Morning News

Source: Wall Street News

## Market Overview

The US ISM Services PMI showed signs of weakness, with the price index remaining high. Investors are concerned that the risk of stagflation will make the Federal Reserve's policy path extremely difficult, thus dampening expectations of interest rate cuts. Large tech stocks led the decline in US stocks, while the Russell Small-Cap Index bucked the trend and closed up 0.6%. AMD once fell 5.7% after releasing its earnings report, as its second-quarter profits fell short of expectations and the prospect of resuming restrictions on product exports remains uncertain.

Stagflation risks pushed US Treasury yields generally higher, with the 2-year yield rising by nearly 5 basis points. The US dollar fluctuated around 98.5. Ethereum fell 3.4%. Gold staged a V-shaped reversal, once rising 1.2% from its daily low.

Crude oil fell 1.6% amid news that Russia is considering reaching an air ceasefire agreement with Ukraine. Coking coal closed up 3.92% in night trading, and coke rose 1.15%.

During the Asian session, the Shanghai Composite Index hit a new closing high for the year. The first 10-bagger stock of the year rose by the daily limit again. Coking coal once hit the daily limit. Hong Kong-listed pharmaceutical stocks surged, and the net purchase volume of southbound funds hit a four-month high.

## Key News

- Seven departments including the People's Bank of China: Provide financial support for new industrialization and strengthen medium- and long-term loan support for digital infrastructure construction.

- General Office of the State Council: Exempt tuition and fees for the last year of preschool education in public kindergartens.

- US ISM Services PMI for July was only 50.1, with the employment index shrinking and the price index hitting a new high since October 2022.

- Trump: Will decide on the new Federal Reserve governor this week, may select the Federal Reserve Chair through the vacant governor position, rule out the possibility of Treasury Secretary Bezos serving as Federal Reserve Chair, announce tariffs on pharmaceuticals and chips within the next week, and significantly increase tariffs on India within 24 hours.

- A peak in short-term debt is coming: The US Treasury Department plans to issue a record-breaking $100 billion in four-week Treasury bills this week.

- Federal Reserve: The proportion of seriously delinquent consumer loans in the US in Q2 hit the highest level since the pandemic.

- Pressured by 39% tariffs, the Swiss President made an uninvited urgent trip to the US. Experts suggested "giving a gold watch as a gift".

- Russia is considering the air ceasefire proposed by Ukraine to Trump, leading to a rapid decline in oil prices.

- AMD's Q2 revenue hit a new high and its guidance exceeded expectations, but the prospect of MI308 exports to China is unclear, with its stock price once falling 5.7% after hours.

- Report: Trump is pressuring TSMC to invest in and take a stake in Intel through tariffs.

- OpenAI released two open-weight language models for free trial, gpt-oss-120b and gpt-oss-20b, the first time in six years. Altman called them "the world's best open models". OpenAI's "new breakthrough": General Validator.

- Google DeepMind launched the world model Genie 3, redefining "generative AI".

- Rushing to upgrade the model before GPT-5, Anthropic released Opus 4.1, which is more powerful in programming, research, and data analysis.

- Goldman Sachs and Citigroup: If non-farm payrolls deteriorate further, the Federal Reserve may cut interest rates aggressively by 50 basis points in September, with the interest rate endpoint at 3% or lower.

## Market Closing Quotes

- European and American stock markets: The S&P 500 Index fell 0.49% to 6299.19 points. The Dow Jones Industrial Average fell 0.14% to 44111.74 points. The Nasdaq Composite Index fell 0.65% to 20916.55 points. The European STOXX 600 Index closed up 0.15% to 541.40 points.

- A-shares: The Shanghai Composite Index rose 0.96% to close at 3617.60 points; the Shenzhen Component Index rose 0.59% to close at 11106.96 points; the ChiNext Index rose 0.39% to close at 2343.38 points.

