Pre-market highlights
1. The NASDAQ fell 1.38%, Google fell 12.34%, and the market capitalization evaporated by 479 billion US dollars
Type: Market Sentiment Impact: Negative
The three major US stock indices collectively closed down. The NASDAQ fell 1.38%, the Dow fell 0.25%, and the S&P 500 index fell 0.3%. Google's parent company Alphabet's third-quarter revenue was US$127.58 billion, up 25% year on year, lower than market expectations of US$127.91 billion. Adjusted earnings of US$2.67 per share fell below expectations of US$2.97, closing down 12.34%, and the market value evaporated by US$479 billion. The storage, optical communications, and cloud services sectors fell simultaneously. SanDisk and Micron Technology fell by about 5%, Maywell plummeted 13%, and CoreWeave fell nearly 5%. International oil prices fell. WTI crude oil futures for December delivery fell 0.8%, and the settlement price was 102 US dollars per barrel; spot gold fell 1.13% to 4021.23 US dollars/ounce.
2. The US core PCE rose 3.1% year on year in September, and the ECB kept the three key interest rates unchanged
Type: Macro Sentiment Impact: Neutral
According to data from the US Department of Commerce, the US personal consumption expenditure price index rose 3.6% year on year in September, and the core personal consumption expenditure price index after excluding food and energy rose 3.1% year on year, up 0.3% month on month. Affected by the geographical conflict in the Middle East, which boosted international oil prices, the rise in energy prices led to a rebound in overall inflation in September. Core PCE is an inflation indicator that the Federal Reserve focuses on when formulating monetary policy. On the same day, the ECB kept deposit mechanism interest rates, main refinancing interest rates, and marginal loan interest rates unchanged at 2.50%, 2.65%, and 2.90%, in line with market expectations.
3. The National Energy Administration and other departments issued documents to establish an autonomous and controllable gas turbine entire industry chain system by 2030
Type: Industry sentiment Impact: Positive
The National Energy Administration and other departments issued guidance on promoting the innovation and development of gas turbines. The opinion is clear. By 2030, China's capacity for independent innovation of gas turbines will be significantly enhanced. It will have R&D and manufacturing capabilities for complete machines and key components, and will establish an autonomous and controllable “R&D-manufacturing-verification-maintenance” whole industry chain system, which will basically meet the development needs of domestic distributed energy and gas turbines for offshore oil and gas platforms, and compressors for long-distance oil and gas pipelines. Supporting policies include supporting the adoption of autonomous gas turbines for gas and power projects, promoting relatively stable gas supply prices for pilot projects, studying fault-tolerant mechanisms for grid-connected operation of the first (set) project, and encouraging all regions to improve gas, electricity capacity and electricity price implementation plans.
4. A number of companies disclosed that the net profit of Shengyi Technology increased 238% year-on-year in the third quarter
Type: Industry Sentiment Impact: Neutral
The three-quarter report has entered a period of intensive disclosure. Shengyi Technology's Q3 net profit increased 238% year on year and 61% month on month; Pran Co., Ltd.'s Q3 net profit increased 3876% year on year and 26% month on month; Shengyi Electronics' net profit for the third quarter increased 37.10% year on year and 20% month on month. Some companies declined month-on-month: Jiang Bolong's net profit for the third quarter increased 437% year on year but fell 44% month on month; Xinyisheng Q3 net profit increased 61% year on year but fell 19% month on month; Shenghong Technology's net profit for the third quarter fell 52% year on year and 66% month on month. During the same period, BYD's net profit for the third quarter increased by 28.1% year-on-year, while net profit for the first three quarters decreased by 4.2%.
Investment calendar
Bank of Japan interest rate meeting on October 30
Institutional views
1. CITIC Securities: The macroeconomic environment in 2027 may be relatively lackluster. Asset allocation is recommended to defend first and then fight back
2. Huafu Research: Negotiations are on schedule, but internal differences now exist, and the strength of the hawks released this time weakens marginally
3. Guojin Securities: Uncertainty about oil prices and interest rate hikes is a short-term constraint on gold, and the long-term allocation value is still relatively certain
Positive and negative outlook
1. The Federal Reserve's December interest rate
Type: Policy Focus
Cathay Pacific Haitong: The Federal Reserve is more optimistic about the margins of the US economy. The economic statement changed from a steady pace of expansion to a strong pace of expansion, and interest rate hikes may continue during the year
2. Physical AI data industry chain
Type: Agency Hot Reviews
Huayuan Research: Leading manufacturers continue to increase, and the demand for real physical world data for model training is expected to continue to grow, focusing on the data and simulation industry chain
3. The inflection point of the liquid cooling industry
Type: Hot Market Discussion
Zhongtai Securities: Nvidia Rubin switches to full liquid cooling, AI cabinet power consumption continues to increase, Nvidia, Google and domestic supernodes jointly drive demand volume
Announcement Express
Positive announcements
1. Wuliangye: The controlling shareholder, Yibin Wuliangye Group, increased its holdings by a total of 369,49691 shares, with an increase of 2,714 billion yuan
2. China Aluminum: The controlling shareholder, China Alcoa Group and concerted actors increased their holdings by a total of 1548,68602 shares, increasing their holdings by about 1,255 billion yuan
3. VeriSilicon shares: shares to be repurchased, with a total capital of 25 million yuan to 30 million yuan
Negative announcements
1. Sunwoda: terminated the issuance of H shares and listed on the main board of the Hong Kong Stock Exchange
2. Chujiang New Materials: The holding subsidiary Dingli Technology plans to apply for termination of listing in the National Small and Medium Enterprises Share Transfer System
3. *ST Spring is a risk warning that the listing of the company's shares may be terminated
Overseas markets
The three major US stock indices collectively closed down. The NASDAQ fell 1.38%, the Dow fell 0.25%, and the S&P 500 index fell 0.3%. Google's third-quarter revenue and earnings per share fell short of market expectations. Increased AI investment combined with a slowdown in search advertising growth. The closing session fell 12.34%, and the market value evaporated by 479 billion US dollars. The storage, optical communications, and cloud services sectors fell simultaneously, with SanDisk and Micron falling by about 5% and Mywell by 13%. Livermore's leading Chinese securities index closed down 0.45%, while Century Internet fell 9.57%.