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　　[Overnight News]

　　Tesla's performance fell short of expectations and fell sharply after the market closed

On the 23rd local time, as investors waited for large companies to disclose financial reports, the three major U.S. stock indexes all closed slightly lower, with the Dow Jones Industrial Average down 0.14%, the Nasdaq down 0.06%, and the S&P 500 down 0.16%.

Popular Chinese stocks fell across the board, with Xpeng Motors and iQiyi falling more than 6%, NIO falling more than 4%, Li Auto and Bilibili falling more than 3%, Vipshop, JD.com, Weibo, and Baidu falling more than 2%, and Pinduoduo, Alibaba, and NetEase falling slightly.

After the market closed today, Tesla and Google kicked off the earnings season for the “Big Seven”.

Tesla's adjusted earnings per share in the second quarter were $0.52, compared with an expected $0.6; revenue was $25.5 billion, compared with an expected $24.63 billion; net profit was $1.478 billion, compared with an expected $1.806 billion; sales growth rate is expected to decline significantly in 2024; new models are planned to be put into production in the first half of 2025. As of press time, the company's stock price fell more than 7% after hours.

According to CNBC analysis, Tesla is still the company with the highest sales of electric vehicles in the United States so far, but its market share is being taken away by more and more competitors, partly due to the aging of its sedan and SUV lineup.

Rival automakers' U.S. sales of all-electric vehicles grew 33% year-over-year in the first half of 2024, while Tesla's sales fell 9.6% during the same period, according to data tracked by Cox Automotive.

Google's parent company Alphabet's second-quarter earnings per share were $1.89, compared with an expected $1.84; revenue was $84.74 billion, compared with an expected $84.37 billion; net profit was $23.619 billion, compared with an expected $22.87 billion; Google's advertising revenue in the second quarter was $64.62 billion, compared with an expected $64.53 billion. As of press time, the company's stock price fell more than 1% after the market closed.

　　International oil prices plummet

International oil prices fell for the fourth consecutive trading day as expectations for a Gaza ceasefire grew and concerns about demand.

WTI September crude oil futures closed down $1.44, or about 1.84%, at $76.96 a barrel; Brent September crude oil futures closed down $1.39, or about 1.69%, at $81.01 a barrel.

Crude oil prices have remained high so far this year, helped by OPEC+ production cuts and expectations that U.S. interest rates could fall as early as September, Bloomberg believes.

Meanwhile, summer gasoline demand has not pushed up prices. Market analysts have been predicting a tighter third quarter, with U.S. crude inventories falling for three straight weeks. But gasoline demand was weak in the week ended July 12, falling by 615,000 barrels a day, according to the U.S. Energy Information Administration.

　　Delta Air Lines under U.S. regulatory investigation

U.S. regulators are investigating how Delta Air Lines treated passengers affected by flight cancellations and delays as the airline struggles to recover from a global technology outage, The Associated Press reported.

According to reports, U.S. Transportation Secretary Pete Buttigieg announced the investigation into Delta Air Lines on social media, "All airline passengers have the right to be treated fairly, and I will ensure that this right is upheld."

Delta and its Delta Connection partners had canceled about 500 flights on the East Coast as of midday Tuesday, accounting for about two-thirds of all cancellations in the U.S., according to tracking platform FlightAware. Delta has canceled more than 6,600 flights since the global technology outage began, far more than any other airline.

Delta said more than half of its technology systems run on Microsoft Windows, including tools used to schedule pilots and flight attendants, and that the systems couldn’t keep up with the large number of changes triggered by the outage.

The Transportation Department said it launched the investigation after seeing widespread and ongoing flight disruptions at Delta "and reports of customer service failures." The department said the investigation will continue as it processes complaints it has received about Delta.

　　GM slows down electric vehicle plans again

According to CNBC, General Motors said on Tuesday local time that it will slow down its all-electric vehicle plans again, further delaying its second electric truck factory in the United States and the Buick brand's first electric vehicle.

The report said that the restructuring of the Michigan electric truck plant has been delayed by six months until mid-2026. This also means that GM will not be able to achieve its previously proposed goal of increasing North American electric vehicle production capacity to 1 million by 2025.

In a conference call with investors, GM Chief Executive Mary Barra said, “We are committed to delivering profitable growth in a responsible manner.” Barra’s comments came a week after she expressed concerns about GM’s ability to meet its North American electric vehicle production targets.

Barra also did not provide an update on the launch date of Buick's first electric vehicle, which was previously expected to be launched in 2024. The goal of the entire Buick brand is to be fully electric by 2030, which is part of GM's plan to exclusively offer consumer electric vehicles by 2035.

The report pointed out that GM's electric vehicle deliveries in the United States in the second quarter increased by 40% year-on-year to 21,930 vehicles. Despite this, electric vehicles only accounted for 3.2% of its total US sales in the second quarter.

