智通财经APP获悉，据The Information报道，英伟达(NVDA.US)已要求三星电子(SSNLF.US)和艾马克技 术(AMKR.US)等零部件供应商暂停生产专为中国市场设计的H20人工智能(AI)芯片。 针对The Information的报道，英伟达发言人回应称："我们持续根据市场状况管理供应链。"这家将于下 周公布财报的公司多次否认其产品存在后门或定位追踪功能。"正如两国政府所认知的，H20并非军用 或政府基础设施产品。中国不会在政府运作中依赖美国芯片，就像美国政府不会依赖中国芯片一样。但 允许美国芯片用于有益的商业用途对各方都有利。" 该媒体援引未具名消息人士称，英伟达本周下达该指令前，中国政府已敦促国内企业避免使用这款芯 片。马来亚银行证券机构股票销售交易主管Kok Hoong Wong表示，亚洲早盘时段英伟达股价在Blue Ocean替代交易系统一度下跌约1.9%。 若生产暂停属实，将引发市场对H20芯片基本需求的质疑。这款性能低于英伟达尖端AI加速器的产品， 本应与华为、寒武纪(688256.SH)等企业的国产芯片竞争。周五盘中，寒武纪股价一度飙升逾14%，其 他中国芯片股也集体走高 ...

Group 1: Macro Economic Insights - The Federal Reserve is expected to lower interest rates by 25 basis points in September, but subsequent rate cuts may be limited due to mixed economic signals [3][6][7] - The July CPI data shows a year-on-year increase of 2.7% and a month-on-month increase of 0.2%, indicating stable overall inflation, while core CPI rose by 3.1% year-on-year, reflecting tariff impacts [4][5][6] Group 2: Industry Insights - The AIDC sector is experiencing sustained high demand, supported by increased capital expenditures from major cloud service providers like Google and Microsoft [10][11][12] - The chemical industry, particularly in spandex and adipic acid, is facing challenges due to oversupply, but leading companies are maintaining cost advantages [25][26][27] - The pharmaceutical company, Hutchison China MediTech, is under pressure due to intensified domestic competition, but its core products continue to show strong growth in overseas markets [21][22][23] Group 3: Company-Specific Performance - Spring Power's Q2 2025 performance exceeded expectations, with revenue of 5.605 billion yuan, a 25.5% increase, and net profit of 587 million yuan, a 36.0% increase [16][17][18] - Hutchison China MediTech reported total revenue of $278 million in H1 2025, a 9.16% decline, primarily due to domestic market competition [21][22] - Huafeng Chemical's H1 2025 revenue was 12.137 billion yuan, down 11.70%, but the company is expected to maintain profitability due to its cost leadership in the spandex market [25][26][27]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights a positive outlook for the power equipment industry, driven by increasing capital expenditures from major cloud service providers and improvements in domestic AI computing power supply [4][6][8] - The report emphasizes the ongoing expansion of capital expenditures by North American hyperscalers, with Google, Microsoft, and Meta all increasing their spending forecasts for 2025, indicating strong demand for AI and data center infrastructure [4][5] Summary by Sections Industry Trends - The power equipment sector is expected to outperform the overall market, with a projected increase in demand due to advancements in AI and cloud computing [1][8] Capital Expenditure Insights - Google raised its 2025 capital expenditure forecast from $75 billion to $85 billion, with a focus on servers and data centers [4] - Microsoft reported a 58% year-over-year increase in capital expenditures for its 2025 fiscal year, driven by the need for data centers to support AI [5] - Meta's capital expenditure for 2025 is expected to be between $66 billion and $72 billion, reflecting a doubling of its quarterly spending [5] Company Developments - Leading companies in the power equipment sector, such as Sunshine Power, are actively entering the AIDC market to capture growth opportunities [7] - The report identifies several key beneficiaries in the industry, including companies involved in various segments such as PSU, HVDC, BBU, and others, indicating a broad range of investment opportunities [8]

