每周編輯精選 Weekly Editor's Picks（0704-0710）

郝方舟

Odaily资深作者

@OdailyChina

2026-07-11 02:20

本文約4125字，閱讀全文需要約6分鐘

優質深度分析文章及一週熱點惡補。

AI總結

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核心觀點：本期文章涵蓋宏觀經濟、AI投資、Web3與傳統產業融合及加密貨幣市場動態，重點分析了高盛看多中國AI板塊、印度受AI衝擊、川普「川普帳戶」受益標的、SK海力士上市熱潮及長鑫儲存的崛起，揭示了資金流向、技術替代與合規化趨勢。
關鍵要素：
1. 高盛建議做多中國AI價值鏈，估算相關市值約4萬億美元，但全球共同基金科技敞口對中國配置僅1.2%，看好低配資金重估機會。
2. 印度Nifty IT指數被視為「AI替代人類白領」做空標的，其依賴輸出初級工程師的模式因簽證限制和AI替代而面臨挑戰。
3. 「川普帳戶」接受股票捐贈，早期捐贈主體（如SpaceX）可能受益，直接影響標普500指數和訪問路徑（紐約梅隆銀行、Robinhood）。
4. SK海力士在美ADR認購超7倍，預計成歷史最大外資上市，但其股價波動與AI資本開支預期密切相關，科技巨頭財報成關鍵。
5. 長鑫存儲（CXMT）成為蘋果、谷歌等巨頭供應商，與騰訊簽超200億元DRAM協議，但高利潤源於週期而非穩定成長，需謹慎估值。
6. MiCA法規落地後，Tether退出歐洲，Circle獲合規紅利，強調合規身份對穩定幣長期資格的重要性。
7. Strategy的「賣幣」操作不僅限於公開的12.5億美元額度，其透過會計分類管理資產負債表，比特幣已成為維持優先股體系的工具。

The information flow is too fast, and in-depth analytical articles are easily drowned out by hot topics. The "Weekly Editor's Pick" column salvages valuable content from the vast sea of information, helping you filter out the noise, retain insights, and gain inspiration.

Macro Landscape

Goldman Sachs Calls for Going Long on China AI: Behind a $4 Trillion Market Cap, Global Funds Have Allocated Only 1.2%

Goldman Sachs recommends buying into the China AI value chain basket, covering power, semiconductors, AI infrastructure, models, and applications.

Goldman Sachs estimates that China's AI-related market cap is approximately $4 trillion, generating about 16% of global AI-related revenue, yet global mutual funds have only allocated about 1.2% of their tech exposure to China.

The core of this trade is not the explosion of a single AI application, but the revaluation opportunity brought about by underweight capital, policy investments, and hardware demand. The risk is that data center investment, storage expansion, IPO financing, and AI hardware exports still need to be consistently delivered.

India, the First Country to Be Short-Sold by AI

If you want to find a trading target in the global market that most purely expresses the narrative of "AI replacing white-collar workers," the answer is on both the Nasdaq long list and the Mumbai Exchange short list. The former is Nvidia, the latter is the Indian Nifty IT index.

The essence of the Indian model is wholesaling junior engineers to the world. The commodity is the repetitive labor of junior and mid-level engineers. Rising visa barriers and AI replacing jobs are preventing Indians from going to the US.

Investment & Entrepreneurship

When Big Tech Donates Stock to "Trump Accounts," Which Targets Will Benefit?

On July 4, the US Treasury Department officially announced that the long-discussed "Trump Accounts" have been officially launched. American parents and children can now download the app, access their accounts, view real-time funds, or make donations.

The initial funds for the "Trump Accounts" mainly come from government allocations, private donations, and family savings. The Treasury allows stock donations, and SpaceX has followed suit. In projects that Trump closely monitors and personally promotes, the earlier a company participates, the more likely it is to receive the President's public endorsement.

Potential beneficiaries mainly fall into three categories: the direct flow of funds into the "Trump Accounts" – the S&P 500 index, the access path for the "Trump Accounts" – Bank of New York Mellon, Robinhood, and early donation entities.

For investors, what might be truly worth watching is not necessarily the next company named by Trump, but who can occupy the most central position in this decades-long capital pool.

Seven Times Oversubscribed, Can SK Hynix Save the Semiconductor Sector This Time?

The subscription multiple for the American Depositary Receipts (ADR) issued in the US by South Korean semiconductor giant SK Hynix has exceeded seven times, potentially becoming the largest foreign listing project in US history. This comes as the entire semiconductor sector undergoes a sharp correction.

Amidst the ongoing adjustment in the secondary market, SK Hynix's US stock listing has garnered significantly higher-than-expected capital demand. A speculation about SK Hynix's listing rhythm: experiencing a noticeable share price adjustment before landing on Nasdaq might be to ensure a better performance post-listing, making the company, underwriters, institutions, and retail investors all happy...

The earnings reports of tech giants over the next few quarters (with clear capital expenditure commitments for the AI future) will be key to determining the direction of the semiconductor market.

Securitize Drops 40% in a Week After Listing, Tokenization Industry Faces Patent War

The SPAC mechanism revealed problems before the fundamentals did: post-SPAC listing, the investor structure undergoes a complete shift, from SPAC subscribers who originally preferred fixed income to stock holders who truly look at long-term fundamentals. This switching process itself creates severe volatility.

