德国10年期国债收益率8月31日盘中触及3.31%，创2011年以来新高，距当年约3.49%的阶段高位不足20个基点。随后公布的数据显示，德国8月CPI同比升至2.9%，其中能源价格上涨10.5%，核心通胀则降至2.4%，说明近期通胀压力主要来自能源冲击。 本轮德债下跌还叠加了油价上涨、全球长债抛售，以及德国基建、国防支出和发债规模扩张。德债是欧元区资产定价基准，收益率长期处于高位将抬升政府与企业融资成本，并提高股票估值的折现率。即使能源通胀随后回落，更大的国债供给与期限溢价也可能令零利率、负利率时代难以重现。

Saudi Arabia, Pakistan and Turkey agreed to deepen cooperation under the Makkah Alliance, pledging to strengthen deterrence, collective defence and defensive capabilities and to promote de‑escalation and restraint, the three countries said after the alliance's first political and defence strategy committee meeting. The pact covers defence-industrial cooperation, scaling up production capacity and technology development. The partners agreed to establish a secretariat in Saudi Arabia led by a secretary-general, with Pakistan to head the secretariat for an initial three‑year term. The three governments said they are committed to implementing the agreement to pursue regional peace and contribute to broader security.

Chinese fiber-optic manufacturers report all production lines have run at full capacity this year; sales of some models are up 3–5x YoY. A newly topped-out smart manufacturing base will double output capacity when commissioned. Several firms say order books already extend up to one year. A single preform can produce over 20,000 km of fiber, supporting high per-unit output.