The Nasdaq once fell more than 2%, and Nvidia fell 7%; The first gold in national table tennis! "Shatou" defeated North Korea to win the championship; Li Ming is the vice chairman of the China Securities Regulatory Commission; Geely and NIO executives speak out against the "ideal weekly list"

National Business Daily

2024-07-31 06:07Published on the official account of Sichuan Daily Economic News

Edited by: Zhang Yangyun, Wang Xiaobo

NO.1 The Political Bureau of the Central Committee of the Communist Party of China held a meeting to analyze and study the current economic situation and economic work

The Political Bureau of the CPC Central Committee held a meeting on July 30 to analyze and study the current economic situation, make arrangements for economic work in the second half of the year, and deliberate on the "Several Provisions on Rectifying Formalism and Reducing the Burden on the Grassroots." Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting. The meeting pointed out that macroeconomic policies should continue to be more vigorous and more forceful. It is necessary to promote high-level opening up. It is necessary to strengthen the self-discipline of the industry and prevent the vicious competition of "involution". The meeting stressed that it is necessary to take reform as the driving force to promote stable growth, adjust the structure, and prevent risks, give full play to the leading role of economic structural reform, and promptly launch a number of reform measures that are ripe and within reach. We will dig deeper into the potential of domestic demand, continuously enhance new momentum and new advantages, enhance the vitality of business entities, stabilize market expectations, and enhance social confidence. The focus of economic policies should be more shifted to benefiting people's livelihood and promoting consumption, and increasing residents' income through multiple channels. (Xinhua News Agency)

NO.2 Overnight Market

The three major U.S. stock indexes closed mixed, with the Nasdaq falling more than 2% at one point and finally closing down 1.28%, the S&P 500 down 0.5%, and the Dow up 0.5%; Most technology stocks fell, with Nvidia falling 7.04% to a new closing low since the end of May; Tesla fell more than 4%, Netflix, Microsoft, Amazon, and Meta fell slightly; Apple, Google rose slightly. Chinese concept stocks fell, and the Nasdaq China Golden Dragon Index fell 1.5%. Xiaopeng Motors and Full Bang fell more than 3%, Li Auto fell more than 2%, Baidu, Futu Holdings, and Bilibili fell more than 1%, and JD.com, Vipshop, Alibaba, Tencent Music, and Weibo fell slightly; NetEase and NIO rose slightly.

International oil prices fell across the board, with the U.S. oil August contract falling 0.7% to $75.28 per barrel; Brent oil September contract fell 0.66% to $78.53 a barrel.

Most of Europe's major stock indexes closed higher, with Germany's DAX 30 up 0.43%, United Kingdom's FTSE 100 down 0.24%, France's CAC 40 up 0.42% and Euro Stoxx 50 up 0.53%.

NO.3 Zheng Shajie, director of the National Development and Reform Commission, made the latest statement

Deepening the reform of the economic system remains the focus of further deepening reform in an all-round way. The Decision of the Central Committee of the Communist Party of China on Further Deepening Reform and Promoting Chinese-style Modernization, which was deliberated and adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China, adheres to the reform of the economic system as the traction and comprehensively deploys reforms in all fields and aspects. How to deeply understand the traction role of economic system reform? How can we do a good job in carrying out the specific tasks of economic structural reform? Zheng Shajie, Secretary of the Party Leadership Group and Director of the National Development and Reform Commission, said that it is urgent to further deepen the reform of the economic system and better play a leading role in seizing new opportunities, responding to new challenges, promoting high-quality development, and better adapting to the changes in the main contradictions in mainland society. The "invisible hand" of the market should be fully displayed, and the "visible hand" of the government should be able to do good, so that it can be both "live" and "managed". (Xinhua News Agency)

NO.4 The central bank, the State Administration of Financial Supervision and other heavy deployments

On July 30, according to the website of the central bank, recently, the People's Bank of China, the State Administration of Financial Regulation, 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 the High-quality Development of Tianjin". The opinions put forward that qualified science and technology enterprises are encouraged to list and raise funds at home and abroad; Carry out syndicated loans and other businesses in accordance with laws and regulations, and give priority to meeting the financing needs of the technology industry and major cooperative projects; prudently carry out the work of resolving the risk of the debt stock of state-owned enterprises; Actively explore the development of RMB overseas direct investment and overseas loan business.

NO.5 It is about cross-border e-commerce, the layout of the General Administration of Customs!

