每经AI快讯，ST德豪（SZ 002005，收盘价：2.61元）8月24日晚间发布半年度业绩报告称，2025年上半 年营业收入约3.07亿元，同比减少8.19%；归属于上市公司股东的净利润亏损约1303万元；基本每股收 益亏损0.0075元。2024年同期营业收入约3.35亿元；归属于上市公司股东的净利润亏损约4023万元；基 本每股收益亏损0.0231元。 （记者 王晓波） 截至发稿，ST德豪市值为46亿元。 每经头条（nbdtoutiao）——鲍威尔"认错"，释放最强降息信号，美股狂欢！37万亿美元压顶，美国"债 务死亡螺旋"如何破解？ ...

◆北京时间周五晚10点，美联储主席鲍威尔在杰克逊霍尔全球央行年会上释放强烈降息信号，同时宣布回归2%通胀目标，抛弃"灵活平均通胀目标"，引 发美股大涨。但他也承认政策失败，留下"财政主导"时代的棘手遗产。这一"财政主导"的现象，正严重侵蚀着美联储的独立性，并可能将美国等经济体推 向桥水基金创始人雷•达利欧所说的"债务死亡螺旋"。 ◆加沙超110万人濒临断粮，以防长威胁"地狱之门"将打开；苹果新Siri或植入谷歌Gemini；普京称期待与华盛顿全面恢复关系；1674亿欧元！欧洲援乌超 美国背后的生意经；OpenAI首席财务官：现在对GPU和算力的需求极其旺盛；英伟达财报8月28日公布，市场聚焦新产品制造良率。 鲍威尔的"绝唱"：释放最强降息信号， 美国"债务死亡螺旋"的幽灵已浮现 演讲开场第一句，鲍威尔便抛出重磅信号。尽管并未明确承诺9月降息，但他直言，在借贷成本对经济形成拖累、劳动力市场走软、通胀风险可控的情况 下，"风险的转变确实值得我们调整政策立场"。此言一出，市场对9月降息的押注概率瞬间从75%飙升至90%，华尔街开启"狂欢模式"。 美联储主席鲍威尔 图片来源：视觉中国 北京时间8月22日22时，在杰克 ...

每经记者｜岳楚鹏 宋欣悦 每经编辑｜段炼 高涵 美股应声"狂欢"，道指一度飙涨逾900点，收盘创历史新高；纳指、标普500双双创下5月以来最大单日涨幅；市场恐慌指数（VIX）闪崩12%。 然而，在这场"狂欢"背后，这位即将卸任的美联储掌门人，却也留下了一个棘手的"危险遗产"——一个由政府财政主导、美联储独立性岌岌可危的时代。 这一"财政主导"的现象，正严重侵蚀着美联储的独立性，并可能将美国等经济体推向桥水基金创始人雷·达利欧（Ray Dalio）所说的"债务死亡螺旋"。 最强降息信号引爆市场 ◆北京时间周五晚10点，美联储主席鲍威尔在杰克逊霍尔全球央行年会上释放强烈降息信号，同时宣布回归2%通胀目标，抛弃"灵活平均通胀目标"，引 发美股大涨。但他也承认政策失败，留下"财政主导"时代的棘手遗产。这一"财政主导"的现象，正严重侵蚀着美联储的独立性，并可能将美国等经济体推 向桥水基金创始人雷•达利欧所说的"债务死亡螺旋"。 ◆加沙超110万人濒临断粮，以防长威胁"地狱之门"将打开；苹果新Siri或植入谷歌Gemini；普京称期待与华盛顿全面恢复关系；1674亿欧元！欧洲援乌超 美国背后的生意经；OpenAI首席财务 ...

