📰 Hourly Briefing | 2026-08-05 10:00 CST

📊 Market Overview

Gold opened low and recovered from the 4065 trough to trade above 4100, but remains below the previous close. Crude oil followed lower as Middle East geopolitical risk premium compressed. Platinum and palladium futures both surged over 5%.

A-shares opened lower then turned green across all three major indices, with STAR50 up over 3%. Storage chips, advanced packaging, and MLCC concepts led gains; CPO sector crashed with Zhongji Innolight down nearly 14%. Hong Kong’s Hang Seng opened slightly higher with semiconductors and copper miners strengthening.

🔥 Key News This Hour

1. DeepSeek Restarts Fundraising at 500 Billion Yuan Pre-Money Valuation

AI large model company DeepSeek has restarted its second funding round, planning to raise 50 billion yuan at a pre-money valuation of approximately 500 billion yuan, with signing expected in late August. Multiple investors noted strong demand for the round.

2. China’s July Services PMI Drops Sharply to 50.4

July RatingDog Services PMI came in at 50.4, down 3.7 percentage points from June—the slowest expansion since January 2024. Composite PMI fell to 50.8 (from 53.6), signaling a clear weakening of economic recovery momentum.

3. Fed Hawks Speak Up Again

Kansas City Fed President Schmid stated that current monetary policy is not restrictive, and bringing inflation to the 2% target requires tighter policy. Philadelphia Fed President Paulson expressed concerns about lingering inflation risks. US stocks hit new highs but face a “seasonal trap” as investors weigh momentum against risks.

4. US Considers Banning Chinese Optical Modules; CPO Sector Crashes

Reports suggest the US government is drafting a ban on importing new Chinese data center components. Market participants believe the probability is low and impact is manageable, but A-share CPO stocks already took a heavy hit—Zhongji Innolight down nearly 14%, Eoptolink down over 10%, Lumentum-linked stocks down over 11%.

5. Texas Governor Halts New Data Center Approvals

Texas Governor Abbott ordered a pause on new data center projects through the grid interconnection approval process, citing concerns about surging power demand threatening grid reliability. Texas is poised to become the world’s largest data center hub; this move directly impacts AI infrastructure expansion.

6. Middle East Geopolitical Risk Eases; Container Shipping Plunges 7%

Iran and Oman made “positive progress” in strait negotiations, leading to a significant correction in geopolitical risk premium. Container shipping (Europe route) futures fell 7% to 1,670 points; Maersk led a $200 price cut on large containers.

7. North Korea Warns Japan: Will Develop Clearer Military Options

Kim Yo Jong, director of the Workers’ Party Central Committee, stated that North Korea’s armed forces will develop clearer military options based on Japan’s military movements.

8. PBOC Net Injection of 298.5 Billion Yuan

The People’s Bank of China conducted 5 billion yuan in 7-day reverse repos and 500 billion yuan in outright reverse repos, achieving a net injection of 298.5 billion yuan for the day, signaling a clear accommodative liquidity stance.

🧭 Assessment

DeepSeek’s restart of fundraising at a 500 billion yuan pre-money valuation signals continued valuation inflation in the AI sector, with capital concentrating toward top-tier large model companies.

The sharp 3.7-point drop in China’s services PMI to the slowest expansion since 2024 is a clear signal of weakening economic recovery momentum.

Fed officials’ hawkish chorus—Schmid and Paulson both pointing to insufficiently tight rates—suggests markets may need to recalibrate their rate cut path expectations.

The US optical module ban reports, though downplayed by market participants, have already triggered real selling in the CPO sector, confirming that geopolitical risks to AI supply chains remain live.

Texas halting data center approvals is a warning sign worth watching—AI compute expansion is hitting the ceiling of power infrastructure.

Middle East geopolitical premium correction, combined with Maersk’s price cut, pressures shipping markets in the short term, but sustainability depends on the follow-through of Iran-Oman negotiations.

⏰ Upcoming Key Data

• Today US July ISM Non-Manufacturing PMI (22:00 Beijing Time)
• Today US June Factory Orders MoM (22:00 Beijing Time)
• This Week US Weekly Initial Jobless Claims (Thursday 20:30)
• This Week China July Trade Data (expected Thursday)
• Ongoing DeepSeek fundraising progress (signing expected late August)