Morning News

# Market Overview

Weak quarterly results from Netflix and Texas Instruments, combined with escalating global trade tensions, dampened risk appetite. The sell-off in "momentum stocks" continued, with the Nasdaq leading the decline among the three major U.S. stock indices.

Apple ended its winning streak, falling 1.64%. Google announced a major breakthrough in its quantum chip "Willow," triggering a sharp drop in quantum computing concept stocks—QBTS plummeted 15% and RGTI fell nearly 10%. EDA software stocks also plunged at one point during the trading session.

The 10-year U.S. Treasury yield declined for the third consecutive day, dropping 0.58 basis points. The U.S. dollar ended its three-day rally, rising first and then falling intraday, with a drop of 0.36% from its daily high at one point. Bitcoin erased all of its gains from the previous day, falling below the $108,000 support level. Ethereum dropped 5%.

Gold once fell to near $4,000, then fluctuated widely, with an intraday volatility of 3.7%. Silver dipped during the session but found support at the $48 level. By the end of the New York trading session, Comex gold and silver closed higher than their Tuesday levels. The Russia-Ukraine situation pushed U.S. oil prices up by approximately 3.2%.

During the Asian trading session, China's ChiNext Index fell 0.8%; Agricultural Bank of China hit a new all-time high; the Hang Seng Tech Index dropped over 1%; Laopu Gold (Lao Pu Gold) plummeted more than 8%; government bonds rebounded; and Shanghai Gold futures fell 4% against the trend.

# Key News

The expiration of tax credits drove a strong rebound in Tesla's Q3 revenue, but its profits fell by a more-than-expected 31%, with tariffs impacting over $400 million. Elon Musk stated that the Optimus 3 might be launched in the first quarter of next year; both Samsung and TSMC will participate in the design of AI 5 chips. Tesla's stock price fell by 4% at one point after the market closed.

SAP, the "largest weight stock in European stocks," reported Q3 cloud revenue below expectations, causing its stock price to drop 4% after hours.

Slowing growth in IBM's Red Hat business raised concerns among investors, leading to a 5% decline in IBM's after-hours stock price.

Wall Street is experiencing its strongest earnings season in four years, with 85% of S&P 500 companies reporting profits above expectations.

Turmoil reemerged in the subprime lending market, with PrimaLend filing for bankruptcy.

Gold ETF holdings reached their highest level since 2022. A Goldman Sachs trader commented: "The gold price chart looks like the collapse of a speculative stock." After the sharp overnight drop in gold and silver prices, traders are closely monitoring the "technical make-or-break levels": $4,000 for gold and $48 for silver.

Fed's "Historic" Fintech Conference: Governor Waller emphasized actively embracing payment innovation and proposed the concept of a "streamlined master account." Cathie Wood (Ark Invest) stated that AI is ushering in the era of "Agent Commerce." Amid a shift in regulatory sentiment, the Federal Reserve is considering lowering bank capital requirements from 19% to a minimum of 3%. The lack of Fed data has added to woes; the "New Fed Wire" (a term referring to authoritative sources on Fed news) reported that ADP has terminated its data-sharing partnership with the Federal Reserve.

The U.S. government shutdown entered its 22nd day, marking the second-longest shutdown in U.S. history, and the unemployment rate may rise temporarily!

Trump announced the cancellation of his meeting with Putin in Budapest. Reports indicate that the U.S. has lifted key restrictions on Ukraine's use of long-range missiles. In Trump's first term, the U.S. imposed sanctions on two major Russian oil companies, leading to a 4% surge in oil prices during the session.

Indian media reported: India and the U.S. are close to reaching a trade agreement, with tariffs to be reduced from 50% to 15%.

Goldman Sachs' "Double 11" (China's major annual shopping spree) Observation: The event started earlier than ever before, and AI has significantly improved efficiency and conversion rates.

Apple's iPhone Air made a lackluster debut in China, with most customers only testing the device without purchasing. Additionally, sources revealed that production of the iPhone Air has been temporarily suspended.

Google announced a major breakthrough in its quantum chip "Willow": Its algorithms can be repeatedly verified, and practical application may be achieved within five years.

