Core Viewpoint - The Chinese stock market has shown significant gains, with a year-over-year increase of over 42% in USD terms and a year-to-date increase of over 26%, despite ongoing debates about the sustainability of the cyclical recovery [1] Group 1: Market Performance - Popular Chinese concept stocks saw early gains, with NIO rising nearly 10%, XPeng up nearly 7%, and other companies like NetEase, Pinduoduo, and Beike increasing by over 2% [1] - Li Auto experienced a rise of nearly 2% [1] Group 2: Economic Outlook - Morgan Stanley has shifted its bullish outlook on the Chinese market from policy easing and low valuations to an early-stage economic recovery [1] - Three key reasons for this shift include: 1. The correlation between the stock market and interest rates showing divergence [1] 2. Increased liquidity flowing into the market [1] 3. The upcoming October plenary session being a critical driver for supply and demand expectations in the real economy [1]

网易(NTES.US)盘前涨1.46%报137.58美元。消息面上，国家新闻出版署官网8月25日公布了2025年8月 国产网络游戏审批信息，166款国产游戏获得版号。龙头大厂依旧"收获颇丰"，国产游戏中，网易的 《天下：万象》等在列。(格隆汇) | NTES 网易 | | | --- | --- | | 135.600 ↑ +3.710 +2.81% | 收盘价 08/25 16:00 美东 | | 137.580 * 1.980 +1.46% | 盘前价 08/26 04:19 美东 | | 一 2 24 4 5 8 日 ♥ 節 | ● 快捷交易 | | 最高价 138.330 | 开盘价 136.900 成交量 153.7万 | | 最低价 135.230 | 昨收价 131.890 成交额 2.1亿 | | 平均价 136.811 | 市盈率 I M 18.23 总市值 858.62亿 …) | | 振 幅 2.35% | 市盈率(静) 21.10 总股本 6.33亿 | | 换手率 0.44% | 市净率 4.104 流通值 475.73亿 | | 52周最高 141.450 委 比 -95.12% ...

作者：情报员 天眼查资料显示，网易有道（杭州）智能科技有限公司，成立于2021年，位于杭州市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本100万美元。通过天眼查大数据分析，网易有道（杭 州）智能科技有限公司共对外投资了4家企业，财产线索方面有商标信息11条，专利信息395条，此外企 业还拥有行政许可1个。 本文源自：金融界 金融界2025年8月26日消息，国家知识产权局信息显示，网易有道（杭州）智能科技有限公司取得一项 名为"词典笔"的专利，授权公告号CN117136389B，申请日期为2022年07月。 ...

Core Points - NetEase Cloud Music emphasizes that it does not have a "visitor record" feature, ensuring user privacy when browsing others' profiles [1][3] - The platform reassures users that actions such as visiting user or artist profiles do not generate visitor records or any other form of tracking [3] - NetEase Cloud Music prioritizes user privacy and adheres to principles of "user awareness, user consent, and minimum necessity" in its privacy protection policies [3] User Privacy Assurance - The company highlights its commitment to safeguarding user privacy and will not disclose any personal information without authorization [3] - Users are encouraged to provide feedback and suggestions to enhance their experience on the platform [3]

Core Viewpoint - The gaming sector is experiencing a strong performance, with significant approval of new game licenses, indicating a high level of industry vitality and potential for investment opportunities [1]. Industry Summary - On August 26, gaming stocks such as Gigabit, Kying Network, Giant Network, Perfect World, and ShengTian Network saw gains, with the gaming ETF (159869) rising over 2.5% [1]. - The National Press and Publication Administration announced the approval of 173 games in August 2025, comprising 166 domestic and 7 imported games, marking a new high for the year [1]. - GF Securities highlighted the sustained high prosperity of the gaming industry, suggesting that improvements in domestic policies and changes in overseas industry trends could enhance valuation opportunities [1]. Company Summary - Tencent's gaming fundamentals are showing marginal improvement, with "Delta Action" expected to become a third long-lasting game alongside "Honor of Kings" and "Peace Elite" [1]. - NetEase's "Dream Journey" PC version is experiencing a revival due to a new version release [1]. - The integration of AI technology is expected to enhance the industry, with multimodal AI models and Agent tools likely to improve advertising material generation efficiency, impacting marketing, education, and gaming sectors [1]. - The gaming sector is poised for multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [1].