- Bond market: The yield on the 10-year US Treasury note rose 0.98 basis points to 4.2021%. The yield on the 2-year US Treasury note rose 4.49 basis points to 3.7201%.

- Commodities: COMEX gold futures rose 0.21% to $3406.50 per ounce. WTI September crude oil futures closed down 1.70% to $65.16 per barrel. Brent October crude oil futures closed down 1.63% to $67.64 per barrel.

## Details of Key News

### Global Highlights

- **People's Bank of China and six other departments**: Provide financial support for new industrialization and strengthen medium- and long-term loan support for digital infrastructure construction. The *Opinions* require promoting the aggregation of financial resources towards industrial clusters and specialized development, and advancing a series of facilitation measures for cross-border financial services such as trade settlement, fund management, investment and financing; strengthening medium- and long-term loan support for the construction of digital infrastructure such as 5G, industrial internet, data and computing power centers, and actively using financial leasing, real estate investment trusts, asset securitization and other methods to expand the sources of funds for digital infrastructure construction.

- **General Office of the State Council**: Exempt tuition and fees for the last year of preschool education in public kindergartens. According to Xinhua News Agency, the General Office of the State Council issued the *Opinions on Gradually Promoting Free Preschool Education*, stating that starting from the autumn semester of 2025, the childcare and education fees for children in the last year of preschool education in public kindergartens will be exempted. The standard for exempting childcare and education fees shall be implemented in accordance with the standards approved by the local people's governments at or above the county level and their education and price authorities (excluding food expenses, accommodation fees, miscellaneous fees, etc.). For school-age children studying in private kindergartens approved by the education department, the childcare and education fees shall be reduced or exempted accordingly with reference to the exemption level of local public kindergartens of the same type.

- **U.S. July ISM Services PMI was only 50.1, with employment shrinking and prices hitting a new high since October 2022**. The ISM new orders were nearly stagnant; the employment index contracted for the fourth time in the past five months, reaching one of the lowest levels since the pandemic; the price index measuring raw materials and services rose to 69.9. After the release of the ISM Services PMI data, U.S. stocks turned lower, and the intraday decline of U.S. bonds narrowed at one point. Currently, there is a significant divergence between the two major U.S. PMI indices. The U.S. July Markit Services PMI final value was 55.7, the highest since December 2024.

- **Trump**: Will decide on the new Federal Reserve governor this week, may select the Federal Reserve Chair through the vacant governor position, rule out the possibility of Treasury Secretary Bezos serving as Federal Reserve Chair, announce tariffs on pharmaceuticals and chips within the next week, and significantly increase tariffs on India within 24 hours. Trump once again criticized Powell for cutting interest rates too late and narrowed down the potential candidates for the future Federal Reserve Chair to four, including two Kevins—former Federal Reserve Governor Kevin Warsh and Director of the National Economic Council Kevin Hassett. Trump unexpectedly announced that he would significantly increase drug tariff rates (up to 250%) and said he would announce tariffs on pharmaceuticals and chips within the next week.

- **"Stock God" Trump**: U.S. stocks performed well on Monday, and there will be more such days in the future. It is not the first time Trump has made public statements on the stock market. In April this year, he suggested to investors that "now is a good time to buy" a few hours before announcing the suspension of the "reciprocal tariffs," and then the stock market soared by 9.5%. Experts believe that Trump is sending a signal that he can manipulate the market with impunity, "it's like saying: pay attention to the 'Truth Social' platform to get future stock tips."

- **Trump mentioned "tariff dividends" again, and U.S. lawmakers proposed a bill last month to "issue $600 to each person"**. Trump said that the United States has obtained "hundreds of billions of dollars" in revenue from tariff policies, far exceeding historical levels, and once again hinted that it may issue "dividends" to specific income groups. U.S. Treasury Department data shows that the United States has collected more than $150 billion from tariff policies, providing a financial basis for the tax refund plan. Analysts pointed out that the market is concerned about the impact of this potential fiscal stimulus measure on consumer spending and economic growth, which may further stimulate the stock market to rise.

