【HEADLINES ROUNDUP】
1. U.S. stocks rebounded on Thursday (15th), with the Dow rising over 1%, while both the S&P 500 and Nasdaq also posted gains. There are signs of market funds shifting from high-valuation tech stocks to other sectors, but AI-related shares remain under pressure, reflecting investors' ongoing concerns about returns on AI infrastructure investments, corporate financing costs, and industry valuations. The Dow closed up 556.21 points, or 1.08%, at 52,177.69; the S&P 500 rose 25.12 points, or 0.33%, to 7,744.06; the Nasdaq gained 20.16 points, or 0.08%, closing at 26,713.03. The China Golden Dragon Index was flat. The Nikkei opened at 65,281.5 points, down 15 points.
2. The U.S. final demand Producer Price Index (PPI) for September rose 1.3% month-on-month, far exceeding market expectations and marking the largest single-month increase since 2022; the year-on-year increase widened to 6.3%, higher than expected. Core PPI rose 0.7% month-on-month and 5% year-on-year, both surpassing forecasts.
3. Credit default swaps for AI cloud service provider CoreWeave (US.CRWV) surged to a record intraday high, reflecting a 60% probability of debt default within five years. NVIDIA (US.NVDA) CEO Jensen Huang stated that CoreWeave's financial strength continues to improve and NVIDIA does not need to provide financial backstop support.
4. Loretta Mester, President of the Federal Reserve Bank of Cleveland, said the Fed might need to raise interest rates more aggressively if public inflation expectations deteriorate significantly. The President of the Federal Reserve Bank of San Francisco expressed growing concern about the persistence of inflation.
5. The International Energy Agency (IEA) said its member countries agreed to release over 20 million barrels of diesel into the market as soon as possible and accelerate the release of the remaining 100 million barrels of oil reserves pledged in March. It is reported that U.S. officials have privately lobbied other member countries, hoping they will commit to releasing an additional 100 million barrels of reserve oil.
6. The U.S. Department of Labor reported that initial jobless claims for the week ended October 10 increased by 1,000 week-on-week to 199,000, below the market expectation of 200,000; the previous figure was revised to 198,000.
7. PBOC Governor Pan Gongsheng warned of financial vulnerabilities at the G20 central bank and finance ministers meeting, reiterating that global imbalances cannot be resolved through exchange rate adjustments alone, and the PBOC will continue to implement a moderately accommodative monetary policy.
8. Regarding China's economy, Finance Minister Lan Fo'an stated that this year marks the beginning of China's 15th Five-Year Plan, and more proactive fiscal policies will be implemented precisely and effectively.
9. After reaching an agreement with China on electric vehicle import volumes, the EU is reportedly assessing plans to impose import quotas on more Chinese goods, covering chemicals and machinery industries; additionally, the EU is preparing trade deterrence tools, intending to cut off market access for Chinese goods if necessary.
10. Tesla (US.TSLA) CEO Elon Musk posted on social platform X: "China will be making a LOT of RAM in 2028," responding to South Korean media comments on the memory industry outlook. The commentary warns that with new global production capacity gradually coming online, the memory market may face oversupply by 2029.
11. Anthropic disclosed adjusted profits for the third quarter, marking two consecutive profitable quarters, but revenue grew only 45% quarter-on-quarter to $16.8 billion, slower than the more than doubling growth in the second quarter. Reuters reported that after the company disclosed its latest financial data, some existing investors and potential IPO investors are considering lowering their valuation expectations for Anthropic.
12. Market research firm Gartner issued a forecast that if the industry maintains its current investment pace, over $3.5 trillion in AI infrastructure investments by 2030 could face asset impairment risks.
13. The Urban Renewal Authority's To Kwa Wan Road/Wing Kwong Street development project in Hung Hom invited 28 developers to bid, with bids due by 12:00 PM on November 11.
