Core Viewpoint - The Federal Reserve decided to maintain the benchmark interest rate unchanged, with notable internal dissent among board members, marking the first time since 1993 that multiple members voted against the decision [2][4]. Group 1: Federal Reserve Decision - The Federal Open Market Committee voted 9-2 to keep the federal funds rate target range at 4.25% to 4.5%, marking the fifth consecutive meeting without a rate change since January [4]. - Board members Michelle Bowman and Christopher Waller opposed the decision, advocating for an immediate rate cut, highlighting significant internal disagreement [4]. Group 2: Market Reactions - Following the announcement, U.S. stock indices experienced a sharp decline, with the Dow Jones Industrial Average falling by 0.38%, the S&P 500 down by 0.12%, while the Nasdaq Composite rose by 0.15% [5][6]. - The closing figures for the indices were: Dow Jones at 44,461.28, Nasdaq at 21,129.67, and S&P 500 at 6,362.90 [7]. Group 3: Economic Outlook - Federal Reserve Chairman Jerome Powell stated that no decisions have been made regarding the September meeting, emphasizing the need to evaluate the latest economic data and trade policy impacts [10]. - The market's expectations for a rate cut in September decreased, with the probability of a 25 basis point cut dropping from 64% to 46% [10]. Group 4: Economic Indicators - Powell noted that while the U.S. economy remains generally robust, recent data indicates a slowdown in economic activity, primarily due to reduced consumer spending [13][14]. - Inflation rates have significantly decreased since mid-2022 but remain slightly above the long-term target of 2%, with the overall Personal Consumption Expenditures (PCE) price index rising by 2.5% over the past 12 months [14]. Group 5: Gold Market Impact - The decision by the Federal Reserve and Powell's comments led to a significant drop in gold prices, which fell by over 1.5% [15][16]. Group 6: Microsoft Performance - Microsoft reported better-than-expected earnings and revenue, with a market capitalization surpassing $4 trillion, making it the second company to achieve this milestone after Nvidia [18][21]. - For the fourth fiscal quarter, Microsoft’s revenue increased by 18% year-over-year to $64.7 billion, marking the fastest growth in over three years [23]. - Azure revenue grew by 39% in the fourth quarter, exceeding analyst expectations, with projections for Azure and other cloud services to exceed $75 billion in fiscal year 2025, a 34% increase from the previous fiscal year [23].

Core Viewpoint - The U.S. stock market is experiencing a significant surge in performance driven by strong earnings reports and positive economic data, indicating robust economic growth and potential investment opportunities. Group 1: Stock Market Performance - Major U.S. stock indices showed slight gains ahead of the Federal Reserve's interest rate decision, with notable increases in high-performing stocks like LendingClub and Wingstop, which surged over 31% and 29% respectively [2][8]. - The overall performance of the stock market is characterized by a broad rally among high-performing stocks, with significant gains reported across various sectors [8]. Group 2: Economic Data - The U.S. Bureau of Economic Analysis (BEA) reported a preliminary estimate of a 3.0% year-over-year growth rate in real GDP for Q2 2025, significantly exceeding market expectations of 2.6% [3][15]. - The second quarter's GDP growth not only reversed the previous quarter's contraction of -0.5% but also reflects strong consumer spending and a notable decline in imports [16]. Group 3: Company Earnings Reports - Wingstop reported a substantial increase in adjusted earnings per share, leading to a stock price surge to its highest level since 2022 [8]. - LendingClub's earnings report showed revenue and earnings per share exceeding expectations, with strong guidance for Q3 performance [8]. - Teradyne, a semiconductor testing equipment manufacturer, also saw its stock rise over 22% following a strong earnings report [8]. Group 4: Upcoming Earnings and Analyst Expectations - Upcoming earnings reports from major companies like Microsoft, Meta, Apple, and Amazon are anticipated to influence market trends, with analysts projecting strong revenue growth for Apple and Amazon [10][12]. - Analysts expect Microsoft's earnings to reflect its leadership in AI and robust core business growth, suggesting a favorable risk-reward profile [11].

