英国央行货币政策委员格林：需要担心当前政策立场不够具有限制性。

Nomura cut CATL (03750.HK) target price to 408 yuan from 632 yuan and kept a Buy rating after third-quarter results missed expectations. Revenue rose 59% YoY and 12% QoQ to 165 bln yuan, broadly tracking battery shipments. Gross margin fell 5.1pp YoY and 2.5pp QoQ to 20.7%, driven by a mix shift toward higher domestic energy-storage sales. Net profit was 21.2 bln yuan, up 15% YoY but down 6% QoQ; net margin declined 4.9pp YoY and 2.4pp QoQ to 12.9%. Management attributed margin pressure to higher battery consumption taxes, reduced export VAT rebates and increased asset-impairment losses. Nomura expects global battery demand to remain resilient over the long term—supported by rising EV penetration in Europe and emerging markets and by energy-security and AI/data-center deployments driving storage demand—and sees planned global capacity expansion progressing on schedule.

城堡证券CEO格里芬：目前AI领域几乎肯定存在泡沫，尽管泡沫往往伴随着重大技术突破。企业正在仔细审查Anthropic和OpenAI的账单，部分公司难以从AI中获取价值。