华尔街见闻早餐FM-Radio | 2025年8月13日

Market Overview - Global trade optimism boosts investor confidence, with US July CPI data reinforcing expectations for a Fed rate cut in September. Risk assets see significant inflows, with the Nasdaq and S&P 500 both rising over 1% to reach historical highs. The Russell 2000 index surges by 3% [1] - In the Asian session, the ChiNext index rises over 1%, driven by a surge in chip stocks, particularly Cambricon, which hits a new high. The Hang Seng Index increases by 0.25%, with Fosun International gaining over 13% [3] Company News - Circle, dubbed the "first stablecoin stock," initially surged over 15% post-earnings but closed with a gain of over 1%. However, stock issuance news led to a post-market drop of over 6%. CoreWeave, another US IPO stock, fell over 10% after earnings [2][8] - Circle reported a 53% year-on-year increase in Q2 revenue, with USDC circulation up by 90%. However, it also faced a net loss of $482 million due to high IPO costs [8] - CoreWeave's Q2 revenue doubled year-on-year, but the growth rate slowed compared to Q1's 420%. The company raised its full-year guidance but reported a larger-than-expected EPS loss, leading to a post-market decline of over 10% [23] Economic Policies - The Chinese government introduces a personal consumption loan interest subsidy policy, directly benefiting consumers and reducing loan costs. The policy covers various sectors, including dining, health, and tourism, with a maximum subsidy of 1% on loans up to 1 million yuan [18][27] - The US Treasury reported a record high of $28 billion in tariff revenue for July, a 273% year-on-year increase, despite an expanding budget deficit [21] Industry Trends - The AI sector is experiencing rapid growth, with significant demand for AI applications. Companies are focusing on improving performance and reducing costs in AI inference technologies [9][32] - The liquid cooling industry is expected to see accelerated growth as a critical infrastructure need for AI, with domestic manufacturers poised to capture overseas supply chain opportunities [32] - The electronic fabric market is anticipated to grow due to underestimated demand and a favorable pricing environment driven by supply constraints [32]