Hot Spotlight //
1. The mainland's first long-term mechanism for basic medical insurance participation was officially announced. There are incentives for continuous insurance, and for those who have participated in the resident medical insurance for 4 consecutive years, the maximum payment limit of serious illness insurance can be increased by at least 1,000 yuan for each additional year from the 5th year; There is an incentive for zero reimbursement of the fund, and for the insured people who do not use the medical insurance fund in the current year, the maximum payment limit of serious illness insurance can be increased by at least 1,000 yuan in the second year. The scope of mutual aid in the personal account of employees' medical insurance has been extended to close relatives, and at the same time, the mutual aid area has been gradually expanded.
2. New energy vehicle companies will focus on announcing the report card of car manufacturing in July. BYD's new energy vehicle sales were 342,400 units, continuing to lead by a large margin. The sales volume of Cialis exceeded 40,000 units, a year-on-year increase of more than 850%. Li Auto delivered 51,000 vehicles, a record high in monthly deliveries, a year-on-year increase of 49.4%. NIO delivered 20,500 new vehicles, exceeding 20,000 units for three consecutive months. Xpeng delivered 11,000 units, up 4% month-on-month. Xiaomi SU7 has delivered more than 10,000 units, and it is expected that the delivery volume will continue to exceed 10,000 in August. In addition, Leapmotor delivered 22,000 units, Zeekr delivered 16,000 units, and Nezha delivered 11,000 units.
3. The Bank of United Kingdom announced a 25 basis point cut in the benchmark interest rate to 5%, in line with market expectations and the first rate cut since early 2020. Of the members of the Monetary Policy Committee, five voted for a rate cut and four voted for keeping rates unchanged. The United Kingdom central bank signaled that it will cut interest rates cautiously in the future, predicting that future inflation risks will maintain an upward trend. The analysis pointed out that the Bank of United Kingdom did not disclose the timing of its next action and did not commit to anything, which is a hawkish rate cut.
4. Apple's third-quarter earnings per share were $1.4 versus $1.35 expected, revenue was $85.78 billion versus $84.5 billion, and net profit was $21.45 billion versus $20.7 billion. iPhone product line revenue for the fiscal third quarter was $39.3 billion, compared to an expectation of $38.95 billion. Mac product line revenue for the fiscal third quarter was $7.01 billion, compared to an expectation of $6.98 billion. iPad product line revenue for the fiscal third quarter was $7.162 billion, compared to an expectation of $6.63 billion. Wearables, Home & Accessories revenue for the fiscal third quarter was $8.10 billion versus $7.79 billion expected. Services revenue for the fiscal third quarter was $24.21 billion, compared to an expectation of $23.96 billion. Greater China revenue for the fiscal third quarter was $14.73 billion, versus $15.26 billion expected. Apple's U.S. stock rose more than 1% after hours.
Global Markets //
1. The three major United States stock indexes closed down across the board, with the Dow down 1.21% at 40347.97, the S&P 500 down 1.37% at 5446.68, and the Nasdaq down 2.3% at 17194.15. Boeing fell 6.49% and Intel fell 5.5%, leading the Dow lower. The Wind United States TAMAMA Technology Index fell 1.89%, Nvidia fell 6.67%, and Tesla fell 6.55%. Chinese concept stocks generally fell, with Gaotu Group down 12.08% and Zeekr down 9.57%.
2. The three major European stock indexes closed down across the board, with Germany's DAX index down 2.28% at 18,086.75 points, France's CAC 40 index down 2.14% at 7,370.45 points, and United Kingdom's FTSE 100 index down 1.01% at 8,283.36 points.
3. Most of the major stock indexes in the Asia-Pacific region closed higher. Korea's Kospi rose 0.25% to 2777.68. The Nikkei 225 fell 2.49% to 38,126.33. Australia's S&P 200 index rose 0.28% to 8114.7 points, continuing to hit a record high. The India SENSEX30 index rose 0.15% to 81,867.55 points. New Zealand's S&P 50 rose 0.67%. The FTSE Singapore Straits Index fell 1.04%. The FTSE Malaysia Composite Index fell 0.08%.