# Market Closing Quotes

## U.S. and European Stocks

- S&P 500: Fell 0.53%, closing at 6,699.40 points.

- Dow Jones Industrial Average: Fell 0.71%, closing at 46,590.41 points.

- Nasdaq Composite Index: Fell 0.93%, closing at 22,740.396 points.

- Europe's STOXX 600 Index: Fell 0.18%, closing at 572.29 points.

## China A-Shares

- Shanghai Composite Index: Closed at 3,913.76 points, down 0.07%.

- Shenzhen Component Index: Closed at 12,996.612 points, down 0.62%.

- ChiNext Index: Closed at 3,059.32 points, down 0.79%, with a trading volume of 416.5 billion yuan.

## Bond Market

- U.S. 10-Year Treasury Yield: Fell 1.15 basis points, closing at 3.9512%.

- U.S. 2-Year Treasury Yield: Fell 1.48 basis points, closing at 3.4403%.

## Commodities

- COMEX Gold Futures: Rose 0.22%, closing at $4,118.20 per ounce.

- COMEX Silver Futures: Rose 1.03%, closing at $48.195 per ounce.

- WTI Crude Oil Futures (December contract): Rose 2.20%, closing at $58.50 per barrel.

- Brent Crude Oil Futures (December contract): Rose 2.07%, closing at $62.59 per barrel.

**Source**: Wall Street CN (Wall Street Insights)  

### Notes on Key Terms

1. "动量股" (Momentum Stocks): Stocks that have shown strong price trends (either upward or downward) over a recent period, often favored by traders for short-term gains.

2. "EDA软件" (EDA Software): Electronic Design Automation software, critical for designing semiconductors and integrated circuits.

3. "恒科指" (Hang Seng Tech Index): An index tracking the performance of technology-related companies listed on the Hong Kong Stock Exchange.

4. "沪金" (Shanghai Gold Futures): Gold futures contracts traded on the Shanghai Futures Exchange, a key benchmark for gold trading in China.

# Detailed Key News

## Global Highlights

The expiration of tax credits drove a strong rebound in Tesla's Q3 revenue, but its profits plummeted by a more-than-expected 31%, with tariffs impacting over $400 million.

Tesla's Q3 revenue reversed from a 12% decline in Q2 to a 12% growth, far exceeding analysts' expectations, and its automotive revenue hit a nearly two-year high. However, its EPS (Earnings Per Share) fell 31% year-on-year, while revenue from "carbon credits" dropped for the fifth consecutive quarter to a two-year low. Revenue from its energy storage business rose 44%, with gross profit reaching a new high of $1.1 billion. South Korea became the company's third-largest market, and the launch of the monitored version of FSD (Full Self-Driving) in China and Europe is still pending regulatory approval. The company plans to mass-produce Cybercab, Semi, and Megapack 3 next year, but has not yet provided production guidance.

Tesla's CFO stated that tariffs and competition are the two major headwinds. Elon Musk mentioned that Optimus 3 may be released in the first quarter of next year, describing it as "an incredible surgeon." Both Samsung and TSMC will participate in the design of AI 5 chips. Tesla's stock price fell by more than 4% in after-hours trading.

SAP, the "largest-weighted stock in European equities," reported Q3 cloud revenue below expectations, leading to a 4% drop in its after-hours stock price. As Europe's largest software company by market capitalization, SAP released its Q3 financial results, showing stable overall performance but cloud business revenue slightly below market expectations, which caused its stock price to fall by approximately 4% in after-hours trading at one point. The company maintained its full-year 2025 growth outlook, expecting cloud revenue to be at the lower end of the guidance range and operating profit at the higher end. Management stated that despite macroeconomic uncertainties, SAP's cloud business still demonstrated resilience; however, analysts pointed out that trade disputes and slowed spending by manufacturing customers exerted pressure on the quarterly performance.

Slowing growth in IBM's Red Hat business raised concerns among investors, resulting in a 5% decline in IBM's after-hours stock price. Although IBM's Q3 revenue and EPS both exceeded Wall Street expectations, and the company raised its full-year free cash flow guidance, the revenue of the high-margin software and cloud service Red Hat division— which has attracted much attention— was disappointing. This triggered worries among investors who view the software business as one of the company's key growth drivers.

