Group 1: Federal Reserve Decisions - The Federal Reserve decided to maintain the benchmark interest rate unchanged, keeping the federal funds rate target range at 4.25% to 4.5%, marking the fifth consecutive meeting without a change since January [2][4] - There was a notable internal division within the Federal Reserve, with two members voting against the decision to keep rates unchanged, advocating for an immediate rate cut, which is the first occurrence of multiple dissenting votes since 1993 [2][5] - Following the announcement, U.S. stock indices experienced a significant drop, with the Dow Jones Industrial Average falling by 0.38% and the S&P 500 decreasing by 0.12% [2] Group 2: Economic Outlook - Federal Reserve Chairman Jerome Powell indicated that no decisions have been made regarding the September meeting, emphasizing the need to evaluate the latest economic data and trade policy impacts, particularly concerning tariffs and inflation [4][5] - Powell noted that while there is uncertainty, the U.S. economy remains generally robust, with a low unemployment rate and a labor market close to full employment [7] - Recent data suggests a slowdown in U.S. economic activity, primarily due to reduced consumer spending, although business investments in equipment and intangible assets have increased compared to last year [7] Group 3: Inflation and Market Reactions - Powell stated that inflation has significantly decreased since mid-2022 but remains slightly above the long-term target of 2%, with the overall personal consumption expenditures (PCE) price rising by 2.5% over the past 12 months [7][8] - The market's expectations for a rate cut in September diminished after Powell's remarks, with the probability of a 25 basis point cut dropping from 64% to 46% [5] - Gold prices fell over 1.5% in response to the Federal Reserve's interest rate decision and Powell's comments [9] Group 4: Corporate Performance - Microsoft reported better-than-expected earnings and revenue, with Q4 revenue increasing by 18% year-over-year to $64.7 billion, marking the fastest growth in over three years [12] - The company's net profit rose from $22.04 billion to $27.23 billion year-over-year, and Azure revenue grew by 39%, exceeding analyst expectations [12] - Following the earnings report, Microsoft's market capitalization surpassed $4 trillion, making it the second company to achieve this milestone after Nvidia [10][12]

Core Viewpoint - The Federal Reserve decided to maintain the benchmark interest rate unchanged, with notable internal dissent among board members, marking the first time since 1993 that multiple members voted against the decision [2][4]. Group 1: Federal Reserve Decision - The Federal Open Market Committee voted 9-2 to keep the federal funds rate target range at 4.25% to 4.5%, marking the fifth consecutive meeting without a rate change since January [4]. - Board members Michelle Bowman and Christopher Waller opposed the decision, advocating for an immediate rate cut, highlighting significant internal disagreement [4]. Group 2: Market Reactions - Following the announcement, U.S. stock indices experienced a sharp decline, with the Dow Jones Industrial Average falling by 0.38%, the S&P 500 down by 0.12%, while the Nasdaq Composite rose by 0.15% [5][6]. - The closing figures for the indices were: Dow Jones at 44,461.28, Nasdaq at 21,129.67, and S&P 500 at 6,362.90 [7]. Group 3: Economic Outlook - Federal Reserve Chairman Jerome Powell stated that no decisions have been made regarding the September meeting, emphasizing the need to evaluate the latest economic data and trade policy impacts [10]. - The market's expectations for a rate cut in September decreased, with the probability of a 25 basis point cut dropping from 64% to 46% [10]. Group 4: Economic Indicators - Powell noted that while the U.S. economy remains generally robust, recent data indicates a slowdown in economic activity, primarily due to reduced consumer spending [13][14]. - Inflation rates have significantly decreased since mid-2022 but remain slightly above the long-term target of 2%, with the overall Personal Consumption Expenditures (PCE) price index rising by 2.5% over the past 12 months [14]. Group 5: Gold Market Impact - The decision by the Federal Reserve and Powell's comments led to a significant drop in gold prices, which fell by over 1.5% [15][16]. Group 6: Microsoft Performance - Microsoft reported better-than-expected earnings and revenue, with a market capitalization surpassing $4 trillion, making it the second company to achieve this milestone after Nvidia [18][21]. - For the fourth fiscal quarter, Microsoft’s revenue increased by 18% year-over-year to $64.7 billion, marking the fastest growth in over three years [23]. - Azure revenue grew by 39% in the fourth quarter, exceeding analyst expectations, with projections for Azure and other cloud services to exceed $75 billion in fiscal year 2025, a 34% increase from the previous fiscal year [23].

