Morning News

# Market Overview

Source: Wall Street CN

The U.S. stock market's sharp rebound was short-lived (lasting only one day), with the three major stock indexes pulling back. The Dow Jones Industrial Average (DJIA) moved away from its record high. Donald Trump reaffirmed plans to significantly cut drug prices, leading pharmaceutical stocks to decline—Merck fell by more than 2% and was the top decliner in the DJIA. Tech giants had a mixed performance: Microsoft and Apple pulled back, while NVIDIA rose by 1% and Tesla gained nearly 2%. After Warren Buffett denied plans to acquire CSX, the railroad freight company's stock closed down by over 5%. Amid tariff threats, furniture stock Wayfair dropped nearly 6%. The U.S.-listed Chinese stocks index recorded a fourth consecutive day of gains; PDD once rose by nearly 5% after releasing its earnings report, and closed up by approximately 0.9%.

After its U.S. wind power projects were halted, Danish wind energy giant Ørsted plummeted by more than 16%. Meanwhile, Puma surged 16% after reports that its major shareholder was considering selling shares.

U.S. Treasuries pulled back, with yields moving away from a one-week low. The U.S. Dollar Index rebounded, emerging from its monthly low. Reports indicated that the U.S. was considering sanctioning EU officials, causing the euro to fall by nearly 1% intraday. Offshore renminbi (CNH) rose by over 200 pips intraday, breaking above the 7.15 level for the first time in a month. Cryptocurrencies pulled back, with Ethereum once dropping by more than 10% from its record high.

Crude oil posted a fourth straight day of gains, reaching a three-week high; U.S. crude oil (WTI) once rose by more than 2%. Gold futures temporarily moved away from their two-week closing high.

During the Asian trading session, China's A-shares rose sharply with expanded volume. The Shanghai Composite Index approached the 3,900-point mark, and the total turnover of the Shanghai and Shenzhen stock markets exceeded 3 trillion yuan (the second-highest in history). Cambricon Technology rose by more than 10% again, while treasury bonds and commodities across the board saw significant gains.

# Top News

Shanghai released the "Shanghai Six Policies" for the property market: Eligible properties outside the Outer Ring Road have no purchase limit; single buyers are treated the same as families when purchasing houses; and housing provident funds can be used for "down payments".

The Trump administration is reportedly considering sanctioning EU officials over the Digital Services Act, causing the euro to fall by nearly 1% intraday.

Trump stated that his administration will "take real action" on U.S. drug prices, vowing to cut drug prices by 1,500%, and pharmaceutical stocks fell in response.

The U.S.-South Korea leaders' meeting yielded no results. Trump said the terms of the July trade agreement will remain unchanged; he does not mind renegotiating but emphasized that this does not mean South Korea will get everything it wants. He also expressed hope to meet with Kim Jong-un this year.

NVIDIA's new "brain" for robots is here: The AI computing power of Jetson Thor is 6.5 times higher than that of its predecessor, enabling real-time inference for physical AI.

The AI computing power race escalates: Google detailed its next-generation Ironwood TPU architecture, which sees a 16-fold surge in performance, with a single chip delivering 4,614 TFLOPs of computing power.

xAI, owned by Elon Musk, has sued Apple and OpenAI in a Texas court in the U.S., accusing them of violating antitrust laws. Musk has also established a new company named "Giant Hard" (tentative translation), aiming to "rebuild Microsoft's products using AI".

PDD's Q2 revenue growth slowed to 7%, and the decline in net profit narrowed to 4% (better than expected), while marketing expenses only increased by 4.5%. During the earnings call, PDD stated: "We do not believe the profit this quarter is sustainable; we are willing to sacrifice short-term profits and adhere to reinvesting in the ecosystem in the long run."

Report: Pinault family, the major shareholder of Puma, is considering selling its shares, with potential buyers including Anta and Li-Ning; Puma's stock price soared by 16%.

# Market Closing Quotes

## U.S. and European Stock Markets

- S&P 500: Down 0.43%, closing at 6,439.32 points

- Dow Jones Industrial Average (DJIA): Down 0.77%, closing at 45,282.47 points

- NASDAQ Composite: Down 0.22%, closing at 21,449.292 points

- Europe's STOXX 600 Index: Down 0.44%, closing at 558.82 points

## China's A-Shares

- Shanghai Composite Index: Up 1.51%, closing at 3,883.56 points

- Shenzhen Component Index: Up 2.26%, closing at 12,441.07 points

- ChiNext Index: Up 3%, closing at 2,762.99 points

## Bond Market

By the end of the bond market session, the yield on the U.S. 10-year benchmark Treasury note was approximately 4.28%, up about 3 basis points intraday; the yield on the U.S. 2-year Treasury note was around 3.72%, rising roughly 2 basis points intraday.