On July 30, the State Council Information Office held a series of press conferences on the theme of "Promoting High-quality Development". Zhao Zenglian, Deputy Director of the General Administration of Customs, Lv Daliang, Spokesperson of the General Administration of Customs and Director of the Department of Statistical Analysis, and Lin Shaobin, Head of the Comprehensive Business Department of the General Administration of Customs, attended the briefing. The press conference mentioned that it supports the standardized development of new formats and new models such as cross-border e-commerce, overseas warehouses, market procurement, and bonded maintenance; expand market access for agricultural and food products in a prudent and orderly manner; study and promote the "inspection before shipment" model of cross-border e-commerce export goods; Study measures such as expanding the scope of cross-border e-commerce retail export cross-customs returns. (China News Network)

NO.6 The State Council appoints and dismisses the relevant person in charge of the China Securities Regulatory Commission

According to the official website of the China Securities Regulatory Commission, recently, the State Council decided to appoint Li Ming as vice chairman of the China Securities Regulatory Commission and remove Fang Xinghai from the post of vice chairman of the China Securities Regulatory Commission. The Organization Department of the CPC Central Committee notified Comrade Li Ming of his appointment as a member of the party committee of the China Securities Regulatory Commission and dismissed Comrade Fang Xinghai from his post as a member of the party committee of the China Securities Regulatory Commission.

NO.7 Shanghai: Continue to increase support for the three leading industries of integrated circuits, biomedicine, and artificial intelligence, as well as key industries such as electronic information

On July 30, according to the website of the Shanghai Municipal People's Government, recently, the General Office of the Shanghai Municipal People's Government issued the "Several Opinions on Further Promoting the High-quality Development of Venture Capital in Shanghai". Among them, it is proposed to strengthen the linkage between venture capital and market sectors such as the Science and Technology Innovation Board, and vigorously promote the development of secondary market funds (S funds); Combined with the transformation and upgrading needs of the city's key industrial areas, encourage qualified enterprises to carry out market-oriented industrial mergers and acquisitions and enterprise venture capital; We will continue to increase support for the three leading industries of integrated circuits, biomedicine, and artificial intelligence, as well as key industries such as electronic information; Concentrate resources to build a professional platform for state-owned capital investment and operation with both investment and operation functions and a high-level fund management institution.

NO.8 "144-hour visa-free" is new!

On July 30, the National Immigration Administration issued an announcement that from July 30, 2024, a 144-hour visa-free policy for foreign tour groups from Hong Kong and Macao will be implemented to enter Hainan. Citizens of countries that have diplomatic relations with China can stay in Hainan without a visa for up to 144 hours after arriving in Hong Kong and Macao with ordinary passports and entering Hainan in a group (2 or more people) organized by a travel agency legally registered in Hong Kong or Macao (in accordance with the provisions of the Mutual Visa Exemption Agreement signed with China or other visa-free policies of the Chinese government).

NO.9 Huo Haifeng, former secretary of the Party committee and general manager of China Unicom Beijing Branch, was investigated

On July 30, according to the website of the Central Commission for Discipline Inspection, Huo Haifeng, former secretary of the Party committee and general manager of China Unicom Beijing Branch, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the China Unicom Discipline Inspection and Supervision Team and the Wuwei Municipal Supervision Commission of Gansu Province.

Wang Xuguo, former party secretary and president of the Shanghai branch of the Export-Import Bank of China, was investigated

On July 30, according to the website of the Central Commission for Discipline Inspection, Wang Xuguo, former secretary of the Party Committee and president of the Shanghai branch of the Export-Import Bank of China, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review by the discipline inspection and supervision team of the Central Commission for Discipline Inspection and the State Supervision Commission in the Export-Import Bank of China and the supervision and investigation of the Supervision Commission of Fuzhou City, Fujian Province.

NO.10 International News

Israel air strikes on the southern outskirts of the Lebanon capital have killed 3 and wounded 74

On July 31, local time, the attack on the southern suburbs of the Lebanon capital has killed 3 people and injured 74 people. On the evening of the 30th, an Israel drone attacked a Allah target in the southern suburbs of Beirut, the capital of Lebanon. It is reported that the drone fired 3 missiles, causing a building to collapse. According to a statement issued by the Israel Defense Forces on the 30th, the Israeli army carried out a "targeted strike" on Beirut on the same day to eliminate a Allah commander. The Israeli side claimed that the commander was responsible for the recent attack on the Israel-occupied Golan Heights town of Mejidar Shams.

Explosions were heard in Kyiv, the capital of Ukraine, and air defense sirens were sounded in many places

On July 30, local time, explosions were heard in Kiev, the capital of Ukraine, and Kiev sounded the air defense alarm. In addition, air defense alarms have been sounded in northern, central, and eastern Ukraine.

