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Editor | Seven three

US stocks mixed

On Tuesday, the three major U.S. stock indexes showed divergent trends, mainly dragged down by sharp declines in chip stocks such as Nvidia.

As of the close of the day, the Dow Jones Industrial Average rose 203.40 points from the previous trading day to close at 40,743.33, an increase of 0.50%; the S&P 500 index fell 27.10 points to close at 5,436.44, a decrease of 0.50%; and the Nasdaq Composite Index fell 222.78 points to close at 17,147.42, a decrease of 1.28%.

Most technology stocks fell. Nvidia fell 7.04% to $103.73, hitting a new closing low since the end of May, dragging down a number of chip stocks. The Philadelphia Semiconductor Index fell 3.88% on the day. Tesla fell more than 4%, Netflix, Microsoft, Amazon, and Meta fell slightly, and Apple and Google rose slightly.

Pfizer's second-quarter earnings per share and operating income were both better than market expectations. The company also raised its full-year performance guidance and its stock price closed up 2.15%.

Procter & Gamble's second-quarter sales unexpectedly fell, and its stock price plummeted 4.84%.

Merck & Co. fell 9.81% after the company cut its full-year earnings forecast, mainly due to one-time charges from its acquisition of EyeBio.

PayPal shares rose 8.59% as the company bet on consumer spending during the back-to-school season and the upcoming holiday shopping season and raised its full-year adjusted earnings forecast for the second time.

The Nasdaq Composite Index fell 222.78 points to close at 17,147.42, down 1.28%.

Microsoft released its earnings report after the market closed on Tuesday, the third of the Big Seven to do so. Last quarter, Microsoft's total revenue grew 15% to $64.7 billion, and its adjusted earnings per share were $2.95, both higher than market expectations. However, Azure cloud computing service revenue grew 29% this quarter, a slowdown from the 31% growth in the previous quarter. The disappointing performance of Google's parent company Alphabet and Tesla last week is believed to have increased the performance pressure on Microsoft.

As the market began to worry about the short-term profit prospects of technology companies' large-scale investments in the field of AI, U.S. technology stocks have fallen recently. The Nasdaq has fallen by about 8% from its historical highest closing price on July 10. During this period, the small-cap stock index Russell 2000, the S&P Mid-Cap 400 Index and the Dow Jones Industrial Average outperformed the S&P 500 and Nasdaq, and achieved the largest outperformance in many years.

In terms of economic data, the number of job openings in the United States in June was higher than expected, and the data for the previous month was revised upward, which runs counter to the recent trend of a gradually weakening labor market. The Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Bureau of Labor Statistics on Tuesday showed that the number of job openings fell to 8.18 million from an upwardly revised 8.23 ​​million in the previous month. Previously, analysts had estimated that the median number of job openings was 8 million.

Data released by the Conference Board on Tuesday showed that the consumer confidence index rose to 100.3 from 97.8 in June, which was revised downward. Among them, the expectation index measuring the outlook for the next six months climbed to 78.2, the highest level since January. The proportion of consumers who expect the business environment to improve has reached the highest level since the beginning of the year.

The Fed will hold a two-day policy meeting starting on Tuesday and release its results and statement on Wednesday. Then Fed Chairman Jerome Powell will hold a press conference, and the market generally expects him to hint at the timing and number of expected interest rate cuts in the coming months.

Traders have priced in a 100% chance of a rate cut in September, according to CME Group’s FedWatch tool.

In the commodity market, international gold prices rose on Tuesday. As of the close of the day, the main contract of COMEX gold futures rose by US$26.4 per ounce, or 1.09%, to US$2,451.9 per ounce.

International oil prices fell. Light crude oil futures for September delivery on the New York Mercantile Exchange fell $1.08 to close at $74.73 a barrel, a drop of 1.42%; London Brent crude oil futures for September delivery fell $0.98 to close at $78.07 a barrel, a drop of 1.24%.

Overseas Hotspots

Market sources said that Harris, the Democratic candidate for the US presidential election, will visit key states next week with her vice presidential candidate, indicating that her running mate selection process is coming to an end. The list of candidates under consideration includes Kentucky Governor Andy Beshear, Pennsylvania Governor Josh Shapiro, Arizona Senator Mark Kelly, Minnesota Governor Tim Waltz and Transportation Secretary Pete Buttigieg.

The US claims that Russia tried to interfere in the US presidential election: Russia: Absurd

On July 30, local time, regarding the US claim that Russia interfered in the US presidential election, Russian President's Press Secretary Peskov said that as the US election approaches, there will be endless remarks about Russia's plan to influence the US election. Peskov stressed that the US accusation that Russia tried to influence the results of the US election is absurd, and Russia firmly refutes it. The US intelligence agencies need to find enemies for the United States in line with the popular political trends in the United States, and they "can't think of a better enemy than Russia."

