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　　[Overnight News]

　　Nasdaq and S&P index fell for three consecutive days

The three major U.S. stock indexes closed mixed, with the Dow Jones Industrial Average up 0.20% at 39,935.07 points, the S&P 500 down 0.51% at 5,399.22 points, and the Nasdaq down 0.93% at 17,181.72 points. Both the Nasdaq and the S&P 500 fell for the third consecutive trading day.

In terms of macro data, the initial value of the US real GDP in the second quarter increased by 2.8% year-on-year, 2% higher than the expected value and the previous value of 1.4%.

In addition, the annualized initial value of the core PCE price index in the second quarter of the United States rose by 2.9% month-on-month, in line with expectations of a 2.7% increase, and the final value of the first quarter rose by 3.7%; it rose by 2.7% year-on-year, and the final value of the first quarter rose by 2.9%. The initial value of the PCE price index in the second quarter of the United States rose by 2.6% month-on-month, and the final value of the first quarter rose by 3.4%; it rose by 2.6% year-on-year, and the final value of the first quarter rose by 2.6%.

Reuters reported that the data dispelled concerns that the U.S. economic expansion was in danger of coming to an abrupt end. Christopher Rupkey, chief economist at FWDBONDS, was quoted as saying, "Economic growth is solid, not too hot or too cold." "Inflation seems to be moving in the direction of the Fed, which may ease monetary repression by cutting interest rates in September."

On the market, large technology stocks fell across the board, with Google down 3.10% and Microsoft down 2.45%. Chip stocks fell, with AMD down 4.36%, Qualcomm down 3.14%, Intel down 1.89%, and Nvidia down 1.72%. Gold stocks were weak, with Pan American Silver down 5.77%, Harmony Gold down 5.2%, Barrick Gold down 4.06%, Eldorado Gold down 3.77%, and Kinross Gold down 3.56%.

　　OpenAI announces launch of SearchGPT

On Thursday, OpenAI announced its own prototype search engine, called SearchGPT, which aims to provide users with "fast and timely answers with clear and relevant sources," marking its most direct challenge yet to Google.

OpenAI declined to say when SearchGPT would be available, but said it would initially be available to users on a waiting list.

The company said it’s communicating with creator and publisher partners to get feedback on the new tool, and plans to integrate its most successful search features into ChatGPT. It promises users the ability to “search in a more natural and intuitive way” and ask follow-up questions “just like you would in a conversation.”

　　Ford Motor Co. suffers biggest one-day drop in more than 15 years

Ford Motor released its financial report showing that it achieved revenue of $47.8 billion in the second quarter of this year, a year-on-year increase of 6.2%. Adjusted EBITDA was $2.8 billion, a year-on-year decrease of 26.3%, lower than the $3.73 billion expected by analysts; adjusted earnings per share (EPS) was $0.47, a year-on-year decrease of 34.7%, also lower than market expectations.

Affected by performance that fell short of expectations, Ford Motor's stock price plummeted 18.40%, marking its worst single-day performance in more than 15 years (since November 2008).

Warranty costs weighed heavily on earnings. Chief Financial Officer John Lawler said repair costs were related to vehicles from 2021 and earlier. Lawler also said the launch of new F-Series pickup trucks and Explorer SUVs in the first half of the year also contributed to higher costs.

In terms of performance guidance, Ford Motor did not raise its full-year profit forecast, but maintained its full-year adjusted EBIT forecast of $10 billion to $12 billion. At the same time, the company raised its adjusted free cash flow forecast by $1 billion to between $7.5 billion and $8.5 billion. This adjustment reflects Ford Motor's cautious assessment of its financial situation in the context of the current slowdown in the auto market.

　　Meta faces huge EU antitrust fine

Meta is facing its first fine from the European Union for allegedly abusing its dominant position in the classifieds market by bundling its Marketplace classifieds service with the Facebook social network.

As part of an EU order to be issued in the coming months, the European Commission may also require Facebook to create a separate classifieds platform, according to people familiar with the matter. Allowing users to log in to Facebook Marketplace without going through the social media platform.

The European Union's antitrust department is preparing to use the power granted by the Digital Markets Act to require Facebook to stop using data from rival advertising platforms to compete with its rivals. The decision is still in draft form and is expected to be announced this fall, but it may still change before that.

A Meta spokesperson said the European Commission’s claims were without merit, but they would continue to work constructively with regulators on the issue.

　　California governor orders removal of homeless camps

California Governor Gavin Newsom said on Thursday the state will begin dismantling homeless encampments after a recent Supreme Court ruling upheld anti-camping laws that impose tickets and fines on people sleeping on the streets, Reuters reported.

"It's time to take urgent action at the local level to clean up these sites, focus on public health, focus on public safety. There are no more excuses," Newsom said in a video posted on the X website.

Data from the U.S. Department of Housing and Urban Development show that California had 180,000 homeless people in 2023, more than any other state, and most of them slept outdoors.

The move comes after the U.S. Supreme Court on June 28 overturned a 2019 Ninth Circuit ruling that said people could not be punished for sleeping outdoors in public "when there are no adequate alternatives."

Newsom said in the video that agencies should adopt policies to prioritize addressing encampments, provide at least 48 hours’ notice of evacuations, contact service providers, recover personal property from removal sites and store it for at least 60 days.

