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偷鱼的夜鹭

偷鱼的夜鹭

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偷鱼的夜鹭

07-27

贪婪抄近路的人，进去就是死局。

长鑫科技今日上市，市值有望冲击4万亿？市场能否保持平稳运行

偷鱼的夜鹭

07-21

美股冲高回落。 A股战术性回撤，只为扶摇直上九万里，未曾想飞流直下三千尺。

昨夜今晨｜美股三大指数回落，芯片股反弹迎财报季；微软扩大与AMD合作，Azure部署新一代AI芯片；谷歌研发Gemini芯片，最高提效10倍

偷鱼的夜鹭

07-20

就怕说的呱呱，尿的哗哗。

两大央企合计出手逾600亿元稳市，中证监今日召开座谈会释放积极信号

偷鱼的夜鹭

07-18

这个华尔街贱闻怎么不聊聊大A股？大A股昨天可以跌去了自25年8月以来所有涨幅。

美股半导体指数跌入熊市，芯片股溃败时苹果盘中夺回市值第一，AI牛市迎来“换锚”时刻？

偷鱼的夜鹭

07-01

华尔街见闻简直臭不可闻

曾经的“小甜甜”，如今的“牛夫人”--美国散户“抛弃”Mag 7

去老虎APP查看更多动态

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07:45","market":"sh","language":"zh","title":"长鑫科技今日上市，市值有望冲击4万亿？市场能否保持平稳运行","url":"https://stock-news.laohu8.com/highlight/detail?id=2654060392","media":"市场资讯","summary":"长鑫科技近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。　　华西证券研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/688825\">长鑫科技</a>近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。</p><p><strong>中一签能赚多少钱？</strong></p><p><a href=\"https://laohu8.com/S/002926\">华西证券</a>研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。</p><p>国投证券研究报告进一步设定了保守、中性、乐观、超乐观四种估值情景，对应长鑫科技估值为1万亿元、1.5万亿元、2.3万亿元和4.25万亿元。</p><p>基于上述预估的1万亿元-4万亿元市值区间，对应上市后首日涨幅落在70%-600%区间。对比8.66元的发行价，中一签的盈利空间大约在3000元至2.6万元之间。</p><p><strong>上半年有望抹平全部亏损</strong></p><p>长鑫科技是我国规模最大、技术最先进、布局最全的DRAM IDM（设计制造一体化）企业，在合肥、北京两地拥有3座12英寸DRAM晶圆厂。</p><p>基于出货量和销售额统计，长鑫科技在DRAM厂商中位居中国第一、全球第四，其主要客户包括阿里云、字节跳动、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、<a href=\"https://laohu8.com/S/00992\">联想</a>、<a href=\"https://laohu8.com/S/XIACY\">小米</a>、<a href=\"https://laohu8.com/S/688036\">传音</a>、荣耀、OPPO、vivo等头部厂商。<a href=\"https://laohu8.com/S/600109\">国金证券</a>研报数据显示，长鑫2025年底月产能约28万-29万片。</p><p>此次募集资金将全额投向三大存储国产替代项目，分别为12英寸DRAM晶圆产线升级改造、HBM与车规存储技术升级、下一代存储前瞻技术研发，全面覆盖消费电子、AI算力服务器、车载高附加值存储赛道。</p><p>此前，长鑫科技于7月21日晚披露发行结果公告。公告显示，网上投资者放弃认购658.62万股，网下投资者放弃认购31567股，网上、网下投资者放弃认购股数全部由联席主承销商包销。</p><p>业绩方面，此前长鑫科技连续三年陷入亏损，2022年至2024年，归母净利润亏损分别为83.28亿、163.40亿、71.45亿，累计亏损超300亿元。2025年，长鑫科技扭亏为盈，归母净利润为18.75亿元。</p><p>最新数据显示，2026年第一季度，长鑫科技营收508亿元，同比增长719.13%；归母净利润247.62亿元，同比增长1688.30%。</p><p>根据长鑫科技预计，2026年1-6月营业收入1100亿元至1200亿元，同比增长612.53%至677.31%；归母净利润500亿元至570亿元，同比增长2244.03%至2544.19%，有望抹平长鑫科技成立以来的全部累计亏损。</p><p><strong>上市首日市场能否平稳运行？</strong></p><p>据Choice数据统计，回顾A股历史前十大IPO上市当日，上证指数有9次下跌，1次上涨，其中跌幅超过2%的有4天。</p><p>其中，最近几年，<a href=\"https://laohu8.com/S/688981\">中芯国际</a>的IPO和长鑫科技此次登陆A股具有一定的可比性。从<a href=\"https://laohu8.com/S/00981\">中芯国际</a>当年在A股上市时的市场表现来看，短期对行情产生了一定的扰动。</p><p>在中芯国际2020年7月16日上市前，A股市场的一轮上涨已持续3个多月，直到中芯国际上市前夕才出现调整。科创50指数在中芯国际上市前一天大跌5.26%，上市当天进一步下跌8.8%。此次单日大跌不仅影响到科技股，以白酒龙头为代表的“茅股”群体也出现集体大跌。</p><p>不过，作为当时市场主线的“茅股”板块在短暂调整后选择继续上攻，直到2021年迎来“由牛转熊”的拐点。但科创50指数却在中芯国际上市前两天就见到了未来数年的顶部。</p><p>而在2007年11月5日<a href=\"https://laohu8.com/S/601857\">中国石油</a>登陆A股当天，虽然其首日大涨163.24%。但当天市场整体却是另一番景象，上证指数当天下跌2.5%，<a href=\"https://laohu8.com/S/600028\">中国石化</a>盘中一度接近跌停。但在此之前，市场总体维持了强势。</p><p>相比<a href=\"https://laohu8.com/S/00857\">中国石油</a>、中芯国际等A股其他大型IPO上市前市场的相对强势，此次长鑫科技登陆A股之前，市场已经历了为期近一个月的调整，科技股的跌势尤为明显。</p><p>也有分析认为，长鑫科技上市对市场的流动性影响和中国石油、中芯国际当时相比不具可比性。</p><p>2007年11月5日，中国石油上市当天成交金额达700亿元，换手率达到51.58%，占当天沪市成交额（1571亿元）的44.6%，超过了深市全天总成交额（390亿元）。</p><p>2020年7月16日，中芯国际A股上市当天成交金额达480亿元，换手率达53.08%，占沪市当天总成交额（6795亿元）的7.1%，占深市当天总成交额（8267亿元）的5.8%。但该成交额占到了当天科创板总成交额的比例却较高。</p><p>今年上半年，A股日均成交额已高达2.74万亿元，6月日均成交额更是达到3.13万亿元，对长鑫科技这样的大市值新股的承接力也已显著提高。</p></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>长鑫科技今日上市，市值有望冲击4万亿？市场能否保持平稳运行</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n长鑫科技今日上市，市值有望冲击4万亿？市场能否保持平稳运行\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-27 07:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/newstock/zxdt/2026-07-27/doc-inikevrt0739399.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>长鑫科技近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。中一签能赚多少钱？华西证券研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。国投...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/newstock/zxdt/2026-07-27/doc-inikevrt0739399.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4697b2f4e47f9ce2ca8ebd53a899e570","relate_stocks":{"688825":"长鑫科技","IPOS":"Renaissance International IPO ETF"},"source_url":"https://finance.sina.com.cn/stock/newstock/zxdt/2026-07-27/doc-inikevrt0739399.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2654060392","content_text":"长鑫科技近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。中一签能赚多少钱？华西证券研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。国投证券研究报告进一步设定了保守、中性、乐观、超乐观四种估值情景，对应长鑫科技估值为1万亿元、1.5万亿元、2.3万亿元和4.25万亿元。基于上述预估的1万亿元-4万亿元市值区间，对应上市后首日涨幅落在70%-600%区间。对比8.66元的发行价，中一签的盈利空间大约在3000元至2.6万元之间。上半年有望抹平全部亏损长鑫科技是我国规模最大、技术最先进、布局最全的DRAM IDM（设计制造一体化）企业，在合肥、北京两地拥有3座12英寸DRAM晶圆厂。基于出货量和销售额统计，长鑫科技在DRAM厂商中位居中国第一、全球第四，其主要客户包括阿里云、字节跳动、腾讯、联想、小米、传音、荣耀、OPPO、vivo等头部厂商。国金证券研报数据显示，长鑫2025年底月产能约28万-29万片。此次募集资金将全额投向三大存储国产替代项目，分别为12英寸DRAM晶圆产线升级改造、HBM与车规存储技术升级、下一代存储前瞻技术研发，全面覆盖消费电子、AI算力服务器、车载高附加值存储赛道。此前，长鑫科技于7月21日晚披露发行结果公告。公告显示，网上投资者放弃认购658.62万股，网下投资者放弃认购31567股，网上、网下投资者放弃认购股数全部由联席主承销商包销。业绩方面，此前长鑫科技连续三年陷入亏损，2022年至2024年，归母净利润亏损分别为83.28亿、163.40亿、71.45亿，累计亏损超300亿元。2025年，长鑫科技扭亏为盈，归母净利润为18.75亿元。最新数据显示，2026年第一季度，长鑫科技营收508亿元，同比增长719.13%；归母净利润247.62亿元，同比增长1688.30%。根据长鑫科技预计，2026年1-6月营业收入1100亿元至1200亿元，同比增长612.53%至677.31%；归母净利润500亿元至570亿元，同比增长2244.03%至2544.19%，有望抹平长鑫科技成立以来的全部累计亏损。上市首日市场能否平稳运行？据Choice数据统计，回顾A股历史前十大IPO上市当日，上证指数有9次下跌，1次上涨，其中跌幅超过2%的有4天。其中，最近几年，中芯国际的IPO和长鑫科技此次登陆A股具有一定的可比性。从中芯国际当年在A股上市时的市场表现来看，短期对行情产生了一定的扰动。在中芯国际2020年7月16日上市前，A股市场的一轮上涨已持续3个多月，直到中芯国际上市前夕才出现调整。科创50指数在中芯国际上市前一天大跌5.26%，上市当天进一步下跌8.8%。此次单日大跌不仅影响到科技股，以白酒龙头为代表的“茅股”群体也出现集体大跌。不过，作为当时市场主线的“茅股”板块在短暂调整后选择继续上攻，直到2021年迎来“由牛转熊”的拐点。但科创50指数却在中芯国际上市前两天就见到了未来数年的顶部。而在2007年11月5日中国石油登陆A股当天，虽然其首日大涨163.24%。但当天市场整体却是另一番景象，上证指数当天下跌2.5%，中国石化盘中一度接近跌停。但在此之前，市场总体维持了强势。相比中国石油、中芯国际等A股其他大型IPO上市前市场的相对强势，此次长鑫科技登陆A股之前，市场已经历了为期近一个月的调整，科技股的跌势尤为明显。也有分析认为，长鑫科技上市对市场的流动性影响和中国石油、中芯国际当时相比不具可比性。2007年11月5日，中国石油上市当天成交金额达700亿元，换手率达到51.58%，占当天沪市成交额（1571亿元）的44.6%，超过了深市全天总成交额（390亿元）。2020年7月16日，中芯国际A股上市当天成交金额达480亿元，换手率达53.08%，占沪市当天总成交额（6795亿元）的7.1%，占深市当天总成交额（8267亿元）的5.8%。但该成交额占到了当天科创板总成交额的比例却较高。今年上半年，A股日均成交额已高达2.74万亿元，6月日均成交额更是达到3.13万亿元，对长鑫科技这样的大市值新股的承接力也已显著提高。","news_type":1,"symbols_score_info":{"688825":1.5,"IPOS":1.5}},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":588024112637288,"gmtCreate":1784592080496,"gmtModify":1784592082907,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"美股冲高回落。 A股战术性回撤，只为扶摇直上九万里，未曾想飞流直下三千尺。","listText":"美股冲高回落。 A股战术性回撤，只为扶摇直上九万里，未曾想飞流直下三千尺。","text":"美股冲高回落。 A股战术性回撤，只为扶摇直上九万里，未曾想飞流直下三千尺。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/588024112637288","repostId":"1126017186","repostType":4,"repost":{"id":"1126017186","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1784591589,"share":"https://www.laohunote.com/m/news/1126017186?lang=zh_CN&edition=full","pubTime":"2026-07-21 07:53","market":"us","language":"zh","title":"昨夜今晨｜美股三大指数回落，芯片股反弹迎财报季；微软扩大与AMD合作，Azure部署新一代AI芯片；谷歌研发Gemini芯片，最高提效10倍","url":"https://stock-news.laohu8.com/highlight/detail?id=1126017186","media":"老虎资讯综合","summary":"受投资者等待科技巨头财报及货币政策信号影响，三大指数窄幅整理，显示市场情绪趋于谨慎。","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d104f1293cc0a7dfb4410dd215aa997\" data-align=\"center\" tg-width=\"1080\" tg-height=\"1920\"/><span></span></p><h2 style=\"text-align: left;\">01 股市</h2><p style=\"text-align: left;\"><strong>截至7月21日，美股三大指数收盘情况及分析：</strong>道琼斯指数收于<strong>51 839.26</strong>点，<strong>跌0.59%</strong>；标普500指数报<strong>7 443.28</strong>点，<strong>跌0.19%</strong>；纳斯达克综合指数报<strong>25 508.07</strong>点，<strong>微跌0.05%</strong>。受投资者等待科技巨头财报及货币政策信号影响，三大指数窄幅整理，显示市场情绪趋于谨慎。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c0aa61e75ea9c83468448e1a7ccd18f9\" data-align=\"center\" tg-width=\"1136\" tg-height=\"532\"/><span></span></p><p style=\"text-align: left;\"><strong>热门股异动</strong>：存储与算力主题再度活跃，<strong>美光科技涨1.94%至865.46美元</strong>，<strong>闪迪涨2.67%至1 390.95美元</strong>；<strong>英伟达涨0.23%，报203.28美元</strong>。受新品发布和算力需求强劲预期提振，<strong>AMD涨1.58%，报503.57美元</strong>；与之配套的<strong>三倍做多半导体ETF SOXL涨0.99%</strong>。受下调投资支出传闻影响，<strong>特斯拉跌2.96%，报369.57美元</strong>，行业内部分化明显。</p><p style=\"text-align: left;\"><strong>中概股方面</strong>：大型互联网龙头相对坚挺。<strong>阿里巴巴涨4.67%，报120.34美元</strong>，因发布新一代大模型；<strong>百度涨2.40%，报109.81美元</strong>；<strong>京东涨3.31%，报30.60美元</strong>；<strong>拼多多涨2.27%，报86.05美元</strong>；新能源车企表现温和，<strong>理想汽车跌0.16%</strong>，<strong>小鹏汽车跌2.51%</strong>。</p><h2 style=\"text-align: left;\">国际宏观</h2><p style=\"text-align: left;\"><strong>美国中央司令部：美军对伊朗发动新一轮打击</strong></p><p style=\"text-align: left;\">美国中央司令部发文称，美军于美东时间周一下午4时开始对伊朗发动新一轮打击，以进一步削弱伊朗袭击霍尔木兹海峡船只的能力。</p><p style=\"text-align: left;\"><strong>高盛警示美国通胀正出现扩散迹象。</strong>该行经济学家指出，以PCE衡量的通胀类别广度已高于历史均值，市场随之将美联储9月再度加息的概率提升至逾五成，利率预期上行令资产价格波动风险加大。</p><p style=\"text-align: left;\"><strong>美国宣布对加拿大部分产品加征50%关税</strong></p><p style=\"text-align: left;\">当地时间7月20日，白宫发布公告称，美国将对加拿大部分产品额外加征50%的从价关税，以应对“加拿大在汽车及汽车零部件贸易方面对美国采取的歧视性措施”。据称，新关税将自美东时间8月19日凌晨00时01分起生效，并将在现有相关关税、税费及其他收费基础上叠加征收。</p><p style=\"text-align: left;\"><strong>伊朗方面透露调停方提议美伊“停火”十天以重启临时协议磋商。</strong>受和缓信号影响，纳指期货一度涨超1%，国际油价短线走低，显示地缘政治对市场风险偏好的直接影响。</p><h2 style=\"text-align: left;\">公司新闻</h2><p style=\"text-align: left;\"><strong>AMD发布首款机架级AI系统Helios并获微软批量采购。</strong>双方确认Helios将于年内开始交付，微软计划用于Azure AI与HPC平台，AMD进一步巩固在数据中心AI加速器市场的布局。</p><p style=\"text-align: left;\"><strong>奈飞时隔两年重返美国投资级债券市场，拟发售2036年到期债券用于偿债</strong></p><p style=\"text-align: left;\">流媒体巨头奈飞周一宣布重返美国投资级债券市场，计划发行2036年到期的公司债券。这是该公司自2024年首次发行投资级债券以来，时隔两年再次进入债券市场融资。据知情人士透露，该批债券的初始价格指引为较同期美国国债收益率高出约95个基点。</p><p style=\"text-align: left;\">根据Netflix提交给监管机构的文件，本次发行所得资金将主要用于偿还今年晚些时候到期的约10亿美元债务，剩余部分将用于一般企业用途。</p><p style=\"text-align: left;\"><strong>美国联邦法官暂时叫停派拉蒙天舞与华纳兄弟探索公司的交易</strong></p><p style=\"text-align: left;\">美国联邦法官暂时叫停了派拉蒙天舞公司以1100亿美元收购华纳兄弟探索公司的交易。位于奥克兰的美国联邦地区法官Araceli Martínez-Olguín下令，两家公司在14天内不得完成交易。派拉蒙天舞和华纳兄弟原本希望最早于7月22日完成收购。</p><p style=\"text-align: left;\"><strong>谷歌正在开发新款芯片，Gemini架构直接写入硅片，效率最高提升10倍</strong></p><p style=\"text-align: left;\">谷歌正研发专为Gemini打造的AI推理芯片“Frozen v2”，将模型架构直接固化进硅片，推理效率预计较现有TPU提升6至10倍。这一设计以牺牲部分通用性换取更高性能和更低成本，凸显AI芯片竞争正从“通用计算”转向“专用推理”。谷歌股价周一盘中一度上涨3.7%，最终收涨1.5%。</p><p style=\"text-align: left;\"><strong>Hut 8与核心客户签订98亿美元、为期15年的算力租赁协议。</strong>该合同使德州Beacon Point园区实现满租，锁定1 GW电力与704 MW算力需求，确保长期收入并验证其“电力优先”模式。</p><p style=\"text-align: left;\"><strong>IREN斩获28亿美元AI云计算大单并上调年化经常性收入目标。</strong>新签多家头部AI客户后，公司将2026年ARR目标提高至超过<strong>40亿美元</strong>，并获得相当于GPU资本支出45%的预付款，显著增强现金流。</p><p style=\"text-align: left;\"><strong>美国FAA恢复波音对新生产737 MAX与787客机的最终放行签署权。</strong>监管机构确认波音质量改进取得进展并继续现场监督，此举有望加快飞机交付进程并缓解供应链压力。</p><p style=\"text-align: left;\"><strong>Tempus AI拟以15亿美元全股票方式收购Personalis。</strong>交易溢价约<strong>28%</strong>，并允许部分现金支付，旨在拓展精准医疗基因测序服务并提升技术协同。</p><p style=\"text-align: left;\"><strong>Alphabet研发“Frozen v2”专用AI服务器芯片，力争大幅提升Gemini模型效率。</strong>工程师预计新芯片每瓦处理效率可达现有TPU的6至10倍，计划<strong>2028</strong>年前部署，有望缓解谷歌内部算力紧缺。</p><p style=\"text-align: left;\"><strong>GMI Cloud在上海WAIC集中展示AI Cloud与AgentBox等系列新品。</strong>产品覆盖GPU资源、算力调度、模型推理及AI Agent部署，显示AI云服务商正由资源供应向应用层延伸。</p><p style=\"text-align: left;\"><strong>Playtika与腾讯洽谈出售SuperPlay，交易规模最高可达15亿美元。</strong>若成交，Playtika将获得可观现金回报并聚焦核心游戏业务，腾讯则借机丰富海外游戏布局。</p><p style=\"text-align: left;\"><strong>三星电子、SK 海力士与美光决定放弃CXL控制器自研计划。</strong>三大存储巨头将转向采购专业设计方案，以降低成本并避免与主业冲突，Astera Labs等芯片设计公司有望因此受益。</p><p style=\"text-align: left;\"><strong>TSMC追加1 000亿美元投资扩建亚利桑那晶圆厂。</strong>公司上调全年资本支出上限至<strong>640亿美元</strong>，以加速3nm及2nm产线建设，应对全球AI驱动的芯片“超级需求”。</p><p style=\"text-align: left;\"><strong>Boeing首席执行官表示新一代窄体机开发将推迟。</strong>公司将优先提升现有737 MAX产能与可靠性，财务修复后再启动下一代机型项目，受此影响市场关注其长期竞争力。</p><h2 style=\"text-align: left;\">今日关注</h2><p style=\"text-align: left;\">经济数据方面，美国至7月4日当周ADP就业人数周度变动(万人)将公布。</p><p style=\"text-align: justify;\">财经事件方面，国新办7月21日将举行“开局起步‘十五五’”系列主题新闻发布会；安迪·伯纳姆入主唐宁街，成为十年来英国第七位首相。</p><p style=\"text-align: justify;\">业绩方面， <a href=\"https://laohu8.com/S/DHI\">霍顿房屋</a>、 <a href=\"https://laohu8.com/S/GM\">通用汽车</a>、 <a href=\"https://laohu8.com/S/MMM\">3M</a>、 <a href=\"https://laohu8.com/S/NVS\">诺华</a>、 <a href=\"https://laohu8.com/S/SCHW\">嘉信理财</a>将于美股盘前公布业绩；盘后时段， <a href=\"https://laohu8.com/S/CB\">安达保险</a>、 <a href=\"https://laohu8.com/S/COF\">第一资本</a>、 <a href=\"https://laohu8.com/S/EQT\">EQT能源</a>将发布财报。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>昨夜今晨｜美股三大指数回落，芯片股反弹迎财报季；微软扩大与AMD合作，Azure部署新一代AI芯片；谷歌研发Gemini芯片，最高提效10倍</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n昨夜今晨｜美股三大指数回落，芯片股反弹迎财报季；微软扩大与AMD合作，Azure部署新一代AI芯片；谷歌研发Gemini芯片，最高提效10倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-07-21 07:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d104f1293cc0a7dfb4410dd215aa997\" data-align=\"center\" tg-width=\"1080\" tg-height=\"1920\"/><span></span></p><h2 style=\"text-align: left;\">01 股市</h2><p style=\"text-align: left;\"><strong>截至7月21日，美股三大指数收盘情况及分析：</strong>道琼斯指数收于<strong>51 839.26</strong>点，<strong>跌0.59%</strong>；标普500指数报<strong>7 443.28</strong>点，<strong>跌0.19%</strong>；纳斯达克综合指数报<strong>25 508.07</strong>点，<strong>微跌0.05%</strong>。