GMT EIGHT - OPPORTUNITIES IN CHINA

In July 2026, the box office revenue for films exceeded 1 billion.

As of July 11th, the total box office revenue for July 2026 (including presales) has surpassed 1 billion.

The global market is entering a "summer of turmoil": beware of changes in the Federal Reserve, the yen crisis, and the challenges of earnings season.

The global financial markets may seem calm, but there are hidden currents: the new Federal Reserve Chairman, Powell, reducing forward guidance has increased policy uncertainty, causing the yen to fall below the 162 mark and triggering a crisis of arbitrage liquidation. The fragility index of UBS soared to a high of 0.9, with individual stock volatility exceeding the index by three times. In the midst of low summer liquidity, if the high growth expectations of 24% for second quarter earnings reports in the US stock market are not met, it could trigger a dramatic index-level pullback.

Cui Dongshu: The growth rate of car manufacturers' sales in June remained relatively stable, but the trend of new energy vehicles is not strong.

The trend of new energy vehicles in June is not strong, the export market for cars continues to strengthen, manufacturer inventories have slightly decreased, and there is no pressure on the industry to reduce inventory.

Industry professionals: HBM4 prices may double next year.

Industry insiders say that the price of the next generation of HBM4 may skyrocket from around $2 per gigabit in the second half of 2026 to $4 to $5 or even higher.

New stock news | Xin Tianxia submitted an application to the Hong Kong Stock Exchange. Code-based flash memory chip revenue ranks top five globally.

According to the disclosure by the Hong Kong Stock Exchange on July 10th, Xintianxia Technology Co., Ltd. (referred to as "Xintianxia") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Guangfa Securities and Zhongxin Securities as its joint sponsors.

New stock news | Xintianxia submits a second application to the Hong Kong Stock Exchange.

According to the disclosure by the Hong Kong Stock Exchange on July 10, ZD Technology Co., Ltd. (referred to as ZD Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Guangfa Securities and CITIC Securities as its joint sponsors.

Holding onto AI tightly while staying wary of the Iranian surprise attacks! Wall Street divided as dreams of the 2000 Internet bubble era resurface.

Barclays Bank points out that the correlation between major asset classes is currently in the historical range of about the 93rd percentile, which means that the linkage between crude oil, bonds, and currencies is higher than usual. At the same time, the correlation between stocks has dropped to the lowest level in over a decade. Although individual stocks may still move in the same direction as the overall asset market, the differentiation between winners and losers in the AI sector is becoming more important to investors, leading to an increasing divergence between index component stocks.

After rising 25% in one month, the American biopharmaceutical sector suffered a heavy blow on Friday.

The U.S. biopharmaceutical sector saw a steep drop as profits were concentrated and closed out, with the high beta representative ETF (XBI) plummeting 4% in a single day. Stocks like Moderna and ImmunityBio, which had seen significant gains earlier in the year, retreated by 8%-11% despite no negative fundamental news. Funds are now shifting from high-risk small-cap stocks to strong defensive large-cap pharmaceutical companies in a structural rotation across sectors.

When the US stock market is at its "extremely fragile" state, the earnings season begins.

The surface of the US stock market index appears calm (with low VIX), but the UBS market fragility index has soared to a historical high of 0.9. As the second quarter earnings expectations surged by 24% to kick off the "high expectations" earnings season, internal market pressures are rapidly building up: single stock volatility has exceeded the index by three times, bond yields are approaching 4.6%, and rising oil prices (Brent crude nearing $80) are threatening inflation and European stock markets.

OpenAI's head of security system resigns, adding another member to the wave of senior departures.

According to reports, Johannes Heinke, the head of security at OpenAI, informed his colleagues this week that he will be leaving the leading artificial intelligence (AI) company. This is the latest in a series of recent departures of key executives at OpenAI, which is part of a security team restructuring in response to the increasing pace of model iteration.

Nuclear energy service company Holtec (HNUC.US) joins the industry IPO trend and seizes the opportunity in the AI data center power shortage.

Holtec Nuclear Corp. has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission, becoming the latest company in the nuclear energy sector to attempt to go public by leveraging the growing power demand from data centers.

Completely torn apart! Apple Inc. (AAPL.US) sues OpenAI for stealing trade secrets and demands the destruction of all infringing materials.

Apple recently filed a lawsuit against OpenAI for alleged misappropriation of trade secrets, accusing the AI startup and its hardware chief of colluding to systematically steal information about Apple's unreleased products.