Wall Street is witnessing its strongest earnings season in four years, with 85% of S&P 500 companies reporting profits above expectations. Among S&P 500 companies that have released their Q3 results so far, approximately 85% have exceeded profit expectations, the highest proportion since 2021. JPMorgan Chase predicts that S&P 500 components will achieve a double-digit profit growth of about 12%, higher than the market's general expectation of 7.7%.

Turmoil has reemerged in the subprime lending market, with PrimaLend filing for bankruptcy. PrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors and failure to make interest payments on time, becoming the latest sign of pressure in the U.S. economy's sector targeting low-income consumers. PrimaLend's bankruptcy filing came just weeks after the bankruptcy of Tricolor Holdings, another dealer engaged in "car sales with financing." JPMorgan Chase CEO Jamie Dimon warned last week that more problems may arise in the credit sector, stating, "When you see one cockroach, there are usually more."

Gold ETF holdings hit a new high since 2022. Gold prices suffered their largest single-day drop since 2013 on Tuesday. Around 11:40 p.m. Beijing time on Wednesday, spot gold fell by approximately 2.2% intraday; by the close of trading in New York on Wednesday, the decline in spot gold narrowed, and gold futures turned to a slight increase. Amid this context, the number of physically backed gold ETFs held by investors has climbed to a three-year high. Analysts pointed out that the recent rise in gold prices has been accompanied by a significant expansion in the scale of ETFs. ETF funds are typically of the "fast in and fast out" type, and the market trends driven by them are often highly volatile.

Why did gold prices plummet? A Goldman Sachs trader commented: "The gold price chart looks like the collapse of a speculative stock." Goldman Sachs analyzed that there was no "obvious trigger" for this plunge, which was mainly attributed to extremely crowded long positions in the market after nine consecutive weeks of gains, leading to a technical "stampede." ETFs became the main battlefield of this sell-off, with the trading volume of gold ETFs accounting for 8% of the total nominal trading volume of all listed ETFs in the U.S. at one point, a record high. Traders suggested that this might be an opportunity for "buying on dips," and once there are signs of market stabilization, capital inflows will occur.

A historical review after gold's nine consecutive weeks of gains: A correction of 20%-40% is usually seen in the next year, with only 1970 being an exception. Guosen Securities stated that after reviewing the market trends of gold following several periods of nine consecutive weeks of gains in history, investors need to be mentally prepared and manage their positions for a potential adjustment that may last for several months and reach a magnitude of 20%-40%. However, the logic behind the long-term bull market for gold remains solid. Factors such as the restructuring of the global monetary and credit system, the trend of de-dollarization, continuous gold purchases by central banks around the world, and structural imbalances between supply and demand constitute the core support for gold's rise.

After the sharp overnight drop in gold and silver prices, traders are closely monitoring the "technical make-or-break levels": $4,000 for gold and $48 for silver. On Tuesday, spot gold plummeted by 6.3% at one point, approaching the $4,000 per ounce mark; silver hovered around the $48 "make-or-break level." Analysts pointed out that these two price levels coincide with their respective 21-day moving averages and are key support levels for the battle between bulls and bears. If gold falls below $4,000, the next support level may be at $3,800; if silver loses the $48 level, it may drop to $44.

Federal Reserve's "Historic" Fintech Conference: Governor Waller emphasized actively embracing payment innovation and proposed the concept of a "streamlined master account," while Cathie Wood (Ark Invest) stated that AI is ushering in the era of "Agent Commerce."

Waller proposed the concept of a "streamlined master account" to provide basic payment services for non-bank payment companies, with a faster approval process but limited functions. This also means that stablecoin issuers and crypto payment companies are expected to directly access the Federal Reserve's payment system.

Cathie Wood proposed that the AI-driven "agent payment system" will usher in the era of "Agent Commerce." AI can not only "know" but also "execute," making independent financial decisions on behalf of users. She predicted that AI and blockchain will jointly unleash enormous productivity, and the U.S. real GDP growth rate is expected to reach 7% in the next five years.

