Nominal 
【HEADLINES】
1. U.S. major indices diverged on Monday (24th), with the Dow rising 140 points against the trend, while the S&P 500 and Nasdaq fell due to profit-taking in tech stocks, with Nasdaq dropping nearly 0.8%. Market focus remains on Nvidia (US.NVDA)'s upcoming earnings report this week and Federal Reserve Chair Powell's speech at the global central bank symposium on Friday (28th). The Dow closed up 140.15 points, or 0.26%, at 53,417.16; the S&P 500 fell 21.51 points, or 0.28%, to 7,652.86; the Nasdaq dropped 200.26 points, or 0.76%, to 25,980.19. The China Golden Dragon Index was flat. The Nikkei opened at 65,132.5, down 25 points.
2. The United States plans to impose an additional 7.5% tariff on Chinese imports ahead of the Xi-Trump meeting scheduled for September, which would bring the overall U.S. tariff rate on Chinese goods during President Trump's second term back to around 20%, although the final rate has not yet been finalized.
3. U.S. Treasury Secretary Bessent announced on Monday a significant expansion of economic sanctions against Iran, warning that any country or company continuing economic and trade activities with Tehran could face U.S. secondary sanctions. Bessent described the move as an unprecedented "economic doomsday" aimed at severing Iran's major links with the global economy.
4. The U.S. Treasury Department is reportedly considering using cash from the Treasury General Account (TGA) as a funding source for future increases in Treasury buybacks. The TGA currently holds approximately $940 billion. Bessent did not provide further signals on adjusting debt management strategies on Monday, but the news has already driven a decline in long-term U.S. Treasury yields.
5. Trump stated on Monday that the United States will raise tariffs on Canadian-produced automobiles, trucks, auto parts, and steel to 50% starting January 1, 2027, further escalating the U.S.-Canada trade war.
6. The People's Bank of China conducted a smaller-than-expected rollover of its one-year Medium-term Lending Facility (MLF) in August and signaled that it would conduct overnight reverse repo operations at the end of the month. Analysts said that as government bond supply increases in the coming period, the PBOC is expected to provide more long-term liquidity support.
7. Goldman Sachs forecasts that existing and proposed EU trade measures against China could cover approximately 27% of China's annual nominal exports to the EU.
8. Pinduoduo reported second-quarter earnings, with total revenue of RMB 112.36 billion, up about 8% year-on-year, below market expectations. On a non-GAAP basis, net profit attributable to ordinary shareholders was approximately RMB 28.5 billion, down about 13% year-on-year but above market expectations. Pinduoduo's U.S.-listed shares closed down 1% the previous night.
9. A consortium comprising China Overseas (00688), Sino Land (00083), and JD.com (09618) won the North District Hung Shui Keng "district" project for RMB 1.03 billion, with an estimated total investment of RMB 16.8 billion, creating 6,000 jobs. Winning companies include China Overseas, CM Zone Land (00978), China Resources Land (01109), China Tourism Group, JD.com Group, and Sino Land subsidiary.
【STOCK HIGHLIGHTS】
Alibaba (09988)
- Cai Chongxin and Wu Yongming jointly purchased shares worth RMB 120 million
XPeng (09868)
- Adjusted loss widened to RMB 1.2 billion in Q2, worse than expected; forecasts revenue to rise up to 15% year-on-year in Q3
- ADR plunged 8.53% overnight
Leapmotor (09863)
- Mid-year net profit surged 5.31-fold to RMB 210 million, no dividend declared
Trip.com (00780)
- Mid-year net profit rose 7.7% year-on-year, down 1.5% in Q2, no interim dividend
Yuexiu Services (06626)
- Mid-year net profit fell 6.6% to RMB 220 million, dividend of HKD 0.103 per share
WuXi Biologics (02268)
- Mid-year profit exceeded RMB 800 million, up 10%, no dividend; revenue up 37%
WuXi AppTec (02359)
- DEL platform suspected of cyberattack; stated no evidence of data breach
RemeGen (09995)
- Mid-year swung from loss to profit of nearly RMB 4.7 billion, no dividend; revenue up 4.3-fold
Export-related stocks: COSCO Shipping Holdings (01919), COSCO Shipping Energy (01138), COSCO Shipping Ports (01199)
- U.S. reportedly plans to impose 7.5% overcapacity tariffs on China ahead of Xi Jinping's September visit to the U.S.
Oil & gas stocks: PetroChina (00857), CNOOC (00883), Sinopec (00386)
- U.S. Treasury Secretary Bessent announces enhanced economic measures targeting Iran and its trade partners
Luxshare Precision (02475)
- Mid-year profit up 18%, HKD 1.27 per share dividend for H-shares, forecasts up to 25% year-on-year profit growth for first nine months
TCL Electronics (01070)
- Potential spin-off of photovoltaic business for separate listing, considering in-kind distribution
Junzheng Shares (03223)
- 926 times oversubscribed, 0.27% allocation rate for one lot, dark pool trading down less than 1%, listed today
【OIL & GOLD QUOTES】
NYMEX crude rose 0.26%, at $85.23/barrel
Brent crude rose 0.23%, at $90.60/barrel
Spot gold rose 0.68%, at $4,683.02/ounce
Gold futures rose 0.97%, at $4,743.26/ounce
1. U.S. major indices diverged on Monday (24th), with the Dow rising 140 points against the trend, while the S&P 500 and Nasdaq fell due to profit-taking in tech stocks, with Nasdaq dropping nearly 0.8%. Market focus remains on Nvidia (US.NVDA)'s upcoming earnings report this week and Federal Reserve Chair Powell's speech at the global central bank symposium on Friday (28th). The Dow closed up 140.15 points, or 0.26%, at 53,417.16; the S&P 500 fell 21.51 points, or 0.28%, to 7,652.86; the Nasdaq dropped 200.26 points, or 0.76%, to 25,980.19. The China Golden Dragon Index was flat. The Nikkei opened at 65,132.5, down 25 points.
