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海外科技周报（25/10/13-25/10/17）：风险偏好下降，宜保守行事-20251020
Hua Yuan Zheng Quan·2025-10-20 07:49

Investment Rating - Investment rating: None [4] Core Insights - The report highlights the launch of the "Janus Project" by the U.S. Army, aimed at developing next-generation nuclear power technology to provide reliable and secure energy for national defense facilities and critical missions. The project is expected to enhance domestic enrichment fuel, reactor manufacturing, and nuclear supply chain systems, becoming a core support for the U.S. military's energy strategy [4][16][17] - The report notes a significant decline in Hong Kong tech stocks, with the Hang Seng Tech Index dropping by 8.0%, underperforming the Hang Seng Index by 4.0 percentage points. In contrast, the Philadelphia Semiconductor Index rose by 5.8%, outperforming the Nasdaq 100 and S&P 500 indices [4][7][9] - The report indicates a risk-off sentiment in the market, with ongoing concerns regarding U.S.-China trade tensions and credit risks leading to declines in both U.S. stocks and cryptocurrencies, while gold and U.S. Treasury bonds saw increases [4][28] Summary by Sections 1. Overseas AI - The report covers the performance of the Hong Kong tech sector, noting a decline in the Hang Seng Tech Index and a strong performance in the AI energy sector. The top five gainers included ON Semiconductor (+15%) and NUSCALE POWER (+13%), while the top five losers included Xiaomi Group (-12%) and SenseTime (-11%) [9][14] - The report discusses the Janus Project's strategic importance in enhancing military energy autonomy and resilience, reducing reliance on vulnerable fuel supplies and power grids [16][17] 2. Web3 and Cryptocurrency Market - The global cryptocurrency market capitalization decreased to $3.66 trillion as of October 17, 2025, down from $4.14 trillion the previous week. The total trading volume for cryptocurrencies was $222.36 billion, accounting for 6.08% of the total market cap [21][25] - The report highlights a panic sentiment in the cryptocurrency market, with the Fear and Greed Index at 28, indicating a state of fear among investors [25][28] - The report notes significant outflows from cryptocurrency ETFs, totaling $1.225 billion for the week, driven by concerns over U.S.-China trade tensions and credit risks [30][34]