受投资者等待科技巨头财报及货币政策信号影响，三大指数窄幅整理，显示市场情绪趋于谨慎。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c0aa61e75ea9c83468448e1a7ccd18f9\" data-align=\"center\" tg-width=\"1136\" tg-height=\"532\"/><span></span></p><p style=\"text-align: left;\"><strong>热门股异动</strong>：存储与算力主题再度活跃，<strong>美光科技涨1.94%至865.46美元</strong>，<strong>闪迪涨2.67%至1 390.95美元</strong>；<strong>英伟达涨0.23%，报203.28美元</strong>。受新品发布和算力需求强劲预期提振，<strong>AMD涨1.58%，报503.57美元</strong>；与之配套的<strong>三倍做多半导体ETF SOXL涨0.99%</strong>。受下调投资支出传闻影响，<strong>特斯拉跌2.96%，报369.57美元</strong>，行业内部分化明显。</p><p style=\"text-align: left;\"><strong>中概股方面</strong>：大型互联网龙头相对坚挺。<strong>阿里巴巴涨4.67%，报120.34美元</strong>，因发布新一代大模型；<strong>百度涨2.40%，报109.81美元</strong>；<strong>京东涨3.31%，报30.60美元</strong>；<strong>拼多多涨2.27%，报86.05美元</strong>；新能源车企表现温和，<strong>理想汽车跌0.16%</strong>，<strong>小鹏汽车跌2.51%</strong>。</p><h2 style=\"text-align: left;\">国际宏观</h2><p style=\"text-align: left;\"><strong>美国中央司令部：美军对伊朗发动新一轮打击</strong></p><p style=\"text-align: left;\">美国中央司令部发文称，美军于美东时间周一下午4时开始对伊朗发动新一轮打击，以进一步削弱伊朗袭击霍尔木兹海峡船只的能力。</p><p style=\"text-align: left;\"><strong>高盛警示美国通胀正出现扩散迹象。</strong>该行经济学家指出，以PCE衡量的通胀类别广度已高于历史均值，市场随之将美联储9月再度加息的概率提升至逾五成，利率预期上行令资产价格波动风险加大。</p><p style=\"text-align: left;\"><strong>美国宣布对加拿大部分产品加征50%关税</strong></p><p style=\"text-align: left;\">当地时间7月20日，白宫发布公告称，美国将对加拿大部分产品额外加征50%的从价关税，以应对“加拿大在汽车及汽车零部件贸易方面对美国采取的歧视性措施”。据称，新关税将自美东时间8月19日凌晨00时01分起生效，并将在现有相关关税、税费及其他收费基础上叠加征收。</p><p style=\"text-align: left;\"><strong>伊朗方面透露调停方提议美伊“停火”十天以重启临时协议磋商。</strong>受和缓信号影响，纳指期货一度涨超1%，国际油价短线走低，显示地缘政治对市场风险偏好的直接影响。</p><h2 style=\"text-align: left;\">公司新闻</h2><p style=\"text-align: left;\"><strong>AMD发布首款机架级AI系统Helios并获微软批量采购。</strong>双方确认Helios将于年内开始交付，微软计划用于Azure AI与HPC平台，AMD进一步巩固在数据中心AI加速器市场的布局。</p><p style=\"text-align: left;\"><strong>奈飞时隔两年重返美国投资级债券市场，拟发售2036年到期债券用于偿债</strong></p><p style=\"text-align: left;\">流媒体巨头奈飞周一宣布重返美国投资级债券市场，计划发行2036年到期的公司债券。这是该公司自2024年首次发行投资级债券以来，时隔两年再次进入债券市场融资。据知情人士透露，该批债券的初始价格指引为较同期美国国债收益率高出约95个基点。</p><p style=\"text-align: left;\">根据Netflix提交给监管机构的文件，本次发行所得资金将主要用于偿还今年晚些时候到期的约10亿美元债务，剩余部分将用于一般企业用途。</p><p style=\"text-align: left;\"><strong>美国联邦法官暂时叫停派拉蒙天舞与华纳兄弟探索公司的交易</strong></p><p style=\"text-align: left;\">美国联邦法官暂时叫停了派拉蒙天舞公司以1100亿美元收购华纳兄弟探索公司的交易。位于奥克兰的美国联邦地区法官Araceli Martínez-Olguín下令，两家公司在14天内不得完成交易。派拉蒙天舞和华纳兄弟原本希望最早于7月22日完成收购。</p><p style=\"text-align: left;\"><strong>谷歌正在开发新款芯片，Gemini架构直接写入硅片，效率最高提升10倍</strong></p><p style=\"text-align: left;\">谷歌正研发专为Gemini打造的AI推理芯片“Frozen v2”，将模型架构直接固化进硅片，推理效率预计较现有TPU提升6至10倍。这一设计以牺牲部分通用性换取更高性能和更低成本，凸显AI芯片竞争正从“通用计算”转向“专用推理”。谷歌股价周一盘中一度上涨3.7%，最终收涨1.5%。</p><p style=\"text-align: left;\"><strong>Hut 8与核心客户签订98亿美元、为期15年的算力租赁协议。</strong>该合同使德州Beacon Point园区实现满租，锁定1 GW电力与704 MW算力需求，确保长期收入并验证其“电力优先”模式。</p><p style=\"text-align: left;\"><strong>IREN斩获28亿美元AI云计算大单并上调年化经常性收入目标。</strong>新签多家头部AI客户后，公司将2026年ARR目标提高至超过<strong>40亿美元</strong>，并获得相当于GPU资本支出45%的预付款，显著增强现金流。</p><p style=\"text-align: left;\"><strong>美国FAA恢复波音对新生产737 MAX与787客机的最终放行签署权。</strong>监管机构确认波音质量改进取得进展并继续现场监督，此举有望加快飞机交付进程并缓解供应链压力。</p><p style=\"text-align: left;\"><strong>Tempus AI拟以15亿美元全股票方式收购Personalis。</strong>交易溢价约<strong>28%</strong>，并允许部分现金支付，旨在拓展精准医疗基因测序服务并提升技术协同。</p><p style=\"text-align: left;\"><strong>Alphabet研发“Frozen v2”专用AI服务器芯片，力争大幅提升Gemini模型效率。</strong>工程师预计新芯片每瓦处理效率可达现有TPU的6至10倍，计划<strong>2028</strong>年前部署，有望缓解谷歌内部算力紧缺。</p><p style=\"text-align: left;\"><strong>GMI Cloud在上海WAIC集中展示AI Cloud与AgentBox等系列新品。</strong>产品覆盖GPU资源、算力调度、模型推理及AI Agent部署，显示AI云服务商正由资源供应向应用层延伸。</p><p style=\"text-align: left;\"><strong>Playtika与腾讯洽谈出售SuperPlay，交易规模最高可达15亿美元。</strong>若成交，Playtika将获得可观现金回报并聚焦核心游戏业务，腾讯则借机丰富海外游戏布局。</p><p style=\"text-align: left;\"><strong>三星电子、SK 海力士与美光决定放弃CXL控制器自研计划。</strong>三大存储巨头将转向采购专业设计方案，以降低成本并避免与主业冲突，Astera Labs等芯片设计公司有望因此受益。</p><p style=\"text-align: left;\"><strong>TSMC追加1 000亿美元投资扩建亚利桑那晶圆厂。</strong>公司上调全年资本支出上限至<strong>640亿美元</strong>，以加速3nm及2nm产线建设，应对全球AI驱动的芯片“超级需求”。</p><p style=\"text-align: left;\"><strong>Boeing首席执行官表示新一代窄体机开发将推迟。</strong>公司将优先提升现有737 MAX产能与可靠性，财务修复后再启动下一代机型项目，受此影响市场关注其长期竞争力。</p><h2 style=\"text-align: left;\">今日关注</h2><p style=\"text-align: left;\">经济数据方面，美国至7月4日当周ADP就业人数周度变动(万人)将公布。</p><p style=\"text-align: justify;\">财经事件方面，国新办7月21日将举行“开局起步‘十五五’”系列主题新闻发布会；安迪·伯纳姆入主唐宁街，成为十年来英国第七位首相。</p><p style=\"text-align: justify;\">业绩方面， <a href=\"https://laohu8.com/S/DHI\">霍顿房屋</a>、 <a href=\"https://laohu8.com/S/GM\">通用汽车</a>、 <a href=\"https://laohu8.com/S/MMM\">3M</a>、 <a href=\"https://laohu8.com/S/NVS\">诺华</a>、 <a href=\"https://laohu8.com/S/SCHW\">嘉信理财</a>将于美股盘前公布业绩；盘后时段， <a href=\"https://laohu8.com/S/CB\">安达保险</a>、 <a href=\"https://laohu8.com/S/COF\">第一资本</a>、 <a href=\"https://laohu8.com/S/EQT\">EQT能源</a>将发布财报。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"QQQ":"纳指100ETF","VIXY":"波动率短期期货指数ETF","UVIX":"2倍做多恐慌指数期货ETF","TQQQ":"纳指三倍做多ETF",".IXIC":"NASDAQ Composite","VXX":"短期VIX期货ETN","SVIX":"1倍做空短期期货恐慌指数ETF","UVXY":"1.5倍做多短期期货恐慌指数ETF-Proshares","VIX":"标普500波动率指数","SVXY":"做空波动率指数短期期货ETF-ProShares",".SPX":"S&P 500 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SOXL涨0.99%。受下调投资支出传闻影响，特斯拉跌2.96%，报369.57美元，行业内部分化明显。中概股方面：大型互联网龙头相对坚挺。阿里巴巴涨4.67%，报120.34美元，因发布新一代大模型；百度涨2.40%，报109.81美元；京东涨3.31%，报30.60美元；拼多多涨2.27%，报86.05美元；新能源车企表现温和，理想汽车跌0.16%，小鹏汽车跌2.51%。国际宏观美国中央司令部：美军对伊朗发动新一轮打击美国中央司令部发文称，美军于美东时间周一下午4时开始对伊朗发动新一轮打击，以进一步削弱伊朗袭击霍尔木兹海峡船只的能力。高盛警示美国通胀正出现扩散迹象。该行经济学家指出，以PCE衡量的通胀类别广度已高于历史均值，市场随之将美联储9月再度加息的概率提升至逾五成，利率预期上行令资产价格波动风险加大。美国宣布对加拿大部分产品加征50%关税当地时间7月20日，白宫发布公告称，美国将对加拿大部分产品额外加征50%的从价关税，以应对“加拿大在汽车及汽车零部件贸易方面对美国采取的歧视性措施”。据称，新关税将自美东时间8月19日凌晨00时01分起生效，并将在现有相关关税、税费及其他收费基础上叠加征收。伊朗方面透露调停方提议美伊“停火”十天以重启临时协议磋商。受和缓信号影响，纳指期货一度涨超1%，国际油价短线走低，显示地缘政治对市场风险偏好的直接影响。公司新闻AMD发布首款机架级AI系统Helios并获微软批量采购。双方确认Helios将于年内开始交付，微软计划用于Azure AI与HPC平台，AMD进一步巩固在数据中心AI加速器市场的布局。奈飞时隔两年重返美国投资级债券市场，拟发售2036年到期债券用于偿债流媒体巨头奈飞周一宣布重返美国投资级债券市场，计划发行2036年到期的公司债券。这是该公司自2024年首次发行投资级债券以来，时隔两年再次进入债券市场融资。据知情人士透露，该批债券的初始价格指引为较同期美国国债收益率高出约95个基点。根据Netflix提交给监管机构的文件，本次发行所得资金将主要用于偿还今年晚些时候到期的约10亿美元债务，剩余部分将用于一般企业用途。美国联邦法官暂时叫停派拉蒙天舞与华纳兄弟探索公司的交易美国联邦法官暂时叫停了派拉蒙天舞公司以1100亿美元收购华纳兄弟探索公司的交易。位于奥克兰的美国联邦地区法官Araceli Martínez-Olguín下令，两家公司在14天内不得完成交易。派拉蒙天舞和华纳兄弟原本希望最早于7月22日完成收购。谷歌正在开发新款芯片，Gemini架构直接写入硅片，效率最高提升10倍谷歌正研发专为Gemini打造的AI推理芯片“Frozen v2”，将模型架构直接固化进硅片，推理效率预计较现有TPU提升6至10倍。这一设计以牺牲部分通用性换取更高性能和更低成本，凸显AI芯片竞争正从“通用计算”转向“专用推理”。谷歌股价周一盘中一度上涨3.7%，最终收涨1.5%。Hut 8与核心客户签订98亿美元、为期15年的算力租赁协议。该合同使德州Beacon Point园区实现满租，锁定1 GW电力与704 MW算力需求，确保长期收入并验证其“电力优先”模式。IREN斩获28亿美元AI云计算大单并上调年化经常性收入目标。新签多家头部AI客户后，公司将2026年ARR目标提高至超过40亿美元，并获得相当于GPU资本支出45%的预付款，显著增强现金流。美国FAA恢复波音对新生产737 MAX与787客机的最终放行签署权。监管机构确认波音质量改进取得进展并继续现场监督，此举有望加快飞机交付进程并缓解供应链压力。Tempus AI拟以15亿美元全股票方式收购Personalis。交易溢价约28%，并允许部分现金支付，旨在拓展精准医疗基因测序服务并提升技术协同。Alphabet研发“Frozen v2”专用AI服务器芯片，力争大幅提升Gemini模型效率。工程师预计新芯片每瓦处理效率可达现有TPU的6至10倍，计划2028年前部署，有望缓解谷歌内部算力紧缺。GMI Cloud在上海WAIC集中展示AI Cloud与AgentBox等系列新品。产品覆盖GPU资源、算力调度、模型推理及AI Agent部署，显示AI云服务商正由资源供应向应用层延伸。Playtika与腾讯洽谈出售SuperPlay，交易规模最高可达15亿美元。若成交，Playtika将获得可观现金回报并聚焦核心游戏业务，腾讯则借机丰富海外游戏布局。三星电子、SK 海力士与美光决定放弃CXL控制器自研计划。三大存储巨头将转向采购专业设计方案，以降低成本并避免与主业冲突，Astera Labs等芯片设计公司有望因此受益。TSMC追加1 000亿美元投资扩建亚利桑那晶圆厂。公司上调全年资本支出上限至640亿美元，以加速3nm及2nm产线建设，应对全球AI驱动的芯片“超级需求”。Boeing首席执行官表示新一代窄体机开发将推迟。公司将优先提升现有737 MAX产能与可靠性，财务修复后再启动下一代机型项目，受此影响市场关注其长期竞争力。今日关注经济数据方面，美国至7月4日当周ADP就业人数周度变动(万人)将公布。财经事件方面，国新办7月21日将举行“开局起步‘十五五’”系列主题新闻发布会；安迪·伯纳姆入主唐宁街，成为十年来英国第七位首相。业绩方面， 霍顿房屋、 通用汽车、 3M、 诺华、 嘉信理财将于美股盘前公布业绩；盘后时段， 安达保险、 第一资本、 EQT能源将发布财报。","news_type":1,"symbols_score_info":{"NQmain":2,"UVIX":0.6,"QQQ":2,".DJI":1,"SQQQ":2,"VIXmain":2,"VIXY":2,"VXX":2,"TQQQ":2,"UVXY":0.6,"VIX":2,"SVXY":0.6,".SPX":1,"SVIX":0.6,"YMmain":2,".IXIC":1,"ESmain":2}},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":587684956656920,"gmtCreate":1784509275283,"gmtModify":1784509277150,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"就怕说的呱呱，尿的哗哗。","listText":"就怕说的呱呱，尿的哗哗。","text":"就怕说的呱呱，尿的哗哗。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/587684956656920","repostId":"1103791706","repostType":4,"repost":{"id":"1103791706","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1784509033,"share":"https://www.laohunote.com/m/news/1103791706?lang=zh_CN&edition=full","pubTime":"2026-07-20 08:57","market":"sh","language":"zh","title":"两大央企合计出手逾600亿元稳市，中证监今日召开座谈会释放积极信号","url":"https://stock-news.laohu8.com/highlight/detail?id=1103791706","media":"老虎资讯综合","summary":"两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。","content":"<html><head></head><body><p style=\"text-align: left;\">两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。公司表示，坚定看好中国经济及资本市场前景，后续将继续运用自有资金及股票回购增持再贷款，加大增持国资央企、科技企业股票及ETF力度，全力维护资本市场平稳运行。</p><p style=\"text-align: left;\">同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。未来将继续用好再贷款政策工具，并配合自有资金持续增持，坚决维护资本市场核心资产战略价值和市场平稳健康运行。</p><p style=\"text-align: left;\">此外，据<span>据央视财经</span>报道，中国证监会将于今日（20日）召开上市公司、证券公司及基金机构座谈会，听取各方关于促进资本市场平稳健康发展的意见建议。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n两大央企合计出手逾600亿元稳市，中证监今日召开座谈会释放积极信号\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-07-20 08:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。公司表示，坚定看好中国经济及资本市场前景，后续将继续运用自有资金及股票回购增持再贷款，加大增持国资央企、科技企业股票及ETF力度，全力维护资本市场平稳运行。</p><p style=\"text-align: left;\">同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。未来将继续用好再贷款政策工具，并配合自有资金持续增持，坚决维护资本市场核心资产战略价值和市场平稳健康运行。</p><p style=\"text-align: left;\">此外，据<span>据央视财经</span>报道，中国证监会将于今日（20日）召开上市公司、证券公司及基金机构座谈会，听取各方关于促进资本市场平稳健康发展的意见建议。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/de1a21476308484a13f4e661ec7569d3","relate_stocks":{"82800":"盈富基金-R","82828":"恒生中国企业-R","83115":"安硕恒生指数—R","09088":"华夏恒生科技-U","07200":"南方两倍做多恒指","09067":"安硕恒生科技-U","03033":"南方恒生科技","03115":"安硕恒生指数","03088":"华夏恒生科技","03037":"南方恒指ETF","07588":"FI二南方国指","09115":"安硕恒生指数—U","07288":"FL二南方国指","03032":"恒生科技ETF","07500":"南方两倍做空恒指","03423":"招商恒生科技","03417":"AGX恒科备兑","02828":"恒生中国企业","07552":"南方两倍做空恒科","02837":"GX恒生科技","07300":"FI南方恒指","HSCEI":"国企指数","03067":"安硕恒生科技","HSTECH":"恒生科技指数","03416":"AGX国指兑","02800":"盈富基金","HSI":"恒生指数","07226":"南方两倍做多恒科","03419":"A GX恒指备兑"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103791706","content_text":"两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。公司表示，坚定看好中国经济及资本市场前景，后续将继续运用自有资金及股票回购增持再贷款，加大增持国资央企、科技企业股票及ETF力度，全力维护资本市场平稳运行。同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。未来将继续用好再贷款政策工具，并配合自有资金持续增持，坚决维护资本市场核心资产战略价值和市场平稳健康运行。此外，据据央视财经报道，中国证监会将于今日（20日）召开上市公司、证券公司及基金机构座谈会，听取各方关于促进资本市场平稳健康发展的意见建议。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。","news_type":1,"symbols_score_info":{"82800":0.6,"82828":0.6,"83115":0.6,"07226":0.6,"09115":0.6,"03088":0.6,"07288":0.6,"03032":0.6,"03417":0.6,"HSI":2,"03115":0.6,"03416":0.6,"07300":0.6,"07500":0.6,"02828":0.6,"03067":0.6,"07588":0.6,"03419":0.6,"HSCEI":2,"07552":0.6,"09067":0.6,"03423":0.6,"HSTECH":2,"03033":0.6,"02837":0.6,"09088":0.6,"07200":0.6,"02800":0.6,"03037":0.6}},"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":586950244385984,"gmtCreate":1784329896339,"gmtModify":1784340478404,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"这个华尔街贱闻怎么不聊聊大A股？大A股昨天可以跌去了自25年8月以来所有涨幅。","listText":"这个华尔街贱闻怎么不聊聊大A股？大A股昨天可以跌去了自25年8月以来所有涨幅。","text":"这个华尔街贱闻怎么不聊聊大A股？大A股昨天可以跌去了自25年8月以来所有涨幅。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/586950244385984","repostId":"2652238271","repostType":4,"repost":{"id":"2652238271","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1784322889,"share":"https://www.laohunote.com/m/news/2652238271?lang=zh_CN&edition=full","pubTime":"2026-07-18 05:14","market":"sh","language":"zh","title":"美股半导体指数跌入熊市，芯片股溃败时苹果盘中夺回市值第一，AI牛市迎来“换锚”时刻？","url":"https://stock-news.laohu8.com/highlight/detail?id=2652238271","media":"华尔街见闻","summary":"即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的SK海力士美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX连日跌破发行价、市值一个月蒸发超1万亿美元。","content":"<html><head></head><body><blockquote><p style=\"text-align: left;\">即便周四<a href=\"https://laohu8.com/S/TSM\">台积电</a>交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX收跌超5%、连日跌破发行价，市值一个月蒸发超1万亿美元。</p></blockquote><p style=\"text-align: justify;\">AI交易最核心的“发动机”开始熄火，美股科技牛市也迎来了今年以来最严峻的一次压力测试。</p><p style=\"text-align: justify;\">周五，全球半导体股继续遭遇抛售，费城半导体指数（SOX）盘中跌幅曾达5.7%，收跌约1.6%，较6月下旬所创的历史高点累计回撤约20.2%，跌入技术性熊市。与此同时，曾经一路领涨AI行情的<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>等芯片龙头继续承压，市场开始重新审视AI资本开支能否持续支撑当前估值。