News

Morning News

Source: Wall Street News

## Market Overview

Last Friday, it was reported that the United States and Russia sought to reach a ceasefire agreement between Russia and Ukraine, which boosted risk appetite. Coupled with market expectations of interest rate cuts, technology stocks once again drove the Nasdaq to a new high. Apple rose more than 4%, with a weekly gain of over 13%, marking its largest weekly increase in five years. "Fannie Mae and Freddie Mac" are expected to go public within the year, with their stock prices rising more than 20%. NVIDIA closed at a new high for four consecutive days throughout the week; Palantir surged 21% during its earnings week.

U.S. Treasury yields continued to rise, rebounding for the whole week. Bitcoin rose above the 117,000 mark intraday on Friday but then pulled back nearly $2,000 at one point. Ethereum once rose above $4,300 on Sunday, hitting a new high since the end of 2021, with a gain of more than 7% within 24 hours, but then turned lower.

After the news of the Russia-Ukraine ceasefire agreement, crude oil, which had risen more than 1% intraday, "flash crashed", with U.S. oil falling nearly 2% at one point. News of gold tariffs pushed futures gold up more than 2% to a new intraday all-time high, but it turned lower in the short term after the White House clarified that no tariffs would be imposed.

In China's night session on Friday, caustic soda closed up more than 2%, while coking coal fell 0.5%.

During the Asian session, the three major A-share indices closed collectively lower. Xinjiang concept stocks bucked the trend and set off a涨停 wave. The Hang Seng Index fell nearly 1%, semiconductors adjusted, and SMIC plunged more than 8%.

## Key News

The heads of state of China and Russia had a telephone conversation. China's Ministry of Foreign Affairs responded to Trump's possible speech on imposing secondary tariffs: China's normal economic, trade and energy cooperation with various countries in the world, including Russia, is legitimate and legal.

China's CPI was flat year-on-year in July, and the month-on-month decline in PPI narrowed. The optimization of competition order in industries such as coal and photovoltaics reduced the drag on prices.

Beijing: Eligible families will no longer be restricted in the number of housing units they can purchase outside the Fifth Ring Road.

China Securities Regulatory Commission: It will continue to strictly control the entrance for issuance and listing, and there will be no large-scale expansion.

Foxconn Industrial Internet's first-half revenue increased by 35.6% year-on-year, and net profit increased by 38.6%, both hitting new highs. AI server revenue in the second quarter increased by more than 60% year-on-year.

CATL's Jianxiawo lithium mine was confirmed to stop production on Sunday. Relevant person: There is no plan to resume production in the short term.

CCTV Yuyuan Tantian published an article revealing how the United States installs "backdoors" in chips: From any perspective, H20 is not safe for China.

It is reported that the United States and Russia plan to reach a Russia-Ukraine ceasefire agreement, leading to a "flash crash" in crude oil. Trump said the agreement may involve "territory exchange" and that he will meet with Putin in Alaska on the 15th. Russia confirmed the meeting and said the next meeting will be held in Russia; before the U.S.-Russia summit, Europe, Ukraine and the United States coordinated their positions in the UK. Europe demanded that "Europe must be at the table". Russia holds a firm position on territorial issues. Zelensky firmly rejected territorial concessions. Vance said the United States is coordinating arrangements for a meeting between Putin and Zelensky.

Trump: Tariffs have had a huge positive impact on the U.S. stock market.

A report on Friday said that the 39% tariff imposed by the United States on Switzerland applies to major gold bar products exported from Switzerland, the world's largest gold refining center. Futures gold once rose more than 2% to a new intraday all-time high; later, the White House planned to issue an executive order to clarify the "misinterpretation" by officials, clearly stating that no tariffs will be imposed on gold.

Japanese Trade Representative: It has confirmed with the U.S. side that the 15% tariff "is not an additional levy". The tariff impact has arrived. Europe's exports to the U.S. have plummeted, with automobile exports plunging 35%, and this is just the beginning.

The Trump administration unexpectedly expanded the list of candidates for Federal Reserve Chair to about 10 people, including traditional figures in the economics community such as Waller's former boss. "New Fedwire": Trump's nomination of Milan stirs up Fed consensus, and policy differences escalate into institutional conflicts. Fed Governor Bowman urged a rate cut in September and supported three rate cuts this year.

