Currently, the market expects that the Federal Reserve will definitely cut interest rates in September, and there is even the possibility of a significant 50 basis point cut.
Today's Headlines
Another major signal for the Federal Reserve's interest rate cut.
The latest minutes of the Federal Reserve discount rate meeting were published on the Federal Reserve's official website. These minutes provide insights into the possible direction of the Federal Reserve's monetary policy. Currently, the market expects that the Federal Reserve will definitely cut interest rates in September, and there is even the possibility of a significant 50 basis point cut.
It is worth noting that the Federal Reserve has kept interest rates at historically high levels for a long time, which has put tremendous pressure on the U.S. economy and raised concerns about an economic recession in the market. UBS Group, the global wealth management arm of UBS Group, raised the probability of a U.S. economic recession from 20% to 25% to reflect concerns about weak job growth and the July unemployment data that triggered worries about an economic downturn.
Outlook for the Future
After the release of the financial report by NVIDIA (NVDA.US), the stock briefly dropped 8%.
The overnight closing of US stocks, the Dow Jones Industrial Average fell 159.08 points, a decrease of 0.39%, to 41,091.42 points; the Nasdaq fell 198.79 points, a decrease of 1.12%, to 17,556.03 points; the S&P 500 index fell 33.60 points, a decrease of 0.6%, to 5,592.20 points. Nvidia (NVDA.US) fell 2.1%, and plummeted 8% after the financial report was released; Super Micro Computer (SMCI.US) fell 19%.
The Nasdaq China Golden Dragon Index fell 3.5%, Alibaba (BABA.US) fell 2%, and Li Auto Inc (LI.US) plummeted 16% after its performance. The Hang Seng Index ADR declined and, proportionally, closed at 17,596.08 points, down 96.37 points or 0.54% from the close in Hong Kong.
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The carlyle group analyst says oil prices face upward risks.
On August 28, senior csi commodity equity index analyst and chief global strategy officer of the carlyle group's energy division, Jeff Currie, stated that after the "arbitrage trade" shifted the market's urgently needed funds, the upward risk of oil prices increased. Jeff Currie said that high interest rates prompted hedge funds and physical oil traders to cut futures positions and crude oil inventories by up to $100 billion, turning to the usa currency market.
Nvidia (NVDA.US) revenue guidance is a matter of great debate, causing a temporary 8% drop after hours.
Nvidia's revenue forecast, which was announced, is lower than the most optimistic market expectations, raising concerns that its explosive growth is slowing down. The company said on Wednesday that it expects third-quarter revenue to reach around $32.5 billion. Although the average analyst expectation is $31.9 billion, the highest expectation is $37.9 billion. The company also said that it is working to resolve production obstacles for the highly anticipated next-generation Blackwell chip, which has put pressure on the company's stock price in after-hours trading. Prior to the announcement, there were concerns about issues with Nvidia's Blackwell design. Nvidia acknowledged the production issues and said it is making changes to increase its output. At the same time, the company expects the product to generate "billions of dollars" in revenue in the fourth quarter. After the financial report was released, Nvidia's stock price in post-market trading first rose and then fell, with a maximum decline of 8%.
The National Medical Products Administration is soliciting public opinions on the "Medical Device Management Regulations of the People's Republic of China".
The country is improving the innovation system of medical devices, strengthening basic research and applied research, and enhancing the efforts of original technology and key core technology development. Encourage interdisciplinary research in life sciences, materials science, applied science, information science, medical science, etc., promote technological progress in medical devices and their raw materials and components, and improve the level of scientific and technological achievements transformation and industrialization.
The cell therapy drug industry has become a 'new track' and Shanghai has revised CAR-T management regulations.
The Shanghai Municipal Drug Administration has issued the 'Shanghai Municipal Supervision and Management Regulations for Autologous Chimeric Antigen Receptor T Cell'. It is learned that the existing provisional regulations will expire on August 31, 2024. The new regulations have a seamless connection and provide a reference for the supervision and management of other types of cell therapy drugs in Shanghai after they go on the market. The effective period of the 'CAR-T Management Regulations' has also been changed from '2 years' to '5 years' and will be implemented from September 1, 2024, in conjunction with the original document. It involves HK stock Genscript Biotech (01548).
The first set of domestic million-level nuclear power generator protective ring forgings has been successfully developed.
