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[Titanium Media Comprehensive] On August 1, the State Council Information Office held a series of press conferences on "Promoting High-quality Development". Zhao Chenxin, deputy director of the National Development and Reform Commission, said at the meeting that the National Development and Reform Commission is currently working with multiple departments to formulate a law to promote the private economy, protect the property rights and interests of private enterprises and entrepreneurs in accordance with laws and regulations, and improve the system and mechanism for private enterprises to participate in major national strategies.

Zhao Chenxin said that the National Development and Reform Commission will give priority to building a high-level socialist market economic system, and through continuously promoting economic system reform, focusing on the implementation of key tasks, focusing on handling the relationship between the government and the market, and continuously strengthening reforms in key areas and key links, the "invisible hand" of the market will be fully exerted and the "visible hand" of the government will be effective, so as to achieve both "letting things go" and "controlling them", and continuously adding momentum and vitality to economic and social development. This can be introduced in two specific aspects.

On the one hand, we will fully stimulate the vitality of enterprises of all types of ownership through reform and implement the "two unshakable" policies through practical actions.

In terms of state-owned enterprise reform, we will strengthen and improve the management of the state-owned economy, establish a guidance system for optimizing the layout and structural adjustment of the state-owned economy, and encourage more investment of the state-owned economy in major areas such as ensuring national security, supporting scientific and technological progress, concerning national economy and people's livelihood, and providing public services.

Regarding the private economy, we will fully implement the opinions and supporting measures to promote the development and growth of the private economy.The National Development and Reform Commission is currently working with several departments to formulate a law to promote the private economy., protect the property rights and interests of private enterprises and entrepreneurs in accordance with laws and regulations, improve the system and mechanism for private enterprises to participate in major national strategies, and solve some urgent problems faced by business entities in market access, factor acquisition, and fair law enforcement. At the same time, promote the improvement of the modern enterprise system with Chinese characteristics and promote the formation of more world-class enterprises. Through these measures, promote all kinds of ownership economies to use production factors equally in accordance with the law, participate in market competition fairly, and be equally protected by law, and promote the complementary advantages and common development of various ownership economies.

On the other hand, we will deepen market system reform and create a fairer and more dynamic market environment.

The National Development and Reform Commission will continue to promote the reform tasks deployed in the action plan for building a high-standard market system.We will continue to improve property rights protection and negative lists for market access, fair competition, comprehensive innovation, and social credit systems to lay a solid foundation for the construction of a high-standard market system.

In the future, the National Development and Reform Commission will also promote the issuance of opinions on improving the market access system and release a new version of the negative list for market access.Launch a series of special measures to relax market access, exploring ways to further relax market access across the country and providing a broader space for development for all types of business entities.

In terms of factor allocation, the National Development and Reform Commission will continue to deepen the pilot reform of comprehensive reform of market-oriented allocation of factors, improve the market-oriented allocation system of resource and environmental factors, and allow all kinds of advanced and high-quality production factors to flow smoothly and be efficiently allocated to the development of new quality productive forces.

In terms of smooth circulation, the next step is to accelerate the construction of a unified national market. The National Development and Reform Commission willFormulate guidelines for building a unified national market, and make greater efforts to break down obstacles and constraints such as local protectionism and market segmentation. Through these measures, we will continue to stimulate the endogenous motivation and innovative vitality of the whole society and continuously inject momentum into the promotion of Chinese-style modernization.

Titanium Media Excerpts:

With the popularization of AI and the deepening of its application, relevant national laws and regulations and company systems will be established. If there is no sound legal system, its popularity will also be affected. If the state issues regulations in this regard, it will create conditions for the deep popularization of AI. Therefore, data first needs to be authorized, and secondly, it needs relevant national legal protection. ——Xingji Meizu COO Liao Qinghong The intensification of the price war in the auto market in the past two years has strong causes on both the supply side and the demand side. The expansion of the subsidy for scrapping and updating cars and the doubling of subsidies are major benefits to the auto market, and the subsidies for passenger cars have doubled. As a long-term measure, it is recommended to adjust the current scope of personal income tax deductions, increase the tax-free deduction items for car purchases, and include family vehicle purchases in the scope of tax deductions. Some manufacturers realize that the price war is not sustainable, but no one will take the initiative to recover, because there is no system to control the policy steps of each company, so the price war will only continue in the early stage. The price war in the second half of the year may slow down. After the fierce competition in the first half of the year, the market may gradually form a new price balance point. ——Cui Dongshu, Secretary-General of the China Passenger Car Association

