Group 1 - The core point of the article highlights a significant decline in major U.S. stock indices, particularly the Nasdaq, which fell by 2.5% amid disappointing employment data and renewed inflation concerns [1] - Major tech stocks experienced substantial losses, with Amazon down over 6%, Nvidia down over 3%, and Tesla, Meta, Google, and Apple all declining by more than 2% [1] - The U.S. Labor Department reported that non-farm payrolls increased by only 73,000 in July, falling short of the expected 110,000, with prior months' figures revised down by nearly 260,000, marking the worst performance since the COVID-19 pandemic [1] Group 2 - Historically, August has been a challenging month for the U.S. stock market, particularly for growth stocks, with the Nasdaq Composite Index showing an average monthly gain of only 0.3% since 1971, making it the second worst month of the year [1] - The market sentiment is further weakened by the fading hopes for a Federal Reserve rate cut in September, alongside rising inflation concerns [1]

Group 1 - Hedge funds are maintaining a cautious stance, continuing to sell U.S. stocks for four consecutive weeks, particularly in the technology, media, and telecommunications sectors, at the fastest pace in a year [1] - Retail investors have been net buyers of stocks for 23 consecutive trading days, contrasting with the cautious approach of hedge funds [1] - The Federal Reserve has kept interest rates unchanged, with Chairman Powell emphasizing the need for more time to assess the impact of tariffs on inflation before easing policies [1] Group 2 - Hedge funds reduced stock exposure and increased short positions in late March ahead of expected tariff announcements, a strategy that proved wise as global markets outperformed U.S. markets [2] - Despite missing the recent market rally, hedge funds have avoided significant losses by lowering leverage in advance, allowing them to sidestep forced participation in rebounds [2] - As of June, hedge funds' performance was flat, with a return rate of 7.8%, ranking in the 72nd percentile for the past six months since January 2000 [4] Group 3 - Seasonal patterns indicate that August and September are typically the worst-performing months of the year, which, combined with high valuations and tariff pressures, could pose challenges for the S&P 500 index [5] - Historical data shows that these two months perform particularly poorly during the first year of a presidential term, suggesting potential difficulties ahead before a strong year-end rally [5]

智通财经APP获悉，随着美国经济增长所面临的通胀持续高企、关税重压以及消费者支出等多重不确定性加剧，美国劳动 力市场正明显换挡走低——最新非农以及前几个月经过下修后的数据显示，过去三个月的美国就业增长急剧降温。对于美 联储降息预期而言，这份疲软且远不及预期的非农可谓推动降息预期大幅升温，当前利率期货市场押注9月与12月降息两 次，在疲软的非农公布前则是仅押注一次甚至押注不降息，但是对于华尔街多头以及全球股市而言，关于"8月股市抛售魔 咒"的第一块重要拼图已经就位。 根据美国劳工统计局周五公布的就业报告，美国7月非农就业人数仅仅增加7.3万人远不及经济学家普遍预期的11万人，而 此前两个月的增幅则合计被意外下调近26万人——这一下调幅度可谓令华尔街一片哗然，抛售情绪瞬间被点燃，空头势力 瞬间占上风。下修后的统计数据显示，过去三个月，平均每月仅新增3.5万个岗位，创新冠疫情以来最差表现。上月失业率 则小幅升至4.2%，与市场预期基本一致。 最新的非农就业数据进一步表明劳动力市场正出现更显著的疲软迹象。不仅非农就业增长明显放缓、失业率上升，此前公 布的失业金申请数据与裁员、职位缺口统计数据显示，美国的失业者们重新找 ...

Core Viewpoint - The outgoing EU competition chief states that the EU should not strive for a US-style telecommunications market, indicating a divergence in regulatory approaches between the EU and the US [1] Group 1: EU Competition Policy - EU competition policy evolves with market changes, reflecting the need for adaptability in regulatory frameworks [1] - Both the EU and the US aim to tackle large technology companies, highlighting a shared concern over market dominance [1]

Group 1 - Microsoft has become the second company globally to surpass a market capitalization of $4 trillion, following Nvidia [1] - The top three companies by market capitalization are Nvidia, Microsoft, and Apple, each exceeding 20 trillion RMB [1] - Both Microsoft and Meta reported earnings that exceeded market expectations, with Microsoft showing a revenue growth of 18.10% and earnings per share growth of 23.73% [1][2] Group 2 - Meta's revenue growth reached 21.61% and earnings per share growth was 38.37%, significantly surpassing market forecasts [2] - The strong earnings reports from Microsoft and Meta contributed to the Nasdaq index reaching a new historical high [2] - The valuation of major US stock indices exceeds 30 times, with Nasdaq around 40 times, indicating a high valuation compared to A-share and Hong Kong markets [2] Group 3 - The continued rise of the tech giants is linked to three significant technological transformations since the 21st century [3] - Companies like Apple, Tesla, and Nvidia have benefited from their respective technological advancements, leading to substantial stock price increases [3] - The combined market capitalization of Nvidia, Microsoft, and Apple exceeds 80 trillion RMB, comparable to the total market capitalization of the A-share market when including Amazon [3] Group 4 - The sustainability of the tech giants' growth will determine whether they face a repeat of the dot-com bubble burst from the early 2000s [4] - A significant divergence between earnings growth and stock price increases could signal a potential valuation bubble [4]

