#研报/观点

中信建投：AI4S迈向产业化临界点

中信建投证券研报称，当前，AI制药产业链已经演化为以平台和技术中台为核心，上中下游深度协同的网状赋能体系，并呈现出多种商业模式兼容并进的发展趋势。AI4S正由模型能力竞赛迈向产业化临界点，技术、产业、需求、政策四重共振，价值锚点由模型能力向科研生产力、数据资产与系统化生物设计升维。

中信建投：AI4S迈向产业化临界点 中信建投证券研报称，当前，AI制药产业链已经演化为以平台和技术中台为核心，上中下游深

中信建投：AI4S迈向产业化临界点 中信建投证券研报称，当前，AI制药产业链已经演化为以平台和技术中台为核心，上中下游深度协同的网状赋能体系，并呈现出多种商业模式兼容并进的发展趋势。AI4S正由模型能力竞赛迈向产业化临界点，技术、产业、需求、政策四重共振，价值锚点由模型能力向科研生产力、数据资产与系统化生物设计升维。（人民财讯）

Indeed

Indeed 引用 @Claudia_Sahm：@conorsen I don’t think macro has been boring. Plenty to argue about. The problem is the algorithm on here, which makes a serious conversation nearly impossible.

In the span of a few months AI bulls have gone from tokenmaxxing driving parabolic adoption, to…

In the span of a few months AI bulls have gone from tokenmaxxing driving parabolic adoption, to cheering linear growth, to thank god AI-wide spending made new highs... https://t.co/T7p2osQqG7 引用 @VKMacro：Seems like total spend (price x token consumption) is making new highs on Openrouter. https://

Today is another good example... shift up across the curve largely driven by higher short-end rate…

Today is another good example... shift up across the curve largely driven by higher short-end rate expectations, not some ambiguous "buyers strike" at the long-end. https://t.co/hr2vslPcFm

美联储10月不加息证据：9月CPI特殊聚合指数

文章指出，若美联储要从9月CPI数据中寻找10月不加息的证据，可看BLS Table 3中的特殊聚合指数：剔除食品、住房和能源后，该指数同比约上涨2.0%，环比约上涨0.3%至0.4%。

The implications for the Fed:

The implications for the Fed: -All eyes will now be on Warsh's Q&A at the IMF meetings in Thailand (11:30 pm Eastern time US on Thursday). Markets aren't sure where to price October odds, which moved up to 50%. -The Fed minutes and some high-profile Fed speak had indicated the

The pain trade continues to be long calls and or long puts

The pain trade continues to be long calls and or long puts

Ant和OAI的估值多少影响什么？影响他们融资的体量，估值高，融的现金就多一些。但本质不改变市场总体算力紧缺的现状，反应在GPU涨价里。从吸血程度看，估值越低越好，估值高只肥了一级市场的投资者。

Ant和OAI的估值多少影响什么？影响他们融资的体量，估值高，融的现金就多一些。但本质不改变市场总体算力紧缺的现状，反应在GPU涨价里。从吸血程度看，估值越低越好，估值高只肥了一级市场的投资者。

直到需求被证伪前，一切都是噪音，怎么验证需求放缓被证伪？把所有大科技财报看完互相验证。

直到需求被证伪前，一切都是噪音，怎么验证需求放缓被证伪？把所有大科技财报看完互相验证。 引用 @Xiaofeileng：@TJ_Research Talk君，半导体还有救吗😇

英伟达为 Coreweave 融资提供 GPU 剩余价值担保，Coreweave 2032 年期高级无担保债券收益率达 15%

英伟达为 Coreweave 的融资提供 GPU 剩余价值担保，以帮助其获得较便宜的资金；资金由基建巨头提供。Coreweave 2032 年到期的高级无担保债券收益率为 15%，价格为 79；发文者称，资金成本上升、信用风险上升。

🎙️ NEW PODCAST 🎧

🎙️ NEW PODCAST 🎧 On the latest episode of Oil Ground Up I was joined by the one and only @JavierBlas to talk about why crude never hit $200, how commodity traders managed to make it work, the Beijing Swing, record tanker rates, and where it's all heading https://t.co/TjfhXxuDqC

The 12 Reserve Banks represent different geographic regions, or districts, and provide a wealth of…

The 12 Reserve Banks represent different geographic regions, or districts, and provide a wealth of information on conditions across the nation. Learn more about the Reserve Banks’ role as a key entity of the Federal Reserve System (2/2): https://t.co/ud2DXgodYk

Let's not panic folks. Datacenter neo clouds are highly leveraged business which leverage cuts both…

Let's not panic folks. Datacenter neo clouds are highly leveraged business which leverage cuts both ways but credit isn't in crisis. That said at current cost of leverage data center inputs demand should slow a tad https://t.co/9mlO9G6eh4

BOOM. It's guest writing today's Odd Lots newsletter.