Core Viewpoint - Nvidia's stock price increased by over 1%, reaching a high of $177.68, following an upgrade from Morgan Stanley, which raised the target price from $170 to $200 while maintaining an "overweight" rating [1] Group 1: Stock Performance - Nvidia's stock rose more than 1%, peaking at $177.68 [1] Group 2: Analyst Upgrade - Morgan Stanley upgraded Nvidia's target price from $170 to $200 and maintained an "overweight" rating [1] Group 3: Demand and Orders - Nvidia placed an order for 300,000 H20 AI chips with TSMC last week to meet the growing demand in the Chinese market [1]

Core Viewpoint - Oriental Harbor Investment Fund, managed by Dan Bin, reported a significant increase in its US stock holdings, reaching a total market value of $1.127 billion by the end of Q2 2025, with Nvidia remaining the largest position [2][3]. Group 1: Holdings Overview - As of the end of Q2 2025, the fund held 13 US stocks, with a total market value of $1.127 billion, up from $868 million at the end of Q1 [2]. - The top holdings include Nvidia, Alphabet, Meta, Microsoft, Amazon, Apple, Tesla, and Netflix, indicating a strong focus on the artificial intelligence industry [3]. Group 2: Major Stock Changes - Nvidia remains the largest holding with 1,267,651 shares valued at over $200 million, despite a reduction of 110,769 shares from the previous quarter [4]. - The fund increased its position in Alphabet to 921,482 shares, valued at $163.46 million, reflecting a 267,164 share increase [4][7]. - New positions were established in Tesla (198,192 shares valued at $62.96 million), Netflix (42,760 shares valued at $57.26 million), and Coinbase Global (156,865 shares valued at $54.98 million) [9]. Group 3: Reductions in Holdings - The fund significantly reduced its holdings in Amazon to 359,165 shares, valued at $78.80 million, following a volatile stock performance [11]. - Reductions were also noted in positions for Meta, Microsoft, and Apple, with Apple holdings decreasing to 338,432 shares valued at $69.44 million [13].

港股全天承压下挫，其中，恒科指表现最差，午后一度跌超3%，恒指及国指则均跌超1%。截止收盘， 恒生指数跌1.36%或347.52点，报25176.93点，全日成交额为3196.52亿港元；恒生国企指数跌1.18%，报 9038.27点；恒生科技指数跌2.72%，报5490.76点。 光大证券认为，港股整体盈利能力相对较强，同时互联网、新消费、创新药等资产相对稀缺，结合当前 估值仍偏低，长期配置性价比仍较高。近期恒生指数已经突破了前期高点，上涨阻力较小，在国内稳增 长政策的持续发力下，港股市场未来或许将继续震荡上行。 蓝筹股表现 理想汽车-W(02015)领跌蓝筹。截至收盘，跌12.84%，报104.5港元，成交额72.83亿港元，拖累恒指 33.77点。7月29日晚，理想首款纯电SUV——理想i8正式发布。i8定位中大型豪华家用市场，主要竞争 对手包括问界M9纯电动版、特斯拉Model X和蔚来ES8等车型。理想i8共推出3款配置车型，官方指导价 32.18万至36.98万元，低于此前公布的35万元至40万元预售价格。据悉，理想i8将在今年8月20日开启交 付。 其他蓝筹股方面，中石油(00857)涨3.85 ...

但斌执掌的东方港湾美股持仓近日曝光。 美国证券交易委员会（SEC）披露的13F报告显示，截至二季度末，东方港湾海外基金"Oriental Harbor Investment Fund"（简称"东方港湾海外"）共持有13 只美股标的，市值总计11.27亿美元，相比一季度末显著增长。 从调仓动作来看，东方港湾海外二季度大手笔加仓了谷歌，并新进买入特斯拉、奈飞公司和数字货币交易平台Coinbase。但斌在交流会中曾表示，人工智 能并非短期浪潮，而是一场重大技术革命，相关机会值得重点布局和把握。 谷歌母公司Alphabet的CEO在财报中强调："AI在正向影响公司业务的每个部分，推动公司强劲发展。"具体来看，该公司搜索业务通过AI Overviews与AI Mode等新功能实现了双位数增长，YouTube Shorts在多个国家的单小时收益已追平传统视频，展现出广告变现的新潜力。 谷歌成第一大重仓股 SEC官网显示，截至二季度末，东方港湾海外持仓的前五大重仓股为英伟达、谷歌母公司ALPHABET、BANK MONTREAL MEDIUM、PROSHARES TR 和META。 | | | 东方港湾海外前五大重仓股 | ...

台湾证交所加权股价指数涨1.1%至23,461.72点。 台积电涨1.8%。 ...