- **A peak in short-term debt is coming: The U.S. Treasury Department plans to issue a record-breaking $100 billion in four-week Treasury bills this week**. In addition to the $100 billion four-week Treasury bills planned to be issued on Thursday, the U.S. Treasury Department also plans to issue $85 billion in eight-week Treasury bills, $65 billion in 17-week Treasury bills, $58 billion in three-year Treasury notes, $420 billion in ten-year Treasury notes, and $250 billion in 30-year Treasury bonds this week. Last week, the Treasury Department hinted that it will rely more on short-term debt to fill the government budget deficit at least until 2026.

- **Federal Reserve**: The proportion of seriously delinquent consumer loans in the U.S. in Q2 hit the highest level since the pandemic. Among them, the proportion of student loans entering serious delinquency was 12.9%, the highest in the past 21 years of records.

- **Pressured by 39% tariffs, the Swiss President made an uninvited urgent trip to the U.S. Experts suggested "giving a gold watch as a gift"**. Swiss President Keller-Sutter made an emergency trip to Washington in an attempt to reach an agreement with the Trump administration at the last minute. Analysts believe that Keller-Sutter's flight to Washington without a formal invitation from the White House highlights the pressure he faces domestically.

- **Russia is considering the air ceasefire proposed by Ukraine to Trump, leading to a rapid decline in oil prices**. According to reports, Russia is considering the air ceasefire proposed by Ukraine to Trump in an attempt to avoid the threat of sanctions; WTI crude oil futures plunged from around $65.80 to around $65 in the short term, with an overall decline of more than 1.8%. According to CCTV News, Zelensky had a phone call with Trump, focusing on discussing the possibility of ending the Russia-Ukraine conflict. Zelensky supported the U.S. ceasefire initiative and called for sanctions against Russia.

- **AMD's Q2 revenue hit a new high and its guidance exceeded expectations, but the prospect of MI308 exports to China is unclear**. In the second quarter, AMD's revenue maintained a year-on-year growth rate of over 30%, but profit growth turned from positive to negative, EPS fell 30% year-on-year, gross profit margin dropped 10 percentage points to 43%, and data center revenue growth slowed to 14%, reflecting the impact of U.S. restrictions on MI308 exports; revenue from the client business where PC chips are located increased by 67%, hitting new highs for three consecutive quarters, and game revenue turned from decline to growth of 73%; the midpoint growth rate of the third-quarter revenue guidance slowed to below 30%, and the gross profit margin rebounded to 54%, but the guidance does not consider any revenue from MI308 exports to China. After the earnings report, the stock price once fell more than 5% after hours. AMD said it mass-produced MI350 in advance, and the after-hours decline once was less than 2%.

- **Report**: Trump is pressuring TSMC to invest in and take a stake in Intel through tariffs. According to media reports, as a condition for reducing tariffs, the Trump administration requires TSMC to jointly acquire up to 49% of Intel's shares.

- **Report**: Key process technology encounters obstacles, and the progress of Intel's next-generation PC chips is worrying. Intel's key 18A process for manufacturing the next-generation notebook chip "Panther Lake" is encountering setbacks, with its yield rate far below the level of profitable mass production. This will directly impact Intel's revival plan and also threaten its goal of attracting external customers and establishing the credibility of its foundry business.

- **OpenAI released two open-weight language models for free trial, gpt-oss-120b and gpt-oss-20b, the first time in six years. Altman called them "the world's best open models"**. This is the first time OpenAI has released an open-weight model since launching GPT-2 in 2019. Altman called gpt-oss the most advanced open-weight reasoning model.

OpenAI stated that gpt-oss-120b is close to the performance of o4-mini in core reasoning benchmark tests, and even surpasses the latter in health-related queries and competition mathematics; the smaller gpt-oss-20b model reaches or exceeds o3-mini performance in evaluations; the smaller model is suitable for Mac computers equipped with Apple chips.

