Most of Wall Street warned that it is proposed to reduce their holdings of technology stocks by 10%; Trump plans to cut capital gains tax; US Treasury Secretary: Chinese companies that do not comply with US accounting standards will be delisted at the end of next year; NIO Inc. rose 10% before trading! Chuanai Qiyi is considering listing in Hong Kong.

Global macro

• Wall Street bulls suggest reducing their holdings of technology stocks: Nasdaq may fall by 10%

Julian Emanuel, a strategist at the Hongqiao Trust and Investment Group on Wall Street, warned on Monday that the biggest winners in the US stock market may already be in a bubble, advising investors to consider reducing their exposure to large technology stocks. "there is an imbalance, or bubble, in the relative performance between the top and bottom plates. The technology sector outperformed the energy sector by 78.2%. This is really a shocking number. He worries that a large number of bubbles in technology stocks could trigger a 10 per cent fall in the Nasdaq, which has hit an all-time high 35 times so far this year.

Credit Suisse analysts also believe that the Nasdaq 100 index continues to lose momentum and support level 10825 needs to be stabilized.

• The futures of the three major stock indexes in the United States rose.

Us stock index futures rose on the back of an easing of the US public health crisis and a possible cut in capital gains tax by Mr Trump.

• Sue Trump! Apple Inc and Microsoft Corp shot before byte, 52 American technology companies joined forces.
  

Fifty-two American technology companies, including Amazon.Com Inc, Facebook Inc, Apple Inc and Microsoft Corp, jointly submitted a legal document on August 10, local time.Support the entry ban on foreign workers suing Trump. The tech giants said in the document that Trump's claim that the decree could protect American workers was actually a "wrong assumption".The injunction will hurt.American companies, in turn, hurt the already troubled US economy.

The indictment comes after it was reported that the Trump administration was sued by byte beats a few days ago, and the Trump administration was brought to justice. Earlier, the Trump administration issued a ban on TikTok and Wechat, which the ACLU also said: "This is another abuse of emergency power under the guise of national security.」

• Us Treasury Secretary Mnuchin: Chinese companies that do not meet accounting standards will delist from the US by the end of 2021

Us Treasury Secretary Mnuchin says companies from China and other countries that do not meet accounting standards will be delisted from the US stock exchange by the end of 2021. Mr. Mnuchin and other officials recommended the move to the Securities and Exchange Commission last week to ensure that companies around the world adopt the same standards. "by the end of next year. If they want to be listed on the exchange, they must all abide by the same accounting standards. "

• Trump: consider cutting capital gains tax and middle-income household income tax

Mr Trump said on Monday that he was "seriously" considering cutting capital gains tax and lowering income tax for middle-income families to help the US economy recover from the novel coronavirus epidemic. He says Americans can expect to hear more about his plan in the coming weeks.

He also expects the US economy to grow at a record 20 per cent in the third quarter. "based on all the data we have seen, it will grow at a very considerable rate, and it may be much larger than we initially thought. "

• Forbes released China's Best CEO list: Zhang Yong, Ma Huateng and Ma Mingzhe ranked in the top three

Today, Forbes released the best CEO list in China. The average age of the 50 CEO on the list is 54, and the average market capitalization of the management company is 365.4 billion yuan, including four female CEO. The top five in the best CEO list are BABA Zhang Yong, Tencent Ma Huateng, Ping An Insurance Ma Mingzhe, China Merchants Bank Tian Huiyu and Meituan commenting on Wang Xing.

• European stocks rose sharply
  

European stocks rose sharply after data showed that Germany's ZEW economic sentiment index rose to a 16-year high, but the current situation index worsened rather than improved as expected.

Hot news

• NIO Inc. rose 10% before trading! Q2 gross profit margin became regular for the first time, revenue increased by 146%

The financial report shows$NIO Inc. (NIO.US) $Q2 revenue of 3.72 billion yuan, compared with the same period last year, a year-on-year increase of 146.5%; month-on-month increase of 171.1%. The gross profit in the second quarter was 3.131 billion yuan, with a gross profit margin of 8.4%, successfully turning the gross profit margin into a regular one. In the second quarter, the company's operating loss was 1.16 billion yuan, the lowest in history, with the loss narrowing 64% year-on-year and 26.1% month-on-month.

• IQIYI, Inc. considers the possibility of listing in Hong Kong

According to Bloomberg, Dealreporter quoted two sources as saying$iQIYI, Inc. (IQ.US) $It is in discussions with Credit Suisse about a possible secondary listing in Hong Kong. The discussions are still at an early stage and there is no timetable or deal size. In response, iQIYI, Inc. responded: no comment.

• HUYA Inc. 's revenue in the second quarter was 2.697 billion yuan, an increase of 34.2% over the same period last year.

$HUYA Inc. (HUYA.US) $According to the results for the second quarter of 2020, revenue in the second quarter was 2.697 billion yuan, an increase of 34.2% over the same period last year. The net profit attributed to HUYA Inc. under non-US GAAP was 351 million yuan, an increase of 106.0% over the same period last year.

In addition, HUYA Inc. CEO Dong Rongjie issued an open letter today. With regard to the preliminary non-binding proposal issued by Tencent a few days ago on the merger of HUYA Inc. and DouYu International Holdings Limited, the company's board of directors has not yet made any decision and will carefully review and evaluate this proposal, and will make the best choice for the company, shareholders, especially students.

• 3 iPhone supply chain companies: did not receive notice from Apple Inc to lower iPhone12 shipping guidelines

China Securities Daily reporter from a domestic company$Apple Inc (AAPL.US) $IPhone supply chain company learned that Apple Inc did not downgrade iPhone12 shipping target guidelines at present. The other two domestic Apple Inc iPhone supply chain companies said that they did not receive a notice from Apple Inc to downgrade the guidelines for iPhone12 shipments.

• Tencent Music and NetEyun Music both reached cooperation with Universal Music, and the competition for copyright began again.

NetEase, Inc Yun Music,$Tencent Music (TME.US) $Guan Xuan successively reached a cooperation with Universal Music Group. NetEyun Music will be licensed from Universal Music's massive music library and extended to its community product, Mlog, and the two sides will jointly carry out more in-depth and extensive cooperation in more areas such as music products, services and distribution.

• The total revenue of Canadian goose Q1 decreased by 63% compared with the same period last year, and the adjusted net loss increased by 68% compared with the same period last year.

Manufacturer of high-end winter clothing$Canada Goose Holdings (GOOS.US) $Total revenue of Q1 was C $26.1 million, down 63.3% from C $71.1 million in the same period last year, with an adjusted net loss of C $38.4 million, an increase of 68% year-on-year, and a diluted loss per share of C $0.46, compared with C $0.27 in the same period last year. The company said that although the results have gradually improved, it is still affected by public health events in the second quarter of fiscal 2021, and revenue is expected to fall sharply.

Advance financial report for August