MORGAN STANLEY said a hypothetical diesel export ban by the Trump administration could raise US gasoline prices. Analysts including Martijn Rats warn export curbs would fill domestic storage within weeks and force refiners to cut runs by about 2 mln b/d; even if refiners rework output to favor gasoline, gasoline supply would fall roughly 650k b/d. The firm said the ban is not its base case and cautioned that while the measure remains under debate oil markets should expect further volatility.

1、伯恩斯坦在2026年二季度超大規模雲廠商專題報告中明確指出，當前雲行業算力供給的核心瓶頸已經完成切換，GPU硬件的可得性已經不再是首要限制因素，完成建設、通電調試完畢、可以直接承接業務負載的數據中心物理產能，纔是現階段硬性約束。 2、雲廠商即便能夠獲取充足的GPU服務器硬件，在缺少配套供電、散熱與網絡條件的數據中心載體的情況下，硬件只能處於庫存閒置狀態，無法轉化爲對外交付的有效算力。電力獲取、機房建設進度、機房通電投產效率由此上升爲行業核心競爭要素。 3、面對該硬性約束，頭部雲廠商普遍採購第三方已就緒算力作爲補充供給，以此承接激增的客戶需求，第三方算力採購會直接對雲廠商自身毛利率形成壓制。能耗指標、電力配套等資源已經成爲AI算力擴張的前置條件，資本開支的落地效果直接受制於機房通電投產節奏。（伯恩斯坦9月22日報告）

Hong Kong stocks slipped after a weak open; HSI was down 0.52% and the Hang Seng Tech Index down 1.11% at midday. Oil names outperformed—PetroChina (00857.HK) rose over 2%. Large banks traded higher: Agricultural Bank of China (01288.HK) and Industrial and Commercial Bank of China (01398.HK) each gained more than 1%. Green power, agriculture, paper and education sectors were active. Gold stocks plunged—Zijin Gold International (02259.HK) fell over 5%. Lithium battery, PCB, Chinese brokerages and commercial aerospace sectors were weaker.