4. International oil prices fell across the board, with the U.S. oil August contract falling 1.26% to $76.93 per barrel. Brent oil September contract fell 0.92% to $80.10 a barrel.
5. International precious metals futures closed mixed, with COMEX gold futures up 0.72% at $2490.9 per ounce and COMEX silver futures down 1.05% at $28.635 per ounce.
6. Most of the base metals in London closed down, LME copper fell 2.41% to $9002.5 / ton, LME zinc rose 0.19% to $2680.5 / ton, LME nickel fell 2.49% to $16190 / ton, LME aluminum fell 0.74% to $2273.5 / ton, LME tin fell 1.18% to $29700 / ton, LME lead fell 1.58% to $2050.5 / ton.
7. The main contract of agricultural futures on the Chicago Board of Trade (CBOT) closed mixed, with soybean futures down 0.64% at 1016 cents per bushel; Corn futures were flat at 399.75 cents a bushel, while wheat futures rose 1.19% to 533.5 cents a bushel.
8. European bond yields collectively closed down, with United Kingdom's 10-year yield down 8.9 basis points at 3.880%, France's 10-year yield down 1.9 basis points at 2.989%, Germany's 10-year yield down 6 basis points at 2.240%, Italy's 10-year yield down 0.7 basis points at 3.641%, and Spain's 10-year yield down 2.4 basis points at 3.087%.
9. U.S. Treasury yields closed down across the board, with the 2-year Treasury yield down 10.8 basis points at 4.156%, the 3-year Treasury yield down 9.9 basis points at 3.964%, the 5-year Treasury yield down 7.9 basis points at 3.839%, the 10-year Treasury yield down 5.7 basis points at 3.977%, and the 30-year Treasury yield down 2.8 basis points at 4.278%.
10. At the end of New York, the U.S. dollar index rose 0.27% to 104.34, most of the non-U.S. currencies fell, the euro fell 0.31% to 1.0792, the pound fell 0.88% to 1.2741, the Australian dollar fell 0.61% to 0.6501, the dollar fell 0.4% to 149.38, the U.S. dollar fell 0.58% to 0.8729, and the offshore yuan fell 250 basis points to 7.2516 against the dollar.
Macro//
1. In July, Caixin China's manufacturing PMI was 49.8%, down 2 percentage points from June, and below the boom and wither line for the first time since November 2023, and the prosperity level dropped significantly. Wang Zhe, a senior economist at Caixin Think Tank, said that insufficient effective domestic demand and weak market optimism are still the most prominent problems at present.
2. On August 1, the central bank launched a 7-day reverse repurchase operation of 10.37 billion yuan in the form of fixed interest rate and quantity bidding, with an operating interest rate of 1.70%. Wind data shows that 235.1 billion yuan of reverse repurchase expired on the same day.
3. The central bank disclosed that in July, the three major policy banks repaid a net of 92.5 billion yuan of mortgage supplementary loans, and the balance of mortgage supplementary loans at the end of the period was 2,732 billion yuan. In July, a total of 61 million yuan was carried out on the standing lending facility of financial institutions, all of which were overnight.
4. The National Development and Reform Commission held a press conference to introduce that there is still enough room for counter-cyclical policy adjustment; At present, the list of the first two batches of "double" construction projects this year has been issued, mainly focusing on accelerating the realization of high-level scientific and technological self-reliance and self-reliance and other fields; It is working with a number of departments to formulate a law on the promotion of the private economy; Opinions on improving the market access system will be promoted, and a new version of the negative list for market access will be issued.
5. The Party Committee of the General Administration of Customs held an enlarged meeting and requested that it should make every effort to implement policies and measures to stabilize foreign trade, study and introduce new implementation measures of the Customs in a timely manner, and support the development of new formats and new models. Support the innovative development of new highlands of institutional opening-up 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 zones.
6. According to China Weather Network, in July this year, the average temperature of the mainland reached 23.21 °C, surpassing July 2017 (23.17 °C), becoming the hottest July since complete observations in 1961 and the hottest month in the history of observation. In August, the hot weather in Jianghuai, Jiangnan and other places in the mainland will develop and intensify, and Hangzhou may be hit by hot weather above 40 °C, or break the highest temperature record in the history of observation.