GM Chief Financial Officer Jacobson said the company will increase assembly efforts this year to achieve production and wholesale of 200,000 to 250,000 all-electric vehicles in North America. He reiterated that GM expects its electric vehicles to be profitable on a production or marginal contribution basis once production reaches 200,000 units in the fourth quarter. In addition, GM has also postponed the development of the Cruise Origin self-driving car indefinitely.

　　Zuckerberg unveils new large language model

According to Reuters, US technology giant Meta has released a new and powerful artificial intelligence model.

It is reported that Llama 3.1 released by Meta has made a major update based on Llama 3. Llama 3.1 is mainly used to drive chatbots, can conduct conversations in eight languages, write higher quality computer code, and solve more complex mathematical problems.

The largest version of Llama 3.1 has 405 billion parameters, far more than the previous version released last year, but still smaller than the leading models of competitors. OpenAI's GPT-4 model has 1 trillion parameters, and Amazon is investing in a model with 2 trillion parameters.

　　【Today's Focus (Beijing Time)】

09:30 Market price changes of important means of production in the circulation sector

10:00 The State Council Information Office held a series of press conferences on "Promoting High-quality Development" (Ministry of Agriculture and Rural Affairs)

10:00 The Supreme People's Procuratorate held a press conference on "Deepening the comprehensive reform of the judicial system and fully and accurately implementing the judicial responsibility system"

10:00 The Taiwan Affairs Office of the State Council held a press conference on July 24

15:00 Eurozone July Manufacturing PMI

22:00 US June new home sales data

22:00 US crude oil inventories

　　【Financial Hotspots】

　　State-owned Assets Supervision and Administration Commission of the State Council: Pay more attention to the value of central enterprises' operating performance

From July 22 to 23, the State-owned Assets Supervision and Administration Commission of the State Council held a seminar for leaders of central enterprises. The meeting proposed that central enterprises pay more attention to the value of operating performance, strengthen cash flow management, intensify lean management and control, actively expand effective investment, ensure the supply and price stability of important basic products, strictly settle accounts receivable of small and medium-sized enterprises, and promote a sustained recovery in the economy.

　　Ministry of Agriculture and Rural Affairs: Strengthen the standardized management of rural homesteads

On July 23, Han Jun, Secretary of the Party Leadership Group of the Ministry of Agriculture and Rural Affairs, presided over a national policy briefing for the agricultural and rural system. The meeting stressed that we must strictly adhere to the bottom line and red line of the rural homestead policy, effectively strengthen the standardized management of rural homesteads, and focus on standardized management in accordance with the requirements of ensuring residence, controlling disorderly construction, and revitalizing idle land, and strive to improve the system, strengthen supervision, and continuously improve the level of homestead management.

　　The Ministry of Finance issued 55 billion yuan of 30-year ultra-long-term special government bonds today

On the 24th, the Ministry of Finance issued 55 billion yuan of 30-year ultra-long-term special treasury bonds through the Ministry of Finance's government bond issuance system. The coupon rate will be determined through competitive bidding. So far, the Ministry of Finance has issued 363 billion yuan of ultra-long-term special treasury bonds this year, which are specifically used for the implementation of major national strategies and the construction of security capabilities in key areas.

　　The average profit of self-breeding and self-raising pigs is nearly 700 yuan per head

According to the Securities Times, the main contract 2409 of live pigs in the domestic futures market once reached 18,775 yuan/ton, a high point in the past two years. In the spot market, affected by the recent intensive rains, live pig prices have continued to rise. Data shows that on July 23, the profit of self-breeding and self-raising live pigs was 698.74 yuan/head, and the cumulative increase has been 823.47 yuan/head since 2024.

　　Active equity funds' bank stock holdings increased in the second quarter

As of the end of the second quarter, the positions of bank stocks held by active equity funds increased compared with the end of the first quarter, and several large state-owned banks were increased. According to the Securities Daily, many institutions believe that the overall positions of funds in bank stocks are still low, and there is still room for increasing bank stocks.

　　The registered scale of insurance asset-backed plans exceeded 133.7 billion yuan this year

According to information disclosed by China Insurance Asset Registration and Trading System Co., Ltd., as of July 23 this year, a total of 16 insurance asset management companies have registered 38 asset-backed plans, an increase of 6 year-on-year; the registered scale reached 133.727 billion yuan, a year-on-year decrease of 23.3%.

　　Guanghui Auto denies purchasing major shareholder's assets at a high premium

Guanghui Auto released three articles in a row to respond to recent market concerns. The company said that the total amount of financing for the three times was 17.37 billion yuan, not the "37.8 billion yuan financing" mentioned in the rumors. This calculation method may have misunderstood the 22.8 billion yuan asset injection, which is a misunderstanding.

　　Enjie Shares: Actual controller apologizes for illegal share reduction

Enjie shares announced that the company's actual controller's identification of persons acting in concert and the disclosure of relevant equity information were inaccurate, and there were cases where the simplified equity change report was not disclosed in a timely manner and the company's stock trading was stopped, and the shareholding was reduced in excess of the proportion in violation of regulations. On July 23, the company's actual controller and its persons acting in concert had repurchased 346,500 shares through centralized bidding transactions.