## Commodities

- WTI Crude Oil Futures (October contract): Up 1.79%, closing at $64.80 per barrel

- Brent Crude Oil Futures (October contract): Up 1.58%, closing at $68.80 per barrel

- COMEX Gold Futures (December contract): Down 0.03%, closing at $3,417 per ounce (Note: Original text had a typo "3417.美元/盎司", corrected to standard formatting "$3,417 per ounce")

# Details of Top News

## Global Highlights  

### Shanghai Releases "Shanghai Six Property Policies": No Purchase Limit for Eligible Properties Outside Outer Ring Road; Singles Treated as Families for Home Buying; Housing Provident Fund Allowed for "Down Payments"  

Shanghai has rolled out the "Shanghai Six Policies" for the property market, featuring the following key measures:  

- There is no limit on the number of eligible properties that can be purchased outside the Outer Ring Road.  

- Single buyers are treated the same as families when purchasing residential properties.  

- Housing provident funds can be used to cover "down payments" for home purchases.  

- The maximum amount of individual housing provident fund loans has been increased by 15%: the maximum loan limit for first-time home purchases has been raised from 1.6 million yuan to 1.84 million yuan.  

- Support is provided for withdrawing housing provident funds to pay the down payment of a house, and the policy of "both withdrawing and borrowing" housing provident funds is allowed.  

- Commercial individual housing loan interest rates will no longer distinguish between first-home and second-home purchases.  

### Trump Administration Reportedly Considering Sanctioning EU Officials Over Digital Services Act; Euro Falls Nearly 1% Intraday  

According to media reports, the Trump administration is weighing sanctions against EU or member-state officials responsible for enforcing the **Digital Services Act (DSA)**. U.S. officials held an internal meeting on this topic last week, which caused the euro to drop nearly 1% during intraday trading.  

### Trump Vows to "Take Real Action" on U.S. Drug Prices, Claims to Cut Prices by 1,500%; U.S. Pharmaceutical Stocks Fall in Response  

U.S. President Trump stated on Monday that he will cut U.S. drug prices by as much as 1,400% to 1,500%, emphasizing that his administration "will take real action on drug costs". He warned that the U.S. will address the cost figures of pharmaceutical prices and will soon impose tariffs on the pharmaceutical sector.  

This remarks triggered a slump in the U.S. healthcare sector: the S&P 500 Healthcare Index fell by more than 1.3% at one point, and the stock prices of many major pharmaceutical companies dropped sharply.  

### U.S.-South Korea Leaders’ Meeting Yields No Results; Trump Says July Trade Deal Terms Remain Unchanged, Despite Lee Jae-myung’s "Favorable Debut" at the White House  

Trump described South Korean President Lee Jae-myung as a "very outstanding representative of South Korea". He said, "I don’t mind renegotiating the trade deal with South Korea, but that doesn’t mean they will get anything." He emphasized, "We stood our ground. They will fulfill the agreement they have already agreed to." A South Korean spokesperson stated after the meeting that the U.S.-South Korea summit barely reached any consensus.  

### Trump: Hopes to Meet Kim Jong-un This Year  

On the local time of the 25th, U.S. President Trump held a meeting with South Korean President Lee Jae-myung at the White House. During the meeting, Trump expressed his hope to meet with North Korean top leader Kim Jong-un this year.  

### NVIDIA’s New "Brain" for Robots Arrives: Jetson Thor’s AI Computing Power 6.5x Higher Than Predecessor, Unlocking Real-Time Inference for Physical AI  

NVIDIA has launched Jetson Thor, a new AI computing platform for robots, with the following key specifications:  

- Its AI computing power is 6.5 times higher than that of its predecessor, and its energy efficiency is 3.5 times better.  

- It can deliver up to 2070 FP4 TFLOPS of AI computing power within a 130-watt power consumption, with 128GB of memory.  

- Specifically designed for generative inference models, it enables real-time processing at the edge.  

- The Jetson AGX Thor developer kit starts at $3,499.  

At the same time, NVIDIA announced that the DRIVE AGX Thor developer kit for autonomous vehicles—based on the DriveOS 7 software stack—is now open for pre-order and is expected to start shipping in September.  