BOOM. It's @NewLeftEViews guest writing today's Odd Lots newsletter. Read the full piece here: https://t.co/WMfK3JvGwI https://t.co/XzJIwUhaD7

三个指数的估值：SOX, RSP, NDX

三个指数的估值：SOX, RSP, NDX NDX比较有意思，是最低的，即使和22年比，都没高出很多 https://t.co/4IbvTC6KNp

I'm long bonds short stocks but jeez the AI trade is fine guys. The cope I'm reading about a little…

I'm long bonds short stocks but jeez the AI trade is fine guys. The cope I'm reading about a little bump on the path is epic

🎯

🎯 引用 @fchollet：String theory is what happens when an intelligent system is starved of sensory input and starts hallucinating. Intelligence needs grounding. For this reason, intelligence is practically never the bottleneck to solving impactful problems. The bottleneck is iterated contact with

全球新车销售中纯燃油汽车占比首次跌破50%

全球新车销售中，纯燃油汽车占比首次跌破50%。原文称，未来几乎所有汽车都将是电动汽车。

AI developers are committing substantial cash to secure reliable power years before the capacity…

AI developers are committing substantial cash to secure reliable power years before the capacity earns revenue. Utilities should use that willingness to finance new supply, with minimum payments and exit protections that leave the requesting customer responsible for the https://t.co/4ZYDrxKqF4

3Q26 CIO 调查：约45%的受访公司使用开放权重模型，预计三年后升至约90%

3Q26 CIO 调查显示，约45%的受访公司使用开放权重模型，这一比例预计三年后升至约90%。调查结果只表明受访公司对开放权重模型有明确兴趣，不代表独家使用或多数使用。

To emphasize, look at B200 indices on BBG for Compute Desk, Ornn, and Silicon Data. Apples to…

To emphasize, look at B200 indices on BBG for Compute Desk, Ornn, and Silicon Data. Apples to oranges as compute desk is 1-year reserved/committed pricing vs the other two are more levered to real-time recently struck rates or spot rates. Interesting the movement of each, though. https://t.co/2VY4yq

台积电财报面临高门槛，仅超预期或难平息全球AI板块抛售潮

台积电周四将公布财报，市场快讯称，在芯片大厂业绩未能提振AI交易的背景下，仅超出预期或不足以推动股价积极反应。受加息、AI基础设施融资及芯片景气周期持续性等担忧影响，费城半导体指数连续六个交易日下跌，市值累计蒸发逾1.5万亿美元；台积电此前公布季度营收同比增长51%。

前三季度中国汽车销量同比下降4.5%，出口增长65.8%

中国汽车工业协会数据显示，前三季度我国汽车销量2327.1万辆，同比下降4.5%。其中，国内销量1506.6万辆，同比下降22.4%；出口820.5万辆，同比增长65.8%。9月汽车销量环比增长9%、同比下降8.4%，其中国内销量同比下降26%。

瑞银将力拓股价目标下调1.2%至每股171澳元

瑞银将力拓股价目标下调1.2%至每股171澳元。

顶级预测师：美联储12月可能加息50个基点

Prestige Economics总裁Jason Schenker表示，FOMC可能会在12月考虑更大幅度、达50个基点的加息。这位较早预测到美联储最近一次加息的预测师Schenker如今认为，美联储可能在9月加息后“让政策效果稍作喘息”，再于12月考虑更大幅度加息。Schenker预计，若12月出现更大幅度加息，明年年初可能暂停进一步加息。 在10月和12月会议之间，美联储官员还将收到两份就业报告和另一份CPI数据，可为其未来决策提供依据。Schenker表示：“虽然只需等待6周，但他们将获得更多数据。如果他们发现25个基点毫无作用，那么我认为他们可能会推出50个基点的加息。”Schenk

Big banks see risks in financing the AI boom, but are happy to keep writing the checks

The CEO’s the U.S.’s biggest banks all chimed in on the risks of related to the massive AI buildout, but how there’s still no sign that investments need to slow down.