Shanghai Electric Power Generation Equipment Co., Ltd., together with China General Nuclear Power Engineering Corporation and Deyang Wanxin Corporation, successfully developed the first set of domestic million-level nuclear power generation generator forging components. The component has been approved by an expert group composed of authoritative experts from China General Nuclear, Shanghai Jiao Tong University, and Shanghai Electric Power Generation Equipment Co., Ltd. The acceptance opinions believe that under the strict testing of both supply and demand sides, the test results meet the requirements of the trial production technical agreement, and some performance indicators are significantly better than the technical requirements, reaching the level of imported forging components, marking a major breakthrough in the localization manufacturing of million-level nuclear power forging components.
Sino Biopharmaceuticals (01177): Positive results obtained from Phase III study of Anlotinib Hydrochloride Capsules combined with Pindolol Monoclonal Antibody for first-line treatment of advanced liver cancer.
China Biopharmaceuticals (01177) announced that the Phase III clinical trial (ALTN-AK105-III-02) of the group's self-developed Class 1 innovative drug Anlotinib Hydrochloride Capsules combined with Pindolol Monoclonal Antibody for the first-line treatment of advanced liver cancer (HCC) has completed the pre-designed interim analysis of the protocol, and the independent data monitoring committee (IDMC) has determined that the main research endpoints of progression-free survival (PFS) and overall survival (OS) have both reached the superior efficacy threshold set in the protocol. The group has communicated with the Center for Drug Evaluation (CDE) of China National Medical Products Administration (NMPA) regarding the marketing application for this indication, and has obtained CDE's agreement to submit a marketing application for Anlotinib Hydrochloride Capsules and Pindolol Monoclonal Antibody to add this first-line indication. The group will submit the marketing application in the near future.
BYD Company (01211): Net profit of 13.63 billion yuan in the first half of the year, a year-on-year growth of 24%.
On August 28, BYD (01211) announced on the Hong Kong Stock Exchange that in the first half of 2024, the group achieved revenue of approximately 301.127 billion yuan, a year-on-year increase of 15.76%. Among them, the revenue from the automobile, automobile-related products, and other product businesses was approximately 228.317 billion yuan, a year-on-year increase of 9.33%; the revenue from the mobile phone components, assembly, and other product businesses was approximately 72.778 billion yuan, a year-on-year increase of 42.45%. In the first half of the year, the company's equity holders' net profit was 13.631 billion yuan, a year-on-year increase of 24.44%; earnings per share was 4.68 yuan.
BYD Electronic (00285) announced its interim performance with a net profit attributable to shareholders of 1.518 billion yuan, a year-on-year increase of 0.14%.
Zhixun Finance APP News, Byd Electronic (00285) announced its interim performance for the six months ended June 30, 2024, seizing the opportunity of the global consumer electronics market demand recovery. While maintaining its leading position in the high-end Android market, the group continued to deepen cooperation with large overseas customers, achieving significant growth in the consumer electronics business sector. The new energy autos business sector continued its strong growth momentum, propelling the group's overall revenue to new heights. The group achieved a revenue of 78.581 billion yuan (RMB, the same below) during the period, a year-on-year increase of 39.87%; the net profit attributable to shareholders was 1.518 billion yuan, a year-on-year increase of 0.14%; and the basic earnings per share were 0.67 yuan.
ALCOA (02600): Net profit for the first half of 2024 increased by 105.36% year-on-year.
ALCOA announced that in the first half of 2024, the company achieved a net profit attributable to shareholders of the listed company of approximately 7.016 billion yuan, a year-on-year increase of 105.36%. The net profit of the parent company's financial statements was 3.347 billion yuan. The company plans to distribute a mid-year dividend for 2024 in cash of RMB 0.82 per 10 shares to shareholders, with a total amount of approximately 1.407 billion yuan, accounting for 20.05% of the net profit attributable to shareholders of the listed company.
zhengzhou coal mining machinery group (00564) announced its interim results, with a net profit of approximately 2.1615 billion yuan attributable to the parent, a year-on-year increase of 28.56%.
Zhengzhou Coal Mining Machinery Group (00564.) announced its interim performance for 2024, with operating income of approximately 18.943 billion yuan, a year-on-year increase of 4.02%; net profit attributable to shareholders of the listed company was approximately 2.1615 billion yuan, a year-on-year increase of 28.56%; non-net profit was approximately 1.937 billion yuan, a year-on-year increase of 29.25%; basic earnings per share was 1.219 yuan.