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9eb0024b5f1fd3c66cad906dde413dbb\" data-align=\"center\" tg-width=\"640\" tg-height=\"239\"/><span></span></p><p style=\"text-align: justify;\">但与芯片股形成鲜明反差的是，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>却成为资金新的避风港。盘中，苹果市值一度反超英伟达，重新夺回全球市值第一宝座。这意味着，美股科技板块正在出现今年以来最明显的一次内部风格切换——资金正从最拥挤的AI基础设施交易，转向现金流更稳定、消费电子属性更强的超级平台公司。</p><p style=\"text-align: justify;\">同时，SpaceX股价继续重挫，截至本周五，连续两日收盘跌破IPO发行价，再度刷新上市一个多月来低点。</p><p style=\"text-align: justify;\">即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。越来越多分析人士开始讨论一个此前鲜少被认真对待的问题：持续近两年的AI科技牛市，是否已经开始出现拐点？</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>半导体指数跌入技术性熊市，AI交易遭遇今年最大回撤</strong></h2><p style=\"text-align: justify;\">过去一周，半导体成为全球表现最差的板块之一。</p><p style=\"text-align: justify;\">数据显示，费城半导体指数本周累计跌近9%，较6月历史高位累计回撤超过20%，符合市场对于&#34;技术性熊市&#34;（较近期高点跌幅达到20%）的定义。追踪行业表现的<a href=\"https://laohu8.com/S/EEMA\">iShares</a> Semiconductor ETF（SOXX）同样跌入熊市区间，并创下去年以来最差单周表现之一。</p><p style=\"text-align: justify;\">更值得关注的是，本轮调整已经从个股扩散至整个产业链。</p><p style=\"text-align: justify;\">英伟达、AMD、<a href=\"https://laohu8.com/S/ARM\">Arm</a>、博通、<a href=\"https://laohu8.com/S/MU\">美光</a>等AI核心受益股连续大跌；亚洲市场<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>、SK海力士、东京电子、Advantest等同步遭遇资金撤离，日本、韩国科技指数跌幅明显扩大。</p><p style=\"text-align: justify;\">路透社指出，市场担忧已经从&#34;AI需求是否存在&#34;转向&#34;AI资本开支是否已经透支未来数年的增长&#34;。</p><p style=\"text-align: justify;\">此前推动行情不断创新高的几个逻辑——</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">AI算力投资无限扩张；</p></li><li><p style=\"text-align: left;\">GPU持续供不应求；</p></li><li><p style=\"text-align: left;\">云计算巨头持续提高资本开支；</p></li></ul><p style=\"text-align: justify;\">如今均开始受到市场重新审视。</p><p style=\"text-align: justify;\">部分对冲基金已经开始降低AI基础设施相关持仓，资金则更多流向此前涨幅相对落后的板块，而非整体撤离股市。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>苹果市值正赶超英伟达 市场开始给AI交易“换锚”</strong></h2><p style=\"text-align: justify;\">就在芯片股集体下跌之际，美股另一幕却引发市场广泛讨论。</p><p style=\"text-align: justify;\">本周五美股盘中，苹果市值曾达到约4.88万亿美元，而英伟达因股价下跌约3.5%，市值降至约4.86万亿美元，以盘中水平看，苹果重新成为全球市值最高上市公司，这是苹果自去年4月以来首次重新夺回市值榜首。</p><p style=\"text-align: justify;\">此后，随着英伟达股价收窄跌幅，市值又再度反超苹果。到收盘时，苹果股价涨0.14%，连续三日刷新收盘最高纪录，市值约为4.9万亿美元，英伟达股价跌2.21%，市值约为4.91%。苹果可能下个交易日就被抹平市值差距，真正夺回最高市值宝座。</p><p style=\"text-align: justify;\">苹果市值赶超英伟达的这一变化迅速成为社交平台热门话题。不少投资者认为，这象征着市场领导权开始发生变化：AI基础设施不再是唯一的估值锚。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/RDDT\">Reddit</a>投资社区大量讨论认为，过去一年&#34;英伟达不会输&#34;的市场共识正在松动，而苹果凭借稳定现金流、生态优势以及即将推出的新一代AI Siri，重新获得资金青睐；也有投资者认为，这反映资金开始偏好盈利确定性更高的大盘科技股，而非继续押注高投入、高估值的AI硬件公司。</p><p style=\"text-align: justify;\">BRI Wealth Management首席投资官Toni Meadows表示，过去苹果一直被视作AI竞赛中的&#34;落后者&#34;，但市场这种看法已经开始发生变化，投资者正在重新评估苹果在AI时代的长期竞争力。</p><p style=\"text-align: justify;\">不少华尔街机构也指出，这并不意味着市场否定AI，而是意味着AI交易开始从&#34;卖铲人&#34;逐渐扩展至真正能够实现AI商业化和现金流变现的平台企业。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>存储板块出现罕见逆势分化，SK海力士为何一枝独秀？</strong></h2><p style=\"text-align: justify;\">值得注意的是，并非所有芯片股都同步下跌。</p><p style=\"text-align: justify;\">韩国存储芯片龙头SK海力士ADR逆市上涨，美股午盘之初刷新日高时，日内涨幅约为9.9%，尽管此后回吐多数涨幅，仍收涨1.1%，扭转了两日累计跌超20%的暴跌势头，成为少数周五表现亮眼的大型半导体公司之一。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd982ce3461d64935a5e5a277a280fc3\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: justify;\">市场分析认为，背后主要有三方面原因：</p><p style=\"text-align: justify;\">首先，HBM（高带宽存储器）仍然是AI服务器最紧缺的零部件之一，其供需关系明显优于GPU之外的大多数芯片品类。</p><p style=\"text-align: justify;\">其次，相比GPU板块此前数月的大幅上涨，存储板块此前调整更充分，估值压力相对较小。</p><p style=\"text-align: justify;\">此外，部分资金选择在AI产业链内部进行轮动，从估值更高的GPU龙头转向仍具业绩确定性的存储芯片企业。</p><p style=\"text-align: justify;\">不过，多数机构仍认为，这更像是板块内部的结构性轮动，而非整个半导体行业重新走强的信号。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>AI高估值资产被重估 SpaceX市值一个月蒸发超1万亿美元</strong></h2><p style=\"text-align: justify;\">另一只备受市场关注的AI概念股——SpaceX——同样成为本轮科技股抛售的重要受害者。</p><p style=\"text-align: justify;\">因发动机问题取消Starship火箭发射后，市场情绪持续恶化，SpaceX股价周五加速下跌，当天收跌5.4%，连续第三日盘中、连续第二日收盘跌破IPO发行价，并继续创6月12日上市以来新低。</p><p style=\"text-align: justify;\">到本周五收盘，SpaceX股价已连跌六个交易日，本周五日累跌近14.7%，市值约1.63万亿美元。相比6月16日创上市以来股价收盘最高点当天，SpaceX周五的市值已跌去超过1万亿美元。</p><p style=\"text-align: justify;\">作为今年最受追捧的新上市科技公司之一，SpaceX的持续下跌，被不少投资者视作高估值成长股风险偏好快速下降的最新信号。</p><p style=\"text-align: justify;\">近期从英伟达、美光到SpaceX，大量AI概念龙头市值快速缩水，累计蒸发市值已达到万亿美元级别，显示此前高度拥挤的AI交易正在经历剧烈去杠杆。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>科技牛市“最后一道防线”开始松动？</strong></h2><p style=\"text-align: justify;\">相比此前几轮调整，本轮科技股下跌最大的不同，在于&#34;好消息也无法推动股价上涨&#34;。</p><p style=\"text-align: justify;\">就在台积电公布超预期财报、上调资本开支之后，全球科技股依然延续跌势；三星电子、SK海力士此前发布强劲业绩，同样未能阻止半导体板块整体调整。</p><p style=\"text-align: justify;\">这意味着，市场交易逻辑正在发生变化。</p><p style=\"text-align: justify;\">过去一年，AI资本开支几乎可以覆盖所有估值疑虑；如今，投资者开始更加关注几个关键问题：</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">超大规模云厂商的资本开支还能维持多久？</p></li><li><p style=\"text-align: left;\">AI基础设施投资何时能够兑现商业回报？</p></li><li><p style=\"text-align: left;\">当前盈利增长是否足以支撑经历大幅扩张后的估值体系？</p></li></ul><p style=\"text-align: justify;\">从市场表现来看，答案仍未明朗。</p><p style=\"text-align: justify;\">不过，当前资金并未全面撤离科技板块，而是更多体现为内部重新定价：一边是半导体、AI硬件等高弹性资产持续遭到减仓；另一边则是苹果等现金流稳健、商业模式成熟的科技巨头重新获得资金追捧。</p><p style=\"text-align: justify;\">对于华尔街而言，这或许意味着AI牛市并未结束，但驱动市场上涨的&#34;锚&#34;正在发生变化——从&#34;谁卖更多GPU&#34;，逐步转向&#34;谁最先把AI真正变成稳定利润&#34;。这一轮科技牛市最坚固的防线正在经历考验，而市场新的领导者，也许已经开始浮现。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美股半导体指数跌入熊市，芯片股溃败时苹果盘中夺回市值第一，AI牛市迎来“换锚”时刻？</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股半导体指数跌入熊市，芯片股溃败时苹果盘中夺回市值第一，AI牛市迎来“换锚”时刻？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-07-18 05:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p style=\"text-align: left;\">即便周四<a href=\"https://laohu8.com/S/TSM\">台积电</a>交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX收跌超5%、连日跌破发行价，市值一个月蒸发超1万亿美元。</p></blockquote><p style=\"text-align: justify;\">AI交易最核心的“发动机”开始熄火，美股科技牛市也迎来了今年以来最严峻的一次压力测试。</p><p style=\"text-align: justify;\">周五，全球半导体股继续遭遇抛售，费城半导体指数（SOX）盘中跌幅曾达5.7%，收跌约1.6%，较6月下旬所创的历史高点累计回撤约20.2%，跌入技术性熊市。与此同时，曾经一路领涨AI行情的<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>等芯片龙头继续承压，市场开始重新审视AI资本开支能否持续支撑当前估值。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9eb0024b5f1fd3c66cad906dde413dbb\" data-align=\"center\" tg-width=\"640\" tg-height=\"239\"/><span></span></p><p style=\"text-align: justify;\">但与芯片股形成鲜明反差的是，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>却成为资金新的避风港。盘中，苹果市值一度反超英伟达，重新夺回全球市值第一宝座。这意味着，美股科技板块正在出现今年以来最明显的一次内部风格切换——资金正从最拥挤的AI基础设施交易，转向现金流更稳定、消费电子属性更强的超级平台公司。</p><p style=\"text-align: justify;\">同时，SpaceX股价继续重挫，截至本周五，连续两日收盘跌破IPO发行价，再度刷新上市一个多月来低点。</p><p style=\"text-align: justify;\">即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。越来越多分析人士开始讨论一个此前鲜少被认真对待的问题：持续近两年的AI科技牛市，是否已经开始出现拐点？</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>半导体指数跌入技术性熊市，AI交易遭遇今年最大回撤</strong></h2><p style=\"text-align: justify;\">过去一周，半导体成为全球表现最差的板块之一。</p><p style=\"text-align: justify;\">数据显示，费城半导体指数本周累计跌近9%，较6月历史高位累计回撤超过20%，符合市场对于&#34;技术性熊市&#34;（较近期高点跌幅达到20%）的定义。追踪行业表现的<a href=\"https://laohu8.com/S/EEMA\">iShares</a> Semiconductor ETF（SOXX）同样跌入熊市区间，并创下去年以来最差单周表现之一。</p><p style=\"text-align: justify;\">更值得关注的是，本轮调整已经从个股扩散至整个产业链。</p><p style=\"text-align: justify;\">英伟达、AMD、<a href=\"https://laohu8.com/S/ARM\">Arm</a>、博通、<a href=\"https://laohu8.com/S/MU\">美光</a>等AI核心受益股连续大跌；亚洲市场<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>、SK海力士、东京电子、Advantest等同步遭遇资金撤离，日本、韩国科技指数跌幅明显扩大。</p><p style=\"text-align: justify;\">路透社指出，市场担忧已经从&#34;AI需求是否存在&#34;转向&#34;AI资本开支是否已经透支未来数年的增长&#34;。</p><p style=\"text-align: justify;\">此前推动行情不断创新高的几个逻辑——</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">AI算力投资无限扩张；</p></li><li><p style=\"text-align: left;\">GPU持续供不应求；</p></li><li><p style=\"text-align: left;\">云计算巨头持续提高资本开支；</p></li></ul><p style=\"text-align: justify;\">如今均开始受到市场重新审视。</p><p style=\"text-align: justify;\">部分对冲基金已经开始降低AI基础设施相关持仓，资金则更多流向此前涨幅相对落后的板块，而非整体撤离股市。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>苹果市值正赶超英伟达 市场开始给AI交易“换锚”</strong></h2><p style=\"text-align: justify;\">就在芯片股集体下跌之际，美股另一幕却引发市场广泛讨论。</p><p style=\"text-align: justify;\">本周五美股盘中，苹果市值曾达到约4.88万亿美元，而英伟达因股价下跌约3.5%，市值降至约4.86万亿美元，以盘中水平看，苹果重新成为全球市值最高上市公司，这是苹果自去年4月以来首次重新夺回市值榜首。</p><p style=\"text-align: justify;\">此后，随着英伟达股价收窄跌幅，市值又再度反超苹果。到收盘时，苹果股价涨0.14%，连续三日刷新收盘最高纪录，市值约为4.9万亿美元，英伟达股价跌2.21%，市值约为4.91%。苹果可能下个交易日就被抹平市值差距，真正夺回最高市值宝座。</p><p style=\"text-align: justify;\">苹果市值赶超英伟达的这一变化迅速成为社交平台热门话题。不少投资者认为，这象征着市场领导权开始发生变化：AI基础设施不再是唯一的估值锚。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/RDDT\">Reddit</a>投资社区大量讨论认为，过去一年&#34;英伟达不会输&#34;的市场共识正在松动，而苹果凭借稳定现金流、生态优势以及即将推出的新一代AI Siri，重新获得资金青睐；也有投资者认为，这反映资金开始偏好盈利确定性更高的大盘科技股，而非继续押注高投入、高估值的AI硬件公司。</p><p style=\"text-align: justify;\">BRI Wealth Management首席投资官Toni Meadows表示，过去苹果一直被视作AI竞赛中的&#34;落后者&#34;，但市场这种看法已经开始发生变化，投资者正在重新评估苹果在AI时代的长期竞争力。</p><p style=\"text-align: justify;\">不少华尔街机构也指出，这并不意味着市场否定AI，而是意味着AI交易开始从&#34;卖铲人&#34;逐渐扩展至真正能够实现AI商业化和现金流变现的平台企业。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>存储板块出现罕见逆势分化，SK海力士为何一枝独秀？</strong></h2><p style=\"text-align: justify;\">值得注意的是，并非所有芯片股都同步下跌。</p><p style=\"text-align: justify;\">韩国存储芯片龙头SK海力士ADR逆市上涨，美股午盘之初刷新日高时，日内涨幅约为9.9%，尽管此后回吐多数涨幅，仍收涨1.1%，扭转了两日累计跌超20%的暴跌势头，成为少数周五表现亮眼的大型半导体公司之一。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd982ce3461d64935a5e5a277a280fc3\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: justify;\">市场分析认为，背后主要有三方面原因：</p><p style=\"text-align: justify;\">首先，HBM（高带宽存储器）仍然是AI服务器最紧缺的零部件之一，其供需关系明显优于GPU之外的大多数芯片品类。</p><p style=\"text-align: justify;\">其次，相比GPU板块此前数月的大幅上涨，存储板块此前调整更充分，估值压力相对较小。</p><p style=\"text-align: justify;\">此外，部分资金选择在AI产业链内部进行轮动，从估值更高的GPU龙头转向仍具业绩确定性的存储芯片企业。</p><p style=\"text-align: justify;\">不过，多数机构仍认为，这更像是板块内部的结构性轮动，而非整个半导体行业重新走强的信号。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>AI高估值资产被重估 SpaceX市值一个月蒸发超1万亿美元</strong></h2><p style=\"text-align: justify;\">另一只备受市场关注的AI概念股——SpaceX——同样成为本轮科技股抛售的重要受害者。</p><p style=\"text-align: justify;\">因发动机问题取消Starship火箭发射后，市场情绪持续恶化，SpaceX股价周五加速下跌，当天收跌5.4%，连续第三日盘中、连续第二日收盘跌破IPO发行价，并继续创6月12日上市以来新低。</p><p style=\"text-align: justify;\">到本周五收盘，SpaceX股价已连跌六个交易日，本周五日累跌近14.7%，市值约1.63万亿美元。相比6月16日创上市以来股价收盘最高点当天，SpaceX周五的市值已跌去超过1万亿美元。</p><p style=\"text-align: justify;\">作为今年最受追捧的新上市科技公司之一，SpaceX的持续下跌，被不少投资者视作高估值成长股风险偏好快速下降的最新信号。</p><p style=\"text-align: justify;\">近期从英伟达、美光到SpaceX，大量AI概念龙头市值快速缩水，累计蒸发市值已达到万亿美元级别，显示此前高度拥挤的AI交易正在经历剧烈去杠杆。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>科技牛市“最后一道防线”开始松动？</strong></h2><p style=\"text-align: justify;\">相比此前几轮调整，本轮科技股下跌最大的不同，在于&#34;好消息也无法推动股价上涨&#34;。</p><p style=\"text-align: justify;\">就在台积电公布超预期财报、上调资本开支之后，全球科技股依然延续跌势；三星电子、SK海力士此前发布强劲业绩，同样未能阻止半导体板块整体调整。</p><p style=\"text-align: justify;\">这意味着，市场交易逻辑正在发生变化。</p><p style=\"text-align: justify;\">过去一年，AI资本开支几乎可以覆盖所有估值疑虑；如今，投资者开始更加关注几个关键问题：</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">超大规模云厂商的资本开支还能维持多久？</p></li><li><p style=\"text-align: left;\">AI基础设施投资何时能够兑现商业回报？</p></li><li><p style=\"text-align: left;\">当前盈利增长是否足以支撑经历大幅扩张后的估值体系？</p></li></ul><p style=\"text-align: justify;\">从市场表现来看，答案仍未明朗。</p><p style=\"text-align: justify;\">不过，当前资金并未全面撤离科技板块，而是更多体现为内部重新定价：一边是半导体、AI硬件等高弹性资产持续遭到减仓；另一边则是苹果等现金流稳健、商业模式成熟的科技巨头重新获得资金追捧。</p><p style=\"text-align: justify;\">对于华尔街而言，这或许意味着AI牛市并未结束，但驱动市场上涨的&#34;锚&#34;正在发生变化——从&#34;谁卖更多GPU&#34;，逐步转向&#34;谁最先把AI真正变成稳定利润&#34;。这一轮科技牛市最坚固的防线正在经历考验，而市场新的领导者，也许已经开始浮现。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5e8aba7de194dc92d26747c1cfec057","relate_stocks":{"LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","SG9999015978.USD":"利安颠覆性创新基金A","SPCF":"2倍做多SpaceX ETF-ProShares","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc 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ACC"},"source_url":"https://wallstreetcn.com/articles/3777263","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2652238271","content_text":"即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的SK海力士美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX收跌超5%、连日跌破发行价，市值一个月蒸发超1万亿美元。AI交易最核心的“发动机”开始熄火，美股科技牛市也迎来了今年以来最严峻的一次压力测试。周五，全球半导体股继续遭遇抛售，费城半导体指数（SOX）盘中跌幅曾达5.7%，收跌约1.6%，较6月下旬所创的历史高点累计回撤约20.2%，跌入技术性熊市。与此同时，曾经一路领涨AI行情的英伟达、AMD、博通等芯片龙头继续承压，市场开始重新审视AI资本开支能否持续支撑当前估值。但与芯片股形成鲜明反差的是，苹果却成为资金新的避风港。盘中，苹果市值一度反超英伟达，重新夺回全球市值第一宝座。这意味着，美股科技板块正在出现今年以来最明显的一次内部风格切换——资金正从最拥挤的AI基础设施交易，转向现金流更稳定、消费电子属性更强的超级平台公司。同时，SpaceX股价继续重挫，截至本周五，连续两日收盘跌破IPO发行价，再度刷新上市一个多月来低点。即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。越来越多分析人士开始讨论一个此前鲜少被认真对待的问题：持续近两年的AI科技牛市，是否已经开始出现拐点？半导体指数跌入技术性熊市，AI交易遭遇今年最大回撤过去一周，半导体成为全球表现最差的板块之一。数据显示，费城半导体指数本周累计跌近9%，较6月历史高位累计回撤超过20%，符合市场对于\"技术性熊市\"（较近期高点跌幅达到20%）的定义。追踪行业表现的iShares Semiconductor ETF（SOXX）同样跌入熊市区间，并创下去年以来最差单周表现之一。更值得关注的是，本轮调整已经从个股扩散至整个产业链。英伟达、AMD、Arm、博通、美光等AI核心受益股连续大跌；亚洲市场三星电子、SK海力士、东京电子、Advantest等同步遭遇资金撤离，日本、韩国科技指数跌幅明显扩大。路透社指出，市场担忧已经从\"AI需求是否存在\"转向\"AI资本开支是否已经透支未来数年的增长\"。