Domestic companies:

WeChat, Taobao, Xiaohongshu and other apps are piloting "online ID cards"

On August 1, the application "National Network Identity Authentication App (certified version)" for applying for and using "network numbers" and "network certificates" has been launched in multiple app stores. Previously, the Ministry of Public Security, the State Internet Information Office and others studied and drafted the "National Network Identity Authentication Public Service Management Measures (Draft for Comments)" (hereinafter referred to as the "Draft for Comments"). The "Draft for Comments" contains a total of 16 articles, the core of which is "providing natural persons with services such as applying for network numbers, network certificates and identity verification." Simply put, after applying for a network certificate, users will get a virtual "network ID card" that can be authenticated to Internet platforms that require real-name authentication, without having to enter information such as name and ID number.

At present, the national online identity authentication public service is in the pilot stage, and a total of 67 pilot apps and scenarios have been launched, including some government apps and Internet apps, such as the national government service platform, China Railway 12306, Taobao, WeChat, Xiaohongshu, QQ, etc. It is reported that the relevant competent authorities will continue to study applicable application scenarios, including real-name registration and login of Internet user accounts, re-verification of user identities of users with abnormal accounts involving fraud, and identity verification when handling government service matters online. The "Draft for Comments" was publicly solicited from the public on July 26, 2024, and the deadline for feedback is August 25, 2024.

Hongqi denies launching "free Maotai for car purchase" campaign

On August 1, a poster of Hongqi Automobile circulated on the Internet recently showed that Hongqi Automobile launched a "Buy a car and get Moutai" activity for two models. FAW Hongqi said that during the investigation, the promotion was not true and the logo was wrong. The content of the poster shows that if you buy a 459,800 Hongqi H9, you can get 15 boxes of Feitian Moutai back; if you buy a 538,800 Hongqi HQ9 PHEV, you can get 20 boxes of Moutai back. Whether you buy a Hongqi H9 or a Hongqi HQ9 PHEV, Feitian Moutai will be returned one box per month (6 bottles/box). According to the market price of 2,600 yuan per bottle of Feitian Moutai in the original box, 15 boxes of Feitian Moutai are worth 234,000 yuan, and 20 boxes of Feitian Moutai are worth 312,000 yuan. Hongqi's promotional activities this time are equivalent to a promotion with a discount of 50% or more. Even if calculated according to the guide price of 1,499 yuan, Hongqi Automobile's promotion this time is also relatively strong. Public data shows that the sales of Hongqi H9 and HQ9 PHEV in June this year were less than 1,000 units.

Huiyuan Juice's 90s president has been removed from office

On August 1, according to a report by the food self-media "Food Insider", Huiyuan's executive president Xian Xiaofang has been dismissed, and her replacement is unknown. At the time of the acquisition of Guozhong Water, Huiyuan's important personnel change has attracted much attention in the industry. On July 31, Huiyuan's public relations department stated that at present, Ms. Xian Xiaofang has been dismissed from the position of executive president of Huiyuan Juice, which is a normal personnel change of the company. As for more reasons for the dismissal, the other party only said, "It is a normal personnel change of the company."

Xiaomi SU7 deliveries exceeded 10,000 units in July, and the annual delivery target of 100,000 units is expected to be achieved ahead of schedule in November

On August 1, Xiaomi Motors announced that the delivery volume of Xiaomi SU7 exceeded 10,000 units in July, and the delivery volume will continue to exceed 10,000 units in August. It is expected that the annual delivery target of 100,000 units will be completed ahead of schedule in November.