Amid a shift in regulatory sentiment, the Federal Reserve is considering lowering bank capital requirements from 19% to a minimum of 3%. The Federal Reserve has presented a revised plan to other U.S. regulatory agencies. Some officials estimate that the new plan will reduce the overall capital increase of most large banks to between 3% and 7%, a figure far lower than the 19% increase proposed in the 2023 plan and also lower than the 9% increase in the compromised version last year.

The lack of Federal Reserve data adds to woes! The "New Fed Wire" (an authoritative source on Fed news) reported that ADP has terminated its data-sharing partnership with the Federal Reserve. Since at least 2018, ADP has been providing datasets to the Federal Reserve, covering 20% of the U.S. private sector workforce with a delay of only about one week. Shortly after Federal Reserve Governor Waller's speech at the end of August drew external attention to the Fed's long-term use of ADP's weekly salary data, ADP stopped providing data to the Fed. The Fed's use of ADP data is not a new practice. Fed Chair Powell has tried to persuade ADP to resume data sharing but has not yet succeeded. With the U.S. government shutdown, the lack of data has gained new significance.

The U.S. government shutdown entered its 22nd day, marking the second-longest shutdown in U.S. history, and the unemployment rate may rise temporarily! Bloomberg economist Anna Wong stated that the shutdown will lead to a temporary slight increase in the unemployment rate, but it will fall back to 4.3% after the government reopens. Morgan Stanley estimates that 750,000 federal employees will be furloughed daily. Although they will eventually receive back pay, they will be counted as unemployed in statistics, which may "technically" push the unemployment rate up by 44 basis points.

Trump announced the cancellation of his meeting with Putin in Budapest. U.S. President Trump stated that he believed a meeting with Russian President Putin would be "inappropriate," so he canceled the meeting with Putin in Budapest. Trump said he believed it was time to impose sanctions on Russia and hoped the sanctions would not last long.

Reports indicate that the U.S. has lifted key restrictions on Ukraine's use of long-range missiles, leading to a rise in crude oil prices, which surged by more than 4% intraday. Media reported that the U.S. policy adjustment allows Ukraine to step up attacks on targets within Russia, aiming to increase pressure on Russia to end the conflict. The Ukrainian military stated on Tuesday that it used "Storm Shadow" missiles provided by the UK to break through Russia's air defense system and launch large-scale air strikes on Russian chemical plants. U.S. officials expect Ukraine to launch more cross-border attacks using "Storm Shadow" missiles. After Trump claimed the reports were fake news, the increase in U.S. oil prices narrowed to around 3%. The U.S. Treasury Department issued a statement, adding oil companies such as Rosneft to the list of new sanctions targets against Russia, and U.S. oil prices rose by more than 4% intraday. This marks the first time during Trump's term that the U.S. has imposed sanctions on two major Russian oil companies.

Indian media reported: India and the U.S. are close to reaching a trade agreement, with tariffs to be reduced from 50% to 15%. According to Indian media outlet Mint, India and the U.S. are close to finalizing a trade agreement. India may agree to gradually reduce oil imports from Russia in exchange for tariff concessions from the U.S. Earlier, according to The Times of India, the first phase results of this trade agreement are expected to be finalized between October and November. The goal of the agreement is to increase bilateral trade volume to $500 billion by 2030.

Goldman Sachs' "Double 11" (China's major annual shopping spree) Observation: The event started earlier than ever before, and AI has significantly improved efficiency and conversion rates. Goldman Sachs stated that this year's Double 11 set a record for the "earliest start" and the longest duration, with the entire shopping festival cycle extended to 31-57 days. AI has significantly improved efficiency and conversion rates. Alibaba's six AI tools have achieved remarkable results in increasing click-through rates (total clicks in the recommendation stream +10%) and merchants' ROI (Return on Investment, +12%). By expanding the duration of user behavior analysis from 0.5 years to 10 years and increasing the number of processed cases from 1,000 to 100,000, the algorithm has improved purchasing efficiency by 25%. In addition, AI customer service has been adopted by 1.58 million merchants, saving them an average of 20 million yuan per day.

