人工智能的发展正在重塑全球科技与产业格局，自2017年深度学习突破以来，AI从实验室走向产业 前线，并在过去几年随着大模型的崛起，迅速成为全球国家战略的核心支柱。当前的AI竞争，早已 超越了算法本身，演化为以"国家为单位"的全要素体系竞争，涵盖芯片制造、算力基础设施、人才 流动、资本投入。 中国和美国显然是这场竞争的主轴。美国依托其科技公司主导的创新体系，在大模型、AI芯片方面 持续领先全球；我国则依托强大的工业基础，和国内庞大的AI人才群体，跟美国的差距越来越小； 与此同时，欧盟、日本、韩国、印度、以色列、阿联酋等国家和地区也纷纷出台AI国家战略，试图 在全球标准制定、数据治理和行业应用中占据一席之地。 最近Google、Meta和微软都出了财报，业绩都非常炸裂，而之所以营收和净利都大幅增长，几乎都 是因为AI驱动公司的某个业务带来的增长，这也让他们会在AI上增加更多的资本开支，星球中放过 多个关于Google\Meta\微软的分析，有兴趣的朋友可以到星球查看。 这篇文章的内容我们参考的是Jefferies的一篇分析，关于全球AI的竞争格局，更多的是对美国AI政 策的解析。 美国虽然在AI人才、资本和模型创 ...

证券研究报告·策略报告·策略点评 策略点评 20250728 关税"截止日"临近，港美股还能进一步新 高吗？——港股&海外周观察 港股处在震荡向上趋势中，恒指已突破前高，下行有底。我们继续关 注潜在增配资金风险偏好。 1、投资者情绪较此前乐观了一些，成交情况明显回升。部分资金仍有 提高仓位潜力，尤其是险资。 2、机构投资者增配方向能够为整个港股上涨提供动能。一是，机构投 资者的隐性增配共识是红利股。二是，近两周互联网科技权重股也开 始获得部分资金增配。此外，业绩期，投资者自下而上地关注有业绩、 相对低估且有景气度的板块。相对被低估的方向得到继续增配，比如 创新药。这都能够为整个大盘继续上涨提供动力。 3、机构投资者增配方向能够为整个港股上涨提供动能。一是，机构投 资者的隐性增配共识是红利股。二是，近两周互联网科技权重股也开 始获得部分资金增配。此外，业绩期，投资者自下而上地关注有业绩、 相对低估且有景气度的板块。相对被低估的方向得到继续增配，比如 创新药。这都能够为整个大盘继续上涨提供动力。 ◼ 美股：在贸易政策进一步缓和及科技情绪催化下，本周标普 500 领涨 1.5%，道指跟涨 1.3%，纳指上涨 1 % ...

Report Industry Investment Ratings No investment ratings were provided in the report. Core Viewpoints The report offers daily insights and trend analyses for various commodities, including precious metals, base metals, energy products, agricultural products, etc. It assesses each commodity's price trends, supported by fundamental data and macro - industry news, and gives a trend strength rating for each commodity [2][4]. Summary by Commodity Categories Precious Metals - Gold is expected to oscillate downward, with a trend strength of - 1 [2][7][8]. - Silver is predicted to break through and rise, with a trend strength of 0 [2][7][8]. Base Metals - Copper: Domestic inventory reduction restricts price decline, with a trend strength of 0 [2][10][12]. - Zinc: High - level oscillation, with a trend strength of - 1 [2][13][15]. - Lead: Lacks driving force, price oscillates, with a trend strength of 0 [2][16][17]. - Tin: Prices are disturbed by floods in Wa State, with a trend strength of - 1 [2][19][22]. - Aluminum: High - level oscillation; Alumina has intense long - short game; Casting aluminum alloy follows electrolytic aluminum. Aluminum trend strength is 0, Alumina is - 1, and Aluminum alloy is 0 [2][24][26]. - Nickel: Macro expectations determine the direction, fundamentals limit elasticity, with a trend strength of 0; Stainless steel is dominated by macro sentiment, and the real - world situation needs repair, with a trend strength of 0 [2][27][31]. Energy and Chemicals - Carbonate Lithium: Commodity prices fell on Friday night, pay attention to the spread of pessimistic sentiment, with a trend strength of - 1 [2][32][34]. - Industrial Silicon: Sentiment declines, pay attention to the risk of sharp decline, with a trend strength of - 1; Polysilicon: Sentiment declines, with a trend strength of - 1 [2][35][37]. - Iron Ore: Supported by macro expectations, strong - biased oscillation, with a trend strength of 0 [2][38]. - Rebar and Hot - Rolled Coil: Resonance in sector market, strong - biased oscillation, with a trend strength of 1 for both [2][40][42]. - Ferrosilicon: Disturbed by energy consumption and carbon emission information, strong - biased trend, with a trend strength of 1; Silicomanganese: Disturbed by industry's cut - throat competition information, strong - biased trend, with a trend strength of 1 [2][45][47]. - Coke and Coking Coal: Emotions are realized, wide - range oscillation, with a trend strength of 0 for both [2][48][50]. - Steam Coal: Daily consumption recovers, oscillates and stabilizes, with a trend strength of 0 [2][52][55]. Others - Logs: Oscillate repeatedly [2][56].

Group 1 - The core viewpoint of the article is that the U.S. government's "AI Action Plan" is a significant policy directive aimed at winning the AI competition of the 21st century through over 90 specific administrative measures focusing on technological innovation, application development, and international rule-making [1][2] - The report reflects a strategic approach by the U.S. government, indicating a shift from internal regulatory preferences to a more open and collaborative stance in AI policy, aimed at fostering domestic innovation while maintaining competitiveness against other nations [2][3] - The U.S. has already begun implementing actions in the AI sector prior to the formal announcement of the plan, including adjustments to chip export controls and international collaborations to expand its AI market presence [3][4] Group 2 - The report includes intriguing elements such as the policy of "value-neutral" models, which aims to ensure that federal procurement of large language models (LLMs) remains objective and free from ideological bias, while also scrutinizing the influence of government oversight on Chinese AI models [4][5] - The encouragement of open-source and open-weight models appears to support domestic startups and academia rather than fostering a global open-source AI ecosystem, indicating a pragmatic approach of "open at home, closed abroad" to maintain technological leadership [5] - The effectiveness of the "AI Action Plan" in achieving its goals will depend on various internal and external factors, including the ability to unify regulatory approaches domestically and the willingness of other nations to accept a U.S.-led AI ecosystem [5]