Nominal 
【TOP STORIES】
1. US stocks rose on Thursday (13th), with the S&P closing at a record high, mainly driven by lower-than-expected US Producer Price Index (PPI), falling oil prices, and market bets that the Fed will not need to raise interest rates further in the short term. Tech stocks performed strongly, with the Nasdaq outperforming the broader market. The Dow Jones closed up 69.72 points, or 0.13%, at 53,839.99 points; the S&P rose 50.49 points, or 0.65%, to 7,798.99 points; the Nasdaq rose 214.54 points, or 0.81%, to 26,803.03 points.
2. The US Bureau of Labor Statistics reported that the final demand Producer Price Index (PPI), reflecting changes in prices received by producers, was flat month-on-month, weaker than the expected 0.2% increase; it rose 4.7% year-on-year, lower than June's 5.5% and below the market expectation of 4.9%.
3. The US Treasury auctioned $25 billion in 30-year Treasury bonds on Thursday (13th), with a high bid rate of 5.216%, the highest level since 2001, and the secondary market's 30-year bond yield briefly hovered at a high of 5.24%.
4. Loretta Mester, president of the Cleveland Fed, who holds a hawkish stance, expressed lack of confidence in the sustained slowdown of inflation and called for immediate rate hikes, while Thomas Barkin, president of the Richmond Fed, believes it may be possible to ease price pressures without further rate hikes through market mechanisms. The vice chairman of Goldman Sachs said the Fed's decision to hold rates steady in July was absolutely correct and urged policymakers to remain open-minded before September.
5. The US will impose tariffs of up to 100% on certain drones and their components, with lower rates applied to economies such as the EU, Japan, Taiwan, and South Korea, which could significantly impact China's drone market.
6. The White House accused dozens of countries of participating in China's shadow shipping network, claiming it circumvents US import tariffs by routing through third countries. Authorities are developing an AI-driven "Detective Border" system to crack down on such tariff evasion.
7. Chipmaker AMD plans to raise $4.75 billion through bond issuance, setting a record for the largest dollar-denominated bond offering in the company's history. Analysts note that the frantic fundraising by US tech giants is creating ripple effects in the credit market, pushing up credit risk indicators for non-AI companies such as Sanofi and LVMH.
8. According to Bloomberg, citing sources familiar with the matter, OpenAI's annualized revenue, based on current business performance, could exceed $40 billion, roughly doubling the level by the end of 2025.
9. Google released Gemini 3.7 Flash, but the flagship AI model Gemini 3.5 Pro, originally scheduled for release in June, remains delayed.
10. DeepSeek significantly raised prices for its flagship AI model V4 starting August 17, with API peak-hour input prices for every million tokens increasing from 3 RMB to 9 RMB (tripling), output from 6 RMB to 27 RMB (3.5x increase), and off-peak prices 50% lower.
11. The Census and Statistics Department reported that Hong Kong's overall volume of exports and imports of goods in June rose 34.3% and 27.5% year-on-year respectively, and in the first half of 2026 rose 28.7% and 30.4% year-on-year respectively.
