Market Overview - The Hong Kong stock market showed mixed results with the Hang Seng Index closing at 24,969.68, up by 62.87 points or 0.25% [1][2] - The Hang Seng Technology Index experienced a slight decline of 0.38%, closing at 5,439.16 [1][2] - The National Enterprises Index rose by 0.32%, ending at 8,916.85 [1][2] Sector Performance - Large technology stocks exhibited varied performance, with Xiaomi increasing by 1.77% and NetEase by 1%, while Kuaishou fell over 9% [2] - Semiconductor stocks surged following rumors, with Hongguang Semiconductor rising by 11.5% and SMIC and Huahong Semiconductor both increasing by over 5% [2] - Insurance stocks performed well, with China Pacific Insurance rising over 6% due to a decrease in institutional interest rates and an increase in dividend insurance ratios [2] Declining Sectors - The rare earth and paper industries saw significant declines, while the biopharmaceutical sector experienced a high open but low close, with companies like Boan Biotechnology and LIZHU Pharmaceutical leading the losses [3] - Logistics, vocational education, and military industry stocks also faced downward pressure [3]

Market Performance - On August 11, U.S. stock indices experienced slight declines, with the Dow Jones Industrial Average falling by 0.45%, the S&P 500 down by 0.25%, and the Nasdaq down by 0.3% [1][3]. - Major technology stocks mostly declined, with the Wind U.S. Technology Seven Giants Index decreasing by 0.22%. Notable individual stock movements included Apple dropping over 0.8%, while Tesla rose over 2.8% for a four-day increase [5]. International Commodities - International precious metal futures generally fell on August 11, with COMEX gold futures main contract down by 2.8% to $3,393.7 per ounce, and COMEX silver futures down by 2.33% to $37.645 per ounce [2][7]. - Oil prices saw a slight increase, with light crude oil futures for September delivery rising by 8 cents to $63.96 per barrel, a 0.13% increase, and Brent crude oil futures for October delivery up by 4 cents to $66.63 per barrel, a 0.06% increase [7]. Chinese Stocks - The Nasdaq China Golden Dragon Index fell by 0.29%, with notable declines in popular Chinese stocks such as QuantumScape and Ascentage Pharma, which dropped over 4%. However, Xpeng Motors saw an increase of nearly 6% [6]. Geopolitical Developments - U.S. President Trump announced a "test meeting" with Russian President Putin scheduled for August 15 in Alaska, indicating that the outcome could be "good or bad" but expressing hope for "constructive dialogue" [2][8]. - Trump mentioned the possibility of arranging a meeting between Ukrainian President Zelensky and Putin following their discussions, suggesting potential increases in U.S.-Russia trade if an agreement is reached regarding Ukraine [8][9].

2025年7月29日，华盛顿特区笼罩在夜幕下，唯有美联储大楼灯火通明，宛如金融风暴中孤悬海上的一座灯塔。大楼内，美 联储主席鲍威尔眉头紧锁，凝视着桌上堆积如山的报告，额头深陷的皱纹在灯光下愈发清晰可见。37万亿美元的国债利息 支出已吞噬了联邦税收的四分之一，这把达摩克利斯之剑悬在头顶，随时可能落下。 与此同时，特朗普在"真实社交"平台 上发出的"立即降息300个基点"的咆哮，正如同飓风般席卷全球金融市场，引发一场关乎美元命运的激烈搏斗。 一、美元霸权的裂痕：全球风暴来袭 8月2日清晨，一条非农就业数据的消息如同惊雷般炸响，震醒了纽约交易员詹姆斯。7月新增就业仅7.3万人，远低于预期的 10.4万人；更令人震惊的是，5月和6月数据合计下修25.8万人，创下自疫情初期以来最大两月降幅。失业率升至4.2%，为 2021年11月以来最高水平；劳动参与率连续第三个月下滑至62.2%，在劳动力供给缩减的情况下失业率仍在上升，意味着就 业市场的疲软程度远超表面数据。时薪数据也传递出复杂信号：7月非农私人部门时薪环比增速升至0.3%，同比增速升至 3.9%，核心服务通胀压力升温；但商品生产行业薪资环比增速却回落至0.1%，凸 ...