A landslide in Kerala, India, has killed 135 people

The reporter learned on July 31 local time that a large-scale landslide in the Wayanad region of Kerala, India, has killed 135 people, and more than 200 people are still missing. In the early morning of the 30th, a large-scale landslide occurred in the Wayanad area of Kerala, India. The incident took place in a remote mountainous area, and the government dispatched helicopters and military personnel to participate in the rescue. Military sources involved in the rescue said the rescue operation would take place throughout the night. (CCTV News)

Paris Olympics

Wang Chuqin/Sun Yingsha won the gold medal in table tennis mixed doubles at the Paris Olympics

On the evening of July 30, Beijing time, in the table tennis mixed doubles final of the Paris Olympic Games, the Chinese "Shatou" combination Wang Chuqin/Sun Yingsha defeated the North Korean combination 4-2 and won the gold medal. This is the sixth gold medal won by the Chinese delegation in this Olympic Games.

NO.1 2.

Zhongtong Express: On July 28, Chinese men's basketball player Guo Allen complained on social networks that the medical equipment he mailed for treatment through Zhongtong Express was delayed due to the mistake of the staff filling in the wrong address, and he could not be contacted afterwards, and there was no follow-up treatment. On July 30, the official Weibo of Zhongtong Express issued an apology to Guo Allen: After investigation, it was found that the sending outlets were sent by mistake, and the customer service of the sending outlets had indifferent attitudes, hung up the phone, and deliberately did not answer the phone when dealing with after-sales service. The company came to apologize and obtained Mr. Guo Allen's understanding.

Comments: Zhongtong Express quickly apologized, showing corporate responsibility, but service mistakes should not be underestimated, and staff training and management need to be strengthened.

NO.2 Berkshire Hathaway reduced its holdings in United States banks and cashed out more than $700 million

Berkshire Hathaway (BRK-A, stock price $661,772.37, market capitalization $372.3 billion): The company's filing with the United States Securities and Exchange Commission on July 29 local time showed that the company sold a total of 18.41 million shares of Bank of United States common stock from July 25 to 29, with a total value of about $770 million.

Comments: Warren Buffett's company reduced its holdings in United States banks, cashed out huge funds, and the market paid attention to its investment layout adjustment.

NO.3 Huang and Zuckerberg had their first public conversation

Jensen Huang and Zuckerberg: On July 30, Nvidia CEO Jensen Huang and Meta founder Mark ·Zuckerberg held their first public conversation at the SIGGRAPH 2024 computer graphics conference in Denver, United States. Huang and Zuckerberg had an in-depth discussion on how basic research can lead to breakthroughs in the field of artificial intelligence, and how generative AI and open-source software can empower developers and creators. After the conversation, Zuckerberg took out a leather jacket from behind and presented it to Huang, who generously returned the favor, exchanging leather jackets to the applause of the audience.

Comments: This shows the in-depth thinking and outlook of industry leaders on technology development.

NO.4 Tesla recalled nearly 1.85 million vehicles in the United States

Tesla (TSLA, stock price $222.62, market capitalization $711.2 billion): On July 30, the National Highway Traffic Safety Administration (NHTSA) United States notified that Tesla is recalling some 2021-2024 Model 3, Model S, Model X and 2020-2024 Model Y, totaling 1,849,600 units, because software may not be able to detect that the hood is not locked. An unlocked hood can open completely, obstructing the driver's vision and increasing the risk of a collision. In response, Tesla has released an OTA software update, and the owner notification letter is expected to be sent on September 22. (Interface)

Bloomberg reported on July 29 that recently, ·William Stein, an analyst at Truist Securities, a United States investment institution, tested Tesla's fully self-driving (FSD) system during which he almost crashed. He said that he was impressed by Tesla's ability to respond to potholes and traffic conditions on the road, but it was far from the level of "autonomous driving". (Overseas Network)

Comments: Two incidents highlight that Tesla's safety risks cannot be ignored, and OTA updates are the main way to solve the problem.

NO.5 Kuaishou subsidiary obtained an insurance brokerage license

Kuaishou: Hainan Zhonghe Yunlian Technology Co., Ltd., a wholly-owned shareholder of Shanghai Shanda Insurance Brokers Co., Ltd., recently changed its shareholder information, and the wholly-owned shareholder of Hainan Zhonghe Yunlian Technology Co., Ltd. was changed from Hainan Zhonghe Yunrui Technology Co., Ltd. to Chengdu Kuaigou Technology Co., Ltd. Chengdu Kuaishou Technology Co., Ltd. is a wholly-owned subsidiary of Beijing Kuaishou Technology Co., Ltd. This also means that Kuaishou has obtained an insurance brokerage license through curve shares.

Comments: Kuaishou has entered the field of insurance brokerage, and its diversified layout has become a new growth point.

NO.6 The chairman of the common people was retained

The common people (SH603883, share price 14.63 yuan, market value 11.12 billion yuan): On July 30, it was announced that the family of Xie Zilong, the actual controller and chairman of the company, received a notice issued by the Hunan Provincial Supervision Commission that Xie Zilong was detained and placed on file for investigation. According to the company's official website, there are more than 14,000 stores and more than 40,000 employees across the country. In 2023, the company's operating income will be 22.437 billion yuan.