　　【Today's Focus (Beijing Time)】

07:30 Japan Tokyo CPI in July

10:00 China Council for the Promotion of International Trade holds its July regular press conference

10:00 The Supreme People's Procuratorate held a press conference on "Punishing cross-border fraud crimes in accordance with the law and protecting the legitimate rights and interests of the people"

10:00 The State Council Information Office held a series of press conferences on "Promoting High-quality Development" (State-owned Assets Supervision and Administration Commission of the State Council)

17:00 China's foreign exchange market transaction volume in June

20:30 U.S. per capita disposable income in June

22:00 U.S. University of Michigan Consumer Expectations Index for July

　　【New stock subscription】

Longtu Optical Mask (688721.SH)

Subscription code: 787721

Issue price: 18.50 yuan/share

Issue price-earnings ratio: 30.20

Listing location: Shanghai Stock Exchange Science and Technology Innovation Board

Main business: R&D, production and sales of semiconductor masks. It is a rare independent third-party semiconductor mask manufacturer in China.

　　【New Stock Listing】

GreenLink Technology (301606.SZ)

Issue price: 21.21 yuan per share

Issue price-earnings ratio: 24.00

Listing location: Shenzhen Stock Exchange ChiNext

Main business: R&D, design, production and sales of 3C consumer electronic products. The products mainly cover five series: transmission, audio and video, charging, mobile peripherals and storage.

　　【Financial Hotspots】

　　Typhoon Gemi lands in Fujian

At 19:50 on July 25, this year's third typhoon "Gemi" landed on the coast of Xiuyu District, Putian City, Fujian Province. According to statistics from the Fujian Provincial Flood Control Office, as of 15:00 on the 25th, Fujian had sent 128,700 cadres to the grassroots and evacuated 240,800 people. Fuzhou, Putian, Ningde, Pingtan and other four places coordinated 187 local professional emergency rescue teams with 5,172 people on standby, and mobilized more than 1,932 sets of emergency rescue equipment.

　　The Central Meteorological Observatory continues to issue yellow warnings for high temperatures

The Central Meteorological Observatory continued to issue a yellow high temperature warning at 06:00 on July 26: It is expected that during the daytime on July 26, there will be high temperatures of 35-36℃ in the southern Xinjiang Basin, northwestern Inner Mongolia, Sichuan Basin, Chongqing, central and southern Hubei, Hunan, eastern Guizhou, Guangxi, central and western Guangdong, etc.; among them, the highest temperatures in some areas of the southern Xinjiang Basin, northwestern Inner Mongolia, western Hunan, southeastern Chongqing, central and northern Guangxi, western Guangdong, etc. will be 37-39℃, and may reach above 40℃ in some local areas.

　　A new round of deposit rate cuts begins

On July 25, six state-owned banks took collective action and announced a reduction in RMB deposit rates. According to analysts, banks adjusting deposit rates will help reduce liability costs, stabilize net interest margins, and help banks further support financing for the real economy. The industry generally believes that the big banks taking the lead in reducing deposit rates may lead small and medium-sized banks to follow suit, ushering in a new round of deposit rate cuts.

　　One month has passed since Beijing's "626" new property market policy was implemented

It has been a month since the release of Beijing's "626" new property market policy. Overall, the market sentiment for both new and second-hand houses has warmed up, and the market activity has increased significantly. When talking about the current second-hand housing prices, many brokers said that price cuts do exist, but it depends on the housing supply, and the price differentiation between housing sources in different sectors is quite obvious.

　　Treasury bond futures hit a new record high

Boosted by the news that state-owned banks cut deposit rates and the central bank cut the MLF operating rate by 20 basis points, treasury bond futures hit a new record high. Analysts believe that short-term interest rates have fallen significantly after the rate cut, while long-term interest rates are relatively restrained, but fundamental factors still support further declines in bond yields. Under the current market sentiment and policy environment, institutions recommend that investors be cautious in bond investment, avoid excessively extending the duration, and pay attention to the possible policy trends of the central bank and market adjustment opportunities.

　　Institutional delegations conduct research on Beijing Stock Exchange companies

Recently, companies listed on the Beijing Stock Exchange have frequently been surveyed by institutional investors. In the past month, 36 companies have been surveyed by funds, securities companies, insurance companies and other institutions, with a total of 40 surveys. In view of the current market hot spots and the semi-annual report disclosure season, listed companies with outstanding performance and companies in hot areas such as unmanned driving and high-end manufacturing have attracted much attention from institutions.

　　Public offering funds have distributed dividends of more than 100 billion yuan this year

As of July 25, more than 1,000 funds (calculated by combining different fund shares) have announced dividends this year, with a total dividend amount of more than 100 billion yuan, among which bond funds are the main dividend payers. In terms of the amount of dividends, many funds are generous, with Huatai-PineBridge CSI 300 ETF paying 2.494 billion yuan in dividends, and Southern CSI 500 ETF, BOC Securities Anjin Bond, and Golden Eagle Tianying Pure Bond also paying more than 1 billion yuan in dividends this year.

　　Hong Kong stocks IPO boom

Since June, a total of 44 companies have updated their Hong Kong IPO application status, and a total of 19 companies have been successfully listed on the Hong Kong Stock Exchange, while there were only 10 companies listed in the same period last year. Among the companies that submitted their applications for the first time this year, there are many "star" companies. In the view of industry insiders, the surge in the Hong Kong stock IPO market may be related to many factors such as policies and market factors.

　　Boeing's Starliner malfunction remains unresolved

On July 25th local time, US officials said that two American astronauts will remain on the International Space Station until engineers complete the repair of Boeing's "Starliner" problems, and the return date has not yet been determined.

　　Media tycoon Murdoch family succession battle begins

Murdoch, 93, is a big name in the American media industry. According to secret court documents, the Murdoch family is embroiled in a court battle over succession and group control, with the core being the Murdoch Family Trust, which holds a large number of shares in Fox and News Corp. At the end of last year, Murdoch was exposed to have submitted an application hoping to grant exclusive control of the trust to his eldest son Lachlan.