Group 1 - Volcano Engine released the Doubao Image Editing Model 3.0 and Doubao Simultaneous Interpretation Model 2.0, enhancing AI cloud-native services and providing tools for enterprises and developers [1] - Microsoft introduced the Copilot mode in the Edge browser, enhancing AI capabilities for reading and understanding web content, generating comparison tables, and voice functions, although it remains in the experimental phase [2] - Kunlun Wanwei launched and open-sourced the Skywork UniPic multimodal unified pre-training model, integrating image understanding, text-to-image generation, and image editing capabilities [3] Group 2 - Alibaba's 1688 platform announced a comprehensive AI upgrade, launching the "1688AI version" app and the free enterprise query tool "88查," focusing on entrepreneurship and sourcing scenarios with integrated AI functionalities [4]

Core Viewpoint - Microsoft has transformed its Edge browser into an AI assistant with the introduction of the "Copilot mode," marking a significant shift in how users interact with the web [1][24]. Group 1: Features of Copilot Mode - The Copilot mode allows the Edge browser to function as an AI agent, capable of reading and analyzing multiple open tabs simultaneously to perform complex tasks [3][15]. - Users can interact with Copilot through a simplified interface resembling a chat window, enabling direct input of URLs, search queries, or conversational prompts [6][7]. - Copilot can understand user intent, whether it involves searching, chatting, or navigating, enhancing the browsing experience [8][10]. - The AI can group tabs for better organization, helping users maintain focus and quickly locate needed content [12]. Group 2: Future Developments - Upcoming features include a "thematic journey" function that organizes past and present browsing activities into a cohesive learning path, suggesting next steps based on user research topics [17]. - Future plans involve enabling Copilot to perform tasks such as restaurant reservations, itinerary management, and shopping, contingent on user authorization [20]. Group 3: Market Implications - Microsoft's move is a direct challenge to Google Chrome, which has dominated the browser market with over 60% share, while Chrome's integration of AI features remains less aggressive [24][25]. - The introduction of AI capabilities in browsers may lead to a shift in business models, with speculation that future AI features could be bundled with subscription services, indicating a potential end to free browser software [29][31]. - The evolution of browsing from a traditional model to an AI-driven experience suggests a fundamental change in user interaction with the web, moving towards a more intelligent assistant-like role [32][34].

Group 1 - The Deep Research product "Jieyue Shenyan" has launched an invitation for testing, capable of completing complex research tasks in about 10 minutes, achieving a 70% pass rate in evaluations [1] - Microsoft has introduced a new Copilot mode in its Edge browser, which actively assists users by predicting their next actions and organizing information flow [1] - The MiniMax large model successfully passed the Turing test during a debate, with over 30% of the audience unable to distinguish between the AI and a human [2] Group 2 - Standard Chartered Group has signed a strategic cooperation memorandum with Alibaba Group to leverage Alibaba Cloud's AI technology for enhancing financial services [2] - A seminar on the performance standards framework for large model integrated machines is scheduled for August 1, aiming to establish unified evaluation benchmarks for the industry [3] - Major Chinese airlines, including Air China, China Southern Airlines, and China Eastern Airlines, support ticket purchases through the "Civil Aviation Version 12306" direct sales platform to ensure passenger rights [4] Group 3 - Apple announced the closure of its first direct store in China, located in Dalian, due to multiple retailers leaving the shopping center, while planning to open a new store in Shenzhen [5] - A shooting incident in New York resulted in the death of Blackstone executive Wesley LePatner, highlighting security concerns in corporate environments [6][8] - Xiaomi Group ranked 297th in the 2025 Fortune Global 500, marking a significant increase of 100 places from the previous year, with total revenue reaching 365.9 billion yuan [9] Group 4 - China Mobile is offering a month-long free Beidou satellite messaging service for users in Beijing to ensure communication during emergencies [10][11] - The establishment of China Chang'an Automobile Group in Chongqing marks the formation of a new central enterprise in the automotive sector, joining other major state-owned automotive groups [12] - The price increase effect of DDR4 DRAM is expected to last until the end of 2025, driven by strong demand and supply constraints [13]