Core Viewpoint - The article discusses the impending financial storm resulting from the decline of dollar hegemony, driven by five major shockwaves affecting the U.S. economy and financial markets [1][2]. Group 1: Economic Indicators and Market Reactions - The prediction of aggressive interest rate cuts by the Federal Reserve under the new chair has circulated among institutions, with a significant drop in the dollar index following Trump's comments on inflation and interest rates [1]. - The core Consumer Price Index (CPI) rose by 2.9% year-on-year in June, exceeding the 2% target, with nearly 90% of companies planning to pass tariff costs onto consumers [4]. - Following the Fed's decision to maintain interest rates, the probability of a rate cut in September dropped from 65% to 58%, and the likelihood of two cuts within the year fell from 93% to 76% [4][10]. Group 2: Bond Market Dynamics - The 30-year U.S. Treasury yield surpassed 5%, marking the onset of a "long-term high-interest rate era," with the government facing an additional $360 billion in interest payments for every 1% increase in rates [6]. - The yield curve between two-year and ten-year Treasuries approached levels not seen since the 1980s, raising concerns about potential widening of the spread if the Fed chair is replaced [6]. Group 3: Trade Policies and Global Implications - The Trump administration's trade protectionism has led to rising prices in consumer goods, with significant increases in clothing (0.4%), furniture (1%), and appliances (1.9%) [4]. - The global trend towards "de-dollarization" is gaining momentum, with countries like Brazil and the EU working to establish trade networks that reduce reliance on the U.S. dollar [7]. Group 4: Commodity Market Movements - Gold futures prices reached a historic high of $3,444 per ounce, while silver also saw significant gains, indicating a strong demand for precious metals amid economic uncertainty [7]. - In contrast, the Chinese gold market experienced a sudden drop, with major retailers reporting a more than 30% decline in sales of gold jewelry, reflecting a shift in consumer behavior [7]. Group 5: Federal Reserve's Decision-Making - The Federal Reserve's recent meeting resulted in a 9-2 vote to maintain interest rates, marking the first time in over 30 years that two board members voted against the majority [8]. - The looming interest payments on the national debt, projected to consume a quarter of federal tax revenue by 2025, highlight the growing fiscal challenges facing the U.S. government [8][10].

Core Viewpoint - The article discusses the significant turmoil in global financial markets, driven by political statements, Federal Reserve dynamics, and economic data, indicating a potential shift away from the dollar's dominance and the challenges faced by the Federal Reserve in managing interest rates and inflation. Group 1: Federal Reserve Dynamics - The Federal Reserve is facing a critical moment with a 96.9% probability of maintaining interest rates in July and a 62.6% expectation of a rate cut in September [1] - Internal divisions within the Federal Reserve have intensified, with members split into three camps regarding interest rate policy, reflecting differing views on inflation and economic conditions [4] - The Federal Reserve decided to keep interest rates unchanged with a 9:2 vote, marking the first time in over 30 years that two members opposed the mainstream decision [7] Group 2: Market Reactions - Trump's call for an immediate 300 basis point rate cut led to panic in the markets, with gold prices surging by $20 and the dollar index dropping by 25 points [3] - Following Trump's retraction of his dismissal threat against Powell, market volatility persisted, indicating a fragile confidence in the Federal Reserve's independence [3] - The bond market reacted sharply, with the 30-year Treasury yield surpassing 5%, signaling the onset of a "long-term high interest rate era" [6] Group 3: Economic Indicators - The U.S. GDP growth rate for Q2 was reported at 3.0%, exceeding expectations, but analysts pointed out that the actual growth rate, after adjusting for imports and inventory changes, was only 1.14% [8] - Inflation remains a concern, with the core CPI rising 2.9% year-on-year, significantly above the Federal Reserve's 2% target, driven in part by tariffs [4] Group 4: Commodity Market Movements - Gold futures prices reached a historic peak of $3444 per ounce, while silver prices also surged, reflecting heightened demand for safe-haven assets amid market uncertainty [7] - Contrastingly, the Chinese gold market experienced a decline, with significant drops in retail gold prices, indicating divergent market behaviors between East and West [7]

