The NASDAQ Golden Dragon China Index initially closed down 1.1%. Among popular Chinese stocks, Li Auto fell 3.4%, Alibaba dropped 3.1%, NIO Inc rose 0.2%, and Advanced Semiconductor Engineering gained 2%

Federal Reserve Chair Warsh: Has had breakfast with U.S. Treasury Secretary Bessent three times so far

摩根大通 2026 年中期展望认为，受 AI 投资浪潮、高收入消费支撑及企业利润改善推动，美股牛市下半年有望再创新高。尽管通胀和地缘政治存在不确定性，但 AI 驱动的资本开支周期成为经济重要引擎。同时警告，若市场逆转，估值最高的 AI 板块可能率先遭遇抛售。

摩根大通：AI 牛市远未结束，美股下半年或再创新高

Wall Street analyst Trip Chowdhry predicts Intel could reach a $5 trillion market cap, driven by AI inference and application growth. While Intel's stock has surged 483% in 2026 due to strategic turnaround efforts under CEO Lip-Bu Tan, including new foundry deals with Apple and Alphabet, the prediction remains highly speculative. Current consensus estimates suggest much lower EPS figures for 2026-2027, making the $1,100 share price target ambitious given the current valuation.

1 Unstoppable Stock to Buy Before it Soars 848% to Join Nvidia in the $5 Trillion Club, According to 1 Wall Street Analyst

After the Federal Reserve released its policy statement, US stocks edged lower, with the S&P 500 falling over 0.3% and the Nasdaq Composite Index dropping more than 0.2%. The US Dollar Index quickly climbed to 99.9866, while spot gold prices tumbled $28.59 per ounce to $4,352.16 per ounce

Following the release of the Fed's decision statement, the S&P fell over 0.3% and the Nasdaq dropped more than 0.2%. The US Dollar Index rose 0.3327 within five minutes to 99.9866. Spot gold declined $28.59 per ounce in five minutes to $4,352.16 per ounce

决议声明公布后，美债收益率跃升，美元指数重上 100，黄金转跌。沃什发布会期间，美债收益率和美元进一步上行，美股和黄金跌幅扩大。发布会后，两年期美债收益率升超 10 个基点，美股指跌逾 1%、黄金跌超 2%。

沃什 “首秀” 美联储放鹰，三大美股指转跌，美元拉升，美债黄金跳水

Federal Reserve Summary of Economic Projections (SEP): U.S. Real GDP is projected to grow by 2.2% in 2026, down from the 2.4% forecast in March

Federal Reserve Summary of Economic Projections (SEP): The U.S. Unemployment Rate is projected to be 4.3% in 2026, compared to the 4.4% projected in March

Federal Reserve Summary of Economic Projections (SEP): US core PCE inflation is projected at 3.3% for 2026, compared to the March projection of 2.7%. US PCE inflation is projected at 3.6% for 2026, compared to the March projection of 2.7%

Ahead of the Federal Reserve's rate decision statement, major U.S. stock indices edged higher, with the semiconductor and banking sectors outperforming. In the foreign exchange market, the U.S. Dollar Index inched up while non-U.S. currencies generally declined. Precious metals prices rose, with gold and silver gaining 1.1% and 1.8%, respectively. U.S. Treasury yields mostly fell, with the 10-Year Yield dropping 1.38 basis points to 4.4256%, and the gain in the two-year yield narrowing

At the VivaTech conference, ASML CEO Christophe Fouquet stated that the company is participating in Musk's Terafab project but must ensure there are no supply chain bottlenecks to support the construction of this large-scale wafer fab. He emphasized the massive demand for AI infrastructure and mentioned the possibility of space-based data centers. Influenced by this, ASML's stock price rose 6% on Wednesday, bringing its monthly gain to 30%