Group 1 - Microsoft announced the integration of Copilot mode in its Edge browser, enhancing user experience with innovative AI features that predict user actions and allow for dynamic interactions without losing the current page [1] - Dassault Systèmes revealed plans to launch its first venture capital fund in China by the end of the year to support innovative enterprises, alongside the opening of its first open innovation lab in China, the 3D EXPERIENCE Lab [2] - iFlytek launched its AI legal assistant "Law Assistant" during the World Artificial Intelligence Conference, aimed at legal professionals and featuring functionalities such as contract review and legal research [3] - NVIDIA introduced the VideoPanda model, which supports the generation of 360-degree videos from text or single-view inputs, utilizing a multi-view attention layer for enhanced video diffusion [4]

Core Viewpoint - The rapid development of artificial intelligence technology is creating extensive opportunities in the market, with a focus on analyzing AI concept stocks and market trends [1]. Group 1: AI Innovations - Microsoft has integrated an AI Agent, Copilot mode, into its Edge browser, enhancing user experience by automating searches and providing comprehensive results [3]. - Zhizhu has released its next-generation flagship model GLM-4.5, featuring a total parameter count of 355 billion and an activation parameter count of 32 billion, with competitive API pricing [3]. Group 2: Market Performance - On July 28, U.S. stock indices showed mixed performance, with the S&P 500 and Nasdaq reaching new historical highs, driven by Nvidia's stock performance [4]. - Nvidia's stock has surged over 170% in 2024, following a remarkable 240% increase in 2023, resulting in a valuation increase of approximately $700 billion [5]. Group 3: Nvidia's Supply Chain Dynamics - Nvidia has placed an order for 300,000 H20 chipsets with TSMC, influenced by strong demand from China [6]. - Following the lifting of restrictions on H20 sales to China, Nvidia has shifted its strategy from relying solely on existing inventory, although previous orders were canceled due to earlier restrictions [7]. Group 4: Software Provider Dynamics - AI tools are simplifying the process for companies and government clients to switch software providers, potentially impacting major software companies like Microsoft, Palantir, and Salesforce [9]. - The integration of AI tools has reduced the time and cost of switching providers by 50%, making it easier for companies to transition to new systems [10].

Market Review - The Huaxia Sci-Tech AI ETF (589010) closed up 0.09% on July 28, recovering from an initial dip and showing overall consolidation around the zero axis. The constituent stocks had mixed performance, with Daotong Technology leading at a 3.09% increase, while Weisheng Information and Xinghuan Technology fell over 3% [1] - The Robot ETF (562500) rose 0.11%, exhibiting a zigzag pattern during the day, with a total trading volume of 775 million yuan and a turnover rate of 4.79%. The ETF's latest share count is 17.983 billion, making it the largest among comparable funds, with a total scale of 16.169 billion yuan, significantly surpassing other similar funds [1] Hot News - A new robot 6S store opened in Longgang District, Shenzhen, introducing a "six-in-one" service model that includes sales, spare parts, service, feedback, leasing, and customization, facilitating the transition of robots from labs to market [2] - Xiaomi's first AI glasses, launched in late June, quickly sold out. The project, approved by Xiaomi's chairman Lei Jun, aims for annual shipments to exceed 5 million units within three years, targeting the 700 million people in China with myopia [2] - Microsoft announced a new experimental feature in its Edge browser called Copilot mode, which integrates AI to enhance user experience by predicting user intent and improving search and operational efficiency [2] Institutional Views - Hualong Securities believes a new round of multimodal model competition is likely to begin, with "open-source + extreme reasoning efficiency" becoming a key trend in the iteration of domestic large models, potentially accelerating the prosperity of AI applications in China and amplifying the elasticity of domestic AI chip shipments [3] - The Robot ETF (562500) is noted as the only fund in the market with a scale exceeding 100 billion, offering the best liquidity and comprehensive coverage of the Chinese robotics industry, enabling investors to easily invest in the sector [3] - The Huaxia Sci-Tech AI ETF (589010) is described as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation range and small-cap elasticity [3]