8月18日，巴菲特指数（沪深300市值/GDP）回落至94.52%；股债性价比指标——沪深300指数股权风险溢价（ERP）为5.24%，7月以来主要围绕着5.2%波动，处于2024年10月以来波动区间下端，暗示目前股市相对国债收益的优势一般。 -------- 注：1、巴菲特指数是通过将股市总市值和GDP来比较，判断目前股市是否高估，通常70-100%为正常估值，低于该区间为低估，高于该区间为高估。 2、沪深300指数风险溢价（ERP）主要对比沪深300收益和国债收益率，统计近10年数据可以发现该指标和股指有明显反向关系，每次股市都处于底部区域时，风险溢价均超过6%，也就是当ERP≥6%，股市有投资性价比，而当ERP≤4%时，则股市往往接近或处于阶段性高点，投资性价比低甚至要小心回调风险。

ChiNext Index fell 5%, Shenzhen Composite Index fell nearly 4%, Shanghai Composite fell 1.98% and STAR 50 Index fell 6%. MLCC, CPO and memory-chip sectors led the declines.

Wall Street Journal reports global diesel supplies are tightening, with disruptions to Russian and Middle East flows increasing competition for US diesel as winter approaches. OPIS (Dow Jones price service) shows the European diesel benchmark rose to $167/bbl late last week from about $87/bbl a year earlier; the Northwest Europe diesel crack was roughly $90/bbl on Friday versus an average near $24/bbl last year. Unusually rich refining margins are pushing US refiners to export more product: US distillate exports jumped to a record c.1.9 mln b/d in the first week of August, cutting domestic buffers. US distillate inventories are at the lowest seasonal level in about 30 years. BofA says the market is entering peak seasonal demand with very limited room for error.