Group 1: Global Financial Landscape - The U.S. national debt has reached $37 trillion, with interest payments projected to exceed $1 trillion by 2025, accounting for one-quarter of federal tax revenue [4] - Central banks around the world are reducing their holdings of U.S. Treasury bonds, with a reduction of $36 billion in April alone [4] - Countries are increasingly moving towards "de-dollarization," with Brazil's president announcing a shift away from the dollar and the EU and ASEAN working on alternative trade networks [4] Group 2: Market Reactions and Economic Indicators - The Dow Jones index fell nearly 1% while the Nasdaq reached a historic high, reflecting a divided market sentiment [3] - The Federal Reserve's decision to maintain interest rates at 4.25-4.5% was met with internal dissent, marking the first time in over 30 years that board members voted against the proposal [9] - Economic data shows a confusing picture, with a surprising GDP rebound driven by a decline in imports, while domestic demand growth has hit a two-and-a-half-year low [10] Group 3: Federal Reserve's Decision and Future Outlook - The Federal Reserve's decision to keep interest rates unchanged has led to significant market volatility, with a focus on trade policy impacts and a shift in internal dynamics [11] - Market expectations for a rate cut in September have increased, with a 60% probability of a cumulative 25 basis point cut [13] - The global central banks are closely monitoring their gold reserves, with a record accumulation of 280 tons in the first half of the year, indicating a lack of confidence in the dollar's future [13]

Core Viewpoint - The article discusses the current turmoil in the financial markets, driven by political pressures, internal divisions within the Federal Reserve, rising bond yields, and global trade tensions, all of which are contributing to a potential shift in the global financial order. Group 1: Federal Reserve and Interest Rates - The market anticipates a 96.9% probability that the Federal Reserve will maintain interest rates in July, with a 62.6% chance of a rate cut in September [1] - Internal divisions within the Federal Reserve are evident, with three factions emerging: dovish, cautious about inflation, and hawkish, with differing views on interest rate adjustments [4] - The Federal Reserve's decision to hold rates steady reflects the complex interplay of political and economic pressures, with significant implications for future monetary policy [9] Group 2: Political Influences - President Trump's late-night tweet demanding a 300 basis point rate cut caused immediate market reactions, including a spike in gold prices and a drop in the dollar index [3] - The White House has begun the process of selecting a new Federal Reserve chair, indicating potential shifts in monetary policy direction [3] Group 3: Bond Market Dynamics - The 30-year U.S. Treasury yield surpassed 5%, marking the beginning of a "long-term high interest rate era," which could lead to increased debt servicing costs for the government [5] - The yield curve is approaching levels not seen since the 1980s, raising concerns about potential market instability [5] Group 4: Global Trade and Technology - The U.S.-China tech rivalry continues to escalate, with significant developments such as NVIDIA's approval to export AI chips to China, impacting market sentiment [6] - Trade tensions are further exacerbated by new tariffs imposed by the U.S. on Indonesian products, leading to retaliatory threats from other nations [6] Group 5: Precious Metals Market - Gold futures prices have surged to a historical peak of $3444 per ounce, while silver prices have also seen significant increases, reflecting heightened demand amid market volatility [7] - In contrast, the domestic gold market in China has experienced a decline in sales, indicating a potential shift in consumer behavior amidst fluctuating prices [7]

