Morning News

**Source**: Wall Street News

**Market Overview**

U.S. economic data suppressed the upward trend of U.S. stocks. Trump threatened that high tariffs were coming, and the chip index fell by more than 2%, dragging down the S&P 500 and the Nasdaq Composite Index. However, Intel rose nearly 3%, and it has risen 10% in two days after it was reported that the U.S. government was considering taking a stake. UnitedHealth, a constituent stock bottomed out by Buffett and other bigwigs, closed up 12%, achieving its biggest one-day gain in five years, helping the Dow Jones Industrial Average approach a record high. Photovoltaic stock Sunrun rose nearly 33%.

After the U.S. consumer confidence data was released, the yield on the 10-year U.S. Treasury bond reached a two-week high. After the U.S. retail sales data was released, the dollar narrowed its decline. After the consumer confidence data was released, the dollar's decline expanded, reaching a new low in more than two weeks. Bitcoin fell by more than $2,000 intraday, breaking below $117,000.

Gold recorded its first weekly decline in three weeks. Gold futures fell by more than 3% in a week, achieving their biggest weekly decline in three months. Crude oil fell before the "Trump-Putin meeting". U.S. oil once fell 2%, approaching a two-month low, and has fallen for two consecutive weeks.

During the Asian session, A-shares rose across the board, with more than 4,600 stocks in the green. Brokerage stocks collectively surged. Hong Kong stocks fell, and southbound funds' net purchases reached a new high. JD.com and Alibaba fell by more than 3%.

**Top News**

The People's Bank of China: Implement and refine a moderately loose monetary policy.

China released economic data for July. The month-on-month year-on-year performance of social consumer retail sales, industrial added value, fixed-asset investment, and real estate sales was lower than the previous value. Housing prices in 70 cities: The month-on-month and year-on-year declines in first-tier second-hand housing prices expanded, and the year-on-year decline in housing prices in all tiers narrowed.

Hong Kong said that the "Highly Skilled Persons Admission Scheme" will continue and will not be terminated, but it is considering optimization and adjustment.

After the "Trump-Putin meeting" on Friday, Putin said that Russia sincerely hopes that the conflict will end. He mentioned peace but did not mention a meeting with Ukraine. Trump said that no agreement has been reached yet, and he gave the meeting a full score of 10. Whether an agreement can be reached depends on Zelensky. He proposed that Russia and Ukraine "reach a peace agreement directly" instead of just a cease-fire agreement. There is currently no plan to impose tariffs on China's purchase of Russian oil.

European leaders and NATO Secretary-General Rutte will hold an important meeting with Trump and Zelensky on Monday. A joint European statement said that it will promote the preparation of a tripartite meeting between Ukraine, the United States, and Russia. Trump is said to hope for a tripartite meeting between the United States, Russia, and Ukraine on the 22nd. Trump said that "great progress has been made on the Russian issue." The media exposed Russia's cease-fire bargaining chip: Russia requires Ukraine to "exchange land for peace."

U.S. retail sales in July increased by 0.5% month-on-month, and real retail sales increased for the tenth consecutive month. The University of Michigan consumer confidence in August unexpectedly declined, and short-term and long-term inflation expectations climbed.

Trump said that he will announce semiconductor tariffs within two weeks, and the tariff rate may reach 300%. Most chip stocks fell.

The overseas demand for U.S. Treasury bonds is resilient. Foreign investors' holdings of U.S. Treasury bonds reached a record high in June. The three major U.S. "creditors" all increased their holdings. The United Kingdom's holdings increased by nearly $50 billion, while India and Ireland's holdings declined.

OpenAI CEO Altman hopes to invest "trillions of dollars" in the AI infrastructure field and wants to invent a new financing tool. He admitted that GPT-5 failed and is interested in acquiring Chrome.

**Market Closing Report**

European and American stocks: The S&P 500 fell 0.29% to 6,449.80 points. The Dow Jones Industrial Average rose 0.08% to 44,946.12 points. The Nasdaq Composite Index fell 0.40% to 21,622.977 points. For the whole week, they rose 0.94%, 1.74%, and 0.81% respectively. The European STOXX 600 Index closed down 0.06% at 553.56 points, rising 1.18% for the whole week.

