央行购金和亚洲投资者需求的重要性持续上升，这两类资金未必完全跟随美国利率、美元和通胀变化。这并不代表实际利率已经失效，而是黄金的定价驱动变得更多元。短期内，收益率上升仍可能制造压力；但如果紧政策最终导致增长、通胀或金融体系中的某一环节“出问题”，长期收益率回落，再叠加央行和亚洲需求，黄金仍可能获得支撑，只是未必重演2025年的超额涨幅。

Haitong International executive committee member and chief economist Zhang Yidong said in a new report that, after risk release from the Middle East conflict, elevated US Treasury yields and South Korea’s second‑round regulatory deleveraging, markets could begin to turn as early as early August. He judges China’s core equity assets have entered a left‑side accumulation window and may launch an autumn rally starting in August, with Hong Kong stocks possibly stabilizing ahead of offshore peers. A‑shares and Hong Kong stocks, which began adjusting in mid‑May, have already priced in some risks and have largely confirmed a bottom, now trading in low‑volume consolidation and base‑building mode.

SanDisk (SNDK.O) fiscal 2026 Q4 revenue $8.96bn, versus $8.394bn expected; year-ago $1.901bn.