ASML CEO: Musk's Terafab Project May Face Supply Chain Bottlenecks

The Italian antitrust regulator has launched an investigation into Apple for potentially violating the interoperability obligations of the European Digital Markets Act. The regulator believes that third-party cloud services do not have equal access to iCloud, while Apple claims it has fulfilled its obligations and is prepared to address the concerns. This is the first investigation initiated by Italy under this act, and the results will be submitted to the European Commission

Italy's antitrust regulator launches investigation into Apple's cloud services

Amazon's Chief AI Executive Peter DeSantis predicts that the first small-scale quantum computers with commercial practical value will emerge in the next 5 to 7 years. He noted that thereafter, quantum computing will follow a development trajectory similar to Moore's Law, with scale expanding year by year. This statement provides Amazon's first timeline regarding the technology, positioned in the middle of industry predictions

Amazon AI executives predict that the first "commercially valuable" quantum computers will emerge within 5 to 7 years

J.P. Morgan Asset Management urges investors to continue holding high-risk assets such as equities in the second half of 2026. Despite inflationary pressures and the Federal Reserve keeping interest rates unchanged, the firm believes that the AI investment boom and consumer resilience will support continued expansion of the US economy, driving further gains in US stocks

J.P. Morgan Asset Management: AI Boom Expected to Drive Further Gains in US Stocks; Hold High-Risk Assets in Second Half of Year

美国股票 ETF 单月资金净流入突破 1500 亿美元，创历史次高纪录，散户全面入场引发市场警惕。历史经验表明，散户大举介入往往是牛市见顶的前兆，聪明钱可能已离场。尽管 AAII 情绪比值低位显示口头谨慎，但实际持仓上升。宏观层面，股票供给过剩、流动性收紧及美联储政策预期变化等结构性风险正在积聚，市场或正从认知阶段向狂热阶段过渡。

牛市终章序幕已启？美股散户重返股市，ETF 资金流入逼近历史峰值

Google announced that the first Google Home speaker equipped with the Gemini AI model will be launched next week, priced at $99.99. The device features a voice assistant with advanced natural language understanding and reasoning capabilities, supporting multi-command reception, complex question handling, and multi-turn conversation memory. In addition, the new speaker has a completely new design and supports a microphone mute function

Google starts selling Google Home speakers equipped with Gemini

This article focuses on four key aspects of the Federal Reserve's June decision statement and press conference: first, whether the target range for the federal funds rate will remain unchanged; second, whether there will be any changes to the officials' interest rate projections in the Dot Plot; third, the Fed's view on the U.S. economic situation, including inflation and employment; and fourth, the signals conveyed by Chair Kevin Warsh during the press conference

Key Focus Areas of the Fed's June Decision Statement and Press Conference

According to data from the Federal Reserve Bank of New York, the Secured Overnight Financing Rate (SOFR) was reported at 3.63% on the previous trading day (June 16, the opening day of the Federal Reserve's policy meeting), compared to 3.69% the day before. The effective federal funds rate on the previous trading day was reported at 3.63%, unchanged from 3.63% the day before

The U.S. Pending Home Sales Index rose 2.1% year-on-year in May, compared to the previous value of 3.3%

The U.S. Pending Home Sales Index rose by 3.8% month-on-month in May, exceeding the expected 1% and the previous value of 1.4%

Oracle's fiscal 2026 results highlight robust GPU demand, with data center utilization at 97.5%, benefiting Nvidia, which holds 80-90% of the AI accelerator market. Oracle plans to increase capital expenditure to $90-$95 billion in fiscal 2027, signaling sustained investment in AI infrastructure. This growth supports Nvidia's projected earnings surge and potential stock appreciation, as global AI spending rises significantly.

Oracle Has Fantastic News for Nvidia Stock Investors

Enron redux! Muddy Waters for clicks, or is SOFI just bad?