A-shares: The Shanghai Composite Index rose 0.83% to 3,696.77 points. The Shenzhen Component Index rose 1.6% to 11,634.67 points. The ChiNext Index rose 2.61% to 2,534.22 points.

Bond market: By the end of the bond market, the yield on the 10-year benchmark U.S. Treasury bond was about 4.32%, rising nearly 4 basis points intraday and about 4 basis points in total for the whole week. The yield on the two-year U.S. Treasury bond was about 3.75%, rising about 2 basis points intraday and decreasing about 1 basis point in total for the whole week.

Commodities: WTI September crude oil futures closed down 1.81% at $62.80 per barrel, falling 1.69% for the whole week. Brent September crude oil futures closed down 1.48% at $65.85 per barrel, falling 1.11% for the whole week. COMEX December gold futures closed down 0.02% at $3,382.6 per ounce, falling 3.1% for the whole week.

**Details of Top News**

**Global Highlights**

The People's Bank of China: Implement and refine a moderately loose monetary policy. The People's Bank of China's second-quarter monetary policy implementation report pointed out that there are more positive factors for the mild recovery of the price level, and anti-involution will also have a positive impact on the reasonable recovery of prices. There is still a large space for the growth of service consumption. Further improve the interest rate regulation framework and strengthen the guidance of the central bank's policy interest rate. Increase credit support for technology-based small and medium-sized enterprises. Resolutely correct the market's pro-cyclical behavior. In the next stage, financial policies will focus on the supply side to create effective demand with high-quality supply.

China released economic data for July. The month-on-month year-on-year performance of social consumer retail sales, industrial added value, fixed-asset investment, and real estate sales was all lower than the previous value.

The year-on-year growth rate of social consumer retail sales in July slowed down to 3.7%, and the total retail sales of automobiles turned down year-on-year. Catering income in July was 450.4 billion yuan, an increase of 1.1%. The total retail sales of automobiles decreased by 1.5% year-on-year, compared with an increase of 4.6% in the previous month. The retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment of enterprises above the designated size increased by 28.7%, 13.8%, 20.6%, and 14.9% respectively.

The industrial added value of enterprises above the designated size in July increased by 5.7% year-on-year. The automobile and electronics industries led the way, while the output of crude steel and raw coal declined. In July, among 41 major industries, 35 industries' added value maintained year-on-year growth. The automobile manufacturing industry increased by 8.5%, the railway, ship, aerospace, and other transportation equipment manufacturing industry increased by 13.7%, and the computer, communication, and other electronic equipment manufacturing industry increased by 10.2%. Among industrial products, the output of crude steel in July was 79.66 million tons, a year-on-year decline of 4%. The output of raw coal was 380 million tons, a year-on-year decline of 3.8%.

From January to July, national fixed-asset investment increased by 1.6%, and private investment declined. Investment in the tertiary industry decreased by 2.3%. Fixed-asset investment of foreign-funded enterprises decreased by 15.7%.

From January to July, real estate development investment decreased by 12% year-on-year, and the sales area of newly built commercial housing decreased by 4% year-on-year. From January to July, the sales area of newly built commercial housing was 515.6 million square meters, a year-on-year decline of 4.0%, an expansion of 0.5 percentage points compared with January to June. The sales amount of newly built commercial housing was 4.9566 trillion yuan, a decline of 6.5%, an expansion of 0.5 percentage points compared with January to June.

China's housing prices in 70 cities in July: The month-on-month and year-on-year declines in first-tier second-hand housing prices expanded, and the year-on-year decline in housing prices in all tiers narrowed. The year-on-year and month-on-month declines in first-tier second-hand housing prices both expanded, and the overall decline in second-tier and third-tier cities narrowed. The month-on-month prices of new housing in all tiers were basically flat, and the year-on-year decline narrowed.

Guo Lei, the chief economist of Guangfa Securities, believes that local investment and real estate are the two sources of the further slowdown in the overall data this time. Current effective investment is part of terminal demand. The final digestion of all products and services is export, consumption, and investment. The Political Bureau meeting also pointed out that in the second half of the year, it is necessary to "expand effective investment." Real estate affects the prosperity of the traditional sector and the household balance sheet. The continued implementation of the "two-pronged" policy and real estate policy is crucial.