Market Overview - A-shares opened lower with the Shanghai Composite Index down 1.18% at 3573.21 points, Shenzhen Component Index down 1.73%, and ChiNext Index down 1.66%[1] - Hong Kong's Hang Seng Index fell 1.6% to 24773.33 points, with the Hang Seng Tech Index down 0.69% and the Hang Seng China Enterprises Index down 1.72%[1] - Major European stock indices closed lower, and all three major U.S. indices also fell, with the Dow Jones down 0.74%, S&P 500 down 0.37%, and Nasdaq down 0.03%[1] Economic Indicators - The U.S. core PCE inflation index accelerated, rising 2.8% year-on-year, while consumer spending showed little growth due to a cooling labor market[9] - In China, the top 100 real estate companies saw sales drop 24% year-on-year in July, with a significant month-on-month decline of 38%[9] Trade Policies - Trump signed a new tariff executive order effective August 1, maintaining a minimum tariff rate of 10% globally, with a 20% rate on Taiwan and 19% on Thailand and Cambodia[9] - The U.S. Treasury Secretary indicated ongoing discussions regarding extending the tariff truce with China, with some technical details still to be finalized[13] Corporate Actions - Midea Group has repurchased approximately 29.54 million A-shares, totaling around 2.126 billion RMB, representing 0.385% of its total share capital[15] - Haier Smart Home repurchased 1.55 million A-shares in July for about 39.71 million RMB, with total repurchases since April reaching 333.8 million RMB[15]

Core Viewpoint - Nvidia's stock price increased by over 1%, reaching a high of $177.68, following an upgrade from Morgan Stanley, which raised the target price from $170 to $200 while maintaining an "overweight" rating [1] Group 1: Stock Performance - Nvidia's stock rose more than 1%, peaking at $177.68 [1] Group 2: Analyst Upgrade - Morgan Stanley upgraded Nvidia's target price from $170 to $200 and maintained an "overweight" rating [1] Group 3: Demand and Orders - Nvidia placed an order for 300,000 H20 AI chips with TSMC last week to meet the growing demand in the Chinese market [1]

Core Viewpoint - The financial markets are under significant stress due to the looming decisions by the Federal Reserve regarding interest rates, amidst rising inflation and political pressures, particularly from former President Trump advocating for a substantial rate cut [1][3][4]. Group 1: Federal Reserve and Interest Rates - The Federal Reserve is facing a critical decision on whether to cut interest rates at the upcoming FOMC meeting on July 29, with the potential implications for market stability and the value of the dollar [1]. - Internal divisions within the Federal Reserve are evident, with factions advocating for immediate rate cuts versus those concerned about persistent inflation [4]. - The core CPI rose by 2.9% year-over-year, significantly above the Fed's 2% target, indicating inflationary pressures that complicate the decision-making process [4]. Group 2: Political Influence and Market Reactions - Trump's call for a 300 basis point rate cut has led to increased market volatility, with the probability of Powell's dismissal rising sharply, reflecting heightened political tensions [3]. - Following Trump's initial statement, gold prices surged by $20, while the dollar index fell by 25 points, showcasing the immediate market reaction to political rhetoric [3]. - The White House has initiated the process for selecting a new Fed chair, indicating potential shifts in monetary policy direction [3]. Group 3: Global Economic Context - The impending trade war, with tariffs set to increase on various countries, is creating additional uncertainty in global markets, affecting trade dynamics and economic forecasts [6]. - The market's fear of a potential economic downturn is reflected in the significant drop in the probability of rate cuts, from 93% to 76% for two cuts within the year [6]. - The U.S. national debt, projected to exceed $43 trillion by 2028, poses a long-term risk to fiscal stability and could lead to increased borrowing costs [8]. Group 4: Commodity Market Dynamics - The gold market is experiencing significant activity, with prices reaching historical highs, indicating a shift in investor confidence away from the dollar [9]. - Silver prices are also on the rise, with a notable increase in ETF holdings, suggesting a broader trend of investors seeking safe-haven assets amid economic uncertainty [9]. - The overall decline in the MSCI Asia-Pacific index and the drop in gold prices below $3,330 reflect ongoing concerns about trade tensions and their impact on regional markets [8].