【STOCK HIGHLIGHTS】
Interest-rate sensitive stocks: Sun Hung Kai Properties (00016), Zijin Mining (02899), China Eastern Airlines (00670)
- U.S. September PPI posts largest rise in over four years, far exceeding market expectations
AI-related stocks: Zhipu (02513), Alibaba (09988), Hua Hong Semiconductor (01347), Lenovo (00992)
- AI cloud service provider CoreWeave's credit default swap hits intraday record high
- Jensen Huang says CoreWeave does not need NVIDIA financial backstop
GigaDevice (03986)
- Elon Musk warns of memory overcapacity risks
Mainland bank stocks: CCB (00939), Bank of China (03988), Agricultural Bank of China (01288), ICBC (01398)
- PBOC Governor Pan Gongsheng says moderately accommodative monetary policy will continue to be well implemented
Ganfeng Lithium (01772)
- Third-quarter profit of RMB 760 million, up 36%; first nine months profit up 195-fold year-on-year
Hans Technology (03200)
- First nine months profit exceeds RMB 1.5 billion, up 2-fold; revenue up 1-fold
Longsys (09976)
- Expects third-quarter non-recurring profit to reach over RMB 4.7 billion, up 10-fold
The 'Big Three' Oil Companies: PetroChina (00857), CNOOC (00883), Sinopec (00386)
- IEA accelerates release of remaining 100 million barrels of oil reserves
Air China (00753)
- September passenger volume of 14 million, up 3% year-on-year; first nine months passenger volume up nearly 5%
China Southern Airlines (01055)
- September passenger volume of 14.43 million, up 1.7% year-on-year; first nine months passenger volume up 1%
China Eastern Airlines (00670)
- September passenger volume of 12.49 million, up 4%; first nine months passenger volume up 1%
CMGE Technology (01119)
- Plans to raise net proceeds of HK$56.63 million via share placement at over 10% discount, to be invested in AI agents and game development
Fudan Microelectronics (01385)
- Expects first nine months profit to exceed RMB 1.1 billion, up 2.5-fold year-on-year
Black Sesame Intelligent (02533)
- Core employees plan to spend up to RMB 50 million to increase shareholdings before end of November
【OIL & GOLD QUOTES】
NYMEX crude oil down 0.41%, at $97.57/barrel
Brent crude oil down 0.35%, at $105.69/barrel
Spot gold down 0.35%, at $4,156.20/ounce
Gold futures up 0.16%, at $4,176.75/ounce
1. U.S. stocks rebounded on Thursday (15th), with the Dow rising over 1%, while both the S&P 500 and Nasdaq also posted gains. There are signs of market funds shifting from high-valuation tech stocks to other sectors, but AI-related shares remain under pressure, reflecting investors' ongoing concerns about returns on AI infrastructure investments, corporate financing costs, and industry valuations. The Dow closed up 556.21 points, or 1.08%, at 52,177.69; the S&P 500 rose 25.12 points, or 0.33%, to 7,744.06; the Nasdaq gained 20.16 points, or 0.08%, closing at 26,713.03. The China Golden Dragon Index was flat. The Nikkei opened at 65,281.5 points, down 15 points.
2. The U.S. final demand Producer Price Index (PPI) for September rose 1.3% month-on-month, far exceeding market expectations and marking the largest single-month increase since 2022; the year-on-year increase widened to 6.3%, higher than expected. Core PPI rose 0.7% month-on-month and 5% year-on-year, both surpassing forecasts.
3. Credit default swaps for AI cloud service provider CoreWeave (US.CRWV) surged to a record intraday high, reflecting a 60% probability of debt default within five years. NVIDIA (US.NVDA) CEO Jensen Huang stated that CoreWeave's financial strength continues to improve and NVIDIA does not need to provide financial backstop support.
4. Loretta Mester, President of the Federal Reserve Bank of Cleveland, said the Fed might need to raise interest rates more aggressively if public inflation expectations deteriorate significantly. The President of the Federal Reserve Bank of San Francisco expressed growing concern about the persistence of inflation.
5. The International Energy Agency (IEA) said its member countries agreed to release over 20 million barrels of diesel into the market as soon as possible and accelerate the release of the remaining 100 million barrels of oil reserves pledged in March. It is reported that U.S. officials have privately lobbied other member countries, hoping they will commit to releasing an additional 100 million barrels of reserve oil.
6. The U.S. Department of Labor reported that initial jobless claims for the week ended October 10 increased by 1,000 week-on-week to 199,000, below the market expectation of 200,000; the previous figure was revised to 198,000.