此前推动行情不断创新高的几个逻辑——AI算力投资无限扩张；GPU持续供不应求；云计算巨头持续提高资本开支；如今均开始受到市场重新审视。部分对冲基金已经开始降低AI基础设施相关持仓，资金则更多流向此前涨幅相对落后的板块，而非整体撤离股市。苹果市值正赶超英伟达 市场开始给AI交易“换锚”就在芯片股集体下跌之际，美股另一幕却引发市场广泛讨论。本周五美股盘中，苹果市值曾达到约4.88万亿美元，而英伟达因股价下跌约3.5%，市值降至约4.86万亿美元，以盘中水平看，苹果重新成为全球市值最高上市公司，这是苹果自去年4月以来首次重新夺回市值榜首。此后，随着英伟达股价收窄跌幅，市值又再度反超苹果。到收盘时，苹果股价涨0.14%，连续三日刷新收盘最高纪录，市值约为4.9万亿美元，英伟达股价跌2.21%，市值约为4.91%。苹果可能下个交易日就被抹平市值差距，真正夺回最高市值宝座。苹果市值赶超英伟达的这一变化迅速成为社交平台热门话题。不少投资者认为，这象征着市场领导权开始发生变化：AI基础设施不再是唯一的估值锚。Reddit投资社区大量讨论认为，过去一年\"英伟达不会输\"的市场共识正在松动，而苹果凭借稳定现金流、生态优势以及即将推出的新一代AI Siri，重新获得资金青睐；也有投资者认为，这反映资金开始偏好盈利确定性更高的大盘科技股，而非继续押注高投入、高估值的AI硬件公司。BRI Wealth Management首席投资官Toni Meadows表示，过去苹果一直被视作AI竞赛中的\"落后者\"，但市场这种看法已经开始发生变化，投资者正在重新评估苹果在AI时代的长期竞争力。不少华尔街机构也指出，这并不意味着市场否定AI，而是意味着AI交易开始从\"卖铲人\"逐渐扩展至真正能够实现AI商业化和现金流变现的平台企业。存储板块出现罕见逆势分化，SK海力士为何一枝独秀？值得注意的是，并非所有芯片股都同步下跌。韩国存储芯片龙头SK海力士ADR逆市上涨，美股午盘之初刷新日高时，日内涨幅约为9.9%，尽管此后回吐多数涨幅，仍收涨1.1%，扭转了两日累计跌超20%的暴跌势头，成为少数周五表现亮眼的大型半导体公司之一。市场分析认为，背后主要有三方面原因：首先，HBM（高带宽存储器）仍然是AI服务器最紧缺的零部件之一，其供需关系明显优于GPU之外的大多数芯片品类。其次，相比GPU板块此前数月的大幅上涨，存储板块此前调整更充分，估值压力相对较小。此外，部分资金选择在AI产业链内部进行轮动，从估值更高的GPU龙头转向仍具业绩确定性的存储芯片企业。不过，多数机构仍认为，这更像是板块内部的结构性轮动，而非整个半导体行业重新走强的信号。AI高估值资产被重估 SpaceX市值一个月蒸发超1万亿美元另一只备受市场关注的AI概念股——SpaceX——同样成为本轮科技股抛售的重要受害者。因发动机问题取消Starship火箭发射后，市场情绪持续恶化，SpaceX股价周五加速下跌，当天收跌5.4%，连续第三日盘中、连续第二日收盘跌破IPO发行价，并继续创6月12日上市以来新低。到本周五收盘，SpaceX股价已连跌六个交易日，本周五日累跌近14.7%，市值约1.63万亿美元。相比6月16日创上市以来股价收盘最高点当天，SpaceX周五的市值已跌去超过1万亿美元。作为今年最受追捧的新上市科技公司之一，SpaceX的持续下跌，被不少投资者视作高估值成长股风险偏好快速下降的最新信号。近期从英伟达、美光到SpaceX，大量AI概念龙头市值快速缩水，累计蒸发市值已达到万亿美元级别，显示此前高度拥挤的AI交易正在经历剧烈去杠杆。科技牛市“最后一道防线”开始松动？相比此前几轮调整，本轮科技股下跌最大的不同，在于\"好消息也无法推动股价上涨\"。就在台积电公布超预期财报、上调资本开支之后，全球科技股依然延续跌势；三星电子、SK海力士此前发布强劲业绩，同样未能阻止半导体板块整体调整。这意味着，市场交易逻辑正在发生变化。过去一年，AI资本开支几乎可以覆盖所有估值疑虑；如今，投资者开始更加关注几个关键问题：超大规模云厂商的资本开支还能维持多久？AI基础设施投资何时能够兑现商业回报？当前盈利增长是否足以支撑经历大幅扩张后的估值体系？从市场表现来看，答案仍未明朗。不过，当前资金并未全面撤离科技板块，而是更多体现为内部重新定价：一边是半导体、AI硬件等高弹性资产持续遭到减仓；另一边则是苹果等现金流稳健、商业模式成熟的科技巨头重新获得资金追捧。对于华尔街而言，这或许意味着AI牛市并未结束，但驱动市场上涨的\"锚\"正在发生变化——从\"谁卖更多GPU\"，逐步转向\"谁最先把AI真正变成稳定利润\"。这一轮科技牛市最坚固的防线正在经历考验，而市场新的领导者，也许已经开始浮现。","news_type":1,"symbols_score_info":{"WTAI":0.9,"AAPL":1.5,"CHPS":0.6,"TRFK":0.6,"DRAM":0.6,"AVXC":0.6,"NVDL":0.6,"CNAV":0.6,"YMAG":1.5,"QQQA":0.6,"VTHR":1.5,"XOVR":0.9,"AMUU":0.6,"07709":0.6,"03145":0.6,"CGNG":0.6,"SKHU":0.6,"NVD3.UK":0.6,"SPTE":0.6,"NVDX":0.6,"SOX":1.95,"SHOC":0.6,"SPCX":0.85,"NVDS.UK":0.6,"RAM":0.9,"AAPB":0.6,"AVGO":1,"MIC":0.6,"FDTX":0.6,"NULC":0.6,"TSLA":0.6,"ASIA":0.6,"UFO":0.6,"AGOX":0.6,"07747":0.6,"SMHX":0.6,"FXL":0.6,"NVD2.UK":0.6,"CGDG":0.6,"SPAL":0.77,"RDYY":0.6,"CHAT":1.5,"BAI":0.6,"AMDY":0.6,"AMD.AU":1,"CGIC":0.6,"NVII":0.6,"2NVD.UK":0.6,"NVDU":0.6,"SPCF":0.6,"RULE":0.6,"TEK":0.6,"CLSE":0.6,"TSMG":0.6,"CIBR":0.6,"AIS":0.6,"SKHZ":0.6,"JGRO":0.6,"NVDB":0.6,"XNTK":0.6,"SOXY":0.6,"TTEQ":0.6,"AMZN":0.6,"OND":0.85,"ARMU":0.6,"SPCQ":0.6,"SPCH":0.6,"AMD":1,"ANV":0.6,"SOXQ":0.6,"RDDT":1,"CGGO":0.6,"EFIV":0.6,"SKHY":1,"TSMY":0.6,"AMDS":0.6,"LEGR":0.6,"MU":1,"GOOG":0.6,"EMM":0.6,"AAPY":0.6,"ABFL":0.6,"MUD":0.6,"USXF":0.6,"AVEM":0.6,"USD":0.6,"SPAX":0.6,"MUU":0.6,"EEMO":0.6,"METV":0.6,"TDIV":0.6,"DIPS":0.6,"SNVD.UK":0.6,"SK":0.6,"AMDU":0.6,"SNK":0.77,"MACW.SI":0.6,"MAGY":1.5,"XLK":0.6,"AVGW":0.6,"SKHX":0.6,"APLY":0.6,"FTXL":0.6,"NVDS":0.6,"EDZ":0.85,"MUYY":0.6,"AAPU":0.6,"IXN":0.6,"PTF":1.5,"HYNX":0.6,"ROM":0.6,"AVGG":0.6,"AIQ":0.6,"AIFD":0.6,"DAMD":0.6,"SMH":1.5,"07388":0.6,"ARMG":0.6,"TYLG":0.6,"AIPI":0.6,"3NVD.UK":0.6,"SPWO":0.6,"TSMU":0.6,"MULL":0.6,"AGIX":1.5,"NVIW.SI":0.6,"WUGI":0.6,"NVDY":0.6,"SSNLF":1,"AMDW":0.6,"EGGY":0.6,"AAPW":0.6,"SKHYV":0.6,"FTEC":0.6,"NVDG":0.6,"ARM":1,"NVYY":0.6,"CWI":0.6,"AVGU":0.6,"AMDL":0.6,"VGT":0.9,"QTOC":1.5,"SPCG":0.6,"AVS":0.6,"META":0.6,"AMYY":0.6,"MUZ":0.6,"WLDR":0.6,"SOCL":0.6,"MEMX":0.6,"CORO":0.6,"AIPO":1.5,"MSFT":0.6,"BULZ":1.5,"NVDA":1,"CNEQ":0.6,"NVDD":0.6,"NVDW":0.6,"DXYZ":0.77,"ESUM":0.6,"BERZ":1.5,"NVD":0.6,"SPRX":0.6,"RDTL":0.6,"SKDD":0.6,"SNPE":0.6,"TSMX":0.6,"DRAL":0.6,"VERS":0.9,"AAPD":0.6,"SPCM":0.6,"AVL":0.6,"SKUU":0.6,"SSPC":0.6,"PSI":0.6,"KNOW":0.6,"SPCU":0.77,"TSMZ":0.6,"WISE":0.6,"ARM.AU":1,"IETC":0.6,"NVDO":0.6,"LFGY":0.6,"AAPX":0.6,"EEMA":1,"AVGX":0.6,"AVSE":0.6,"EMC":0.6,"AMDG":0.6,"EMSF":0.6,"UMMA":0.6,"07788":0.6,"AMDD":0.6,"ARTY":1.5,"ARMW":0.6,"ILDR":0.6,"STSM":0.6,"NVDQ":0.6,"VT":0.6,"TSM":1,"LOFF":0.6,"FAI":0.6,"SOXX":1}},"isVote":1,"tweetType":1,"viewCount":858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":581035305489024,"gmtCreate":1782884490807,"gmtModify":1782885119499,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"华尔街见闻简直臭不可闻","listText":"华尔街见闻简直臭不可闻","text":"华尔街见闻简直臭不可闻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/581035305489024","repostId":"2648027593","repostType":2,"repost":{"id":"2648027593","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1782875406,"share":"https://www.laohunote.com/m/news/2648027593?lang=zh_CN&edition=full","pubTime":"2026-07-01 11:10","market":"us","language":"zh","title":"曾经的“小甜甜”，如今的“牛夫人”--美国散户“抛弃”Mag 7","url":"https://stock-news.laohu8.com/highlight/detail?id=2648027593","media":"华尔街见闻","summary":"花旗数据显示，散户近期仅贡献Mag 7交易量的6%，创四年新低，远低于2023-2024年逾20%的峰值。今年Mag 7指数累计下跌3.1%，同期标普500涨8.7%，被戏称\"Lag Seven\"。散户撤出的资金流向ETF、加密货币及预测市场。","content":"<html><head></head><body><p>美国散户投资者正在用实际行动与曾经最钟爱的科技巨头划清界限。曾经风靡一时的&#34;Magnificent Seven&#34;（Mag 7）交易热潮正在退潮，散户参与度跌至四年低点，而资金正悄然流向ETF、加密货币乃至预测市场等更广泛的投机渠道。</p>\n<p>6月30日，据彭博报道，花旗集团股票策略师团队的最新数据显示，散户投资者在过去五个交易日内仅贡献了Mag 7整体交易量的6%，创下四年来最低水平。<strong>这一比例与2023年至2024年间动辄超过20%的峰值相比，形成了鲜明落差。</strong>花旗策略师Stuart Kaiser在最新的研报中指出，<strong>这一趋势表明市场对这一长期热门板块的信念正在消退。</strong></p>\n<p>与此同时，Mag 7股票今年以来的表现也令人失望。彭博追踪该组合的指数截至本周一（6月29日）收盘累计下跌3.1%，而同期<a href=\"https://laohu8.com/S/161125\">标普500</a>指数上涨8.7%。<strong>部分市场人士已开始将这一组合戏称为&#34;Lag Seven&#34;（落后七巨头）</strong>。</p>\n<p>值得注意的是，Vanda Research的数据则进一步显示，<strong>散户上周对个股的净买入量低于2020年以来约95%的观测值，投资者倾向于&#34;借机轮动和获利了结，而非部署新资金&#34;。</strong></p>\n<h2>散户撤退：参与度跌至四年低点</h2>\n<p>花旗数据揭示了一个清晰的趋势转折点。</p>\n<p>Mag 7涵盖<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>母公司Alphabet、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/META\">Meta</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>七家科技巨头。在2023年至2024年的鼎盛时期，散户交易量占比频繁突破20%；进入2025年后，这一比例大多维持在15%以上；而到了近期，已骤降至6%。</p>\n<p>Kaiser表示，成交量下滑从去年底便已开始，并延续至2026年。从更宏观的视角来看，<strong>散户上周对Mag 7的兴趣低于2022年以来约85%的交易日水平，显示出系统性的热情消退，而非短期波动。</strong></p>\n<p><strong>整体散户交易活跃度同样走弱。</strong>Kaiser在研报中指出，6月份散户整体交易量较上月下降15%，而同期全市场总交易量却上升了12%——两者的背离，进一步凸显散户群体的主动收缩。</p>\n<p>在Mag 7内部，英伟达承受了散户撤离最为明显的冲击。上周散户交易占该股总成交量的8.1%，低于前一周的9.6%。</p>\n<p>Kaiser指出，散户曾长期大举买入这家芯片巨头的股票，但情绪在伊朗战争爆发后出现转变。<strong>今年3月，散户投资者自2025年7月以来首次净卖出英伟达股票。</strong></p>\n<p>特斯拉则是七只成分股中散户兴趣相对最高的，占总交易量的10%，但这一数字同样接近2022年以来的历史低位。从某种意义上说，特斯拉的&#34;10%&#34;更像是一个参照系下的&#34;矮子里拔将军&#34;，而非真正意义上的强劲需求。</p>\n<p><strong>散户的退潮并不意味着风险已然释放。</strong>花旗分析师David Chew领衔的团队警告称，尽管以科技股为主的纳斯达克100指数在6月出现下跌，但整体投资者对美国科技股的仓位仍处于高位，这意味着该板块面临进一步下行的风险。</p>\n<p>曾经引领牛市的&#34;七巨头&#34;，如今正经历一段罕见的相对低迷期——而无论是散户的用脚投票，还是机构的审慎态度，都在提示市场：<strong>这一板块的叙事逻辑，或许正在悄然重写。</strong></p>\n<h2>资金去哪了：ETF、加密与预测市场瓜分流量</h2>\n<p>散户并未就此&#34;躺平&#34;，而是将注意力和资金转移至其他渠道。</p>\n<p>Vanda Research指出，预测市场、加密货币、体育博彩以及Hyperliquid等高流动性交易平台，如今正在争夺&#34;曾经几乎专属于迷因股和个股的同一池散户投机资本&#34;。</p>\n<p>与此同时，<strong>散户对美国上市ETF的净买入量略高于历史均值，表明投资者正从个股精选转向更广泛的市场敞口。</strong></p>\n<p>Kaiser也提出了<strong>多种可能的解释：</strong>投资者或许更倾向于通过杠杆ETF而非个股来获取风险敞口；也可能将更多精力投入预测市场而非股票；此外，汽油价格上涨等生活成本压力，也可能压缩了可用于再投资的退税资金。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>曾经的“小甜甜”，如今的“牛夫人”--美国散户“抛弃”Mag 7</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n曾经的“小甜甜”，如今的“牛夫人”--美国散户“抛弃”Mag 7\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-07-01 11:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>美国散户投资者正在用实际行动与曾经最钟爱的科技巨头划清界限。曾经风靡一时的&#34;Magnificent Seven&#34;（Mag 7）交易热潮正在退潮，散户参与度跌至四年低点，而资金正悄然流向ETF、加密货币乃至预测市场等更广泛的投机渠道。</p>\n<p>6月30日，据彭博报道，花旗集团股票策略师团队的最新数据显示，散户投资者在过去五个交易日内仅贡献了Mag 7整体交易量的6%，创下四年来最低水平。<strong>这一比例与2023年至2024年间动辄超过20%的峰值相比，形成了鲜明落差。</strong>花旗策略师Stuart Kaiser在最新的研报中指出，<strong>这一趋势表明市场对这一长期热门板块的信念正在消退。</strong></p>\n<p>与此同时，Mag 7股票今年以来的表现也令人失望。彭博追踪该组合的指数截至本周一（6月29日）收盘累计下跌3.1%，而同期<a href=\"https://laohu8.com/S/161125\">标普500</a>指数上涨8.7%。<strong>部分市场人士已开始将这一组合戏称为&#34;Lag Seven&#34;（落后七巨头）</strong>。</p>\n<p>值得注意的是，Vanda Research的数据则进一步显示，<strong>散户上周对个股的净买入量低于2020年以来约95%的观测值，投资者倾向于&#34;借机轮动和获利了结，而非部署新资金&#34;。</strong></p>\n<h2>散户撤退：参与度跌至四年低点</h2>\n<p>花旗数据揭示了一个清晰的趋势转折点。</p>\n<p>Mag 7涵盖<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>母公司Alphabet、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/META\">Meta</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>七家科技巨头。在2023年至2024年的鼎盛时期，散户交易量占比频繁突破20%；进入2025年后，这一比例大多维持在15%以上；而到了近期，已骤降至6%。</p>\n<p>Kaiser表示，成交量下滑从去年底便已开始，并延续至2026年。从更宏观的视角来看，<strong>散户上周对Mag 7的兴趣低于2022年以来约85%的交易日水平，显示出系统性的热情消退，而非短期波动。</strong></p>\n<p><strong>整体散户交易活跃度同样走弱。</strong>Kaiser在研报中指出，6月份散户整体交易量较上月下降15%，而同期全市场总交易量却上升了12%——两者的背离，进一步凸显散户群体的主动收缩。</p>\n<p>在Mag 7内部，英伟达承受了散户撤离最为明显的冲击。上周散户交易占该股总成交量的8.1%，低于前一周的9.6%。</p>\n<p>Kaiser指出，散户曾长期大举买入这家芯片巨头的股票，但情绪在伊朗战争爆发后出现转变。<strong>今年3月，散户投资者自2025年7月以来首次净卖出英伟达股票。</strong></p>\n<p>特斯拉则是七只成分股中散户兴趣相对最高的，占总交易量的10%，但这一数字同样接近2022年以来的历史低位。从某种意义上说，特斯拉的&#34;10%&#34;更像是一个参照系下的&#34;矮子里拔将军&#34;，而非真正意义上的强劲需求。</p>\n<p><strong>散户的退潮并不意味着风险已然释放。</strong>花旗分析师David Chew领衔的团队警告称，尽管以科技股为主的纳斯达克100指数在6月出现下跌，但整体投资者对美国科技股的仓位仍处于高位，这意味着该板块面临进一步下行的风险。</p>\n<p>曾经引领牛市的&#34;七巨头&#34;，如今正经历一段罕见的相对低迷期——而无论是散户的用脚投票，还是机构的审慎态度，都在提示市场：<strong>这一板块的叙事逻辑，或许正在悄然重写。</strong></p>\n<h2>资金去哪了：ETF、加密与预测市场瓜分流量</h2>\n<p>散户并未就此&#34;躺平&#34;，而是将注意力和资金转移至其他渠道。</p>\n<p>Vanda Research指出，预测市场、加密货币、体育博彩以及Hyperliquid等高流动性交易平台，如今正在争夺&#34;曾经几乎专属于迷因股和个股的同一池散户投机资本&#34;。</p>\n<p>与此同时，<strong>散户对美国上市ETF的净买入量略高于历史均值，表明投资者正从个股精选转向更广泛的市场敞口。</strong></p>\n<p>Kaiser也提出了<strong>多种可能的解释：</strong>投资者或许更倾向于通过杠杆ETF而非个股来获取风险敞口；也可能将更多精力投入预测市场而非股票；此外，汽油价格上涨等生活成本压力，也可能压缩了可用于再投资的退税资金。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9c16735f499dfaea008bd7be1b106e6f","relate_stocks":{"MAGS":"Roundhill Magnificent Seven ETF","AAPL":"苹果","NVDA":"英伟达","GOOG":"谷歌","META":"Meta Platforms, Inc.","TSLA":"特斯拉","XMAG":"Defiance Large Cap ex-Mag 7 ETF","MSFT":"微软"},"source_url":"https://wallstreetcn.com/articles/3775907","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2648027593","content_text":"美国散户投资者正在用实际行动与曾经最钟爱的科技巨头划清界限。曾经风靡一时的\"Magnificent Seven\"（Mag 7）交易热潮正在退潮，散户参与度跌至四年低点，而资金正悄然流向ETF、加密货币乃至预测市场等更广泛的投机渠道。\n6月30日，据彭博报道，花旗集团股票策略师团队的最新数据显示，散户投资者在过去五个交易日内仅贡献了Mag 7整体交易量的6%，创下四年来最低水平。这一比例与2023年至2024年间动辄超过20%的峰值相比，形成了鲜明落差。花旗策略师Stuart Kaiser在最新的研报中指出，这一趋势表明市场对这一长期热门板块的信念正在消退。\n与此同时，Mag 7股票今年以来的表现也令人失望。彭博追踪该组合的指数截至本周一（6月29日）收盘累计下跌3.1%，而同期标普500指数上涨8.7%。部分市场人士已开始将这一组合戏称为\"Lag Seven\"（落后七巨头）。\n值得注意的是，Vanda Research的数据则进一步显示，散户上周对个股的净买入量低于2020年以来约95%的观测值，投资者倾向于\"借机轮动和获利了结，而非部署新资金\"。\n散户撤退：参与度跌至四年低点\n花旗数据揭示了一个清晰的趋势转折点。\nMag 7涵盖谷歌母公司Alphabet、亚马逊、苹果、Meta、微软、英伟达和特斯拉七家科技巨头。在2023年至2024年的鼎盛时期，散户交易量占比频繁突破20%；进入2025年后，这一比例大多维持在15%以上；而到了近期，已骤降至6%。\nKaiser表示，成交量下滑从去年底便已开始，并延续至2026年。从更宏观的视角来看，散户上周对Mag 7的兴趣低于2022年以来约85%的交易日水平，显示出系统性的热情消退，而非短期波动。\n整体散户交易活跃度同样走弱。Kaiser在研报中指出，6月份散户整体交易量较上月下降15%，而同期全市场总交易量却上升了12%——两者的背离，进一步凸显散户群体的主动收缩。\n在Mag 7内部，英伟达承受了散户撤离最为明显的冲击。上周散户交易占该股总成交量的8.1%，低于前一周的9.6%。\nKaiser指出，散户曾长期大举买入这家芯片巨头的股票，但情绪在伊朗战争爆发后出现转变。今年3月，散户投资者自2025年7月以来首次净卖出英伟达股票。\n特斯拉则是七只成分股中散户兴趣相对最高的，占总交易量的10%，但这一数字同样接近2022年以来的历史低位。从某种意义上说，特斯拉的\"10%\"更像是一个参照系下的\"矮子里拔将军\"，而非真正意义上的强劲需求。\n散户的退潮并不意味着风险已然释放。花旗分析师David Chew领衔的团队警告称，尽管以科技股为主的纳斯达克100指数在6月出现下跌，但整体投资者对美国科技股的仓位仍处于高位，这意味着该板块面临进一步下行的风险。\n曾经引领牛市的\"七巨头\"，如今正经历一段罕见的相对低迷期——而无论是散户的用脚投票，还是机构的审慎态度，都在提示市场：这一板块的叙事逻辑，或许正在悄然重写。\n资金去哪了：ETF、加密与预测市场瓜分流量\n散户并未就此\"躺平\"，而是将注意力和资金转移至其他渠道。\nVanda Research指出，预测市场、加密货币、体育博彩以及Hyperliquid等高流动性交易平台，如今正在争夺\"曾经几乎专属于迷因股和个股的同一池散户投机资本\"。\n与此同时，散户对美国上市ETF的净买入量略高于历史均值，表明投资者正从个股精选转向更广泛的市场敞口。\nKaiser也提出了多种可能的解释：投资者或许更倾向于通过杠杆ETF而非个股来获取风险敞口；也可能将更多精力投入预测市场而非股票；此外，汽油价格上涨等生活成本压力，也可能压缩了可用于再投资的退税资金。","news_type":1,"symbols_score_info":{"MAGS":1.5,"NVDA":0.6,"GOOG":0.6,"META":0.6,"XMAG":1.5,"MSFT":0.6,"AAPL":0.6,"TSLA":0.6}},"isVote":1,"tweetType":1,"viewCount":1199,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3492787339030986","authorId":"3492787339030986","name":"超超_6103","avatar":"https://static.tigerbbs.com/e178c9f28079df8f96fc5ef22800a38f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3492787339030986","authorIdStr":"3492787339030986"},"content":"这家媒体早就被约谈过了，被招安了","text":"这家媒体早就被约谈过了，被招安了","html":"这家媒体早就被约谈过了，被招安了"}],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":581035305489024,"gmtCreate":1782884490807,"gmtModify":1782885119499,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"华尔街见闻简直臭不可闻","listText":"华尔街见闻简直臭不可闻","text":"华尔街见闻简直臭不可闻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/581035305489024","repostId":"2648027593","repostType":2,"repost":{"id":"2648027593","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1782875406,"share":"https://www.laohunote.com/m/news/2648027593?lang=zh_CN&edition=full","pubTime":"2026-07-01 11:10","market":"us","language":"zh","title":"曾经的“小甜甜”，如今的“牛夫人”--美国散户“抛弃”Mag 7","url":"https://stock-news.laohu8.com/highlight/detail?id=2648027593","media":"华尔街见闻","summary":"花旗数据显示，散户近期仅贡献Mag 7交易量的6%，创四年新低，远低于2023-2024年逾20%的峰值。