Amazon announced that its platforms Bedrock and SageMaker will provide these two models, marking the first time the company has provided OpenAI models to customers.

- **OpenAI's "new breakthrough": General Validator**. It was revealed that GPT-5 has introduced a key technology called "General Validator," which may become OpenAI's "secret weapon" to widen the competitive gap. Its core is the adversarial training method of the "prover-verifier game," which automates the verification of answer quality through games between models, aiming to overcome the evaluation challenges in subjective and complex fields such as mathematics and creative writing. This technology is said to be the "legacy" of the former co-founder Ilya's "super alignment" team.

- **Google DeepMind launched the world model Genie 3, redefining "generative AI"**. Google DeepMind announced the launch of the third-generation general world model Genie 3, which can generate unprecedentedly diverse interactive environments. Given text prompts, Genie 3 can generate dynamic worlds, navigate in real-time at 24 frames per second, and maintain consistency for several minutes at 720p resolution. Compared with previous models (such as Genie 1/2) and video generation models (such as Veo 2, Veo 3's profound understanding of intuitive physics), Genie 3 is the first world model that allows real-time interaction, and its consistency and realism have also been improved compared with Genie.

- **Rushing to upgrade the model before GPT-5, Anthropic released Opus 4.1, which is more powerful in programming, research, and data analysis**. Anthropic stated that in the SWE-Bench Verified test, Opus 4.1 has an accuracy rate of 74.5%, higher than Opus 4's 72.5%; the new model also improves Claude's in-depth research and data analysis capabilities, especially in detail tracking and proxy search. This upgrade marks the company's strategic shift to more frequent incremental improvements rather than focusing solely on major version updates. The company plans to release more significant model updates in the next few weeks.

- **Vigorously betting on AI, SoftBank increased its holdings of NVIDIA and TSMC, and will Q2 profits be stable?** Regulatory documents show that as of the end of March, the value of SoftBank's holdings in NVIDIA increased from $1 billion to $3 billion, and it built positions in TSMC and Oracle for the first time. Benefiting from the strong performance of AI-related assets, analysts expect SoftBank's Q2 financial report to achieve positive net profit. Masayoshi Son is seizing core links in the AI industry chain through initiatives such as the $500 billion Stargate data center project and the acquisition of Ampere Computing, trying to catch up after missing the early gains.

- **Goldman Sachs and Citigroup**: If non-farm payrolls deteriorate further, the Federal Reserve may cut interest rates aggressively by 50 basis points in September, with the interest rate endpoint at 3% or lower. The latest U.S. employment data shows that the U.S. economy and labor market are slowing sharply, which has convinced Wall Street that the Federal Reserve's policy inflection point is imminent. Goldman Sachs, Citigroup and others have predicted that interest rate cuts of 25 basis points or even 50 basis points will start as early as September, and the final policy rate may drop to 3% or even lower. At the same time, the dovish forces within the Federal Reserve are gathering, which may clear the way for earlier and faster interest rate cuts.

### Domestic Macroeconomy

- **Regarding economic work in the second half of the year, multiple departments of the State Council spoke out**. According to Shanghai Securities News, the National Development and Reform Commission, the China Securities Regulatory Commission, the Ministry of Finance and other departments have deployed work for the second half of the year, focusing on improving the effectiveness of macro policies, expanding domestic demand through promoting consumption and stabilizing investment; cultivating new productive forces with technological innovation to support industrial upgrading; at the same time, comprehensively strengthening people's livelihood security such as employment and elderly care, and preventing and resolving risks in key areas such as real estate and local debts to ensure the achievement of annual development goals.