7. PBOC Governor Pan Gongsheng warned of financial vulnerabilities at the G20 central bank and finance ministers meeting, reiterating that global imbalances cannot be resolved through exchange rate adjustments alone, and the PBOC will continue to implement a moderately accommodative monetary policy.
8. Regarding China's economy, Finance Minister Lan Fo'an stated that this year marks the beginning of China's 15th Five-Year Plan, and more proactive fiscal policies will be implemented precisely and effectively.
9. After reaching an agreement with China on electric vehicle import volumes, the EU is reportedly assessing plans to impose import quotas on more Chinese goods, covering chemicals and machinery industries; additionally, the EU is preparing trade deterrence tools, intending to cut off market access for Chinese goods if necessary.
10. Tesla (US.TSLA) CEO Elon Musk posted on social platform X: "China will be making a LOT of RAM in 2028," responding to South Korean media comments on the memory industry outlook. The commentary warns that with new global production capacity gradually coming online, the memory market may face oversupply by 2029.
11. Anthropic disclosed adjusted profits for the third quarter, marking two consecutive profitable quarters, but revenue grew only 45% quarter-on-quarter to $16.8 billion, slower than the more than doubling growth in the second quarter. Reuters reported that after the company disclosed its latest financial data, some existing investors and potential IPO investors are considering lowering their valuation expectations for Anthropic.
12. Market research firm Gartner issued a forecast that if the industry maintains its current investment pace, over $3.5 trillion in AI infrastructure investments by 2030 could face asset impairment risks.
13. The Urban Renewal Authority's To Kwa Wan Road/Wing Kwong Street development project in Hung Hom invited 28 developers to bid, with bids due by 12:00 PM on November 11.
【STOCK HIGHLIGHTS】
Interest-rate sensitive stocks: Sun Hung Kai Properties (00016), Zijin Mining (02899), China Eastern Airlines (00670)
- U.S. September PPI posts largest rise in over four years, far exceeding market expectations
AI-related stocks: Zhipu (02513), Alibaba (09988), Hua Hong Semiconductor (01347), Lenovo (00992)
- AI cloud service provider CoreWeave's credit default swap hits intraday record high
- Jensen Huang says CoreWeave does not need NVIDIA financial backstop
GigaDevice (03986)
- Elon Musk warns of memory overcapacity risks
Mainland bank stocks: CCB (00939), Bank of China (03988), Agricultural Bank of China (01288), ICBC (01398)
- PBOC Governor Pan Gongsheng says moderately accommodative monetary policy will continue to be well implemented
Ganfeng Lithium (01772)
- Third-quarter profit of RMB 760 million, up 36%; first nine months profit up 195-fold year-on-year
Hans Technology (03200)
- First nine months profit exceeds RMB 1.5 billion, up 2-fold; revenue up 1-fold
Longsys (09976)
- Expects third-quarter non-recurring profit to reach over RMB 4.7 billion, up 10-fold
The 'Big Three' Oil Companies: PetroChina (00857), CNOOC (00883), Sinopec (00386)
- IEA accelerates release of remaining 100 million barrels of oil reserves
Air China (00753)
- September passenger volume of 14 million, up 3% year-on-year; first nine months passenger volume up nearly 5%
China Southern Airlines (01055)
- September passenger volume of 14.43 million, up 1.7% year-on-year; first nine months passenger volume up 1%
China Eastern Airlines (00670)
- September passenger volume of 12.49 million, up 4%; first nine months passenger volume up 1%
CMGE Technology (01119)
- Plans to raise net proceeds of HK$56.63 million via share placement at over 10% discount, to be invested in AI agents and game development
Fudan Microelectronics (01385)
- Expects first nine months profit to exceed RMB 1.1 billion, up 2.5-fold year-on-year
Black Sesame Intelligent (02533)
- Core employees plan to spend up to RMB 50 million to increase shareholdings before end of November
【OIL & GOLD QUOTES】
NYMEX crude oil down 0.41%, at $97.57/barrel
Brent crude oil down 0.35%, at $105.69/barrel
Spot gold down 0.35%, at $4,156.20/ounce
Gold futures up 0.16%, at $4,176.75/ounce
