Nominal 
【TOP STORIES】
1. U.S. stocks fell Tuesday (18th), with all three major indexes declining. Tech and artificial intelligence stocks faced significant selling pressure, while rising U.S. long-term bond yields and fading prospects for U.S.-Iran talks pushed up oil prices and inflation concerns, weakening investor risk appetite. The Dow Jones closed down 116.38 points, or 0.22%, at 53,343.4; the S&P 500 dropped 53.3 points, or 0.69%, to 7,691.76; the Nasdaq fell 355.2 points, or 1.33%, to 26,289.71. The three major indexes declined for the third consecutive trading session, with the Philadelphia Semiconductor Index plunging nearly 5%. The China Golden Dragon Index fell by 64 points. The Nikkei opened at 65,903, unchanged.
2. The standoff in the Strait of Hormuz continues. U.S. President Trump said there are currently no talks with Tehran. The UAE accused Iran of missile attacks and will suspend all commercial ties with the country.
3. Driven by inflation, fiscal deficits, and the AI financing boom, long-term sovereign bonds in the U.S., Germany, France, the U.K., and Japan were sold off. The yield on 10-year U.S. Treasuries hit a fresh high since early last year, while the 30-year U.S. Treasury yield reached a new high before the financial crisis.
4. The U.S. ADP employment report showed that private-sector jobs increased by an average of 9,500 per week over the four weeks ending August 1, up from 8,250 in the four weeks ending July 25.
5. The U.S. Federal Reserve reported that industrial production rose 0.2% month-on-month in July, below market expectations of 0.3%, marking the second consecutive month of growth. The June increase was revised upward from 0.1% to 0.3%.
6. The Chinese government decided to revise the regulations on housing provident fund management, broadening the scope for withdrawals and usage, including new cases such as home renovation and payment of property fees for self-occupied housing.
7. China's National Financial Regulatory Administration supports domestic insurance institutions investing in Hong Kong ETFs via the Shanghai-Hong Kong-Shenzhen Stock Connect. Currently, 31 Hong Kong ETFs qualify for Stock Connect trading.
8. Unitree Technology will list on the Shanghai STAR Market today. Cryptocurrency futures contracts tracking this leading Chinese robotics company on the Hyperliquid platform suggest a more than threefold rise on its first trading day.
9. Bank of America's August survey showed that a net 56% of fund managers are overweight in equities, the highest proportion in nearly five years, with widespread expectations that the Fed will not raise rates before the mid-term elections in November.
10. Mexico is reportedly considering further trade restrictions on certain goods from China and other countries, while raising existing tariffs on some products, with steel and automobiles as primary candidates.
11. Anthropic's pre-IPO revolving credit facility is expected to exceed $10 billion, with multiple banks hoping to participate to secure a more significant role in the IPO.
12. The Hong Kong Exchange will optimize the compilation methodology of the HKEX Tech 100 Index, expanding coverage of the AI supply chain. The new methodology and related constituent adjustments will be implemented after market close on September 11 and take effect on September 14.
【STOCK HIGHLIGHTS】Baidu (09888)
- Adjusted net profit for the second quarter fell 46.3% to RMB 2.573 billion, below expectations, with revenue down over 4%
- Plans for dual primary listing in Hong Kong within the year; shareholder meeting on August 26 to seek approval
- Baidu's overnight ADR plunged nearly 13%
Xiaomi (01810)
- Adjusted net profit for the second quarter fell 43% to RMB 6.22 billion, with declining gross margins in smartphones and innovative businesses
- Revenue during the period was RMB 108.922 billion, down 6.1% year-on-year
- Increased memory chip prices led to a 26.5% drop in smartphone shipments
GigaDevice (03986)
- Mid-year profit exceeded RMB 6.8 billion, up nearly 11-fold, with no dividend; revenue up 2-fold
Wang Guo Gold Group (03939)
- Plans to issue HKD 5.5 billion convertible bonds, with up to 7% new shares issuable, for overseas peer acquisitions
ZTO Express (02057)
- Net profit increased 57% in the second quarter, revenue up 23%, no dividend
Towngas (00003)
- Mid-year net profit rose 22.8% to HKD 3.64 billion, dividend of 12 cents
China Unicom (00762)
- Mid-year net profit fell 34.6% to RMB 9.47 billion, no dividend
AI large model stocks: Zhipu (02513), MiniMax (00100), SenseTime (00020)
- Reportedly, Anthropic's pre-IPO credit financing could exceed USD 10 billion
Chip stocks: SMIC (00981), Hua Hong (01347), ASMPT (00522)
- High U.S. long-term bond yields and fading U.S.-Iran talks push up oil prices and inflation, narrowing market risk appetite.
