美国至9月18日当周MBA抵押贷款再融资活动指数 611，前值627.1。

Galaxy Securities research: The Fed hiked 25bp to 3.75%–4.00% on Sept. 16, the first increase since July 2023, lifting the systemic center of the risk-free rate beyond the policy rate. Higher discount rates compress equity multiples, hitting long-duration, high-valuation growth names most. The AI narrative remains robust, but pricing is shifting from long-term visions to near-term delivery and earnings verification. On the first trading day after the hike, compute-related sectors—storage, CPUs, foundries and optical interconnect—generally outperformed, driven by strong current profits and short payback periods that make them less rate-sensitive. Divergence continues: compute hardware with validated cash flows and earnings (advanced process nodes, memory, optical interconnect, equipment and materials) are benefiting as downside is largely priced in, while names reliant on distant narratives without earnings support are being de-rated. AI is entering a rational verification phase.

联合国秘书长古特雷斯：可再生能源的未来已在眼前。