Dongyue Group (00189) announces interim results. Owners' surplus amounted to 0.308 billion yuan, an increase of 8.38% year-on-year.
According to the Zhitong Finance APP, Dongyue Group (00189) announced its mid-year performance in 2024, with a revenue of 7.261 billion yuan, an increase of 0.87%; the attributable profit to owners of the company was 0.308 billion yuan, up 8.38% year-on-year; and the earnings per share were 0.17 yuan.
First Tractor (00038) released its interim performance, with a net income of 0.905 billion yuan, a year-on-year increase of 20.05%.
Futubull Finance APP news, First Tractor (00038) released its mid-year performance for the six-month period ending June 30, 2024. The group achieved total operating income of 7.807 billion yuan (the same unit), a year-on-year increase of 7.7%; net income attributable to shareholders of the listed company was 0.905 billion yuan, a year-on-year increase of 20.05%; basic earnings per share were 0.8057 yuan.
CNOOC (00883) announced its interim results, with a net income attributable to the parent company of 79.73 billion yuan, a year-on-year increase of 25%. Dividend per share is HKD 0.74.
CNOOC (00883) announced its mid-term performance in 2024, with oil and gas sales revenue of 185.11 billion yuan, a year-on-year increase of 22%; net income attributable to shareholders was 79.73 billion yuan, a year-on-year increase of 25%; basic earnings per share were 1.68 yuan, and interim dividends per share were 0.74 Hong Kong dollars.
Innovent Bio (01801) releases interim results with a gross profit of 3.275 billion yuan, a year-on-year increase of 49.06%. The commercial product portfolio has expanded to 11 products.
Zhijing Finance and Economics APP reported that Innovent Bio (01801) released its interim performance for the six months ending June 30, 2024. During the period, the group's revenue from customer contracts increased by 46.3% to 3.952 billion yuan (RMB, the same below), gross profit increased by 49.06% to 3.275 billion yuan, net loss expanded by 182.16% to 0.393 billion yuan, and basic loss per share was 0.24 yuan.
PICC Group (01339) releases interim performance. Net income attributable to parent company is 23.4 billion yuan, an increase of 13.66% year-on-year.
PICC Group (01339) released its semi-annual performance report as of June 30, 2024, showing that its total operating income reached RMB 292.342 billion, a year-on-year increase of 4.1%. Insurance service income reached RMB 261.629 billion, a year-on-year increase of 5.97%. The net income attributable to shareholders of the company's parent company was RMB 23.4 billion, a year-on-year increase of 13.66%. The basic earnings per share were RMB 0.53. The company plans to distribute cash dividends for the first half of 2024 at RMB 0.63 per 10 shares (tax included).
Guangshen Rail (00525) releases its interim performance with a net income attributable to shareholders of 0.912 billion yuan, a year-on-year increase of 34.65%.
Zhongtong Finance APP News: Guangshen Rail (00525) announces its half-yearly performance in 2024. The group achieved operating income of 12.925 billion yuan (RMB, same below), a year-on-year increase of 4.4%; net profit attributable to shareholders of listed companies reached 0.912 billion yuan, a year-on-year increase of 34.65%; basic earnings per share were 0.1288 yuan.
Stocks are clearing up.
Meituan-W (03690) announced its interim performance, achieving a revenue of 155.527 billion yuan, a year-on-year increase of 22.87%.
Zhongtong Finance APP News: Meituan-W (03690.HK) announces its second quarter performance for the three months ended June 30, 2024. During the period, the group generated revenue of 82.251 billion yuan (RMB, same below), a year-on-year increase of 21.02%; net profit was 11.352 billion yuan, a year-on-year increase of 142.1%; adjusted EBITDA under non-international financial reporting accounting standards was 14.997 billion yuan, a year-on-year increase of 95.2%.
Meituan achieves new highs in annual active users and merchants, with 6.2 billion instant delivery orders. This indicates that instant retail is becoming a new consumer trend. Breaking it down, Meituan's core local business revenue reached 60.7 billion yuan in the second quarter. The average transaction frequency of annual active users has been growing continuously for 15 quarters since mid-2020. During the same period, the operating loss of Meituan's new businesses narrowed by 74.7%, with a reduction of approximately 3.9 billion yuan. Meituan announced on August 28 that it will occasionally repurchase Class B common shares in the open market, with a limit of no more than 1 billion US dollars.