## Market Closing Quotes

European and American stock markets: The S&P 500 Index closed up 0.78% at 6,389.45 points, the Dow Jones Industrial Average closed up 0.47% at 44,175.61 points, and the Nasdaq Composite Index closed up 0.98% at 21,450.02 points. For the whole week, they rose 2.43%, 1.35% and 3.87% respectively. Europe's STOXX 600 Index closed up 0.19% at 547.08 points, with a weekly gain of 2.11%.

A-shares: The Shanghai Composite Index fell 0.12% to 3,635.13 points, the Shenzhen Component Index fell 0.26% to 11,128.67 points, and the ChiNext Index fell 0.38% to 2,333.96 points.

Bond market: By the end of the bond market session, the yield on the 10-year U.S. Treasury note was about 4.28%, rising about 3 basis points intraday, with a cumulative weekly increase of about 6 basis points; the yield on the 2-year U.S. Treasury note was about 3.76%, rising about 3 basis points intraday, with a cumulative weekly increase of about 8 basis points.

Commodities: WTI September crude oil futures closed flat at $63.88 per barrel, with a weekly decline of about 5.1%. Brent September crude oil futures closed up 0.24% at $66.59 per barrel, with a weekly decline of about 4.4%. COMEX December gold futures closed up about 1.1% at $3,491.3 per ounce, with a weekly gain of about 2.7%. COMEX September copper futures closed up nearly 1.7% at $4.4715 per pound, with a weekly gain of 0.8%.

## Details of Key News

### Global Highlights

The heads of state of China and Russia had a telephone conversation. China's President elaborated on China's principled position, pointing out that there is no simple solution to complex issues. No matter how the situation changes, China will adhere to its consistent stance and persist in promoting peace talks.

Trump said he might impose secondary tariffs on China over its purchase of Russian oil, and China's Ministry of Foreign Affairs responded. According to Global Times, Guo Jiakun stated that China's position on relevant issues is consistent and clear. China's normal economic, trade and energy cooperation with various countries in the world, including Russia, is legitimate and legal. We will continue to take reasonable energy security measures in accordance with our national interests.

China's July CPI was flat year-on-year, and the month-on-month decline in PPI narrowed. The optimization of competition order in industries such as coal and photovoltaics reduced the drag on prices.

- The month-on-month CPI in July turned from a 0.1% decline in June to a 0.4% increase. The core CPI rose 0.8% year-on-year, with the growth rate expanding for three consecutive months. Among them, the prices of gold jewelry and platinum jewelry rose 37.1% and 27.3% year-on-year respectively, collectively affecting the CPI's year-on-year growth rate by about 0.22 percentage points.

- The PPI fell 0.2% month-on-month in July, with the decline narrowing by 0.2 percentage points compared with June. The PPI fell 3.6% year-on-year in July, the same as the decline in June. The market competition order in industries such as coal, steel, photovoltaics, cement and lithium batteries continued to optimize. The month-on-month declines in coal mining and washing industry, and ferrous metal smelting industry narrowed by 1.9 and 1.5 percentage points respectively compared with the previous month.

Beijing: Eligible families will no longer be restricted in the number of housing units they can purchase outside the Fifth Ring Road. Beijing-registered resident families and non-Beijing-registered resident families who have continuously paid social insurance or personal income tax in the city for 2 years or more will not be restricted in the number of commercial housing units they can purchase outside the Fifth Ring Road. At the same time, the "Notice" clarifies that for adult singles purchasing commercial housing in the city, the purchase restriction policy will be implemented in accordance with resident families.

China Securities Regulatory Commission (CSRC): It will continue to strictly control the entrance for issuance and listing, and there will be no large-scale expansion. Regarding concerns that increased inclusiveness may lead to large-scale expansion of IPOs, the CSRC will continue to strictly control the entrance for issuance and listing, do a good job in counter-cyclical adjustments, and there will be no large-scale expansion. Currently, major global markets are actively adapting to the trend of technological development, increasing institutional and mechanism innovations, and while continuously attracting high-quality enterprises and improving regulatory services, they have in turn promoted the activity and strength of the secondary market.

