Breakfast | Alibaba, Tencent, JD.com lead the Chinese concept stock financial reports this week! Major macroeconomic data from China and the US is on the way

Good morning! A great day starts with making money.

This Week's Focus

1. Macro Data: China's economic/financial data for July, US CPI/PPI for July, GDP for the second quarter in the Eurozone/UK/Japan, etc.;

2. Chinese Concept Stocks Earnings Reports: Tencent, Alibaba, JD.com, KE;

3. Tech Stocks: Super Micro Computer's annual Open Storage Summit (attended by chip giants such as NVIDIA, AMD, Intel, etc.);

4. Social Focus: Trump says he will accept an interview with Musk.

US Republican presidential candidate Trump previously announced that he will accept an interview with Musk, CEO of social media company "X" (formerly Twitter), on the evening of August 12th local time.

Blue Chips and Hot Stocks

Tech journalist Gulman stated that the goal of Apple's iPhone 16 is to maintain stable sales until next year when more innovative models will be launched. Apple Intelligence will be a marketing focus, which is a new suite of AI features that all iPhone 16 models can run, but the iPhone 15 Pro series can also use.

Faraday Future's founder, partner, Chief Product and User Ecosystem Officer Jia Yueting previously announced in a video on his social media that the 13th FF 91 2.0 will be delivered on August 12th, slightly later than originally planned.

Google's large hardware event "Made by Google" will be held on August 13th, where the brand-new Google Pixel 9 series and Pixel 9 Pro Fold will be officially unveiled.

Xiaomi's smartphone shipments have entered the top three in the Japanese market.

Market Insights

There has been a change in the US stock profit landscape! Excluding Mag 7, the second-quarter profits of stocks in the S&P 500, other than those of the largest companies, are expected to increase for the first time since the fourth quarter of 2022, with small companies starting to stand out.

Has the US stock market "finished adjusting"? Goldman Sachs, J.P. Morgan, Bank of America are all very cautious.

• Goldman Sachs believes that the US stock market has bottomed out and expects the market to show a trend of overall upward movement with some volatility in the future.
• J.P. Morgan is more cautious, stating that the worst period for US stocks may have passed, but uncertainties such as the September interest rate decision, seasonal weakness, and pessimism will bring more downside risks.
• Renowned Bank of America analyst Michael Hartnett believes that the US stock market has not yet broken through key technical levels, and investors still have a preference for the stock market, with AI stocks facing challenges in the second half of the year.

The four scenarios of the reversal of the "yen carry trade," the worst of which is: US stocks fall by 20%, the Fed cuts rates by 75 basis points in September!

• Citigroup believes that the current decline in the USD/JPY exchange rate is just the beginning of the end of the yen carry trade, and a larger decline may occur in the future, recommending a long position on the yen. Drawing from historical lessons, in similar market conditions in the past, the USD/JPY exchange rate has plummeted by 30%-40%.

Macro: Taking You Around the World

On August 18th, Singapore will hold its National Day Rally, where Prime Minister and Finance Minister Heng Swee Keat will deliver his first National Day Rally speech since taking office, expected to outline important national policies The Ministry of Finance of China will issue RMB 9 billion in national bonds in Hong Kong on August 14.

On August 16, Hang Seng Index Company will announce the results of the second quarter review of the Hang Seng Index series