https://chase-dream.cn/digests/precious_metals-20261024-am/NightIndexzh-cn2026-10-24T08:22:35+08:00金银隔夜大跌：4000美元关口承压，投机净多头（net long position）收缩 https://chase-dream.cn/en/digests/precious_metals-20261024-am/NightIndexen2026-10-24T08:22:35+08:00Gold and Silver Extend Weekly Selloff as Crude Above $116 Reinforces Fed Tightening Fears: COMEX Gold -4.22%, Silver -5.56% https://chase-dream.cn/digests/precious_metals-20261024/NightIndexzh-cn2026-10-24T19:33:45+08:00黄金失守4000美元，白银承压，多空争夺升温 https://chase-dream.cn/en/digests/precious_metals-20261024/NightIndexen2026-10-24T19:33:45+08:00Gold Spot Ends Below $4,000/oz at $3,995.38/oz; Silver Futures Fall 1.92% as Oil-Led Inflation and Liquidations Drive a Safe-Haven Split https://chase-dream.cn/digests/research-20261024-am/NightIndexzh-cn2026-10-24T08:19:47+08:00隔夜晨报：宏观、市场与行业研究速览 https://chase-dream.cn/en/digests/research-20261024-am/NightIndexen2026-10-24T08:19:47+08:00Oil and Treasuries Rise Together as AI Jitters Meet a 2027 Repo-Clearing Deadline — Dollar Seen Resilient Into FOMC https://chase-dream.cn/digests/research-20261024/NightIndexzh-cn2026-10-24T19:28:59+08:00人工智能交易松动与A股修复博弈：今日研报线索 https://chase-dream.cn/en/digests/research-20261024/NightIndexen2026-10-24T19:28:59+08:00AI’s Expected $1.1 Trillion Capex Test Meets a 10-Year Treasury Yield Below 5%: Record Tech Selling, $58 Billion in Monthly Bond ETF Inflows and a 7.1% Offshore-Yuan Gain https://chase-dream.cn/digests/ai-20261023/NightIndexzh-cn2026-10-23T19:07:21+08:00算力融资争议再起，AI产业链订单与业绩双线兑现 https://chase-dream.cn/en/digests/ai-20261023/NightIndexen2026-10-23T19:07:21+08:00Cambricon Q3 Net Profit +147.74%, Western Digital Books to 2030 as CoreWeave Splits the Street $23B vs $76B - Earnings Beat, Funding-Gap Stress https://chase-dream.cn/digests/cn_macro-20261023/NightIndexzh-cn2026-10-23T19:03:24+08:00三季报披露周开局，财政增量与"十五五"规划同框落地 https://chase-dream.cn/en/digests/cn_macro-20261023/NightIndexen2026-10-23T19:03:24+08:00Cambricon Q3 Net Profit Soars 147.74%, Zijin 9M Profit Climbs 51.93%, as 550B Yuan Local Debt and Unified Energy Contracts Stack Q4 Plumbing — AI Beats Coal's 3.2% Print https://chase-dream.cn/en/digests/fed_macro-20261023/NightIndexen2026-10-23T19:02:03+08:00Three Shocks Collide to Crash 10Y Yield 19.3bp to 4.95% as Fed Hike Pricing Slips to January 2027 — Oil at $114 and French 10Y at 5.04% Frame Warsh's Credibility Test https://chase-dream.cn/digests/fed_macro-20261023/NightIndexzh-cn2026-10-23T19:02:03+08:00AI恐慌重塑加息路径，沃什直面沟通大考 https://chase-dream.cn/digests/global_macro-20261023/NightIndexzh-cn2026-10-23T19:04:42+08:00全球宏观日报：日核心CPI破2%，欧央行12月收官加息预期升温 https://chase-dream.cn/en/digests/global_macro-20261023/NightIndexen2026-10-23T19:04:42+08:00Japan Core-Core CPI Climbs to 2.4% Sealing December BoJ Hike, While France-Germany 10Y Spread Hits 1.78% — Sovereign Bond Stress Spreads https://chase-dream.cn/digests/hormuz-20261023/NightIndexzh-cn2026-10-23T19:05:34+08:00霍尔木兹海峡：胡塞武装打击沙特阿美核心设施，油市期货与现货显著背离 https://chase-dream.cn/en/digests/hormuz-20261023/NightIndexen2026-10-23T19:05:34+08:00Hormuz Attacks Hit October Record While Physical Flows Rebound: Brent at $113.17, Basrah $10 Below Dubai, Fuel Oil +6% on Supply Gap - Spot vs Futures Split https://chase-dream.cn/en/digests/industrial_metals-20261023/NightIndexen2026-10-23T19:12:55+08:00LME Copper Tumbles 1.94% to Five-Week Low as AI Selloff Saps Risk Appetite, LME US Warehouse Stocks Hit 12.5-Year High - Yet Chile Lithium, Rio Bauxite, Indonesia Nickel Open New Supply Lines https://chase-dream.cn/digests/industrial_metals-20261023/NightIndexzh-cn2026-10-23T19:12:55+08:00工业金属日报：外强内弱延续 伦铜反弹难改周线颓势 https://chase-dream.cn/en/digests/precious_metals-20261023/NightIndexen2026-10-23T19:11:40+08:00Gold Loses $4,000 to Liquidity Selloff; Silver Drops 6% as Brent Above $113 Rewires the Fed Path — Safe-Haven Bid Tested by Cross-Asset Margin Calls https://chase-dream.cn/digests/precious_metals-20261023/NightIndexzh-cn2026-10-23T19:11:40+08:00金价跌穿4000美元创四个月新低，白银跟随跳水 https://chase-dream.cn/digests/research-20261023/NightIndexzh-cn2026-10-23T19:10:23+08:00研报动态日报：情绪修复窗口下，机构掘金PCB/铝/化肥主线 https://chase-dream.cn/en/digests/research-20261023/NightIndexen2026-10-23T19:10:23+08:00BofA Holds Two Further 2026 Hikes as Energy Reignites 3.7% US CPI, While A-Shares Snap 4.16% on ChiNext From RSI 23.9 - Citi Sees 'Capitulation' at PDD P/E 2.7-3.5x