Hong Kong is considering optimizing and adjusting the "Highly Skilled Persons Admission Scheme". In response to the recent news mentioned by some immigration agencies that the "Highly Skilled Persons Admission Scheme" may be terminated, Sun Yuhan, the Secretary for Labour and Welfare of the Hong Kong Special Administrative Region, emphasized on Friday that the Hong Kong Highly Skilled Persons Admission Scheme will continue. It will only be optimized or adjusted in detail according to the actual situation in Hong Kong, but the scheme will not be terminated.

The "Trump-Putin meeting" was held in Alaska on Friday and lasted for two hours and 45 minutes. After the meeting, Putin said that Russia sincerely hopes that the conflict will end. Trump said that no agreement has been reached yet and gave the meeting a full score of 10.

At the joint press conference after the meeting, Putin said that he has established a very good direct connection with Trump and saw Trump's willingness to understand the essence of the conflict. He agreed with Trump's view that Ukraine's security must be guaranteed. Trump said that many issues have been agreed upon, and only a few points remain unresolved. "The two sides have not reached (an agreement) yet, but (there is) a very good opportunity (now)." A representative of the Russian president said that the negotiations between the Russian and U.S. presidents are progressing very smoothly.

Before the "Trump-Putin meeting", Trump said that the territorial issue will be discussed, and Ukraine will decide for itself whether to exchange territory with Russia. He hopes for a cease-fire soon after the "Trump-Putin meeting" and expects the meeting to "yield some results." The United States "may" join hands with Europe to provide security guarantees to Ukraine, but not "in the form of NATO." The United States is said to be considering sanctioning the Russian oil companies Rosneft and Lukoil if the "Trump-Putin meeting" fails.

Trump: Now, whether an agreement can be reached depends on Zelensky. After the "Trump-Putin meeting", Trump revealed in an interview on Friday that all parties are currently arranging a meeting between Zelensky and Putin. Trump said that in view of the situation of the "Trump-Putin meeting", there is currently no plan to impose tariffs on China's purchase of Russian oil. He also said, "I may have to consider this issue in two or three weeks, but for now, we don't have to consider this issue."

Zelensky: He has spoken with Trump after the U.S.-Russia talks and supports the proposal for a tripartite meeting between Ukraine, the United States, and Russia. The meeting that Zelensky participated in was initially in a one-on-one form, and then the communication continued with the participation of European leaders. The total meeting lasted for more than an hour and a half, of which about an hour was a one-on-one conversation with Trump. Zelensky plans to further discuss all the details of ending the conflict with Trump in Washington on Monday, August 18.

The European Union and many European countries jointly announced: They will promote the preparation of a tripartite meeting between Ukraine, the United States, and Russia. The statement said that earlier on Saturday, Trump reported to European leaders and Zelensky after the "Trump-Putin meeting."

The media said that Trump hopes for a tripartite meeting between the United States, Russia, and Ukraine on the 22nd. Trump proposed that Russia and Ukraine "reach a peace agreement directly" instead of just a cease-fire agreement. Trump said on Friday that he and Putin have "basically reached an agreement" on the United States providing some form of security guarantee to Ukraine. The specific content of the security guarantee is not yet clear. Putin mentioned peace but did not mention a meeting. CCTV learned that European leaders have been invited to Washington to hold a meeting with Zelensky and Trump on the 18th.

European leaders will hold an important meeting with Trump and Zelensky on Monday. NATO Secretary-General Rutte will go to the White House on the 18th to meet with U.S., Ukrainian, and European leaders.

Trump said on Saturday that if his meeting with Zelensky goes smoothly, he will proceed to arrange a tripartite meeting between the United States, Russia, and Ukraine. Trump said on Sunday that "great progress has been made on the Russian issue" and called on the outside world to "wait and see." The U.S. Secretary of State: For Russia and Ukraine to reach a peace agreement, both sides must make concessions.

Report: Russia's cease-fire bargaining chip was exposed - it requires Ukraine to "exchange land for peace." Ukraine has previously clearly stated that it rejects any plan to retreat from Ukrainian territory, especially in the Donetsk region. However, Zelensky does not rule out discussing this issue at the summit of the United States, Russia, and Ukraine.