FSMOne's General Manager in Hong Kong, Chen Jialang, pointed out that the current cycle of interest rate cuts by the Federal Reserve has ended. Based on a target price-to-earnings ratio of 11 times, the target prices for the Hang Seng Index at the end of the year, 2027, and 2028 are approximately 25,000, 27,000, and 29,000 points, respectively. Analyst Li Xu is optimistic about Hong Kong stocks being supported by the inclusion of AI models in the index, the IPO market conditions, and the inflow of northbound capital. Chen Jialang believes that inflationary pressures will keep long-term bond yields high and recommends that investors prioritize short-term bonds and 5 to 10-year U.S. Treasury bonds, while being optimistic about investment-grade corporate bonds

FSMOne: The Federal Reserve's current interest rate cut cycle has ended, with a target price of approximately 27,000 points for the Hang Seng Index next year

美国 5 月零售销售环比增长 0.9%，远超预期，同比增速升至 6.9%，创近三年半新高。油价飙升带动加油站收入大涨，但剔除能源因素后消费仍保持韧性，控制组数据亦明显超预期，为 GDP 增长提供支撑。不过，实际工资下滑、储蓄率走低以及低收入群体承压，显示美国消费正呈现愈发明显的 “K 型分化”。

美国 5 月零售销售环比 0.9%，创逾三年新高，加油站消费大幅增加

宝马发布盈利预警，将 2026 年汽车业务 EBIT 利润率目标大幅下调至 1%-3%，预计全年税前利润下降超 15%。主因为中国及亚太市场销量持续下滑及伊朗战争推高能源成本。受此影响，宝马股价重挫创逾五年新低，欧洲汽车板块集体走弱。分析师指出这是行业结构性困境的体现，中国市场疲软成为最大业绩拖累。

中国市场失守，宝马业绩指引暴雷，股价重挫至逾五年新低！

本周全球要闻涵盖宏观、政策及科技领域。国内方面，沪深交易所出台主动 ETF 指引，潘功胜提出完善利率调控机制，国务院推进 “人工智能 +” 行动，市监总局整治外卖平台补贴内卷。国际方面，美国 5 月零售销售超预期增长，英国通胀持稳；韩国央行警告 AI 奖金加剧通胀；IEA 下调石油需求预期；特朗普否认伊朗重建基金报道；英伟达 B200 租赁价翻倍，博通反驳 TPU 延期传闻；SpaceX 上市获散户热捧。

周三美股盘前你需要了解的全球要闻

U.S. retail sales rose 0.9% month-over-month in May, exceeding expectations. Although rising gasoline prices driven by the Iran conflict boosted gas station revenues, retail sales still grew 0.7% after excluding this factor, indicating resilient consumer demand

Quick Take on U.S. May Retail Sales

Following the release of U.S. retail sales data for May, the U.S. Dollar Index saw a slight short-term surge to 99.64. U.S. stock futures showed little volatility, with Nasdaq-100 futures rising approximately 0.6%. The yield on the 10-year U.S. Treasury note stood at 4.440%, while spot gold edged up in the short term to $4,327.37 per ounce

The overall funding situation in the Hong Kong stock market is weak. Semiconductor stocks strengthened due to foreign capital raising storage prosperity expectations; HSBC reached a new high in stock price due to interest margin logic, while the domestic banking sector performed poorly due to weak macro data and profit-taking. Resource stocks, especially in the oil sector, weakened, while gold is expected to rebound. Xiaomi's stock price is under pressure from consumer electronics and automotive delivery targets, but AI layout and repurchase plans provide support. The market is focused on the FOMC meeting and subsequent structural opportunities

Hong Kong Stock Review: Still Relatively Weak

The chairman of the China Securities Regulatory Commission, Wu Qing, expressed support for the launch of active ETFs on the Shanghai and Shenzhen stock exchanges to enrich investment products and tools. At the same time, the State Administration for Market Regulation is soliciting opinions on new regulations for food delivery platforms, prohibiting long-term large subsidies that disrupt market order. In addition, a Saudi mining company is inspecting CIDI to promote unmanned transportation cooperation in mining areas. As a result of this news, CIDI's stock price surged over 35%