Farewell to the cycle of fate! SK Hynix (SKHY.US) CEO warns that the shortage of storage chips will continue for the next decade. The group chairman introduces a new concept of "memory as a service".

Against the backdrop of a continuous surge in demand for artificial intelligence (AI) computing power, global storage chip giant SK Hynix has just completed a historic U.S. listing. At the same time, senior executives of the company have successively made heavyweight statements, not only predicting the most severe supply shortage in industry history in 2027, but also revealing that the company is brewing a "memory as a service" business model that will disrupt traditional hardware sales.

Morgan Stanley pours cold water: Chip manufacturers under pricing pressure, AI capital expenditures starting to slow down, US semiconductor stocks "clearly overbought"

The Chief Investment Officer of Morgan Stanley Wealth Management stated that large-scale cloud service providers are accelerating the development of self-made low-cost chips, eroding the pricing power of chip manufacturers; enterprises have started discussing the pace and return on investment of AI investments, and are currently at the early stage of slowing down the growth rate of AI capital expenditure; the Philadelphia Semiconductor Index's price-earnings ratio has more than tripled since 2022, and the semiconductor sector has shown "clear signs of being overbought".

Overnight US stocks | Three major indexes closed higher, the S&P 500 approaching a historic high, SK Hynix ADR rose nearly 13% on its first day of listing.

On Friday, the U.S. stock market continued its previous day's gains, with the S&P 500 index approaching a historic high. SK Hynix completed the largest foreign company IPO in U.S. history, with its stock rising nearly 13% on its first day of trading.

Does AI exacerbate U.S. inflation? Goldman Sachs: Memory, electricity and software price increases may raise core PCE by 0.5 percentage points by the end of the year.

Goldman Sachs' latest calculations show that the triple impact of the skyrocketing prices of AI-driven memory, software price increases, and rising electricity costs has pushed up the core PCE in the United States by more than 0.2 percentage points. It is expected that this contribution will rise to 0.5 percentage points by the end of the year. This estimate does not fully reflect all kinds of spillover effects, and the actual impact may be even greater. Most Federal Reserve officials believe that in certain scenarios, strong demand related to AI may lead to sustained high inflation.

HK Bull/Bear Outstanding Qty Ratio(47:53) | July 11th

As of July 11, the latest bull-bear street ratio of the Hang Seng Index is 47:53.

Bullish on AI-driven storage demand continues to grow Wells Fargo & Company raises target price for Seagate Technology Holdings PLC (STX.US) and Western Digital Corporation (WDC.US)

Industrial Bank has raised Seagate Technology's rating from "hold" to "buy" and raised its target price from $900 to $1100; at the same time, it has maintained a "buy" rating on Western Digital and raised its target price from $575 to $730.

US Stock Market Move | Storage chip concept stocks rose during the trading session Seagate Technology Holdings PLC (STX.US) up more than 3%

On Friday, shares of storage chip concept stocks rose sharply during trading, with Seagate Technology (STX.US) up over 3% and SanDisk (SNDK.US) up over 2%.

US Stock Market Move | South Korean semiconductor giant SK Hynix (SKHYV.US) debuts on the US stock market, opening with a 14% increase.

On the first day of its listing on the US stock market, South Korean semiconductor giant SK Hynix saw its stock price rise by 14%.

Outlook for quantum computing and AI business looks promising, Susquehanna initiates IBM (IBM.US) with a "hold" rating.

Investment bank Susquehanna initiates coverage on IBM for the first time, giving it a "hold" rating and setting a target price of $303.

US Stock Market Move | SpaceX (SPCX.US) falls 3%, market value drops below 2 trillion US dollars.

On Friday, SpaceX fell 3% to $147.56, with a market value dropping below $2 trillion. Its cumulative decline this week is nearly 9%.

Trump says he will continue to negotiate with Iran, but the ceasefire agreement has ended.

President Trump stated on Friday that the United States will continue negotiations with Iran, but the ceasefire agreement previously reached between the two parties has ended.

Morgan Stanley warns that the valuation of the semiconductor sector is overheated. Tech giants developing their own chips may weaken the industry's pricing power.

Morgan Stanley Wealth Management Chief Investment Officer Lisa Shalett stated that as more and more evidence shows that the pricing power of chip manufacturers is being challenged, investors should remain cautious about the semiconductor sector.

US Stock Market Move | Concept stocks related to optical communication generally fell, with Applied Optoelectronics (AAOI.US) dropping more than 6%.

