中國香港9月貨幣供應M3年率 7.5%，前值9.90%。

CITIC Securities says 2026 should be a base year for bulk agricultural commodity prices to bottom and rebuild momentum. International conflicts and El Niño-related weather shocks are pushing up overseas planting-chain prices ahead of domestic staples, which have stabilized at their lows. For 2027, a historically strong El Niño, high farm-input costs, rising bioenergy demand and a falling stocks-to-use ratio should reinforce production-cut expectations and support further price gains. Hogs remain deeply loss-making; continued losses plus policy-driven capacity cuts make a cyclical recovery likely in H2 2027. Meat and poultry chains are showing a mild recovery; post-cycle animal health appears to be bottoming and may rebound. Recommended 2027 positioning: 1. Early exposure to a hog-cycle reversal—favor cost leaders, firms with strong cash-distribution prospects, low-valuation names and companies diversifying into cattle. 2. Operators with stable, cycle-resilient earnings and firms positioned for post-cycle strength. 3. Plays across the crop/planting value chain. 4. Pet-industry chains at an inflection point. 5. Agricultural processors and suppliers of functional ingredients.

Intel CEO said the server CPU market could expand up to fivefold within five years, rising from $40bn to more than $200bn.