Foxconn Industrial Internet's first-half revenue increased by 35.6% year-on-year, and net profit increased by 38.6%, both hitting new highs. Driven by AI-related businesses, Foxconn's Industrial Internet achieved revenue of 360.76 billion yuan and net profit of 12.11 billion yuan in the first half of the year. However, the net operating cash flow was 1.41 billion yuan, a year-on-year decrease of 70.76%. In the second quarter, the company's overall server revenue increased by more than 50%, cloud service provider server revenue increased by more than 150% year-on-year, and AI server revenue increased by more than 60% year-on-year.

CATL's Jianxiawo lithium mine mining operation has been confirmed to stop production. Relevant person: There is no plan to resume production in the short term. In the past few weeks, the news of "whether the mining areas of major manufacturers will stop production" has attracted much attention. This news has also become one of the core reasons for the fluctuation of domestic lithium carbonate prices. The Futures Daily learned from cross-verification with various market parties on August 9 that the mining operation of CATL's Jianxiawo lithium mine stopped at 12 o'clock that night. Starting from August 10, the mining operation of the mine will not carry out work, and there is no plan to resume production in the short term.

CCTV Yuyuan Tantian: How the United States installs "backdoors" in chips. The article by Yuyuan Tantian stated that the United States has designed a "on-chip governance mechanism", including functions such as license locking, tracking and positioning, usage monitoring, and usage restrictions. NVIDIA chips have widely deployed most of the required functions. The article pointed out that from any perspective, H20 is not a safe chip for China. When a chip is neither environmentally friendly, nor advanced, nor safe, as consumers, we can certainly choose not to buy it.

It is reported that the United States and Russia plan to reach a Russia-Ukraine ceasefire agreement, leading to a "flash crash" in crude oil. Trump said he will meet with Putin in Alaska on Friday the 15th. Media reports said that the ceasefire agreement will consolidate Russia's control over territories in the conflict and pave the way for a summit between the US and Russian presidents; the United States is working hard to win the support of Ukraine and its European allies for the agreement, and whether the agreement can be finally reached is still very uncertain. White House officials said that Russia has provided a list of potential ceasefire requirements. Trump said that the United States and Russia are very close to reaching an agreement on the Ukraine issue.

Russia confirmed that the Russian-US summit will be held in Alaska on August 15, and said that the next meeting will be held in Russia. Russian Presidential Assistant Ushakov said that the focus of the Alaska talks is to achieve a long-term peace plan for Ukraine. Russia has sent a corresponding invitation to the United States for the next meeting.

As the US-Russia summit approaches, Europe, Ukraine and the United States coordinate their positions in the UK. Europe demands that "Europe must be at the table", and "territory exchange" has become the focus. Trump mentioned a peace agreement to achieve a Russia-Ukraine ceasefire on Friday, saying that it may involve "exchanging some territories" between Russia and Ukraine, without disclosing more details. A number of Russian government sources revealed that Russia's position on territorial issues is firm. US media said that the White House is considering inviting Zelensky to visit Alaska.

On the eve of the US-Russia summit, Zelensky stated that he firmly rejects territorial concessions, and any agreement that Ukraine does not participate in will be an "invalid plan".

Vance said the United States is coordinating arrangements for a meeting between Putin and Zelensky, but there has been no response from Russia and Ukraine. Vance believes that a meeting between the Russian and Ukrainian heads of state before Putin's meeting with Trump is not constructive.

Trump: Tariffs have had a huge positive impact on U.S. stocks. On Friday, Trump defended tariffs and said that the court's "anti-tariff" ruling would harm the U.S. economy.

The White House plans to issue an executive order to clarify officials' "misinterpretation" and will not impose tariffs on gold! The Trump administration will issue a new policy, clearly stating that imported gold bars should not be subject to tariffs. Gold once turned lower in the short term. Previously, reports said that the 39% tariff imposed by the United States on Switzerland applies to major gold bar products exported from Switzerland, the world's largest gold refining center. Futures gold once rose more than 2% to a new intraday all-time high.

