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数字币财库模式
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华尔街见闻早餐FM-Radio|2025年10月3日
Sou Hu Cai Jing· 2025-10-02 23:36
Market Overview - US stock indices reached new highs despite data absence, with chip stocks supporting the market; Nvidia hit a three-day high, AMD rose over 3%, and Intel increased nearly 4% [1] - Tesla's Q3 delivery of 497,000 units exceeded expectations but the stock fell over 5% after initially rising 2.5% [7] - Chinese stocks outperformed the market, with Alibaba rising over 3% [1] Federal Reserve and Economic Indicators - Federal Reserve officials urged caution regarding interest rate cuts, leading to a rebound in the dollar and a rise in bond yields [2][15] - The US government is preparing to release non-farm employment data, which may impact bond yields [3][13] Company News - Morgan Stanley raised Alibaba's target price, highlighting the potential of converting AI cloud tokens into e-commerce commission rates [6][17] - Samsung and SK Hynix stocks surged after preliminary supply agreements with OpenAI for the "Star Gate" project, with Samsung up 4.5% and SK Hynix up 9.7% [20] Commodity Market - Gold prices fell after reaching historical highs, while oil prices dropped to four-month lows due to concerns over oversupply [2][10] - WTI crude oil futures fell 2.10% to $60.48 per barrel, and Brent crude oil futures dropped 1.90% to $64.10 per barrel [10] Global Economic Context - High inflation concerns persist, with Fed officials indicating that actions must be "extremely cautious" to avoid excessive monetary easing [15] - The strategic partnership treaty between Russia and Iran has officially come into effect, marking a significant milestone in bilateral relations [16]
华尔街见闻早餐FM-Radio | 2025年10月3日
Hua Er Jie Jian Wen· 2025-10-02 23:23
Market Overview - US stock indices reached new highs despite data absence, with Nvidia hitting a three-day high and AMD rising over 3% [2] - Tesla's Q3 delivery of 497,000 units exceeded expectations but saw a drop of over 5% in stock price after initial gains [4][11] - Morgan Stanley raised Alibaba's target price, highlighting the potential of converting AI cloud tokens into e-commerce commission rates [4][12] Economic Indicators - The US government is preparing to release non-farm employment data, with the Labor Statistics Bureau reportedly ready to publish September labor data [8] - The ADP data showed a reduction of 43,000 jobs due to a recalibration adjustment, indicating reliance on official non-farm data [9] Commodity Market - Oil prices fell for four consecutive days, reaching a four-month low, with WTI crude oil down 2.10% to $60.48 per barrel [5] - Gold prices saw a decline after hitting a historical high, with COMEX gold futures down 0.45% to $3,879.90 per ounce [5] International Relations - Putin stated that restoring comprehensive relations with the US aligns with Russia's national interests, emphasizing the importance of bilateral cooperation [10][11] - The Russia-Iran strategic partnership treaty has officially come into effect, marking a significant milestone in bilateral relations [11] Company Performance - Samsung and SK Hynix stocks surged after preliminary supply agreements with OpenAI for the "Stargate" project, with increases of 4.5% and 9.7% respectively [15] - Bridgewater's flagship fund saw a 26.4% increase this year, potentially marking its best performance since 2010 [15]
“数字币财库模式”正在崩溃
Hua Er Jie Jian Wen· 2025-10-02 09:05
作为这一策略先驱的Strategy(前身为MicroStrategy)同样面临估值压力。该公司股价在第三季度下跌 20%,目前交易价格仅为其比特币持仓价值的1.5倍,远低于峰值时期的3倍以上。 企业持有数字货币作为财库资产的热潮正在快速降温。 据媒体统计,美股企业购买比特币的步伐在近几个月持续放缓,9月份降至4月以来最低水平。市场分析 师将这一趋势归因于相关公司股票供应过剩,以及投资者对这种商业模式可持续性的担忧。 部分数字币财库概念股自公布计划以来已暴跌超过50%,四分之一相关上市公司股价已跌破其数字资产 持仓价值,另有一些公司面临监管审查。相比之下,代表小盘股的罗素2000指数在第三季度上涨12%。 这一发展对数字资产市场和相关投资者构成直接冲击,意味着通过企业财库需求推动的比特币牛市可能 正在失去动力。 财库策略热潮急速降温 企业比特币购买量数据显示市场热情明显消退。据bitcointreasuries.net统计,企业在9月份购买了37881 枚比特币,较8月份的49303枚和7月份的103250枚大幅下降。 这一策略最初在特朗普公开支持数字资产行业后迅速升温。数月内,数十家公司宣布放弃从生物技术到 ...