Investment Rating - Investment rating: None [4] Core Insights - The report highlights the U.S. Department of Energy's (DOE) pilot program aimed at accelerating advanced nuclear reactor development and strengthening the domestic nuclear fuel supply chain. This initiative is part of a broader strategy to reduce reliance on imported enriched uranium and key materials, fostering a domestic nuclear fuel industry [4][16] - The report emphasizes that the U.S. is accelerating the self-sufficiency layout of critical resources, with nuclear fuel being a vital component of national energy security. The transition from heavy reliance on imports to rebuilding a domestic system is underway, supported by a comprehensive mechanism from policy guidance to financial support [4][16] - The report notes significant market movements, particularly in the uranium sector, with top-performing companies experiencing substantial gains, reflecting heightened market focus on energy and critical resources [4][9] Summary by Sections 1. Overseas AI - The report indicates that Hong Kong and U.S. tech stocks saw an increase, with the Hang Seng Tech Index rising by 5.5% and the Philadelphia Semiconductor Index increasing by 0.6% during the week of July 14 to July 18, 2025 [7][8] - The uranium sector experienced a notable surge, with top companies like ENERGY FUELS and ASP ISOTOPES seeing increases of 42% and 39% respectively, indicating strong market interest in energy self-sufficiency [9][14] 2. Web3 and Cryptocurrency Market - The global cryptocurrency market capitalization rose to $3.86 trillion as of July 18, 2025, up from $3.61 trillion the previous week, indicating a positive market trend [18][22] - The report highlights that the core assets in the cryptocurrency market saw a net inflow of $2.386 billion during the week, reflecting strong investor interest [28] - Key legislative developments in the U.S. regarding cryptocurrency, including the passage of the GENIUS Act, have bolstered market expectations, contributing to a rise in core asset prices [32][32]

Group 1 - Trump Media and Technology Group (DJT) has accumulated approximately $2 billion in Bitcoin and related digital assets, which now constitute two-thirds of the company's liquid assets [1] - DJT's stock price surged by 9% at the market opening following the announcement, with Trump's holdings valued at nearly $2.3 billion [1] - Trump has shifted his stance on cryptocurrencies, aiming to make the U.S. a global hub for digital currencies, and has signed multiple measures to support this initiative [1] Group 2 - The Trump family has reportedly earned around $500 million from their association with World Liberty Financial since the project's launch in September last year [2] - Concerns have been raised regarding potential conflicts of interest due to Trump's cryptocurrency holdings and political power, as he could directly benefit from policies he promotes [2] - DJT has redefined itself as a cryptocurrency and financial services company, with its first product being the Truth Social platform, which has not generated significant revenue [2] Group 3 - In late January, DJT announced the launch of a fintech brand named Truth.Fi, securing $250 million in investments, including Bitcoin and ETFs [3] - The company raised over $2.3 billion in net proceeds through stock and convertible note sales to about 50 institutional investors to build its Bitcoin reserves [3] - DJT's CEO Devin Nunes stated that the company is strictly executing its announced strategy to implement the Bitcoin reserve plan, which aims to ensure financial freedom and create synergy with utility tokens planned for the Truth Social ecosystem [3]

Core Viewpoint - The signing of the "Stablecoin Innovation Act" by President Trump marks a significant milestone for the cryptocurrency industry, coinciding with Bullish's IPO application to the SEC, making it the first crypto company to pursue a U.S. stock market listing under the new legislation [1]. Group 1: Company Overview - Bullish is a digital asset exchange founded by Block.one in 2021, backed by prominent investors including Peter Thiel's Founders Fund and Nomura Securities [8]. - The company holds 24,000 Bitcoins, ranking it among the top five publicly listed companies globally in terms of Bitcoin reserves [8]. - Bullish has obtained licenses in over 50 jurisdictions, meeting compliance requirements in key markets such as the U.S., EU, and Asia-Pacific [8]. Group 2: Business Structure and Performance - Bullish operates as a dual-driven platform combining a cryptocurrency exchange and media network, with CoinDesk as its core media asset, which provides real-time market data and industry analysis [2]. - In 2024, the exchange is projected to achieve a trading volume of $284.8 billion for Bitcoin and $144.5 billion for Ethereum, with a daily average trading volume of $2.5 billion in Q1 2025 [2]. - The exchange's total trading volume exceeded $1.25 trillion, placing it among the top five exchanges for Bitcoin and Ethereum spot trading globally [2]. Group 3: Financial Performance - Bullish reported a net profit of $80 million in 2024, but experienced a net loss of $349 million in Q1 2025 due to a decline in Bitcoin prices leading to asset impairment [10]. - As of March 31, 2025, the company had $1.962 billion in current assets, with digital assets dominating the portfolio, while cash reserves were only $28 million [10]. - The company recorded digital asset sales of $80.2 million in Q1 2025, with a significant cost of derecognized digital assets amounting to $80.2 million [11].