Foreign companies:

Applied Materials' $4 billion R&D project denied funding from US chip bill

On August 1, Applied Materials was informed by U.S. officials that one of its R&D centers would not receive CHIP Act funding, a heavy blow to the highly anticipated project in the heart of Silicon Valley. The company had hoped to receive U.S. funding for the $4 billion R&D center project in Sunnyvale, California, and the company began working on it more than a year ago. However, according to people familiar with the matter, U.S. Commerce Department officials rejected the plan on Monday, believing that the project was not eligible.

Musk: xAI is not considering acquiring Character AI

On August 1, Elon Musk said that xAI did not consider acquiring Character AI. Earlier, media reported that people familiar with the matter revealed that Musk's artificial intelligence startup XAI considered acquiring the artificial intelligence chatbot startup Character.AI.

iPhone sales decline improves, Apple's third-quarter revenue may resume growth

On August 1, it was reported that Apple may report on Thursday that its revenue in the third fiscal quarter (the second quarter of this year) has resumed growth. The company has won back some Chinese customers by significantly reducing the price of iPhones and sold more high-profit iPads with updated designs. Data shows that iPhone sales account for nearly half of Apple's total revenue and are expected to fall by 2.2% in the second quarter, a significant improvement from the previous decline.

CrowdStrike sued by shareholders over severe software outage

On August 1, CrowdStrike was sued by shareholders for serious software outages. In a class action lawsuit filed in the federal court in Austin, Texas on Tuesday night, CrowdStrike shareholders said that when a defective software update disrupted airlines, banks, hospitals and emergency lines around the world, they learned that CrowdStrike's assurances about its technology were materially false and misleading.

Sam Altman: OpenAI is working with the US AI Safety Institute

On August 1, OpenAI founder Sam Altman said that OpenAI is working with the US Artificial Intelligence Safety Institute. In addition, OpenAI is committed to allocating at least 20% of its computing resources to security work across the company.

Samsung Electronics workers hold a rally in front of Chairman Lee Jae-yong's home, demanding he resolve the strike

On August 1, Samsung Electronics Labor Union held a press conference in front of Lee Jae-yong's private residence in Yongsan District, Seoul, on the 1st, asking Lee Jae-yong to come forward and resolve the strike situation regarding the breakdown of labor-capital salary negotiations. It is reported that Lee Jae-yong is on a business trip in Europe and not at home. The labor union launched a general strike on the 8th of last month, and held three-day negotiations with the management from the 29th to discuss issues such as raising wages and improving the reward system, but the two sides failed to reach an agreement and finally declared the breakdown of the negotiations. The labor union clarified its position of continuing the general strike and stated that it would expand the scale of the strike, strive to create topics, and attract social attention. The labor union will also hold a press conference in front of the National Assembly on the 5th.

Microsoft adds OpenAI to list of AI and search competitors

On August 1, Microsoft listed OpenAI as a competitor in a 10-K filing submitted to the U.S. Securities and Exchange Commission (SEC). The list also includes companies such as Amazon, Google and Meta. In the document, Microsoft identified OpenAI, the creator of the ChatGPT chatbot, as a competitor to artificial intelligence products as well as search and news advertising. Last week, OpenAI released a prototype of a search engine called SearchGPT. An OpenAI spokesperson said that there has been no change in the relationship between the two companies, and Microsoft is still a good partner of OpenAI. When establishing the partnership, the two parties had reached a consensus that competition might occur.

US police confirm: Tesla FSD once again "indirectly caused" a fatal traffic accident

On August 1, a Tesla Model S hit and killed a motorcyclist near Seattle in April this year. The US police have recently confirmed that the Tesla car was in "full self-driving" (FSD) mode at the time of the accident. This is at least the second fatal accident involving FSD, which Musk has touted. It is reported that investigators confirmed this fact after downloading information from the event data recorder on the car. In a statement, the police said that the driver of the accident had been arrested because he admitted that "he was not paying attention when driving in FSD mode, and was distracted by using his mobile phone while driving forward, believing that the machine would drive for him." Tesla has repeatedly emphasized that its FSD software requires active supervision by the driver and cannot make the vehicle fully autonomous. Tesla CEO Musk said last week that the FSD system is expected to be able to operate without supervision by the end of this year.

