期货意外大跌！这波反内卷行情可能有危险

Group 1 - The recent focus on A-shares may overlook subtle changes in the commodity futures market, where prices of various commodities like lithium carbonate, coal, steel, and industrial silicon have rebounded initially due to the "anti-involution" policy, but recent data shows a decline in demand and supply reduction has interrupted this price recovery [1] - In April, there was optimism regarding the resource sector as many resource stocks were at low levels, but now the sector faces a "strong expectation, weak reality" situation due to insufficient demand despite a belief in the effectiveness of the "anti-involution" policy [4] - The A-share market remains in a bull market, with significant capital waiting to enter, which may prevent immediate price corrections despite weakening fundamentals in certain sectors [4] Group 2 - A report from MIT indicates that up to 95% of companies have seen zero returns on AI investments, leading to concerns about a potential bubble in AI stocks, which has caused declines in major tech stocks like META, Microsoft, TSMC, and Nvidia [6] - Despite the negative sentiment, companies like META and Tencent have demonstrated through financial reports that AI can enhance advertising efficiency and revenue, suggesting that investors in these companies need not panic [6] - The performance of TSMC's stock has stagnated following its earnings report, raising concerns about Nvidia's upcoming earnings report as a potential market mover [6] Group 3 - Baiyun Airport reported a non-recurring net profit of 560 million yuan for the first half of 2025, a year-on-year increase of 32%, with a quarterly net profit of 300 million yuan, marking the highest level since 2019, yet its stock price remains at 2017 levels [7] - The airport's consistent quarterly net profit suggests it could achieve a total net profit of 1.2 billion yuan this year, with a current market capitalization of 23 billion yuan, resulting in a PE ratio of 19 times [7]