### AI Computing Power Race Intensifies: Google Details Next-Gen Ironwood TPU Architecture, Performance Surges 16x, Single-Chip Computing Power Reaches 4,614 TFLOPs  

Google’s 7th-generation TPU architecture, **Ironwood**, has achieved exponential growth in core performance:  

- A single Ironwood chip boasts a peak computing power of up to 4,614 TFLOPs.  

- Compared with Google’s TPU v4 launched in 2022, Ironwood’s single-chip computing power has increased by more than 16 times.  

Google also unveiled the rack, network interconnection, and cooling systems built around this chip.  

### Musk’s xAI Sues Apple and OpenAI in Texas Court, Alleging Antitrust Law Violations  

On Monday, August 25th, X Platform and xAI—owned by Elon Musk—filed a lawsuit against Apple and OpenAI in a Texas court. The lawsuit accuses the two companies of "exclusive integration" of ChatGPT in the iOS system, restricting the fair competition of AI chatbots such as Grok, which is alleged to be an act of monopoly.  

This is not an abrupt move: as early as August 12th, Musk claimed that Apple suppressed competitors through algorithmic bias and App Store recommendation mechanisms, while OpenAI CEO Sam Altman retorted that Musk "is accustomed to manipulating platforms".  

### Musk Launches New Company "Ju Ying" (Tentative Translation): Aims to "Rebuild Microsoft’s Products with AI"  

The name of Musk’s new company—"Ju Ying" (literally "Giant Hard", a direct counter to Microsoft’s Chinese name "Wei Ruan", meaning "Micro Soft")—is a direct provocation against Microsoft. Its core goal is ambitious: to use xAI’s technology and massive computing power to simulate and replace the functions of software such as Microsoft Office.  

This initiative stems not only from Musk’s long-standing feud with Microsoft and Bill Gates but also represents a direct subversion of Microsoft’s business model. "High-end business competition is often this simple and unadorned," as observed.  

### PDD’s Q2 Revenue Growth Slows to 7%, Net Profit Decline Narrows to 4% (Better Than Expected), Marketing Expenses Rise Only 4.5%; Earnings Call: "Does Not Believe This Quarter’s Profit Is Sustainable, Willing to Sacrifice Short-Term Profits to Reinvest in Ecosystem Long-Term"  

PDD’s Q2 revenue growth slowed slightly, but thanks to controlled marketing expenses, the decline in the company’s net profit narrowed significantly:  

- Non-GAAP net profit fell 4% year-on-year to 32.71 billion yuan, far exceeding the market expectation of 22.39 billion yuan.  

- Sales and marketing expenses reached 27.21 billion yuan, up 4.5% year-on-year—an obvious slowdown from the 43% growth in Q1.  

During the earnings call, PDD’s management emphasized that the company will continue to increase support for merchants, so "it does not believe the profit in this quarter is sustainable". "Compared with short-term performance, we pay more attention to investments that can bring long-term returns to the platform ecosystem. This is why we are willing to sacrifice profits and adhere to reinvesting in the ecosystem in the long run."  

### Report: Pinault Family Considers Selling Puma Shares; Potential Buyers Include Anta and Li-Ning  

According to reports, the Pinault family—one of Puma’s major shareholders—is considering selling its shares in the company and has conducted preliminary contacts with potential buyers to gauge acquisition intentions. The list of contacts includes not only Chinese sports goods giants such as Anta Sports and Li-Ning but also U.S. peers and sovereign wealth funds in the Middle East. Puma’s stock price has fallen by approximately 50% so far this year.  

## Domestic Macroeconomics  

### General Office of the CPC Central Committee and General Office of the State Council: Prioritize Total Quota Control for Industries with Relatively Stable Carbon Emissions by 2027  

By 2027, total quota control will be prioritized for industries with relatively stable carbon emissions. Specific measures include:  

- Steadily promoting a combination of free and paid allocation of carbon emission allowances, and increasing the proportion of paid allocation in an orderly manner.  

- Establishing an allowance reserve and market adjustment mechanism to balance market supply and demand, and enhance market stability and liquidity.  

- Reasonably determining the proportion of certified voluntary emission reductions used to offset the settlement of carbon emission allowances.  