7. Opinions on the implementation of building a beautiful Beijing in an all-round way were released. The document proposes that by 2027, carbon dioxide emissions per unit of GDP will remain at the best level at the provincial level, and renewable energy consumption will account for about 20%. By 2035, carbon dioxide emissions per unit of GDP will reach the international advanced level, renewable energy consumption will account for 35%, and climate-resilient cities will be basically completed.
Domestic Stock Market //
1. A-shares shrank and pulled back, new energy, large consumption and brokerages collectively turned off, and the concept of commercial aerospace was still strong. At the close, the Shanghai Composite Index fell 0.22% to 2,932.39 points, the Shenzhen Component Index fell 0.92%, the ChiNext Index fell 1.31%, Wind All A fell 0.41%, and Wind A500 fell 0.74%. The market turnover was 786.7 billion yuan, a decrease of more than 120 billion yuan from the previous month. Northbound funds were net sold 5.7 billion yuan, and BYD and Wanhua Chemical were net sold more than 400 million yuan respectively.
2. Hong Kong's Hang Seng Index closed down 0.23% at 17,304.96 points, the Hang Seng Technology Index fell 1.15%, and the Hang Seng China Enterprises Index fell 0.34%. Consumption, big finance, and domestic housing were among the top decliners, while telecommunications, utilities, and energy sectors rose. The market turnover was 94.051 billion Hong Kong dollars, and southbound funds bought 8.377 billion Hong Kong dollars.
3. The Shanghai Stock Exchange plans to improve the transaction entrustment method and carry out research, including opening multiple securities accounts, realizing the transfer of securities assets from the same name account under the one-code pass, expanding the single designation to multiple designations and supporting the transfer of custody (consistent with the effect of Shenzhen Stock Exchange), etc.
4. Since July, the A-share market has fluctuated and adjusted, and structural opportunities are still the focus of private equity institutions. According to the data, as of July 30, the number of surveys of A-share listed companies by securities private equity institutions in July exceeded 2,600, an increase of more than 5% from June. From the perspective of the industry, in July, private equity institutions were among the most enthusiastic in the research of electronics, machinery and equipment, medicine and biology and other industries.
5. As of August 1, 35 brokerages have recommended 230 gold stocks, and 60 gold stocks have been recommended by more than two brokerages, among them, the gold stock with the most recommended times is Midea Group, which has been recommended by 11 brokerages; followed by BYD, which was recommended by 9 brokers; Zhongji Innolight, Changan Automobile, and Luxshare Precision were all recommended by 6 brokerages, and CATL was recommended by 5 brokerages.
6. Since the beginning of the year, funds have continued to focus on investment opportunities in Hong Kong stocks, and the dividend strategy of Hong Kong stocks has been favored. Especially in the first half of this year, the representative of Hong Kong stock dividend assets, the CSI Hong Kong Stock Connect High Dividend Total Return Index, rose by 24.3%. From the perspective of capital inflow, as of the close of trading on August 1, the net inflow of southbound funds during the year was 388.422 billion yuan. In contrast, the net inflow of southbound funds in 2022 and 2023 will be 336.351 billion yuan and 289.524 billion yuan, respectively.
7. With the disclosure of semi-annual reports by listed companies, the shareholding trend of the social security fund has gradually surfaced. As of August 1, at the end of the second quarter, the social security fund appeared in the list of the top ten circulating shareholders of 15 companies, including 1 new and 4 increased. The social security fund held a total of 300 million shares of these 15 shares, with a total market value of 4.483 billion yuan at the end of the period. The highest market value is held by Western Mining, reaching 959 million yuan. The market value of Xinji Energy and Haid Group is also relatively high, reaching 829 million yuan and 512 million yuan respectively.
In August and August, the paper industry began to gradually enter the traditional peak season of the market. Since August 1, the domestic packaging paper industry has set off a new round of price increases, including Nine Dragons Paper, Sun Paper and many other paper companies announced an increase in the price of corrugated base paper and containerboard, most of which are about 30 yuan/ton.
