美國7月ISM非製造業供應商交付指數 52.8，前值54.4。

Huatai Securities says short-term consensus remains unsettled; the decisive window for a trend rebound in A-shares is late August, when mid‑year results, NVIDIA’s earnings and redemption flows during any rally could determine whether tech can sustain a new leg up. Medium‑term, evidence for a second‑derivative inflection in the AI cycle is still insufficient; portfolio focus should shift from 'investment scale' to 'revenue realization', narrowing into names with high earnings visibility and limited free‑float/valuation pressure. Preferred segments: cloud and platform providers, semiconductor equipment, PCB and optical modules.

美聯儲理事庫克：美聯儲最終或許仍無需加息。