### Active Foreign Capital Inflows into A-Shares for the First Time Since Last October  

Liu Gang from CICC pointed out that active foreign capital has flowed into A-shares for the first time since last October, with an inflow of 19.85 million U.S. dollars. From a liquidity perspective, A-shares are "leading": if the current resonance between capital and the market continues to strengthen, it will likely spill over to Hong Kong stocks. In the long run, Hong Kong stocks have structural advantages, providing stable returns from high dividends and growth returns from structural highlights.  

## Domestic Companies/Industries  

### Focus of Tencent’s European Roadshow: How Does AI Drive Growth?  

Goldman Sachs stated that during its European roadshow, Tencent highlighted the following key points:  

- The company has significant cost advantages in AI infrastructure, reducing inference costs through dynamic model routing.  

- Tencent’s Hunyuan 3D model ranks leading on Hugging Face.  

- AI technology is deeply integrated into the WeChat ecosystem, driving improvements in game development efficiency, advertising conversion rates, and cloud service growth.  

Goldman Sachs maintained a "Buy" rating on Tencent, with a target price of HK$701.  

### Cambricon’s Target Price Raised to 1,835 Yuan: How Did Goldman Sachs Calculate It?  

Goldman Sachs raised Cambricon’s 12-month target price by 50% from 1,223 yuan to 1,835 yuan, representing a potential upside of 47.6%. The target price implies a projected price-to-earnings (P/E) ratio of 44x for 2030. In a bull market scenario, Cambricon’s stock price could even reach 3,934 yuan.  

### Major Restructuring of Huawei Cloud’s Business Structure? Response: "Will Allocate More Resources to AI and Computing Power Industries"  

Some analysts believe that this adjustment is equivalent to a "disguised layoff" and organizational restructuring of Huawei’s entire Cloud Business Unit (BU). The fact that core departments such as R&D and product development are the first to be restructured clearly indicates that this is not a short-term contraction but a "strategic abandonment" of certain non-core and peripheral businesses. Huawei responded that it "will allocate more resources to the AI industry and computing power industry".  

### Which Undervalued Sectors Remain in the AI Plate?  

Zhang Qiyao from Industrial Securities and other analysts believe that the current spread of the AI market rally to domestic computing power and application ecosystems is still in its early stages, with many sub-sectors worth exploring. Therefore, the follow-up layout of the AI main line should continue with a "spreading" mindset, including:  

- The spread of the domestic computing power chain (semiconductor equipment and materials).  

- The spread of domestic mid-to-downstream application terminals (Hong Kong-listed Internet companies, software applications).  

### China Evergrande: Officially Delisted  

On August 25th, China Evergrande could no longer be found under the "Existing Listed Securities" category on the Hong Kong Stock Exchange’s Disclosure and Filing System; the company was officially listed under "Delisted Securities". This means that China Evergrande was officially delisted starting from August 25th.  

### Luxshare Precision’s H1 Net Profit Rises 23.13% YoY; Global Layout Accelerates  

Luxshare Precision released its H1 financial report:  

- Operating revenue reached 124.503 billion yuan, up 20.2% year-on-year.  

- Net profit attributable to shareholders was 6.644 billion yuan, up 23.1% year-on-year, with sustained improvement in profitability.  

- Q2 operating revenue was 62.72 billion yuan, up 22.51% year-on-year.  

- Q2 net profit attributable to shareholders was 3.601 billion yuan, up 23.09% year-on-year.  

### New Easy Plus’s H1 Revenue Surges 282.64% YoY, Net Profit Jumps 356% YoY  

Driven by strong global demand for high-speed optical modules amid AI computing power infrastructure construction, New Easy Plus achieved impressive H1 performance (2025):  

- Operating revenue soared 282.64% year-on-year to 104.37 billion yuan.  

- Net profit surged 355.68% year-on-year to 3.942 billion yuan.  

- Revenue from high-speed optical modules (4.25G and above) accounted for nearly 99%.  

In terms of technology, New Easy Plus has launched high-end products such as 1.6T/800G, covering VCSEL, EML, and silicon photonics solutions. Its production capacity expanded rapidly, with 7.1 million optical modules sold in H1.  

### Topivot Info’s H1 Revenue Drops 24.42% YoY; Non-Recurring Gains Drive Net Profit Surge of 2,262.83% YoY  

Topivot Info’s H1 operating revenue fell 24.42% year-on-year, while its net profit surged by 2,262.83% year-on-year, mainly driven by non-recurring gains.  

