Pre-market highlights: 1. Nasdaq drops 1.38%, Alphabet plunges 12.34% with $479 billion in market value wiped out. Type: Market. Sentiment impact: Negative. The three major U.S. stock indices all closed lower, with the Nasdaq falling 1.38%, the Dow Jones dropping 0.25%, and the S&P 500 declining 0.3%. Alphabet (GOOGL), Google's parent company, reported third-quarter revenue of $127.58 billion, up 25% year-over-year but below market expectations of $127.91 billion, with adjusted earnings per share of $2.67 falling short of the expected $2.97. The stock closed down 12.34%, erasing $479 billion in market value. Storage, optical communications, and cloud services sectors also declined in tandem, with SanDisk and Micron Technology dropping about 5%, Marvell plunging 13%, and CoreWeave falling nearly 5%. International oil prices retreated, with December-delivery WTI crude futures dropping 0.8% to settle at $102 per barrel; spot gold fell 1.13% to $4,021.23 per ounce.
2. U.S. September core PCE rises 3.1% year-over-year; ECB holds three key rates steady. Type: Macro. Sentiment impact: Neutral. According to U.S. Commerce Department data, the September personal consumption expenditures price index rose 3.6% year-over-year, while the core PCE index excluding food and energy rose 3.1% year-over-year and 0.3% month-over-month. Driven by Middle East geopolitical conflicts pushing up international oil prices, energy price increases led to a rebound in overall September inflation. Core PCE is a key inflation indicator the Federal Reserve references when formulating monetary policy. On the same day, the European Central Bank kept its deposit facility rate, main refinancing rate, and marginal lending rate unchanged at 2.50%, 2.65%, and 2.90%, in line with market expectations.
3. National Energy Administration and other departments issue document to build an independent and controllable gas turbine full industry chain system by 2030. Type: Industry. Sentiment impact: Positive. The National Energy Administration and other departments released guiding opinions on promoting gas turbine innovation and development. The document specifies that by 2030, China's independent gas turbine innovation capabilities will be significantly enhanced, with the ability to develop and manufacture complete units and key components, establishing an independent and controllable "R&D—manufacturing—verification—maintenance" full industry chain system, basically meeting domestic needs for distributed energy and offshore oil and gas platform gas turbines, and oil and gas long-distance pipeline compressors. Supporting policies include supporting gas power projects to adopt independently developed gas turbines, promoting relatively stable natural gas supply prices for pilot projects, studying fault-tolerant mechanisms for grid connection of first-unit projects, and encouraging local governments to improve gas power capacity electricity price implementation plans.
4. Multiple companies disclose Q3 reports; Shengyi Technology net profit up 238% year-over-year. Type: Industry. Sentiment impact: Neutral. Q3 reports are entering a dense disclosure period. Shengyi Technology's Q3 net profit rose 238% year-over-year and 61% quarter-over-quarter; Puya Semiconductor's Q3 net profit surged 3,876% year-over-year and 26% quarter-over-quarter; Shengyi Electronics' Q3 net profit rose 37.10% year-over-year and 20% quarter-over-quarter. Some companies saw sequential declines: Longsys' Q3 net profit rose 437% year-over-year but fell 44% quarter-over-quarter, Eoptolink's Q3 net profit rose 61% year-over-year but fell 19% quarter-over-quarter, and Victory Giant Technology's Q3 net profit fell 52% year-over-year and 66% quarter-over-quarter. Meanwhile, BYD's Q3 net profit rose 28.1% year-over-year, while its first three quarters net profit declined 4.2%.
Investment calendar: October 30 — Bank of Japan monetary policy meeting. Institutional views: 1. CITIC Securities: The 2027 macro environment may be relatively subdued; asset allocation strategy suggests defense first, then offense. 2. Huafu Research: The rate decision was held steady as expected, but internal divisions emerged; the hawkish signal released this time was marginally weakened. 3. Sinolink Securities: Oil prices and rate hike uncertainty are short-term constraints on gold, but long-term allocation value remains relatively certain.
Positive and negative outlook: 1. Fed December rate decision. Type: Policy focus. Guotai Haitong: The Fed is marginally more optimistic about the U.S. economy, changing its description from "expanding at a moderate pace" to "expanding at a strong pace," and rate hikes may continue within the year. 2. Physical AI data industry chain. Type: Institutional hot topic. Huayuan Research: Leading manufacturers continue to increase investment; model training demand for real-world physical data is expected to keep growing, with focus on the data and simulation industry chain. 3. Liquid cooling industry at an inflection point for volume ramp-up. Type: Market hot discussion. Zhongtai Securities: Nvidia's Rubin is shifting to full liquid cooling; AI rack power consumption continues to rise, with Nvidia, Google, and domestic super nodes jointly driving demand growth.
Announcement briefs — Positive announcements: 1. Wuliangye: Controlling shareholder Yibin Wuliangye Group cumulatively increased holdings by 36,949,691 shares, with a total increase amount of 2.714 billion yuan. 2. Aluminum Corporation of China: Controlling shareholder Chinalco Group and concerted parties cumulatively increased holdings by 154,868,602 shares, with a total increase amount of approximately 1.255 billion yuan. 3. VeriSilicon: Plans to repurchase shares, with total funds of 25 million to 30 million yuan. Negative announcements: 1. Sunwoda: Terminates the issuance of H-shares and listing on the Hong Kong Stock Exchange Main Board. 2. Chujiang New Material: Controlling subsidiary Dingli Technology plans to apply for delisting from the National Equities Exchange and Quotations. 3. *ST Quanwei: Risk warning that the company's stock may be delisted.
Overseas markets: The three major U.S. stock indices all closed lower, with the Nasdaq falling 1.38%, the Dow Jones dropping 0.25%, and the S&P 500 declining 0.3%. Google's third-quarter revenue and earnings per share both fell short of market expectations, with rising AI investments compounded by slowing search advertising growth; the stock closed down 12.34%, wiping out $479 billion in market value. Storage, optical communications, and cloud services sectors declined in tandem, with SanDisk and Micron Technology dropping about 5%, and Marvell plunging 13%. The Livermore China Concept Stock Leaders Index closed down 0.45%, with 21Vianet falling 9.57%.
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