A "major hidden danger" for gold prices: Are central banks buying less? Deutsche Bank said that global central bank gold demand fell sharply by one-third in the second quarter, dropping to the lowest level since the second quarter of 2022. Central bank demand has been the core driver of gold prices hitting new highs in recent years, and its proportion in the global gold market has risen from 10% in 2021 to 21% in 2024. The slowdown in demand not only poses a potential threat to gold prices, but may also force analysts to lower their 2026 gold price forecast to $3,600 per ounce.

Japanese Trade Representative: Confirmed with the U.S. side that the 15% tariff "is not an additional levy". It is reported that Japan's chief trade negotiator Akizawa Ryo said that U.S. officials apologized for imposing additional rules on Japan despite a verbal agreement, and said that Washington will refund overpaid taxes. Akizawa Ryo also confirmed that the U.S. side promised to issue another order to reduce tariffs on automobiles and auto parts when revising the general tariff executive order.

The tariff impact has arrived. Europe's exports to the U.S. have plummeted, with automobile exports dropping 36%, and this is just the beginning. Europe's exports to the U.S. in June hit the lowest level since February 2024, with automobile exports plummeting 36% year-on-year. Deutsche Bank warned that the worst may not be over yet. Due to the further increase in the average tariff rate starting from August and the lag in demand transmission in other industries affected by tariffs, European exporters will face more severe downward pressure in the future.

The Trump administration unexpectedly expanded the list of candidates for Federal Reserve Chair to about ten people, including Waller's former boss. The candidates include former St. Louis Fed President Bullard and Marc Sumerlin, who served as an economic advisor during George W. Bush's presidency. Bullard is the former boss of current Fed Governor and热门 candidate for Fed Chair Waller. Analysts said that Bullard and Sumerlin are two traditional figures in the economics community, which should ease market concerns about the politicization of the Fed.

Governor Bowman: Urges the Fed to cut interest rates in September and supports three rate cuts this year. Bowman said that recent weak labor market data have strengthened her view in favor of multiple rate cuts, and a rate cut in September "will help avoid further unnecessary deterioration in labor market conditions". In addition, price increases driven by tariffs are unlikely to push up inflation in a sustained way.

"New Fedwire": Trump's nomination of Miran stirs up Fed consensus, and policy differences escalate into institutional conflicts. Nick Timiraos wrote that if Miran's nomination as a Fed governor is successful, he will bring a voice in the Fed that clearly opposes traditional views, especially on the impact of tariffs on inflation and economic growth. Miran's differences are not limited to policies; he also directly questions the institutional legitimacy of the Fed itself.

Trump kills two birds with one stone by nominating Miran, installing a confidant and delaying the change of leadership. Trump has adopted an unexpected "transition" strategy for key personnel arrangements at the Fed: nominating confidant Miran to fill the short-term vacancy can not only immediately increase dovish voices in the interest rate meeting, but also win valuable time for the more important decision of selecting the next Fed Chair. However, this move has aroused deep market concerns about the prospects of the Fed's independence.

What does the nomination of Miran mean for U.S. bonds? JPMorgan Chase: The yield curve may steepen further. After Miran was nominated as a Fed governor, the U.S. 5/30-year Treasury yield spread widened. JPMorgan Chase advanced its expectation for the next rate cut to September, and pointed out that "Miran has always believed that the Trump administration's trade, immigration and deregulation policies have the effect of curbing inflation, and this view supports a more accommodative Fed policy".

### Domestic Macroeconomics

Xinjiang-Tibet Railway Company was established, and the "four-way access to Tibet" plateau railway network is accelerating its formation. Huayuan Securities said that the Sichuan-Tibet Railway, as the main framework, is expected to be fully completed by 2032, and the core sections are currently under full construction. The Yunnan-Tibet Railway will fill the gap in the southwest direction, and some sections have been approved and started construction. The Tibet access railway project aims to build a plateau railway skeleton system with Lhasa as the hub and a total scale exceeding 5,000 kilometers by 2035, eventually forming the "four-way access to Tibet" main framework consisting of the Qinghai-Tibet, Sichuan-Tibet, Yunnan-Tibet and Xinjiang-Tibet railways.

