Group 1: Federal Reserve and Economic Outlook - Federal Reserve Governor Waller supports a 25 basis point rate cut in the September meeting, with expectations for further cuts in the next 3 to 6 months unless the August employment report shows significant economic weakness and inflation remains well-controlled [5] - The probability of the Federal Reserve maintaining rates in September is 13.8%, while the probability of a 25 basis point cut is 86.2% [5] - The market is expected to be influenced by the Federal Reserve's interest rate decisions, with predictions of over 100 basis points in cuts over the next year [5] Group 2: Stock Market Performance - On August 28, U.S. stock markets opened higher, with the Nasdaq up 0.53%, S&P 500 up 0.32%, and Dow Jones up 0.16%, with both Dow and S&P 500 reaching new closing highs [1] - Major tech stocks mostly rose, with Google A up over 2%, Amazon up over 1%, while Tesla fell over 1% and Nvidia slightly down by 0.79% [2] Group 3: Intel and Government Involvement - Intel's CFO announced receipt of $5.7 billion in unpaid grants from the CHIPS Act, which will convert into government equity holdings [3] - The Trump administration's investment of $8.9 billion for a 9.9% stake in Intel aims to prevent the sale of its chip manufacturing division, but may alter customer perceptions [3] - Ongoing discussions between Intel and the U.S. government regarding the transaction details are still in progress [3][4] Group 4: EU-U.S. Trade Relations - The European Commission proposed legislation to eliminate certain tariffs on U.S. goods, including industrial products and seafood, to enhance transatlantic trade relations [6] - The U.S. has committed to reducing tariffs on EU automobiles and parts from 27.5% to 15% [6]

Group 1: Market Performance - Major global stock indices showed mixed performance, with the Dow Jones Industrial Average at 45636.9, up 71.67 points or 0.16% [1] - The Nasdaq increased by 115.02 points, reaching 21705.16, a rise of 0.53% [1] - The S&P 500 rose by 20.46 points to 6501.86, reflecting a 0.32% increase [1] - The Shanghai Composite Index gained 43.25 points, closing at 3843.6, an increase of 1.14% [1] - The Shenzhen Component Index surged by 276.3 points, reaching 12571.37, a rise of 2.25% [1] - The Hang Seng Index fell by 202.94 points to 24998.82, a decrease of 0.81% [1] Group 2: Federal Reserve Insights - Federal Reserve Governor Waller supports a 25 basis point rate cut in September, anticipating further cuts in the next 3-6 months unless the August employment report indicates significant economic weakness [2] - Waller noted that the underlying inflation rate is close to 2%, with the policy rate expected to be 1.25 to 1.50 percentage points above the neutral rate [2] Group 3: Company Financials - Dell reported Q2 revenue of $29.8 billion, a 19% year-over-year increase, exceeding market expectations of $29.17 billion [4] - Dell's AI solutions shipments reached a value of $10 billion in the first half of the fiscal year 2026, surpassing the total for the entire fiscal year 2025 [4] - Dell expects full-year revenue for fiscal 2026 to be between $105 billion and $109 billion, with Q3 revenue guidance between $26.5 billion and $27.5 billion [4] Group 4: Investment and Financing - Commonwealth Fusion Systems (CFS) secured $863 million in funding, with investors including Nvidia and Alphabet, to advance its fusion energy demonstration system and develop its first commercial fusion power plant [5] Group 5: Target Price Adjustments - Multiple institutions raised Nvidia's target price, with Bank of America increasing it from $220 to $235, and Morgan Stanley from $206 to $210 [7] - Other notable adjustments include Citigroup raising its target from $190 to $210, and Bernstein from $185 to $225 [7] - Argus Research significantly raised Nvidia's target price from $150 to $220 [8]

当地时间8月28日，美股市场高开高走，三大指数集体收涨，纳斯达克指数上涨0.53%，标普500指数上涨0.32%，道琼斯指数上涨 0.16%。其中，道指和标普500指数纷纷创下收盘新高，纳指也一度逼近最高纪录。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业指数 | 45636.90c | 71.67 | 0.16% | | IXIC | 纳斯达克指数 | 21705.16c | 115.02 | 0.53% | | SPX | 标普500 | 6501.86c | 20.46 | 0.32% | 热门科技股多数上涨，谷歌A涨超2%，亚马逊涨超1%，苹果、微软、奈飞、Meta、英特尔均出现小幅上涨，而特斯拉跌超1%，英 伟达小幅下跌0.79%。 中概股涨跌不一，纳斯达克中国金龙指数上涨0.14%。宝尊电商涨超12%，老虎证券涨超10%，金山云、爱奇艺涨超6%，迅雷、高 途涨超5%，理想汽车、蔚来、有道、网易涨超2%，百度、斗鱼、小马智行涨超1%。阿里巴巴下跌超2%，腾讯音乐、小鹏汽车下跌 超3%。 英特尔收到现 ...

