標普500今年不斷刷新歷史高點，但Citadel Securities指出，其估值並沒有同步擴張。當前標普500未來12個月市盈率約 20.1倍，低於去年10月的約23.1倍，相當於在指數上漲的同時，遠期市盈率反而壓縮約15%。核心原因是：盈利預期上修的速度快於股價上漲。 二季度標普500 EPS同比增速正接近 33%，同時出現至少2000年以來最強的財報季盈利上修路徑。等權標普Forward P/E約17.1倍，納斯達克100遠期估值已低於自身10年均值。因此，Citadel認爲，本輪上漲與純粹依賴估值擴張的行情有所不同，目前更多是盈利在支持。不過這也意味着後續市場對盈利兌現會更加敏感：如果EPS上修減速，而股價仍繼續上漲，估值壓力就可能重新出現。

China's Tianma Microelectronics said on Aug. 12 that Honor launched the Robot Phone. As a long-term strategic partner, Tianma will be the exclusive supplier of a deeply customized, high-end TianGong OLED display for the model, marking the first deployment of the TianGong screen in an AI device with embodied interaction capability.

CITIC Securities says the US-Israel-Iran confrontation has been extended for more than five months. A reported Iran-Oman maritime transit agreement would not eliminate Strait transit risk; the deal functions primarily as an Iranian leverage tool and is unlikely to make meaningful progress because Iran’s hardline posture threatens Trump’s political legacy. Structural disputes over control of the strait make a long-term, stable management regime unlikely. Market-relevant watchpoints are whether the US formally grants sanctions exemptions, unfreezes assets, or alters maritime blockade measures. In the near term, even if a management arrangement and blockade relief are reached, shipping volumes may not rapidly or fully return to pre-conflict levels, sustaining upward pressure on global inflation while leaving extreme disruption risk contained. Over the longer term, the contest around the Strait of Hormuz signals a declining US capacity and willingness to uphold the existing global order, which will accelerate Middle East geopolitical realignment and prompt global supply-chain reconfiguration.