On Friday, stocks related to the concept of optical communication generally fell, with Applied Optoelectronics (AAOI.US) dropping more than 6%.

US Stock Market Move | Chip stocks fluctuate, NVIDIA Corporation (NVDA.US) up more than 2%

Chip stocks are mixed, with Nvidia up more than 2%.

US stock market's most steadfast buyers lose confidence! Retail investors' net purchases plunge to the lowest level since the epidemic, rejecting "blindly buying the market" in favor of "selecting stocks based on stories"

Retail investors chase hot trends but refuse to bet on the S&P 500 index.

US Stock Market Move | Circle (CRCL.US) surged more than 8% and was approved to establish the national trust bank Circle National Trust.

On Friday, Circle (CRCL.US) rose more than 15% in early trading. As of the time of this writing, it is up more than 8%, trading at $68.33.

Wall Street locks in EchoStar Corporation Class A (SATS.US) as SpaceX's best alternative! Citigroup and Deutsche Bank both call for a buy.

Wall Street analysts say that, compared to directly buying SpaceX stocks, investing indirectly through Starlink Communications is actually a lower cost way to invest in this space technology company.

US Stock Market Move | Meta (META.US) rose by more than 6%, with mining cost much lower than market expectations.

On Friday, Meta (META.US) rose more than 6% to $671.24.

US stock market opening: three major stock indexes rise and fall unevenly.

The Dow rose 0.27%, the S&P 500 rose 0.07%, and the Nasdaq fell 0.04%. Shopify rose 4.55%, Coinbase Global rose 4.51%, SanDisk fell 3.57%, Intel fell 3.09%. As for the "Big Seven": Meta Platforms rose 4.81%, Amazon rose 1.50%, Microsoft rose 0.98%, Tesla rose 0.77%, Nvidia rose 0.27%, Apple fell 0.65%, Google fell 0.91%.

Borrowing 350 billion yuan in five years to bet on AI! The five major tech giants in the US are making history, or are they repeating Intel's mistakes?

In order to seize the high ground of artificial intelligence data centers, the five major technology giants in the United States have doubled their debt size in the past five years, paving the way for what they call "economic transformation" through large-scale borrowing.

Boeing Company (BA.US) sees new progress in recovery: Fourth 737 MAX production line in operation, MAX 7 certification imminent.

Boeing (BA.US) officially launched its fourth 737 Max assembly line near Seattle on Friday.

"Musk premium" fluctuates: SpaceX's IPO surged in the first month and then fell back, while Tesla, Inc. launched a defensive counterattack.

One month after SpaceX went public, Tesla's stock price remained stable.

Selected Announcement of A-share | Multiple Stocks Report Better-than-Expected Semi-Annual Performance Shannon Semiconductor Technology (300475.SZ) forecasts a 2434% increase in net profit

Zijin Mining (02899) announced that the company's 2026 interim profit distribution plan is to distribute a cash dividend of 4.20 yuan (including tax) per 10 shares. Based on a total number of 26.513 billion shares eligible for profit distribution as of the announcement date, the total amount of cash dividend to be distributed is estimated to be approximately 11.136 billion yuan.

The uncertainty of the Fed's policy is heating up, traders are betting on a return of volatility in the foreign exchange market.

With the warning from banks about the potential impact of changes in the Fed's policy expectations and the escalation of geopolitical tensions on the market, after a few months of calm, forex traders are beginning to buy more hedging tools to guard against increased exchange rate volatility.

Resisting the highest fuel expenses in history! High-end travel demand remains strong. Delta Air Lines, Inc. (DAL.US) Q2 earnings exceed expectations and reaffirm full-year guidance.

Delta Air Lines (DAL.US) announced better-than-expected second-quarter results and reconfirmed its full-year profit guidance.

SK Hynix will land on the Nasdaq this Friday, raising $2.65 billion to become a large overseas IPO in the U.S. stock market.

South Korean chip giant SK Hynix will debut on the technology stock-focused NASDAQ exchange this Friday, opening up a powerful new financing channel for the company and providing global investors with an opportunity to invest in the fast-growing artificial intelligence infrastructure race. The world's second-largest memory chip maker plans to raise about 400 trillion Korean won through the issuance of American depositary receipts on NASDAQ. The offering consists of 177.9 million ADRs priced at $149 each, with each ADR representing one-tenth of its common stock listed on the Seoul Stock Exchange. This listing is expected to become one of the largest foreign company IPOs in U.S. stock market history, second only to SpaceX, reflecting strong global capital interest in core companies within the AI industry chain. Industry analysts suggest that in addition to the substantial injection of funds, listing on NASDAQ will bolster SK Hynix's global valuation, expand its access to international capital markets, and strengthen its long-term fundraising capabilities. During the NASDAQ listing ceremony this Friday, CEO Lee Seok-heon and other executives will introduce the company's technological advantages and long-term development plans to global investors.