You’re probably too invested in equities. Why a 60-40 portfolio is still the smart way to go.

For most of U.S. history, an all-stock and a 60-40 portfolio have run neck-and-neck for trailing 30-year returns.

Jim Cramer says don't give up on this unpredictable market. Here's why

Despite an unpredictable market, CNBC's Jim Cramer says it's important to stay invested.

Atlantic Ocean currents can recover from severe climate weakening, study finds - Reuters

Atlantic Ocean currents can recover from severe climate weakening, study finds Reuters

预测师Jason Schenker：美联储12月可能加息50个基点

Prestige Economics总裁Jason Schenker认为，美联储可能在12月考虑加息50个基点。若届时加息50个基点，他预计明年年初可能暂停进一步加息；若加息25个基点，明年第一季度再次加息的可能性较大。

证监会就公募基金运作管理办法及配套规则征求意见

证监会近日就《公开募集证券投资基金运作管理办法（征求意见稿）》及配套规则公开征求意见。征求意见稿拟将非FOF产品投资其他基金的比例上限从10%上调至30%，允许FOF投资ETF联接基金，并将FOF成立门槛降至5000万元。

同一新闻，精选展示《证监会就《公开募集证券投资基金运作管理办法》修订公开征求意见》

The best feature of Apple’s HomeView might be its simplicity

I'm just going to come right out and say it. I love the approach Apple has taken with the HomeView. I think it's the shared, always-available household interface that my family might finally use. Is Apple's first smart display my dream smart home dashboard? No. But is it the right product for Apple

马克·卡尼呼吁中等强国参与地缘政治，私营部门已先行入席

马克·卡尼呼吁中等强国参与全球事务，但财富评论文章认为，私营部门已经先于这些国家成为地缘政治参与者，并在AI领域发挥影响。文章指出，AI模型开发集中在美国和中国：截至2025年，美国有59个“知名”AI模型，中国有35个，韩国有8个；私营企业领导者也开始填补全球AI治理的空缺。

Why Inflation Numbers Are Disappointing

While inflation numbers might not be disastrous, they’re still disappointing and moving in the wrong direction. Bloomberg Opinion columnist John Authers explains where this leaves the US, and if it will lead to any more rate hikes from the Fed. (Source: Bloomberg)

巴克莱：特斯拉-SpaceX合并消息可能在年度股东大会前公布

巴克莱分析师表示，市场参与者目前普遍预计特斯拉将与SpaceX合并，相关消息可能会在特斯拉年度股东大会(AGM)之前公布。分析师Dan Levy等人预计，2026年年度股东大会最迟将于12月6日举行。Levy补充称，合并的理由将是实现垂直整合，并能够加快埃隆·马斯克旗下两家公司在人工智能(AI)领域的发展机会。“虽然特斯拉/SpaceX合并消息的公布时间可能会推迟到10月晚些时候，甚至可能推迟到11月初，但我们认为，届时要让合并案在年度股东大会上获得批准，难度可能会越来越大。”

Badenoch sounds ‘alarm’ on potential Budget tax raid on banks

Conservative leader’s intervention comes as investors warn of a potential hit to UK competitiveness

Citi CEO Jane Fraser on the next phase of her turnaround: To be the best, Citi has ‘to beat the best’

Five years into Citi’s turnaround, the No. 1 Most Powerful Woman says the heavy lifting is done—and AI will shape what comes next.

Why Dell’s stock was one of the S&P 500’s biggest laggards on Wednesday

An analyst sees limited room for Dell and HPE shares to continue climbing, as dynamics could shift within the market for memory components.

巴克莱称特斯拉与SpaceX的合并或将于12月前公布 巴克莱称特斯拉与SpaceX的合并或将于12月前公布

巴克莱称特斯拉与SpaceX的合并或将于12月前公布 巴克莱称特斯拉与SpaceX的合并或将于12月前公布。