8月18日，巴菲特指數（滬深300市值/GDP）回落至94.52%；股債性價比指標——滬深300指數股權風險溢價（ERP）爲5.24%，7月以來主要圍繞着5.2%波動，處於2024年10月以來波動區間下端，暗示目前股市相對國債收益的優勢一般。 -------- 注：1、巴菲特指數是通過將股市總市值和GDP來比較，判斷目前股市是否高估，通常70-100%爲正常估值，低於該區間爲低估，高於該區間爲高估。 2、滬深300指數風險溢價（ERP）主要對比滬深300收益和國債收益率，統計近10年數據可以發現該指標和股指有明顯反向關係，每次股市都處於底部區域時，風險溢價均超過6%，也就是當ERP≥6%，股市有投資性價比，而當ERP≤4%時，則股市往往接近或處於階段性高點，投資性價比低甚至要小心回調風險。

滬銀主力合約日內大跌4.00%，現報15451.00元/千克。

Yushu Technology debuted on Shanghai’s STAR Market today at an issue price of 150.8 yuan, implying a post-issue market value of about 61 billion yuan. Based on 2025 estimates the IPO implies roughly 219x P/E and 36x P/S. Retail subscriptions exceeded 8,000x. Pre-listing offshore private trading priced the stock about 176% above the issue price, with derivatives priced even more aggressively, indicating initial trading is focused on the scarcity value of a leading humanoid-robot name. Refinitiv also noted large-scale replacement by humanoid robots remains constrained by cost and reliability: to achieve a two-year payback total cost would need to fall to roughly 160,000 yuan, while current prices are typically 300,000–500,000 yuan; 50–70% of humanoid robots this year may be deployed for training data collection rather than direct production value.