Apple's iPhone Air made a lackluster debut in China, with most customers only testing the device without purchasing— has production been suspended? The market response to Apple's new iPhone Air has been lukewarm, with no queues for purchases at stores, and "more onlookers than buyers." Priced at 7,999 yuan, this model only supports eSIM cards, which resulted in its launch in China being one month later than the global launch and may become one of the factors affecting its sales. Additionally, sources revealed that production of the iPhone Air is currently suspended.

Google announced a major breakthrough in its quantum chip "Willow": Its algorithms can be repeatedly verified, and practical application may be achieved within five years. On Wednesday, Google announced that its "Willow" quantum computing chip successfully ran a new algorithm called "Quantum Echoes," which is 13,000 times faster than the world's most powerful supercomputer, and for the first time achieved results that can be repeatedly verified on different quantum platforms. This achievement has been published in the journal *Nature* and is regarded as an important step toward the practical application of quantum computing. The research team stated that this algorithm can be used for molecular structure calculation, opening up new directions for fields such as drug research and development and battery design, with the goal of achieving practical application within five years.

## Domestic Macroeconomics

*Study Times*: Promote the expansion, quality improvement, and upgrading of consumption through more powerful policy coordination. An article published in *Study Times* stated that it is necessary to improve the linkage between fiscal interest subsidies and financial credit to accurately guide the flow of funds into the consumer sector; promote the matching of regulatory and industrial policies to facilitate the healthy development of new consumption formats; promote policy spatial coordination with consumer-centric cities and counties as carriers; combine short-term incremental policies with in-depth reforms, and establish a long-term mechanism for expanding consumption through institutional reforms such as income distribution and social security, so that residents "can consume, dare to consume, and are willing to consume."

Goldman Sachs: A "slow bull market" is taking shape in China's stock market, and key A/H indices are expected to rise by 30% by the end of 2027. Goldman Sachs stated that China's stock market will enter a more sustained upward phase, and key indices are expected to see an increase of approximately 30% by the end of 2027, mainly driven by a 12% trending growth in earnings and a further revaluation potential of 5%-10%.

## Domestic Companies/Industries

Asian stock exchanges have begun to "resist" digital currency treasury companies, and reports indicate that the Hong Kong Stock Exchange has rejected at least five applications. Reports stated that major Asian stock exchanges, including those in Hong Kong, India, and Australia, are collectively rejecting listing applications from "digital asset treasury" companies whose core business involves purchasing and holding large amounts of cryptocurrencies. The Hong Kong Stock Exchange has rejected at least five applications citing the "cash company" rule. The Australian Stock Exchange has also restricted listed companies from allocating more than half of their balance sheets to cash-like assets.

The expansion of energy storage will become a global trend, with China's exports surging by 220%. Chinese battery manufacturers have taken a leading position in the global market with strong export growth. In the first half of the year, Chinese energy storage companies received a total of 186 GWh of overseas orders, a year-on-year increase of more than 220%. The deployment of energy storage worldwide is also accelerating. Institutions predict that by 2034, the global investment in battery energy storage will reach approximately $1.2 trillion to support the large-scale grid connection of renewable energy.

Zhu Gongshan of GCL Group: The supply-side reform in the photovoltaic industry may be basically completed next month. Zhu Gongshan stated, "The supply-side reform implemented in the new energy industry, especially our photovoltaic industry, is in progress, and I think it will be basically completed next month. The photovoltaic industry is expected to fully enter a turning point of improved supply-demand relations next year. The prices of the industrial chain will gradually stabilize and rise, and the profitability of enterprises will recover."

China Unicom's revenue in the first three quarters increased by 1.0% year-on-year, and its net profit grew by 5.1%, with "China Unicom Cloud" revenue reaching 52.9 billion yuan.

# Overseas Macroeconomics

Goldman Sachs Trader: Momentum Stocks Plummet; "Hottest Stocks" in U.S. Equities Hit by "Largest Sell-Off"  

Momentum stocks, which have led the market rally since the start of this year, are experiencing a sharp sell-off, with "forced liquidation" occurring within the market. A Goldman Sachs trader warned that this downward trend may not yet be over, affected by the seasonal pattern of weak year-end performance and the extremely crowded positions of hedge funds. Capital is shifting from high-volatility tech concept stocks to stable "quality stocks," indicating a significant reversal in market risk appetite.