9. According to the Economic Observer, Jiang Chengjun was taken away for investigation by the supervision department of the Commission for Discipline Inspection as early as last week. By July 30 at the latest, Haitong Securities found that Jiang Chengjun could no longer be contacted. In addition to Jiang Chengjun, Haitong Securities also has individual department heads who are also cooperating with the investigation.
10. Xiaomi Auto launched a limited-time car purchase right, and in August, it was decided that all systems can enjoy: Nappa leather seats worth 8,000 yuan; Mi Smart Driving Enhanced Smart Driving features are free for life.
Finance//
1. There are market rumors that 8 executives of E Fund have retired 1.4 billion yuan. Authoritative sources revealed that this news is fake.
2. Private equity funds are receiving a steady stream of insurance capital "injection". Recently, PICC Capital announced the successful establishment of a 10 billion yuan PICC modern industry fund, which means that there are at least 3 private equity funds with a scale of 10 billion yuan set up by insurance capital during the year. Previously, in January this year, Xinhua Insurance and PICC Capital jointly set up a 10 billion yuan fund; In May, Chinese Life initiated the establishment of a 10 billion yuan silver hair industry investment fund. The establishment of these funds means that the private equity investment market will usher in a large-scale "living water" of insurance funds.
Housing//
1. According to the China Index Research Institute, in July, the average price of second-hand housing in Baicheng was 14,653 yuan / square meter, down 0.74% month-on-month, 0.01 percentage points larger than that in June, and has fallen month-on-month for 27 consecutive months, with a year-on-year decline of 6.58%. At present, the trend of "exchanging price for volume" continues, and the second-hand housing transactions in key cities continue to increase.
2. The Guangzhou Housing Provident Fund Management Center and the Guangzhou Housing and Urban-Rural Development Bureau issued a notice clarifying that the depositors of the housing provident fund who purchase newly built commercial housing within the administrative area of Guangzhou can apply for withdrawing the housing provident fund in the name of themselves and their spouses to pay the down payment for the purchase of the house.
3. According to data released by the Guangzhou Real Estate Agents Association, from June 26 to July 25, the number and area of second-hand residential online signatures in Guangzhou were 10,034 and 1,012,400 square meters, down 4.04% and 4.42% respectively from the previous month.
4. According to the data of Shenzhen Real Estate Information Platform, 5,494 second-hand houses were traded in Shenzhen in July, a 39-month high since May 2021, and the number of transactions increased by 9.6% month-on-month and 97.6% year-on-year; Among them, 4,573 second-hand residential units were transferred, which was also the highest in the past 39 months, and the number of transactions increased by 9.6% month-on-month and 102.4% year-on-year respectively.
5. Nanchang, Jiangxi Province has introduced 26 measures to stabilize the property market. Among them, it is proposed that the provident fund loan policy will be fully implemented, and the provident fund loan for families with many children can be increased by 20%; Carry out "trade-in", and the beneficiary finance will give a subsidy of 2% of the amount of the purchase contract, and encourage real estate enterprises to set a "termination protection period".
6. In response to the launch of the "buy one set get one free" activity for the Zhongtian · Century Waterfront Project of Dongguan Vanke, Dongguan Vanke responded that the special housing used for the activity is limited, and the linkage sales activity has ended. When doing linkage, there is no forced bundling.
Industry//
1. The Ministry of Transport and the Ministry of Finance jointly issued the "Implementation Rules for the Renewal Subsidy of New Energy City Buses and Power Batteries", proposing that the average subsidy for each vehicle is 80,000 yuan for the renewal of new energy city buses; For the replacement of power batteries, the subsidy is 42,000 yuan per vehicle.
2. The Ministry of Industry and Information Technology (MIIT) solicited opinions on further strengthening the access, recall and OTA management of automotive software for intelligent networked vehicles equipped with combined driving assistance systems. The Consultation Paper clarifies that enterprises can only carry out OTA upgrade activities after the filing is completed.
3. The State Grid Gansu to Zhejiang ± 800 kV UHVDC transmission project has recently started construction. With a total investment of 35.3 billion yuan and a total length of 2,370 kilometers, the project is the world's first UHV flexible DC project.
4. According to Omdia's latest research report, it is expected that by 2027, global humanoid robot shipments will exceed 10,000 units, and by 2030, it will reach 38,000 units. This represents a CAGR of 83% from 2024-2030.
