Hot news

• The annual meeting of global central banks is just around the corner, and the market is paying attention to the pace of the Fed's interest rate hike.

At 10:00 on Friday, 26th Beijing time, Federal Reserve Chairman Powell will deliver a keynote speech during the annual meeting of central banks in Jackson Hole, known as the "Davos Forum for Central Bank Governors." the theme of the three-day annual meeting is "reassessing economic and policy constraints." the theme of the three-day annual meeting will be "reassess economic and policy constraints".

Jan Hatzius, chief US economist of Goldman Sachs Group, who has the most accurate forecast of Fed policy, said recently that Powell was expected to reiterate his previous argument of slowing interest rate hikes, with the Fed raising 50BP in September and 25BP in November and December.

• Fed officials stressed in unison that interest rates should not be raised, but remained secretive about the extent of September.

Several Fed officials stressed the need to continue to raise interest rates. "Eagle King" Brad reiterated that the current interest rate is not high enough and supports raising the benchmark interest rate to 3.75% 4% by the end of this year. Kansas City Fed President George said that the Fed has not yet raised interest rates to a level that puts pressure on the economy and may have to temporarily raise the benchmark interest rate to more than 4%. Bostick, chairman of the Atlanta Fed, said the Fed still had some way to go to raise interest rates this year, and warned that it was too early to determine that inflation had peaked, but he was still hesitant between 50 basis points and 75 basis points. Another official, Huck, said he would like to see interest rates above 3.4%, and then may stabilize for some time. But if the data keep suggesting that interest rates need to be raised more, they should do so.

• GDP shrank at a revised rate of 0.6% in the second quarter, indicating that the United States is still in a technical recession.

The Commerce Department said on Thursday that gross domestic product (GDP) fell 0.6 per cent in the second quarter from a year earlier, down from the 0.9 per cent decline initially reported, but still in line with the criteria for a so-called technical recession, as intense inflation and higher interest rates depressed spending. From January to March, GDP has contracted by 1.6%, the worst performance since the spring of 2020.

The National Bureau of Economic Research also stressed that it relied on more data than GDP in determining whether there was a recession, such as unemployment and consumer spending, which remained strong in the first six months of the year.

• Allianz Chief El-Erian: the failed Fed can no longer take inflation lightly.

Mohamed El-Erian, chief economist of Allianz, said recently that the Fed "should no longer take it lightly" in dealing with hot inflation and that ordering inflation to cool without harming the economy was a "huge" challenge for Chairman Powell.

"it's too late for the Fed to act," El-Erian said in an interview on Thursday. "they face two problems: how to put the inflation devil back in the bottle, and how to avoid having too much impact on economic growth and income equality in the process."

• Joint Chief Investment Officer of Qiaoshui: the Fed's shrinking schedule will cause the stock and bond market to fall by up to 25%.

Greg Jensen, co-chief investment officer of Qiaoshui, recently expected the US stock market to fall sharply to a level in line with the state of the real economy. "overall, the asset market will fall 20%, 25%," he said in an interview.

Jensen predicted that the Fed's quantitative tightening and interest rate hikes will depress inflation and economic growth. "Unfortunately, inflation will be more stubborn. When asked how to invest in the market, he said, "you can't avoid this situation completely. "

• California announces a ban on the sale of fuel-powered cars after 2035

The California Air Resources Commission (California Air Resources Board, CARB) voted to approve the new rules, which will completely ban the sale of new fuel-powered cars in 2035. According to the new rules, the sales quota for first-hand zero-emission cars will increase year by year. By 2026, the sales quota for new cars, SUV and small pickups sold in California must reach 35%, 51% in 2028, 68% in 2030 and 100% in 2035. The quota will also allow 20% of zero-emission vehicles to be plug-in hybrid vehicles.

• The cost of the student loan relief program launched by President Joe Biden is about $440 billion to $600 billion.

President Joe Biden's federal student loan relief program will cost US taxpayers $440 billion to $600 billion over the next 10 years, according to the due diligence Federal Budget Commission. Biden announced new student loan relief measures on Aug. 24 local time, providing the largest student loan relief in U.S. History to low-and middle-income borrowers of student loans. Critics say the student loan relief program will further exacerbate high inflation in the United States. Among them, Senate Minority Leader Mitch McConnell said the plan is "another way to fuel inflation and reward far-left activists, and is of no help to millions of American working families who can barely make ends meet." "

Review of US stocks

• The three major indexes of US stocks collectively closed higher, Chinese stocks soared, Pinduoduo and Bilibili Inc. rose by more than 12%.

The Dow is up 0.98%, the S & P 500 is up 1.42%, and the Nasdaq is up 1.67%. The market is waiting for Federal Reserve Chairman Powell's speech in an attempt to capture clues about the path of interest rates.

Large-scale technology stocks rose generally, Meta rose more than 3%, Amazon.Com Inc and Alphabet Inc-CL C rose more than 2%. NVIDIA Corp closed up more than 4 per cent.