【STOCK HIGHLIGHTS】
JD.com (09618)
- Adjusted net profit rose 20.8% year-on-year in Q2, beating expectations; new business losses narrowed quarterly to RMB 9.854 billion
- First quarterly revenue decline since its 2014 IPO; CEO warns of short-term revenue pressure
- ADR plunged over 7%
SMIC (00981)
- Net profit in Q2 rose 2.62-fold to $480 million; Q3 revenue expected to rise up to 4%
Hua Hong Semiconductor (01347)
- Net profit in Q2 rose 3.86-fold to $38.64 million; Q3 revenue forecast at $770-780 million
China Mobile (00941)
- Interim net profit fell 6.3% to RMB 78.93 billion; interim dividend of RMB 2.51
CK Hutchison (00001)
- Interim net profit of HK$26.8 billion; basic earnings up 7%, dividend up 5% to 74.55 cents
CK Asset Holdings (01113)
- Interim net profit rose 37.8% to HK$8.68 billion; dividend up 5% to 41 cents
MTR Corporation (00066)
- Interim net profit rose 1.06-fold to HK$15.87 billion; dividend of 42 cents
GDS Holdings (09698)
- Turned profitable in Q2 with RMB 800 million profit, raised full-year revenue and adjusted EBITDA guidance
JD Logistics (02618)
- Interim net profit rose 27.6% to RMB 3.29 billion, no dividend
JD Health (06618)
- Interim net profit rose 32.4% to RMB 3.44 billion, no dividend
Large model概念股: Baidu Group (09888), Tencent (00700), MiniMax (00100)
- DeepSeek significantly raised prices for its flagship AI model V4 starting August 16, charging $3.96 per million tokens during peak hours
Haitec Hengxin (01905)
- CITIC Haitec (02611) reportedly studying further integration of international operations, considering privatizing Haitec Hengxin
Samsonite (01910)
- Interim profit fell 23% to $90.9 million; sales net amount slightly declined at constant exchange rates; expects third-quarter sales net amount growth to be similar quarter-on-quarter
Property stocks: New World Development (00017), Henderson Land (00012), Wharf Real Estate (01997)
- US July PPI year-on-year increase slowed more than expected, Fed's September rate hike probability dropped to 34%
Accelink (03308)
- Plans to invest nearly RMB 1.8 billion to acquire over 10% stake in Shenzhen-listed company Zhongshi Technology
Sinomax Life Tech (00474)
- Published 2026 full-year results yesterday, resumed trading this morning
Sands China (01928), Zijin Gold International (02259)
- Will announce interim results today
【OIL & GOLD PRICES】
NYMEX crude oil rose 07%, at $81.31/barrel
Brent crude oil rose 0.17, at $87.13/barrel
Gold spot rose 0.09, at $4354.62/ounce
Gold futures fell 0.23, at $4410.25/ounce
1. US stocks rose on Thursday (13th), with the S&P closing at a record high, mainly driven by lower-than-expected US Producer Price Index (PPI), falling oil prices, and market bets that the Fed will not need to raise interest rates further in the short term. Tech stocks performed strongly, with the Nasdaq outperforming the broader market. The Dow Jones closed up 69.72 points, or 0.13%, at 53,839.99 points; the S&P rose 50.49 points, or 0.65%, to 7,798.99 points; the Nasdaq rose 214.54 points, or 0.81%, to 26,803.03 points.
2. The US Bureau of Labor Statistics reported that the final demand Producer Price Index (PPI), reflecting changes in prices received by producers, was flat month-on-month, weaker than the expected 0.2% increase; it rose 4.7% year-on-year, lower than June's 5.5% and below the market expectation of 4.9%.
3. The US Treasury auctioned $25 billion in 30-year Treasury bonds on Thursday (13th), with a high bid rate of 5.216%, the highest level since 2001, and the secondary market's 30-year bond yield briefly hovered at a high of 5.24%.
4. Loretta Mester, president of the Cleveland Fed, who holds a hawkish stance, expressed lack of confidence in the sustained slowdown of inflation and called for immediate rate hikes, while Thomas Barkin, president of the Richmond Fed, believes it may be possible to ease price pressures without further rate hikes through market mechanisms. The vice chairman of Goldman Sachs said the Fed's decision to hold rates steady in July was absolutely correct and urged policymakers to remain open-minded before September.
5. The US will impose tariffs of up to 100% on certain drones and their components, with lower rates applied to economies such as the EU, Japan, Taiwan, and South Korea, which could significantly impact China's drone market.
6. The White House accused dozens of countries of participating in China's shadow shipping network, claiming it circumvents US import tariffs by routing through third countries. Authorities are developing an AI-driven "Detective Border" system to crack down on such tariff evasion.
