Market analysis昨日盘前美国 7 月份新屋销售年折合率降至 65.2 万户，低于前月的 65.6 万户，市场因此承压。虽然上周五因政策转向预期带来的乐观情绪延续，早盘美股一度走高，但随著指数触及盘中高点后，追价力道不足，投资人转为观望本周的辉达(NVDA)财报及 PCE 通膨数据，终场美股主指普遍收跌，仅费半微幅上涨。通讯服务类股在 Alphabet(GOOGL)与 Netflix(NFLX)的带动下强势。Alphabet 上涨1.2%，反映Apple(AAPL)考虑导入 Gemini AI、并与 Meta(META)达成合作协议的利多。Netflix 上涨 1.1%，受惠新动画电影《KPop猎魔女团》首映夺下美加票房冠军。科技股同样撑盘，半导体族群领涨。辉达(NVDA)在财报前续涨1.0%，科林(LRCX)与科磊(KLAC)分别上涨 1.2%、1.1%。不过英特尔(INTC)因监管风险下跌 1.0%，而超微(AMD)因 FSR 4 程式码外泄下滑 2.6%。医疗保健、必需型消费品及公用事业类股领跌。 

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The labor market enters an era of "great stops", and companies turn to conservative recruitment strategies

The "big wave of departures" after the epidemic has gradually turned into a "Great Stay", indicating that employees are less willing to leave and companies are more cautious in recruiting and layoffs. Due to the unclear economic prospects, employers and employees generally adopt a wait-and-see attitude, and this trend is shown in both the United States and Britain. This shift reflects the profound impact of high inflation, interest rate hikes and policy uncertainty on corporate employment strategies.

• Employee turnover rate drops to new low
  员工留任意愿大增，特别是在资讯与软体开发等高流动率产业中，出现前所未见的低流动现象。

• Enterprises adopt a "no hire, no layoffs" strategy
  受经济不确定性影响，企业不积极扩编人力，但也避免裁员，以保留疫情期间难得招募到的技术人才。

• US employment data weakens
  2025年7月非农新增就业仅73,000人，失业率升至4.2%，显示就业市场正逐步降温，或促使联准会考虑降息。

• Job vacancies in the UK have shrunk sharply
  英国2025年5至7月职缺数下滑5.8%，涵盖18个产业中的16个，企业普遍对补人采取保守态度。

• Rising employment costs suppress recruitment willingness
  税负与最低工资提高导致用人成本上升，企业不仅减少招募，也延迟人事决策，进一步放缓劳动市场动能。

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Huida launches Jetson AGX Thor robot chips, targeting its largest growth market outside AI

NVDA announced the launch of its latest robot chip module Jetson AGX Thor for US$3,499 per set. Known as the "robot brain", the chip has high-level computing capabilities and can support generative AI models. Although the robotics business only accounts for about 1% of Fuida's revenue, the company regards it as the most potential growth driver outside AI. At the same time, Viida's dominant position in AI chips continues to consolidate, and the market is paying close attention to its upcoming financial results and the shipment progress of Blackwell chips.

• Jetson AGX Thor chips officially launched
  新一代机器人晶片模组正式开卖，首批将于下月出货，内建128GB记忆体，运算效能为前代7.5倍，可应用于人形机器人与自驾车等领域。

• Robotics business transformed into a new engine of growth
  执行长黄仁勋表示，机器人是辉达除AI外最重要的成长机会，合作对象包含Amazon、Meta、Agility Robotics等，且已投资多家机器人新创。

• Blackwell becomes core technology platform
  Jetson Thor采用Blackwell架构，辉达已售出270亿美元相关产品，占据数据中心营收约70%，将进一步支援像OpenAI、Anthropic等开发更强AI模型。

• The restart of China's market brings variables
  辉达与美国政府达成协议，重新取得H20晶片的对中出口许可，但须支付15%中国销售额作为条件。分析师认为H20能为财测额外贡献20至30亿美元。

• Market focuses on financial forecasts and future guidance
  尽管Q2预估营收仍年增53%，成长已趋缓。若辉达给出高于预期的财测，可能进一步激励市场对AI资本支出的乐观情绪。

Intel warns that U.S. government shareholding may impact overseas markets and future subsidies

The U.S. government converted its subsidy to Intel (INTC) into a shareholding and acquired a 9.9% stake, triggering potential international business and capital structure risks. Intel pointed out that the move may have an impact on overseas sales, market regulations, subsidy eligibility and shareholder rights. Although CEO Chen Liwu expressed his welcome to the United States as a shareholder, he emphasized that the company itself does not need this subsidy. This move reflects the Trump administration's deep involvement in key technology industries, and the market is closely watching whether it is the new normal.

• Overseas sales may be restricted
  美国政府持股可能触发他国针对外资的新法规，影响英特尔在海外尤其是中国等市场的营运自由度。

• Equity conversion model leads to subsidy uncertainty
  英特尔担心其他政府机构仿效美国模式，未来不再提供现金补助，而要求转为持股形式。

• Shareholders 'equity is diluted
  政府持股价格低于市价，导致现有股东权益稀释，引发潜在股东反弹风险。

• Trading flexibility may be limited
  美国政府作为重要股东，可能限制英特尔未来在并购、重组与海外投资等策略上的自主性。

• Management supports it on the surface but reserves its attitude
  执行长表示欢迎政府持股，但也坦言公司不需要补助，反映管理层对政策介入仍有保留。