智通财经APP获悉，周三，纳指、标普500指数均创盘中历史新高。三大指数尾盘出现跳水，因惠誉下 调美国25%行业前景评级至"恶化"。 惠誉称，政策风险给美国信用前景蒙上阴影。惠誉在年中更新中，将美国2025年25%行业的前景展望下 调至"恶化"，原因是不确定性增加、经济增长放缓以及预期利率将长期维持在高位。惠誉表示，近期通 过的税收和支出法案凸显了美国财政前景面临的长期挑战，并将给医疗保健相关行业带来压力。税收法 案和先前减税措施的延长相结合，很可能使美政府总赤字保持在GDP的7%以上，并在2029年将债务与 GDP之比推高至135%。 【美股】截至收盘，道指跌19.12点，跌幅为0.04%，报44323.07点；纳指涨78.52点，涨幅为0.38%，报 20974.17点；标普500指数涨8.81点，涨幅为0.14%，报6305.6点。Opendoor Technologies(OPEN.US)收涨 42.67%。 【欧股】德国DAX30指数涨11.58点，涨幅0.05%，报24299.15点；英国富时100指数涨21.03点，涨幅 0.23%，报9013.15点；法国CAC40指数跌25.97点，跌幅0. ...

Core Points - Sun Yuchen, founder of the Tron blockchain platform, is set to participate in Blue Origin's NS-34 space mission, marking a significant intersection of cryptocurrency wealth and commercial space exploration [1][3] - The NS-34 mission will be the 14th crewed flight of the New Shepard project, which has already sent 70 people beyond the Kármán line, recognized as the edge of space [1][5] - Sun Yuchen won his seat on the New Shepard rocket through a $28 million bid in 2021, with the funds donated to Blue Origin's foundation to support 19 space-related charities [1][6] Industry Insights - Sun Yuchen's participation in the space mission is seen as a move to enhance the public image of the cryptocurrency industry, linking it to innovation and progress rather than mere speculation [3][4] - The NS-34 mission features a diverse crew, including individuals from various professional backgrounds, which reflects Blue Origin's vision of making space accessible to many [5] - Blue Origin aims to democratize space exploration, with private capital playing a crucial role in funding educational and scientific initiatives through philanthropic efforts [6]

Market Performance - The three major U.S. stock indices collectively rose, with the Dow Jones up 0.33%, Nasdaq up 0.85%, and S&P 500 up 0.56% [1] - Chinese concept stocks showed mixed performance, with Douyu, NIO, and Pony.ai rising over 5%, while New Oxygen and New Oriental fell over 4% and 3% respectively [1] Cryptocurrency Insights - Cryptocurrency-related stocks surged, with Trump Media & Technology Group rising over 6% after announcing a total Bitcoin reserve purchase of $2 billion [1] - Ethereum's price increased by 26% last week, driven by the passage of key legislation and large investors acquiring over 500,000 ETH [2] Stock Market Forecast - Goldman Sachs predicts a continued bullish trend for U.S. stocks, estimating a 10% increase in the S&P 500 index over the next 12 months, reaching 6,900 points [3] Technology Sector Dynamics - The performance of the "Seven Giants" in the tech sector is diverging, with some companies advancing significantly due to AI trends while others lag behind [4] - Nvidia's stock continues to rise, with CEO Jensen Huang cashing out approximately $12.94 million from stock sales, reflecting strong market enthusiasm for AI capabilities [5] Tesla's Market Reception - Tesla's first showroom in India opened to disappointment among fans, attributed to previous order cancellations and perceived poor service [6]