今年Mag 7指数累计下跌3.1%，同期标普500涨8.7%，被戏称\"Lag Seven\"。散户撤出的资金流向ETF、加密货币及预测市场。","content":"<html><head></head><body><p>美国散户投资者正在用实际行动与曾经最钟爱的科技巨头划清界限。曾经风靡一时的&#34;Magnificent Seven&#34;（Mag 7）交易热潮正在退潮，散户参与度跌至四年低点，而资金正悄然流向ETF、加密货币乃至预测市场等更广泛的投机渠道。</p>\n<p>6月30日，据彭博报道，花旗集团股票策略师团队的最新数据显示，散户投资者在过去五个交易日内仅贡献了Mag 7整体交易量的6%，创下四年来最低水平。<strong>这一比例与2023年至2024年间动辄超过20%的峰值相比，形成了鲜明落差。</strong>花旗策略师Stuart Kaiser在最新的研报中指出，<strong>这一趋势表明市场对这一长期热门板块的信念正在消退。</strong></p>\n<p>与此同时，Mag 7股票今年以来的表现也令人失望。彭博追踪该组合的指数截至本周一（6月29日）收盘累计下跌3.1%，而同期<a href=\"https://laohu8.com/S/161125\">标普500</a>指数上涨8.7%。<strong>部分市场人士已开始将这一组合戏称为&#34;Lag Seven&#34;（落后七巨头）</strong>。</p>\n<p>值得注意的是，Vanda Research的数据则进一步显示，<strong>散户上周对个股的净买入量低于2020年以来约95%的观测值，投资者倾向于&#34;借机轮动和获利了结，而非部署新资金&#34;。</strong></p>\n<h2>散户撤退：参与度跌至四年低点</h2>\n<p>花旗数据揭示了一个清晰的趋势转折点。</p>\n<p>Mag 7涵盖<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>母公司Alphabet、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/META\">Meta</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>七家科技巨头。在2023年至2024年的鼎盛时期，散户交易量占比频繁突破20%；进入2025年后，这一比例大多维持在15%以上；而到了近期，已骤降至6%。</p>\n<p>Kaiser表示，成交量下滑从去年底便已开始，并延续至2026年。从更宏观的视角来看，<strong>散户上周对Mag 7的兴趣低于2022年以来约85%的交易日水平，显示出系统性的热情消退，而非短期波动。</strong></p>\n<p><strong>整体散户交易活跃度同样走弱。</strong>Kaiser在研报中指出，6月份散户整体交易量较上月下降15%，而同期全市场总交易量却上升了12%——两者的背离，进一步凸显散户群体的主动收缩。</p>\n<p>在Mag 7内部，英伟达承受了散户撤离最为明显的冲击。上周散户交易占该股总成交量的8.1%，低于前一周的9.6%。</p>\n<p>Kaiser指出，散户曾长期大举买入这家芯片巨头的股票，但情绪在伊朗战争爆发后出现转变。<strong>今年3月，散户投资者自2025年7月以来首次净卖出英伟达股票。</strong></p>\n<p>特斯拉则是七只成分股中散户兴趣相对最高的，占总交易量的10%，但这一数字同样接近2022年以来的历史低位。从某种意义上说，特斯拉的&#34;10%&#34;更像是一个参照系下的&#34;矮子里拔将军&#34;，而非真正意义上的强劲需求。</p>\n<p><strong>散户的退潮并不意味着风险已然释放。</strong>花旗分析师David Chew领衔的团队警告称，尽管以科技股为主的纳斯达克100指数在6月出现下跌，但整体投资者对美国科技股的仓位仍处于高位，这意味着该板块面临进一步下行的风险。</p>\n<p>曾经引领牛市的&#34;七巨头&#34;，如今正经历一段罕见的相对低迷期——而无论是散户的用脚投票，还是机构的审慎态度，都在提示市场：<strong>这一板块的叙事逻辑，或许正在悄然重写。</strong></p>\n<h2>资金去哪了：ETF、加密与预测市场瓜分流量</h2>\n<p>散户并未就此&#34;躺平&#34;，而是将注意力和资金转移至其他渠道。</p>\n<p>Vanda Research指出，预测市场、加密货币、体育博彩以及Hyperliquid等高流动性交易平台，如今正在争夺&#34;曾经几乎专属于迷因股和个股的同一池散户投机资本&#34;。</p>\n<p>与此同时，<strong>散户对美国上市ETF的净买入量略高于历史均值，表明投资者正从个股精选转向更广泛的市场敞口。</strong></p>\n<p>Kaiser也提出了<strong>多种可能的解释：</strong>投资者或许更倾向于通过杠杆ETF而非个股来获取风险敞口；也可能将更多精力投入预测市场而非股票；此外，汽油价格上涨等生活成本压力，也可能压缩了可用于再投资的退税资金。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>曾经的“小甜甜”，如今的“牛夫人”--美国散户“抛弃”Mag 7</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n曾经的“小甜甜”，如今的“牛夫人”--美国散户“抛弃”Mag 7\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-07-01 11:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>美国散户投资者正在用实际行动与曾经最钟爱的科技巨头划清界限。曾经风靡一时的&#34;Magnificent Seven&#34;（Mag 7）交易热潮正在退潮，散户参与度跌至四年低点，而资金正悄然流向ETF、加密货币乃至预测市场等更广泛的投机渠道。</p>\n<p>6月30日，据彭博报道，花旗集团股票策略师团队的最新数据显示，散户投资者在过去五个交易日内仅贡献了Mag 7整体交易量的6%，创下四年来最低水平。<strong>这一比例与2023年至2024年间动辄超过20%的峰值相比，形成了鲜明落差。</strong>花旗策略师Stuart Kaiser在最新的研报中指出，<strong>这一趋势表明市场对这一长期热门板块的信念正在消退。</strong></p>\n<p>与此同时，Mag 7股票今年以来的表现也令人失望。彭博追踪该组合的指数截至本周一（6月29日）收盘累计下跌3.1%，而同期<a href=\"https://laohu8.com/S/161125\">标普500</a>指数上涨8.7%。<strong>部分市场人士已开始将这一组合戏称为&#34;Lag Seven&#34;（落后七巨头）</strong>。</p>\n<p>值得注意的是，Vanda Research的数据则进一步显示，<strong>散户上周对个股的净买入量低于2020年以来约95%的观测值，投资者倾向于&#34;借机轮动和获利了结，而非部署新资金&#34;。</strong></p>\n<h2>散户撤退：参与度跌至四年低点</h2>\n<p>花旗数据揭示了一个清晰的趋势转折点。</p>\n<p>Mag 7涵盖<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>母公司Alphabet、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/META\">Meta</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>七家科技巨头。在2023年至2024年的鼎盛时期，散户交易量占比频繁突破20%；进入2025年后，这一比例大多维持在15%以上；而到了近期，已骤降至6%。</p>\n<p>Kaiser表示，成交量下滑从去年底便已开始，并延续至2026年。从更宏观的视角来看，<strong>散户上周对Mag 7的兴趣低于2022年以来约85%的交易日水平，显示出系统性的热情消退，而非短期波动。</strong></p>\n<p><strong>整体散户交易活跃度同样走弱。</strong>Kaiser在研报中指出，6月份散户整体交易量较上月下降15%，而同期全市场总交易量却上升了12%——两者的背离，进一步凸显散户群体的主动收缩。</p>\n<p>在Mag 7内部，英伟达承受了散户撤离最为明显的冲击。上周散户交易占该股总成交量的8.1%，低于前一周的9.6%。</p>\n<p>Kaiser指出，散户曾长期大举买入这家芯片巨头的股票，但情绪在伊朗战争爆发后出现转变。<strong>今年3月，散户投资者自2025年7月以来首次净卖出英伟达股票。</strong></p>\n<p>特斯拉则是七只成分股中散户兴趣相对最高的，占总交易量的10%，但这一数字同样接近2022年以来的历史低位。从某种意义上说，特斯拉的&#34;10%&#34;更像是一个参照系下的&#34;矮子里拔将军&#34;，而非真正意义上的强劲需求。</p>\n<p><strong>散户的退潮并不意味着风险已然释放。</strong>花旗分析师David Chew领衔的团队警告称，尽管以科技股为主的纳斯达克100指数在6月出现下跌，但整体投资者对美国科技股的仓位仍处于高位，这意味着该板块面临进一步下行的风险。</p>\n<p>曾经引领牛市的&#34;七巨头&#34;，如今正经历一段罕见的相对低迷期——而无论是散户的用脚投票，还是机构的审慎态度，都在提示市场：<strong>这一板块的叙事逻辑，或许正在悄然重写。</strong></p>\n<h2>资金去哪了：ETF、加密与预测市场瓜分流量</h2>\n<p>散户并未就此&#34;躺平&#34;，而是将注意力和资金转移至其他渠道。</p>\n<p>Vanda Research指出，预测市场、加密货币、体育博彩以及Hyperliquid等高流动性交易平台，如今正在争夺&#34;曾经几乎专属于迷因股和个股的同一池散户投机资本&#34;。</p>\n<p>与此同时，<strong>散户对美国上市ETF的净买入量略高于历史均值，表明投资者正从个股精选转向更广泛的市场敞口。</strong></p>\n<p>Kaiser也提出了<strong>多种可能的解释：</strong>投资者或许更倾向于通过杠杆ETF而非个股来获取风险敞口；也可能将更多精力投入预测市场而非股票；此外，汽油价格上涨等生活成本压力，也可能压缩了可用于再投资的退税资金。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9c16735f499dfaea008bd7be1b106e6f","relate_stocks":{"MAGS":"Roundhill Magnificent Seven ETF","AAPL":"苹果","NVDA":"英伟达","GOOG":"谷歌","META":"Meta Platforms, Inc.","TSLA":"特斯拉","XMAG":"Defiance Large Cap ex-Mag 7 ETF","MSFT":"微软"},"source_url":"https://wallstreetcn.com/articles/3775907","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2648027593","content_text":"美国散户投资者正在用实际行动与曾经最钟爱的科技巨头划清界限。曾经风靡一时的\"Magnificent Seven\"（Mag 7）交易热潮正在退潮，散户参与度跌至四年低点，而资金正悄然流向ETF、加密货币乃至预测市场等更广泛的投机渠道。\n6月30日，据彭博报道，花旗集团股票策略师团队的最新数据显示，散户投资者在过去五个交易日内仅贡献了Mag 7整体交易量的6%，创下四年来最低水平。这一比例与2023年至2024年间动辄超过20%的峰值相比，形成了鲜明落差。花旗策略师Stuart Kaiser在最新的研报中指出，这一趋势表明市场对这一长期热门板块的信念正在消退。\n与此同时，Mag 7股票今年以来的表现也令人失望。彭博追踪该组合的指数截至本周一（6月29日）收盘累计下跌3.1%，而同期标普500指数上涨8.7%。部分市场人士已开始将这一组合戏称为\"Lag Seven\"（落后七巨头）。\n值得注意的是，Vanda Research的数据则进一步显示，散户上周对个股的净买入量低于2020年以来约95%的观测值，投资者倾向于\"借机轮动和获利了结，而非部署新资金\"。\n散户撤退：参与度跌至四年低点\n花旗数据揭示了一个清晰的趋势转折点。\nMag 7涵盖谷歌母公司Alphabet、亚马逊、苹果、Meta、微软、英伟达和特斯拉七家科技巨头。在2023年至2024年的鼎盛时期，散户交易量占比频繁突破20%；进入2025年后，这一比例大多维持在15%以上；而到了近期，已骤降至6%。\nKaiser表示，成交量下滑从去年底便已开始，并延续至2026年。从更宏观的视角来看，散户上周对Mag 7的兴趣低于2022年以来约85%的交易日水平，显示出系统性的热情消退，而非短期波动。\n整体散户交易活跃度同样走弱。Kaiser在研报中指出，6月份散户整体交易量较上月下降15%，而同期全市场总交易量却上升了12%——两者的背离，进一步凸显散户群体的主动收缩。\n在Mag 7内部，英伟达承受了散户撤离最为明显的冲击。上周散户交易占该股总成交量的8.1%，低于前一周的9.6%。\nKaiser指出，散户曾长期大举买入这家芯片巨头的股票，但情绪在伊朗战争爆发后出现转变。今年3月，散户投资者自2025年7月以来首次净卖出英伟达股票。\n特斯拉则是七只成分股中散户兴趣相对最高的，占总交易量的10%，但这一数字同样接近2022年以来的历史低位。从某种意义上说，特斯拉的\"10%\"更像是一个参照系下的\"矮子里拔将军\"，而非真正意义上的强劲需求。\n散户的退潮并不意味着风险已然释放。花旗分析师David Chew领衔的团队警告称，尽管以科技股为主的纳斯达克100指数在6月出现下跌，但整体投资者对美国科技股的仓位仍处于高位，这意味着该板块面临进一步下行的风险。\n曾经引领牛市的\"七巨头\"，如今正经历一段罕见的相对低迷期——而无论是散户的用脚投票，还是机构的审慎态度，都在提示市场：这一板块的叙事逻辑，或许正在悄然重写。\n资金去哪了：ETF、加密与预测市场瓜分流量\n散户并未就此\"躺平\"，而是将注意力和资金转移至其他渠道。\nVanda Research指出，预测市场、加密货币、体育博彩以及Hyperliquid等高流动性交易平台，如今正在争夺\"曾经几乎专属于迷因股和个股的同一池散户投机资本\"。\n与此同时，散户对美国上市ETF的净买入量略高于历史均值，表明投资者正从个股精选转向更广泛的市场敞口。\nKaiser也提出了多种可能的解释：投资者或许更倾向于通过杠杆ETF而非个股来获取风险敞口；也可能将更多精力投入预测市场而非股票；此外，汽油价格上涨等生活成本压力，也可能压缩了可用于再投资的退税资金。","news_type":1,"symbols_score_info":{"MAGS":1.5,"NVDA":0.6,"GOOG":0.6,"META":0.6,"XMAG":1.5,"MSFT":0.6,"AAPL":0.6,"TSLA":0.6}},"isVote":1,"tweetType":1,"viewCount":1199,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3492787339030986","authorId":"3492787339030986","name":"超超_6103","avatar":"https://static.tigerbbs.com/e178c9f28079df8f96fc5ef22800a38f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3492787339030986","authorIdStr":"3492787339030986"},"content":"这家媒体早就被约谈过了，被招安了","text":"这家媒体早就被约谈过了，被招安了","html":"这家媒体早就被约谈过了，被招安了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":586950244385984,"gmtCreate":1784329896339,"gmtModify":1784340478404,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"这个华尔街贱闻怎么不聊聊大A股？大A股昨天可以跌去了自25年8月以来所有涨幅。","listText":"这个华尔街贱闻怎么不聊聊大A股？大A股昨天可以跌去了自25年8月以来所有涨幅。","text":"这个华尔街贱闻怎么不聊聊大A股？大A股昨天可以跌去了自25年8月以来所有涨幅。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/586950244385984","repostId":"2652238271","repostType":4,"repost":{"id":"2652238271","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1784322889,"share":"https://www.laohunote.com/m/news/2652238271?lang=zh_CN&edition=full","pubTime":"2026-07-18 05:14","market":"sh","language":"zh","title":"美股半导体指数跌入熊市，芯片股溃败时苹果盘中夺回市值第一，AI牛市迎来“换锚”时刻？","url":"https://stock-news.laohu8.com/highlight/detail?id=2652238271","media":"华尔街见闻","summary":"即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的SK海力士美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX连日跌破发行价、市值一个月蒸发超1万亿美元。","content":"<html><head></head><body><blockquote><p style=\"text-align: left;\">即便周四<a href=\"https://laohu8.com/S/TSM\">台积电</a>交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX收跌超5%、连日跌破发行价，市值一个月蒸发超1万亿美元。</p></blockquote><p style=\"text-align: justify;\">AI交易最核心的“发动机”开始熄火，美股科技牛市也迎来了今年以来最严峻的一次压力测试。</p><p style=\"text-align: justify;\">周五，全球半导体股继续遭遇抛售，费城半导体指数（SOX）盘中跌幅曾达5.7%，收跌约1.6%，较6月下旬所创的历史高点累计回撤约20.2%，跌入技术性熊市。与此同时，曾经一路领涨AI行情的<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>等芯片龙头继续承压，市场开始重新审视AI资本开支能否持续支撑当前估值。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9eb0024b5f1fd3c66cad906dde413dbb\" data-align=\"center\" tg-width=\"640\" tg-height=\"239\"/><span></span></p><p style=\"text-align: justify;\">但与芯片股形成鲜明反差的是，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>却成为资金新的避风港。盘中，苹果市值一度反超英伟达，重新夺回全球市值第一宝座。这意味着，美股科技板块正在出现今年以来最明显的一次内部风格切换——资金正从最拥挤的AI基础设施交易，转向现金流更稳定、消费电子属性更强的超级平台公司。</p><p style=\"text-align: justify;\">同时，SpaceX股价继续重挫，截至本周五，连续两日收盘跌破IPO发行价，再度刷新上市一个多月来低点。</p><p style=\"text-align: justify;\">即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。越来越多分析人士开始讨论一个此前鲜少被认真对待的问题：持续近两年的AI科技牛市，是否已经开始出现拐点？</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>半导体指数跌入技术性熊市，AI交易遭遇今年最大回撤</strong></h2><p style=\"text-align: justify;\">过去一周，半导体成为全球表现最差的板块之一。</p><p style=\"text-align: justify;\">数据显示，费城半导体指数本周累计跌近9%，较6月历史高位累计回撤超过20%，符合市场对于&#34;技术性熊市&#34;（较近期高点跌幅达到20%）的定义。追踪行业表现的<a href=\"https://laohu8.com/S/EEMA\">iShares</a> Semiconductor ETF（SOXX）同样跌入熊市区间，并创下去年以来最差单周表现之一。</p><p style=\"text-align: justify;\">更值得关注的是，本轮调整已经从个股扩散至整个产业链。</p><p style=\"text-align: justify;\">英伟达、AMD、<a href=\"https://laohu8.com/S/ARM\">Arm</a>、博通、<a href=\"https://laohu8.com/S/MU\">美光</a>等AI核心受益股连续大跌；亚洲市场<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>、SK海力士、东京电子、Advantest等同步遭遇资金撤离，日本、韩国科技指数跌幅明显扩大。</p><p style=\"text-align: justify;\">路透社指出，市场担忧已经从&#34;AI需求是否存在&#34;转向&#34;AI资本开支是否已经透支未来数年的增长&#34;。</p><p style=\"text-align: justify;\">此前推动行情不断创新高的几个逻辑——</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">AI算力投资无限扩张；</p></li><li><p style=\"text-align: left;\">GPU持续供不应求；</p></li><li><p style=\"text-align: left;\">云计算巨头持续提高资本开支；</p></li></ul><p style=\"text-align: justify;\">如今均开始受到市场重新审视。</p><p style=\"text-align: justify;\">部分对冲基金已经开始降低AI基础设施相关持仓，资金则更多流向此前涨幅相对落后的板块，而非整体撤离股市。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>苹果市值正赶超英伟达 市场开始给AI交易“换锚”</strong></h2><p style=\"text-align: justify;\">就在芯片股集体下跌之际，美股另一幕却引发市场广泛讨论。</p><p style=\"text-align: justify;\">本周五美股盘中，苹果市值曾达到约4.88万亿美元，而英伟达因股价下跌约3.5%，市值降至约4.86万亿美元，以盘中水平看，苹果重新成为全球市值最高上市公司，这是苹果自去年4月以来首次重新夺回市值榜首。</p><p style=\"text-align: justify;\">此后，随着英伟达股价收窄跌幅，市值又再度反超苹果。到收盘时，苹果股价涨0.14%，连续三日刷新收盘最高纪录，市值约为4.9万亿美元，英伟达股价跌2.21%，市值约为4.91%。苹果可能下个交易日就被抹平市值差距，真正夺回最高市值宝座。</p><p style=\"text-align: justify;\">苹果市值赶超英伟达的这一变化迅速成为社交平台热门话题。不少投资者认为，这象征着市场领导权开始发生变化：AI基础设施不再是唯一的估值锚。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/RDDT\">Reddit</a>投资社区大量讨论认为，过去一年&#34;英伟达不会输&#34;的市场共识正在松动，而苹果凭借稳定现金流、生态优势以及即将推出的新一代AI Siri，重新获得资金青睐；也有投资者认为，这反映资金开始偏好盈利确定性更高的大盘科技股，而非继续押注高投入、高估值的AI硬件公司。</p><p style=\"text-align: justify;\">BRI Wealth Management首席投资官Toni Meadows表示，过去苹果一直被视作AI竞赛中的&#34;落后者&#34;，但市场这种看法已经开始发生变化，投资者正在重新评估苹果在AI时代的长期竞争力。</p><p style=\"text-align: justify;\">不少华尔街机构也指出，这并不意味着市场否定AI，而是意味着AI交易开始从&#34;卖铲人&#34;逐渐扩展至真正能够实现AI商业化和现金流变现的平台企业。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>存储板块出现罕见逆势分化，SK海力士为何一枝独秀？</strong></h2><p style=\"text-align: justify;\">值得注意的是，并非所有芯片股都同步下跌。</p><p style=\"text-align: justify;\">韩国存储芯片龙头SK海力士ADR逆市上涨，美股午盘之初刷新日高时，日内涨幅约为9.9%，尽管此后回吐多数涨幅，仍收涨1.1%，扭转了两日累计跌超20%的暴跌势头，成为少数周五表现亮眼的大型半导体公司之一。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd982ce3461d64935a5e5a277a280fc3\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: justify;\">市场分析认为，背后主要有三方面原因：</p><p style=\"text-align: justify;\">首先，HBM（高带宽存储器）仍然是AI服务器最紧缺的零部件之一，其供需关系明显优于GPU之外的大多数芯片品类。</p><p style=\"text-align: justify;\">其次，相比GPU板块此前数月的大幅上涨，存储板块此前调整更充分，估值压力相对较小。</p><p style=\"text-align: justify;\">此外，部分资金选择在AI产业链内部进行轮动，从估值更高的GPU龙头转向仍具业绩确定性的存储芯片企业。