北京时间8月22日22时，在杰克逊霍尔全球央行年会上，美联储主席杰罗姆·鲍威尔迎来了他任期内的第八次演讲，也极可能是最后一次的"绝唱"。就在全球 市场屏息以待之时，鲍威尔不仅意外释放了迄今为止最强烈的降息信号，更是宣布回归传统的2%通胀目标，抛弃了在"大通胀"中饱受争议的"灵活平均通胀 目标"（FAIT）。 美股应声"狂欢"，道指一度飙涨逾900点，收盘创历史新高；纳指、标普500双双创下5月以来最大单日涨幅；市场恐慌指数（VIX）闪崩12%。 最强降息信号引爆市场 "基本前景和不断变化的风险平衡，可能需要我们调整政策立场。" 演讲开场第一句，鲍威尔便抛出重磅信号。尽管并未明确承诺9月降息，但他直言，在借贷成本对经济形成拖累、劳动力市场走软、通胀风险可控的情况 下，"风险的转变确实值得我们调整政策立场"。此言一出，市场对9月降息的押注概率瞬间从75%飙升至90%，华尔街开启"狂欢模式"。 道琼斯指数一度狂涨900点，纳斯达克指数飙升2.1%，两大指数均创下自5月以来的最大单日涨幅。周五，美股全线收涨，道指创历史新高。标普500指数收 涨96.74点，涨幅1.52%，报6466.91点，逼近8月14日所创收盘历 ...

每经记者：岳楚鹏 宋欣悦 每经编辑：高涵 ◆北京时间周五晚10点，美联储主席鲍威尔在杰克逊霍尔全球央行年会上释放强烈降息信号，同时宣布回归2%通胀目标，抛弃"灵活平均通胀目标"，引发 美股大涨。但他也承认政策失败，留下"财政主导"时代的棘手遗产。这一"财政主导"的现象，正严重侵蚀着美联储的独立性，并可能将美国等经济体推向桥 水基金创始人雷•达利欧所说的"债务死亡螺旋"。 ◆加沙超110万人濒临断粮，以防长威胁"地狱之门"将打开；苹果新Siri或植入谷歌Gemini；普京称期待与华盛顿全面恢复关系；1674亿欧元！欧洲援乌超美 国背后的生意经；OpenAI首席财务官：现在对GPU和算力的需求极其旺盛；英伟达财报8月28日公布，市场聚焦新产品制造良率。 鲍威尔的"绝唱"： 释放最强降息信号， 美国"债务死亡螺旋"的幽灵已浮现 北京时间8月22日22时，在杰克逊霍尔全球央行年会上，美联储主席杰罗姆·鲍威尔迎来了他任期内的第八次演讲，也极可能是最后一次的"绝唱"。就在全球 市场屏息以待之时，鲍威尔不仅意外释放了迄今为止最强烈的降息信号，更是宣布回归传统的2%通胀目标，抛弃了在"大通胀"中饱受争议的"灵活平均通胀 目标 ...

Group 1 - A "slow-motion crisis" is brewing in the global government bond market, with Japan at the forefront, driven by concerns over fiscal expansion and weakening investor demand [1][2][6] - The yield on Japan's 20-year government bonds has surged to 2.655%, the highest level since 1999, while the 10-year yield reached 1.61%, a new high since 2008, indicating rising market anxiety [1][2] - The sharp rise in yields is primarily due to worries about Japan's fiscal situation, with expectations of increased government bond issuance following the ruling coalition's loss in the July Senate elections [2][3] Group 2 - There is a significant decline in overseas investor demand for Japanese government bonds, with net purchases of 10-year and longer bonds dropping to 480 billion yen in July, only one-third of June's amount [2][3] - The withdrawal of foreign investors is exacerbating market vulnerability, as they have been the dominant source of demand for long-term bonds [3][4] - The trend of rising yields and declining demand for long-term bonds is part of a broader global trend, with warnings from analysts about the potential instability in the bond market [2][6] Group 3 - Japanese corporations are shifting from long-term bonds to short-term financing in response to rising yields, which may save costs in the short term but increase refinancing risks in the long run [4][5] - The structure of corporate bond issuance has changed significantly, with bonds maturing in five years or less accounting for 75% of the total issuance, while ultra-long bonds have nearly disappeared [4] Group 4 - The concept of "fiscal dominance" is emerging, where rising government debt and interest costs exert political pressure on central banks, potentially leading to artificially low interest rates [8][9] - The OECD projects that sovereign borrowing in high-income countries will reach a record $17 trillion this year, complicating central banks' efforts to reduce their balance sheets [8] Group 5 - The rising bond yields are causing a significant decline in the relative attractiveness of stocks, with warnings that the era of "There Is No Alternative" (TINA) for stock investments may be coming to an end [6][8] - Historical trends indicate a positive correlation between Japanese long-term bond yields and volatility in U.S. equities [7]

早盘提示 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【重要资讯】 | | | | | | | | | | | | 1、天太机器人有限公司与山东未来机器人技术有限公司、山东未来数据科技等战 | 略合作伙伴，共同签署全球首个具身智能人形机器人 | 10000 | 台订单，这是全球人形 | | | | | | | | | 机器人行业诞生以来数量最大的单笔订单，率先撞线"规模商用"。 | | | | | | | | | | | | 2、7 | 月份 | OpenAI | 首次实现单月收入突破 | 10 | 亿美元大关，由于 | GPT-5 | 的发布以及新 | 的订阅服务推出，算力仍然不够用面临巨大压力，这也是 | OpenAI | 联合甲骨文、软 | | 银等投资 | 5000 | 亿美元打造全球最大算力平台"星际之门"的 ...

