巴西總統盧拉贏得連任，這是巴西現行兩輪制總統選舉制度實施以來，首次出現首輪投票排名落後的候選人最終在第二輪投票中獲勝。市場同樣對選情感到意外，此前隨着計票的進行，預測市場對雙方勝選的押注出現反轉，“博索納羅交易”崩盤，在日上市的巴西股票ETF也因預期破滅而大跌14%。在巴西大選首輪投票中，巴西前總統之子弗拉維奧獲得約47%有效選票，位居第一；盧拉以約2個百分點的差距排名第二。巴西兩輪選舉制度的核心規則是：第一輪必須獲得超過半數的有效選票才能直接當選；如果沒有候選人達到這一門檻，就由得票數最高的兩名候選人進入第二輪，重新投票決出勝者。

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

日本市場上的巴西ETF重挫11%，此前巴西總統盧拉贏得連任。

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.

據巴西高等選舉法院25日晚公佈的計票結果，巴西現任總統盧拉以超3.5個百分點的意外領先優勢成功擊敗前總統之子弗拉維奧。

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