U.S. retail sales in July increased by 0.5% month-on-month, and real retail sales increased for the tenth consecutive month. U.S. retail sales in July increased by 0.5% month-on-month, the second consecutive month of a large increase in retail sales, with a year-on-year increase of 3.9%. The June data was revised up significantly to 0.9%. Real retail sales adjusted for inflation increased by 1.2% year-on-year, achieving positive growth for the tenth consecutive month, indicating that consumer spending remains resilient.

The University of Michigan consumer confidence in August unexpectedly declined, and short-term and long-term inflation expectations climbed. The U.S. consumer confidence index declined for the first time since April, falling from a five-month high. Both short-term and long-term inflation expectations rose, reflecting people's continued concern about the impact of tariffs.

Trump said that he will announce semiconductor tariffs within two weeks, and the tariff rate may reach 300%. Most chip stocks fell. Trump said on Friday that he will announce new tariffs on semiconductors within the next two weeks, and the tariff rate may be as high as 200% - 300%. However, the specific tariff rate and scope are not yet clear, and the relevant industries and investors are facing uncertainty. The news caused the overall decline of U.S. chip stocks, with Intel being an exception.

The overseas demand for U.S. Treasury bonds is resilient. Foreign investors' holdings of U.S. Treasury bonds reached a record high in June. India and Ireland, which are in a trade dispute with the Trump administration, saw their holdings decline. The holdings show that even though the weakening of the dollar has triggered concerns about U.S. assets, the overseas demand for U.S. Treasury bonds remains strong. The three major U.S. "creditors" all increased their holdings in June: Japan's holdings increased for six consecutive months, reaching a new one-year high. The United Kingdom's holdings increased by nearly $50 billion, reaching a new high. China's holdings increased by $100 million, the first increase in four months, temporarily leaving the low since 2009.

This week, the entire market is watching one place: Jackson Hole. Powell is not expected to disclose the interest rate decision for September in advance at the Jackson Hole annual meeting. Instead, his speech will focus on the Federal Reserve's once-every-five-year monetary policy framework assessment. The expectation of interest rate cuts has driven the rise of U.S. stocks, but it has also made the market vulnerable to any unexpected hawkish signals.

OpenAI hopes to invest "trillions of dollars" in the AI infrastructure field and wants to invent a new financing tool. OpenAI CEO Altman said that the company will invest trillions of dollars in building AI infrastructure, including chips, data centers, and power systems in the "near future." He believes that AI is the most important technological revolution in decades, and society will not regret large-scale investment. Altman admitted that the release of GPT-5 was a failure. He also said that OpenAI is interested in acquiring Chrome.

Was GPT-5 "disappointing"? Has AI "hit a wall"? The release of the GPT-5 model did not meet market expectations, triggering investors' doubts about the technical bottleneck of AGI. This may not be OpenAI's original intention, but the launch of GPT-5 clearly shows that the nature of the AI competition has changed. Even if it does not bring extraordinary progress in AGI or the so-called superintelligence, it may bring more innovation to the products and services created using AI models.

Altman: AI is in a bubble, much like the "dot-com bubble". Some will incur huge losses, but "it's unclear who".

13F

How did hedge funds maneuver in the "historic" second quarter? Microsoft saw the most buying, while Alibaba faced the largest sell-off. According to Q2 13F reports from 716 hedge funds, Microsoft emerged as the most favored target in the second quarter, with fund holdings increasing by $12 billion to $47 billion. Bridgewater became the biggest buyer of Microsoft. Conversely, Chinese concept stock Alibaba suffered the largest-scale reduction, with the value of holdings dropping by $1.55 billion, led by Bridgewater's sell-off. In terms of industry allocation, tech stocks accounted for the largest share of their portfolios at 23%, followed by financial stocks at 17%.

NVIDIA wagered 90% of its holdings on CoreWeave. According to NVIDIA's latest 13F filing, as of June 30, the company concentrated 91.36% of its public holdings in "affiliated" AI cloud computing service provider CoreWeave, with a total investment of $3.96 billion. Beyond CoreWeave, NVIDIA also holds stakes in other AI-related firms, including Arm and Applied Digital.

