Observatory / Overview
中EN
Research archive
RESEARCH ARCHIVEPrimary data and report excerpts are labeled separately. Incomplete history stays incomplete.About the data
ARGUS / MONITOR

Overview

Four lenses on capital, demand and returns.

04Research themes
84/86Indicators covered
34Report summaries

Themes in focus

Direction of values, not a bullish or bearish signal
vs. prior periodIncreaseDecreaseUnchangedNot comparable

Global liquidity

GLOBAL LIQUIDITY
01
Dollar funding pressure · SOFR−IORBDaily
-3bp
-1 bp
Unit / bpIndependent scale
Recent average is rising3 vs 3 observations
0
Low -12High 3
2026-07-072026-10-08
Reference 0
History: 193 observationsDirection of values, not a bullish or bearish signal
Theme assessmentS1 · DivergingLiquidity recovers. Demand remains weak.Source note ·
Bank reserves3.03 USD tn
+0.08 USD tn
BTC ETF net flows-2.39 USD 100m
Preliminary; no comparison
Coverage 14/15Explore theme

China economy

CHINA ECONOMY
02
Manufacturing PMI: new ordersMonthly
50.5points
-0.1 points
Unit / pointsIndependent scale
Recent average is flat3 vs 3 observations
50
Low 48.5High 51.6
2025-09-302026-09-30
Reference 50
History: 13 observationsDirection of values, not a bullish or bearish signal
Theme assessmentR2 · Early recoveryOrders expand. Credit awaits confirmation.Source note ·
Industrial producer prices (YoY)3.8 %
+0.3 pp
Household long-term loans-822 CNY 100m
Insufficient observations
Coverage 30/30Explore theme

AI infrastructure

AI INFRASTRUCTURE
03
TSMC consolidated monthly revenueMonthly
5,118.57TWD 100m
-29.49 TWD 100m
Unit / TWD 100mIndependent scale
Recent average is rising3 vs 3 observations
Low 3,176.57High 5,148.06
2026-01-312026-09-30
History: 9 observationsDirection of values, not a bullish or bearish signal
Theme assessmentSTRESSEDClarify end demand. Upstream revenue holds.Source note ·
OpenAI annualized revenue500 USD 100m
Insufficient observations
Samsung operating cash flow / revenue61.27 %
+31.19 pp
Coverage 30/31Explore theme

Energy & inflation

ENERGY & INFLATION
04
US retail dieselWeekly
6.199USD/gallon
-0.183 USD/gallon
Unit / USD/gallonIndependent scale
Recent average is rising3 vs 3 observations
Low 3.459High 6.529
2025-10-062026-10-05
History: 92 observationsDirection of values, not a bullish or bearish signal
Theme assessmentDiverging signalsDiesel falls for two weeks; inventories still decline.Primary-data review · EIA weekly historical data
US distillate inventories105.138 million bbl
-0.042 million bbl
Refinery utilization92.7 %
+0.2 pp
Coverage 10/10Explore theme

Latest research

All research
Daily

AI infrastructure daily report · 2026-10-09 · morning edition

Complete original public research is available in Chinese, including historical tables, judgments and source links.

Read full original
Daily

AI infrastructure daily report · 2026-10-09 · 16:08 revision

Complete original public research is available in Chinese, including historical tables, judgments and source links.

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Daily

Oil costs rise; downstream transmission lacks data

Energy excerpt from the liquidity note; only one oil close is available.

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Daily

Global liquidity daily report · 2026-10-09

Complete original public research is available in Chinese, including historical tables, judgments and source links.

Read full original