腾讯跌4%联想涨21% SK海力士涨4.8% 亚洲股市分化
Tencent Slumps, SK Hynix Climbs, Hansoh Pharma Rises | Stock Movers
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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data. Let's take a look at some stocks on the move today in Asia. I'm Steven Carroll and we're joined now by Bloomberg's markets reporter [music] Anthony Stevens. Anthony, let's start with 10 cent. The internet giant getting hit on concerns about its capital expenditure. Yeah, they followed down the US hyperscala route of spending [music] on AI without really a firm plan on what to do with that and the market doesn't like that tone.
《股票异动报告》，为您汇总股市中活跃的公司，利用彭博数据的力量。让我们看看今天亚洲市场上的一些异动股票。我是史蒂文·卡罗尔，现在有请彭博市场记者[音乐]安东尼·史蒂文斯加入我们。安东尼，我们先从10美分开始。这家互联网巨头因市场对其资本支出的担忧而受挫。是的，他们跟随美国超大规模企业的路线，在人工智能上投入资金，却没有真正明确的计划来利用这些投入，市场不喜欢这种基调。
Uh it's the kind of wishy-washy nature of the guidance around what is happening with AI capex that is hurting the stock. The stock's down 4% uh today. But on the other side of things, the people that they will be spending the capex on are really quite strong and that's lifting the chinx. The China index is up 1% led by optical names like Zongji Innolyte and Eoptolink which are up 1 to 2%. Also after the lunch break uh we had Lenovo earnings in a similar space.
嗯，围绕人工智能资本支出的指引含糊其辞，这正是拖累股价的原因。该股今天下跌了4%。但另一方面，他们将投入资本支出的对象表现相当强劲，这提振了中概股。中国指数上涨1%，由光通信类股领涨，如中际旭创和新易盛，涨幅在1%到2%之间。此外，午休后，联想也发布了类似领域的财报。
Lenovo is up 21%. This stock has been leading uh China tech big caps and there seems like there's no sign of slowing down. Huge volumes going through here as we come back from lunch.
联想上涨21%。该股一直领涨中国科技大盘股，似乎没有放缓的迹象。午休回来后，成交量巨大。
Yeah, absolutely massive jump there in Lenovo's shares after its earnings. Let's go to South Korea next though. SKH Highix and Samsung back in focus again today. We've got SKH Highix up about 4.8% at the moment. What's driving that?
是的，联想财报后股价出现了巨大的跳涨。接下来我们看看韩国。SK海力士和三星今天再次成为焦点。目前SK海力士上涨约4.8%。是什么推动了这一涨势？
Yeah, we had a very strong session of guidance on memory from the US. We had strong results from the Neocloud space in Nebus and Koviv. And then we had three models come out at the same time. Grock, Alibaba's new model and Deep Seeks update. And what's important there is they're all frontier models and they're relatively cheap. The Grock model is kind of China style cheap. And that speculation basically is driving uh HBM demand, right?
是的，美国方面对内存给出了非常强劲的指引。Nebus和Koviv在Neocloud领域取得了强劲的业绩。然后同时推出了三个模型：Grock、阿里巴巴的新模型和DeepSeek的更新。重要的是，它们都是前沿模型，而且相对便宜。Grock模型的价格具有中国式便宜的特点。这种猜测基本上推动了HBM的需求，对吧？
And in terms of the memory demand from models that are this big and potentially this popular given the price, it's really sparked the memory uh kind of move here. On the other side of things, from a positioning perspective, people are much lighter in memory than they used to be. Volatility is much lower in both the US and in Korea, and that's setting up a more stable foundation for this rally.
就内存需求而言，考虑到这些模型规模如此之大，且价格可能使其广受欢迎，这确实引发了内存领域的上涨。另一方面，从持仓角度来看，投资者对内存的配置比以往要轻得多。美国和韩国的波动性都低得多，这为这轮反弹奠定了更稳定的基础。
Okay. And meanwhile, the Hang Seng biotech industry is having another big day. What's driving that?
好的。与此同时，恒生生物科技板块又迎来了大涨的一天。是什么推动了这一走势？
One of the reasons for that is probably the move out of Tencent. People need something to buy that can absorb that market cap. But another reason is this pace of innovation from the Chinese continues. uh and you see new drug innovation across the chronic business uh chronic uh illness business the oncology business uh the weight loss business and that's driving a whole range of names uh including farmer uh CSPC and Hanso farmer they're all ups quite strongly today
其中一个原因可能是从腾讯撤出。人们需要买一些东西来吸收那个市值。但另一个原因是中国人持续的创新步伐。嗯，你看到在慢性病业务、肿瘤业务、减肥业务方面有新的药物创新，这推动了一系列股票上涨，包括药明生物、石药集团和翰森制药，它们今天都涨得很厉害。
actually can I ask you as well about the story that's moving bond markets we have been talking about the reaction to yesterday's US inflation print coming in in line with estimates as well but we also had the auctions uh which gave an interesting headline in terms of the highest yielded auction since 2007 for 10-year treasuries. We have another auction to look forward to uh for a 30-year bond today. I mean, what does this tell us about the appetite for US government debt?
实际上，我能不能也问你关于影响债券市场的消息？我们一直在讨论市场对昨天美国通胀数据的反应，数据符合预期，但我们也看到了拍卖，10年期国债的收益率创下了自2007年以来的最高水平，这是一个有趣的标题。我们今天还有一次30年期债券的拍卖。我的意思是，这告诉我们什么关于对美国国债的需求？
Yeah, this speaks to the steepness of the yield curve recently, right? You do have a moderation in expectations of a rate hike in the near term, but in the far term, you have US treasuries kind of competing with some of these AI capex from a pure flow basis, right? like there's only so much 10 year and 30-year debt people can load up on. Uh and also from a inflation perspective, the inflation looks stickier further out as the US moves to a higher gear economically whereas in the front it does look like wage gains are quite mo quite moderate.
是的，这说明了最近收益率曲线的陡峭化，对吧？短期内加息预期有所缓和，但在长期，美国国债在纯资金流基础上与一些AI资本开支竞争，对吧？人们能购买的10年期和30年期债务是有限的。而且从通胀角度看，随着美国经济加速，长期通胀看起来更顽固，而短期工资增长看起来相当温和。
Uh the oil price shock has been kind of absorbed. Uh and you're doing and you are seeing kind of moderation of price increases in uh motor insurance, shelter, medical stuff. Uh so this is the kind of thing that the Trump administration has been focused on in the short term. They're having some success around it. Uh wash is going to feel very validated by the weak uh kind of jobs number followed by this inline uh print.
嗯，油价冲击已经被消化了。而且你看到汽车保险、住房、医疗等方面的价格上涨有所缓和。所以这是特朗普政府短期内关注的事情。他们在这方面取得了一些成功。华盛顿会因疲软的就业数据加上符合预期的通胀数据而感到非常受鼓舞。
Also the co-inflation which the Fed really cares about that continues to downtrend and that's probably going to weigh on shortterm rates while long-term rates can continue to go higher as the US continues [music] to borrow money in competition with its own hyperscalers. The Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest [music] roundup of companies making news on Wall Street.
此外，美联储真正关心的核心通胀继续下行，这可能会压低短期利率，而长期利率可能继续上升，因为美国继续借钱，与其自己的超大规模企业竞争。这里是彭博广播的股票异动报告。全天请随时关注我们，获取华尔街公司新闻的最新汇总。
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