Tokenization infrastructure company tZERO sent a "cease and desist and reservation of rights" letter to Securitize, alleging that its two core products, DS Protocol and Vault Registrar, infringe on tZERO's patents.

This stock price crash reflects that the secondary market doesn't value endorsements, only liquidity.

A Look at 8 Bear Market "Cash Cow" Projects: The Top One Repurchased $283 Million This Year

Web3 & AI

Making $400 Million a Day, Even Apple is Begging 'China's SK Hynix' to Buy

In the global memory industry ranking, after Samsung, SK Hynix, and Micron comes the unlisted Chinese company ChangXin Memory Technologies (CXMT).

This domestic chip company, which had been loss-making for nearly a decade, has suddenly become one of the most profitable hard-tech companies in A-shares. Over the past week, the name CXMT has been frequently appearing in global tech media. Apple is lobbying the US government to apply for a special license to include CXMT in the memory supply chain for Macs and iPads. Google has also initiated procurement evaluation for CXMT's DRAM. Other reports mention that HP and Dell are validating CXMT's DRAM, and Acer and Asus are also asking their Chinese partners to adopt more local memory chips.

In the same week, Reuters reported that Tencent had signed a long-term supply agreement for server DRAM worth over 20 billion RMB with CXMT, spanning three to five years. CXMT's prospectus also lists Alibaba Cloud, ByteDance, Lenovo, Xiaomi, OPPO, vivo, and Honor as clients.

One thing all investors must calmly consider when valuing CXMT: in today's massive profits, cyclical factors contribute more than structural progress. Pricing CXMT as a "stable growth stock" risks overestimating profit sustainability. Understanding it as a "new variable rising amidst the cycle" is actually closer to reality.

Prediction Markets

World Cup Quarter-Finals About to Begin, Who Are the AIs Voting to Advance?

Different models show high consistency in predicting the semi-finalists: France, Spain, England, and Argentina.

Policy and Stablecoins

MiCA Takes Effect, Tether Exits Europe, Circle Catches the Compliance Dividend

Tether did not apply for a MiCA license, calling the regulation "very dangerous for stablecoins." Meanwhile, well before the end of the MiCA transition period, Circle had already obtained a French EMI license and placed USDC and EURC within the MiCA framework.

In the future, stablecoins that can remain in mainstream trading and institutional scenarios for the long term cannot rely solely on liquidity and user habits; they also need a sufficiently clear compliance identity. This is Circle's opportunity.

CeFi & DeFi

Strategy's Accounting Gimmicks: The Cap on Coin Sales is Far More Than $1.25 Billion

"Replenishing" and "building" reserves – both types of sales ultimately flow into the same reserve pool for the same purpose, merely categorized under different uses.

The previously disclosed "BTC Monetization Program" (i.e., selling coins) never limited Strategy to selling a total of $1.25 billion worth of Bitcoin. It only limited one specific pool of funds – the one used to "build" dollar reserves through BTC sales.

The market needs to start understanding Strategy's "specialized language": "building" and "replenishing" are essentially just accounting classifications, but they determine whether Strategy's BTC sales consume the "public quota" that the market sees.

The past Strategy narrative was very simple: sell MSTR stock → buy Bitcoin → offer investors leveraged BTC exposure. But the logic is different now. Today, Strategy is trading different components of its own capital structure to manage the pressure relationships among common stock (MSTR), preferred shares, dollar reserves, and Bitcoin assets (BTC). This dynamic also introduces new conflicts of interest.

Bitcoin is no longer just an asset for Strategy to continuously accumulate; it is becoming a balance-sheet lever to maintain the preferred share system. The market must also deconstruct every term used by Strategy to assess its implications for future BTC sales.

A Full Overview of the On-Chain Options Track: From Opyn to Rysk, Who Has Walked Out of DeFi's Most Difficult Path?

The crypto options landscape is a set of adjacent markets with different settlement and payout types.

Vertical Axis Settlement: On-Chain to Off-Chain; Horizontal Axis Payout: Vanilla to Exotic

Meme

ANSEM Hits New High, CZ Enters the Arena, Meme Summer is Back

Ethereum and Scaling

The Ethereum Foundation is Dead, Long Live the Diversified Ethereum Organization

Weekly Hot Topics Catch-up

Policy & Macro Markets

Trump comments on Iran: We have already won, especially in the military domain;

US MCSA no longer opposes the CLARITY Act, shifts to a neutral stance;

The Clarity Act was not signed into law on July 4; August 7 becomes a key deadline (analysis);

US SEC releases 2026 regulatory agenda statement: promoting tokenized securities trading, advancing crypto rulemaking;

North Carolina, USA to impose 6% tax on prediction markets, acknowledges CFTC federal regulatory authority;

South Korean stock investors bet big on China AI, snapping up $2.8 billion worth in six months: China A-shares NAURA Technology Group and Cambricon were heavily bought;

AI rally continues? Capital commitment pledges for data center leases by US tech companies hit a record high of $850 billion;

Zhipu AI plans to develop its own AI chips, has contacted chip companies to accelerate closing the computing power gap;

Earning more in one year than in the past 40, Samsung's estimated operating profit this year is around $200 billion;

CXMT initiates Star Market IPO, estimated market cap near 295 billion RMB, first-day lock-up ratio reaches 78%;

Google updates Chrome Web Store policy: bans prediction market-type extensions;