Investment Rating - Investment rating: None [4] Core Views - The partnership between MP Materials and the U.S. Department of Defense (DoD) aims to enhance domestic manufacturing capabilities for rare earth magnets, reducing reliance on foreign supply chains. This collaboration signifies a shift towards localizing critical supply chains amid rising geopolitical uncertainties [4][16][17] - The restructuring of key resource supply chains driven by geopolitical security concerns is expected to be a significant theme for future investment opportunities [4][17] Market Performance Review - The Hong Kong and U.S. tech stocks experienced fluctuations during the week of July 7 to July 11, 2025. The Hang Seng Tech Index closed at 5248.5, up 0.6%, underperforming the Hang Seng Index by 0.3 percentage points. The Philadelphia Semiconductor Index closed at 5696.3, up 0.9%, outperforming the Nasdaq 100 and S&P 500 indices [7][9] - The uranium sector saw gains, with notable increases in companies such as Centrus Energy (+18%) and others [9] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies rose to $3.61 trillion as of July 11, 2025, up from $3.32 trillion the previous week. The total trading volume for cryptocurrencies was $19.32 billion, accounting for 5.35% of the total market cap [19][26] - The sentiment in the cryptocurrency market is currently in the "greed" zone, with a fear and greed index reading of 67 [23] Recent Important Events - The partnership between MP Materials and the DoD is a landmark event, reflecting the U.S. government's push for domestic production of strategic resources [16][17] - The cryptocurrency market saw significant inflows into core asset ETFs, totaling $2.718 billion for the week [28]

周三美股盘中，比特币涨破10.9万美元关口，突破其今年1月20日特朗普就职时创下的纪录高点，刷新历史新高，最高达到109800美元一线，日内上涨约 2.7%，北京时间22:30开始快速走高。不过美东时间下午，受美国20年期国债拍卖不佳影响，多个大类资产齐跌，比特币也自日内高点一度回落超3000美 元。 比特币的大幅走强，这主要得益于企业踊跃参与的势头以及华尔街的采用，美国稳定币立法取得进展，投资者对美国监管政策持乐观预期。 尽管黄金表现已经很是强劲，但若以美国大选以来计算，比特币比黄金表现还要强势： 拉长时间来看，5月份以来，比特币价格大体稳步上升，截至目前本月已上涨近16%。比特币今年迄今已上涨约17%，表现优于其他风险资产，如美股。 以太坊、瑞波币、Solana等其他加密货币盘中也随之上涨。在比特币创下新高之际，市值前十大的数字货币24小时均录得上涨： | # | Name | Price | 1h % | 24h % | 7d % | Market Cap 0 | - | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | B Bitcoin ...