晚间，美股开盘后集体走低。值得注意的是，比特币跳水。 截至发稿，道指跌超0.4%，纳指震荡，标普500指数下跌0.17%。 特朗普再发声 个股方面，英特尔翻绿，美国总统特朗普最新发声，他在社交媒体谈美政府入股英特尔交易称，没有为英特尔支付一分钱，它实际上价值约110亿美元， 所有收益都归美国所有。 特朗普表示："那些'愚蠢'的人为何对此不满呢？我会整天为我们的国家进行这样的交易。" 特朗普补充道："我还会帮助那些与美国达成此类高额交易的公司。我喜欢看到他们的股价上涨，让美国变得更富有、更富有。为美国创造更多的就业机 会！！！谁会不愿意进行这样的交易呢？" 鲍威尔：9月可能降息 今晚消息面上，美国7月新屋销售总数年化65.2万户，预期63万户，前值从62.7万户修正为65.6万户；环比减0.6%，前值从增0.06%修正为增4.1%。 近期，影响美股走势核心还是美联储对9月份降息的态度，此前，美联储主席鲍威尔传递了积极信号，他在杰克逊霍尔全球央行年会上表示，美国就业面 临的下行风险上升。风险的平衡转变，可能需要调整政策。鲍威尔强调，尽管通胀仍受关注，但就业市场风险上升可能使美联储在9月降息。 美国白宫国家经济委员 ...

图 1德林控股陈宁迪：美9月或降息，投资者应关注什么？ 美国劳工部公布，7月份消费物价指数（CPI）按年升幅维持2.7%，略低市场预期升2.8%，按月增幅从6 月的0.3%放慢至0.2%，与估算一致，期内扣除食品和能源的核心CPI按年升幅，由6月的2.9%加速到 3.1%，略多于预期的3%，按月亦加快至0.3%，增幅为1月以来最大，符预期。 美国7月份生产物价指数（PPI）按年升幅由6月的2.3%提速至3.3%，显著多过预期增长2.5%，按月升 0.9%，为2022年6月以来最急，远超预期增加0.2%。期内核心PPI按年增速自6月的2.6%加快至3.7%，高 于预期的3%升幅，按月增长0.9%，快过预期增长0.2%。美国上月服务价格急升1.1%。 美国最新出炉的7月份通胀显示在关税影响之下，整体物价依然受控，美国财长贝桑接受霍士财经访问 时暗示，美联储应对9月减息0.5%持开放态度。他于彭博电视访问中认为，现时利率太过具紧缩性，应 降低1.5至1.75%，相信9月有很大机会减息0.5%。交易员现时押注美联储9月有高达95%机会减息 0.25%。 日本内阁府公布，当地第二季国内生产总值（GDP）增加1%，好于市 ...

Group 1 - The core viewpoint emphasizes Shenzhen's 45 years of development as a vibrant city born from reform and opening up, showcasing significant GDP growth and the emergence of globally influential companies like Huawei and Tencent [1] - Shenzhen has achieved over 1,000 national firsts and ranks among the top global innovation cities in terms of R&D investment intensity, establishing itself as a major source of technological innovation [1] - The city's achievements are attributed to continuous institutional innovation and expanding openness, fulfilling its role as a "testing ground" for reforms assigned by the central government [1] Group 2 - Recent policies from the Central Committee and State Council aim to deepen reform and expand openness in Shenzhen, introducing new reform measures and innovative experiments [2] - Shenzhen is positioned at a new starting point to deepen reforms and expand openness, focusing on system integration and efficiency, particularly in areas like cross-border data flow and intellectual property protection [3] - The city aims to accelerate the construction of a modern industrial system, contributing significantly to China's modernization efforts [3]

Core Viewpoint - The Ninth City (NCTY) has experienced a stock price increase of 4.14% on August 25, reaching $8.8 per share, with a total market capitalization of $124 million [1] Financial Performance - As of December 31, 2024, the total revenue of The Ninth City is projected to be 112 million RMB, representing a year-over-year decrease of 35.81% [1] - The net profit attributable to the parent company is expected to be -73.424 million RMB, reflecting a significant year-over-year decline of 467.06% [1] Company Background - The Ninth City Limited, listed on NASDAQ since 2004 under the stock code NCTY, is actively positioning itself as a diversified high-tech internet company [1] - Currently, the company is primarily focused on blockchain-related business activities [1]

