深证成指跌超3%，创业板指跌3.6%，沪指跌1.62%，人形机器人、存储芯片、MLCC概念跌幅居前。

德银数据显示，截至8月12日当周，全球债券基金净流入238亿美元，创五周最高，其中政府债吸金72亿美元、投资级债48亿美元，显示配置型资金正在重新增加固定收益敞口。 但趋势资金给出的信号完全不同。德银CTA模型显示，整体债券配置仅处于历史5%分位，美国债券仓位处于13%分位、欧洲仅12%分位，仍维持明显偏空状态。也就是说，配置资金已经开始买债，但价格趋势尚未强到足以让CTA反手做多。 这种分化意味着，债市下一阶段的重要变量是趋势能否真正反转。若收益率持续回落，CTA平空甚至转多，可能成为新的机械买盘；若长端收益率继续承压，目前的基金流入也未必足以扭转趋势。

HSBC Asia FX research head Joey Chew said renewed yen weakness could prompt a hawkish Bank of Japan hike at the September meeting to shore up the currency. Markets price roughly 80bp of BOJ tightening over the next 12 months to about a 1.8% policy rate; HSBC's economics team now expects two further hikes—in September and Q1 2027—taking the policy rate to 1.5% (up from a prior view of a single December hike). Chew said a sustained yen recovery depends on more attractive real rates, easing fiscal concerns and Japanese residents shifting assets from overseas into domestic markets.