硅谷也逃不开人情世故。 特朗普也玩起了"鸿门宴"戏码。 最近，美国白宫上演了一场全球瞩目的科技界高层聚会。总统特朗普在白宫邀请了包括苹果、微软、Meta、谷歌、OpenAI在内的二十余家顶尖科技企业的首席执 行官共进晚宴，表面气氛融洽，实则暗流涌动，堪称现代版"鸿门宴"。 晚宴开场时，特朗普便称："这里聚集了最聪明的人，无疑是一个高智商的群体。"在座者包括Meta首席执行官马克·扎克伯格、苹果CEO蒂姆·库克、微软创始人比 尔·盖茨以及OpenAI创始人萨姆·奥尔特曼等科技巨头。 这群被冠以"全球最高智商"的科技大佬们也应景地吹起了"彩虹泡泡"，纷纷对特朗普献上溢美之词——比尔·盖茨直言"谢谢你出色的领导"，库克强调特朗普"为创 新定下基调"，奥尔特曼更称其为"亲商业、亲创新的总统"。 图源： IC photo 然而，在这片祥和之声下，实则上演的是一场精心编排的"投资承诺秀"。特朗普以商业谈判式风格，向在场巨头施加了隐秘压力，迫使他们公开许下在美大规模投 资的承诺。据统计，这场54秒的"承诺秀"中，科技巨头们集体"输血"数万亿美元。 这场被包装成"美国民营科技企业家座谈会"的晚宴，最终以特朗普的"商业胜利"收 ...

Group 1 - The U.S. government has reached a unique agreement with NVIDIA and AMD, requiring them to pay 15% of their chip export revenues to China to the U.S. government in exchange for export licenses [1] - The Biden administration's strategy has shifted from strict technology embargoes to a more balanced approach that seeks to maintain technological leadership while accommodating business interests [4][8] - The "AI Action Plan" introduced by the Biden administration emphasizes infrastructure, innovation, and global influence, aiming to enhance U.S. AI capabilities through incentives rather than strict regulations [6][7] Group 2 - The U.S. has implemented restrictions on high-end chips and semiconductor products to China, aiming to prevent access to advanced technology [2] - Despite these restrictions, China's domestic AI models are rapidly advancing, demonstrating that U.S. export controls have not effectively stifled Chinese technological progress [3] - Major U.S. tech companies, including NVIDIA and Oracle, argue that the Biden administration's export controls are detrimental to U.S. market share and competitiveness [3] Group 3 - The U.S. government is focusing on securing market dominance globally, rather than solely relying on technology restrictions, to counter China's technological rise [4][8] - Recent agreements with Middle Eastern countries aim to establish a U.S.-centric AI ecosystem, limiting their investments in Chinese technology [5] - The effectiveness of the U.S. government's AI initiatives remains uncertain, as large-scale projects like the "Star Gate" initiative have faced significant delays and challenges [7]

Core Viewpoint - The development of artificial intelligence (AI) is reshaping the global technology and industrial landscape, evolving into a comprehensive competition among nations, particularly between China and the United States, with other countries also formulating their own AI strategies [1][3]. Group 1: AI Competition Landscape - The AI competition has transcended algorithms, becoming a national-level competition involving chip manufacturing, computational infrastructure, talent mobility, and capital investment [1]. - The United States leads in AI model and chip innovation, while China is closing the gap due to its strong industrial base and large AI talent pool [1][3]. - Other regions, including the EU, Japan, South Korea, India, Israel, and the UAE, are also establishing national AI strategies to secure a position in global standards and industry applications [1]. Group 2: China's AI Policy - China has a comprehensive and effective AI policy framework that encompasses six foundational elements: chips, data, talent, capital, energy, and applications [3]. - In 2023, China added 400 GW of energy infrastructure to support large model training, and established a national data exchange to promote data market circulation [3]. - The Chinese AI talent pool remains robust, with local teams like DeepSeek being predominantly composed of domestic personnel [3]. Group 3: United States' AI Policy - The U.S. AI policy is characterized by fragmentation and volatility, relying on executive orders rather than legislative support, leading to inconsistent policies across different administrations [4]. - The U.S. government is attempting to establish global leadership through the AI Action Plan, focusing on accelerating innovation, building AI infrastructure, and enhancing AI diplomacy [5]. - Key initiatives include promoting open-source AI, supporting AI labs in cloud environments, and streamlining data center approvals for large projects [5]. Group 4: European Union's AI Approach - The EU's AI policy is risk-oriented, centered around the AI Act, emphasizing transparency, data protection, and consumer rights [4]. - While the EU has a clear legal framework, it struggles to adapt to rapid technological changes, resulting in a lag in AI startup incubation and technology commercialization [4]. Group 5: Other Countries' AI Strategies - Countries like the UAE, Estonia, India, and Brazil are exploring localized AI governance paths, with initiatives such as appointing AI ministers and integrating AI into education systems [4].

Core Insights - The report indicates that the Hong Kong stock market is in an upward trend, with the Hang Seng Index breaking previous highs and showing strong support against declines. There is a focus on potential capital inflows and risk appetite among investors [1][3] - Investor sentiment has improved, with trading volumes significantly increasing. There is still potential for some funds, particularly insurance capital, to increase their positions [1][3] - Institutional investors are expected to provide momentum for the overall rise in the Hong Kong stock market, with a consensus on increasing allocations to dividend stocks and technology stocks. Additionally, sectors with strong performance and relative undervaluation, such as innovative pharmaceuticals, are gaining attention [1][3] - In the U.S. stock market, Q2 earnings have exceeded expectations, particularly in the technology sector, which has been a strong catalyst for market performance. As of July 27, 2025, 66.2% of companies reported revenues above expectations, and 77.1% reported profit growth exceeding forecasts [3][6] - The U.S. has seen a shift in trade policies, with agreements reached with Japan and the EU, which may ease tariff pressures and support economic recovery [2][6] Hong Kong Market - The Hang Seng Index and Hang Seng Technology Index have shown significant gains, with increases of 2.3% and 2.5% respectively in the past week. The financial and healthcare sectors have seen substantial inflows, while the telecommunications sector has experienced outflows [4][17] - The report highlights that the overall market is supported by institutional investors' preferences for dividend stocks and technology stocks, which are expected to drive further market growth [1][3] U.S. Market - The S&P 500 index rose by 1.5%, the Dow Jones by 1.3%, and the Nasdaq by 1% in the past week, driven by improved trade policies and positive sentiment in the technology sector [1][3] - The report notes that the U.S. economy is transitioning from a "policy detox" phase to an "economic recovery" phase, supported by lower interest rates, tax cuts, and reduced tariffs [6][5] - The report anticipates continued upward momentum in the U.S. stock market, with a focus on the upcoming trade negotiations and economic data releases [5][39] Global Market Trends - Both developed and emerging markets have seen gains, with developed markets up 1.5% and emerging markets up 0.7% in the past week. The report emphasizes the overall positive sentiment across global markets [4][9] - The report indicates a slowdown in net inflows for global equity ETFs, while bond ETFs have seen accelerated inflows, suggesting a shift in investor preferences [7][35]

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]