How to understand "enhancing the attractiveness and inclusiveness of China's capital market". According to Xinhua News Agency, Wei Gang, Secretary-General of the China Capital Market Society, pointed out that enhancing the attractiveness and inclusiveness of China's capital market first involves enhancing attractiveness to investors, improving the inherent stability of the market, enhancing the quality and investment value of listed companies, strengthening the protection of investors' legitimate rights and interests, and comprehensively enhancing investors' sense of gain. At the same time, it is necessary to better play the important role of the capital market in supporting technological innovation and the development of new productive forces, focus on enhancing the inclusiveness, adaptability and attractiveness of the system, target the actual needs of technology-based enterprises, and promote the integrated development of technological innovation and industrial innovation.

10 laws of A-share bull market. Guohai Securities said that large-scale market trends are likely to occur around the alternation of five-year plans. If historical laws repeat, 2025-2026 may become the main upward wave of the bull market. Valuations have not yet peaked. The valuation level of the Wind All-A Index as of July 30 still has about 19% room compared with the valuation at the beginning of 2021. The leading styles mainly focus on advanced manufacturing and growth technology, and the fund's heavy position style will eventually return in the bull market.

### Domestic Companies

SMIC and Huahong issued signals together: Full production! According to Shanghai Securities News, the second-quarter sales revenue of China's two major wafer fabs, SMIC and Huahong, both achieved high double-digit year-on-year growth. The most prominent is the significant improvement in capacity utilization: SMIC reached 92.5%, close to full production, and Huahong even reached 108.3%, operating beyond full capacity, setting a new high in recent quarters. Looking forward to the third quarter, both companies have given optimistic revenue guidance. SMIC expects a 5%-7% quarter-on-quarter growth, and Huahong expects revenue of 620-640 million US dollars.

Where is the next wave of dividends? Analysis believes that the foundry business of Chinese chip design companies has shown a clear trend of returning. Emerging businesses in mainland China have a surge in demand for chips, and these chips mostly focus on mature processes. In addition, "China for China" has become a common choice for international semiconductor giants.

AI demand remains strong. TSMC's sales in July were 323.2 billion New Taiwan dollars, a year-on-year increase of 25.8%; cumulative sales from January to July were 2.10 trillion New Taiwan dollars, a year-on-year increase of 37.6%.

After two and a half years of investigation, Bao Fan of China Renaissance "returns". According to Jiemian News, multiple sources close to China Renaissance said that "Bao Fan has 'come out' recently and will no longer participate in the group's daily operations". Later, China Renaissance told Jiemian News that "there is no relevant response, and everything is subject to China Renaissance's public news".

Overseas Macroeconomics

Shortly after Trump's tariff policy took effect, the U.S. Commissioner of Internal Revenue stepped down, and Treasury Secretary Besent will serve as interim replacement.

Behind the July rally in U.S. stocks: Insider buying by large companies hit a four-year low. Corporate executives are now acting much like institutional investors: cautious, conservative, and valuation-sensitive. Those who know the companies best are telling you that most of the positive news has already been priced into the market.

The most dovish forecast has emerged! JPMorgan Chase: The Federal Reserve will launch a "four consecutive rate cuts" with a cumulative reduction of 100 basis points. For Powell, risk management considerations at the next Fed meeting may go beyond balancing employment and inflation risks, but also need to take political and personnel factors into account. After the latest personnel changes, the path of least resistance is to move the next 25-basis-point rate cut forward to September, followed by three more cuts of the same magnitude in the subsequent three meetings.

There are serious divisions within the Federal Reserve. If Powell wants to "turn dovish", "Jackson Hole" is the best time. Bank of America emphasizes that Powell's policy signals carry far more weight than those of his colleagues, and the Jackson Hole Annual Meeting has always been his preferred platform to release major policy shift signals. If the Fed's policy focus has indeed shifted from focusing on inflation to prioritizing employment, this meeting will be the most likely occasion to announce this change to the market.

Global capital expenditure will "cool significantly" in the second half of the year, especially in the United States. JPMorgan Chase believes that as the U.S. "advance purchasing" effect fades, three headwinds—stagnant corporate profit growth, high interest rates, and pessimistic business sentiment—will work together, and global capital expenditure growth is expected to slow sharply.

