机构指出，当前市场仍处于震荡向上的主升浪阶段。 【财经日历】 中国1-7月规模以上工业企业利润年率； 第十五届中国-东北亚博览会。 | 盘前必读 | 3 | // 外盘怎么样 // | | | | --- | --- | --- | --- | --- | | 名称 | | 现价 | 涨跌 | 涨跌 | | 直琼斯工业指数 | | 45418.07 | 135.60 | 0.30 | 美国股市周二收高，截至收盘，标普500指数上涨0.41%，收于6465.94点，距离8月14日创下的收盘纪录仅一步之遥，纳斯达克综合指数上涨0.44%，报 21544.27点，道琼斯工业平均指数上涨0.30%，报45418.07点。标普500指数11个板块中有7个上涨，工业板块领涨1.03%，金融板块紧随其后上涨0.76%。 大型科技股多数收高，特斯拉涨1.5%，苹果上涨0.95%，亚马逊涨0.34%，Meta涨0.11%，微软和谷歌A则小幅回落。 热门中概股也普遍走高，纳斯达克中国金龙指数上涨0.73%。其中，禾赛科技飙升逾14%，蔚来涨超10%，小鹏涨逾5%，理想涨近3%。 大宗商品方面，国际油价下跌。WTI原油下挫2.39 ...

Core Points - SpaceX's Starship second generation has faced three failed test flights since its debut this year, attributed to engine hardware failures and fuel tank system leaks [1][5] - The tenth test flight was canceled due to ground system issues, which are critical for fuel supply and launch support [5][7] - Elon Musk emphasized the need for patience in developing new technologies, acknowledging that failures are part of the process [8] Summary by Categories Test Flight Performance - The Starship second generation has attempted three test flights, all resulting in failures due to various technical issues [1][5] - The tenth test flight was canceled twice, first due to ground system problems and then due to potential lightning risks from weather conditions [3][5] Technical Challenges - Ground system failures have been identified as a significant issue, affecting the infrastructure necessary for fuel loading and launch operations [7] - Experts have raised concerns about the reliability of the Starship rocket, indicating that the current design may have supply chain and testing bottlenecks [7] Company Strategy - SpaceX has redirected approximately 20% of its Falcon 9 project engineering team to the Starship project to enhance reliability and testing of components [7] - The company is under pressure to prove the Starship's capabilities, with implications for future test flights and the introduction of the third generation [8]

Group 1: Trade Negotiations - Chinese Vice Minister of Commerce, Li Chenggang, will visit Washington this week for trade negotiations with the U.S. [1] - Li Chenggang is expected to meet with U.S. Trade Representative Katherine Tai and senior officials from the U.S. Treasury [2] - The U.S. and China have previously extended the tariff truce period by 90 days to continue discussions on trade deficits, market access, and rare earth issues [3] Group 2: U.S.-India Tariffs - The U.S. plans to impose a 50% tariff on Indian goods starting from August 27 [4] - This tariff will apply to all imported Indian goods for consumption or storage [5] - The overall tariff rate on Indian goods will increase to 50% due to an additional 25% tariff signed by President Trump [6][7] - India has expressed that the U.S. tariff increase is "unfair, unjust, and unreasonable," and will take necessary actions to protect its national interests [8] Group 3: South Korea's Diplomatic Efforts - A South Korean delegation led by former National Assembly Speaker Park Byeong-seok visited China to strengthen communication [10] - The delegation aims to discuss economic cooperation with Chinese officials, including Commerce Minister Wang Wentao [10] - The visit coincides with the 33rd anniversary of diplomatic relations between China and South Korea, reflecting South Korea's emphasis on balancing its relations with both the U.S. and China [12][13] Group 4: South Korea's Investment in the U.S. - South Korean companies plan to invest approximately $150 billion in the U.S. [14][15] - This investment commitment was announced during a meeting between business leaders from both countries [15] - Notable attendees included Samsung Electronics Chairman Lee Jae-Yong and NVIDIA CEO Jensen Huang [16] Group 5: AI Investment in South Korea - South Korean President Lee Jae-myung announced plans to prioritize investment in artificial intelligence (AI) [20] - The government aims to increase research spending by nearly 20% by 2026, reaching a record 35.3 trillion won (approximately $252.3 billion) [21] - The government will launch policies for 30 major AI and innovation projects starting in the second half of 2025 [22] Group 6: Semiconductor Industry Developments - The U.S. Department of Commerce canceled a $7.4 billion semiconductor manufacturing research funding program initiated during the Biden administration [45] - This program aimed to strengthen the U.S. semiconductor supply chain and close the technology gap with Asian manufacturers [45] - The cancellation may be influenced by recent budget disputes in Congress and shifts in industrial policy priorities [45] Group 7: 3D DRAM Technology Breakthrough - Researchers from imec and Ghent University announced a breakthrough in 3D DRAM technology, successfully growing 120 layers of Si/SiGe on 300mm wafers [48][49] - This advancement addresses challenges in traditional DRAM processes and is expected to enhance storage density for AI and high-performance computing applications [48][49] - The successful development of 3D DRAM could significantly impact the semiconductor industry and meet the growing demand for high-performance storage [49] Group 8: RISC-V Industry Alliance in Jiangsu - The Jiangsu Province RISC-V Industry Alliance was established to link innovation resources in the RISC-V field [50][51] - The alliance aims to enhance collaboration among industry leaders, universities, research institutions, and industry associations [51] - Jiangsu has a robust semiconductor industry with over 380 companies and a scale exceeding 120 billion yuan [50] Group 9: ChipScale's GaN Semiconductor Production - ChipScale has begun mass production of 650V gallium nitride (GaN) power semiconductors in South Korea [53][54] - This technology offers higher power efficiency and faster switching speeds compared to traditional silicon materials [53] - The company aims to expand its market presence in various applications, including AI and data centers [54]