美股齐跌 周一美股全线下挫，经济数据不佳打压市场情绪，投资者权衡美联储利率前景，并等待英伟达财报发 布。 截至收盘，道指下跌349.27点，跌幅0.77%，报45282.47点，纳指跌0.22%，至21449.29点，标普500指数 跌0.43%，收于6439.32点。消费品和医疗保健板块领跌。 明星科技股涨跌互现，特斯拉涨1.9%，谷歌涨1.1%，英伟达涨1.0%，苹果和Meta跌0.2%，微软跌 0.6%。 其他个股方面，英特尔跌1%，上周五美国政府宣布将入股这家芯片制造商。 饮料公司Keurig Dr Pepper跌11.5%，此前该公司表示将以184亿美元现金收购JDE Peet's。 家具零售商RH和Wayfair均下跌超过5%，此前美国总统特朗普表示，政府将调查家具进口关税。 纳斯达克中国金龙指数涨0.1%，网易涨2.8%，百度涨2.1%，阿里巴巴涨1.1%，拼多多涨0.9%，京东涨 0.3%。 美联储主席鲍威尔在杰克逊霍尔的言论促使华尔街调整了预期，巴克莱银行、法国巴黎银行和德意志银 行目前预计下个月将降息25个基点。根据伦敦证交所编制的数据，美联储9月份重启宽松的可能性约为 80%。 美国国债 ...

Market Overview - On August 25, US stock indices collectively declined, with the Dow Jones falling by 349.27 points to close at 45,282.47, a decrease of 0.77% [1] - The Nasdaq dropped by 47.24 points to 21,449.29, down 0.22%, while the S&P 500 fell by 27.59 points to 6,439.32, a decline of 0.43% [1] Technology Sector - Major tech stocks showed mixed performance; Tesla rose by 1.94%, Google increased by over 1%, and Nvidia also gained over 1%. In contrast, Microsoft fell by 0.59%, Amazon by 0.39%, Apple by 0.26%, and Facebook by 0.2% [3] - Nvidia announced the launch of the Drive AGX Thor development kit, available for pre-order immediately and set to ship in September, aimed at accelerating the design, testing, and deployment of autonomous vehicles and smart transportation solutions [3] - Nvidia also launched the Jetson AGX Thor developer kit, specifically designed for robotics applications, with a starting price of $3,499, now available for global customers including those in China [3] - Intel stated that Trump's US stockholding plan poses business risks, and on August 22, Intel announced an agreement with the US federal government for an $8.9 billion investment to acquire 433.3 million shares of Intel common stock at $20.47 per share, representing 9.9% of the company [3] Banking Sector - Most bank stocks declined, with JPMorgan down 0.49%, Goldman Sachs down 0.45%, Citigroup down 0.31%, and Morgan Stanley down 0.25%. However, Bank of America rose by 0.04%, and Wells Fargo increased by over 1% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index saw a slight increase of 0.11%. Among popular Chinese stocks, Daqo New Energy rose by over 4%, Melco Resorts increased by over 3%, and NetEase gained over 2%. Conversely, Newegg fell by over 15%, DaJiang Cloud Warehouse dropped by over 9%, and Semtech declined by over 5% [4] Economic Indicators - According to the CME Group's FedWatch tool, traders currently estimate an 84% probability of a Federal Reserve interest rate cut in September [5] - The London Stock Exchange was closed, while the other two major European indices reported declines, with the CAC40 index in Paris closing at 7,843.04, down 126.65 points or 1.59%, and the DAX index in Frankfurt closing at 24,273.12, down 89.97 points or 0.37% [5]

