Group 1 - The Hang Seng Index (HSI) closed at 24,337.44, down by 170.37 points or 0.70% [1] - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 96.348, up by 1.15% compared to the Hong Kong close, while Tencent Holdings closed at HKD 533.076, down by 0.36% [2] Group 2 - The ADR performance of major companies showed mixed results, with Tencent Holdings down by 0.36% to HKD 533.076, and HSBC Holdings up by 1.15% to HKD 96.348 [3] - Other notable declines included BYD Company down by 3.74% to HKD 111.859, and Kuaishou Technology down by 5.30% to HKD 70.648 [3]

Core Viewpoint - The AI arms race among tech giants is escalating rapidly, with significant capital expenditures expected to exceed $400 billion this year, surpassing the EU's total defense spending last year. This investment is projected to contribute up to 0.5 percentage points to US GDP growth this year and next [3][4]. Group 1: Investment Trends - Major tech companies like Meta, Microsoft, and Google are leading the AI investment race, with their substantial capital expenditures already showing positive results in terms of revenue growth and stock performance [3][4]. - Morgan Stanley predicts that from 2025 to 2028, total spending on AI infrastructure by tech giants could reach $2.9 trillion, with a financing gap of up to $1.5 trillion identified in the AI infrastructure competition [5][6]. - Meta's capital expenditure is projected to reach between $66 billion and $72 billion, with potential increases to $100 billion by 2026, driven by AI's direct contribution to advertising revenue [7][8]. Group 2: Company Performances - Microsoft reported a record capital expenditure of $30 billion for the quarter, with Azure's annual sales exceeding $75 billion, showcasing the returns from AI investments [9]. - Google's capital expenditure forecast was raised from $75 billion to $85 billion, marking the highest annual percentage since 2006, with AI investments positively impacting user engagement and search queries [10][11]. - Amazon's AWS cloud service, despite being a significant player with annual revenues over $123 billion, is facing challenges with a growth rate of only 18%, lagging behind competitors like Microsoft and Google [15][16]. Group 3: Challenges and Outlook - Apple is perceived as lagging in the AI race due to its conservative investment strategy, with analysts suggesting that acquisitions may be necessary for future innovation [12][14]. - Amazon's CEO defended AWS's position in the market, emphasizing the development of proprietary AI chips and tools, but the market remains skeptical until more impressive growth figures are presented [15][16].

Government Policies - The Ministry of Finance and the State Taxation Administration announced that starting from August 8, interest income from newly issued national bonds, local government bonds, and financial bonds will be subject to value-added tax [1] - The People's Bank of China emphasized the continuation of a moderately loose monetary policy and the importance of executing various monetary policy measures effectively [1] Macroeconomic Developments - The National Development and Reform Commission reported that the third batch of 690 billion yuan in special bonds for consumer goods replacement has been fully allocated, with a fourth batch planned for October [2] - The Supreme People's Court clarified that any agreement regarding "non-payment of social insurance" is invalid, effective from September 1 [2] - The Ministry of Culture and Tourism reported that domestic tourist trips reached 3.285 billion in the first half of the year, a year-on-year increase of 20.6% [2] Investment News - The Hong Kong Stablecoin Regulation came into effect on August 1, requiring licenses for issuing stablecoins pegged to the Hong Kong dollar [3] - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPOs from 50% to 40% [3] Company Developments - Wahaha Group's inheritance dispute has progressed, with the Hong Kong High Court approving asset preservation requests related to approximately 1.8 billion USD in HSBC accounts [5] - Tencent has adjusted its WeChat payment withdrawal fee structure, charging a service fee of 0.1% on amounts exceeding the free withdrawal limit [5] - New energy vehicle companies reported July delivery figures, with Leap Motor delivering over 50,000 units for the first time, while BYD's sales reached 344,300 units, a slight year-on-year increase [5] - Hikvision announced a revenue of 41.818 billion yuan for the first half of the year, a year-on-year increase of 1.48%, with a net profit of 5.657 billion yuan, up 11.71% [5]