Overseas//
1. The European Union's Artificial Intelligence Act came into effect on August 1. The Act is the world's first regulation to comprehensively regulate AI, marking an important step forward in regulating the use of AI in the EU. The EU will impose fines of up to 7% of annual global turnover on companies that violate the rules.
2. The Bank of Japan released its quarterly outlook report saying that as the labor market tightens, wage and price increases are likely to exceed expectations. Service companies are increasingly keen to pass on rising labor costs by raising prices.
3. United States' ISM manufacturing PMI recorded 46.8 in July, the largest contraction in eight months, far less than the market expectation of 48.8, and the previous value was 48.5. The production index fell to a more than four-year low of 45.9, and the employment index of 43.4 was the lowest since June 2020. United States S&P Global Manufacturing PMI final July 49.6, expected 49.6, preliminary 49.5, June final 51.6.
4. United States The number of initial claims for unemployment benefits increased by 14,000 to 249,000 last week, a new high in nearly a year, higher than the expected 236,000. The number of continuing jobless claims rose to 1.877 million in the previous week, the highest since November 2021. The number of layoffs in challenger companies in United States in July was 25,885, up 9.2% year-on-year and down 46.94% month-on-month.
5. United States construction spending fell 0.3% month-on-month in June, the largest decline since October 2022, and the expected increase was 0.2%, and the previous value was revised from 0.1% to 0.4%.
6. The final value of the manufacturing PMI in the euro area in July was 45.8, expected to be 45.6, and the previous value was 45.8. Germany's manufacturing PMI final value in July was 43.2, expected 42.6, and the previous value was 43.5. France's manufacturing PMI final value in July was 44.0, with an expectation of 44.1 and a previous value of 45.4.
7. Korea's exports in July increased by 13.9% year-on-year to US$57.49 billion, a year-on-year increase for 10 consecutive months. The import value in July was 53.88 billion US dollars, an increase of 10.5% year-on-year. The trade surplus was US$3.62 billion, maintaining a surplus for 14 consecutive months.
8. According to the Ministry of Trade, Industry and Energy of Korea, Korea's exports to China in July increased by 14.9% year-on-year to US$11.41 billion, exceeding exports to the United States (US$10.41 billion) and hitting the highest value in nearly 21 months.
9. Australia's imports in June increased by 0.5% month-on-month, and the previous value increased by 3.90%; exports increased by 1.7%, and the previous value increased by 2.80%; The goods and services trade balance surplus was $5,589 million.
International Stock Market //
1. Popular Chinese concept stocks generally fell, with the Nasdaq China Golden Dragon Index down 3.35%, Gaotu Group down 12.08%, Zeekrypton down 9.57%, Good Future down 9.48%, Shengmei Semiconductor down 9.36%, Daqo New Energy down 8.21%, Autohome down 7.94%, Kingsoft Cloud down 7.78%, Amalfen Sports down 7.24%, and Melco Resorts Entertainment down 7.18%; In terms of gains, AMTD Digital rose 2.48%, and Nenglian Zhidian rose 1.16%. China's new energy vehicle stocks fell across the board, with NIO down 8.33%, Xpeng down 5.27%, and Li Auto down 1.87%.
2. According to the latest data from the Japan Exchange Group, foreign investors sold a total of 1.56 trillion yen of stocks and stock index futures in the week ended July 26, the largest since September last year. During this period, the Topix index fell more than 5%, the largest weekly decline in four years.
3. The European Commission said it had unconditionally approved Hewlett Packard Enterprise's $14 billion acquisition of network equipment maker Juniper Networks.
4. Activist investor Elliott Management has quietly increased its stake in Starbucks and proposed a settlement plan aimed at improving the company's governance structure and expanding the board of directors, according to people familiar with the matter.
5. Honda, Nissan, and Mitsubishi Motors signed a memorandum of understanding and discussed a strategic partnership, including environmental technology, electrification, and software development. Honda and Nissan will jointly research electric vehicles and vehicle intelligence technologies.
