Key Events Next Week: China's July Economic Data, Earnings from Alibaba, Xiaomi, TFC, GigaDevice, and YOFC, UNITREE IPO Imminent

Overview of Key Financial Events for the Week of August 17 - August 23 (All times in Beijing Time):

Jianwen Financial Calendar highlights for the week of August 17:

Super Earnings Week: Alibaba leads Chinese concept stock earnings, followed by Xiaomi, Kuaishou, and Baidu; A-share companies GigaDevice and TFC test the prosperity of memory and AI optical modules. Hengrui Medicine and AMEC report interim results as leaders in innovative drugs and semiconductor equipment, respectively; iFlytek validates the commercialization of AI applications. Performance across three main lines—AI computing power chain, innovative drugs, and domestic substitution—will be concentratedly realized. US stocks Target and Walmart also release earnings.

Macro Policy: Fed July Meeting Minutes are the policy focus. With three votes against maintaining interest rates in the July meeting, the divergence is the largest since 2016. Hawkish or dovish details in the minutes will directly lead to repricing of the US dollar and global assets. China's July Economic Data released on the same day will test the quality of economic recovery. South Korea's August Exports, showing high growth, will impact the global semiconductor trade landscape.

Tech Industry: The robotics chain sees the most intensive catalysts next week—the World Robot Conference, the imminent listing of UNITREE, and the Humanoid Robot Games. Event density in the robotics chain reaches its annual peak. DeepSeek API peak/off-peak pricing takes effect, while the Seoul AI Summit and Hot Chips Summit are held simultaneously. Additionally, the Hang Seng Index semi-annual review results are out, with CICC predicting that Zhipu and MINIMAX are likely to be included in the index.

Geopolitics & Trade: US imposes 50% tariffs on Canada effective soon, with progress expected on the new trade agreement draft. US Treasury Secretary Bessent previews "unprecedented" measures against Iran, while Trump's son-in-law Kushner plans to visit Israel to discuss Gaza. Tariffs, sanctions, and Middle East negotiations proceed in parallel, likely intensifying volatility in energy and safe-haven assets.

Earnings

The A-share interim report season enters a week of intensive disclosures. GigaDevice and TFC will test the memory cycle and the prosperity of the AI optical module chain; Hengrui Medicine and AMEC report as leaders in innovative drugs and semiconductor equipment; iFlytek validates the commercial realization of AI applications; YOFC, Zijin Mining, and DSBJ conclude the week—YOFC benefits from AI fiber optic demand, Zijin is driven by copper and gold prices, and DSBJ validates the AI PCB/hardware chain.

Overview of A-share earnings, data sourced from Wind

In the Hong Kong market, XIAOMI-W (conference call on August 18 at 19:30) and Baidu (conference call on August 18 at 20:00) release results on the same day. For Xiaomi, focus is on smartphone premiumization, automotive business gross margin, and the pace of AI investment; for Baidu, focus is on the commercialization of the Wenxin large model and autonomous driving progress. KUAISHOU-W (conference call on August 19 at 19:00) will be tested on e-commerce GMV growth and AI video business. Alibaba (conference call on August 20 at 20:00) is the top focus for Chinese concept stocks next week, with the market watching cloud revenue growth and the continuity of AI investment guidance. Pop Mart, Geely Auto, Weibo, and others also release results.

Overview of HK stock earnings, data sourced from Wind

US stock earnings are concentrated in the retail chain. Target (pre-market August 19) draws attention to the prosperity of discount retail, while Walmart (pre-market August 20) serves as a consumer sentiment barometer.

Overview of US stock earnings, data sourced from Bloomberg

Economic Indicators

China's July Economic Data (August 17, 10:00): Industrial value-added, retail sales of consumer goods, and fixed-asset investment will be announced on the same day. The combination of data and policy will verify the quality of economic recovery. CICC Securities expects retail sales to continue a mild recovery. If the decline in real estate investment narrows, sentiment in the real estate chain and cyclical commodities may marginally improve.

South Korea's August Export Growth (20-day YoY) (August 21, 08:00): The previous value of +52.3% was a historical high. According to the Korea Customs Service, July's high export growth was mainly driven by rising memory prices and AI chip exports. This reading will test the continuity of the global semiconductor cycle and AI capital expenditure, serving as a leading indicator for the Asian tech chain.

Japan's July CPI YoY (August 21, 07:30): Expected +2.0%, previous +1.6%. If inflation continues to rise, expectations for a Bank of Japan rate hike in September will intensify, linking the yen with global interest rates.

Financial Events

• US Treasury Secretary Bessent Previews: "Unprecedented" Measures Against Iran (Week-long Event)

According to CCTV International News, US Treasury Secretary Bessent stated on the evening of August 13 local time that the US would implement "unprecedented" measures against Iran. In an interview, Bessent said, "This will combine unprecedented means of economic isolation with a continued blockade of the Strait of Hormuz, thereby cutting off all access to Iranian ports—please pay attention to more announcements to be released next week."