- U.S. chip sector faced significant selling pressure overseas
Robotics concept: Ubtech (09880), Yuejiang Tech (02432)
- Unitree Technology's STAR Market IPO lists today
Cathay Haithong (02611)
- Mid-year profit rose 29% to RMB 20.3 billion, interim dividend of 30 cents, doubled; ranks first in number of onshore wealth management clients
CITIC Construction Investment Securities (06066)
- Mid-year profit rose 69% to RMB 7.6 billion, revenue up 42%, interim dividend of 29 cents, increased by 75%
HKEX (00388)
- Optimizing the Tech 100 Index compilation methodology, expanding coverage of emerging tech trends, lowering the weight cap for individual constituent stocks
Huaneng Power International (00902)
- Mid-year profit fell 28% to RMB 6.9 billion, no dividend, revenue down nearly 5%
China Power (02380), CATL (03750)
- China Power sold all its stakes in Qiyuan Semiconductor to CATL for nearly RMB 2.6 billion
【OIL & GOLD QUOTES】
NYMEX crude oil rose 0.43%, at USD 84.42/barrel
Brent crude oil rose 0.01%, at USD 91.34/barrel
Spot gold rose 0.16%, at USD 4,341.71/ounce
Gold futures fell 0.58%, at USD 4,394.80/ounce
1. U.S. stocks fell Tuesday (18th), with all three major indexes declining. Tech and artificial intelligence stocks faced significant selling pressure, while rising U.S. long-term bond yields and fading prospects for U.S.-Iran talks pushed up oil prices and inflation concerns, weakening investor risk appetite. The Dow Jones closed down 116.38 points, or 0.22%, at 53,343.4; the S&P 500 dropped 53.3 points, or 0.69%, to 7,691.76; the Nasdaq fell 355.2 points, or 1.33%, to 26,289.71. The three major indexes declined for the third consecutive trading session, with the Philadelphia Semiconductor Index plunging nearly 5%. The China Golden Dragon Index fell by 64 points. The Nikkei opened at 65,903, unchanged.
2. The standoff in the Strait of Hormuz continues. U.S. President Trump said there are currently no talks with Tehran. The UAE accused Iran of missile attacks and will suspend all commercial ties with the country.
3. Driven by inflation, fiscal deficits, and the AI financing boom, long-term sovereign bonds in the U.S., Germany, France, the U.K., and Japan were sold off. The yield on 10-year U.S. Treasuries hit a fresh high since early last year, while the 30-year U.S. Treasury yield reached a new high before the financial crisis.
4. The U.S. ADP employment report showed that private-sector jobs increased by an average of 9,500 per week over the four weeks ending August 1, up from 8,250 in the four weeks ending July 25.
5. The U.S. Federal Reserve reported that industrial production rose 0.2% month-on-month in July, below market expectations of 0.3%, marking the second consecutive month of growth. The June increase was revised upward from 0.1% to 0.3%.
6. The Chinese government decided to revise the regulations on housing provident fund management, broadening the scope for withdrawals and usage, including new cases such as home renovation and payment of property fees for self-occupied housing.
7. China's National Financial Regulatory Administration supports domestic insurance institutions investing in Hong Kong ETFs via the Shanghai-Hong Kong-Shenzhen Stock Connect. Currently, 31 Hong Kong ETFs qualify for Stock Connect trading.