Market Overview - The U.S. non-farm payroll data for July showed an increase of only 73,000 jobs, significantly below expectations, leading to heightened expectations for interest rate cuts by the Federal Reserve [11][12] - The unemployment rate rose to 4.2%, matching expectations, while year-on-year wage growth increased from a revised 3.8% to 3.9% [11] - The Nasdaq fell over 2%, marking the largest decline for the S&P 500 since May, with small-cap stocks hit hardest [1] - The VIX index surpassed 20, indicating rising fear in the market, while gold prices surged by 2% amid geopolitical tensions [1] Key Economic Indicators - The ISM Manufacturing PMI for July dropped to 48, indicating the fastest contraction in nine months, with the employment index hitting a five-year low [2][12] - The manufacturing sector is experiencing a slowdown, with new orders declining for six consecutive months [12] Company News - Major tech companies are beginning to see profitability from AI investments, with significant revenue growth reported by Microsoft, Alphabet, and Meta, collectively increasing their market value by over $350 billion [14] - Amazon faced scrutiny regarding its position in the AI race, despite exceeding earnings expectations, as concerns about its cloud business growth persist [23] - The combined capital expenditure for AI infrastructure by major tech firms is projected to approach $400 billion, surpassing the total defense spending of the EU last year [15] Regulatory and Policy Developments - The People's Bank of China established a new macro-prudential and financial stability committee, emphasizing the need for a moderately loose monetary policy [10] - The U.S. government announced a new tariff structure, with rates varying based on trade relationships, impacting various sectors [19][21] Market Reactions - Following the release of disappointing employment data, hedge funds have been selling U.S. stocks for four consecutive weeks, particularly in the tech, media, and telecom sectors [20] - The stock prices of companies like Meituan, Ele.me, and JD.com surged after a joint commitment to resist harmful competition practices [17]

1 隔夜市场 3 两部门发文恢复征收国债等利息收入增值税 8月1日，财政部、税务总局就国债、地方政府债券、金融债券利息收入增值税政策有关事项发布公告。 一、自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收 入，恢复征收增值税。对在该日期之前已发行的国债、地方政府债券、金融债券(包含在2025年8月8日 之后续发行的部分）的利息收入，继续免征增值税直至债券到期。 二、上述金融债券，是指依法在中 华人民共和国境内设立的金融机构法人在全国银行间和交易所债券市场发行的、按约定还本付息并由金 融机构持有的有价证券。 美股三大指数集体收跌，道指跌1.23%，纳指跌2.24%，标普500指数跌1.6%，美国股市市值蒸发逾1万 亿美元；热门科技股普跌，亚马逊跌超8%，Meta跌超3%，苹果、英伟达跌超2%，特斯拉、微软、谷 歌跌超1%；加密货币、计算机硬件板块跌幅居前，Coinbase跌超16%，Strategy、Circle跌超8%，安高盟 跌超7%，昆腾跌近6%，戴尔科技跌超4%，超微电脑跌近4%，罗技跌超3%；减肥药、贵金属板块走 高，黄金资源涨近17%，金田涨超5%，礼来涨 ...

智通财经APP获悉，周五，三大指数大幅收跌，市值蒸发逾1万亿美元，标普500指数连续第四个交易日 下滑。亚马逊市值单日蒸发超2000亿美元。此前数据显示，美国7月非农就业人口远低于市场预期，5月 和6月非农就业人数合计下修25.8万人。 【美股】截至收盘，道指跌542.40点，跌幅为1.23%，报43588.58点；纳指跌472.32点，跌幅为2.24%， 报20650.13点；标普500指数跌101.38点，跌幅为1.60%，报6238.01点。周五，美国科技股七巨头指数下 跌2.90%，报179.80点，本周累计下跌1.38%，微软(MSFT.US)业绩向好之际、7月31日曾高开至188.78 点。亚马逊(AMZN.US)收跌8.27%，Meta Platforms(META.US)跌3.03%，苹果(AAPL.US)跌2.50%，英伟 达(NVDA.US)跌2.33%，特斯拉(TSLA.US)跌1.83%，微软(MSFT.US)跌1.76%，谷歌 A(GOOG.US,GOOGL.US)跌1.44%。此外，台积电ADR(TSM.US)收跌2.65%，AMD(AMD.US)跌 2.64%，礼来(LLY.US ...