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 美联储理事克里斯托弗·沃勒（Christopher Waller）再次呼吁降息。他表示将在9月支持降息25个基点， 并预计未来三到六个月内将有进一步的降息。如果就业数据显示美国经济"显著疲软"，他可能支持大幅 降息。 沃勒在讲话中并未提及库克事件，而是将大部分内容放在劳动力市场上，他表示"风险仍在不断累积"。 在7月的上一次政策会议上，他曾反对维持利率不变的决定，主张通过降息来提振就业。 北京时间周五，沃勒在迈阿密经济俱乐部的讲话中表示，在核心通胀接近2％、基于市场的长期通胀预 期稳固锚定、劳动力市场走弱风险加大的情况下，恰当的风险管理意味着联邦公开市场委员会 （FOMC）现在就应当下调政策利率。 沃勒是美国总统特朗普考虑明年接替鲍威尔出任美联储主席的人选之一。他说，目前并不认为在9月 FOMC会议有必要采取大幅降息，但如果下周五的非农"显示经济显著走弱且通胀仍然受控"，情况可 能发生变化。他补充道： "就目前而言，我预计未来三到六个月内还会有进一步降息，降息的节奏将取决于新公布的 数据。" 这是美联储高级官员在特朗普本周试图罢免理事库克后的首次公开表 ...

美当地时间8月28日，美股高开高走，三大指数集体收涨。纳指涨0.53%，标普500指数涨0.32%，道指涨0.16%。其中，道指、标普500指数均再创收盘新 高。 富时A50期指连续夜盘收涨0.32%，报14810点。 8月28日晚间，离岸人民币汇率大涨约300点，一度涨至7.1173元，为2024年11月6日以来首次突破7.12元，值得注意的是，人民币升值的幅度远超美元贬值幅 度。 纽约尾盘，离岸人民币(CNH)兑美元报7.1202元，较周三纽约尾盘涨337点，日内整体交投于7.1551~7.1183元区间。 COMEX黄金期货涨0.83%，报3477.2美元/盎司；COMEX白银期货涨1.36%，报39.24美元/盎司。 国际原油期货结算价小幅上涨。WTI 10月原油期货收涨0.7%，报64.6美元/桶；布伦特10月原油期货收涨0.84%，报68.62美元/桶。 图片来源：视觉中国 大型科技股多数上涨，谷歌涨超2%，亚马逊涨逾1%，苹果、微软、奈飞、Meta、英特尔小幅上涨；特斯拉跌超1%，英伟达小幅下跌。量子计算概念股领 涨，Quantum Computing涨超8%，Rigetti Computing ...

2025 年 8 月 28 日星期四 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 研 究 报 告 请务必阅读免责条款 1 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 2041.00 | 4.99 | 纳斯达克指数 | 21590.14 | 0.21 | | CME比特币期货 | 112505.00 | 1.15 | 道琼斯工业指数 | 45565.23 | 0.32 | | ICE布油 | 67.80 | 0.86 | 美元指数 | 98.19 | -0.05 | | 伦敦金现 | 3396.50 | 0.09 | 标普500 | 6481.40 | 0.24 | | 美元兑人民币(CFETS) | 7.16 | 0.15 | 日经225 | 42520.27 | 0.30 | 证 券 美企以创纪录速度推进万亿美元股票回购热潮 美联储威廉姆斯：9 月降息需要观察数据 美国 ...

