澳洲聯儲助理主席肯特：住房稅收政策調整的方向有助於貨幣政策發揮作用。

China's industrial enterprises above designated size produced 390 mln t of raw coal in September, down 6.8% YoY, a 0.9 percentage-point narrowing from August; daily average 12.84 mln t. Jan–Sep raw coal output totaled 3.45 bln t, down 3.5% YoY. Crude oil production in September was 18.21 mln t, up 2.2% YoY and accelerating 1.4 percentage points from August; daily average 607 kt. Jan–Sep crude production was 164.6 mln t, up 1.0% YoY. Crude oil processing fell further: September throughput 57.48 mln t, down 8.4% YoY (decline widened 1.5 percentage points vs August); daily average 1.916 mln t. Jan–Sep crude processing totaled 513.6 mln t, down 6.8% YoY.

CITIC Securities research note: The recent correction in China’s AI core names, in both magnitude and duration, now parallels the new‑energy core pullback from late‑2021 to April‑2022. The first round of hardware valuation re‑rating amid a downshift in the super‑cycle’s acceleration (second derivative) appears close to completion. For long‑term investors focused on AI’s growth rate (first derivative) rather than its acceleration, the current adjustment is insufficient to alter the trend. Memory prices, GPU rental rates and CSPs’ (cloud service providers’) profit margins are the key variables to watch for direction of underlying AI demand.