Zhitong Hong Kong Stock Analysis | Active ETFs Stimulate Technology Strength Again, Observing the Federal Reserve's Operations in the Era of Wosh

国投证券林荣雄团队认为市场转入宽幅震荡，AI 与新能源组成的 “新宁组合” 将引领结构调整。针对 AI 科技是否见顶的争议，团队澄清并未看空，但基于实战角度前瞻性地探讨科技卖点，旨在引发市场对科技板块高位风险的关注与讨论。

黄金和 AI：谁在见顶？

The UK's Competition and Markets Authority (CMA) has introduced new regulations requiring Google to enhance the transparency and fairness of its search rankings, and to allow users to transfer their search data to third-party platforms. This move aims to promote market competition and improve service quality, as the CMA has previously determined that Google holds a strategic market position

The UK regulator has introduced new rules for Google Search aimed at promoting market competition

The State Administration for Market Regulation released the "Ten Guidelines for Regulating Subsidy Practices on Food Delivery Platforms (Draft for Comments)," aiming to curb irrational subsidy competition and maintain market order. Meituan, Taobao Instant Shopping, and JD.com Food Delivery all issued statements expressing firm support for the guidelines, promising to actively cooperate with regulators, fulfill their primary responsibilities, and promote a shift in the industry from price wars to healthy competition based on quality and service, thereby fostering high-quality development

State Regulates Subsidy Practices of Food Delivery Platforms; Meituan, Taobao Instant Shopping, and JD.com Food Delivery Express Firm Support

According to the Zhitong Finance APP, Li Auto-W announced that the company spent HKD 104 million to repurchase 1.9317 million shares on June 17, 2026, with a repurchase price of HKD 53.7-54.7 per share

On June 17th, Li Auto-W spent HKD 104 million to repurchase 1.9317 million shares

According to the Zhitong Finance APP, Xiaomi Corporation-W announced that on June 17, 2026, the company spent HKD 101 million to repurchase 4 million shares

On June 17th, Xiaomi Corporation-W spent HKD 101 million to repurchase 4 million shares

思瑞投资首席经济学家林晓明基于 “三周期框架” 分析指出，AI 资本开支拉长但未消灭周期，当前市场主线为 AI 叙事与美元信用问题。他认为黄金处于长期顶部区域，不主动配置；下半年更看好油价和能源资产。核心风险在于美国财政赤字扩张及美元信用可持续性，而非单纯 AI 估值。

林晓明：当前不主动配黄金，下半年更看好油价和能源资产，AI 改变世界但未必战胜周期

阿里云押注金融 Agent  银行券商能否迎来数字员工？

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AI Exclusive Card Arrives: WeChat Completes the Agent Closed Loop

According to the Zhitong Finance APP, Tencent Holdings announced that the company spent HKD 501 million to repurchase 1.118 million shares on June 17, 2026, with a repurchase price per share ranging from HKD 445.4 to HKD 453.6

On June 17th, Tencent Holdings Limited spent HKD 501 million to repurchase 1.118 million shares

The IEA's latest monthly report significantly downgraded its global oil demand forecast for 2026 to a year-on-year decrease of 1.1 million barrels per day, marking the largest drop since 2020. Despite weakening demand expectations, ongoing supply disruptions are accelerating inventory depletion, with global official reserves falling to their lowest level since 1990. The IEA predicts that as Middle East supplies recover and production increases in non-OPEC+ regions, the crude oil market will shift to oversupply in 2027, potentially opening a window for restocking

IEA Monthly Report: Iran War Severely Impacts Energy Consumption; Oil Demand Forecast for the Year Sees Largest Downward Revision in Six Years

美银证券上调中国 AI 数据中心（AIDC）2030 年资本支出预测至 3270 亿美元，复合增长率 24%。报告指出 AI 算力竞赛演变为电力基础设施竞赛，建议关注 “电网 + 材料” 双主线投资机会，涵盖铜、PCB、光纤等上游材料及变压器、储能等供电设备，预计中国将在全球 AIDC 建设中深度受益。