Explosions were heard in the Ukrainian capital Kiev and air raid sirens were sounded in many places

On July 30, local time, explosions were heard in the Ukrainian capital of Kiev, and air defense sirens were sounded in Kiev. In addition, air defense sirens were sounded in many places in northern, central and eastern Ukraine.

Israeli airstrikes in southern suburbs of Lebanon's capital kill 3, injure 74

On July 31, local time, an attack in the southern suburbs of the Lebanese capital killed three people and injured 74. On the evening of the 30th, an Israeli drone attacked a Hezbollah target in the southern suburbs of Beirut, the capital of Lebanon. It is reported that the drone fired three missiles, causing a building to collapse.

On the afternoon of July 30, local time, the swearing-in ceremony of the new Iranian President Pezhak Ziyan was held in the Iranian Parliament. According to the relevant agenda, Pezhak Ziyan will submit a list of cabinet members to the parliament within two weeks. The Iranian Parliament will then evaluate the new cabinet candidates for about a week before holding a vote of confidence.

Landslides in Kerala, India kill 135

The reporter learned on July 31 local time that a large-scale landslide in Wayanad, Kerala, India has caused 135 deaths and more than 200 people are still missing. In the early morning of the 30th, a large-scale landslide occurred in Wayanad, Kerala, India. The accident site is a remote mountainous area, and the government dispatched helicopters and soldiers to participate in the rescue.

UN Security Council lifts arms embargo on Central African Republic

The UN Security Council unanimously adopted Resolution 2745 on the 30th, deciding to lift the arms embargo on the Central African Republic. The resolution also requires all UN member states to take necessary measures by July 31, 2025 to prevent the direct or indirect supply, sale or transfer of all types of weapons and related materials to armed groups and related individuals operating in the Central African Republic.

Financial News

The Political Bureau of the CPC Central Committee held a meeting on July 30 to analyze and study the current economic situation and deploy economic work in the second half of the year. The Political Bureau meeting made it clear that macroeconomic policies should continue to be more effective. We must strengthen counter-cyclical adjustments, implement proactive fiscal policies and prudent monetary policies, accelerate the full implementation of determined policy measures, and reserve and launch a batch of incremental policy measures as soon as possible.

According to the official WeChat account of the Ministry of Transport, on July 30, the theoretical study center group of the Party Committee of the Ministry of Transport held its ninth collective study in 2024. Li Xiaopeng, Secretary of the Party Committee and Minister of the Ministry, emphasized that we should further comprehensively deepen the reform of transportation, accelerate the reform of key areas of transportation, promote the reform of the railway system, promote the optimization of toll road policies, develop general aviation and low-altitude economy, reduce the logistics costs of the whole society, actively participate in and take the initiative to study the reform tasks related to the transportation industry, and provide motivation and institutional guarantees for striving to accelerate the construction of a strong transportation country and strive to be a pioneer in Chinese-style modernization.

The National Development and Reform Commission held a briefing on the development and reform situation in the first half of 2024. The meeting mentioned that the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" should be further implemented to consolidate the foundation of energy conservation and carbon reduction and improve the green and low-carbon development mechanism. We must do a good job in ensuring the energy supply during the peak summer and winter, make every effort to ensure the safe and stable supply of electricity during the peak summer and winter, make preparations for the heating season in advance, and resolutely defend the bottom line of energy consumption for people's livelihood.

On August 1, 2024, national standards such as the gas appliance series national standards, land reclamation and ecology series national standards, green manufacturing series national standards, "Classification and General Technical Conditions for Spinal Orthotics", "Medical Electrical Equipment Part 2-4: Special Requirements for Basic Safety and Basic Performance of Cardiac Defibrillators", and "Safety and Management Requirements for Teaching Facilities" will come into effect, which will provide technical support for protecting the safety of people's lives and property, promoting mine ecological restoration and the development of green manufacturing industry, and improving people's living standards.

The National Immigration Administration issued an announcement on the 30th, implementing a 144-hour visa-free policy for foreign tourist groups from Hong Kong and Macao to enter Hainan from July 30, 2024. Citizens of countries that have established diplomatic relations with China who hold ordinary passports and visit Hong Kong and Macao can enter Hainan for tourism in groups (2 or more) organized by travel agencies legally registered in Hong Kong and Macao without a visa and stay for no more than 144 hours (if they meet the requirements of the mutual visa exemption agreement signed with China or other visa exemption policies of the Chinese government, they can follow their provisions). Entry and exit ports are all open ports established by the state in Hainan Province. The entire group must enter and exit the country. The scope of activities is the administrative area of ​​Hainan Province. The stay time starts at 0:00 the next day after entry.

Recently, the People's Bank of China, the Financial Regulatory Bureau, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Tianjin Municipal People's Government jointly issued the "Opinions on Financial Support for Tianjin's High-Quality Development". It proposed to support qualified enterprises to set up public fund management companies in Tianjin. Encourage qualified technology-based enterprises to go public and raise funds at home and abroad. Explore and improve the credit enhancement mechanism for bond financing of technology-based enterprises.