Policy direction:

State Council Office: Further relax the household registration restrictions on participating in basic medical insurance at the place of permanent residence and employment

On August 1, the General Office of the State Council issued the Guiding Opinions on Improving the Long-term Mechanism for Participation in Basic Medical Insurance. It is proposed to further relax the household registration restrictions on participating in basic medical insurance in the place of permanent residence and employment. Promote the linkage between residents' medical insurance payment and the level of economic and social development and the per capita disposable income of residents. Support the use of personal accounts of employee medical insurance to pay for the personal payment of the insured persons' close relatives to participate in residents' medical insurance and the personal medical expenses incurred by the insured close relatives in designated medical institutions for medical treatment and drug purchase. Establish a major disease insurance benefits incentive mechanism for continuous insured persons and zero reimbursement persons of residents' medical insurance. In principle, the limit of continuous insurance incentives and zero reimbursement incentives shall not be less than 1,000 yuan each time. From 2025, except for special groups such as newborns, for those who have not participated in the concentrated insurance period of residents' medical insurance or have not participated in it continuously, a waiting period for fixed benefits and a waiting period for variable benefits after participation will be set.

The two departments: Urban public transport companies will be given an average subsidy of 80,000 yuan per vehicle for updating new energy city buses

On August 1, the Ministry of Transport and the Ministry of Finance issued the "Implementation Rules for Subsidies for New Energy City Buses and Power Battery Updates", which mentioned that urban bus companies will be given a fixed subsidy for updating new energy city buses and replacing power batteries. It is encouraged to reasonably select the type of new energy city bus length to be replaced in combination with changes in passenger flow and the development of the urban bus industry. The average subsidy for each vehicle is 60,000 yuan, of which 80,000 yuan is provided for updating new energy city buses and 42,000 yuan is provided for replacing power batteries. Local governments shall formulate local subsidy standards based on the subsidy funds arranged by the Ministry of Finance and the Ministry of Transport and the performance targets issued.

National Medical Insurance Administration: Set up incentives for continuous participation and zero reimbursement of funds, and set a waiting period for benefits for those who have stopped paying and then re-participate in insurance

On August 1, Fan Weidong, director of the Benefits and Security Department of the National Medical Insurance Administration, introduced at the regular policy briefing of the State Council on August 1 that the General Office of the State Council recently issued the "Guiding Opinions on Improving the Long-term Mechanism for Basic Medical Insurance Participation", proposing to set up continuous insurance incentives and fund zero reimbursement incentives for continuous insurance and payment personnel and fund zero reimbursement personnel, and set a waiting period for benefits for re-insurance of discontinued personnel, in order to encourage residents' medical insurance participants to strengthen self-health management and continuous insurance and payment, fundamentally better safeguard the interests of all participants and ensure the smooth operation of the fund. According to reports, in terms of incentives, there are continuous insurance incentives and fund zero reimbursement incentives, and the maximum payment limit of urban and rural residents' serious illness insurance will be increased accordingly for participants who continuously participate in residents' medical insurance and fund zero reimbursement personnel. Residents' medical insurance participants strengthen self-health management and continuous insurance and payment, fundamentally better safeguard the interests of all participants and ensure the smooth operation of the fund.

State-owned Housing Provident Fund: The upper limit of the monthly housing provident fund contribution base in 2024 is 35,283 yuan

On August 1, the Housing Fund Management Center of the Central State Organs issued a notice on the adjustment of the monthly housing provident fund contributions in 2024. The notice clearly stated that the upper limit of the monthly housing provident fund contribution base in 2024 is 35,283 yuan; the lower limit of the monthly contribution base is 2,420 yuan, and the lower limit of the monthly contribution base for employees receiving basic living expenses is 1,694 yuan. The annual housing provident fund contribution rate in 2024 is 5%-12%, and the unit can choose it at its own discretion. Units that have difficulties in paying housing provident funds can apply to the Housing Fund Management Center of the Central State Organs (hereinafter referred to as the Fund Center) for a deferral or reduction in the contribution rate in accordance with regulations. After approval, the unit can apply for a deferral or reduction in the contribution rate.