AI conviction vs. recession alerts: The long-short battle in U.S. stocks enters a critical period. Bulls in U.S. stocks are questioning whether the popularity of AI themes is sufficient to support the overall market performance alone, especially against the backdrop of tariff pressures, inflation erosion, and a cooling labor market. According to a Goldman Sachs report, its indicator comparing cyclical stocks and defensive stocks has hit a record high twice this year. Nomura believes that the seemingly balanced market pattern could easily lose its balance once a sustained pullback occurs.

Stagflation clouds hang over U.S. stocks. Wall Street strategists warn that the U.S. economy is sliding into stagflation, with sticky inflation coexisting with weak economic growth. However, investors have largely ignored these warning signals so far.多家投行 (Multiple investment banks) such as Apollo, BNY Mellon, and Bank of America have issued stagflation warnings, arguing that tariffs will reduce growth while pushing up inflation. "The bottom line is that the stagflation theme in the market is intensifying."

Is "American exceptionalism" making a comeback? European stock earnings are far inferior to U.S. stocks. Bank of America data shows that more than half of the STOXX 600 components have reported earnings so far, and the index is likely to record zero growth, the same as the same period last year. In contrast, driven by technology stocks and bank stocks, the average earnings growth rate of S&P 500 components has reached 9%, setting a record for the most exceeding expectations in 25 years.

Can AI save the U.S. debt crisis, is it a productivity revolution or a beautiful fantasy? The latest forecast from the U.S. Congressional Budget Office (CBO) shows that if AI drives U.S. annual productivity growth to exceed expectations by 0.5 percentage points, the U.S. debt-to-GDP ratio will stabilize at around 113%, instead of the current pessimistic forecast of surging to 156% by 2055. However, this optimistic expectation faces three challenges.

Overseas Companies

The "600 billion U.S. dollar pie" drawn for Trump, how much can Apple achieve? Wall Street: Anyway, the iPhone is making profits. Analysts believe that Apple's greatest success in this move is that it can win political favor without needing to "overhaul" its existing supply chain. If competitors face tariffs while the iPhone is exempted, Apple is expected to increase its share in the U.S. smartphone market.

Cook has managed to handle Trump again. Apple's stock price rose 13% in a week, its best weekly performance since July 2020. Apple once again successfully defused the imminent tariff threat through textbook-style political maneuvering. Its market value surged by more than 400 billion U.S. dollars in a single week, reaching 3.4 trillion U.S. dollars, consolidating its position as the world's third-largest company by market value, second only to NVIDIA and Microsoft.

Tesla was approved for a ride-hailing license in Texas, paving the way for Robotaxi operations. In early trading on Friday, Tesla's stock price once rose nearly 4%.

Intel is trapped in internal and external troubles. Report: Before Trump's intervention, the CEO had already clashed with the board. Reports say that the core disagreement between CEO Pat Gelsinger and the board lies in whether to retain the continuously loss-making chip manufacturing business. The board chairman advocates spinning off the business, while Gelsinger believes it is crucial to Intel and the U.S. semiconductor industry. The strategic disagreement has caused financing plans and an important AI company acquisition to stall.

Intel CEO responds to Trump's call for resignation, saying he has always followed the highest ethical standards. In a memo to employees, Pat Gelsinger said: "I want to make it very clear that after working in this industry for more than 40 years, I have built relationships around the world and in our diverse ecosystem, and I have always operated under the highest legal and ethical standards."

It is reported that the U.S. government is considering listing "Fannie Mae and Freddie Mac" within the year, which may raise 30 billion U.S. dollars, and their stock prices have both risen by more than 20%. The U.S. government is planning to sell 5% to 15% of the shares of the two companies, possibly as early as this year. It is expected to raise about 30 billion U.S. dollars. This move means that the valuation of these two government-controlled enterprises may reach 500 billion U.S. dollars or more. After the news, the stock prices of Fannie Mae and Freddie Mac surged more than 20% on Friday, hitting their largest gain in more than two months.