美银：2030 年中国 AIDC 投资或达 3270 亿美元，关注 “电网 + 材料” 双主线

摩根大通认为，市场对谷歌 TPU v9 延期的担忧并无依据，项目仍由博通按计划推进、2028 年量产。今年 3 月签署的五年协议已锁定博通在未来四代 TPU 中的主导权，收入可见性延至 2031 年。谷歌自研团队与博通间尚有 18 个月以上技术差距，短期内难以构成威胁。随着 AI 厂商加速转向定制芯片，预计博通 AI 收入 2027 年增长 2 至 2.5 倍。

博通下一代 TPU 项目延期？摩根大通反驳：谷歌锁单至 2031 年，公司明年 AI 收入有望增长两倍

Executives from top AI companies such as OpenAI, Anthropic, and Google attended the G7 summit in France to discuss cutting-edge AI risks, infrastructure, and sovereignty issues with leaders from various countries. This move signifies the growing influence of tech giants in geopolitics, with their voice significantly enhanced as AI becomes a core agenda

Trump gathers with leaders from various countries at the G7 summit, with executives from OpenAI, Anthropic, and Google in attendance

Tuhin Srivastava, CEO of AI inference infrastructure provider Baseten, revealed that its cloud service providers have notified the company of an approximately 94% increase in NVIDIA B200 GPU lease prices upon contract renewal in October. Meanwhile, the delivery lead time for purchasing 1,000 GPUs has stretched to 12–15 months. The combination of delivery bottlenecks and rising lease costs is driving a systemic increase in computing power expenses for AI inference

NVIDIA B200 Lease Rates Set to Double; New GPU Orders Backlogged Until Q2 Next Year

盘面上，个股跌多涨少，沪深京三市超 3700 股飘绿，今日成交 3.11 万亿。沪深两市成交额 3.09 万亿，较上一个交易日放量近 300 亿。板块方面，基板概念股掀涨停潮；半导体产业链盘中崛起，多股创历史新高；中字头股午后异动拉升。AI 应用、大消费、文化传媒、煤炭、油气、汽车板块跌幅靠前。

午后拉升！科创 50 暴涨超 4%，AI 硬件、芯片半导体大爆发，“股王” 等多股创新高，港股 AI 大模型股大涨

WeChat Pay beta-tests AI payments; SpaceX acquires AI coding tool Cursor in an all-stock deal | Daily News Recap

调用量上涨  腾讯 Buddy 家族要重新定价了

韩国 1400 万散户在 SpaceX 上市首日单日净买入高达 7.96 亿美元，一举超越过去三个月任何美股的累计净买入总量。此前被拒于 IPO 门外的压抑需求，在二级市场集中爆发——这场” 补仓狂潮” 背后，是韩国散户对马斯克资产长达数年的执念，以及全球投资者对这家市值 2.65 万亿美元巨头的疯狂追逐。

SpaceX 引爆韩国散户热情，上市首日就买入 8 亿美元

At the close of the Hong Kong stock market, the Hang Seng Index fell by 0.74%, while the Tech Index rose by 0.22%. In terms of individual stocks, KINGBOARD HLDG, KNOWLEDGE ATLAS, and HUA HONG GRACE had the largest gains; LI AUTO, LAOPU GOLD, and HAIDILAO saw declines of over 3.5%

Chinese medical device company Bestman Precision Instruments has withdrawn its IPO plan. The company submitted its listing application in February 2023, planning to issue 4 million shares at an offering price range of $4 to $6, aiming to raise $20 million. Based on the median of the proposed price range, its market value would have reached $95 million. Founded in 2001 and headquartered in Shenzhen, China, the company reported a book revenue of $3 million for the 12 months ending June 30, 2024. The company originally planned to list on NASDAQ under the stock code "BSME," with Benjamin Securities as the exclusive bookrunner for the transaction