- **Media supervised by the People's Bank of China**: Finance "anti-involution", no quotation below cost! According to Financial News, the National Association of Financial Market Institutional Investors issued a notice requiring lead underwriters to establish an underwriting quotation management system and strictly prohibit bidding with quotations below cost. Earlier, a bank's bond project won the bid with an ultra-low underwriting fee of 700 yuan, which has been subject to a self-discipline investigation. The notice also stipulates that the number of underwriters should be controlled according to the issuance scale and a complaint reporting mechanism should be established, aiming to curb vicious price competition.

- **China's July S&P Services PMI rose to 52.6, the highest since May last year**. Benefiting from the improvement of basic demand conditions and better business performance, the new orders index of enterprises recorded the fastest growth in a year; reports of increased tourism activities and more stable trade conditions drove the volume of new export business to achieve the fastest growth since February.

- **Southbound outflows and arbitrage attacks, Hong Kong Monetary Authority intervened three times a week to stabilize the foreign exchange market**. The surge in net sales of southbound funds and the Hong Kong-US interest rate differential intensified the downward pressure on the Hong Kong dollar. The Hong Kong Monetary Authority intervened three times within a week, purchasing HK$6.429 billion on Tuesday, and the total liquidity withdrawn from the market by purchasing Hong Kong dollars within a week reached HK$13.89 billion.

### Domestic Companies

- **How to integrate AI+? Societe Generale Strategy said** that from the perspective of domestic own prosperity expectations, with the breakthrough of the AI industry and the recovery of domestic demand, many mid- and downstream segments are expected to see marginal improvements in prosperity in 2025. Many mid- and downstream fields are expected to enter the stage of dilemma reversal or accelerated prosperity in 2025, including accelerated prosperity (AI wearable devices, AI PCs, AI mobile phones, humanoid robots) and dilemma reversal (industry application software, SAAS, online education, network security, basic and general software, e-government, large models, operating systems, games).

- **Chinese innovative drugs' journey to the global market "has just begun", and the core reason is "high quality" rather than "low price"**. JPMorgan stated that multinational pharmaceutical companies often pay higher prices for Chinese assets than the global average, which completely subverts the stereotype of "low-price competition". Overseas companies are attracted by three core advantages of Chinese assets: solid R&D capabilities to discover and develop innovative drugs, faster drug development speed, improved intellectual property protection, and more recognition from overseas regulatory agencies such as the FDA and EMA.

- **UBS**: China's Robotaxi is on the eve of large-scale deployment, and leading enterprises are expected to achieve "per-vehicle profitability" in 2026. UBS's latest report supports China's Robotaxi industry, believing that a huge market with a potential of nearly $400 billion is about to open. Leading enterprises are expected to achieve "per-vehicle profitability" in 2026, when the per-kilometer operating cost of Robotaxi will drop to 2.1 yuan, the same as that of traditional taxis. The potential of Chinese companies is significantly underestimated by the market, with their valuations only 10-15% of those of overseas peers such as Waymo.

- **Goldman Sachs reiterated selling "the two giants of photovoltaic glass", as it is difficult and costly for the industry to reduce production!** Goldman Sachs believes that considering the weak industry demand coupled with the difficulty in reducing production and the increase in costs due to production suspension, it is expected that the photovoltaic glass industry will see a deeper profit decline from the second half of this year to next year. It will lower the 2025-26 EBITDA forecasts for Xinyi Solar and Flat Glass by an average of 73% and 58% respectively.

- **Silicon wafer prices continue to rise. Expert: After the rebound of polysilicon prices, silicon wafer manufacturing is based on the bottom line of not losing money**. On July 31, the Silicon Industry Association stated that silicon wafer prices continued to rise that week, with the average price of each specification rising by about 0.1 yuan per piece. Experts said: "The rise in silicon wafer prices reflects that after the rebound of raw material polysilicon prices, the pure silicon wafer manufacturing end offers prices based on the bottom line of not losing money, rather than competing to reduce prices for production and sales."

