AI热潮对利率变化并不敏感，即使融资成本上升，相关投资仍在快速扩张，不断吸走原本可能流向房地产和汽车行业的资金、电力及劳动力，形成类似“荷兰病”的经济效应。由于货币政策无法解决这种资源配置失衡，美联储陷入两难局面，不得不将利率维持在较高水平更长时间。真正能够从根本上解决这一问题的，是扩大供给。（阿波罗全球管理公司） 注：“荷兰病”指某个行业快速繁荣，吸引大量资本和劳动力，导致其他行业资源流失、竞争力下降的经济现象。

On Oct. 9 President Zelenskiy said multiple grid and transmission facilities across Ukraine were damaged and repair teams are working round‑the‑clock. He ordered the Infrastructure Ministry and regional military administrations to assume primary responsibility for restoring damaged power assets and normal supply as quickly as possible. On Oct. 8 the Energy Ministry said Russian strikes hit Kyiv’s power‑supply grid, causing widespread outages and unstable supply in parts of the capital and affecting large numbers of users.

GAC Group said September vehicle production was 136,150 vehicles, down 24.01% YoY; year-to-date production 1,162,939 vehicles, down 6.03% YoY. September vehicle sales were 128,634, down 25.72% YoY; year-to-date sales 1,141,237, down 3.58% YoY.