微软公布强劲财绩，激发全球科技股集体上涨。微软第四财季营收达900亿美元，其中Azure同比增长43%，云收入首次突破1000亿美元大关[1]。这一利好消息在美股迅速传导，7月30日纳斯达克指数涨幅2.78%，费城半导体指数暴涨超过8%，个股闪迪和美光分别上涨26%和超18%[1]。
情绪蔓延至亚太市场，韩国市场涨幅最为夸张。7月31日，KOSPI指数单日涨幅高达17.91%，创下历史最高纪录，其中芯片制造商SK海力士涨停至30%[1]。韩国经济数据也表现强势，前20天出口同比暴增52.3%，半导体出口更是激增180.6%[1]。
A股科技板块开盘强劲但后劲不足。创业板指涨幅3.06%，科创50涨幅2.99%，当日成交额达2.56万亿[1]。沪深两市涨停个股超过100家，但随之而来的是高开低走行情，炸板率超过50%，多数科技股未能维持涨势[1]。
宏观面仍存压力。7月官方制造业PMI为49.2%，非制造业PMI为49.0%，均跌至荣枯线以下[1]。美联储维持利率不变，但出现三张反对票，市场预测9月加息概率为63%[1]。
Microsoft's robust fourth-quarter results triggered a worldwide technology stock surge, though momentum proved short-lived in Chinese markets. The company reported quarterly revenue of $90 billion, with Azure cloud services climbing 43% year-over-year and cloud revenue surpassing the $100 billion mark for the first time [1].
The positive sentiment rippled across global exchanges on July 30. U.S. markets advanced sharply, with the Nasdaq composite index gaining 2.78% and the Philadelphia semiconductor index soaring over 8%, driven by semiconductor stocks like SanDisk, which surged 26%, and Micron Technology, which climbed more than 18% [1]. South Korea's enthusiasm proved even more pronounced: the KOSPI index jumped 17.91% on July 31, marking its largest single-day gain in history, while SK Hynix hit the daily limit with a 30% gain [1].
The rally initially boosted Chinese equities at the open on July 31, as the ChiNext Index rose 3.06% and the Sci-Tech 50 Index climbed 2.99%, with total turnover reaching 2.56 trillion yuan [1]. However, the strength evaporated as the session progressed. More than 100 stocks hit daily limits, yet over 50% subsequently reversed course, with most technology shares closing significantly lower than their opening levels [1].
Underlying economic pressures tempered optimism. China's official July purchasing managers' indices painted a softening picture, with manufacturing PMI at 49.2% and non-manufacturing PMI at 49.0%, both falling below the 50-point expansion threshold [1]. South Korea, by contrast, showed robust export momentum in the first 20 days of July, with overall exports surging 52.3% year-over-year and semiconductor shipments exploding 180.6% higher [1]. The U.S. Federal Reserve maintained interest rates unchanged but recorded three dissenting votes, while futures markets assigned a 63% probability to a rate increase in September [1].