Yen Depreciation Drives Japan’s September Exports Up 4.2%, Rebounding for the First Time in Five Months!  

Japan’s exports to the Asian market rose by 9.2% in September, with shipments of chips and electronic components—key growth drivers—surging by 12.6%. However, U.S. tariffs continued to weigh on exports to the U.S., which contracted for the sixth consecutive month, with significant declines in products such as automobiles. Economists warned that if the yen appreciates and the global economy slows, exports will continue to face pressure.

First Economic Stimulus Package Under Sanae Takaichi Unveiled, Scale May Exceed 13.9 Trillion Yen!  

Japan’s new Prime Minister Sanae Takaichi is preparing to launch an economic stimulus package, which may exceed the 13.9 trillion yen scale of the previous year and could be announced as early as next month. The package will focus on addressing inflation, investing in growth industries, and safeguarding national security. Specific measures include energy subsidies and encouraging enterprises to raise wages, while investing in strategic fields such as AI and semiconductors and enhancing supply chain resilience.

Sanae Takaichi Administration Plans to Purchase U.S. Soybeans, Pickup Trucks, and Natural Gas in Preparation for Talks with Trump Next Week  

To prepare for the meeting with U.S. President Trump next week, the Japanese government is finalizing a package procurement plan, including U.S. pickup trucks, soybeans, and natural gas, to show goodwill in trade and security negotiations. Officials will also submit a list of candidate projects under the $550 billion investment agreement, which will be reviewed by both governments, with the final selection to be made by Trump.

Zinc Prices Rise for Three Consecutive Days! Traders Scramble for Inventories; LME Zinc Market Faces Tightest Situation in Decades  

Currently, only 24,425 tons of zinc are available for withdrawal from LME warehouses. For the global market, which consumes 14 million tons annually, this inventory level is even less than one day’s demand. Short sellers face enormous pressure to cover their positions or deliver physical zinc.

# Overseas Companies

Samsung and Google Jointly Launch Galaxy XR Smart Headset with Gemini, Challenging Apple and Meta  

Samsung, in collaboration with Google and Qualcomm, released the Galaxy XR headset equipped with the Android XR system and Gemini AI. It supports gesture and eye-tracking, can analyze objects in the field of view and provide information, and is priced at $1,799. Samsung stated that the headset is the first step, and its strategic focus is to lay the foundation for lightweight "AI glasses" in the future.

Airbnb CEO: Self-Developed AI Agents Rely Heavily on Alibaba’s Qianwen Model, Faster and Cheaper Than OpenAI  

Enterprises are shifting their focus from technological leadership to cost-effectiveness when selecting AI models. Airbnb’s CEO admitted that although the company’s AI customer service agents are built on 13 different models, they actually rely heavily on Alibaba’s Qianwen model; OpenAI’s latest models are not frequently used in actual production because there are faster and cheaper alternatives.

2025 OCP Computing Power Conference: Super Node "Scale Up" Takes Center Stage  

Morgan Stanley believes that all technological breakthroughs at the OCP Computing Power Conference—from AMD’s ultra-wide Helios cabinet, to the 800V DC power architecture aiming to disrupt the power supply landscape, and Google’s 2MW liquid cooling unit—revolve around a common goal: building gigawatt-level AI data centers with larger scale, higher power, and better energy efficiency.

Amazon Launches "Three-in-One" Warehouse Robot; Morgan Stanley: $4 Billion in Savings by 2027  

The new multi-functional warehouse robot system "Blue Jay" integrates multiple processes such as picking, sorting, and consolidating packages, aiming to combine three previously independent robot workstations into one. Amazon’s automation-driven efficiency improvements and their impact on the workforce have once again become a focus. In a report on Wednesday, Morgan Stanley analysts estimated that the promotion of automated warehouses, combined with cost reductions, could save Amazon up to $4 billion by 2027.

Birkin Bags Gain Popularity Among U.S. Consumers; Hermès Q3 Sales Rise 9.6%  

Hermès performed particularly well in the U.S. market, with quarterly revenue in the region increasing by 14.1%, exceeding expectations, and the Chinese market also showing improvement. The company’s sustained stable performance has further strengthened market confidence that the downturn in luxury goods demand is easing.