Hot Chinese stocks skyrocketed. The Nasdaq China Golden Dragon Index rose more than 6%, Pinduoduo and Bilibili Inc. rose more than 12%, JD.com rose more than 9%, Baidu, Inc., iQIYI, Inc. and BABA rose about 8%, and NIO Inc. rose more than 6%.

• Wedbush analyst: after the split takes effect, Tesla, Inc. 's stock has a 21% rising potential.

Tesla, Inc. shares still have room to rise after their second split in two years, according to a report by Wedbush analyst Dan Ives on Thursday. Ives has set a new target price of $360 for Tesla, Inc., with 21% room to rise according to Thursday's closing price. Ives's continued confidence in Tesla, Inc. stems from the company's ability to increase production at its Shanghai plant. The report said that the momentum of the Tesla, Inc. factory is now gaining momentum, which should promote a substantial increase in sales by the end of the year: "for Tesla, Inc., demand is not a problem, supply used to be a problem, but now it is clearly on an upward trajectory."

• Tesla, Inc. 's Dojo project was made public for the first time

The details of the structure of Tesla, Inc. 's closely watched Dojo supercomputing instruction set were made public for the first time in history. Dojo, a supercomputer developed by Tesla, Inc., can use huge amounts of video data to do "unsupervised" tagging and training. It is reported that each Dojo ExaPod integrates 120 training modules, built-in 3000 D1 chips, has more than 1 million training nodes, and the computing power reaches 1.1 EFLOP * (trillion floating-point operations per second). In terms of micro-architecture, each Dojo node has a kernel, which is a mature computer with CPU dedicated memory and Imax O interface.

• A Delaware judge ordered Twitter to hand over some of the data requested by Musk.

According to the US court ruling, the Delaware judge ordered$Twitter (TWTR.US)$He handed in some of the data requested by Tesla, Inc. CEO Elon Musk and rejected many of Musk's data requests for Twitter, calling it "too extensive". A Delaware judge ordered Twitter to submit data on 9000 accounts reviewed by the company in its fourth-quarter audit.

• Apple Inc warms up the autumn press conference, and analysts predict that the iPhone14 series will "rise in price"

$Apple (AAPL.US)$A press conference will be held in Apple Park at 1: 00 a.m. Beijing time on September 8, and the event will be broadcast live on Apple Inc's website. Apple Inc's share price has been on a rising channel for the past two months, rising more than 20 per cent.

As for the pricing of Apple Inc's iPhone 14 series, a number of analysts interviewed by media reporters agreed that the increase in the average selling price of iPhone 14 series is inevitable. Earlier, Guo Mingyi, an analyst at Apple Inc, also posted on social media that the average price of the iPhone 14 series was expected to rise by 15%, mainly due to higher prices and higher shipments of the iPhone 14 Pro.

• Snowflake Inc's stock price soared after the announcement of its Q2 results, and many investment banks are optimistic about its "strategic nature".

Cloud computing and data analysis software company$Snowflake (SNOW.US)$Shares soared more than 23% after announcing strong second-quarter results and guidance.The company reported second-quarter product revenue of $466.3 million, with analysts expecting $438.1 million, an increase of 83 per cent year-on-year, and remaining performance obligations of $2.7 billion, up 78 per cent from a year earlier. In this regard, Morgan Stanley analyst Keith Weiss gave Snowflake Inc a "overweight" rating, with a target price of $274.The analyst said that in the context of continued weak demand in the software industry, the company's product revenue has been able to maintain more than 80% growth, indicating that the company's cloud data platform is seen by enterprise customers as strategic (and persistent).）The field of investment.

• Positive stack, Pinduoduo rose by more than 12%

$Pinduoduo (PDD.US)$It rose 12.44% to $59.83, with a total market capitalization of $75.6 billion. Pinduoduo plans to launch a cross-border e-commerce platform next month, starting with the United States, according to people familiar with the matter. The company's share price has risen continuously recently. Industry insiders said that the capital market obviously has confidence in going out to sea. In addition, the company launched a 24-day online "Super Agricultural Festival", covering 200000 agricultural products and more than 100000 agricultural stores across the country.

• Prager Energy and Amazon.Com Inc sign Green hydrogen Energy supply Agreement to push hydrogen Energy sector higher

受$Plug Power (PLUG.US)$Hydrogen energy sector rose collectively on Thursday under the news of signing a green hydrogen energy supply agreement with Amazon.Com Inc. Prager Energy surged more than 9%, and the company announced that it would supply it with 10950 tons of liquid green hydrogen a year from 2025 to help Amazon.Com Inc's business decarbonize to achieve net zero carbon emissions by 2040. Prager Energy expects the partnership to help the company achieve its revenue target of $3 billion by 2025.

