AI资本开支正在产生一个少见的股债分化。Academy Securities策略师Peter Tchir对AI股票估值保持谨慎，认为市场仍可能出现新一轮对资本开支规模和回报率的质疑；但在信用市场，他反而持续看好为数据中心和AI基础设施融资而发行的债券，尤其看重其 总收益率和信用利差收窄潜力。 Alphabet近期发债正好体现这种结构。公司计划通过美国债券市场融资约200亿至250亿美元，用于应对大规模AI投资需求；与此同时，市场此前已经因为资本开支扩张对Alphabet自由现金流和股票估值产生担忧。Reuters数据显示，Alphabet并非个例，Amazon、Meta、Oracle等科技巨头今年也在明显增加债务融资。 也就是说，同一笔AI支出对两类投资者可能意味着完全不同的东西：股票投资者担心烧钱和回报率，信用投资者却可能获得由高质量发行人提供的更高收益率资产。 这也是当前AI交易从“只看股票”向资本结构内部重新定价的重要变化。

The Department of Information and Communication Development at the Ministry of Industry and Information Technology (MIIT) has established the IMT-2030 (6G) promotion group's non‑terrestrial networks (NTN) working group in Beijing. China Satcom was invited as one of the initial member units. The NTN group will steer and support domestic organizations in developing international technical standards, coordinate the overall layout of 6G satellite-terrestrial integrated networks, cultivate core 6G satellite communications technologies, and promote industry‑academia‑research‑use coordination. Its remit covers satellite air-interface access, satellite terminal technologies, satellite-terrestrial network integration, and operations, maintenance and application technologies.

上海黄金交易所黄金T+D 8月10日（周一）早盘盘初上涨1.29%报938.45元/克； 上海黄金交易所白银T+D 8月10日（周一）早盘盘初上涨1.02%报15389.0元/千克。