Kering’s First Positive Surprise in a Year: Q3 Revenue Drops 10% but Less Than Expected, North American Sales Resume Growth, Stock Price Jumps  

For the first time in five consecutive quarters, Kering’s single-quarter revenue outperformed analysts’ expectations; same-store sales fell by 5% in Q3, only one-third of the decline in Q2. Same-store sales of its core brand Gucci dropped by 14%, with the decline narrowing by more than 40% quarter-on-quarter; same-store sales in North America increased by 3%, reversing the double-digit decline in the previous two quarters. The CFO stated that new products such as Gucci’s mini GG handbags helped drive sales recovery. After the earnings report was released, Kering’s U.S.-listed shares, which had fallen by more than 2% in early trading, rose by more than 8% in midday trading.

U.S. Retail Investors "Short Squeeze" Beyond Meat Again; Stock Surges by Nearly 1300% in 4 Days!  

Plant-based meat company Beyond Meat experienced a "short squeeze" as retail investors targeted its extremely high short positions, with its stock price surging by nearly 1300% in four days. The latest catalyst was the announcement of expanding its sales network in Walmart. However, significant risks lurk behind this frenzy: the company has just completed a debt restructuring that will lead to massive dilution of existing shareholders’ equity, creating an opportunity for creditors to exit at high prices.

# Industries/Concepts

## 1. AI Glasses  

According to DoNews, while releasing its first XR headset, Samsung officially announced its entry into the AI glasses field. The company is collaborating with Google and well-known eyewear brands such as Gentle Monster and Warby Parker, committed to integrating AI technology with fashion design to launch smart glasses that combine style and technological sense. The new product will be based on the Android XR system and deeply integrated with Google’s Gemini multimodal AI model to achieve a seamless connection experience. Although the specific release date has not been announced, according to previous information, the first AI glasses without display functions may debut in 2026, and a version supporting AR display will be launched later, directly competing with Meta’s Ray-Ban series of smart glasses.  

**Commentary**: Analysts believe that the AI glasses market has experienced explosive growth since the start of this year. According to industry statistics, nearly 30 new AI glasses models were released in the first half of 2025, and nearly 10 more new models will be launched in the fourth quarter. IDC data shows that global smart glasses shipments reached 2.555 million units in the second quarter of 2025, a year-on-year increase of 54.9%; the Chinese market performed even more impressively, with shipments reaching 664,000 units, a year-on-year increase of 145.5%. Market research institutions generally are optimistic about the AI glasses track, predicting that it will achieve dozens of times growth in the next 5-6 years. The market size is expected to reach $300-500 million in 2026, which will be a key year for explosive growth. The share of the Chinese market is expected to increase from 20% in 2024 to 40% in 2030, becoming the core driver of global growth.

## 2. Large Aircraft  

According to CCTV News, on the morning of October 22, the second A320 series aircraft final assembly line at Airbus Tianjin Final Assembly Plant was officially put into operation. After commissioning, Airbus’ production capacity in China is expected to double.  

**Commentary**: Analysts believe that Airbus CEO Guillaume Faury stated that the new final assembly line will provide more flexibility and production capacity for Airbus’ global production system, helping to achieve the goal of producing 75 A320 series aircraft per month by 2027. With the commissioning of Airbus’ second final assembly line in Tianjin, its production capacity in China is expected to double. Currently, Airbus and Chinese suppliers are also promoting more cooperation, which also brings opportunities for Chinese high-end manufacturing enterprises to increase their market share and expand their business in the global aviation field. At present, the number of Chinese cooperative suppliers of Airbus has reached approximately 200, and the supply chain covers fields from upstream raw materials to downstream system assembly.

## 3. Commercial Aerospace  

According to China News Network, on October 22, the first "Xiongan-made" satellite—"Xiongan-1" (Honghu Technology Verification Satellite)—was completed and rolled off the production line. The core R&D tasks of "Xiongan-1" focus on three key technological innovations: the "Baize" high-performance on-board computer, the "Chiyu" large-size flexible solar wing, and the "Jinwu" new-generation Hall electric propulsion system. These innovations solve the problems of "computing power bottlenecks," "energy constraints," and "power efficiency" respectively, promoting the development of communication satellites toward the direction of "high throughput, long service life, and intelligence," and injecting new momentum into the large-scale development of China’s satellite constellations.  

