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 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