Core Viewpoint - The usage of the Federal Reserve's overnight reverse repurchase agreement (ON RRP) tool has significantly decreased, raising concerns about potential liquidity issues in the market, reminiscent of the 2019 crisis [2][3] Group 1: Federal Reserve's Tools and Market Impact - The ON RRP usage fell below $50 billion, a recent low compared to peaks of $2 trillion in 2022 and 2023, indicating a shift in strategy among money market funds towards short-term Treasury purchases [2] - Analysts predict that ON RRP usage may drop to zero by the end of August but could see a slight increase in September due to quarter-end financing demands [2] - The Federal Reserve established a standing repo facility post-2019 to provide liquidity to primary dealers, aiming to stabilize short-term financing rates [2][3] Group 2: Federal Reserve's Balance Sheet Management - The Federal Reserve's balance sheet remains significantly below pre-crisis levels, currently around $6.6 trillion, down from nearly $9 trillion at the pandemic peak [3] - Dallas Fed President Lorie Logan indicated that banks may turn to the standing repo facility for liquidity if they face funding pressures next month, suggesting a potential further reduction in reserves [3] - Recent trends show that repo rates have averaged about 8 basis points lower than reserve rates, indicating room for further reserve reductions [3] Group 3: Market Conditions and Future Projections - The Federal Reserve is expected to continue reducing its balance sheet by the end of the year unless a significant market shock occurs [5] - Current market conditions are characterized by low volatility, with no immediate concerns prompting investor anxiety [5] - The impact of the Federal Reserve's balance sheet adjustments is often overlooked, despite its significant influence on market dynamics [4]

为什么英伟达这份财报如此重要？ 不只是因为它自己是AI芯片霸主，更因为之前一批企业——像MongoDB、Okta，都靠着AI需求交出超预期业绩，股价大幅拉升。它们不约而同提到：是 企业开发AI平台的需求带飞了业绩。 家人们，昨晚美股又悄悄创历史了！标普500指数不仅收盘冲上新高，盘中还摸到了前所未有的高点——6487点。道指、纳指也齐齐收涨，八月份本来一 向是美股的"传统淡季"，今年却硬生生走成了"红包月"。 但这都不是重点。真正的重头戏，是几小时之后英伟达要发布的财报——市场已经把它看作"决定本轮牛市成败的关键时刻"。这话不是我说的，是不少华 尔街分析师的共识。 在情绪高点别盲目追，在消息落地前别轻易赌。真正能穿越周期的，永远是那些有真实业绩、有技术壁垒、有产业趋势的公司。 我是帮主郑重，20年财经老炮，专注中长线逻辑。今晚，我和你们一起保持关注。 关注帮主郑重，投资不慌，逻辑更稳。 —— 所以，今晚英伟达的成绩单，不只是它自己的问题，更将成为整个AI高景气度能否持续的"试金石"。 当然，市场乐观情绪还来自另一个预期：降息。道指本月涨超3%，标普、纳指也都涨逾2%，说明资金正在提前布局宽松。不过这一切的前提 ...

Group 1 - The market experienced a "dollar down, everything up" scenario, with a short-term reaction to the news of "Trump firing Cook" leading to bets on imminent interest rate cuts [2] - Nvidia's earnings report showed data center sales fell short of expectations, causing its stock to initially drop by 4% before narrowing to a 2% decline, raising concerns about the peak of AI capital expenditures [2] - The opening saw declines in the dollar, US stock futures, and oil prices, indicating a potential adjustment in tech and momentum stocks if US investors choose to lock in profits from Nvidia [2] Group 2 - A-shares have become an exception in the "everything up" trend, highlighting a disconnection between domestic investor sentiment and overseas liquidity expectations, with the Shanghai Composite Index experiencing its largest single-day drop since April 7 [3] - The future of the market depends on how domestic investors respond to the downturn; a decision to hold or increase positions could sustain the current trend, while panic selling could reverse it [3] - The company has released a report titled "Gold Strategy: An Upcoming Scene," and previously recommended a long strategy that has now yielded profits, indicating a focus on capturing the next market wave [3]

7月30日，美国金融圈热闹非凡。黄金大跌、美股震荡、铜价暴跌，而这一切的背景，离不开美联储的最新动作。 | 名称 | 现价 | 涨跌 一 | | --- | --- | --- | | 英伟达(NVIDIA) | 179.270 | 2.14% | | NVDA.O | | | | 谷歌(ALPHABE ... | 197.440 | 0.51% | | GOOG.O | | | | 微软(MICROSO ... | 513.240 | 0.13% | | MSFT.O | | | | 亚马逊(AMAZON) | 230.190 | -0.35% | | AMZN.O | | | | 特斯拉(TESLA) | 319.040 | -0.67% | | TSLA.O | | | | 脸书(META PLA ... | 695.210 | -0.68% | | META.O | | | | 苹果(APPLE) | 209.050 | -1.05% | | AAPL.O | | | 当天，美联储结束了两天的货币政策会议，决定继续把联邦基金利率目标区间"钉死"在4.25%到4.50%之间。这已经是他们连续第五次"按兵 ...