Core Viewpoint - The Nasdaq Composite Index has reached a historic milestone by surpassing 21,000 points, driven by strong earnings reports from major tech companies and optimistic market sentiment regarding future growth [2][4]. Financial Performance - Over 85% of the 62 S&P 500 companies that have reported earnings so far have exceeded expectations, indicating robust performance in the current earnings season [3][15]. - The "Big Seven" tech companies are expected to see a 14% year-over-year increase in earnings, while the remaining 493 S&P 500 companies are projected to have an average growth of only 3.4% [16]. - Goldman Sachs predicts that the S&P 500 index could rise to 6,900 points in the next 12 months, supported by strong earnings and investor optimism about growth in 2026 [3][17]. Market Trends - Major tech stocks, including Google, Apple, and Meta, have shown significant gains, contributing to the overall strength of the market [7]. - The financial technology company Block's stock surged over 7% after being announced as a new addition to the S&P 500 index [8]. Economic Indicators - The U.S. Treasury Secretary indicated that if inflation data is low, the Federal Reserve should consider lowering interest rates, which could positively impact the mortgage market [9]. - A weaker dollar has been identified as a favorable factor for the earnings growth of U.S. companies, with a 10% decline in the dollar potentially leading to a 2-3% increase in S&P 500 earnings per share [20]. Investor Sentiment - Despite concerns regarding trade policies, investors appear to be focusing on the long-term growth prospects for 2026 rather than short-term economic challenges [19][23]. - There is a general expectation among investors that the final tariff rates proposed by the Trump administration may be lower than currently suggested, which could further support market confidence [24].

Market Overview - US stock indices opened higher with the Dow Jones up 0.19%, Nasdaq up 0.33%, and S&P 500 up 0.22% [1] - Chinese concept stocks showed mixed performance, with Waterdrop, NIO, and New Oxygen rising over 3%, while Kingsoft Cloud fell over 3% [1] Global Economic News - A warning from business organizations indicates that US tariffs could lead to a 0.8% loss in Italy's GDP by 2027 if a 30% tariff on EU goods is implemented [2] Corporate News - BlackRock analysts noted that European corporate earnings have already factored in tariff risks, suggesting potential for market upside as long as trade shocks are avoided [3] - JD.com announced significant investments in three leading companies in the intelligent robotics sector, indicating a strategic focus on enhancing retail, logistics, and service collaboration [4] - Lexin announced a $60 million stock repurchase plan, with the CEO planning to personally invest up to $10 million in company shares, aiming to enhance shareholder returns [5] - Huami Technology experienced a stock price surge of 395.86% in July, driven by positive revenue growth signals for Q2 2025, marking a significant recovery after three years of stagnation [6]

Global Market Performance - The global stock market showed mixed results last week, with the US indices displaying divergence; the Nasdaq and S&P 500 rose while the Dow Jones experienced a slight pullback [3] - In Europe, the FTSE 100 and DAX indices increased, whereas the CAC40 index saw a minor decline [3] - The Asia-Pacific region also had mixed results, with the SENSEX30 index in India retreating [3] Economic Indicators - The US Consumer Price Index (CPI) showed a moderate increase, with a month-on-month rise of 0.3% and a year-on-year increase of 2.7%, marking a four-month high [3] - Core CPI rose by 0.23% month-on-month, with a year-on-year increase of 2.9%, slightly below expectations [3] - The impact of tariffs on specific product categories is becoming more pronounced, indicating ongoing inflationary pressures [3] Stablecoin Legislation - On July 17, the US Congress passed three significant bills regarding stablecoin regulation, which were signed into law by President Trump [4] - The GENIUS Act mandates that stablecoin issuers must hold reserves in a 1:1 ratio with US dollars, enhancing the security of funds held by users [4] - The CLARITY Act delineates the regulatory responsibilities between the SEC and CFTC, establishing a framework for digital assets linked to blockchain technology [6] - The Anti-CBDC Surveillance Act prohibits the Federal Reserve from issuing retail central bank digital currency without explicit Congressional authorization, ensuring that the future of digital dollars remains in the private sector [7] Market Implications of Legislation - The passage of these bills is expected to create a new dominance in the digital finance sector, reinforcing the US's position in the global cryptocurrency market [8] - By binding stablecoins closely to the US dollar, the legislation aims to strengthen the dollar's role in the international monetary system [8] - The demand for US Treasury bonds may diversify as stablecoin issuers are likely to purchase them, alleviating selling pressure and potentially lowering government borrowing costs [8] Market Strategy - Following recent highs in the US stock market, caution is advised due to potential volatility stemming from ongoing tariff negotiations and changing interest rate expectations [3] - The report suggests focusing on high-certainty interest rate trades and sectors with strong growth potential, such as nuclear power and semiconductors, as a strategy to navigate increased market fluctuations [3]

Core Viewpoint - The cryptocurrency-related stocks in the U.S. market experienced a significant surge, with notable increases in share prices for several companies [1] Group 1: Stock Performance - GLXY saw an increase of over 12% [1] - BTOG and BTCS both rose by more than 9% [1] - Trump Media & Technology Group experienced a rise of over 7%, marking its largest increase since April 23 [1]