**Commentary**: Analysts stated that "Satellite Computing" focuses on providing space-based high-performance computing services, and realizes AI innovation scenarios such as "space data computed in space" and "ground data computed in space" in applications in government affairs, media, energy, remote sensing and other fields. "Satellite Computing" extends computing power to distant space and every corner of the Earth, truly realizing the leap from "ground data computed on the ground" to "space-ground collaboration." Relying on the unique systematic advantages of satellite networks, "Satellite Computing" not only achieves low-cost, wide-coverage, and sustainable development of computing power, but also revolutionarily promotes the transformation and upgrading of computing power models. "Satellite Computing" will not only deeply empower cutting-edge technology fields such as embodied intelligence and AI agents to meet the urgent needs of real-time computing scenarios, but also accurately connect the huge demands of the 100-billion-level space edge computing market and the trillion-level ground artificial intelligence market, injecting strong momentum into the development of the digital economy.

## 4. Quantum Computing  

According to China High-Tech Network, recently, Li Xiaolong, a doctoral student from the research group led by Professor Feng Feng of the Interconnected Sensing Integrated Circuit and System Team at the School of Microelectronics, Tianjin University, proposed for the first time in the world a method for calculating the amplitude of multi-port electromagnetic responses based on the Harrow-Hassidim-Lloyd quantum algorithm (HHL algorithm). This method has successfully solved the world-class technical problem of being unable to obtain the direction of electromagnetic waves, pushing the cutting-edge field of quantum computing electromagnetics a key step toward practical application.  

**Commentary**: Analysts stated that quantum computing is a brand-new computing model that manipulates information units in accordance with the laws of quantum mechanics. It can effectively solve the problem of insufficient computing power of traditional computing, is regarded as a disruptive technology leading the next round of industrial transformation, and has become a strategic focus of global technological competition. As the core driver of the next generation of information technology, quantum computing is moving from the laboratory to industrial application. Technological breakthroughs, policy support, and market demand are jointly driving the rapid development of the industry. Its application scenarios are expanding from dedicated computing to general computing, promoting in-depth transformation in finance, medicine, energy and other fields. The quantum computing industry is in a critical transition period from "technology-driven to application-led." The period 2025-2030 will be a golden window for commercial implementation, and it is expected to enter a market scale of 100 billion U.S. dollars.

## 5. Geothermal Energy  

The National Energy Administration recently stated that it will steadily promote medium-deep geothermal heating, and encourage localities to select technologies such as "heat extraction without water consumption and complete equal-volume same-layer reinjection" or "sealed, non-interference downhole heat exchange" based on actual conditions, following resource assessment, environmental impact assessment, and economic calculation. At the same time, the National Energy Administration stated that it is conducting research on the development path and key tasks of geothermal energy during the "14th Five-Year Plan" period. The technology of "heat extraction without water extraction" is one of the important methods for geothermal energy development and utilization, and will be the focus of research and included in the 14th Five-Year Plan.  

**Commentary**: Analysts believe that geothermal energy is a clean energy source that does not produce greenhouse gas emissions such as carbon dioxide during use and is environmentally friendly. Compared with traditional fossil energy, geothermal energy has the characteristics of renewability and low carbon, which is in line with the concept of green development. Geothermal energy exists in various forms (such as high-temperature steam, medium-low temperature hot water, etc.) and can be applied in fields such as power generation, heating, and industrial production.

# Preview of Today’s Key News

- China’s RMB share in global Swift payments in September  

- U.S. existing home sales in September  

- Speeches by Michael Barr, Vice Chair for Supervision of the Federal Reserve, and Fed Governor Michelle Bowman  

- Forum on High-Quality Development and Technical Standards of the Photovoltaic Industry  

- Intel releases earnings report  

<End of Full Text>

# Risk Warning and Disclaimer

The market is risky, and investment needs to be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Investment made based on this article shall be at the user’s own risk.