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Real-time News
On September 21st, Galaxy Securities released a research report stating that, in the long term, the Feds interest rate hikes will not change the fundamental logic of the AI technology revolution boosting productivity. While AI infrastructure construction may drive up demand for resources such as chips and electricity in the short term, in the long run, AI will create a structural deflationary effect by improving total factor productivity and expanding supply capacity, thus offsetting inflationary pressures. The long-term growth trend of global AI capital expenditure has not reversed, and the demand for computing power will continue to expand. Several Fed officials believe that AI will push up the neutral interest rate level, meaning that even if nominal interest rates remain high, the real policy rate may be relatively low. The growth resilience of the AI industry is sufficient to support its continued development in a high-interest-rate environment. Therefore, in the medium to long term, the fundamental logic of the AI industry remains solid, and the valuation adjustments brought about by interest rate hikes actually provide a more reasonable valuation starting point for companies with real performance support.ANZ Bank: The Reserve Bank of Australia is expected to raise interest rates by 25 basis points in both September and November.Futures News, September 21st: Crude oil prices continued to fall, and while there was positive news and cost support for domestic fuel oil, market participants lacked confidence, risk aversion intensified, and the market returned to being driven by supply and demand. Downstream buyers mostly maintained a cautious approach, restocking only for immediate needs. Market trading slowed down, and it is expected that fuel oil negotiations will remain stable in some areas today, while others may see price reductions to encourage volume.September 21st - ZCode, the AI programming tool from the domestic large-scale model company Zhipu (2513.HK), is about to be officially open-sourced. According to Zhipu, this open-sourcing is the first step in addressing external concerns about ZCodes data processing; in the future, they will further promote ZCode towards a more community-driven approach, welcoming the public to download, review the code, and participate in its improvement.Goldman Sachs: If Persian Gulf LNG exports do not improve significantly this winter, TTF and JKM prices are expected to reach €105/MWh and $35/MMBtu by the end of the year.