</p><p style=\"text-align: justify;\">不过，多数机构仍认为，这更像是板块内部的结构性轮动，而非整个半导体行业重新走强的信号。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>AI高估值资产被重估 SpaceX市值一个月蒸发超1万亿美元</strong></h2><p style=\"text-align: justify;\">另一只备受市场关注的AI概念股——SpaceX——同样成为本轮科技股抛售的重要受害者。</p><p style=\"text-align: justify;\">因发动机问题取消Starship火箭发射后，市场情绪持续恶化，SpaceX股价周五加速下跌，当天收跌5.4%，连续第三日盘中、连续第二日收盘跌破IPO发行价，并继续创6月12日上市以来新低。</p><p style=\"text-align: justify;\">到本周五收盘，SpaceX股价已连跌六个交易日，本周五日累跌近14.7%，市值约1.63万亿美元。相比6月16日创上市以来股价收盘最高点当天，SpaceX周五的市值已跌去超过1万亿美元。</p><p style=\"text-align: justify;\">作为今年最受追捧的新上市科技公司之一，SpaceX的持续下跌，被不少投资者视作高估值成长股风险偏好快速下降的最新信号。</p><p style=\"text-align: justify;\">近期从英伟达、美光到SpaceX，大量AI概念龙头市值快速缩水，累计蒸发市值已达到万亿美元级别，显示此前高度拥挤的AI交易正在经历剧烈去杠杆。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>科技牛市“最后一道防线”开始松动？</strong></h2><p style=\"text-align: justify;\">相比此前几轮调整，本轮科技股下跌最大的不同，在于&#34;好消息也无法推动股价上涨&#34;。</p><p style=\"text-align: justify;\">就在台积电公布超预期财报、上调资本开支之后，全球科技股依然延续跌势；三星电子、SK海力士此前发布强劲业绩，同样未能阻止半导体板块整体调整。</p><p style=\"text-align: justify;\">这意味着，市场交易逻辑正在发生变化。</p><p style=\"text-align: justify;\">过去一年，AI资本开支几乎可以覆盖所有估值疑虑；如今，投资者开始更加关注几个关键问题：</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">超大规模云厂商的资本开支还能维持多久？</p></li><li><p style=\"text-align: left;\">AI基础设施投资何时能够兑现商业回报？</p></li><li><p style=\"text-align: left;\">当前盈利增长是否足以支撑经历大幅扩张后的估值体系？</p></li></ul><p style=\"text-align: justify;\">从市场表现来看，答案仍未明朗。</p><p style=\"text-align: justify;\">不过，当前资金并未全面撤离科技板块，而是更多体现为内部重新定价：一边是半导体、AI硬件等高弹性资产持续遭到减仓；另一边则是苹果等现金流稳健、商业模式成熟的科技巨头重新获得资金追捧。</p><p style=\"text-align: justify;\">对于华尔街而言，这或许意味着AI牛市并未结束，但驱动市场上涨的&#34;锚&#34;正在发生变化——从&#34;谁卖更多GPU&#34;，逐步转向&#34;谁最先把AI真正变成稳定利润&#34;。这一轮科技牛市最坚固的防线正在经历考验，而市场新的领导者，也许已经开始浮现。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美股半导体指数跌入熊市，芯片股溃败时苹果盘中夺回市值第一，AI牛市迎来“换锚”时刻？</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股半导体指数跌入熊市，芯片股溃败时苹果盘中夺回市值第一，AI牛市迎来“换锚”时刻？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-07-18 05:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p style=\"text-align: left;\">即便周四<a href=\"https://laohu8.com/S/TSM\">台积电</a>交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX收跌超5%、连日跌破发行价，市值一个月蒸发超1万亿美元。</p></blockquote><p style=\"text-align: justify;\">AI交易最核心的“发动机”开始熄火，美股科技牛市也迎来了今年以来最严峻的一次压力测试。</p><p style=\"text-align: justify;\">周五，全球半导体股继续遭遇抛售，费城半导体指数（SOX）盘中跌幅曾达5.7%，收跌约1.6%，较6月下旬所创的历史高点累计回撤约20.2%，跌入技术性熊市。与此同时，曾经一路领涨AI行情的<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>等芯片龙头继续承压，市场开始重新审视AI资本开支能否持续支撑当前估值。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9eb0024b5f1fd3c66cad906dde413dbb\" data-align=\"center\" tg-width=\"640\" tg-height=\"239\"/><span></span></p><p style=\"text-align: justify;\">但与芯片股形成鲜明反差的是，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>却成为资金新的避风港。盘中，苹果市值一度反超英伟达，重新夺回全球市值第一宝座。这意味着，美股科技板块正在出现今年以来最明显的一次内部风格切换——资金正从最拥挤的AI基础设施交易，转向现金流更稳定、消费电子属性更强的超级平台公司。</p><p style=\"text-align: justify;\">同时，SpaceX股价继续重挫，截至本周五，连续两日收盘跌破IPO发行价，再度刷新上市一个多月来低点。</p><p style=\"text-align: justify;\">即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。越来越多分析人士开始讨论一个此前鲜少被认真对待的问题：持续近两年的AI科技牛市，是否已经开始出现拐点？</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>半导体指数跌入技术性熊市，AI交易遭遇今年最大回撤</strong></h2><p style=\"text-align: justify;\">过去一周，半导体成为全球表现最差的板块之一。</p><p style=\"text-align: justify;\">数据显示，费城半导体指数本周累计跌近9%，较6月历史高位累计回撤超过20%，符合市场对于&#34;技术性熊市&#34;（较近期高点跌幅达到20%）的定义。追踪行业表现的<a href=\"https://laohu8.com/S/EEMA\">iShares</a> Semiconductor ETF（SOXX）同样跌入熊市区间，并创下去年以来最差单周表现之一。</p><p style=\"text-align: justify;\">更值得关注的是，本轮调整已经从个股扩散至整个产业链。</p><p style=\"text-align: justify;\">英伟达、AMD、<a href=\"https://laohu8.com/S/ARM\">Arm</a>、博通、<a href=\"https://laohu8.com/S/MU\">美光</a>等AI核心受益股连续大跌；亚洲市场<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>、SK海力士、东京电子、Advantest等同步遭遇资金撤离，日本、韩国科技指数跌幅明显扩大。</p><p style=\"text-align: justify;\">路透社指出，市场担忧已经从&#34;AI需求是否存在&#34;转向&#34;AI资本开支是否已经透支未来数年的增长&#34;。</p><p style=\"text-align: justify;\">此前推动行情不断创新高的几个逻辑——</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">AI算力投资无限扩张；</p></li><li><p style=\"text-align: left;\">GPU持续供不应求；</p></li><li><p style=\"text-align: left;\">云计算巨头持续提高资本开支；</p></li></ul><p style=\"text-align: justify;\">如今均开始受到市场重新审视。</p><p style=\"text-align: justify;\">部分对冲基金已经开始降低AI基础设施相关持仓，资金则更多流向此前涨幅相对落后的板块，而非整体撤离股市。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>苹果市值正赶超英伟达 市场开始给AI交易“换锚”</strong></h2><p style=\"text-align: justify;\">就在芯片股集体下跌之际，美股另一幕却引发市场广泛讨论。</p><p style=\"text-align: justify;\">本周五美股盘中，苹果市值曾达到约4.88万亿美元，而英伟达因股价下跌约3.5%，市值降至约4.86万亿美元，以盘中水平看，苹果重新成为全球市值最高上市公司，这是苹果自去年4月以来首次重新夺回市值榜首。</p><p style=\"text-align: justify;\">此后，随着英伟达股价收窄跌幅，市值又再度反超苹果。到收盘时，苹果股价涨0.14%，连续三日刷新收盘最高纪录，市值约为4.9万亿美元，英伟达股价跌2.21%，市值约为4.91%。苹果可能下个交易日就被抹平市值差距，真正夺回最高市值宝座。</p><p style=\"text-align: justify;\">苹果市值赶超英伟达的这一变化迅速成为社交平台热门话题。不少投资者认为，这象征着市场领导权开始发生变化：AI基础设施不再是唯一的估值锚。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/RDDT\">Reddit</a>投资社区大量讨论认为，过去一年&#34;英伟达不会输&#34;的市场共识正在松动，而苹果凭借稳定现金流、生态优势以及即将推出的新一代AI Siri，重新获得资金青睐；也有投资者认为，这反映资金开始偏好盈利确定性更高的大盘科技股，而非继续押注高投入、高估值的AI硬件公司。</p><p style=\"text-align: justify;\">BRI Wealth Management首席投资官Toni Meadows表示，过去苹果一直被视作AI竞赛中的&#34;落后者&#34;，但市场这种看法已经开始发生变化，投资者正在重新评估苹果在AI时代的长期竞争力。</p><p style=\"text-align: justify;\">不少华尔街机构也指出，这并不意味着市场否定AI，而是意味着AI交易开始从&#34;卖铲人&#34;逐渐扩展至真正能够实现AI商业化和现金流变现的平台企业。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>存储板块出现罕见逆势分化，SK海力士为何一枝独秀？</strong></h2><p style=\"text-align: justify;\">值得注意的是，并非所有芯片股都同步下跌。</p><p style=\"text-align: justify;\">韩国存储芯片龙头SK海力士ADR逆市上涨，美股午盘之初刷新日高时，日内涨幅约为9.9%，尽管此后回吐多数涨幅，仍收涨1.1%，扭转了两日累计跌超20%的暴跌势头，成为少数周五表现亮眼的大型半导体公司之一。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd982ce3461d64935a5e5a277a280fc3\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: justify;\">市场分析认为，背后主要有三方面原因：</p><p style=\"text-align: justify;\">首先，HBM（高带宽存储器）仍然是AI服务器最紧缺的零部件之一，其供需关系明显优于GPU之外的大多数芯片品类。</p><p style=\"text-align: justify;\">其次，相比GPU板块此前数月的大幅上涨，存储板块此前调整更充分，估值压力相对较小。</p><p style=\"text-align: justify;\">此外，部分资金选择在AI产业链内部进行轮动，从估值更高的GPU龙头转向仍具业绩确定性的存储芯片企业。</p><p style=\"text-align: justify;\">不过，多数机构仍认为，这更像是板块内部的结构性轮动，而非整个半导体行业重新走强的信号。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>AI高估值资产被重估 SpaceX市值一个月蒸发超1万亿美元</strong></h2><p style=\"text-align: justify;\">另一只备受市场关注的AI概念股——SpaceX——同样成为本轮科技股抛售的重要受害者。</p><p style=\"text-align: justify;\">因发动机问题取消Starship火箭发射后，市场情绪持续恶化，SpaceX股价周五加速下跌，当天收跌5.4%，连续第三日盘中、连续第二日收盘跌破IPO发行价，并继续创6月12日上市以来新低。</p><p style=\"text-align: justify;\">到本周五收盘，SpaceX股价已连跌六个交易日，本周五日累跌近14.7%，市值约1.63万亿美元。相比6月16日创上市以来股价收盘最高点当天，SpaceX周五的市值已跌去超过1万亿美元。</p><p style=\"text-align: justify;\">作为今年最受追捧的新上市科技公司之一，SpaceX的持续下跌，被不少投资者视作高估值成长股风险偏好快速下降的最新信号。</p><p style=\"text-align: justify;\">近期从英伟达、美光到SpaceX，大量AI概念龙头市值快速缩水，累计蒸发市值已达到万亿美元级别，显示此前高度拥挤的AI交易正在经历剧烈去杠杆。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>科技牛市“最后一道防线”开始松动？</strong></h2><p style=\"text-align: justify;\">相比此前几轮调整，本轮科技股下跌最大的不同，在于&#34;好消息也无法推动股价上涨&#34;。</p><p style=\"text-align: justify;\">就在台积电公布超预期财报、上调资本开支之后，全球科技股依然延续跌势；三星电子、SK海力士此前发布强劲业绩，同样未能阻止半导体板块整体调整。</p><p style=\"text-align: justify;\">这意味着，市场交易逻辑正在发生变化。</p><p style=\"text-align: justify;\">过去一年，AI资本开支几乎可以覆盖所有估值疑虑；如今，投资者开始更加关注几个关键问题：</p><ul style=\"list-style-type: none;\"><li><p style=\"text-align: left;\">超大规模云厂商的资本开支还能维持多久？</p></li><li><p style=\"text-align: left;\">AI基础设施投资何时能够兑现商业回报？</p></li><li><p style=\"text-align: left;\">当前盈利增长是否足以支撑经历大幅扩张后的估值体系？</p></li></ul><p style=\"text-align: justify;\">从市场表现来看，答案仍未明朗。</p><p style=\"text-align: justify;\">不过，当前资金并未全面撤离科技板块，而是更多体现为内部重新定价：一边是半导体、AI硬件等高弹性资产持续遭到减仓；另一边则是苹果等现金流稳健、商业模式成熟的科技巨头重新获得资金追捧。</p><p style=\"text-align: justify;\">对于华尔街而言，这或许意味着AI牛市并未结束，但驱动市场上涨的&#34;锚&#34;正在发生变化——从&#34;谁卖更多GPU&#34;，逐步转向&#34;谁最先把AI真正变成稳定利润&#34;。这一轮科技牛市最坚固的防线正在经历考验，而市场新的领导者，也许已经开始浮现。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5e8aba7de194dc92d26747c1cfec057","relate_stocks":{"LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","SG9999015978.USD":"利安颠覆性创新基金A","SPCF":"2倍做多SpaceX ETF-ProShares","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc 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ACC"},"source_url":"https://wallstreetcn.com/articles/3777263","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2652238271","content_text":"即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。周五，费城半导体指数较6月高位跌去20%；前两日跌超20%的SK海力士美股一度涨近10%，但未被视为整个行业重新走强信号。AI高估值资产被重估，SpaceX收跌超5%、连日跌破发行价，市值一个月蒸发超1万亿美元。AI交易最核心的“发动机”开始熄火，美股科技牛市也迎来了今年以来最严峻的一次压力测试。周五，全球半导体股继续遭遇抛售，费城半导体指数（SOX）盘中跌幅曾达5.7%，收跌约1.6%，较6月下旬所创的历史高点累计回撤约20.2%，跌入技术性熊市。与此同时，曾经一路领涨AI行情的英伟达、AMD、博通等芯片龙头继续承压，市场开始重新审视AI资本开支能否持续支撑当前估值。但与芯片股形成鲜明反差的是，苹果却成为资金新的避风港。盘中，苹果市值一度反超英伟达，重新夺回全球市值第一宝座。这意味着，美股科技板块正在出现今年以来最明显的一次内部风格切换——资金正从最拥挤的AI基础设施交易，转向现金流更稳定、消费电子属性更强的超级平台公司。同时，SpaceX股价继续重挫，截至本周五，连续两日收盘跌破IPO发行价，再度刷新上市一个多月来低点。即便周四台积电交出超预期的财报，也未能阻止全球科技股进一步杀跌。越来越多分析人士开始讨论一个此前鲜少被认真对待的问题：持续近两年的AI科技牛市，是否已经开始出现拐点？半导体指数跌入技术性熊市，AI交易遭遇今年最大回撤过去一周，半导体成为全球表现最差的板块之一。数据显示，费城半导体指数本周累计跌近9%，较6月历史高位累计回撤超过20%，符合市场对于\"技术性熊市\"（较近期高点跌幅达到20%）的定义。追踪行业表现的iShares Semiconductor ETF（SOXX）同样跌入熊市区间，并创下去年以来最差单周表现之一。更值得关注的是，本轮调整已经从个股扩散至整个产业链。英伟达、AMD、Arm、博通、美光等AI核心受益股连续大跌；亚洲市场三星电子、SK海力士、东京电子、Advantest等同步遭遇资金撤离，日本、韩国科技指数跌幅明显扩大。路透社指出，市场担忧已经从\"AI需求是否存在\"转向\"AI资本开支是否已经透支未来数年的增长\"。此前推动行情不断创新高的几个逻辑——AI算力投资无限扩张；GPU持续供不应求；云计算巨头持续提高资本开支；如今均开始受到市场重新审视。部分对冲基金已经开始降低AI基础设施相关持仓，资金则更多流向此前涨幅相对落后的板块，而非整体撤离股市。苹果市值正赶超英伟达 市场开始给AI交易“换锚”就在芯片股集体下跌之际，美股另一幕却引发市场广泛讨论。本周五美股盘中，苹果市值曾达到约4.88万亿美元，而英伟达因股价下跌约3.5%，市值降至约4.86万亿美元，以盘中水平看，苹果重新成为全球市值最高上市公司，这是苹果自去年4月以来首次重新夺回市值榜首。此后，随着英伟达股价收窄跌幅，市值又再度反超苹果。到收盘时，苹果股价涨0.14%，连续三日刷新收盘最高纪录，市值约为4.9万亿美元，英伟达股价跌2.21%，市值约为4.91%。苹果可能下个交易日就被抹平市值差距，真正夺回最高市值宝座。苹果市值赶超英伟达的这一变化迅速成为社交平台热门话题。不少投资者认为，这象征着市场领导权开始发生变化：AI基础设施不再是唯一的估值锚。Reddit投资社区大量讨论认为，过去一年\"英伟达不会输\"的市场共识正在松动，而苹果凭借稳定现金流、生态优势以及即将推出的新一代AI Siri，重新获得资金青睐；也有投资者认为，这反映资金开始偏好盈利确定性更高的大盘科技股，而非继续押注高投入、高估值的AI硬件公司。BRI Wealth Management首席投资官Toni Meadows表示，过去苹果一直被视作AI竞赛中的\"落后者\"，但市场这种看法已经开始发生变化，投资者正在重新评估苹果在AI时代的长期竞争力。不少华尔街机构也指出，这并不意味着市场否定AI，而是意味着AI交易开始从\"卖铲人\"逐渐扩展至真正能够实现AI商业化和现金流变现的平台企业。存储板块出现罕见逆势分化，SK海力士为何一枝独秀？值得注意的是，并非所有芯片股都同步下跌。韩国存储芯片龙头SK海力士ADR逆市上涨，美股午盘之初刷新日高时，日内涨幅约为9.9%，尽管此后回吐多数涨幅，仍收涨1.1%，扭转了两日累计跌超20%的暴跌势头，成为少数周五表现亮眼的大型半导体公司之一。市场分析认为，背后主要有三方面原因：首先，HBM（高带宽存储器）仍然是AI服务器最紧缺的零部件之一，其供需关系明显优于GPU之外的大多数芯片品类。其次，相比GPU板块此前数月的大幅上涨，存储板块此前调整更充分，估值压力相对较小。此外，部分资金选择在AI产业链内部进行轮动，从估值更高的GPU龙头转向仍具业绩确定性的存储芯片企业。不过，多数机构仍认为，这更像是板块内部的结构性轮动，而非整个半导体行业重新走强的信号。AI高估值资产被重估 SpaceX市值一个月蒸发超1万亿美元另一只备受市场关注的AI概念股——SpaceX——同样成为本轮科技股抛售的重要受害者。因发动机问题取消Starship火箭发射后，市场情绪持续恶化，SpaceX股价周五加速下跌，当天收跌5.4%，连续第三日盘中、连续第二日收盘跌破IPO发行价，并继续创6月12日上市以来新低。到本周五收盘，SpaceX股价已连跌六个交易日，本周五日累跌近14.7%，市值约1.63万亿美元。相比6月16日创上市以来股价收盘最高点当天，SpaceX周五的市值已跌去超过1万亿美元。作为今年最受追捧的新上市科技公司之一，SpaceX的持续下跌，被不少投资者视作高估值成长股风险偏好快速下降的最新信号。近期从英伟达、美光到SpaceX，大量AI概念龙头市值快速缩水，累计蒸发市值已达到万亿美元级别，显示此前高度拥挤的AI交易正在经历剧烈去杠杆。科技牛市“最后一道防线”开始松动？相比此前几轮调整，本轮科技股下跌最大的不同，在于\"好消息也无法推动股价上涨\"。就在台积电公布超预期财报、上调资本开支之后，全球科技股依然延续跌势；三星电子、SK海力士此前发布强劲业绩，同样未能阻止半导体板块整体调整。这意味着，市场交易逻辑正在发生变化。过去一年，AI资本开支几乎可以覆盖所有估值疑虑；如今，投资者开始更加关注几个关键问题：超大规模云厂商的资本开支还能维持多久？AI基础设施投资何时能够兑现商业回报？当前盈利增长是否足以支撑经历大幅扩张后的估值体系？从市场表现来看，答案仍未明朗。不过，当前资金并未全面撤离科技板块，而是更多体现为内部重新定价：一边是半导体、AI硬件等高弹性资产持续遭到减仓；另一边则是苹果等现金流稳健、商业模式成熟的科技巨头重新获得资金追捧。对于华尔街而言，这或许意味着AI牛市并未结束，但驱动市场上涨的\"锚\"正在发生变化——从\"谁卖更多GPU\"，逐步转向\"谁最先把AI真正变成稳定利润\"。这一轮科技牛市最坚固的防线正在经历考验，而市场新的领导者，也许已经开始浮现。","news_type":1,"symbols_score_info":{"WTAI":0.9,"AAPL":1.5,"CHPS":0.6,"TRFK":0.6,"DRAM":0.6,"AVXC":0.6,"NVDL":0.6,"CNAV":0.6,"YMAG":1.5,"QQQA":0.6,"VTHR":1.5,"XOVR":0.9,"AMUU":0.6,"07709":0.6,"03145":0.6,"CGNG":0.6,"SKHU":0.6,"NVD3.UK":0.6,"SPTE":0.6,"NVDX":0.6,"SOX":1.95,"SHOC":0.6,"SPCX":0.85,"NVDS.UK":0.6,"RAM":0.9,"AAPB":0.6,"AVGO":1,"MIC":0.6,"FDTX":0.6,"NULC":0.6,"TSLA":0.6,"ASIA":0.6,"UFO":0.6,"AGOX":0.6,"07747":0.6,"SMHX":0.6,"FXL":0.6,"NVD2.UK":0.6,"CGDG":0.6,"SPAL":0.77,"RDYY":0.6,"CHAT":1.5,"BAI":0.6,"AMDY":0.6,"AMD.AU":1,"CGIC":0.6,"NVII":0.6,"2NVD.UK":0.6,"NVDU":0.6,"SPCF":0.6,"RULE":0.6,"TEK":0.6,"CLSE":0.6,"TSMG":0.6,"CIBR":0.6,"AIS":0.6,"SKHZ":0.6,"JGRO":0.6,"NVDB":0.6,"XNTK":0.6,"SOXY":0.6,"TTEQ":0.6,"AMZN":0.6,"OND":0.85,"ARMU":0.6,"SPCQ":0.6,"SPCH":0.6,"AMD":1,"ANV":0.6,"SOXQ":0.6,"RDDT":1,"CGGO":0.6,"EFIV":0.6,"SKHY":1,"TSMY":0.6,"AMDS":0.6,"LEGR":0.6,"MU":1,"GOOG":0.6,"EMM":0.6,"AAPY":0.6,"ABFL":0.6,"MUD":0.6,"USXF":0.6,"AVEM":0.6,"USD":0.6,"SPAX":0.6,"MUU":0.6,"EEMO":0.6,"METV":0.6,"TDIV":0.6,"DIPS":0.6,"SNVD.UK":0.6,"SK":0.6,"AMDU":0.6,"SNK":0.77,"MACW.SI":0.6,"MAGY":1.5,"XLK":0.6,"AVGW":0.6,"SKHX":0.6,"APLY":0.6,"FTXL":0.6,"NVDS":0.6,"EDZ":0.85,"MUYY":0.6,"AAPU":0.6,"IXN":0.6,"PTF":1.5,"HYNX":0.6,"ROM":0.6,"AVGG":0.6,"AIQ":0.6,"AIFD":0.6,"DAMD":0.6,"SMH":1.5,"07388":0.6,"ARMG":0.6,"TYLG":0.6,"AIPI":0.6,"3NVD.UK":0.6,"SPWO":0.6,"TSMU":0.6,"MULL":0.6,"AGIX":1.5,"NVIW.SI":0.6,"WUGI":0.6,"NVDY":0.6,"SSNLF":1,"AMDW":0.6,"EGGY":0.6,"AAPW":0.6,"SKHYV":0.6,"FTEC":0.6,"NVDG":0.6,"ARM":1,"NVYY":0.6,"CWI":0.6,"AVGU":0.6,"AMDL":0.6,"VGT":0.9,"QTOC":1.5,"SPCG":0.6,"AVS":0.6,"META":0.6,"AMYY":0.6,"MUZ":0.6,"WLDR":0.6,"SOCL":0.6,"MEMX":0.6,"CORO":0.6,"AIPO":1.5,"MSFT":0.6,"BULZ":1.5,"NVDA":1,"CNEQ":0.6,"NVDD":0.6,"NVDW":0.6,"DXYZ":0.77,"ESUM":0.6,"BERZ":1.5,"NVD":0.6,"SPRX":0.6,"RDTL":0.6,"SKDD":0.6,"SNPE":0.6,"TSMX":0.6,"DRAL":0.6,"VERS":0.9,"AAPD":0.6,"SPCM":0.6,"AVL":0.6,"SKUU":0.6,"SSPC":0.6,"PSI":0.6,"KNOW":0.6,"SPCU":0.77,"TSMZ":0.6,"WISE":0.6,"ARM.AU":1,"IETC":0.6,"NVDO":0.6,"LFGY":0.6,"AAPX":0.6,"EEMA":1,"AVGX":0.6,"AVSE":0.6,"EMC":0.6,"AMDG":0.6,"EMSF":0.6,"UMMA":0.6,"07788":0.6,"AMDD":0.6,"ARTY":1.5,"ARMW":0.6,"ILDR":0.6,"STSM":0.6,"NVDQ":0.6,"VT":0.6,"TSM":1,"LOFF":0.6,"FAI":0.6,"SOXX":1}},"isVote":1,"tweetType":1,"viewCount":858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":588024112637288,"gmtCreate":1784592080496,"gmtModify":1784592082907,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"美股冲高回落。 