Duan Yongping made a big bet on AI in Q2, with holdings in Google surging 75% and NVIDIA increasing by nearly 50%, while also boosting positions in Apple and Pinduoduo. The latest adjustments by H&H Fund include: aggressively adding 830,000 shares of Google (a 75.17% increase) and 320,000 shares of NVIDIA (a 49.56% rise), demonstrating firm "faith in AI". It also reversed its earlier trend by increasing Apple holdings by 2.61%, and Pinduoduo received an 11.72% boost to remain the third-largest重仓 stock. In terms of reductions, Occidental Petroleum saw a 1.95% cut, and stocks like Alibaba and Microsoft were also sold off, significantly increasing portfolio concentration.

Hedge fund tycoon Tepper joined Buffett in bottom-fishing UnitedHealth in Q2, reducing holdings of Chinese concept stocks, yet Alibaba remained the top holding. Tepper heavily increased stakes in struggling UnitedHealth by 2.3 million shares to $764 million in the second quarter, making it the second-largest holding. He significantly reduced positions in Chinese concept stocks such as Alibaba, JD.com, and Pinduoduo. Despite a more than 20% reduction in Alibaba holdings, it still maintained the top spot with $802 million. Additionally, he sharply increased holdings of NVIDIA by 483% and TSMC by 279.6%, while cutting back on tech stocks like Meta and Google.

Ackman bet big on AI, purchasing $1.3 billion worth of Amazon shares in one go and increasing Google holdings. Billionaire Ackman's Pershing Square held over 5.8 million Amazon shares in the second quarter, valued at approximately $1.28 billion. This marked the fund's first position in Amazon, becoming its fourth-largest holding. Ackman entered when Amazon's stock price was low and also significantly increased holdings of Google's parent company Alphabet by 20.84%, highlighting optimism about the commercial prospects of AI technology.

Domestic Macro

Qiushi Magazine published an important article by the General Secretary of the Communist Party of China Central Committee, "Promoting the Healthy and High-Quality Development of the Private Economy". The article emphasized the need to earnestly implement policies and measures to advance the development of the private economy. All decisions made by the Party Central Committee must be resolutely implemented without ambiguity, delay, or compromise. It called for resolutely removing obstacles to the equal access to production factors in accordance with the law and fair participation in market competition. Private enterprises should be given fair development opportunities, ensuring that the principle of "non-prohibited access" takes root. Efforts should be made to address the issue of arrears owed to private enterprises, utilizing policies such as new local government special bonds to effectively accelerate the clearance of arrears. A concentrated campaign should be launched to rectify arbitrary charges, fines, inspections, and seizures, and resolutely prevent illegal cross-regional law enforcement and profit-driven law enforcement.

TF Securities: Three considerations for funds to recover costs in batches. Firstly, when a fund's net value returns to the cost line, there is generally pressure for "unlocking and redemption". If a fund experiences a short-term pullback after recovering costs and then quickly hits a new high, it will strengthen investors' confidence in "buying on dips". Finally, calculations indicate that even if half of the funds reach new highs, the quarterly redemption pressure will have a limited actual impact on the overall market and related heavyweight sectors.

Domestic Companies

Following Tencent's strong earnings report, the consensus target price was significantly raised, with investment banks' optimism second only to that after the launch of DeepSeek. Over 20 analysts collectively expressed optimism about Tencent, raising the consensus target price to HK$688, implying a potential gain of nearly 16%, with Goldman Sachs setting a higher target of HK$701. This wave of optimism was the second-highest in five years, surpassed only by the period after DeepSeek's launch. Analysts believe AI is becoming the core driver of Tencent's high-quality growth, with its commercial potential far from being fully unleashed.

China Shenhua's "mega-sized" acquisition, exceeding 250 billion yuan, plans to purchase assets from State Energy Group and Western Energy. China Shenhua intends to acquire 13 core enterprises from State Energy Group through share issuance and cash, covering coal, coal-fired power, coal chemical, and other businesses, with total assets exceeding 258.3 billion yuan and 2024 revenue reaching 125.9 billion yuan. The transaction will optimize the business structure, enhance resource reserves and profitability, and build a modern coal supply system.