7月31日特朗普对全球征收关税。拖拖拉拉将近四个月了。所有的国家在收到关税罚单之后，表现得都相当的淡定。相比四个月之前都稳定了很多，因为不 少人都已经知道，不管再怎么反抗，特朗普执意要加税，谁也办法毕竟西方不亮东方亮。 而对比全世界的冷淡的反映，都不如美国内部要来的大，在特朗普公布了关税政策之后，美股三大股指一片飘红跌幅超过了2.3% 美股七大科技巨头全线跳水，亚马逊跌幅超过7%，瞬间就损失了数万亿美元，特斯拉，苹果，微软都股市全部都下跌，美元也是在瞬间闪崩。石油大跌， 黄金直线飙升。 1、在7月30日的会议中，美联储出现了罕见的一幕，有特朗普任命的两位美联储理事，投下了罕见的反对票支持降息。 2、除此之外，在前一段时间特朗普还亲自到访美联储总部， 就高达25亿美元的"装修门"事件与鲍威尔亲自交锋。 即便如此，鲍威尔依旧顶住压力，第五次做出了拒绝降息的决定。而国际货币组织也向美国发出了提醒，此举会导致 地缘政治紧张和财政赤字扩大。 不顾多个组织发出提醒，特朗普依旧坚持的认为关税政策会让美国以及企业赚到大量的钱，但是他却忘了，当初特朗普之所以能够上台，是因为受到了众 多美国民众的拥戴才得以获胜，如今他的关税政策 ...

格隆汇8月2日｜美股三大指数集体收跌，道指跌1.23%，本周累计下跌2.92%，纳指跌2.24%，本周累计 下跌2.17%，标普500指数跌1.6%，本周累计下跌2.36%，热门科技股普跌，亚马逊跌超8%，Meta跌超 3%，苹果、英伟达跌超2%，特斯拉、微软、谷歌跌超1%。加密货币、计算机硬件板块跌幅居前， Coinbase跌超16%，Strategy、Circle跌超8%，安高盟跌超7%，昆腾跌近6%，戴尔科技跌超4%，超微电 脑跌近4%，罗技跌超3%。减肥药、贵金属板块走高，黄金资源涨近17%，金田涨超5%，礼来涨超 3%，诺和诺德涨超2%。 纳斯达克中国金龙指数收跌1.82%，热门中概股普跌，哔哩哔哩跌超4%，理想汽车跌超3%，拼多多、 阿里巴巴、名创优品跌近3%，百度、京东跌超1%，蔚来涨超2%。 ...

Group 1 - The Nasdaq China Golden Dragon Index fell by 1.82% on August 2, indicating a decline in the performance of popular Chinese concept stocks [1] - Bilibili experienced a drop of over 4%, while Li Auto fell by more than 3% [1] - Pinduoduo, Alibaba, and Miniso each saw declines of nearly 3%, and Baidu and JD.com dropped by over 1% [1] Group 2 - NIO recorded an increase of over 2%, contrasting with the overall downward trend in the market [1]

Group 1 - The core viewpoint of the article highlights the challenges and opportunities for Chinese companies going global in 2025, emphasizing a shift from anxiety to proactive responses in the face of international uncertainties [3][5] - A report indicates that 81% of global respondents are open to considering new brands, with the figure rising to 85% in the U.S., suggesting a growing acceptance of new value propositions beyond just low prices [5][19] - The marketing landscape is evolving with AI transforming search from keyword-based to intent-based understanding, allowing for more nuanced consumer engagement [7][10] Group 2 - Google introduced three AI-driven search experiences: AI Overviews, AI Mode, and Agentic AI, which enhance user interaction and advertising effectiveness [10][11] - The Power Pack toolset, including PMax and AI Max, allows advertisers to automate audience targeting and optimize campaigns based on business goals, leading to improved conversion rates [11][14] - Case studies, such as AliExpress, demonstrate significant increases in conversion rates and return on ad spend through AI-driven insights and advertising strategies [13][14] Group 3 - YouTube is positioned as a unique platform for brands to connect with global audiences, emphasizing the importance of building emotional connections over mere visibility [17][19] - The shift from product-focused to brand-focused strategies among Chinese companies reflects a deeper understanding of the need for long-term brand equity and consumer loyalty [24][25] - Trust and authenticity are critical in creator partnerships, as highlighted by Mr. Beast's approach to brand collaborations, which emphasizes genuine product endorsement over monetary incentives [26][28]