### 37 Interactive Entertainment’s H1 Net Profit Rises Over 10% YoY; AI Empowerment Effects Highlighted  

37 Interactive Entertainment’s H1 net profit increased by more than 10% year-on-year, with the positive effects of AI empowerment becoming increasingly prominent.  

### Sungrow’s Energy Storage Business Drives Growth; H1 Net Profit Rises 55.97% YoY, Overseas Business Performs Brightly  

Sungrow’s H1 net profit rose 55.97% year-on-year, driven by its energy storage business. Its overseas business also delivered outstanding performance.  

## Overseas Macroeconomics  

### Powell’s "Dovish Tone" Resonates; Major Banks Including Barclays and BNP Paribas Rapidly Adjust Expectations: 25 Basis Point Rate Cut in September  

Powell’s "dovish pivot" has quickly reshaped Wall Street’s expectations: Barclays, BNP Paribas, and Deutsche Bank now all predict a 25-basis-point interest rate cut in September, followed by another cut in December. Earlier, Powell’s rare warning about downside risks in the labor market was interpreted by the market as a sign that the Federal Reserve’s policy focus has shifted from fighting inflation to preventing an economic recession.  

### Two More Critical Data Releases May Upset Fed’s September Rate Cut Expectations  

Powell’s speech at the Jackson Hole Economic Symposium cleared the way for a rate cut next month. However, industry experts warned that the August employment data (released on September 5th) and CPI data (released on September 11th) will be the key factors determining the September rate cut. Powell’s continued caution suggests that an overly strong August employment report or more worrying CPI data could still delay the rate cut.  

### U.S. Banking Industry Lobbies to Block Interest-Bearing Rules for Stablecoins, Fearing $6.6 Trillion in Deposit Outflows  

Last week, U.S. banking lobbying groups complained to lawmakers:  

- Although banks are allowed to issue their own stablecoins, they cannot pay interest to users like traditional deposits.  

- Cryptocurrency exchanges, however, can indirectly provide interest to users holding third-party-issued stablecoins through reward mechanisms, putting banks at a competitive disadvantage and even triggering a large-scale shift of funds to the crypto market.  

Banking representatives stated that stablecoins could siphon off approximately $6.6 trillion in deposits from banks.  

### U.S. Political Polarization Intensifies Over Redistricting Disputes, Threatening to Upend Midterm Elections; Criticized as "Pursuing Partisan Interests"  

According to the Global Times, the Texas Senate passed a congressional redistricting bill directly promoted by U.S. President Trump. This bill is expected to help the Republican Party gain 5 more seats in the U.S. House of Representatives in Texas during next year’s midterm elections.  

Commentators pointed out that this move marks the start of a nationwide redistricting dispute, which may upend the midterm elections and determine control of the House of Representatives. In this process, voting rights and other legal considerations are being replaced by pure partisan interests.  

### Brent Crude-Oil Spread to Middle East Crude Turns Negatively Rarely, Hit by Oversupply and Sanctions  

Affected by rising expectations of crude oil oversupply and increasing demand for Middle Eastern crude oil, the price of Brent crude oil futures once fell to $0.03 per barrel below Dubai crude oil. This is the first time the spread between the two has turned negative since April this year.  

## Overseas Companies  

### Apple Plans "Three Consecutive Years of Major Revisions" for the First Time in History, to Launch Foldable Phones, Curved-Screen Models, Etc.  

According to reports, Apple will roll out new models with major revisions for three consecutive years:  

- September 2025: Launch a new slim model named "iPhone Air" to replace the iPhone 16 Plus.  

- 2026: Release the first foldable iPhone, codenamed V68.  

- 2027: Launch a model with a new curved glass design, completely abandoning the flat frame style.  

### Intel Warns: U.S. Government Stake May Hurt Overseas Business Prospects  

Intel warned that the U.S. government becoming a major shareholder may subject the company to additional regulations or restrictions in other countries (especially in Asia), such as foreign subsidy laws—posing a potential threat to its large-scale overseas business. The company also stated that it is uncertain whether this transaction will lead other government entities to attempt to convert existing grants into equity investments, or whether they may be unwilling to support future grants.  

# Goldman Sachs' Silicon Valley AI Research Tour: The Gap in Underlying Models Narrows, AI Competition Shifts to the "Application Layer," and "Inference" Drives a Surge in GPU Demand  

Goldman Sachs' research shows that as the performance of open-source and closed-source foundational models gradually converges, pure model capability is no longer a decisive moat; the key now lies in how AI-native applications can build their own moats. Inference models represented by OpenAI o3 and Gemini 2.5 Pro are emerging as the new frontier in the AI field. This shift in computing paradigm has directly led to a 20-fold surge in demand for GPUs, and capital expenditure on AI infrastructure is expected to remain persistently high.  