Group 1 - Nvidia is significantly increasing orders from TSMC for H20 chips, targeting a total of 300,000 units for the Chinese market, indicating strong AI investment from major Chinese cloud giants like Alibaba, ByteDance, Baidu, and Tencent [1] - The demand for AI servers from Chinese cloud service providers (CSPs) is expected to rise, benefiting AI server manufacturers such as Hon Hai's FII, Inventec, and Shenda, as they respond to the growing needs of these companies [1] - Industrial Fulian's cloud computing business saw over 50% year-on-year revenue growth in Q2, driven by increased demand for large-scale AI cabinets from clients, with AI server revenue growing over 60% year-on-year and CSP server revenue surging more than 150% compared to the same period last year [1] Group 2 - Inventec has established a strong presence in the Chinese cloud market, supplying major players like Baidu, Alibaba, Tencent, and ByteDance with AI server components, primarily in the form of L10 (cabinet assembly and testing) and L11 (server integration and rack deployment) [2] - Alibaba Cloud leads the Chinese AI IaaS market with a 23% market share last year, and is pushing advanced AI programming models to stimulate further demand for AI server installations [2] - Following the lifting of the US ban, Inventec's clients in China are expected to strengthen their demand for AI servers, with a shift in product mix anticipated in the second half of the year, favoring higher-margin motherboard (L6) shipments [2]

Core Viewpoint - The rapid development of artificial intelligence technology is creating extensive opportunities in the market, with a focus on analyzing AI concept stocks and market trends [1]. Group 1: AI Innovations - Microsoft has integrated an AI Agent, Copilot mode, into its Edge browser, enhancing user experience by automating searches and providing comprehensive results [3]. - Zhizhu has released its next-generation flagship model GLM-4.5, featuring a total parameter count of 355 billion and an activation parameter count of 32 billion, with competitive API pricing [3]. Group 2: Market Performance - On July 28, U.S. stock indices showed mixed performance, with the S&P 500 and Nasdaq reaching new historical highs, driven by Nvidia's stock performance [4]. - Nvidia's stock has surged over 170% in 2024, following a remarkable 240% increase in 2023, resulting in a valuation increase of approximately $700 billion [5]. Group 3: Nvidia's Supply Chain Dynamics - Nvidia has placed an order for 300,000 H20 chipsets with TSMC, influenced by strong demand from China [6]. - Following the lifting of restrictions on H20 sales to China, Nvidia has shifted its strategy from relying solely on existing inventory, although previous orders were canceled due to earlier restrictions [7]. Group 4: Software Provider Dynamics - AI tools are simplifying the process for companies and government clients to switch software providers, potentially impacting major software companies like Microsoft, Palantir, and Salesforce [9]. - The integration of AI tools has reduced the time and cost of switching providers by 50%, making it easier for companies to transition to new systems [10].

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company benefits from the expansion of PCB equipment and the acceleration of semiconductor equipment layout, maintaining a "Buy" rating. Despite a downward revision of the company's annual profit forecast due to limited capacity in the first phase of the factory, the company is expected to benefit from downstream PCB manufacturers' expansion and the upcoming production of the second-phase factory, leading to a positive mid-term performance release. Long-term, the company's semiconductor business is gradually constructing multiple growth drivers, with projected revenues of 1.5 billion, 2.2 billion, and 2.7 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 300 million, 516 million, and 709 million yuan for the same years [5][6][9]. Company Overview - The company is a leading manufacturer of direct imaging lithography equipment, primarily serving the PCB and semiconductor sectors. Its products include direct imaging equipment for PCB and semiconductor applications, covering various processes from microns to nanometers. The company has a complete range of LDI equipment for PCB manufacturing, including IC substrates, HDI, and flexible printed circuits [6][15]. PCB Business - The PCB business is driven by high-end demand from AI infrastructure, with optimistic capital expenditure guidance from PCB manufacturers. The company has maintained a full order book since Q2 2024, but growth has been limited by capacity constraints. The gradual production of the second-phase factory is expected to release capacity and positively impact order growth [6][15]. Semiconductor Business - The semiconductor business is accelerating its industrialization process, with multiple layouts constructing a new growth curve. The company is focusing on advanced packaging technologies and has successfully completed product validation for several advanced packaging customers. The company is also making steady progress in the general semiconductor field, benefiting from the long-term trend of domestic substitution [7][36]. Financial Summary and Valuation Metrics - The company's revenue has shown steady growth, with a projected revenue of 1.467 billion yuan in 2025, representing a year-on-year increase of 53.8%. The net profit is expected to reach 300 million yuan, with a year-on-year growth of 86.7%. The gross margin is projected to be 39.9% in 2025, with a net margin of 20.4% [8][34]. Market Position - The company has established a strong market position with a complete range of products covering various PCB types and processes. It has successfully penetrated the high-end PCB market and is positioned to benefit from the ongoing expansion in the semiconductor sector [6][15].