6. The total domestic and foreign sales of Korea's five major automakers in July fell by 2.2% y/y to 658,300 units, a year-on-year decline for three consecutive months. Among them, Hyundai sold 332,000 units, a year-on-year decrease of 1.4%; Kia sold 261,300 units, a year-on-year increase of 0.2%.
7. Toyota's revenue in the first quarter of fiscal 2025 was 11.84 trillion yen, a year-on-year increase of 12.2%; operating profit was 1.31 trillion yen, an increase of 16.7%; Net profit was 1.33 trillion yen, up 1.7%. Toyota expects full-year revenue to rise 2% to 46 trillion yen, while operating profit will fall 19.7% to 4.3 trillion yen.
8. BMW's net profit in the second quarter decreased by 9% year-on-year to 2.7 billion euros, and sales decreased by 0.7% year-on-year to 36.94 billion euros. In the second quarter, revenue in the automotive division increased by 1.4% to 32.07 billion euros, while deliveries decreased by 1.3% to 618,700 units.
9. Volkswagen's operating profit in the second quarter was 5.46 billion euros, down 2.4% year-on-year, but exceeding market expectations of 5.17 billion euros. Revenue was 83.34 billion euros, an increase of 4.1% year-on-year. In the second quarter, global deliveries of vehicles decreased by 3.8% year-on-year to 2.244 million units, of which deliveries in China fell by 19.3% to 651,500 units.
10. Barclays' net profit in the second quarter was 1.24 billion pounds, compared with the consensus of 1.03 billion pounds, and revenue was 6.32 billion pounds, compared with the consensus of 6.25 billion pounds. The bank announced a £750 million share buyback program.
11. Shell's adjusted profit for the second quarter was $6.3 billion, beating expectations of $5.9 billion; Net income was $7.7 billion, compared to $5.1 billion in the year-ago quarter. The company said it would buy back another $3.5 billion in shares over the next three months, leaving the dividend unchanged at 34 cents per share.
12. Hershey's revenue in the first fiscal quarter was $2.07 billion, down 16.9% year-on-year; Earnings per share came in at $1.27, missing analysts' expectations of $1.43. The company lowered its guidance and expects full-year sales to grow 2%, compared to its previous forecast of 2-3%.
13. Biogen's total sales in the second quarter were flat at $2.47 billion year-on-year, and adjusted earnings per share increased 31% to $5.28, both exceeding analysts' expectations. Raised full-year guidance to estimate adjusted earnings per share of $15.75 to $16.25.
14. Good Future's revenue in the first quarter of fiscal year 2025 was US$414 million, a year-on-year increase of 50.55%, exceeding market expectations; The net profit was 11.402 million US dollars, compared with a net loss of 4.5037 million US dollars in the same period last year.
15. ConocoPhillips' total revenue in the second quarter was US$14.136 billion, compared with US$12.884 billion in the same period last year, and net profit was US$2.329 billion, compared with US$2.232 billion in the same period last year.
16. Snap's second-quarter revenue was $1.24 billion, with an estimate of $1.25 billion. Adjusted earnings per share for the second quarter were $0.02 versus estimates of $0.02.
17. Intel's second-quarter earnings per share were $0.02 versus $0.1 expected, revenue was $12.83 billion versus $12.95 billion, and net profit was -$1.61 billion, compared to $375 million. Intel announced a $10 billion cost-cutting plan that will lay off more than 15% of its workforce and suspend its dividend payout from the fourth quarter of 2024, which is also the first time Intel has suspended its dividend payout in the last 32 years. The situation looks even weaker in the second half of the year, and inventories have already increased. Intel's U.S. stock fell more than 8% after hours.
18. Amazon's second-quarter earnings per share were $1.26 versus $1.03 expected, revenue was $147.98 billion versus $148.53 billion, and net profit was $13.49 billion versus $11 billion. AWS net sales for the second quarter were $26.28 billion versus an expectation of $25.98 billion. Net sales of physical stores in the second quarter were $5.21 billion versus $5.26 billion expected. Third-quarter net sales are expected to be $154 billion to $158.5 billion, compared to analysts' expectations of $158.43 billion. Third-quarter operating profit of $11.5 billion to $15 billion is expected, compared to analysts' expectations of $15.66 billion. Amazon's U.S. stocks fell more than 4% after hours.