# Andrej Karpathy: GPT-5 Pro is Currently the Last Line of Defense for Vibe Coding  

Andrej Karpathy, a leading figure in AI, shared his practical explorations and insights into "Vibe Coding 2.0" programming. In his daily work, he mainly uses Tab completion in the Cursor editor for efficient coding and supplements it with tools like Claude to handle complex functions—though he emphasizes the need to carefully review issues of redundancy and abstraction. Meanwhile, GPT-5 Pro serves as the "last line of defense" for solving intractable problems, capable of uncovering obscure information and identifying subtle errors.  

# Saudi AI Company Breaks Ground on First Batch of Data Centers, Plans to Launch Operations in Early Next Year and Import Chips from the U.S.  

Humain, a newly established artificial intelligence company in Saudi Arabia, has initiated the construction of its first batch of domestic data centers and plans to put them into operation in early 2026. The semiconductors required for these centers will be imported from the U.S. Humain is owned by Saudi Arabia’s sovereign wealth fund and was founded in May during former U.S. President Trump’s visit to Saudi Arabia. Analysts note that this development indicates Saudi Arabia is accelerating the import of AI chips.  

# Buffett: No Current Plans to Acquire Other Railway Companies, but Did Discuss Strengthening Cooperation with CSX  

Warren Buffett, known as the "Oracle of Omaha," stated in an interview with Becky Quick of CNBC that he has no intention of acquiring another railway company and has no interest in purchasing any railway firm. However, Buffett confirmed that he had met with CSX’s CEO to discuss deeper cooperation between the two parties.  

# U.S. Government Halts Wind Power Project, Shares of Wind Energy Giant Orsted Plunge  

A work suspension order issued by the U.S. government forced Danish wind energy giant Orsted to halt a nearly completed offshore wind power project. This incident caused Orsted’s stock price to plummet by 17% to an all-time low and posed challenges to its ongoing large-scale financing plan. Analysts warn that if the project cannot resume, the company may face billions of dollars in asset write-downs and substantial additional costs.  

# Industries/Concepts  

1. **Robotics**: NVIDIA’s robotics account posted a tweet on social media, previewing the launch of a new "brain" for humanoid robots on August 25. Changjiang Securities analysts point out that under the leadership of leading manufacturers, the "brain" technology for humanoid robots is expected to enter a period of rapid development, and the humanoid robot industry may soon reach the stage of mass production with 10,000-unit scale. Companies in segments such as robot controllers, edge computing power, and motion capture systems are expected to benefit.  

2. **6F (Lithium Hexafluorophosphate)**: CSC Financial predicts that the supply-demand ratio of the 6F segment will be 122% and 102% in Q3 and Q4 of 2025, respectively, and 105% and 93% in Q3 and Q4 of 2026. Starting from Q4 2025, 6F will enter a state of tight supply-demand balance, and a supply gap of approximately 7,000 tons is expected in Q4 2026. As such, 6F is likely to be the first lithium battery material segment to see a reversal in supply-demand dynamics, and it already has a certain foundation for price increases.  

3. **Wind Power**: A research report from Zhongtai Securities notes that against the backdrop of sustained growth in offshore wind power installations, an increase in the proportion of doubly-fed/half-direct-drive wind turbine models, and rising market share, the wind power gearbox segment is expected to release incremental growth potential. Additionally, this segment accounts for a high proportion of industry value and boasts better profitability than other wind power component segments.  

4. **Steel**: Changjiang Securities points out that listed steel enterprises have recently released their interim reports one after another. Contrary to the market’s common perception that leading steel companies generally lack earnings flexibility, some leading steel firms have achieved high growth on the basis of a high earnings base, demonstrating impressive earnings resilience. Looking ahead, compared with an upward shift in the steel price range, the logic that lower raw material prices will transfer profits to the steel smelting segment may be more feasible, and the investment value of leading enterprises deserves attention.  

# Today’s Key News Preview  

- U.S. Durable Goods Orders for July  

- U.S. Conference Board Consumer Confidence Index for August  

- U.S. S&P/Case-Shiller 20-City Home Price Index for June  

- Speech by Thomas Barkin, President of the Federal Reserve Bank of Richmond  

- Release of KE Holdings’ Earnings Report  

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