- **Overshadowed by tariffs, Hon Hai's July revenue increased 7.25% year-on-year, hitting a new low since January, but demand for AI servers remains strong**. Despite the impact of uncertainties such as U.S. tariffs, the company expects third-quarter revenue to achieve both sequential and year-on-year growth. The cooperation with TECO Electric to build AI data centers and the strong demand from Apple provide support for Hon Hai's performance in the second half of the year.

- **Demand for high-end chips is rising. Haiguang Information's Q2 revenue increased 41.1% year-on-year, and net profit increased 23.1% year-on-year**. Behind the rapid performance growth is the continuous rise in demand for domestic high-end chips in the market.

Overseas Macroeconomics

The United States issued the "Tariff Implementation Guidelines", clarifying that the new tariffs do not apply to "goods loaded before 0:00 New York time on Thursday". The guidelines also stipulate that products under the US-Mexico-Canada Agreement and humanitarian relief materials can be exempted. To combat evasion, any goods intended to avoid tariffs through transshipment will be subject to punitive tariffs of up to 40%.

JPMorgan Chase: U.S. stocks may pull back by "5-10%" in the third quarter, but any pullback is a buying opportunity. Although U.S. stocks have continued to rise since the April low, JPMorgan warned that seasonal weakness, uncertainties about the Federal Reserve's policy and the impact of tariffs may trigger a 5-10% pullback in U.S. stocks in the third quarter. However, the bank believes that the foundation of this bull market is solid, and the momentum of profit recovery will provide investors with a strategic window to buy on dips, and still holds a "bullish" view on the prospects of U.S. stocks in the next 12 months.

Citi's logic of "bullish on gold prices in the short term" and "bearish next year". Citi believes that the current inflation concerns triggered by tariffs, the weakening labor market and the expected weakness of the U.S. dollar together constitute a "perfect storm" for gold prices to rise in the next three months, with the target price raised to $3,500 per ounce. However, as the U.S. government may introduce stimulus measures in 2026, the economic fundamentals will improve, and gold prices will face cyclical correction pressure at that time.

Copper is spared, while aluminum is doomed. Why does Trump's tariff stick "treat them differently"? Lobbying by U.S. copper giants that tariffs may weaken U.S. copper production and the importance of refined copper to U.S. manufacturing contributed to this exemption policy. U.S. aluminum producers, on the other hand, have been strong supporters of tariff policies, believing that it is crucial to protect the remaining capacity of the U.S. aluminum smelting industry. In addition, electricity costs are also one of the important influencing factors.

The copper tariff arbitrage trade reversed, and LME copper inventories soared to the highest level since March. LME copper inventories surged by 14,350 tons to 141,850 tons, the highest level since March.

Overseas Companies

NVIDIA soars, while Apple and Tesla "stall". Why are U.S. tech giants moving towards differentiation? UBS believes that the core issue facing current tech giants is whether they can maintain a strong return on capital against the backdrop of large-scale investment in AI infrastructure. The market is shifting from collective optimism about tech giants to differentiated pricing based on fundamentals. Companies that can maintain strong return on capital in the wave of AI investment while having relatively conservative growth expectations are likely to provide better risk-adjusted returns.

Understanding NVIDIA's next-generation chip packaging technology "CoWoP". JPMorgan Chase said that NVIDIA is exploring the chip packaging technology CoWoP, which will use advanced high-density PCB (printed circuit board) technology to remove the ABF substrate layer in CoWoS packaging and directly connect the interposer to the PCB. It has the advantages of simplifying the system structure, better thermal management performance and lower power consumption. This technology is expected to replace the existing CoWoS packaging scheme.

Tesla's decline in Europe has intensified, with sales falling for seven consecutive months, and the German and British markets have plummeted. Tesla's sales in core markets such as Germany, Britain and France all fell sharply in July. Among them, sales in Germany plummeted 55% year-on-year, sales in Britain dropped 60%, and sales in France fell 27%.