Commodity//
1. Domestic commodity futures closed at night, energy and chemicals generally fell, glass fell 2.05%, soda ash fell 1.3%, crude oil fell 1.09%, and No. 20 rubber rose 1.2%. The black series fell across the board, with coking coal down 2.56% and coke down 1.58%. Most agricultural products fell, with corn starch down 1.47% and corn down 1.11%. Base metals closed down across the board, with Shanghai lead down 2.94%, Shanghai nickel down 1.8%, Shanghai copper down 1.61%, Shanghai tin down 1.01%, stainless steel down 0.96%, and Shanghai aluminum down 0.29%. Shanghai gold rose 0.01%, and Shanghai silver fell 2.09%.
2. The OPEC+ ministerial meeting will keep the oil production policy unchanged, that is, gradually resume production suspended in late 2022 to boost oil prices from October, and production will increase by about 540,000 barrels per day in the fourth quarter. The statement reiterated that the phase-out of voluntary production cuts could be suspended or even reversed, depending on key market conditions.
3. United States EIA natural gas inventories increased by 18 billion cubic feet in the week to July 26, with an expected increase of 31 billion cubic feet and a previous increase of 22 billion cubic feet.
4. According to the latest quotation of Shanghai Nonferrous Metals Network, on August 1, domestic battery-grade lithium carbonate fell 280 yuan to 81,700 yuan/ton, falling for 4 consecutive days and hitting a new low for more than 3 years.
5. The Baltic Dry Bulk Index fell 2.34% to 1668 points, falling for ten consecutive days.
Bond//
1. [Bond Market Overview] Spot bond futures have strengthened again across the board, with the yields of major interbank interest rate bonds generally falling significantly by about 2-3bp, and the yields of 10-year and 30-year treasury bonds hitting new lows. Treasury bond futures closed up across the board, with the main 30-year contract up 0.31%. At the beginning of the month, funds widened, and the main repo rate fell significantly.
2. The CSI Convertible Bond Index closed up 0.05%, and the Wind Convertible Bond Equal Rights Index rose 0.09%. Among them, 16 convertible bonds rose by more than 2%, and Shangrong convertible bonds, Jingrui convertible bonds, and Hangxin convertible bonds rose by 12.06%, 8.9%, and 6.33% respectively. In terms of decline, 7 convertible bonds fell by more than 2%, and the initial convertible bonds, Yunji convertible bonds, and Huicheng convertible bonds fell by 18.13%, 3.41%, and 2.77% respectively.
3. The Dealers Association said that the CRM market operated smoothly in the first half of the year, with a total of 187 transactions, a year-on-year increase of 30%, and a nominal principal of 29.529 billion yuan, a year-on-year decrease of 5%. The nominal principal of various varieties was 101.792 billion yuan, an increase of 5% over the end of last year.
4. [Major Bond Events] (1) The substantive default principal of "21 Baolong MTN001" was expanded to 900 million yuan (2) "H20 Aoyuan 1" and "H20 Aoyuan 2" resumed trading from August 5 (3) "18 Huaxia 06" and "18 Huaxia 07" will continue to be suspended (4) Gemdale Properties & Investment withdrew part of the equity of the industrial park, not to raise funds for US dollar bonds (5) Yin Rujun, former deputy secretary of the Party Committee of Henan Communications Investment Group, was investigated.
Foreign exchange//
1. The onshore yuan closed at 7.2446 against the US dollar at 16:30 on Thursday, down 185 basis points from the previous trading day, and closed at 7.2460 in overnight trading. The central parity of the yuan against the US dollar was reported at 7.1323, up 23 basis points.
2. Turkey levies a 7.5% tax on foreign exchange hedging deposits within 6 months. The tax on foreign exchange hedging deposits for less than 1 year will be 5%.
Important Economic Agenda //
Review of historical articles
"Witness History", "Collective Action of the Property Market in Many Places", "Throughout the 50-year history of the Federal Reserve's interest rate cuts, this time is the most unusual", "The Securities Regulatory Commission and the Exchange have made a blockbuster shot", "Gold has exploded! Global Market Carnival》
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