【导读】美股全线收跌，特朗普放话对美药价"动手"，医药股、加密货币股大跌；特朗普解除美联储理事库克职位 昨晚美股市场不平静。 美东时间8月25日周一，美国三大股指全线收跌。截至收盘，道指跌0.77%，报45282.47点；标普500指数跌0.43%，报6439.32点；纳指跌 0.22%，报21449.29点。 特朗普：将把药品价格削减1400%到1500% 受此消息影响，纳斯达克医疗保健指数跌1.85%。 | 序号 名称 | | 现价 | 涨跌幅 ▲ | | 年初至今 | | --- | --- | --- | --- | --- | --- | | 1 新蛋 | | 85.000 | -15.63% | 17亿 | 972.15% | | 2 | COSCIENS BIOPHARMA | 2.930 | -10.90% | 920万 | 5.35% | | 3 | 萨雷普塔(SAREPTA THERAPI | 18.060 | -10.68% | 18亿 | -85.15% | | 4 INOTIV | | 1.740 | -7.94% | 0.6亿 | -57.97% | | 5 | 德康医疗(DEXC ...

Group 1 - JD and Wanda have established a partnership with a total investment of approximately 80.53 billion yuan, focusing on management consulting and information technology consulting [10] - KDP has announced the acquisition of JDE Peet's, with the deal expected to close in the first half of 2026 [12] - Keep reported a revenue of 822 million yuan for the first half of 2025, with an adjusted net profit of 10.35 million yuan, and a gross margin increase to 52.2% [17] - Pinduoduo's second-quarter revenue reached 103.98 billion yuan, showing a year-on-year growth of 7%, while net profit decreased by 4% [16] - Haidilao reported a revenue of 20.7 billion yuan for the first half of 2025, a decline of 3.7% year-on-year, with a net profit of 1.76 billion yuan, down 13.7% [18] Group 2 - Tencent will cease repair services for the domestic Nintendo Switch starting December 31, 2026, following the gradual shutdown of related online services [6] - Utree Technology is facing a lawsuit for patent infringement, marking its first encounter with such legal issues [3] - The Shanghai Disneyland will adjust its ticket pricing structure, adding more price levels while maintaining the current price range of 475 to 799 yuan [5] - Old Puhuang has raised prices on most products by approximately 5% to 13%, with popular items increasing by 1,000 to 3,000 yuan [7]

①美国三大股指全线收跌，道指跌0.77%，标普500指数跌0.43%，纳指跌0.22%； ②大型科技股涨跌不一，英伟达、奈飞、谷歌、特斯拉涨超1%；英特尔跌超1%，亚马逊、Meta、苹 果、微软小幅下跌； ③热门中概股多数上涨，斗鱼、搜狐涨逾3%，网易、高途涨近3%，百度涨逾2%，阿里巴巴涨超1%； ④欧股收盘普遍下跌，德国DAX指数跌0.37%报24273.12点，法国CAC40指数跌1.59%报7843.04点，英 国股市因银行假日休市一天； ⑥美油主力合约收涨1.70%，报64.74美元/桶，布伦特原油主力合约涨1.41%，报68.17美元/桶； ⑦纽约尾盘，美元指数涨0.74%报98.44，离岸人民币对美元涨131个基点报7.1581； ⑧因英国银行假日，LME市场休市； ⑨美债收益率集体上涨，2年期美债收益率涨0.82个基点报3.715%，3年期美债收益率涨1.12个基点报 3.667%，5年期美债收益率涨1.04个基点报3.780%，10年期美债收益率涨0.78个基点报4.269%，30年期 美债收益率涨0.41个基点报4.885%； ⑩欧债收益率普遍下涨，法国10年期国债收益率涨8.9个基点报3 ...