Group 1 - Meta and Microsoft saw significant stock price increases, with a combined market value surge of $400 billion in one day, equivalent to over seven times the market value of JPMorgan Chase or Walmart [1] - Microsoft's stock rose nearly 5%, pushing its market value to approximately $4 trillion, making it the second company to reach this milestone after Nvidia [1] - Meta's stock increased by 11.25%, nearing a $2 trillion market value, driven by strong performance attributed to AI-related growth [1] Group 2 - Microsoft reported an 18% year-over-year revenue growth, reaching $76 billion, and plans to invest over $30 billion in the next three months to expand its cloud service infrastructure to meet AI demand [1][2] - Meta's quarterly revenue surged by 22% to nearly $50 billion, with daily active users approaching 3.5 billion [2] - Year-to-date stock performance shows Nvidia up 30%, Microsoft up 27%, and Meta up 32%, contrasting with Apple's 18% decline [2] Group 3 - The combined market value of Apple, Alphabet, Meta, and Microsoft reached $11.4 trillion, nearly matching the total market capitalization of all listed companies in the EU, which is approximately $12.5 trillion [3]

中证报中证网讯（记者 王雪青）7月31日晚间，长盛基金社保业务管理部基金经理杨秋鹏在"中证点金 汇"直播间表示："下半年A股权益市场有望稳中向好，但市场结构性分化或进一步加剧。我们持续看好 成长板块的投资机会，AI算力应用、国产半导体设备材料、创新药等领域都值得重点关注。" 杨秋鹏表示，科技行业既是国内经济动能转换和产业升级的主要方向，也是国际竞争的战略重点。虽然 这个板块的发展难免面临波折，但政策支持力度大、驱动密集，具备长期投资价值。 随着海外算力投入持续增长，相关公司的高业绩增速正在快速消化估值。在国产算力领域，随着国内先 进制程不断取得突破，芯片互联技术和软件生态加速完善，国产AI芯片正在快速抢占市场份额。 在半导体设备与材料领域，受益于先进制程建设需求的增长，以及国产存储产品全球市场份额的快速提 升，国产半导体设备需求保持高速增长态势，半导体材料的国产化和用量增长趋势也在持续深化。 在AI应用方面，中国企业在图片编辑、视频制作等细分领域具备显著的场景优势。多家公司已在全球 市场占据领先地位，并形成了可观的收入规模。预计未来将有更多具备场景优势的中国企业崭露头角， 相关业绩也将逐步体现在上市公司财务报 ...

美联储立场坚定，不退缩 美联储没有退缩。尽管有两位备受瞩目的异议者投票支持降息，但鲍威尔主席坚守阵地，将目前的立场 视为"适度限制性"——这是一个编码短语，表明美联储没有立即转向的紧迫性。这是一个市场尚未完全 消化的信息。9月份的降息押注被削减，12月成为下一个可行的窗口，交易者甚至开始低声议论潜在的 50个基点降息，以弥补失去的时间（如果数据允许）。 鲍威尔的措辞比预期更为激进，外汇市场也随之做出反应。美元飙升了近1%，达到两个月高点；本周 欧元下跌了近3%，跌至1.1400，这是三年多来最急剧的跌幅。拥挤的美元空头交易突然平仓，尤其是 在G10高贝塔货币中。澳元、新西兰元、瑞典克朗——所有这些货币都下跌了1%以上。欧元/美元的上 涨尝试可能会继续受挫，该货币对现在已经突破了技术缺口。 在尘埃落定之前，完全的突破可能会将我们推向1.12甚至1.11。 GDP数据：光鲜外表下的疲软核心 周三的市场并非一个平静的总结，而是一场多道菜的宏观盛宴——有些菜肴"过熟"，有些则"过时"，最 终，每个人都感到有些"不适"。 GDP数据？当然令人叹为观止。第二季度年化增长3.0%，远超预期的2.4%，这不容小觑。但深入探 ...

美联储最新利率决议出炉。 北京时间7月31日凌晨2点，美联储宣布，将联邦基金利率区间维持在4.25%—4.50%不变，符合市场预期。这是美联储连续第五次议息会议决定暂停降息，且并未发 出9月可能降息的信号。 相比利率决议，美联储的内部分歧成为本次议息会议更大的看点。两名美联储官员在本次会议上投出了反对票，都支持降息25个基点。有分析指出，这凸显联储决 策者对关税影响的共识在破裂。 随后，美联储主席鲍威尔在新闻发布会上的讲话释放了偏"鹰派"的政策信号。 他表示，美联储"尚未就9月是否调整政策做出任何决定"。这一表态令市场对9月降息 甚至年底前再次降息的预期降温 ，美股三大指数一度集体跳水，盘中由涨转跌。 美联储宣布 北京时间7月31日凌晨，美联储宣布，将联邦基金利率目标区间维持在4.25%至4.50%之间不变，这是美联储连续第五次决定维持利率不变。 回顾此前，美联储自去年9月起连续三次会议降息，合计降幅100个基点，但自今年1月美国总统特朗普上任以来，美联储一直"按兵不动"。 值得一提的是，本次暂停降息的决策没有得到全体联邦公开市场委员会（FOMC）投票委员的一致支持，其中美联储负责金融监管的副主席米歇尔·鲍曼 ...

证券日报网讯 7月30日晚间，鼎通科技发布公告称，公司第三届董事会第十三次会议审议通过了《关于 公司2025年半年度报告及其摘要的议案》等多项议案。 （文章来源：证券日报） ...