8. Unitree Technology will list on the Shanghai STAR Market today. Cryptocurrency futures contracts tracking this leading Chinese robotics company on the Hyperliquid platform suggest a more than threefold rise on its first trading day.
9. Bank of America's August survey showed that a net 56% of fund managers are overweight in equities, the highest proportion in nearly five years, with widespread expectations that the Fed will not raise rates before the mid-term elections in November.
10. Mexico is reportedly considering further trade restrictions on certain goods from China and other countries, while raising existing tariffs on some products, with steel and automobiles as primary candidates.
11. Anthropic's pre-IPO revolving credit facility is expected to exceed $10 billion, with multiple banks hoping to participate to secure a more significant role in the IPO.
12. The Hong Kong Exchange will optimize the compilation methodology of the HKEX Tech 100 Index, expanding coverage of the AI supply chain. The new methodology and related constituent adjustments will be implemented after market close on September 11 and take effect on September 14.
【STOCK HIGHLIGHTS】Baidu (09888)
- Adjusted net profit for the second quarter fell 46.3% to RMB 2.573 billion, below expectations, with revenue down over 4%
- Plans for dual primary listing in Hong Kong within the year; shareholder meeting on August 26 to seek approval
- Baidu's overnight ADR plunged nearly 13%
Xiaomi (01810)
- Adjusted net profit for the second quarter fell 43% to RMB 6.22 billion, with declining gross margins in smartphones and innovative businesses
- Revenue during the period was RMB 108.922 billion, down 6.1% year-on-year
- Increased memory chip prices led to a 26.5% drop in smartphone shipments
GigaDevice (03986)
- Mid-year profit exceeded RMB 6.8 billion, up nearly 11-fold, with no dividend; revenue up 2-fold
Wang Guo Gold Group (03939)
- Plans to issue HKD 5.5 billion convertible bonds, with up to 7% new shares issuable, for overseas peer acquisitions
ZTO Express (02057)
- Net profit increased 57% in the second quarter, revenue up 23%, no dividend
Towngas (00003)
- Mid-year net profit rose 22.8% to HKD 3.64 billion, dividend of 12 cents
China Unicom (00762)
- Mid-year net profit fell 34.6% to RMB 9.47 billion, no dividend
AI large model stocks: Zhipu (02513), MiniMax (00100), SenseTime (00020)
- Reportedly, Anthropic's pre-IPO credit financing could exceed USD 10 billion
Chip stocks: SMIC (00981), Hua Hong (01347), ASMPT (00522)
- High U.S. long-term bond yields and fading U.S.-Iran talks push up oil prices and inflation, narrowing market risk appetite.
- U.S. chip sector faced significant selling pressure overseas
Robotics concept: Ubtech (09880), Yuejiang Tech (02432)
- Unitree Technology's STAR Market IPO lists today
Cathay Haithong (02611)
- Mid-year profit rose 29% to RMB 20.3 billion, interim dividend of 30 cents, doubled; ranks first in number of onshore wealth management clients
CITIC Construction Investment Securities (06066)
- Mid-year profit rose 69% to RMB 7.6 billion, revenue up 42%, interim dividend of 29 cents, increased by 75%
HKEX (00388)
- Optimizing the Tech 100 Index compilation methodology, expanding coverage of emerging tech trends, lowering the weight cap for individual constituent stocks
Huaneng Power International (00902)
- Mid-year profit fell 28% to RMB 6.9 billion, no dividend, revenue down nearly 5%
China Power (02380), CATL (03750)
- China Power sold all its stakes in Qiyuan Semiconductor to CATL for nearly RMB 2.6 billion
【OIL & GOLD QUOTES】
NYMEX crude oil rose 0.43%, at USD 84.42/barrel
Brent crude oil rose 0.01%, at USD 91.34/barrel
Spot gold rose 0.16%, at USD 4,341.71/ounce
Gold futures fell 0.58%, at USD 4,394.80/ounce