Group 1: Policy Support for Enterprises - A series of favorable policies introduced in August-September 2025 provide strong momentum for enterprise development across various sectors including finance, technology, and social security [2] - The "Guiding Opinions on Financial Support for New Industrialization" issued by multiple government departments supports mining enterprises in accelerating resource production while ensuring strategic resource supply [4] - The new policies enhance funding for innovation, facilitate rapid market introduction of new products, and support mergers and acquisitions to promote industrial chain collaboration and transformation [6] Group 2: Technological Empowerment - The Guangdong Provincial Government's policies encourage enterprises to focus on core technology breakthroughs in aerospace, including reusable liquid rocket engines and low-cost satellites from 2025 to 2028 [8] - Support for technology projects includes guidance on direction and funding, with up to 50% matching funds for eligible national major technology projects and 100% tax deductions for R&D expenditures [10] Group 3: Social Security Regulations - New social security regulations effective September 1, 2025, invalidate any agreements between employers and employees to not pay social security, potentially increasing labor costs but also creating new opportunities [13] - Companies can reduce costs by leveraging local social security rate adjustments and applying for unemployment insurance subsidies for retaining employees [13] Group 4: Legal Support for Enterprises - Legal firms play a crucial role in helping enterprises navigate complex regulations, ensuring compliance, and mitigating risks through contract reviews and legal documentation [15] - By balancing the rights of employers and employees, legal advisors contribute to a stable working environment, enabling enterprises to thrive under favorable policies [15]

Core Insights - The report highlights the strong performance of the domestic financial market, with significant increases in major indices and trading volumes, indicating a bullish sentiment among investors [3][8][9]. Domestic Financial Market - The Shanghai Composite Index closed at 3883.56, up by 1.51%, while the Shenzhen Component Index rose by 2.26% to 12441.07 [3]. - The trading volume in the Shanghai and Shenzhen markets exceeded 31.4 billion, marking a substantial increase of 594.4 billion compared to the previous trading day [8]. Macro News Summary - Shanghai has optimized and adjusted real estate policies, including reducing housing purchase restrictions and improving housing credit policies [5]. - The People's Bank of China and other departments issued a notice to support high-quality development in forestry [5]. - The central government has released opinions on promoting green and low-carbon transitions and strengthening the national carbon market [5]. Industry Updates - Some companies have begun small-scale production of key components for humanoid robots, with related stocks including Hechuan Technology and Lide Harmony [6]. - The "anti-involution" trend is leading to performance improvements among photovoltaic component manufacturers, with related stocks such as Aisheng Co. and Hongyuan Green Energy [6]. - The countdown for satellite internet license issuance is underway, marking the first step towards commercial operations in satellite internet, with related stocks including Hualichuantong and China Satellite [6]. Company Focus - Ganfeng Lithium is expanding its presence in the sulfide solid-state battery materials sector, focusing on both lithium sulfide and sulfide electrolytes [7]. - Siling Co. reported a revenue of 391 million for the first half of 2025, a year-on-year increase of 8.75%, with a net profit of 99 million, up by 4.95% [7]. - Lanke Technology is a leading supplier of PCIe Retimer chips and is actively developing PCIe Switch chips [7]. - Laimu Co. is currently supplying precision electronic connectors and wiring harnesses to Zhiyuan Robotics, in the small batch supply or sample testing phase [7]. Market Review and Outlook - The market showed strong performance on August 23, with significant gains across various sectors, including non-ferrous metals, communications, and real estate [8]. - The report suggests maintaining a bullish stance, recommending patience in holding broad-based ETFs and sector-specific ETFs, while advising against chasing stocks that have seen excessive price increases [9].

