Macro News - The Central Committee and the State Council issued opinions on promoting green and low-carbon transformation, aiming for a national carbon trading market to cover major industrial sectors by 2027 and to establish a comprehensive market by 2030 [1][3] - The National Development and Reform Commission held a meeting to discuss the "14th Five-Year Plan," focusing on expanding domestic demand and stabilizing employment [3] Industry News - Shanghai released new housing policies, including lifting purchase restrictions for eligible families outside the outer ring and increasing housing provident fund loan limits [2][4] - The People's Bank of China adjusted the pricing mechanism for commercial personal housing loans in Shanghai, eliminating the distinction between first and second homes [4] - The total trading volume of the Shanghai and Shenzhen stock markets reached 3.14 trillion yuan, marking a new high for the year and the second-highest in history [4] - The total market size of ETFs reached 4.97 trillion yuan, nearing the 5 trillion yuan milestone [4] - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market with potential capacity innovations [4][9] Company News - Sunshine Power reported a net profit of 7.735 billion yuan for the first half of the year, a year-on-year increase of 55.97% [2][13] - New Yi Sheng announced a net profit of 3.942 billion yuan for the first half of the year, a significant year-on-year increase of 356% [8][13] - Pinduoduo's adjusted net profit for the second quarter reached 32.71 billion yuan, significantly exceeding market expectations [13] - Jianghuai Automobile reported a net loss of 773 million yuan for the first half of the year [13] - Lixun Precision announced a net profit of 6.644 billion yuan for the first half of the year, a year-on-year increase of 23.13% [13]

Market Overview - US stock markets closed lower, with the Dow Jones down 0.77%, S&P 500 down 0.43%, and Nasdaq down 0.22% [4] - Major tech stocks showed mixed results, with Nvidia, Netflix, Google, and Tesla rising over 1%, while Intel fell over 1% [4] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 0.11% [4] Commodity Prices - International gold futures fell by 0.23%, settling at $3410.70 per ounce, while silver futures dropped by 1.29% to $38.55 per ounce [5] - International oil prices increased, with WTI crude oil rising by 1.70% to $64.74 per barrel and Brent crude oil up 1.41% to $68.17 per barrel [6] Carbon Market Development - The Central Committee and State Council of China released a document on advancing green and low-carbon transformation, aiming for a national carbon trading market to cover major industrial sectors by 2027 [8] Real Estate Policy Adjustments - Shanghai's housing policy has been adjusted to reduce purchase restrictions, allowing eligible families to buy unlimited properties outside the outer ring, effective from August 26 [12] Corporate Developments - Huawei's cloud division announced an organizational restructuring to focus on AI development, aiming to enhance competitiveness in cloud services [19] - Tencent, Sunshine Life, and Wanda established a private equity investment fund in Suzhou with a total investment of approximately 224.29 billion yuan [20] - KDP announced the acquisition of JDE Peet's for 15.7 billion euros, expanding its footprint in the coffee market [30] Technology Innovations - Huawei's HarmonyOS launched multiple new vehicle models, enhancing its product line in the smart automotive sector [17][18] - Nvidia introduced the Jetson AGX Thor robotics chip module, priced at $3499, aimed at advancing AI applications in robotics [28]

Market Overview - The three major U.S. stock indices experienced a decline, with the Nasdaq down by 0.2% [1] - The Dow Jones Industrial Average fell by 349.27 points, a decrease of 0.77%, closing at 45282.47 points [2] - The Nasdaq Composite Index decreased by 0.22%, ending at 21449.29 points, while the S&P 500 Index dropped by 0.43% to 6439.32 points [2] - Consumer goods and healthcare sectors led the decline in the market [2] Company Performance - Notable tech stocks showed mixed results: Tesla rose by 1.9%, Google by 1.1%, and Nvidia by 1.0%, while Apple and Meta fell by 0.2%, and Microsoft decreased by 0.6% [2] - The Nasdaq China Golden Dragon Index increased by 0.1%, with notable gains from NetEase (up 2.8%), Baidu (up 2.1%), Alibaba (up 1.1%), Pinduoduo (up 0.9%), and JD.com (up 0.3%) [2] - Intel's stock fell by 1% following the announcement of a government investment in the chip manufacturer [5] - Keurig Dr Pepper's shares dropped by 11.5% after the company announced a cash acquisition of JDE Peets for $18.4 billion [6] - Furniture retailers RH and Wayfair both saw declines of over 5% due to an investigation into furniture import tariffs announced by President Trump [7] Economic Indicators - The Dallas Fed's manufacturing index fell from 0.9 in July to -1.8 in August, indicating a return to contraction [4] - The Chicago Fed National Activity Index dropped to -0.19 in July, suggesting growth below long-term averages [4] - New home sales in the U.S. decreased by 0.6% last month, with an annualized rate of 652,000 units, reflecting struggles in the housing market amid high mortgage rates [3]