JPMorgan is optimistic about the three major telecom operators, citing H-shares' 5-6% dividend yield plus AI potential! JPMorgan's report, covering China Mobile, China Telecom, and China Unicom for the first time, assigned "overweight" ratings to all, noting their dual appeal: H-shares' dividend yields are highly attractive in the current low-interest-rate environment, and their rapidly growing cloud and data center businesses are benefiting from China's AI industry boom, promising a new round of accelerated revenue growth and valuation re-rating.

East Money's first-half revenue rose 38.65% year-on-year, with net profit up 37.27%.

4 billion yuan in "ammunition" is on the way as Cambricon's private placement plan was approved by the Shanghai Stock Exchange, boosting investment in core AI sectors. Funds will be mainly allocated to chip platform projects and software platform projects for large models, along with supplementing some working capital. This financing comes as domestic computing power demand surges and Cambricon's stock price rises sharply. Some analysts believe the funds will focus on the "Eastern Data and Western Computing" project.

Overseas Macro

Bank of America's Hartnett: If Powell takes a "dovish" stance at the Jackson Hole meeting, U.S. stocks will see a wave of profit-taking. Hartnett warned that while U.S. stocks hit record highs due to rate cut expectations, they face the risk of "buy the rumor, sell the fact". If the Federal Reserve sends a dovish signal at Jackson Hole, investors may take profits, triggering a market decline. He reiterated that U.S. stocks are in a bubble and expressed optimism about gold, commodities, cryptocurrencies, and emerging markets.

Is the U.S. market facing a "major liquidity drain in September"? Barclays predicts that due to the U.S. Treasury's account reconstruction, quarterly tax payments, and bond settlements, bank reserves will plummet to below $3 trillion in September, tightening liquidity. However, the risk of a severe "liquidity crunch" is low, mainly because the market has smoothly absorbed previous Treasury issuances, and the Federal Reserve's standing repo facility provides a strong safety net, with total reserves expected to remain above the 11% adequacy level.

The Federal Reserve will discontinue the program strengthening oversight of banks and cryptocurrencies. The Fed announced on Friday that it will terminate the "New Activity Supervision Program", which was specifically designed to regulate banks' activities in cryptocurrencies and fintech. The Fed stated that this oversight will henceforth be integrated into the regular bank supervision system. Bitcoin fell 0.8% intraday and Ethereum dropped 3.5%, with no significant boost for cryptocurrencies.

Is the crypto sector "influential"? Bessent said "the U.S. government will not buy new bitcoins" but reversed his stance hours later. Bessent made contradictory statements within hours regarding whether the U.S. government would purchase bitcoins to replenish strategic reserves. He first denied it, then backtracked, saying it would explore budget-neutral ways to expand reserves to fulfill Trump's promise of building a "Bitcoin superpower". Despite the flip-flop, analysts believe it at least indicates the U.S. government will no longer sell bitcoins, and the exit of a $10-billion-level seller is good news for the market.

Japan's Q2 GDP grew 1.2% year-on-year, exceeding expectations. The quarter-on-quarter annualized growth of 1% significantly surpassed the 0.4% market expectation. This data strongly supports the Bank of Japan's potential rate hike later this year and brings rare positive news for Prime Minister Shigeru Ishiba, who faces political pressure.

Is Buffett also betting on a Federal Reserve rate cut? Buffett-led Berkshire is wagering that future rate cuts will benefit the interest rate-sensitive housing sector. In Q2, Berkshire initiated a position in D.R. Horton, one of the largest U.S. homebuilders, with over 1.48 million shares, and also bought approximately 7.05 million shares of another homebuilder Lennar, totaling nearly $590 million in market value at the end of the quarter.

Overseas Companies

NVIDIA's "affiliated" CoreWeave unlocked, with block trades exceeding $1 billion, surprising number of sellers. Morgan Stanley and other investment banks arranged over $1 billion in block trades for CoreWeave, the first time internal shareholders have sold shares since its listing. Media reports stated that bankers were "surprised" by the number of sellers, including CoreWeave director Jack Cogen, whose sold shares were worth nearly $300 million. As of Thursday evening, about 46% of CoreWeave's tradable shares were short positions.

