美、布兩油短線上漲1美元，現報97.52美元/桶及106.43美元/桶。

阿波羅全球管理首席經濟學家Torsten Slok在報告中指出，德國在AI、基礎設施、國防及能源安全韌性等領域的投資需求正不斷增長。滿足這些長期需求需要通過信貸和股權市場調動公共及私人資本，但其國內可供投資的機構資金規模相對有限。 在主要發達經濟體中，德國積累制養老金資產佔GDP的比重最低，僅約7%，而瑞典和加拿大分別達到149%和185%。此外， 德國職業養老金計劃僅將14%的資產配置於股票，遠低於歐盟整體的34%和美國的約50% 。但德國家庭儲蓄率高居歐洲首位，大量家庭財富以存款形式持有。德國雖然擁有可觀的居民儲蓄，卻未能充分將其轉化爲可投資於實體經濟的長期資本。正在推進的養老金改革最終可能每年爲積累制養老金體系帶來約900億歐元的新增資金流入，相當於GDP的約2%。養老金改革有望成爲連接德國居民儲蓄與長期投資需求的關鍵紐帶。

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.