每经记者｜范芊芊 每经编辑｜程鹏 张喜威 王晓波 标题点睛： 中国研究团队25日在英国学术期刊《自然-医学》在线发表论文，报告世界首个将基因编辑猪肺成功移植到脑死亡人体内的案例。 近日，天眼查显示，杭州露韦美日化有限公司与杭州宇树科技股份有限公司相关侵害发明专利权纠纷的诉讼公开。相关案件将于2025年8月26日在杭州市 中级人民法院开庭审理。这是宇树科技首次遭遇与发明专利相关的诉讼。 8月25日，鸿蒙智行在成都举行的智界及问界秋季新品发布会上发布了多款新车。智界方面，智界R7与S7迎来改款，问界方面，问界M8纯电版迎来上 市，享界S9T将在9月16日发布，而鸿蒙智行第五"界"的首款产品尚界H5在此次发布会中也开启了预订。 当地时间25日，美国总统特朗普与韩国总统李在明在白宫进行会晤。会晤期间，特朗普表示希望今年与朝鲜最高领导人金正恩会面。特朗普说，他与金正 恩的关系"非常好"，表示"我想要今年见他"。 1 隔夜市场 美股三大指数集体收跌，道指跌0.77%，标普500指数跌0.43%，纳指跌0.22%；大型科技股涨跌不一，英伟达、奈飞、谷歌、特斯拉涨超1%；英特尔跌 超1%，亚马逊、Meta、苹果、微软小幅下跌 ...

热门中概股多数上涨，纳斯达克中国金龙指数收涨0.11%。斗鱼、搜狐涨逾3%，网易、高途涨近3%， 百度涨逾2%，阿里巴巴涨超1%。光伏太阳能概念股走强，大全新能源涨逾4%，阿特斯太阳能涨近 3%，晶科能源涨逾1%。 格隆汇8月26日｜美股三大指数集体收跌，道指跌0.77%，标普500指数跌0.43%，纳指跌0.22%。大型科 技股涨跌不一，英伟达、奈飞、谷歌、特斯拉涨超1%；英特尔跌超1%，亚马逊、Meta、苹果、微软小 幅下跌。 ...

一则消息突然引爆。 北京时间25日晚间，德国运动服装巨头彪马股价一度暴涨超20%，盘中一度因波动暂停交易。有报道 称，彪马主要股东之一的皮诺家族正在探索包括出售在内的战略选项，此举或将重塑全球体育用品市场 的竞争格局。 美股市场方面，三大指数震荡分化，中国资产集体走强，纳斯达克中国金龙指数一度大涨1.75%，热门 中概股普涨。当前，华尔街机构对美股后市展望似乎愈发乐观，包括瑞银集团、花旗集团、汇丰银行和 杰富瑞公司等在内的华尔街机构纷纷上调了标普500指数的目标点位，理由是上市公司整体业绩保持稳 健增长。 热门中概股集体大涨，房多多大涨超12%，老虎证券涨超5%，网易、小牛电动、高途、虎牙涨超4%， 腾讯音乐、搜狐、小马智行、文远知行涨超3%，百度、富途控股、贝壳、满帮涨超2%，阿里巴巴、携 程、蔚来等涨超1%。 今日亚洲交易时段，A股、港股市场亦全线走强，截至收盘，沪指涨1.51%，深证成指涨2.26%，创业板 指大涨3%，沪深两市成交额突破3万亿元，刷新年内成交额；恒生指数涨1.94%，国企指数涨1.85%，恒 生科技指数大涨3.14%。 值得注意的是，加密货币全线大跌，截至发稿，比特币跌超2%，以太坊大 ...