• Report: Trump's Son-in-Law May Visit Israel for Talks on Gaza Peace Agreement

Citing informed sources, media reported that US President Trump's son-in-law Jared Kushner plans to visit Israel, Egypt, and other Middle Eastern countries next week to consult with mediators from multiple countries on the Gaza issue. The goal is to advance Trump's 20-point plan for Gaza, scheduled for release by the end of 2025.

• UNITREE Expected to List in Late August (18th-24th)

UNITREE has completed the subscription for its STAR Market IPO at an issue price of 150.80 yuan per share. The market generally predicts that it will officially list and ring the bell on the A-share market during the week of August 18 to August 24.

• World Robot Conference Held in Beijing from August 19 to 23

The 2026 World Robot Conference will be held in Beijing from August 19 to 23, under the theme "Human-Machine Symbiosis, Integration of Production and Demand." UNITREE G1/R1, UBTECH Walker S3, Siasun Humanoid, Galaxy General Galbot, and Tiangong 2.0 are expected to be exhibited together, focusing on mass production implementation, industrial sorting, sports combat, and autonomous battery swapping.

• Second World Humanoid Robot Games Held from August 22 to 26

The Second World Humanoid Robot Games will be held at the National Speed Skating Oval from August 22 to 26. The five-day event adds new competitions such as robot tug-of-war, pitch-pot, and weightlifting.

• Hang Seng Index Semi-Annual Review Results Out; CICC Predicts Zhipu and MINIMAX Likely to Be Included

Hang Seng Indexes Company announced that it will announce the results of the Hang Seng Index Series review for the second quarter of 2026 after the market close on Friday, August 21, 2026. Changes to the constituents of the first and second groups of indices in the Hang Seng Index Series will take effect on Monday, September 7, 2026, and Monday, September 14, 2026, respectively. Based on the quantitative adjustment methodology of the Hang Seng Index and verified against historical rebalancing logic, CICC calculated that eight stocks, including Zijin Gold International, Zhipu, and MINIMAX-W, meet the inclusion criteria and rank high on the potential candidate list.

• Fed July Monetary Policy Meeting Minutes

With three votes against maintaining interest rates in the July meeting, the divergence is the largest since 2016. The CME FedWatch shows that the market has priced in a probability of over 50% for a rate hike by year-end. If the minutes reveal hawkish details, the US dollar, US Treasuries, and global risk assets will be repriced.

• US Announces 50% Tariffs on Certain Canadian Products

According to CCTV, on July 20, the White House announced that the US would impose an additional 50% ad valorem tariff on certain Canadian products to counter "discriminatory measures taken by Canada against the US in automobile and auto parts trade." The new tariffs will take effect at 00:01 ET on August 19 and will be levied in addition to existing relevant tariffs, taxes, and other charges.

• DeepSeek API Peak/Off-Peak Pricing Takes Effect

According to the official announcement, at 00:00 on August 17, V4-Pro peak output will be priced at 27 yuan/million tokens, and off-peak at 13.5 yuan. In addition, ByteDance's Seed-OSS-36B open-source release and Alibaba's Qwen3.8-27B launch countdown are underway. Manus will resume operations as an independent company, and some user data will be deleted from 08:00 on August 23, 2026, to August 24 (SGT).

• Seoul AI Summit Held from August 19-21

The 2026 Seoul AI Summit & Expo will be held from August 19 to 21. The conference gathers global tech leaders including Google (Google DeepMind / Google Cloud), Microsoft (Microsoft Research), NVIDIA, LG AI Research, and Hyundai Motor.

Regarding other industry summits, the top academic conference on chips, Hot Chips 2026, and the 2026 Green Computing (AI) Conference will also be held next week.

• Zhongji Innolight: Board Meeting to Be Held on August 21

Zhongji Innolight: A board meeting will be held on August 21, 2026, to consider and approve the interim results of the Company and its subsidiaries for the six months ended June 30, 2026, and their publication, as well as to consider the proposed payment of interim dividends (if any).

• Reddit to Be Included in S&P 500 Index Before Market Open on August 18

Reddit will be included in the S&P 500 Index before the market open on August 18.

• Kuruisi STAR Market IPO Scheduled for Review on August 17

The Listing Review Committee of the Shanghai Stock Exchange is scheduled to hold its 47th review meeting of 2026 on August 17, 2026, to review the initial public offering of Guangdong Kuruisi CNC Technology Co., Ltd.

• PBOC: To Conduct Overnight Reverse Repo Operations from August 17 to August 19

To better match the short-term liquidity needs of the banking system, the People's Bank of China will conduct overnight reverse repo operations on August 14 and from August 17 to August 19, using a fixed interest rate and quantity tendering, with daily operation volumes not exceeding 600 billion yuan.