The "Implementation Rules for the Management of Key Projects of the National Key R&D Program under the Main Responsibility of the Ministry of Industry and Information Technology" was issued and implemented

On August 1, the Ministry of Industry and Information Technology recently issued the "Implementation Rules for the Management of Key Projects of the National Key R&D Programs under the Main Responsibility of the Ministry of Industry and Information Technology", which clearly stated that the key projects under the main responsibility of the Ministry of Industry and Information Technology focus on high-tech fields that give birth to future industries and emerging industries and accelerate the formation of new quality productivity, focus on the deep integration of scientific and technological innovation and industrial innovation, increase the supply of high-quality science and technology, strengthen the leading role of enterprises in scientific and technological innovation, and promote the transformation and application of scientific and technological achievements. These implementation rules will take effect from the date of publication.

The regulatory authorities have made clear requirements for securities firms to conduct business on WeChat, and WeChat groups must have compliance personnel

On August 1, the Hebei Securities Regulatory Bureau recently issued the "Hebei Securities and Futures Institutions Regulatory Newsletter (2024 Issue 2)", which clearly stated the ineffectiveness of brokerage WeChat business development control, employees' practice beyond authorization, and document misreporting, omissions, late reporting, and low quality. The Hebei Securities Regulatory Bureau's "Newsletter" stated that all institutions should effectively strengthen the unified management of brokerage business marketing activities, and must firmly control the compliance of employees' WeChat business development behaviors, strictly implement various regulations and requirements for the management of practitioners, and ensure standardized development.

First, we must strictly implement the management mechanism of customer marketing traces and fully promote the use of office systems with unified trace functions. Employees who use personal WeChat to carry out investment advisory services, fund promotion, etc. must strictly implement trace management requirements to ensure that the entire process of WeChat business development is preserved for a long time. Second, we must truly assume the responsibility of compliance control. Operating institutions should establish a pre-warning, in-process monitoring, and post-error correction mechanism for employees' WeChat business development to ensure that employees' illegal professional behavior is discovered in a timely manner and that public opinion events that may be involved are responded to in a timely manner. Third, we must strengthen education and guidance on employees' professional behavior, establish a compliant industry culture, improve awareness of compliant business development, and urge employees to strictly control their personal words and deeds in marketing activities and consciously improve their personal professional ability and moral quality.

General Administration of Customs: We must make every effort to implement policies and measures to stabilize foreign trade, and study and introduce new customs implementation measures in due course

According to news on August 1, the Party Committee of the General Administration of Customs held an enlarged meeting on July 31. The meeting required that all efforts should be made to implement policies and measures to stabilize foreign trade, and new implementation measures for customs should be studied and introduced in a timely manner to support the development of new business forms and new models, promote the expansion of intermediate product trade and green trade, do a good job in import and export data analysis and release, and stabilize market expectations; make every effort to create a market-oriented, law-based, and internationalized first-class port business environment, continue to promote special actions to promote cross-border trade facilitation, promote the modernization of ports, actively and steadily promote market access, and help improve the resilience and security of the industrial chain and supply chain; make every effort to serve high-level opening up, actively connect with international high-standard economic and trade rules, support the innovative development of new institutional opening-up new frontiers such as the Hainan Free Trade Port and the Shanghai Oriental Hub International Business Cooperation Zone, and promote the coordinated development of special customs supervision areas and free trade pilot zones.