Core Viewpoint - The U.S. stock market experienced a mixed performance, with major indices showing slight declines, while certain tech stocks and Chinese concept stocks saw gains, indicating a complex market sentiment influenced by economic forecasts and corporate earnings expectations [1][3][12]. Market Performance - The Dow Jones Industrial Average fell by 0.77% to 45,282.47 points, the S&P 500 decreased by 0.43% to 6,439.32 points, and the Nasdaq Composite dropped by 0.22% to 21,449.29 points [1]. - Large tech stocks had mixed results, with Nvidia, Netflix, Google, and Tesla rising over 1%, while Intel fell over 1% [3]. Stock Highlights - Notable stock performances included: - Tesla (TSLA) at $346.60, up 1.94% with 8.636 million shares traded [4]. - Nvidia (NVDA) at $179.81, up 1.02% with 16.2 million shares traded [4]. - Google-A (GOOGL) at $208.49, up 1.16% with 2.99 million shares traded [5]. - Intel (INTC) at $24.55, down 1.01% with 156 million shares traded [5]. Chinese Concept Stocks - The Nasdaq Golden Dragon China Index rose by 0.11%, with notable gains in stocks such as Douyu and Sohu, which increased by over 3%, and Alibaba, which rose by over 1% [5][7]. Commodity and Currency Movements - WTI crude oil futures increased by 1.79% to $64.80 per barrel, while Brent crude rose by 1.58% to $68.80 per barrel [11]. - The offshore Chinese yuan (CNH) against the U.S. dollar was reported at 7.1584, showing a gain of 135 points from the previous week [9]. Economic Outlook - Jefferies raised its S&P 500 index target to 6,600 points, citing strong corporate earnings and a favorable macroeconomic environment [13]. - UBS and HSBC also adjusted their S&P 500 targets upward, reflecting optimism about corporate profitability and reduced policy uncertainty [14][15].

工业和信息化部最新数据显示，上半年我国规模以上互联网企业业务收入同比增长3.1%，增速较前5个 月提升2.2个百分点。这一上扬曲线，是5G新通话、直播短视频、云游戏等新兴业务蓬勃发展的结果， 也是大模型应用与人工智能终端协同演进所激发的深层活力。数字消费需求持续释放，移动流量连续6 个月两位数增长。我国互联网行业正以创新为桨，在实体经济的大潮中破浪前行。 亮眼增速之下，硬核创新正成为行业穿越周期的压舱石。上半年规模以上互联网企业研发投入逆势增 长，传递出明确信号：头部企业正将战略重心从流量争夺转向底层攻坚。操作系统、数据库、推理芯片 与大模型等硬科技领域，正吸引着前所未有的资源投入。千亿元级资金涌入云与AI基础设施建设，通 义千问等国产大模型实现全尺寸开源并服务大型企业与机构，行业竞争逻辑从规模扩张转向技术深挖， 以创新构建应对不确定性的护城河，在降本增效中开辟第二增长曲线。 （文章来源：经济日报） 但是，行业前进之路并非一片坦途。算力成本高企与区域分布失衡构成创新迭代的硬约束，技术向产业 核心环节渗透不足，数据要素流通的制度性障碍制约着"数据富矿"的价值释放，区域数字鸿沟及中小企 业技术采纳壁垒亟待弥合，底 ...

特朗普政府正考虑采取惩罚性措施，对负责执行欧盟《数字服务法案》（DSA）的官员实施制裁。 8月25日据媒体报道，由于美国不满欧盟《数字服务法案》审查美国人的言论、认为给美国科技公司带来了沉重负担。美国国务院高级官员上周举 行内部会议，讨论可能以签证限制形式来惩戒欧盟相关官员。 此举可能对本已因关税威胁和科技公司待遇问题而紧张的美欧关系造成进一步冲击。华盛顿方面认为，欧盟在打击仇恨言论和虚假信息的同时， 对言论自由施加了"不当"限制。美国科技公司也表达了类似担忧，Meta等公司称DSA等同于对其平台的审查。 目前尚不清楚此次行动将针对哪些欧盟或欧盟成员国官员，市场却反应强烈，欧元兑美元下挫近1%，报1.1619。 欧盟立场坚决，称旨在保障言论自由 面对美方的指责，欧盟方面立场坚定，并多次反驳其监管措施旨在压制言论或针对特定国家企业。 一位欧盟委员会发言人此前称美方的说法"完全没有根据"，并表示： 美方升级施压，游说与制裁威胁并行 在考虑直接制裁之前，特朗普政府已经展开了一系列施压行动。 据媒体报道，美国国务卿鲁比奥已指示驻欧外交官发起游说活动。 该指令要求美国外交官定期与欧盟及成员国政府、数字服务管理机构接触， ...

来源：滚动播报 周一热门中概股多数上涨，纳斯达克金龙中国涨0.1%。网易、百度、富途控股涨超2%，阿里、携程、 腾讯音乐涨超1%。蔚来跌超4%，哔哩哔哩跌超3%，小鹏跌超2%。 ...