Group 1 - Trump stated that if Putin and Zelensky do not meet, there could be "serious consequences" and the U.S. may intervene in one to two weeks [5] - Trump emphasized that discussions regarding U.S. involvement in Ukraine's security guarantees have not yet taken place, but the U.S. will assist Europe in playing a major role [6] - Zelensky announced that Ukrainian and U.S. teams will hold talks over the weekend to discuss the possibility of peace negotiations with Russia [7] Group 2 - Zelensky expressed gratitude to Norway for its support and mentioned that Norway has joined a plan to purchase weapons from the U.S., with Ukraine hoping to receive at least $1 billion monthly from this plan [8] - Norway and Germany have provided Ukraine with two sets of "Patriot" air defense systems and associated missiles to help counter drone and missile attacks [8] Group 3 - The Federal Reserve's shift towards a dovish stance has led to a rise in precious metal prices, with gold and silver futures showing increases [12] - Analysts noted that silver prices are more sensitive to Federal Reserve policies compared to gold, and the industrial demand for silver is also a significant factor [13][14] - The upcoming U.S. PCE data is a focal point for the market, with expectations that inflation may rise due to tariffs and energy prices, but economic growth slowdown could suppress demand-side inflation [16] Group 4 - The gold-silver ratio has decreased from above 100 to below 90, indicating a relative undervaluation of silver compared to gold, attracting more investment into silver [15] - The long-term outlook for gold prices remains positive due to ongoing geopolitical risks and central bank gold purchases, despite potential technical corrections if global economic recovery exceeds expectations [17][18]

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 ...

Core Points - Aerospace Changfeng (600855) announced a change in its official email address to htcf_600855@163.com due to actual work needs [1]

9岁上大学，14岁进SpaceX ，16岁天才少年Kairan Quazi又被热议，这一回，他炒了马斯克和SpaceX的 鱿鱼，转身推开了华尔街顶级交易公司Citadel Securities的大门，成为其史上最年轻的量化开发者之 一。这位被称作"加州神童"的少年，从英特尔实验室到SpaceX，再到如今杀入金融心脏，几乎每一步都 在打破规则、刷新认知。 ...

Group 1 - The Ministry of Industry and Information Technology emphasizes orderly guidance for computing power facility construction and aims to enhance the quality of computing resource supply [1] - The ministry plans to optimize the layout of computing infrastructure and promote the construction of national green data centers [1] - There is a focus on accelerating breakthroughs in key core technologies such as GPUs and expanding the supply of basic common technologies [1] Group 2 - CITIC Securities reports that the current market rally is primarily driven by institutional investors rather than retail investors, with a focus on industrial trends and performance [2] - The report suggests that the market will see a transition from old to new capital as products issued in 2020-2021 reach breakeven [2] - Recommendations include focusing on resources, innovative pharmaceuticals, gaming, and gradually increasing exposure to "anti-involution + overseas" sectors [2] Group 3 - SpaceX plans to conduct the tenth flight test of its Starship heavy-lift rocket, with a live broadcast scheduled [3] - The company has made hardware and operational changes to improve reliability following an investigation into the previous test's static fire anomaly [3] Group 4 - Sun Yat-sen University successfully completed the first deep-sea test of its 6000-meter class unmanned remote-controlled submersible, "Haiqin," verifying its functionality and performance [4] Group 5 - China's space station has set a new world record by heating tungsten alloy to over 3100°C using a "space furnace," which is part of ongoing materials experiments [5] Group 6 - A research team led by Professor Tan Hairen from Nanjing University has made breakthroughs in flexible perovskite tandem solar cells, significantly reducing the efficiency gap with rigid counterparts [6] - The results are being further developed for commercial application [6] Group 7 - Elon Musk announced the open-sourcing of the Grok-2 model and plans for Grok-3 to be open-sourced in approximately six months [7] - Musk expressed confidence that xAI will soon surpass all companies except Google, while noting strong competition from Chinese firms due to their advantages in power and hardware development [8] Group 8 - The National Supercomputing Internet has successfully connected with seven computing power centers, increasing the number of connected backbone node computing centers to over 30 [8] Group 9 - Goldman Sachs reports that hedge funds have made the fastest net purchases of Chinese stocks in seven weeks, indicating a positive shift in market sentiment [9] - The report highlights that China has seen the highest net purchases in institutional brokerage business since August [9] Group 10 - CITIC Securities forecasts that the prostate cancer RDC treatment market in China will exceed 10 billion yuan, driven by innovative nuclear medicine addressing unmet clinical needs [10] - The report notes that there are currently no RDC products on the market in China, presenting a significant growth opportunity [10]