巴西总统卢拉赢得连任，这是巴西现行两轮制总统选举制度实施以来，首次出现首轮投票排名落后的候选人最终在第二轮投票中获胜。市场同样对选情感到意外，此前随着计票的进行，预测市场对双方胜选的押注出现反转，“博索纳罗交易”崩盘，在日上市的巴西股票ETF也因预期破灭而大跌14%。在巴西大选首轮投票中，巴西前总统之子弗拉维奥获得约47%有效选票，位居第一；卢拉以约2个百分点的差距排名第二。巴西两轮选举制度的核心规则是：第一轮必须获得超过半数的有效选票才能直接当选；如果没有候选人达到这一门槛，就由得票数最高的两名候选人进入第二轮，重新投票决出胜者。

A Japan-listed Brazil ETF tumbled 11% after President Lula won re-election.

日本市场上的巴西ETF重挫11%，此前巴西总统卢拉赢得连任。

CITIC Securities research note: Cambricon and CHINA'S CPU MAKER HAIGUANG posted Q3 revenue growth and QoQ gross-margin improvement. Domestic allocations and higher rental rates for overseas high-end GPUs are keeping compute-service demand and pricing firm. Integration of general-purpose large models with execution frameworks is improving robot operational capabilities; leading vendors are expanding capacity, and demand for high-quality interactive data, simulation/synthetic datasets and evaluation systems should broaden physical-AI industry demand. Recent PHP and LiteLLM supply-chain incidents underscore needs for exploit mitigation, credential management and runtime protection; model firms are advancing code verification and execution isolation, accelerating adoption of AI-security products. CITIC highlights physical-AI data and simulation, AI security, domestic chips, supernodes and compute-service providers as key investment focus areas.

据巴西高等选举法院25日晚公布的计票结果，巴西现任总统卢拉以超3.5个百分点的意外领先优势成功击败前总统之子弗拉维奥。

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