A股战术性回撤，只为扶摇直上九万里，未曾想飞流直下三千尺。","listText":"美股冲高回落。 A股战术性回撤，只为扶摇直上九万里，未曾想飞流直下三千尺。","text":"美股冲高回落。 A股战术性回撤，只为扶摇直上九万里，未曾想飞流直下三千尺。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/588024112637288","repostId":"1126017186","repostType":4,"repost":{"id":"1126017186","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1784591589,"share":"https://www.laohunote.com/m/news/1126017186?lang=zh_CN&edition=full","pubTime":"2026-07-21 07:53","market":"us","language":"zh","title":"昨夜今晨｜美股三大指数回落，芯片股反弹迎财报季；微软扩大与AMD合作，Azure部署新一代AI芯片；谷歌研发Gemini芯片，最高提效10倍","url":"https://stock-news.laohu8.com/highlight/detail?id=1126017186","media":"老虎资讯综合","summary":"受投资者等待科技巨头财报及货币政策信号影响，三大指数窄幅整理，显示市场情绪趋于谨慎。","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d104f1293cc0a7dfb4410dd215aa997\" data-align=\"center\" tg-width=\"1080\" tg-height=\"1920\"/><span></span></p><h2 style=\"text-align: left;\">01 股市</h2><p style=\"text-align: left;\"><strong>截至7月21日，美股三大指数收盘情况及分析：</strong>道琼斯指数收于<strong>51 839.26</strong>点，<strong>跌0.59%</strong>；标普500指数报<strong>7 443.28</strong>点，<strong>跌0.19%</strong>；纳斯达克综合指数报<strong>25 508.07</strong>点，<strong>微跌0.05%</strong>。受投资者等待科技巨头财报及货币政策信号影响，三大指数窄幅整理，显示市场情绪趋于谨慎。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c0aa61e75ea9c83468448e1a7ccd18f9\" data-align=\"center\" tg-width=\"1136\" tg-height=\"532\"/><span></span></p><p style=\"text-align: left;\"><strong>热门股异动</strong>：存储与算力主题再度活跃，<strong>美光科技涨1.94%至865.46美元</strong>，<strong>闪迪涨2.67%至1 390.95美元</strong>；<strong>英伟达涨0.23%，报203.28美元</strong>。受新品发布和算力需求强劲预期提振，<strong>AMD涨1.58%，报503.57美元</strong>；与之配套的<strong>三倍做多半导体ETF SOXL涨0.99%</strong>。受下调投资支出传闻影响，<strong>特斯拉跌2.96%，报369.57美元</strong>，行业内部分化明显。</p><p style=\"text-align: left;\"><strong>中概股方面</strong>：大型互联网龙头相对坚挺。<strong>阿里巴巴涨4.67%，报120.34美元</strong>，因发布新一代大模型；<strong>百度涨2.40%，报109.81美元</strong>；<strong>京东涨3.31%，报30.60美元</strong>；<strong>拼多多涨2.27%，报86.05美元</strong>；新能源车企表现温和，<strong>理想汽车跌0.16%</strong>，<strong>小鹏汽车跌2.51%</strong>。</p><h2 style=\"text-align: left;\">国际宏观</h2><p style=\"text-align: left;\"><strong>美国中央司令部：美军对伊朗发动新一轮打击</strong></p><p style=\"text-align: left;\">美国中央司令部发文称，美军于美东时间周一下午4时开始对伊朗发动新一轮打击，以进一步削弱伊朗袭击霍尔木兹海峡船只的能力。</p><p style=\"text-align: left;\"><strong>高盛警示美国通胀正出现扩散迹象。</strong>该行经济学家指出，以PCE衡量的通胀类别广度已高于历史均值，市场随之将美联储9月再度加息的概率提升至逾五成，利率预期上行令资产价格波动风险加大。</p><p style=\"text-align: left;\"><strong>美国宣布对加拿大部分产品加征50%关税</strong></p><p style=\"text-align: left;\">当地时间7月20日，白宫发布公告称，美国将对加拿大部分产品额外加征50%的从价关税，以应对“加拿大在汽车及汽车零部件贸易方面对美国采取的歧视性措施”。据称，新关税将自美东时间8月19日凌晨00时01分起生效，并将在现有相关关税、税费及其他收费基础上叠加征收。</p><p style=\"text-align: left;\"><strong>伊朗方面透露调停方提议美伊“停火”十天以重启临时协议磋商。</strong>受和缓信号影响，纳指期货一度涨超1%，国际油价短线走低，显示地缘政治对市场风险偏好的直接影响。</p><h2 style=\"text-align: left;\">公司新闻</h2><p style=\"text-align: left;\"><strong>AMD发布首款机架级AI系统Helios并获微软批量采购。</strong>双方确认Helios将于年内开始交付，微软计划用于Azure AI与HPC平台，AMD进一步巩固在数据中心AI加速器市场的布局。</p><p style=\"text-align: left;\"><strong>奈飞时隔两年重返美国投资级债券市场，拟发售2036年到期债券用于偿债</strong></p><p style=\"text-align: left;\">流媒体巨头奈飞周一宣布重返美国投资级债券市场，计划发行2036年到期的公司债券。这是该公司自2024年首次发行投资级债券以来，时隔两年再次进入债券市场融资。据知情人士透露，该批债券的初始价格指引为较同期美国国债收益率高出约95个基点。</p><p style=\"text-align: left;\">根据Netflix提交给监管机构的文件，本次发行所得资金将主要用于偿还今年晚些时候到期的约10亿美元债务，剩余部分将用于一般企业用途。</p><p style=\"text-align: left;\"><strong>美国联邦法官暂时叫停派拉蒙天舞与华纳兄弟探索公司的交易</strong></p><p style=\"text-align: left;\">美国联邦法官暂时叫停了派拉蒙天舞公司以1100亿美元收购华纳兄弟探索公司的交易。位于奥克兰的美国联邦地区法官Araceli Martínez-Olguín下令，两家公司在14天内不得完成交易。派拉蒙天舞和华纳兄弟原本希望最早于7月22日完成收购。</p><p style=\"text-align: left;\"><strong>谷歌正在开发新款芯片，Gemini架构直接写入硅片，效率最高提升10倍</strong></p><p style=\"text-align: left;\">谷歌正研发专为Gemini打造的AI推理芯片“Frozen v2”，将模型架构直接固化进硅片，推理效率预计较现有TPU提升6至10倍。这一设计以牺牲部分通用性换取更高性能和更低成本，凸显AI芯片竞争正从“通用计算”转向“专用推理”。谷歌股价周一盘中一度上涨3.7%，最终收涨1.5%。</p><p style=\"text-align: left;\"><strong>Hut 8与核心客户签订98亿美元、为期15年的算力租赁协议。</strong>该合同使德州Beacon Point园区实现满租，锁定1 GW电力与704 MW算力需求，确保长期收入并验证其“电力优先”模式。</p><p style=\"text-align: left;\"><strong>IREN斩获28亿美元AI云计算大单并上调年化经常性收入目标。</strong>新签多家头部AI客户后，公司将2026年ARR目标提高至超过<strong>40亿美元</strong>，并获得相当于GPU资本支出45%的预付款，显著增强现金流。</p><p style=\"text-align: left;\"><strong>美国FAA恢复波音对新生产737 MAX与787客机的最终放行签署权。</strong>监管机构确认波音质量改进取得进展并继续现场监督，此举有望加快飞机交付进程并缓解供应链压力。</p><p style=\"text-align: left;\"><strong>Tempus AI拟以15亿美元全股票方式收购Personalis。</strong>交易溢价约<strong>28%</strong>，并允许部分现金支付，旨在拓展精准医疗基因测序服务并提升技术协同。</p><p style=\"text-align: left;\"><strong>Alphabet研发“Frozen v2”专用AI服务器芯片，力争大幅提升Gemini模型效率。</strong>工程师预计新芯片每瓦处理效率可达现有TPU的6至10倍，计划<strong>2028</strong>年前部署，有望缓解谷歌内部算力紧缺。</p><p style=\"text-align: left;\"><strong>GMI Cloud在上海WAIC集中展示AI Cloud与AgentBox等系列新品。</strong>产品覆盖GPU资源、算力调度、模型推理及AI Agent部署，显示AI云服务商正由资源供应向应用层延伸。</p><p style=\"text-align: left;\"><strong>Playtika与腾讯洽谈出售SuperPlay，交易规模最高可达15亿美元。</strong>若成交，Playtika将获得可观现金回报并聚焦核心游戏业务，腾讯则借机丰富海外游戏布局。</p><p style=\"text-align: left;\"><strong>三星电子、SK 海力士与美光决定放弃CXL控制器自研计划。</strong>三大存储巨头将转向采购专业设计方案，以降低成本并避免与主业冲突，Astera Labs等芯片设计公司有望因此受益。</p><p style=\"text-align: left;\"><strong>TSMC追加1 000亿美元投资扩建亚利桑那晶圆厂。</strong>公司上调全年资本支出上限至<strong>640亿美元</strong>，以加速3nm及2nm产线建设，应对全球AI驱动的芯片“超级需求”。</p><p style=\"text-align: left;\"><strong>Boeing首席执行官表示新一代窄体机开发将推迟。</strong>公司将优先提升现有737 MAX产能与可靠性，财务修复后再启动下一代机型项目，受此影响市场关注其长期竞争力。</p><h2 style=\"text-align: left;\">今日关注</h2><p style=\"text-align: left;\">经济数据方面，美国至7月4日当周ADP就业人数周度变动(万人)将公布。</p><p style=\"text-align: justify;\">财经事件方面，国新办7月21日将举行“开局起步‘十五五’”系列主题新闻发布会；安迪·伯纳姆入主唐宁街，成为十年来英国第七位首相。</p><p style=\"text-align: justify;\">业绩方面， <a href=\"https://laohu8.com/S/DHI\">霍顿房屋</a>、 <a href=\"https://laohu8.com/S/GM\">通用汽车</a>、 <a href=\"https://laohu8.com/S/MMM\">3M</a>、 <a href=\"https://laohu8.com/S/NVS\">诺华</a>、 <a href=\"https://laohu8.com/S/SCHW\">嘉信理财</a>将于美股盘前公布业绩；盘后时段， <a href=\"https://laohu8.com/S/CB\">安达保险</a>、 <a href=\"https://laohu8.com/S/COF\">第一资本</a>、 <a href=\"https://laohu8.com/S/EQT\">EQT能源</a>将发布财报。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>昨夜今晨｜美股三大指数回落，芯片股反弹迎财报季；微软扩大与AMD合作，Azure部署新一代AI芯片；谷歌研发Gemini芯片，最高提效10倍</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n昨夜今晨｜美股三大指数回落，芯片股反弹迎财报季；微软扩大与AMD合作，Azure部署新一代AI芯片；谷歌研发Gemini芯片，最高提效10倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-07-21 07:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d104f1293cc0a7dfb4410dd215aa997\" data-align=\"center\" tg-width=\"1080\" tg-height=\"1920\"/><span></span></p><h2 style=\"text-align: left;\">01 股市</h2><p style=\"text-align: left;\"><strong>截至7月21日，美股三大指数收盘情况及分析：</strong>道琼斯指数收于<strong>51 839.26</strong>点，<strong>跌0.59%</strong>；标普500指数报<strong>7 443.28</strong>点，<strong>跌0.19%</strong>；纳斯达克综合指数报<strong>25 508.07</strong>点，<strong>微跌0.05%</strong>。受投资者等待科技巨头财报及货币政策信号影响，三大指数窄幅整理，显示市场情绪趋于谨慎。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c0aa61e75ea9c83468448e1a7ccd18f9\" data-align=\"center\" tg-width=\"1136\" tg-height=\"532\"/><span></span></p><p style=\"text-align: left;\"><strong>热门股异动</strong>：存储与算力主题再度活跃，<strong>美光科技涨1.94%至865.46美元</strong>，<strong>闪迪涨2.67%至1 390.95美元</strong>；<strong>英伟达涨0.23%，报203.28美元</strong>。受新品发布和算力需求强劲预期提振，<strong>AMD涨1.58%，报503.57美元</strong>；与之配套的<strong>三倍做多半导体ETF SOXL涨0.99%</strong>。受下调投资支出传闻影响，<strong>特斯拉跌2.96%，报369.57美元</strong>，行业内部分化明显。</p><p style=\"text-align: left;\"><strong>中概股方面</strong>：大型互联网龙头相对坚挺。<strong>阿里巴巴涨4.67%，报120.34美元</strong>，因发布新一代大模型；<strong>百度涨2.40%，报109.81美元</strong>；<strong>京东涨3.31%，报30.60美元</strong>；<strong>拼多多涨2.27%，报86.05美元</strong>；新能源车企表现温和，<strong>理想汽车跌0.16%</strong>，<strong>小鹏汽车跌2.51%</strong>。</p><h2 style=\"text-align: left;\">国际宏观</h2><p style=\"text-align: left;\"><strong>美国中央司令部：美军对伊朗发动新一轮打击</strong></p><p style=\"text-align: left;\">美国中央司令部发文称，美军于美东时间周一下午4时开始对伊朗发动新一轮打击，以进一步削弱伊朗袭击霍尔木兹海峡船只的能力。</p><p style=\"text-align: left;\"><strong>高盛警示美国通胀正出现扩散迹象。</strong>该行经济学家指出，以PCE衡量的通胀类别广度已高于历史均值，市场随之将美联储9月再度加息的概率提升至逾五成，利率预期上行令资产价格波动风险加大。</p><p style=\"text-align: left;\"><strong>美国宣布对加拿大部分产品加征50%关税</strong></p><p style=\"text-align: left;\">当地时间7月20日，白宫发布公告称，美国将对加拿大部分产品额外加征50%的从价关税，以应对“加拿大在汽车及汽车零部件贸易方面对美国采取的歧视性措施”。据称，新关税将自美东时间8月19日凌晨00时01分起生效，并将在现有相关关税、税费及其他收费基础上叠加征收。</p><p style=\"text-align: left;\"><strong>伊朗方面透露调停方提议美伊“停火”十天以重启临时协议磋商。</strong>受和缓信号影响，纳指期货一度涨超1%，国际油价短线走低，显示地缘政治对市场风险偏好的直接影响。</p><h2 style=\"text-align: left;\">公司新闻</h2><p style=\"text-align: left;\"><strong>AMD发布首款机架级AI系统Helios并获微软批量采购。</strong>双方确认Helios将于年内开始交付，微软计划用于Azure AI与HPC平台，AMD进一步巩固在数据中心AI加速器市场的布局。</p><p style=\"text-align: left;\"><strong>奈飞时隔两年重返美国投资级债券市场，拟发售2036年到期债券用于偿债</strong></p><p style=\"text-align: left;\">流媒体巨头奈飞周一宣布重返美国投资级债券市场，计划发行2036年到期的公司债券。这是该公司自2024年首次发行投资级债券以来，时隔两年再次进入债券市场融资。据知情人士透露，该批债券的初始价格指引为较同期美国国债收益率高出约95个基点。</p><p style=\"text-align: left;\">根据Netflix提交给监管机构的文件，本次发行所得资金将主要用于偿还今年晚些时候到期的约10亿美元债务，剩余部分将用于一般企业用途。</p><p style=\"text-align: left;\"><strong>美国联邦法官暂时叫停派拉蒙天舞与华纳兄弟探索公司的交易</strong></p><p style=\"text-align: left;\">美国联邦法官暂时叫停了派拉蒙天舞公司以1100亿美元收购华纳兄弟探索公司的交易。位于奥克兰的美国联邦地区法官Araceli Martínez-Olguín下令，两家公司在14天内不得完成交易。派拉蒙天舞和华纳兄弟原本希望最早于7月22日完成收购。</p><p style=\"text-align: left;\"><strong>谷歌正在开发新款芯片，Gemini架构直接写入硅片，效率最高提升10倍</strong></p><p style=\"text-align: left;\">谷歌正研发专为Gemini打造的AI推理芯片“Frozen v2”，将模型架构直接固化进硅片，推理效率预计较现有TPU提升6至10倍。这一设计以牺牲部分通用性换取更高性能和更低成本，凸显AI芯片竞争正从“通用计算”转向“专用推理”。谷歌股价周一盘中一度上涨3.7%，最终收涨1.5%。</p><p style=\"text-align: left;\"><strong>Hut 8与核心客户签订98亿美元、为期15年的算力租赁协议。</strong>该合同使德州Beacon Point园区实现满租，锁定1 GW电力与704 MW算力需求，确保长期收入并验证其“电力优先”模式。</p><p style=\"text-align: left;\"><strong>IREN斩获28亿美元AI云计算大单并上调年化经常性收入目标。</strong>新签多家头部AI客户后，公司将2026年ARR目标提高至超过<strong>40亿美元</strong>，并获得相当于GPU资本支出45%的预付款，显著增强现金流。</p><p style=\"text-align: left;\"><strong>美国FAA恢复波音对新生产737 MAX与787客机的最终放行签署权。</strong>监管机构确认波音质量改进取得进展并继续现场监督，此举有望加快飞机交付进程并缓解供应链压力。</p><p style=\"text-align: left;\"><strong>Tempus AI拟以15亿美元全股票方式收购Personalis。</strong>交易溢价约<strong>28%</strong>，并允许部分现金支付，旨在拓展精准医疗基因测序服务并提升技术协同。</p><p style=\"text-align: left;\"><strong>Alphabet研发“Frozen v2”专用AI服务器芯片，力争大幅提升Gemini模型效率。</strong>工程师预计新芯片每瓦处理效率可达现有TPU的6至10倍，计划<strong>2028</strong>年前部署，有望缓解谷歌内部算力紧缺。</p><p style=\"text-align: left;\"><strong>GMI Cloud在上海WAIC集中展示AI Cloud与AgentBox等系列新品。</strong>产品覆盖GPU资源、算力调度、模型推理及AI Agent部署，显示AI云服务商正由资源供应向应用层延伸。</p><p style=\"text-align: left;\"><strong>Playtika与腾讯洽谈出售SuperPlay，交易规模最高可达15亿美元。</strong>若成交，Playtika将获得可观现金回报并聚焦核心游戏业务，腾讯则借机丰富海外游戏布局。</p><p style=\"text-align: left;\"><strong>三星电子、SK 海力士与美光决定放弃CXL控制器自研计划。</strong>三大存储巨头将转向采购专业设计方案，以降低成本并避免与主业冲突，Astera Labs等芯片设计公司有望因此受益。</p><p style=\"text-align: left;\"><strong>TSMC追加1 000亿美元投资扩建亚利桑那晶圆厂。</strong>公司上调全年资本支出上限至<strong>640亿美元</strong>，以加速3nm及2nm产线建设，应对全球AI驱动的芯片“超级需求”。</p><p style=\"text-align: left;\"><strong>Boeing首席执行官表示新一代窄体机开发将推迟。</strong>公司将优先提升现有737 MAX产能与可靠性，财务修复后再启动下一代机型项目，受此影响市场关注其长期竞争力。</p><h2 style=\"text-align: left;\">今日关注</h2><p style=\"text-align: left;\">经济数据方面，美国至7月4日当周ADP就业人数周度变动(万人)将公布。</p><p style=\"text-align: justify;\">财经事件方面，国新办7月21日将举行“开局起步‘十五五’”系列主题新闻发布会；安迪·伯纳姆入主唐宁街，成为十年来英国第七位首相。</p><p style=\"text-align: justify;\">业绩方面， <a href=\"https://laohu8.com/S/DHI\">霍顿房屋</a>、 <a href=\"https://laohu8.com/S/GM\">通用汽车</a>、 <a href=\"https://laohu8.com/S/MMM\">3M</a>、 <a href=\"https://laohu8.com/S/NVS\">诺华</a>、 <a href=\"https://laohu8.com/S/SCHW\">嘉信理财</a>将于美股盘前公布业绩；盘后时段， <a href=\"https://laohu8.com/S/CB\">安达保险</a>、 <a href=\"https://laohu8.com/S/COF\">第一资本</a>、 <a href=\"https://laohu8.com/S/EQT\">EQT能源</a>将发布财报。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"QQQ":"纳指100ETF","VIXY":"波动率短期期货指数ETF","UVIX":"2倍做多恐慌指数期货ETF","TQQQ":"纳指三倍做多ETF",".IXIC":"NASDAQ Composite","VXX":"短期VIX期货ETN","SVIX":"1倍做空短期期货恐慌指数ETF","UVXY":"1.5倍做多短期期货恐慌指数ETF-Proshares","VIX":"标普500波动率指数","SVXY":"做空波动率指数短期期货ETF-ProShares",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126017186","content_text":"01 股市截至7月21日，美股三大指数收盘情况及分析：道琼斯指数收于51 839.26点，跌0.59%；标普500指数报7 443.28点，跌0.19%；纳斯达克综合指数报25 508.07点，微跌0.05%。