Group 1 - The core viewpoint is that major global economies are entering a "fiscal-dominated" era, where rising government debt and borrowing costs exert significant political pressure on central banks, potentially compromising their ability to control inflation [1][2][4] - The OECD projects that sovereign borrowing in high-income countries will reach a record $17 trillion in 2023, indicating a growing challenge for central banks attempting to normalize their balance sheets [2] - In the UK, the 30-year government bond yield has reached 5.6%, the highest in 25 years, reflecting the increasing cost of long-term borrowing [3] Group 2 - Concerns about political interference in monetary policy are rising, as evidenced by the widening yield spread between 2-year and 30-year U.S. Treasury bonds, indicating market anxiety over long-term inflation and debt risks [4] - Notable investors, including Ray Dalio, warn of extreme risks such as a "debt death spiral," where governments may need to borrow more to pay rising interest, leading to potential currency devaluation [6] - The volatility in the market complicates the issuance of long-term bonds, pushing governments towards riskier short-term debt, which increases their vulnerability to interest rate fluctuations [6]

Group 1 - Billionaire investor Ray Dalio warns that the U.S. is heading towards a debt crisis, with national debt having doubled over the past 20 years to approximately $37 trillion, and annual interest payments now around $1 trillion [1][2] - Dalio compares the debt situation to a ship heading towards rocks, indicating that while politicians recognize the danger, they are reluctant to make necessary changes due to fears of angering voters [1] - In his new book, Dalio describes the debt issue as rapidly spreading like an aggressive cancer, suggesting that the U.S. government's debt situation is nearing an irretrievable state, leading to a potential "death spiral" for the economy [2] Group 2 - The U.S. government's projected revenue for the year is about $5 trillion, while expenditures are expected to reach $7 trillion, resulting in a $2 trillion deficit and an additional $1 trillion needed for debt interest payments [2] - Dalio emphasizes that higher deficits may force the Treasury to issue more bonds to finance spending and interest payments, which could lead to a decrease in demand for these bonds and an increase in interest rates, creating a typical "debt death spiral" [2] - Other economists echo Dalio's concerns, warning that government interest payments could become so large that it may necessitate tax increases or cuts to social services to manage the debt [3]

Group 1 - The U.S. government has allowed citizens to make voluntary donations to help reduce the national debt through Venmo and PayPal, expanding payment options beyond traditional bank transfers and credit cards [1][2] - As of July 25, the U.S. national debt has reached a record $36.7 trillion, an increase of 87% from $19.59 trillion in 2010 [2] - The donation program, which has been in place since 1996, has raised only $67.3 million, representing a mere 0.0002% of the current national debt [1][2] Group 2 - Concerns about the sustainability of U.S. debt are growing, with hedge fund founder Ray Dalio warning of increasing risks of a fiscal crisis unless urgent policy changes are made [3][4] - Dalio suggests that the U.S. should aim to reduce the federal deficit to 3% of GDP, a level last maintained during the Clinton administration, to stabilize markets and control interest expenses [4] - The recent "Big and Beautiful" tax and spending bill is projected to increase the federal deficit by approximately $3.4 trillion over the next decade, raising concerns about the long-term fiscal outlook [5] Group 3 - The U.S. Congressional Budget Office estimates that the new tax and spending bill will lead to a direct spending reduction of about $1.1 trillion and a revenue decline of approximately $4.5 trillion, exacerbating the fiscal deficit [5] - Fitch Ratings has downgraded the outlook for 25% of U.S. industries to "negative," citing increased uncertainty and anticipated prolonged high interest rates [5] - The U.S. stock market has reached new highs, but there are concerns about the sustainability of this growth due to excessive liquidity from the Federal Reserve and the Treasury, which may lead to a market correction [6]