Market Performance - The Hong Kong stock market showed strong performance on August 25, with the Hang Seng Index and Hang Seng Tech Index rising by 1.94% and 3.14% respectively, led by major tech companies [1] - Notable gainers included Kuaishou-W and Alibaba-W, both increasing over 5%, while Meituan-W rose by more than 3% and Tencent Holdings increased by over 2% [1] ETF and Fund Performance - The Hong Kong Internet ETF (513770) opened strongly and closed up 3.39%, reaching a historical high with a trading volume of 671 million yuan, indicating increased market activity [2] - The ETF has seen a net inflow of 448 million yuan over the past five days, bringing its total fund size to 8.289 billion yuan, also a record high [5] Influencing Factors - The market rally is attributed to several key factors, including expectations of a potential interest rate cut by the Federal Reserve, as indicated by Chairman Powell's comments on employment risks and inflation [4] - New regulations aimed at curbing "malicious competition" among internet platforms are expected to promote healthier market conditions [4] - Alibaba's restructuring of its business model to focus on four main segments is also seen as a positive catalyst for market sentiment [4] Sector Outlook - Analysts suggest that the internet sector is showing signs of valuation recovery, with leading companies experiencing significant market cap increases driven by profit recovery [4] - The positive earnings outlook for Hong Kong stocks, particularly in the "new economy" sector, is expected to improve ahead of A-shares [5] Index Performance - The China Securities Hong Kong Internet Index has outperformed the Hang Seng Tech Index, with a cumulative increase of over 35% year-to-date [7] - The top four holdings in the Hong Kong Internet ETF include Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, collectively accounting for 54.74% of the fund [8]

Core Viewpoint - The majority of popular Chinese concept stocks experienced an increase, with notable gains from companies such as NetEase, Tencent Music, Baidu, Alibaba, and Pinduoduo, indicating a positive market sentiment towards these stocks [1] Company Performance - Pinduoduo reported a Q2 total revenue of 103.98 billion yuan (approximately 14.35 billion USD), reflecting a year-on-year growth of 7%, slightly above market expectations of 103.93 billion yuan [1] - The operating profit for Pinduoduo was 25.79 billion yuan, showing a year-on-year decline of 21% [1] - Pinduoduo's net profit was 30.75 billion yuan, which represents a year-on-year decrease of 4% [1] Management Insights - Pinduoduo's management emphasized their commitment to supporting merchants, suggesting that the current quarter's profit levels may not be sustainable [1] - The company prioritizes long-term investments that contribute to the platform's ecosystem over short-term profit, indicating a strategic focus on sustainable growth [1]

晨会聚焦 晨会纪要（R3） 晨会纪要 2025 年 08 月 25 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3825.76 | 1.45 | | 深证成指 | 12166.06 | 2.07 | | 创业板指 | 2682.55 | 3.36 | | 科创 50 | 1247.86 | 8.59 | | 北证 50 | 1600.27 | 0.68 | | 沪深 300 | 4378.00 | 2.10 | 上证指数-沪深 300 走势图 -5% 15% 35% 55% 2024-08 2024-11 2025-02 2025-05 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 胡跃才 | 分析师 | | 执业证书编号:S0530525070001 | | | huyuecai@hnchasing.com | | 【债券研究】债券市场综述 二、重要财经资讯 【财经要闻】证监会修改证 ...

智通财经APP获悉，周一，热门中概股多数上涨，截至发稿，网易(NTES.US)涨超4%，腾讯音乐 (TME.US)涨超3.6%，百度(BIDU.US)涨超3%，阿里巴巴(BABA.US)涨超2.3%。拼多多(PDD.US)涨超 2.5%，拼多多二季度营收增速小幅放缓，但得益于营销费用的控制，公司净利润降幅大幅收窄，整体 业绩好于预期。Q2总收入1039.8亿元(143.5亿美元)，同比增长7%，市场预估1,039.3亿元。营业利润 257.9亿元，同比下降21%；净利润307.5亿元人民币，同比下降4%。拼多多管理层在电话会上强调，接 下来公司将持续加大对商家的支持，因此不认为这个季度的利润可以持续。"相较于短期业绩，我们更 加关注可以为平台生态带来长期回报的投入。这也是我们甘于牺牲利润，长期坚持反哺生态的原因。" ...

每经AI快讯，8月25日，多数中概股走强。阿里巴巴涨2.9%，拼多多涨4.3%，网易涨4.6%，百度涨 3.5%。京东涨1.7%，理想汽车涨1.8%，蔚来涨1.3%。 ...

每经AI快讯，铜牛信息（SZ 300895，收盘价：54.79元）8月25日晚间发布公告称，公司第五届第十七 次董事会会议于2025年8月25日以现场和通讯相结合的方式召开。会议审议了《关于2025年半年度报告 及其摘要的议案》等文件。 2024年1至12月份，铜牛信息的营业收入构成为：互联网行业占比58.97%，其他占比28.15%，金融行业 占比8.82%，政府事业单位占比4.06%。 截至发稿，铜牛信息市值为77亿元。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 张喜威） ...