#比特币CPI后反弹站上79000美元 #以太坊时隔七个月重返2600美元
September 11: A-share markets were not a normal pullback. The Shanghai Composite closed at 3,888.11, down 1.18%; the Shenzhen Component closed at 13,471.26, down 1.08%; and the ChiNext at 3,322.04, down 0.49%. During the session, all three major indexes had fallen by more than 2% at one point, then rebounded in the afternoon. Total turnover across the two markets was 1.97 trillion yuan, which was more than 300 billion yuan higher than the previous day. More than 4,800 stocks across the entire market declined. This kind of “heavy volume with long lower wicks + broad-based selloff” indicates one thing: panic selling was smashed out, but bargain hunters only rotated into specific structures—they don’t buy the entire board.
$龙虾
$LAB
$LSK
Sector money is even clearer: among 31 Shenwan一级 sectors, only Communications rose 1.41% and Building Materials was slightly red. Communications’ main fund net inflow was about 4.846 billion yuan, while the Electronics sector overall had a net outflow of about 10.873 billion yuan. Non-ferrous metals fell 3.98%, basic chemicals fell 2.98%, and Machinery/Pharmaceuticals/Non-bank Financials were also among the leaders in main-fund net outflows. Conceptually, PCB, copper-clad laminates, MLCC, high-speed copper-cable connectivity, 5.5G, and optical communications were locally strong. Passive components and MLCC saw net inflows of funds. This shows that money isn’t not investing in technology—it’s only trading the parts of “compute-capability hardware” that can deliver performance.
Where is the “inflation” in the surge in U.S. stocks? Overnight, the Dow rose 0.98%, the Nasdaq gained 0.96%, and the S&P 500 climbed 0.86%, ending a four-day losing streak. Dell rose about 12%, Super Micro Computer rose 7%, Philadelphia Semiconductor rose 1.8%, and meanwhile Marvell and Coherent optical communications rose about 4%. Apple, Amazon, Google, Microsoft, and Meta all finished higher, while Nvidia was down slightly (about 0.03%). On the surface it looks like a tech rally, but underneath there are two forces offsetting each other:
In the U.S., August CPI rose 3.4% year over year and core CPI rose 2.4% year over year—data met expectations, but did not cool. The CME shows the probability of a 25-basis-point rate hike in September is 86%–88%. The 2-year U.S. Treasury yield is around 4.63%, and the 10-year yield is nearing 4.97%. So the rise in U.S. stocks is a rebound from “rate-hike expectations being priced in + oil prices falling,” not the start of a new loose-policy cycle. Dell, AI servers, and optical modules are strong, representing that industrial capital expenditure is still there. But high interest rates will suppress overall growth valuation. The Nasdaq weekly chart is still down about 0.66%–0.7%—don’t take a single day of green as a reversal.
#Circle拟4亿美元收购Tazapay #美国合众银行完成Stellar跨境支付试点
September 11: A-share markets were not a normal pullback. The Shanghai Composite closed at 3,888.11, down 1.18%; the Shenzhen Component closed at 13,471.26, down 1.08%; and the ChiNext at 3,322.04, down 0.49%. During the session, all three major indexes had fallen by more than 2% at one point, then rebounded in the afternoon. Total turnover across the two markets was 1.97 trillion yuan, which was more than 300 billion yuan higher than the previous day. More than 4,800 stocks across the entire market declined. This kind of “heavy volume with long lower wicks + broad-based selloff” indicates one thing: panic selling was smashed out, but bargain hunters only rotated into specific structures—they don’t buy the entire board.
$龙虾
$LAB
$LSK
Sector money is even clearer: among 31 Shenwan一级 sectors, only Communications rose 1.41% and Building Materials was slightly red. Communications’ main fund net inflow was about 4.846 billion yuan, while the Electronics sector overall had a net outflow of about 10.873 billion yuan. Non-ferrous metals fell 3.98%, basic chemicals fell 2.98%, and Machinery/Pharmaceuticals/Non-bank Financials were also among the leaders in main-fund net outflows. Conceptually, PCB, copper-clad laminates, MLCC, high-speed copper-cable connectivity, 5.5G, and optical communications were locally strong. Passive components and MLCC saw net inflows of funds. This shows that money isn’t not investing in technology—it’s only trading the parts of “compute-capability hardware” that can deliver performance.
Where is the “inflation” in the surge in U.S. stocks? Overnight, the Dow rose 0.98%, the Nasdaq gained 0.96%, and the S&P 500 climbed 0.86%, ending a four-day losing streak. Dell rose about 12%, Super Micro Computer rose 7%, Philadelphia Semiconductor rose 1.8%, and meanwhile Marvell and Coherent optical communications rose about 4%. Apple, Amazon, Google, Microsoft, and Meta all finished higher, while Nvidia was down slightly (about 0.03%). On the surface it looks like a tech rally, but underneath there are two forces offsetting each other:
In the U.S., August CPI rose 3.4% year over year and core CPI rose 2.4% year over year—data met expectations, but did not cool. The CME shows the probability of a 25-basis-point rate hike in September is 86%–88%. The 2-year U.S. Treasury yield is around 4.63%, and the 10-year yield is nearing 4.97%. So the rise in U.S. stocks is a rebound from “rate-hike expectations being priced in + oil prices falling,” not the start of a new loose-policy cycle. Dell, AI servers, and optical modules are strong, representing that industrial capital expenditure is still there. But high interest rates will suppress overall growth valuation. The Nasdaq weekly chart is still down about 0.66%–0.7%—don’t take a single day of green as a reversal.
#Circle拟4亿美元收购Tazapay #美国合众银行完成Stellar跨境支付试点
