凤凰网财经讯 8月25日，美股三大指数走势分化，截至发稿，道指跌0.43%，纳指涨0.08%，标普500跌 0.19%。 中概股方面，房多多涨超12%；老虎证券、网易涨超4%；虎牙。腾讯音乐、斗鱼涨超3%；贝壳、百 度、爱奇艺、阿里巴巴涨超2%。小鹏汽车跌超2%；哔哩哔哩、金山云跌超1%。 全球要闻 降息之门正缓缓开启 正视美联储货币政策新框架的影响 美联储降息之门正缓缓开启。在最新的杰克逊霍尔全球央行年会上，美联储主席鲍威尔宣布，美联储更 新货币政策运行框架。这一新框架对货币政策追求的充分就业和价格稳定目标做了新阐述，认为充分就 业水平无法直接衡量，且随时间推移变化，为就业设定固定目标是不适合的；价格稳定对健全稳定的经 济至关重要，长期通胀率主要由货币政策决定，委员会可为通胀设定长期目标。 拼多多第二季度调整后净利润327.1亿元 大超市场预期 拼多多控股公布2025年第二季度未经审计财务业绩。拼多多控股第二季度营收1,039.8亿元，较2024年同 期的970.595亿元增加7%；调整后每ADS收益 22.07元，超出市场预期的15.50元；调整后净利润327.1亿 元，超出市场预期的223.9亿元，较2 ...

Group 1 - The A-share market experienced a comprehensive upward trend, with the Shanghai Composite Index rising by 3.49%, the CSI 300 by 4.18%, and the ChiNext Index by 5.85% during the past week. The STAR 50 Index saw an impressive increase of 13.31% [1][2][13] - The report emphasizes that the strong performance of growth stocks aligns with the view that the extreme barbell strategy involving banks and micro-cap stocks is losing its excess effect, leading to a revaluation opportunity for relatively undervalued "middle assets" [1][2][3] - The report indicates that the current market is characterized by a "liquidity-driven bull market," with the Shanghai Composite Index surpassing 3800 points, reflecting a cumulative increase of over 40% since the market rally began on September 24 of the previous year [2][29] Group 2 - The report highlights that the Hang Seng Technology Index has significant room for catch-up compared to the ChiNext Index and STAR 50, as it remains relatively undervalued [2][3] - The analysis suggests that the third quarter economy shows resilience, with a substantial increase in the probability of a Federal Reserve rate cut in September, which could alleviate liquidity pressures in the Hong Kong market [2][3][32] - The report outlines a three-phase evolution path for the market: "liquidity bull - fundamental bull - new and old momentum transition bull," each corresponding to different investment focuses [4][29] Group 3 - The report notes that the inflow of southbound funds has accelerated, with a cumulative inflow of nearly 900 billion yuan this year, particularly into the internet and automotive sectors, while there has been a net outflow from innovative pharmaceuticals and new consumption [20][22][31] - The report indicates that the current market is still in the first phase of a liquidity-driven bull market, awaiting confirmation of economic recovery and expansion of prosperity before entering the second phase [29][52] - The report suggests that the significant rise in the ChiNext Index and STAR 50 indicates that the first phase of the "liquidity bull" is still unfolding, but attention should be paid to the "anti-barbell excess" and "middle asset rebound" [3][4][29]

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。" ...