Comments: The chairman of the common people has been retained, the company's stock price may be affected, and the market is concerned about the follow-up development and the stability of corporate governance.

NO.7 OpenAI opens GPT-4o voice mode to some users This fall, it will be expanded to all paid users

OpenAI: On Tuesday local time, OpenAI announced that it will start rolling out GPT-4o's voice mode to some ChatGPT Plus users from now on. According to OpenAI, advanced voice modes can provide more natural real-time conversations, allow users to interrupt at any time, and can sense and respond to users' emotions. Real-time response and interruptable conversations are currently recognized technical difficulties for voice assistants. Voice mode will be available to all ChatGPT Plus users this fall.

NO.8 理想周榜引反对声音

Li Auto (LI, stock price $18.78, market capitalization $19.9 billion): On July 30, Li Auto's official account continued to release its weekly sales list. Subsequently, the assistant vice president of brand and communication of Weilai @WeilaiMa Lin posted: "The high-level tone: don't engage in low-level involution. The volume weekly list is more or less a bit of a low-level involution, think about brother @ Li want to stop. The mission of Chinese automakers today is to achieve technological breakthroughs through R&D, isn't it? Power it up together! It is worth noting that Geely Holding Group's senior vice president @杨学良Victor also reposted the article and said: "I am also against the weekly list. ”

NO.9 The latest development of the Red Bull trademark case

China Red Bull: On July 30, China Red Bull issued a statement on its official WeChat public account, saying that the Changsha Intermediate People's Court (2021) Xiang 01 Minchu No. 564 Civil Judgment on July 29 had dismissed all of Thailand's Tencel claims against China Red Bull Changsha distributor Huaxia Sugar & Wine Company for trademark infringement. The Changsha Intermediate People's Court finally held that Tencel did not have sufficient and effective evidence to prove that Red Bull had infringed Tencel's trademark rights, so its claim that Red Bull's subordinate distributor, Sugar and Liquor, had infringed the trademark rights on insufficient basis in this case, and the court did not support it.

Comments: The court's decision will have a far-reaching impact on the market competition pattern and brand development.

NO.10 Financial reports of some overseas companies

AMD（AMD， Stock price $138.44, market capitalization $223.8 billion): AMD reported revenue of $5.8 billion in the fiscal second quarter versus analysts' expectations of $5.73 billion, adjusted earnings per share of $0.69 versus analysts' expectations of $0.68 in the fiscal second quarter, R&D expenditures of $1.58 billion versus analysts' expectations of $1.58 billion, capital expenditures of $154 million versus analysts' expectations of $127.1 million, adjusted operating margin of 22% versus analysts' expectations of 21.8%, and revenue of $6.4 billion to $7 billion versus analysts' expectations of $6.62 billion； Adjusted gross margin for the fiscal third quarter is expected to be approximately 53.5% versus analysts' expectations of 53.8%.

Microsoft (MSFT, Stock price $422.92, market capitalization $3,143.3 billion): Microsoft announced financial data for the fourth quarter of fiscal year 2024 ended June 30, 2024, with revenue of $64.7 billion in the fiscal fourth quarter versus analysts' expectations of $64.52 billion, intelligent cloud revenue of $28.52 billion versus analysts' expectations of $28.72 billion, cloud revenue of $36.8 billion versus analysts' expectations of $36.84 billion, and earnings per share of $2.95 in the fiscal fourth quarter.

L'Oreal: L'Oréal Group released financial data for the first half of this year, including the second quarter, with sales of 22.12 billion euros in the first half of the year, a year-on-year increase of 7.5%, and same-store sales of 7.3%, of which, sales in the second quarter were about 10.88 billion euros, a year-on-year increase of 6.7%, and same-store sales increased by 5.3%, while analysts expected 10.77 billion euros and same-store sales increased by 6.02%. Operating profit for the first half of the year was around 4.6 billion euros, up 8% year-on-year, compared to analysts' expectations of 4.56 billion euros, and the operating margin was 28.8%, up 10 percentage points year-on-year. Net profit for the first half of the year, after deducting minority interests, was approximately 3.656 billion euros, an increase of 8.8% year-on-year.

Standard Chartered Bank: Q2 pre-tax profit of $1.8 billion, beating analysts' expectations of $1.6 billion, up 15% year-on-year. First-half pretax profit climbed 5% year-on-year to $3.49 billion. Net interest income increased 6% to $2.6 billion in the second quarter. Second-quarter operating income, or United States GAAP revenue, increased 6% year-over-year to $4.8 billion.

The data is as of 4:30 a.m. Beijing time

Reporter: Chen Qing

Editors: Zhang Yangyun and Wang Xiaobo

Disclaimer: The content and data of the article are for reference only and do not constitute investment advice. Investors act accordingly at their own risk.

National Business Daily

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