• Ford Mustang Mach-e price increases range from $3000 to $8000

Thursday local time$Ford Motor (F.US)$The company announced the resumption of Mustang Mach-e bookings for the US market. According to auto industry media Automotive_News, the officially recommended price increase ranges from $3000 to $8100, from the entry-level standard version to the most expensive all-drive version of GT. The new price will take effect on Aug. 30, and users who have already set the price will not be affected. It is worth mentioning that because Ford's Mach-E and F series meet the requirements of the tax credit in the Biden administration's inflation reduction Act of 2022, there is no shortage of questions on social media about linking price increases to government subsidies.

Overnight turnover of US stocks TOP20

The Prospect of Hong Kong City

• Beishui bought CNOOC for four consecutive days, accumulating more than HK $1.6 billion.

On Thursday, southbound funds sold a net HK $804 million.

Hang Seng China Enterprises, ANTA Sports Products and China Mengniu Dairy received a net sale of HK $736 million, HK $297 million and HK $263 million respectively, while CNOOC Limited made a net purchase of HK $581 million against the trend.

It is worth noting that southward funds bought Meituan today, ending the net selling trend of nine consecutive trading days (totaling more than HK $5.6 billion). This week, southward funds have bought CNOOC Limited net for four consecutive days, totaling about 1.639 billion Hong Kong dollars.

• $TENCENT (00700.HK)$Spend about HK $352 million to buy back 1.1 million shares

Tencent spent about HK $352 million to buy back 1.1 million shares at a repurchase price of HK $314.8-HK $325 each.

• $PETROCHINA (00857.HK)$The net profit of returning home in the first half increased by 55.3% to 82.391 billion yuan, with an interim interest of 0.20258 yuan.

Petrochina announced that in the first half of 2022, the group achieved operating income of 1.614621 trillion yuan, an increase of 34.9 percent over the same period last year; net profit of shareholders belonging to the parent company was 82.391 billion yuan, an increase of 55.3 percent over the same period last year; and basic earnings per share were 0.45 yuan. The board of directors decided to pay an interim dividend of 0.20258 yuan per share in 2022, with a total dividend of 37.076 billion yuan.

• $ASYMCHEM (06821.HK)$Medium-term net profit increased by 305.3% to 1.74 billion yuan, with orders on hand reaching US $1.47 billion.

Kelleying announced that in the six months to June 30, 2022, the company achieved total operating revenue of 5.034 billion yuan, an increase of 186.7% over the same period last year, and revenue of 2.972 billion yuan in the second quarter of 2022, an increase of 203.8% over the same period last year and 44.2% month-on-month growth. During the period, the net profit attributed to the shareholders of the listed company was 1.74 billion yuan, an increase of 305.3% over the same period last year; the adjusted net profit attributed to the shareholders of the listed company was 1.537 billion yuan, an increase of 244.8% over the same period last year. The net profit attributed to the parent company in the second quarter of 2022 was 1.241 billion yuan, an increase of 351.2% over the same period last year and 148.4% month-on-month growth.

• Energy electronic guidance document released! The sword aims at the development of the fourth line of light, storage, terminal and information industry with an annual output value of 3 trillion yuan.

The Ministry of Industry and Information Technology openly solicited opinions on the guidance on promoting the Development of Energy and Electronics Industry (draft for soliciting opinions) (hereinafter referred to as "guidance"). According to the document, the annual output value of the energy and electronics industry will reach 3 trillion yuan by 2025. Industrial clusters and ecosystems are constantly improving, and new generation information technologies such as 5G/6G, advanced computing, artificial intelligence and industrial Internet are widely used in the energy field. The energy electronics industry has become a key force to promote the realization of carbon neutralization.

Focus today

Key words:Annual meeting of Global Central Banks in Jackson Hole & Powell speech, US PCE inflation data, New Oriental Education & Technology Group online / Meituan / JinkoSolar Holding Co Ltd Financial report

Friday will be a crucial day of the week.

Economic dataUs July Core PCE Price Index, University of Michigan Consumer confidence IndexAnd so on will be announced one after another.

Previously, the US PCE price index for June was 6.8% year-on-year, with an expected 6.8%, with a previous value of 6.3%, while the core PCE price index was 4.8% year-on-year, expected to be 4.70%, with a previous value of 4.70%. The core PCE price index rose 6.8% in June from a year earlier to a 40-year high, faster than in the previous two months.

Incident aspectAt a time when the game between the market and the Federal Reserve is becoming increasingly fierce, the annualThe annual meeting of global central banks in Jackson Hole hit heavily on August 26th.

Financial reportHong Kong stock$Meituan-W (03690.HK)$、$Koolearn Technology (01797.HK)$And US stocks$JinkoSolar (JKS.US)$The financial report will be released on the same day.。

Niuniu morning reading:

Greed when everyone is afraid, fear when everyone is greedy. Is that all right? The problem with this strategy is that the bear market has no bottom and the bull market has no ceiling.

-- Graham