On July 30, the Shanghai Municipal Government officially announced the "Several Opinions on Supporting the Innovation and Development of the Whole Chain of the Biopharmaceutical Industry". At the Shanghai Municipal Government press conference held on the afternoon of the 30th, Shanghai Vice Mayor Liu Duo introduced that the "Opinions" focused on key links such as R&D, clinical, review and approval, application promotion, industrialization, investment and financing, data resources, and internationalization, and adhered to full-chain innovation, full-chain reform, and full-chain empowerment, and launched 37 policy measures in 8 aspects.

Shenzhen has thoroughly implemented the "Action Plan for Shenzhen to Accelerate the Construction of an Artificial Intelligence Pioneer City", promoted the integrated innovation of artificial intelligence technologies, application scenarios and business models, and strived to create the "five pioneers" of "full-stack innovation pioneer, smart product pioneer, cross-border data pioneer, scenario application pioneer, and smart driving pioneer", and persisted in promoting the high-quality development of the artificial intelligence industry.

Recently, Taobao announced that it will optimize the "refund only" service, upgrade the abnormal behavior recognition model for refunding only after receiving the goods, and reject refund only requests with abnormal behavior. The reporter learned that Taobao's upgraded refund only recognition model mainly enhances the recognition of abnormal behaviors such as abnormal high-frequency refund only, returning empty packages with fewer items, and high-frequency refunds for counterfeit goods. At the same time, it pays close attention to unreasonable refund behaviors to protect the rights and interests of merchants.

On the evening of July 30, Laobaixing issued an announcement that its actual controller and chairman Xie Zilong was detained and investigated. A reporter from China Business News called Laobaixing's secretary as an investor, and the other party said that the matters involved in the chairman's detention had nothing to do with the company, and there would not be an incident like the Dasanlin incident. The company's control is currently stable. The secretary said that the company's daily operations are currently managed by the senior management team, and Xie Zilong is only responsible for some "strategic matters" and rarely participates in operations, so (the chairman's detention) has no impact on the company's production and operations.

On July 30, northbound funds sold a net of 2.445 billion yuan throughout the day, of which the Shanghai Stock Connect sold a net of 1.816 billion yuan and the Shenzhen Stock Connect sold a net of 629 million yuan. Among the top ten stocks with the largest trading volume, the top three in terms of net buying were WuXi AppTec, BYD, and Yangtze Power. The top three in terms of net selling were Kweichow Moutai, Wanhua Chemical, and Fuyao Glass.

On July 30, there were 17 stocks with institutional presence in the Dragon and Tiger List, 4 stocks with institutional net buying, and 13 stocks with institutional net selling. The top three stocks with institutional net buying on that day were Jinyi Technology, Huaming Intelligent, and CITIC Offshore Helicopters. The top three stocks with institutional net selling on that day were Jiangling Motors, Holleywo, and Zhongtong Bus.

important Notice

Jiaoyun shares: The bus dismantling business scope includes automobile dismantling business, which accounts for a small proportion of the company's revenue

Dingxin Communications: The company and its subsidiaries received a blacklist warning from the China Southern Power Grid

Laurel Power: Plans to invest a total of approximately RMB 1.763 billion to develop new energy power generation projects

Decai Shares: The amount of newly signed projects in the second quarter of 2024 decreased by 50.62% year-on-year

North Pakistan Media: The business scope of the wholly-owned subsidiary Tianjiao Company includes automobile dismantling business, and its revenue accounts for a small proportion of the company's revenue

Jucan Optoelectronics: Net profit in the first half of the year was 113 million yuan, up 351.03% year-on-year

Kanshe SharesChairman Zhang Lin was released from detention

Supply and Marketing Fair: The holding subsidiary plans to acquire 60% equity of Loudi Trade Logistics for RMB 181 million

Aerospace Morning Light: The company's revenue from products used in the commercial aerospace field accounts for a relatively small proportion

*ST Kexin: The actual controller of the company was changed to Lian Zongsheng

Seven consecutive boardsNational Water: The company's stock has fluctuated greatly recently, with a high price-to-earnings ratio, which is significantly deviated from the industry average

ST Gaohong: The company was suspected of violating laws and regulations in information disclosure and was filed by the China Securities Regulatory Commission

Ordinary people: Actual controller and chairman Xie Zilong was detained

Shu Road Equipment: Termination of planning for major asset restructuring

CITIC Niya：Change of company chairman

Rongmei Shares：Conditions for triggering measures to stabilize stock prices

National Science and Technology Military Industry: Plans to invest 343 million yuan in aerospace power construction projects

ST Dinglong：The company and relevant responsible persons received the advance notice of administrative punishment

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