The Ministry of Industry and Information Technology solicits opinions: If a vehicle equipped with a combined driving assistance system is involved in a collision, remote control or other accident, the company shall report it to the Ministry of Industry and Information Technology and the State Administration for Market Regulation in accordance with relevant requirements

On August 1, the Ministry of Industry and Information Technology publicly solicited opinions on the "Notice on Further Strengthening the Management of Access, Recall and Online Software Upgrade of Intelligent Connected Vehicles" (Draft for Comments). It pointed out that it is planned to improve the incident accident reporting and judgment mechanism. When an enterprise learns that the products it produces and sells have safety incidents such as failure of the combined driving assistance system or exceeding the system boundary, resulting in function exit, and vehicles equipped with combined driving assistance systems have collisions, remote control and other accidents, they shall report to the Ministry of Industry and Information Technology and the State Administration for Market Regulation in accordance with relevant requirements. The Ministry of Industry and Information Technology strengthens the analysis and judgment of incident accident reports, and timely optimizes and adjusts access requirements and product technical standards. The State Administration for Market Regulation strengthens in-depth investigation of accidents and defect judgment, and strengthens the supervision of automobile product safety and recalls.

Stock market quotes:

CATL: As of July 31, it has repurchased nearly 2.71 billion yuan of company shares

On August 1, CATL announced that as of July 31, 2024, the company had repurchased a total of 15.9915 million shares of the company through the Shenzhen Stock Exchange's stock trading system in a centralized bidding transaction manner, accounting for 0.3635% of the company's current total share capital. The highest transaction price was 194.10 yuan/share, the lowest transaction price was 146.31 yuan/share, and the total transaction amount was 2.71 billion yuan.

New private placement regulations come into effect today, and many private placements have announced adjustments to their net asset value disclosure methods

On August 1, the "Guidelines for the Operation of Private Securities Investment Funds" was officially implemented today. Many private equity firms issued notices on the change of net asset value disclosure methods, showing that from today onwards, holders can view product net asset value and other information through the company's WeChat public account, official website, and email; agency customers can inquire about product-related information through the channels provided by the agency agency. Except for qualified investors who have completed the specific object confirmation procedures and fund evaluation institutions that meet the regulations, the company will stop providing fund net asset value and other performance-related information to institutions or individuals that do not have a private securities investment fund sales agency relationship.

Shenzhen Stock Exchange: 127 industry projects will be approved in 2024, and business operations, compliance risk control, and IT operations are the three key application scenarios for industry big model research

On August 1, the Securities and Futures Industry Financial Technology Research and Development Center (Shenzhen), which is built and operated by the Shenzhen Stock Exchange, held a report meeting on the completion of the 2023 project and the opening of the 2024 project. It is understood that the distinctive feature of the 2023 industry project is to focus on the use of cutting-edge technologies such as natural language processing, machine learning, big data, and process automation to carry out industry scenario application innovation. According to statistics, about 62% of the projects focus on technology to promote business development, empowering business areas such as transaction settlement, investment consulting, and compliance risk control. Another 21% of the projects focus on improving R&D response efficiency, involving technical architecture optimization, digital middle platform, data governance and other fields. 17% of the projects focus on safe operation and security research, covering information security, intelligent operation and maintenance and other directions. After expert review, 127 industry projects were established in 2024, and the research hotspots were relatively focused. Among them, the number of projects for large model innovation applications reached 48. Business operations, compliance risk control, and IT operations are the three key application scenarios of industry large model research, in order to accelerate the construction of a large model innovation application ecosystem in the capital market.

The central bank: In July, it carried out medium-term lending facility operations for financial institutions totaling 300 billion yuan, all for one year

On August 1, in order to maintain a reasonable level of liquidity in the banking system and in line with the liquidity needs of financial institutions, the People's Bank of China conducted medium-term lending facility operations for financial institutions totaling RMB 300 billion in July 2024, all for a term of one year. Among them, RMB 100 billion was operated on July 15 with an interest rate of 2.50%; RMB 200 billion was operated on July 25 with an interest rate of 2.30%. The balance of medium-term lending facilities at the end of the period was RMB 7.27 trillion.

In July, the total net inflow of funds from listed ETFs in the market exceeded 210 billion yuan

According to statistics on August 1, more than 400 ETFs rose in July, of which 49 rose by more than 5%, mainly concentrated in semiconductor, chip and brokerage theme ETFs. According to Wind data statistics, the net inflow of funds in the entire market listed ETFs in July totaled more than 210 billion yuan. Broad-based index funds are still the main force to attract funds. Among the top ten ETF net inflows in July, 8 are broad-based ETFs.