受投资者等待科技巨头财报及货币政策信号影响，三大指数窄幅整理，显示市场情绪趋于谨慎。热门股异动：存储与算力主题再度活跃，美光科技涨1.94%至865.46美元，闪迪涨2.67%至1 390.95美元；英伟达涨0.23%，报203.28美元。受新品发布和算力需求强劲预期提振，AMD涨1.58%，报503.57美元；与之配套的三倍做多半导体ETF SOXL涨0.99%。受下调投资支出传闻影响，特斯拉跌2.96%，报369.57美元，行业内部分化明显。中概股方面：大型互联网龙头相对坚挺。阿里巴巴涨4.67%，报120.34美元，因发布新一代大模型；百度涨2.40%，报109.81美元；京东涨3.31%，报30.60美元；拼多多涨2.27%，报86.05美元；新能源车企表现温和，理想汽车跌0.16%，小鹏汽车跌2.51%。国际宏观美国中央司令部：美军对伊朗发动新一轮打击美国中央司令部发文称，美军于美东时间周一下午4时开始对伊朗发动新一轮打击，以进一步削弱伊朗袭击霍尔木兹海峡船只的能力。高盛警示美国通胀正出现扩散迹象。该行经济学家指出，以PCE衡量的通胀类别广度已高于历史均值，市场随之将美联储9月再度加息的概率提升至逾五成，利率预期上行令资产价格波动风险加大。美国宣布对加拿大部分产品加征50%关税当地时间7月20日，白宫发布公告称，美国将对加拿大部分产品额外加征50%的从价关税，以应对“加拿大在汽车及汽车零部件贸易方面对美国采取的歧视性措施”。据称，新关税将自美东时间8月19日凌晨00时01分起生效，并将在现有相关关税、税费及其他收费基础上叠加征收。伊朗方面透露调停方提议美伊“停火”十天以重启临时协议磋商。受和缓信号影响，纳指期货一度涨超1%，国际油价短线走低，显示地缘政治对市场风险偏好的直接影响。公司新闻AMD发布首款机架级AI系统Helios并获微软批量采购。双方确认Helios将于年内开始交付，微软计划用于Azure AI与HPC平台，AMD进一步巩固在数据中心AI加速器市场的布局。奈飞时隔两年重返美国投资级债券市场，拟发售2036年到期债券用于偿债流媒体巨头奈飞周一宣布重返美国投资级债券市场，计划发行2036年到期的公司债券。这是该公司自2024年首次发行投资级债券以来，时隔两年再次进入债券市场融资。据知情人士透露，该批债券的初始价格指引为较同期美国国债收益率高出约95个基点。根据Netflix提交给监管机构的文件，本次发行所得资金将主要用于偿还今年晚些时候到期的约10亿美元债务，剩余部分将用于一般企业用途。美国联邦法官暂时叫停派拉蒙天舞与华纳兄弟探索公司的交易美国联邦法官暂时叫停了派拉蒙天舞公司以1100亿美元收购华纳兄弟探索公司的交易。位于奥克兰的美国联邦地区法官Araceli Martínez-Olguín下令，两家公司在14天内不得完成交易。派拉蒙天舞和华纳兄弟原本希望最早于7月22日完成收购。谷歌正在开发新款芯片，Gemini架构直接写入硅片，效率最高提升10倍谷歌正研发专为Gemini打造的AI推理芯片“Frozen v2”，将模型架构直接固化进硅片，推理效率预计较现有TPU提升6至10倍。这一设计以牺牲部分通用性换取更高性能和更低成本，凸显AI芯片竞争正从“通用计算”转向“专用推理”。谷歌股价周一盘中一度上涨3.7%，最终收涨1.5%。Hut 8与核心客户签订98亿美元、为期15年的算力租赁协议。该合同使德州Beacon Point园区实现满租，锁定1 GW电力与704 MW算力需求，确保长期收入并验证其“电力优先”模式。IREN斩获28亿美元AI云计算大单并上调年化经常性收入目标。新签多家头部AI客户后，公司将2026年ARR目标提高至超过40亿美元，并获得相当于GPU资本支出45%的预付款，显著增强现金流。美国FAA恢复波音对新生产737 MAX与787客机的最终放行签署权。监管机构确认波音质量改进取得进展并继续现场监督，此举有望加快飞机交付进程并缓解供应链压力。Tempus AI拟以15亿美元全股票方式收购Personalis。交易溢价约28%，并允许部分现金支付，旨在拓展精准医疗基因测序服务并提升技术协同。Alphabet研发“Frozen v2”专用AI服务器芯片，力争大幅提升Gemini模型效率。工程师预计新芯片每瓦处理效率可达现有TPU的6至10倍，计划2028年前部署，有望缓解谷歌内部算力紧缺。GMI Cloud在上海WAIC集中展示AI Cloud与AgentBox等系列新品。产品覆盖GPU资源、算力调度、模型推理及AI Agent部署，显示AI云服务商正由资源供应向应用层延伸。Playtika与腾讯洽谈出售SuperPlay，交易规模最高可达15亿美元。若成交，Playtika将获得可观现金回报并聚焦核心游戏业务，腾讯则借机丰富海外游戏布局。三星电子、SK 海力士与美光决定放弃CXL控制器自研计划。三大存储巨头将转向采购专业设计方案，以降低成本并避免与主业冲突，Astera Labs等芯片设计公司有望因此受益。TSMC追加1 000亿美元投资扩建亚利桑那晶圆厂。公司上调全年资本支出上限至640亿美元，以加速3nm及2nm产线建设，应对全球AI驱动的芯片“超级需求”。Boeing首席执行官表示新一代窄体机开发将推迟。公司将优先提升现有737 MAX产能与可靠性，财务修复后再启动下一代机型项目，受此影响市场关注其长期竞争力。今日关注经济数据方面，美国至7月4日当周ADP就业人数周度变动(万人)将公布。财经事件方面，国新办7月21日将举行“开局起步‘十五五’”系列主题新闻发布会；安迪·伯纳姆入主唐宁街，成为十年来英国第七位首相。业绩方面， 霍顿房屋、 通用汽车、 3M、 诺华、 嘉信理财将于美股盘前公布业绩；盘后时段， 安达保险、 第一资本、 EQT能源将发布财报。","news_type":1,"symbols_score_info":{"NQmain":2,"UVIX":0.6,"QQQ":2,".DJI":1,"SQQQ":2,"VIXmain":2,"VIXY":2,"VXX":2,"TQQQ":2,"UVXY":0.6,"VIX":2,"SVXY":0.6,".SPX":1,"SVIX":0.6,"YMmain":2,".IXIC":1,"ESmain":2}},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":587684956656920,"gmtCreate":1784509275283,"gmtModify":1784509277150,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"就怕说的呱呱，尿的哗哗。","listText":"就怕说的呱呱，尿的哗哗。","text":"就怕说的呱呱，尿的哗哗。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/587684956656920","repostId":"1103791706","repostType":4,"repost":{"id":"1103791706","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1784509033,"share":"https://www.laohunote.com/m/news/1103791706?lang=zh_CN&edition=full","pubTime":"2026-07-20 08:57","market":"sh","language":"zh","title":"两大央企合计出手逾600亿元稳市，中证监今日召开座谈会释放积极信号","url":"https://stock-news.laohu8.com/highlight/detail?id=1103791706","media":"老虎资讯综合","summary":"两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。","content":"<html><head></head><body><p style=\"text-align: left;\">两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。公司表示，坚定看好中国经济及资本市场前景，后续将继续运用自有资金及股票回购增持再贷款，加大增持国资央企、科技企业股票及ETF力度，全力维护资本市场平稳运行。</p><p style=\"text-align: left;\">同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。未来将继续用好再贷款政策工具，并配合自有资金持续增持，坚决维护资本市场核心资产战略价值和市场平稳健康运行。</p><p style=\"text-align: left;\">此外，据<span>据央视财经</span>报道，中国证监会将于今日（20日）召开上市公司、证券公司及基金机构座谈会，听取各方关于促进资本市场平稳健康发展的意见建议。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>两大央企合计出手逾600亿元稳市，中证监今日召开座谈会释放积极信号</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n两大央企合计出手逾600亿元稳市，中证监今日召开座谈会释放积极信号\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-07-20 08:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。公司表示，坚定看好中国经济及资本市场前景，后续将继续运用自有资金及股票回购增持再贷款，加大增持国资央企、科技企业股票及ETF力度，全力维护资本市场平稳运行。</p><p style=\"text-align: left;\">同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。未来将继续用好再贷款政策工具，并配合自有资金持续增持，坚决维护资本市场核心资产战略价值和市场平稳健康运行。</p><p style=\"text-align: left;\">此外，据<span>据央视财经</span>报道，中国证监会将于今日（20日）召开上市公司、证券公司及基金机构座谈会，听取各方关于促进资本市场平稳健康发展的意见建议。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/de1a21476308484a13f4e661ec7569d3","relate_stocks":{"82800":"盈富基金-R","82828":"恒生中国企业-R","83115":"安硕恒生指数—R","09088":"华夏恒生科技-U","07200":"南方两倍做多恒指","09067":"安硕恒生科技-U","03033":"南方恒生科技","03115":"安硕恒生指数","03088":"华夏恒生科技","03037":"南方恒指ETF","07588":"FI二南方国指","09115":"安硕恒生指数—U","07288":"FL二南方国指","03032":"恒生科技ETF","07500":"南方两倍做空恒指","03423":"招商恒生科技","03417":"AGX恒科备兑","02828":"恒生中国企业","07552":"南方两倍做空恒科","02837":"GX恒生科技","07300":"FI南方恒指","HSCEI":"国企指数","03067":"安硕恒生科技","HSTECH":"恒生科技指数","03416":"AGX国指兑","02800":"盈富基金","HSI":"恒生指数","07226":"南方两倍做多恒科","03419":"A GX恒指备兑"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103791706","content_text":"两大央企持续出手稳市。中国诚通公告称，近日中国诚通及旗下诚通资本、诚阳投资聚焦国资央企，大额增持中国股票资产，累计买入近100亿元人民币。公司表示，坚定看好中国经济及资本市场前景，后续将继续运用自有资金及股票回购增持再贷款，加大增持国资央企、科技企业股票及ETF力度，全力维护资本市场平稳运行。同日，中国国新亦宣布，旗下国新投资相关主体已使用股票回购增持专项再贷款超过500亿元人民币，用于增持中央企业股票、维护市场稳定。未来将继续用好再贷款政策工具，并配合自有资金持续增持，坚决维护资本市场核心资产战略价值和市场平稳健康运行。此外，据据央视财经报道，中国证监会将于今日（20日）召开上市公司、证券公司及基金机构座谈会，听取各方关于促进资本市场平稳健康发展的意见建议。市场普遍认为，在央企持续增持叠加监管层召开座谈会的背景下，释放了积极稳市的政策信号。","news_type":1,"symbols_score_info":{"82800":0.6,"82828":0.6,"83115":0.6,"07226":0.6,"09115":0.6,"03088":0.6,"07288":0.6,"03032":0.6,"03417":0.6,"HSI":2,"03115":0.6,"03416":0.6,"07300":0.6,"07500":0.6,"02828":0.6,"03067":0.6,"07588":0.6,"03419":0.6,"HSCEI":2,"07552":0.6,"09067":0.6,"03423":0.6,"HSTECH":2,"03033":0.6,"02837":0.6,"09088":0.6,"07200":0.6,"02800":0.6,"03037":0.6}},"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":590282485027976,"gmtCreate":1785113524826,"gmtModify":1785113526641,"author":{"id":"4236573177318322","authorId":"4236573177318322","name":"偷鱼的夜鹭","avatar":"https://static.tigerbbs.com/5d3ab64e1c98e1c67075995f73d80941","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4236573177318322","authorIdStr":"4236573177318322"},"themes":[],"title":"","htmlText":"贪婪抄近路的人，进去就是死局。","listText":"贪婪抄近路的人，进去就是死局。","text":"贪婪抄近路的人，进去就是死局。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/590282485027976","repostId":"2654060392","repostType":4,"repost":{"id":"2654060392","kind":"news","pubTimestamp":1785109500,"share":"https://www.laohunote.com/m/news/2654060392?lang=zh_CN&edition=full","pubTime":"2026-07-27 07:45","market":"sh","language":"zh","title":"长鑫科技今日上市，市值有望冲击4万亿？市场能否保持平稳运行","url":"https://stock-news.laohu8.com/highlight/detail?id=2654060392","media":"市场资讯","summary":"长鑫科技近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。　　华西证券研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/688825\">长鑫科技</a>近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。</p><p><strong>中一签能赚多少钱？</strong></p><p><a href=\"https://laohu8.com/S/002926\">华西证券</a>研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。</p><p>国投证券研究报告进一步设定了保守、中性、乐观、超乐观四种估值情景，对应长鑫科技估值为1万亿元、1.5万亿元、2.3万亿元和4.25万亿元。</p><p>基于上述预估的1万亿元-4万亿元市值区间，对应上市后首日涨幅落在70%-600%区间。对比8.66元的发行价，中一签的盈利空间大约在3000元至2.6万元之间。</p><p><strong>上半年有望抹平全部亏损</strong></p><p>长鑫科技是我国规模最大、技术最先进、布局最全的DRAM IDM（设计制造一体化）企业，在合肥、北京两地拥有3座12英寸DRAM晶圆厂。</p><p>基于出货量和销售额统计，长鑫科技在DRAM厂商中位居中国第一、全球第四，其主要客户包括阿里云、字节跳动、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、<a href=\"https://laohu8.com/S/00992\">联想</a>、<a href=\"https://laohu8.com/S/XIACY\">小米</a>、<a href=\"https://laohu8.com/S/688036\">传音</a>、荣耀、OPPO、vivo等头部厂商。<a href=\"https://laohu8.com/S/600109\">国金证券</a>研报数据显示，长鑫2025年底月产能约28万-29万片。</p><p>此次募集资金将全额投向三大存储国产替代项目，分别为12英寸DRAM晶圆产线升级改造、HBM与车规存储技术升级、下一代存储前瞻技术研发，全面覆盖消费电子、AI算力服务器、车载高附加值存储赛道。</p><p>此前，长鑫科技于7月21日晚披露发行结果公告。公告显示，网上投资者放弃认购658.62万股，网下投资者放弃认购31567股，网上、网下投资者放弃认购股数全部由联席主承销商包销。</p><p>业绩方面，此前长鑫科技连续三年陷入亏损，2022年至2024年，归母净利润亏损分别为83.28亿、163.40亿、71.45亿，累计亏损超300亿元。2025年，长鑫科技扭亏为盈，归母净利润为18.75亿元。</p><p>最新数据显示，2026年第一季度，长鑫科技营收508亿元，同比增长719.13%；归母净利润247.62亿元，同比增长1688.30%。</p><p>根据长鑫科技预计，2026年1-6月营业收入1100亿元至1200亿元，同比增长612.53%至677.31%；归母净利润500亿元至570亿元，同比增长2244.03%至2544.19%，有望抹平长鑫科技成立以来的全部累计亏损。</p><p><strong>上市首日市场能否平稳运行？</strong></p><p>据Choice数据统计，回顾A股历史前十大IPO上市当日，上证指数有9次下跌，1次上涨，其中跌幅超过2%的有4天。</p><p>其中，最近几年，<a href=\"https://laohu8.com/S/688981\">中芯国际</a>的IPO和长鑫科技此次登陆A股具有一定的可比性。从<a href=\"https://laohu8.com/S/00981\">中芯国际</a>当年在A股上市时的市场表现来看，短期对行情产生了一定的扰动。</p><p>在中芯国际2020年7月16日上市前，A股市场的一轮上涨已持续3个多月，直到中芯国际上市前夕才出现调整。科创50指数在中芯国际上市前一天大跌5.26%，上市当天进一步下跌8.8%。此次单日大跌不仅影响到科技股，以白酒龙头为代表的“茅股”群体也出现集体大跌。</p><p>不过，作为当时市场主线的“茅股”板块在短暂调整后选择继续上攻，直到2021年迎来“由牛转熊”的拐点。但科创50指数却在中芯国际上市前两天就见到了未来数年的顶部。</p><p>而在2007年11月5日<a href=\"https://laohu8.com/S/601857\">中国石油</a>登陆A股当天，虽然其首日大涨163.24%。但当天市场整体却是另一番景象，上证指数当天下跌2.5%，<a href=\"https://laohu8.com/S/600028\">中国石化</a>盘中一度接近跌停。但在此之前，市场总体维持了强势。</p><p>相比<a href=\"https://laohu8.com/S/00857\">中国石油</a>、中芯国际等A股其他大型IPO上市前市场的相对强势，此次长鑫科技登陆A股之前，市场已经历了为期近一个月的调整，科技股的跌势尤为明显。</p><p>也有分析认为，长鑫科技上市对市场的流动性影响和中国石油、中芯国际当时相比不具可比性。</p><p>2007年11月5日，中国石油上市当天成交金额达700亿元，换手率达到51.58%，占当天沪市成交额（1571亿元）的44.6%，超过了深市全天总成交额（390亿元）。</p><p>2020年7月16日，中芯国际A股上市当天成交金额达480亿元，换手率达53.08%，占沪市当天总成交额（6795亿元）的7.1%，占深市当天总成交额（8267亿元）的5.8%。但该成交额占到了当天科创板总成交额的比例却较高。</p><p>今年上半年，A股日均成交额已高达2.74万亿元，6月日均成交额更是达到3.13万亿元，对长鑫科技这样的大市值新股的承接力也已显著提高。</p></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>长鑫科技今日上市，市值有望冲击4万亿？市场能否保持平稳运行</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n长鑫科技今日上市，市值有望冲击4万亿？市场能否保持平稳运行\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-27 07:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/newstock/zxdt/2026-07-27/doc-inikevrt0739399.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>长鑫科技近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。中一签能赚多少钱？华西证券研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。国投...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/newstock/zxdt/2026-07-27/doc-inikevrt0739399.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4697b2f4e47f9ce2ca8ebd53a899e570","relate_stocks":{"688825":"长鑫科技","IPOS":"Renaissance International IPO ETF"},"source_url":"https://finance.sina.com.cn/stock/newstock/zxdt/2026-07-27/doc-inikevrt0739399.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2654060392","content_text":"长鑫科技近日发布首次公开发行股票科创板上市公告书，公司股票将于7月27日在上海证券交易所科创板上市。作为年内A股最大的IPO，长鑫科技潜在打新收益成为市场焦点。中一签能赚多少钱？华西证券研究报告显示，长鑫科技上市将彻底改写A股半导体板块估值逻辑，填补A股DRAM制造标的空白，结束存储板块“只有设计、无制造龙头”的估值失衡。中性预期上市后稳定市值2万亿元至3万亿元，乐观情境甚至能看到4万亿元。国投证券研究报告进一步设定了保守、中性、乐观、超乐观四种估值情景，对应长鑫科技估值为1万亿元、1.5万亿元、2.3万亿元和4.25万亿元。基于上述预估的1万亿元-4万亿元市值区间，对应上市后首日涨幅落在70%-600%区间。对比8.66元的发行价，中一签的盈利空间大约在3000元至2.6万元之间。上半年有望抹平全部亏损长鑫科技是我国规模最大、技术最先进、布局最全的DRAM IDM（设计制造一体化）企业，在合肥、北京两地拥有3座12英寸DRAM晶圆厂。基于出货量和销售额统计，长鑫科技在DRAM厂商中位居中国第一、全球第四，其主要客户包括阿里云、字节跳动、腾讯、联想、小米、传音、荣耀、OPPO、vivo等头部厂商。国金证券研报数据显示，长鑫2025年底月产能约28万-29万片。此次募集资金将全额投向三大存储国产替代项目，分别为12英寸DRAM晶圆产线升级改造、HBM与车规存储技术升级、下一代存储前瞻技术研发，全面覆盖消费电子、AI算力服务器、车载高附加值存储赛道。此前，长鑫科技于7月21日晚披露发行结果公告。公告显示，网上投资者放弃认购658.62万股，网下投资者放弃认购31567股，网上、网下投资者放弃认购股数全部由联席主承销商包销。业绩方面，此前长鑫科技连续三年陷入亏损，2022年至2024年，归母净利润亏损分别为83.28亿、163.40亿、71.45亿，累计亏损超300亿元。2025年，长鑫科技扭亏为盈，归母净利润为18.75亿元。最新数据显示，2026年第一季度，长鑫科技营收508亿元，同比增长719.13%；归母净利润247.62亿元，同比增长1688.30%。根据长鑫科技预计，2026年1-6月营业收入1100亿元至1200亿元，同比增长612.53%至677.31%；归母净利润500亿元至570亿元，同比增长2244.03%至2544.19%，有望抹平长鑫科技成立以来的全部累计亏损。上市首日市场能否平稳运行？据Choice数据统计，回顾A股历史前十大IPO上市当日，上证指数有9次下跌，1次上涨，其中跌幅超过2%的有4天。其中，最近几年，中芯国际的IPO和长鑫科技此次登陆A股具有一定的可比性。从中芯国际当年在A股上市时的市场表现来看，短期对行情产生了一定的扰动。在中芯国际2020年7月16日上市前，A股市场的一轮上涨已持续3个多月，直到中芯国际上市前夕才出现调整。科创50指数在中芯国际上市前一天大跌5.26%，上市当天进一步下跌8.8%。此次单日大跌不仅影响到科技股，以白酒龙头为代表的“茅股”群体也出现集体大跌。不过，作为当时市场主线的“茅股”板块在短暂调整后选择继续上攻，直到2021年迎来“由牛转熊”的拐点。但科创50指数却在中芯国际上市前两天就见到了未来数年的顶部。而在2007年11月5日中国石油登陆A股当天，虽然其首日大涨163.24%。但当天市场整体却是另一番景象，上证指数当天下跌2.5%，中国石化盘中一度接近跌停。但在此之前，市场总体维持了强势。相比中国石油、中芯国际等A股其他大型IPO上市前市场的相对强势，此次长鑫科技登陆A股之前，市场已经历了为期近一个月的调整，科技股的跌势尤为明显。也有分析认为，长鑫科技上市对市场的流动性影响和中国石油、中芯国际当时相比不具可比性。2007年11月5日，中国石油上市当天成交金额达700亿元，换手率达到51.58%，占当天沪市成交额（1571亿元）的44.6%，超过了深市全天总成交额（390亿元）。2020年7月16日，中芯国际A股上市当天成交金额达480亿元，换手率达53.08%，占沪市当天总成交额（6795亿元）的7.1%，占深市当天总成交额（8267亿元）的5.8%。但该成交额占到了当天科创板总成交额的比例却较高。今年上半年，A股日均成交额已高达2.74万亿元，6月日均成交额更是达到3.13万亿元，对长鑫科技这样的大市值新股的承接力也已显著提高。","news_type":1,"symbols_score_info":{"688825":1.5,"IPOS":1.5}},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}