Has the market "wrongly sold" Eli Lilly? Eli Lilly's stock price plummeted 15% on Thursday. Bank of America believes that the market's negative reaction to the company's stock price stems from concerns about future competition, pricing, and generic drug threats. The decline in Eli Lilly's stock price is emotionally driven, and there is a significant "mismatch" between the company's 35% revenue growth potential and its relatively reasonable valuation. Eli Lilly still holds an "undisputed position" in the potentially huge weight-loss drug market.

154 companies have raised nearly 100 billion U.S. dollars to enter the market. How far can distressed companies go with Bitcoin as a self-rescue? For many distressed companies, buying crypto tokens seems like a reliable way to attract investor attention and boost stock prices, at least in the short term. However, the sustainability of this strategy of heavily buying Bitcoin through debt financing is questionable, and some have compared it to the 1998 Internet bubble. Some analysts warn that if Bitcoin prices collapse, these highly leveraged companies may face difficulties in repaying creditors, thereby causing a systemic impact on the entire Bitcoin ecosystem.

Hit by tariffs, Toyota's net profit plummeted 37% in the first fiscal quarter, and full-year profit is expected to decrease by nearly 10 billion U.S. dollars. Toyota's chief accounting officer Takanori Azuma said, "The tariff has risen sharply from the previous 2.5%, which has obviously had a significant impact, and this is a factor beyond our control." Despite the tariff impact, Toyota's global sales still increased by 7%. The company is responding by raising prices and expanding U.S. production capacity. Other Japanese automakers such as Honda and Mazda have also suffered huge losses.

"Ugly hole shoes" are not selling. Crocs plummeted nearly 30% on Thursday. CEO: U.S. customers are not buying things, and they don't even go to stores. A far lower-than-expected earnings guidance, coupled with a pessimistic assessment of weak U.S. consumption, dealt a heavy blow to the stock price of Crocs, the once-popular "hole shoe" manufacturer. The company not only faces the reality of consumers cutting back on spending but also needs to deal with the dual pressures of the fading "ugly shoe" trend and huge acquisition impairments. Management admitted that its customer traffic has declined, and people even "don't go to stores anymore."

Industries/Concepts

1. Robotics: Jensen Huang stated at the Taipei International Computer Show in May this year that physical AI is the cornerstone of the robotics revolution, and physical AI and robotics technology will usher in a new round of industrial revolution. AI and robotics will jointly form a trillion-dollar dual-engine growth curve, which is expected to spawn billions of robots, 100 million autonomous vehicles, and thousands of smart factories in the future.

2. Robot Perception: Reports point out that the launch of the general perception system for humanoid robots not only provides them with strong environmental perception capabilities but also solves key challenges such as sensor layout, data annotation, and multi-modal fusion, laying the technical foundation for the standardization of general perception modules. In the future, the team plans to further expand the dataset, optimize the temporal fusion strategy, and explore applications on more humanoid robot platforms.

3. Brain-Computer Interface: Institutions point out that the introduction of the charging mechanism for brain-computer interface medical services by the National Medical Insurance Administration in March is expected to accelerate the implementation and application of brain-computer interfaces. The downstream application market of brain-computer interfaces has great potential. Brain-computer interface technology also has great potential in markets such as sleep, health care, and consumer entertainment. It is optimistic that the brain-computer interface industry will accelerate its implementation under the resonance of policies and technologies.

4. Aerospace: According to the China Manned Space Engineering Office, at Beijing time on August 6, 2025, the comprehensive verification test of the landing and takeoff of the "Lan Yue" lunar lander was successfully completed at the extraterrestrial body landing test site in Huailai County, Hebei Province. This test is a key node in the development of China's manned lunar exploration project and is also the first test of landing and takeoff of a manned spacecraft on an extraterrestrial body in China. The successful completion of the test marks a new important breakthrough in the development of China's manned lunar exploration project.

Preview of Today's Key News

China's social financing and new RMB loans from January to July.

China's M0, M1, and M2 money supply in July.

The 2025 World Robot Conference will be held in Beijing from August 8 to 12.

Trump said he will announce U.S. tariffs on semiconductors and pharmaceuticals around this week.

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