另一方面，全球央行购金量放缓，机构称金价短期上涨动力减弱，黄金股集体下跌，山东黄金、招金矿 业跌幅居前，濠赌赌延续上周五跌势，餐饮股、互联网医疗股、脑机接口概念股走低。(格隆汇) (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月11日｜港股三大指数今日高开，盘初小幅探底后再度回升转涨，恒生指数涨0.19%，国企指 数平收，恒生科技指数上涨0.11%，总体呈现窄幅震荡行情。 盘面上，大型科技股涨跌不一，其中，阿里巴巴涨1.72%，百度、快手小幅上涨，美团跌1.5%，腾讯、 小米、京东飘绿；苹果上周飙升逾13%！创2020年7月以来最佳单周表现，带动苹果概念股走强，鸿腾 精密劲升近10%领衔；近期多个重大基建工程开工，建材水泥股、高铁基建股多数表现活跃，北京五环 外解除限购，内房股普遍上涨，中资券商股、汽车股、电信股、教育股齐涨。 ...

Market Overview - The Hong Kong stock market opened higher today, with the Hang Seng Index rising by 0.19%, while the Hang Seng Tech Index increased by 0.11%, indicating a narrow fluctuation in the market [1] Technology Sector - Major technology stocks showed mixed performance, with Alibaba rising by 1.72%, while Meituan fell by 1.5%. Tencent, Xiaomi, and JD.com also experienced declines [1] - Apple saw a significant surge of over 13% last week, marking its best weekly performance since July 2020, which positively impacted Apple-related stocks, with Hon Teng Precision rising nearly 10% [1] Construction and Real Estate - Recent major infrastructure projects have commenced, leading to active performance in construction materials and cement stocks. Additionally, the lifting of purchase restrictions in Beijing's Fifth Ring Road resulted in a general increase in domestic property stocks [1] Financial and Other Sectors - Chinese brokerage stocks, automotive stocks, telecommunications stocks, and education stocks all experienced gains [1] Gold and Gambling Sectors - Global central banks have slowed their gold purchases, leading to a decrease in gold prices and a collective drop in gold stocks, with Shandong Gold and Zhaojin Mining showing significant declines [1] - The gambling sector continued its downward trend from last Friday, with restaurant stocks, internet healthcare stocks, and brain-computer interface concept stocks also declining [1]

Market Performance - The three major U.S. stock indices collectively rose over the past week, with the Dow Jones Industrial Average increasing by 1.35% to 44,175.61 points, the Nasdaq Composite rising by 3.87% to 21,450.02 points, and the S&P 500 gaining 2.43% to 6,389.45 points [1] - Apple Inc. saw its stock price surge by 13%, marking its best weekly performance since July 2020, following the announcement of a $600 billion investment plan in the U.S. over the next four years [1] Economic Indicators - The U.S. non-farm payroll data for July was significantly below expectations, leading to concerns about growth prospects and causing the VIX index to rise above 20 [2] - The probability of a Federal Reserve rate cut in September increased from 40% to 86% due to weak employment data, with expectations for at least two rate cuts this year [2] Valuation and Market Trends - Year-to-date, the Dow Jones has risen by 3.83%, the Nasdaq by 11.08%, and the S&P 500 by 8.63% [3] - Current valuations are at historical highs, with the S&P 500's price-to-earnings ratio exceeding 22, significantly above the long-term average of 15.8 [3] - Historically, August and September have been the worst-performing months for the S&P 500, with average declines of 0.6% and 0.8%, respectively [3] Future Outlook - The liquidity environment and optimistic sentiment are expected to support the U.S. stock market, with rate cut expectations being a key factor [4] - Upcoming technology product launches are anticipated to stimulate sectors such as artificial intelligence and robotics [4] - Despite short-term adjustments, there is a belief that the market will rebound, particularly in Asian markets, which are seen as undervalued compared to the U.S. [3][4] Risks and Concerns - Long-term risks remain, particularly regarding the negative impact of U.S. policies on the macro economy, with a focus on employment and inflation indicators [5] - A potential rise in unemployment and deteriorating non-farm payroll data could lead to recession expectations, with the possibility of a market decline exceeding 20% if inflation pressures also rise [5] - The upcoming U.S. Consumer Price Index (CPI) report is expected to influence market volatility, with predictions of a 2.8% year-over-year increase for July [6]