Establishment of a national trust bank approved! Circle (CRCL.US) enters the U.S. federal regulatory system, with stock prices soaring in pre-market trading.

The Office of the Comptroller of the Currency (OCC) has officially approved the establishment of Circle National Trust by USDC stablecoin issuer Circle Internet Group, with this boost, the stock price surged by 16% in pre-market trading on Friday.

The news states that AMD will release the Venice CPU later this month.

According to reports, AMD will launch the EPYC Venice CPU based on the Zen 6 architecture at the Advancing AI event on July 22nd to 23rd. It is reported that the performance and efficiency of EPYC Venice have increased by over 70% compared to its predecessor based on Zen 5.

New stock news | Yimei Intelligent Technology intends to list on the Hong Kong stock market. The China Securities Regulatory Commission requires additional information on the participants in the company's equity incentive plan.

On July 10th, the China Securities Regulatory Commission announced the "Supplementary Material Requirements for Overseas Issuance and Listing (July 6, 2026 - July 10, 2026)".

New stock news | Zhefu Intelligence plans to launch an IPO in Hong Kong. The China Securities Regulatory Commission requires further details on the pricing basis for previous capital increases and equity transfers.

On July 10, the China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (July 6, 2026 - July 10, 2026)".

New Stock News | Hai Rui Innovation Plans to List in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations to be submitted on the reasonableness of the prices at which new shareholders have entered the company in the 12 months prior to applying for overseas issuance and listing.

Hai Rui Innovation plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission has required a supplementary explanation to be submitted regarding the rationality of the prices at which new shareholders have invested in the company in the 12 months prior to the submission of the overseas issuance and listing application.

Preview of US Stock Market | The three major stock index futures show mixed performance. SK Hynix's (SKHY.US) U.S. stock debut is set to make a splash tonight.

On July 10th (Friday) before the market opens, the futures of the three major US stock indexes are moving in different directions.

New stock news | Sino Medical Sciences Technology Inc. (688108.SH) intends to list in Hong Kong. The China Securities Regulatory Commission requires clarification on whether the operational business involves advanced brain-computer interface technology and specific details.

On July 10th, the China Securities Regulatory Commission announced the requirements for public disclosure of supplementary materials for overseas issuances and listings (July 6, 2026 - July 10, 2026).

New stock news | Yuanjie Semiconductor Technology (688498.SH) plans to go public in Hong Kong. The China Securities Regulatory Commission requires further clarification on whether the changes in share ownership are legal and compliant.

On July 10th, the China Securities Regulatory Commission issued the "Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (July 6, 2026 - July 10, 2026)".

New Stock News | OnTheGo plans to go public in Hong Kong IPO; China Securities Regulatory Commission requires further clarification on whether there are any related relationships among shareholders holding less than 5% of the shares.

On July 10th, the China Securities Regulatory Commission announced the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (July 6, 2026 - July 10, 2026)".

The Shenzhen Securities Regulatory Bureau has initiated an investigation into Qiao for fabricating and spreading false information related to jointly advancing the shares.

The Shenzhen Securities Regulatory Bureau has launched an investigation into Qiao for fabricating and disseminating false information related to shares of Gongjin.

Global social media platform regulation is tightening! The European Union is demanding Meta (META.US) to reform addictive features on Instagram and Facebook.

The EU accused Meta Platforms (META.US) on Friday of violating its tech regulatory laws through its Instagram and Facebook subsidiaries.

Meme ETF soars 35% in the year but still suffers losses, sounding the alarm on the "valuation trap" in the AI speculation frenzy.

After the dramatic rise of Meme ETFs, many investors still suffered losses.

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Typhoon "Bavi" makes landfall in Yuhuan, Taizhou, Zhejiang.

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Domestic airlines plan to cancel more than 2800 flights entering and leaving the port on the 12th.

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Affected by Typhoon "Bavi," some scenic spots in Shanghai will be temporarily closed.

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Hubei Shiyan issues a red alert for heavy rain.

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The State Flood Control and Drought Relief Headquarters has initiated a level III emergency response for flood prevention in Beijing, Tianjin, Liaoning, Anhui, and Jiangxi.

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