2. The United States plans to impose an additional 7.5% tariff on Chinese imports ahead of the Xi-Trump meeting scheduled for September, which would bring the overall U.S. tariff rate on Chinese goods during President Trump's second term back to around 20%, although the final rate has not yet been finalized.
3. U.S. Treasury Secretary Bessent announced on Monday a significant expansion of economic sanctions against Iran, warning that any country or company continuing economic and trade activities with Tehran could face U.S. secondary sanctions. Bessent described the move as an unprecedented "economic doomsday" aimed at severing Iran's major links with the global economy.
4. The U.S. Treasury Department is reportedly considering using cash from the Treasury General Account (TGA) as a funding source for future increases in Treasury buybacks. The TGA currently holds approximately $940 billion. Bessent did not provide further signals on adjusting debt management strategies on Monday, but the news has already driven a decline in long-term U.S. Treasury yields.
5. Trump stated on Monday that the United States will raise tariffs on Canadian-produced automobiles, trucks, auto parts, and steel to 50% starting January 1, 2027, further escalating the U.S.-Canada trade war.
6. The People's Bank of China conducted a smaller-than-expected rollover of its one-year Medium-term Lending Facility (MLF) in August and signaled that it would conduct overnight reverse repo operations at the end of the month. Analysts said that as government bond supply increases in the coming period, the PBOC is expected to provide more long-term liquidity support.
7. Goldman Sachs forecasts that existing and proposed EU trade measures against China could cover approximately 27% of China's annual nominal exports to the EU.
8. Pinduoduo reported second-quarter earnings, with total revenue of RMB 112.36 billion, up about 8% year-on-year, below market expectations. On a non-GAAP basis, net profit attributable to ordinary shareholders was approximately RMB 28.5 billion, down about 13% year-on-year but above market expectations. Pinduoduo's U.S.-listed shares closed down 1% the previous night.
9. A consortium comprising China Overseas (00688), Sino Land (00083), and JD.com (09618) won the North District Hung Shui Keng "district" project for RMB 1.03 billion, with an estimated total investment of RMB 16.8 billion, creating 6,000 jobs. Winning companies include China Overseas, CM Zone Land (00978), China Resources Land (01109), China Tourism Group, JD.com Group, and Sino Land subsidiary.
【STOCK HIGHLIGHTS】
Alibaba (09988)
- Cai Chongxin and Wu Yongming jointly purchased shares worth RMB 120 million
XPeng (09868)
- Adjusted loss widened to RMB 1.2 billion in Q2, worse than expected; forecasts revenue to rise up to 15% year-on-year in Q3
- ADR plunged 8.53% overnight
Leapmotor (09863)
- Mid-year net profit surged 5.31-fold to RMB 210 million, no dividend declared
Trip.com (00780)
- Mid-year net profit rose 7.7% year-on-year, down 1.5% in Q2, no interim dividend
Yuexiu Services (06626)
- Mid-year net profit fell 6.6% to RMB 220 million, dividend of HKD 0.103 per share
WuXi Biologics (02268)
- Mid-year profit exceeded RMB 800 million, up 10%, no dividend; revenue up 37%
WuXi AppTec (02359)
- DEL platform suspected of cyberattack; stated no evidence of data breach
RemeGen (09995)
- Mid-year swung from loss to profit of nearly RMB 4.7 billion, no dividend; revenue up 4.3-fold
Export-related stocks: COSCO Shipping Holdings (01919), COSCO Shipping Energy (01138), COSCO Shipping Ports (01199)
- U.S. reportedly plans to impose 7.5% overcapacity tariffs on China ahead of Xi Jinping's September visit to the U.S.
Oil & gas stocks: PetroChina (00857), CNOOC (00883), Sinopec (00386)
- U.S. Treasury Secretary Bessent announces enhanced economic measures targeting Iran and its trade partners
Luxshare Precision (02475)
- Mid-year profit up 18%, HKD 1.27 per share dividend for H-shares, forecasts up to 25% year-on-year profit growth for first nine months
TCL Electronics (01070)
- Potential spin-off of photovoltaic business for separate listing, considering in-kind distribution
Junzheng Shares (03223)
- 926 times oversubscribed, 0.27% allocation rate for one lot, dark pool trading down less than 1%, listed today
【OIL & GOLD QUOTES】
NYMEX crude rose 0.26%, at $85.23/barrel
Brent crude rose 0.23%, at $90.60/barrel
Spot gold rose 0.68%, at $4,683.02/ounce
Gold futures rose 0.97%, at $4,743.26/ounce