Group 1: Market Overview - The week from August 4 to 9 saw a significant focus on potential candidates for the next Federal Reserve Chair, impacting interest rate expectations and capital market trends [1] - Major global stock markets mostly rose, with the S&P 500 closing at 6389.45 points, up 2.43% for the week; the Dow Jones Industrial Average rose 1.35% to 44175.61 points; and the Nasdaq increased by 3.87% to 21450.02 points [1] - The VIX index, a measure of market volatility, fell by 25.52% during the same period [1] Group 2: Commodity Market - Gold prices experienced significant fluctuations, reaching a historical high of $3534 per ounce before settling at $3458.2, marking a weekly increase of 1.72% [2] - Silver also performed well, with spot silver closing at $38.525 per ounce, up 3.53% for the week, while COMEX silver futures rose by 4.28% [2] Group 3: Economic Indicators - Upcoming U.S. economic data releases include the July Consumer Price Index (CPI), Producer Price Index (PPI), and retail sales, which are expected to influence Federal Reserve interest rate decisions [3] - The market anticipates a rise in July CPI to 2.8% year-on-year, up from 2.7% in June, with core CPI also expected to show an increase [4][5] Group 4: Federal Reserve Leadership - President Trump has nominated Stephen Moore to fill a vacancy on the Federal Reserve Board, with three main candidates for the next Fed Chair being Kevin Warsh, Kevin Hassett, and Christopher J. Waller, all of whom are seen as supportive of interest rate cuts [7] - Market expectations for a rate cut in September have increased significantly, with predictions of a total reduction of 100 basis points over the next four meetings [7][8]

Core Viewpoint - Jinglin Asset has made significant adjustments to its U.S. stock holdings, increasing positions in tech stocks like META, NVIDIA, and Google while liquidating positions in companies such as Apple and Pfizer, indicating a strategic shift towards high-growth sectors [1][4]. Group 1: Portfolio Adjustments - As of the end of Q2 2025, Jinglin Asset held stocks in 28 companies in the U.S. market, with a total market value of $2.87 billion [1]. - The top ten holdings include META, NetEase, Manbang, Pinduoduo, Futu Holdings, Qifu Technology, NVIDIA, Beike, New Oriental, and Nebius [3][4]. - The portfolio saw the addition of three new stocks, the liquidation of six stocks, and an increase in seven stocks during the quarter [1]. Group 2: Performance and Strategy - Jinglin Asset's investment in META accounted for 25.46% of its portfolio, valued at over $730 million, reflecting a strong bullish stance on the company [4]. - The firm successfully bottom-fished NVIDIA shares, buying 630,000 shares in Q2 after previously selling 38,000 shares in Q1, indicating a belief in the company's recovery and favorable fundamentals [4]. - The firm has also initiated positions in Atour and Huazhu, purchasing 210,000 and 177,000 shares respectively, showcasing a focus on the recovery of Chinese companies [4]. Group 3: Market Outlook - Jinglin Asset expresses optimism about China's development prospects over the next few years, suggesting that Chinese companies are transitioning from being undervalued to gaining recognition and attracting global investment [4].

Group 1 - The core viewpoint of the article highlights the rising expectations for a Federal Reserve interest rate cut in September, which has contributed to a strong performance in the U.S. stock market, marking its best performance since June [1] - Major technology stocks, including Apple, have surged, boosting investor risk appetite amid a backdrop of global trade uncertainties and better-than-expected earnings reports [1] - Upcoming key economic data, including a significant inflation report, is anticipated to influence the Federal Reserve's monetary policy decisions, with analysts cautioning investors to remain vigilant against short-term volatility risks [1]

Group 1 - The Nasdaq index has set a new historical record for the fifth time this week, with Apple contributing the largest increase of 13% [2] - The surge in technology stocks is driven by market bets on the new AI era [2] Group 2 - Apple's pre-sale data for Vision Pro exceeded expectations, leading to a revaluation of the company [3] - Revenue from the Greater China region has rebounded, and the market share of iPhone 15 has increased [3] - Apple announced a $110 billion share buyback plan, setting a record in U.S. stock history [3] Group 3 - Major tech giants like Microsoft and Google have exceeded expectations in capital expenditures as AI implementation accelerates [4] - The Federal Reserve has signaled a dovish stance, boosting growth stocks [4] - Seven major tech companies have a free cash flow ratio that meets the S&P 35% benchmark [4] - The Nasdaq's price-to-earnings ratio has risen to 32 times, nearing levels seen during the internet bubble [4] - The short-selling ratio has dropped to a historical low, indicating overheated market sentiment [4] - Retail options trading volume has surged, with call options accounting for 78% [4] - The current market rally is attributed to both the realization of AI benefits and liquidity-driven exuberance [4] - As Apple's market capitalization approaches $3 trillion, investors are cautioned that historical highs do not exempt from risks [4]