7. Chipmaker AMD plans to raise $4.75 billion through bond issuance, setting a record for the largest dollar-denominated bond offering in the company's history. Analysts note that the frantic fundraising by US tech giants is creating ripple effects in the credit market, pushing up credit risk indicators for non-AI companies such as Sanofi and LVMH.
8. According to Bloomberg, citing sources familiar with the matter, OpenAI's annualized revenue, based on current business performance, could exceed $40 billion, roughly doubling the level by the end of 2025.
9. Google released Gemini 3.7 Flash, but the flagship AI model Gemini 3.5 Pro, originally scheduled for release in June, remains delayed.
10. DeepSeek significantly raised prices for its flagship AI model V4 starting August 17, with API peak-hour input prices for every million tokens increasing from 3 RMB to 9 RMB (tripling), output from 6 RMB to 27 RMB (3.5x increase), and off-peak prices 50% lower.
11. The Census and Statistics Department reported that Hong Kong's overall volume of exports and imports of goods in June rose 34.3% and 27.5% year-on-year respectively, and in the first half of 2026 rose 28.7% and 30.4% year-on-year respectively.
【STOCK HIGHLIGHTS】
JD.com (09618)
- Adjusted net profit rose 20.8% year-on-year in Q2, beating expectations; new business losses narrowed quarterly to RMB 9.854 billion
- First quarterly revenue decline since its 2014 IPO; CEO warns of short-term revenue pressure
- ADR plunged over 7%
SMIC (00981)
- Net profit in Q2 rose 2.62-fold to $480 million; Q3 revenue expected to rise up to 4%
Hua Hong Semiconductor (01347)
- Net profit in Q2 rose 3.86-fold to $38.64 million; Q3 revenue forecast at $770-780 million
China Mobile (00941)
- Interim net profit fell 6.3% to RMB 78.93 billion; interim dividend of RMB 2.51
CK Hutchison (00001)
- Interim net profit of HK$26.8 billion; basic earnings up 7%, dividend up 5% to 74.55 cents
CK Asset Holdings (01113)
- Interim net profit rose 37.8% to HK$8.68 billion; dividend up 5% to 41 cents
MTR Corporation (00066)
- Interim net profit rose 1.06-fold to HK$15.87 billion; dividend of 42 cents
GDS Holdings (09698)
- Turned profitable in Q2 with RMB 800 million profit, raised full-year revenue and adjusted EBITDA guidance
JD Logistics (02618)
- Interim net profit rose 27.6% to RMB 3.29 billion, no dividend
JD Health (06618)
- Interim net profit rose 32.4% to RMB 3.44 billion, no dividend
Large model概念股: Baidu Group (09888), Tencent (00700), MiniMax (00100)
- DeepSeek significantly raised prices for its flagship AI model V4 starting August 16, charging $3.96 per million tokens during peak hours
Haitec Hengxin (01905)
- CITIC Haitec (02611) reportedly studying further integration of international operations, considering privatizing Haitec Hengxin
Samsonite (01910)
- Interim profit fell 23% to $90.9 million; sales net amount slightly declined at constant exchange rates; expects third-quarter sales net amount growth to be similar quarter-on-quarter
Property stocks: New World Development (00017), Henderson Land (00012), Wharf Real Estate (01997)
- US July PPI year-on-year increase slowed more than expected, Fed's September rate hike probability dropped to 34%
Accelink (03308)
- Plans to invest nearly RMB 1.8 billion to acquire over 10% stake in Shenzhen-listed company Zhongshi Technology
Sinomax Life Tech (00474)
- Published 2026 full-year results yesterday, resumed trading this morning
Sands China (01928), Zijin Gold International (02259)
- Will announce interim results today
【OIL & GOLD PRICES】
NYMEX crude oil rose 07%, at $81.31/barrel
Brent crude oil rose 0.17, at $87.13/barrel
Gold spot rose 0.09, at $4354.62/ounce
Gold futures fell 0.23, at $4410.25/ounce