The Shanghai Stock Exchange intends to improve the transaction entrustment method, focusing on expanding the single designation to multiple designations and supporting the transfer of custody

On August 1, the Shanghai Stock Exchange recently conducted a survey among its member companies to further explore and improve the transaction entrustment method in the Shanghai Stock Exchange. It is reported that the survey aims to collect industry opinions in order to promote the optimization and unification of transaction entrustment methods. It should be noted that the subsequent optimization of the transaction entrustment method in the Shanghai Stock Exchange will focus on expanding the single designation to multiple designations and supporting the transfer of custodial securities between different trading participants in the same securities account.

In the first seven months, equity funds as a whole achieved a performance of -5.44%, and 154 active equity funds achieved performance of more than 10%.

According to statistics on August 1, if new funds established in 2024 are not counted, equity funds as a whole achieved a performance of -5.44% in the first seven months (including index, hybrid, and stock types, excluding FOF, only the main code), which is inferior to the Shanghai Composite Index and smaller than the retracement of the ChiNext Index. Specifically, the active equity funds included in the statistics achieved an average return of -5.41% in the first seven months. Ordinary stock funds and equity-oriented hybrid funds with minimum positions of 80% and 60% respectively can better reflect the equity investment capabilities of the overall public funds. Data show that the yields of ordinary stock funds and equity-oriented hybrid funds in the first seven months were -7.22% and -7.12% respectively. In the first seven months, 32% of active equity funds achieved positive returns during the year. From the overall performance of active equity funds, among the 4,950 funds included in the statistics, 1,613 had positive returns, accounting for 32.58%. As of July 31, a total of 154 active equity funds have achieved performance of more than 10% this year, 15 have achieved performance of more than 20%, and the best fund has achieved performance of nearly 32%.

Other important content:

Caixin China Manufacturing PMI fell to 49.8 in July, falling below the boom-bust line for the first time since November 2023

On August 1, the Caixin China Manufacturing Purchasing Managers' Index (PMI) for July 2024 released today recorded 49.8, down 2 percentage points from June. It was below the boom-bust line for the first time since November 2023, and the level of economic prosperity has obviously declined.

my country has more than 180 generative AI service models and more than 564 million registered users

On August 1, the 12th Internet Security Conference (ISC.AI 2024) opened in Beijing on July 31. Wang Jingtao, deputy director of the Office of the Central Cyberspace Affairs Commission and deputy director of the Cyberspace Administration of China, revealed that as of now, my country has completed the filing and launched more than 180 generative artificial intelligence service models, and the number of registered users has exceeded 564 million. This data highlights the rapid development and widespread application of generative artificial intelligence in my country.

Wang Jingtao put forward three important suggestions on how to accelerate the modernization of the national cybersecurity system and capabilities. He first emphasized the need to strengthen coordination and build a national cybersecurity protection system with in-depth defense and efficient coordination. Secondly, we must focus on key protection and continuously improve the security resilience of critical information infrastructure. Finally, we must lay a solid foundation for work and accelerate the construction of a benign ecology of integrated development of education, technology, and industry.

As lithium prices continue to fall, the world's largest lithium miner halts construction of Australian lithium mine project

On August 1, as lithium prices have fallen again and again recently, Albemarle, the world's largest lithium miner, finally couldn't withstand the pressure of falling prices and took the initiative to suspend its expansion plan in Australia. On Wednesday, Eastern Time, Albemarle announced that it had begun a comprehensive assessment of its costs and operating structure, which will include stopping the construction of a lithium processing production line at its Kemerton plant in Australia and putting another local production line on "care and maintenance." Albemarle said in a statement that it maintained its full-year outlook, and cost improvements and production growth are expected to offset the current low price pressure.

Bank of England cuts base rate by 25 basis points to 5%

On August 1, the Bank of England cut interest rates by 25 basis points to 5.00%, in line with market expectations and the first interest rate cut since March 2020.