Circle quickly completed a $1.3 billion share issuance, oversubscribed, with top 10 investors securing 75% of shares. Circle and some major shareholders completed the $1.3 billion stock issuance just 71 days after listing. Insiders revealed the deal was oversubscribed, with the top 10 investors allocated 75% of the shares at an issuance price of $130. Circle rose over 7% on Friday, closing near $150.

Where will the money for Intel's stake come from? The Trump administration may utilize the "CHIPS Act". Media reports indicate the Trump administration's discussions are in early stages, with possible options including converting Intel's existing CHIPS Act funding into equity, allocating new funds from a broader pool, or combining the Act's funds with other financing channels. Intel once rose over 6%.

AI is吞噬ing software; European and U.S. software stocks collapsed this week after GPT-5's release. The European software sector plummeted on Tuesday, with German software giant SAP's stock price dropping 7.1% at one point, erasing nearly 22 billion euros in market value, its largest single-day decline since late 2020. Many software stocks have fallen by double digits since mid-July. After GPT-5, the market first truly felt that AI iteration may not only enhance productivity tools but could fundamentally reshape the software industry's business model.

Eli Lilly raised UK prices by up to 170% because Trump complained that "weight-loss drugs in London are much cheaper than in the U.S." Eli Lilly significantly increased the price of weight-loss drug Mounjaro in the UK, with the monthly supply price for the highest dose rising from £122 to £330, a 170% increase; lower doses saw increases between 45% and 138%. This move directly responds to Trump's complaints and political pressure; Trump explicitly expressed dissatisfaction with the price difference in a speech, stating that his London friends bought "weight-loss injections" at a much lower price than in the U.S. market.

Goldman Sachs sells shares of "multi-strategy giant" Millennium, with a minimum investment of $1 million and impressive performance: "only one year of losses since 1990". Goldman Sachs rarely offers Millennium shares to individual investors, with a minimum subscription of $1 million and a maximum of $20 million, allowing high-net-worth individuals to invest in this hedge fund giant previously accessible only to institutions. Managing over $78 billion in assets, the company has an outstanding track record, with only a 3.5% annual loss in 2008 since its founding in 1990.

Industries/Concepts

1. Quantum Computing: The quantum computing industry is in a critical transition from "technology-driven to application-driven". 2025-2030 will be a golden window for commercialization, with expectations to reach a hundreds-of-billions-of-dollars market scale. China's "14th Five-Year Plan" lists quantum technology as a core strategy. With policy support and engineering capabilities, China is expected to achieve breakthroughs in areas like quantum communication and optical quantum computing.

2. Refrigerants: Analysts believe the Ministry of Ecology and Environment's policy banning the production of household refrigerators and freezers using HFCs as refrigerants marks China's home appliance industry officially entering a new phase of environmentally friendly refrigerant replacement. With the in-depth implementation of the Kigali Amendment, China's home appliance industry will gradually establish an eco-friendly refrigeration system dominated by natural refrigerants and fourth-generation refrigerants.

3. Gene Editing: Analysts note that in recent years, gene therapy technologies led by CRISPR have advanced rapidly, making gene therapy safer. The range of indications has expanded from treating single-gene hereditary diseases initially to over 6,000 diseases. The application and popularization of gene editing in human gene therapy is an inevitable trend, with its commercial value poised to grow significantly with further research and development.

4. Commercial Aerospace: Minsheng Securities states that the development path of the satellite internet industry is becoming increasingly clear. On the manufacturing side, technological innovation has laid the foundation for large-scale production; on the launch side, the operation of commercial aerospace launch sites and the development of reusable rocket technology will significantly reduce launch costs and improve capacity. Additionally, breakthroughs in direct mobile phone-satellite connection technology have opened up vast and sustained demand for the industry.

Today's News Preview

The State Council Information Office holds a series of themed press conferences on "High-Quality Completion of the '14th Five-Year Plan'".

Earnings reports of Aimeike and Muyuan Co., Ltd.

Trump said he will meet with Zelensky at the White House on the afternoon of the 18th (U.S. Eastern Time), with European leaders also reportedly invited.

Disclaimer: The views in this article are solely those of the author and do not constitute investment advice for this platform. This platform makes no guarantees regarding the accuracy, completeness, originality, or timeliness of the information in the article, nor does it assume responsibility for any losses arising from the use or reliance on such information.