Tesla is accused of exaggerating the safety of Robotaxi and faces investor lawsuits. An investor filed a lawsuit in federal court, accusing Tesla and its CEO Elon Musk of exaggerating the effect of autonomous driving technology before launching the Robotaxi service, concealing potential safety hazards and traffic violations of the system, and misleading the market. The plaintiff intends to file a class action on behalf of investors who purchased Tesla securities since April 19, 2023, seeking compensation for alleged violations of securities laws.

Palantir deserves the title of the top AI application provider, and the flaws in guidance are not a problem. According to Dolphin Research, Palantir's performance in the second quarter of 2025 was still impressive, with U.S. commercial revenue surging 92% and government business remaining stable. Although the future guidance is slightly conservative, healthy operating indicators such as a 140% year-on-year surge in total contract value demonstrate its strong order backlog and leading product competitiveness. Palantir is still in a leading position where there is no need to worry about the prosperity.

The Canadian patent for the "weight-loss miracle drug" will expire next year, and generic drug giants are "eyeing covetously", or may cut prices by 70%! The patent for semaglutide in Canada will expire next year, while the patent in the United States will expire in 2032. Generic drug giant Sandoz smells huge business opportunities and plans to launch a generic version of the weight-loss drug, which is expected to be 60 to 70% cheaper than the original drug. This will not only expand access to the Canadian market but also may trigger huge demand from the United States.

Pfizer's Q2 revenue increased 10% year-on-year, exceeding expectations, and raised its full-year profit guidance. Pfizer has made positive progress in the recovery of COVID-19 drug growth, the rapid volume of new vaccines/anti-cancer drugs, and the stability of traditional drugs. Although some old drugs are facing pressure from medical insurance reform and prices, the overall product portfolio structure is transforming towards "diversification + innovation", initially showing the effect of "rebuilding the growth engine".

Falling oil prices offset the impact of increased production, and Saudi Aramco's profits fell for the 10th consecutive quarter. In the second quarter, Saudi Aramco's net profit fell 19% year-on-year to 85.63 billion riyals, the 10th consecutive quarter of decline. Free cash flow dropped to $15.23 billion, a 20% year-on-year decrease, and again failed to cover dividend payments, which has become the core challenge facing Saudi Aramco.

Industry/Concept

1. PEEK material: PEEK material is an ideal lightweight material for humanoid robots. In addition to joints, skeletons and reducers, PEEK material is also used in many other components of humanoid robots, and the market space is expected to increase significantly.

2. Data annotation: Soochow Securities pointed out that Scale AI's revenue continues to grow at a high rate, and demand from overseas manufacturers and governments is strong, reflecting the rigid demand for high-quality data for AI development. AI training data products and services are highly professional, have economies of scale, and third-party manufacturers have significant advantages.

3. Beer: GF Securities believes that in 2025, beer companies will actively develop circulation and instant retail channels to seize opportunities in industry changes. At the same time, except for Yanjing Beer, other beer companies have completed leadership changes and started new development. In the new industry cycle, more attention should be paid to changes on the demand side, and the weather during the peak season still needs to be observed month by month. Overall, beer industry sales are expected to show a weak recovery in 2025.

4. Nuclear fusion: According to Ignition Research, the controllable nuclear fusion industry will become a market of at least $1 trillion by 2050, corresponding to a superconducting magnet space of more than $100 billion, with a huge potential market size. In addition, in addition to controllable nuclear fusion, superconducting magnets are also used in equipment such as MRI, NMR, induction heating equipment, and crystalline silicon growth furnaces.

Preview of Today's Key News

Eurozone June retail sales.

Boston Fed President Collins and San Francisco Fed President Daly deliver speeches.

Novo Nordisk, McDonald's, Disney, Uber, Applovin, and DoorDash release earnings reports.

U.S. EIA crude oil inventory changes last week.

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