**Market Overview** The leading A-share Shanghai Composite Index slowed its pace today, without continuing its aggressive rally, but trading volume remained robust with daily turnover reaching 2.59 trillion yuan, marking the fifth consecutive trading day exceeding 2 trillion yuan. Hong Kong stocks fell slightly by 0.21%. According to Goldman Sachs Prime Brokerage data, global hedge funds are buying Chinese stocks at the fastest pace since late June. Goldman Sachs analysts indicate that this stock buying is primarily driven by long positions, followed by short covering, with a ratio of approximately 9:1. Currently, among Goldman Sachs' hedge fund clients, their allocation to Chinese markets is overweight by 4.9% relative to the MSCI World Index, with Chinese stocks accounting for 5.8% of total positions and 7.3% of net positions. This figure still has significant room for improvement, so we haven't reached the frenzy stage yet, and future funding concerns are minimal.

After the "Trump-Zelensky meeting," Zelensky announced that details of Ukraine's security guarantees will be released within 10 days. Trump stated he does not rule out the possibility of deploying US troops for Ukraine peacekeeping missions in the future. He also mentioned that Ukraine will commit to purchasing $100 billion worth of weapons and equipment from the US (funded by Europe), and the US and Ukraine will sign an additional $50 billion drone cooperation production agreement. Simply put, US arms dealers continue to profit from European money before agreeing to participate in security guarantees. During negotiations with European leaders, Trump also had a 40-minute phone call with Putin, with Putin confirming a meeting with Zelensky within two weeks. A ceasefire remains impossible, with territorial issues requiring discussions among the US, Russia, and Ukraine, while Europe still cannot secure a seat at the table. They estimate that Europe will only be consulted about troop deployment during peacekeeping. It's quite awkward – despite all this fanfare, they still have no voice in the matter.

According to Xinhua News Agency, the State Council's ninth plenary meeting emphasized: taking strong measures to consolidate the real estate market's trend of bottoming out and stabilizing. The government also values real estate, but the key issue is lack of funds. Limited resources need to focus on high technology and exports, mainly hoping for stability. Therefore, the real estate sector overall lacks momentum, though property management stocks moved slightly. ONEWO (02602) rose 7% post-earnings with strong performance, while Sunac Services (01516) and China Overseas Property (02669) also performed well, driven by their respective earnings.

The meeting also emphasized cultivating and strengthening service consumption. Tourism-related Tongcheng Travel (00780) and beer company China Resources Beer (00291) both rose over 6%. The frequently mentioned Jiannanchun Jiuhao (06979) was particularly strong, mainly speculating on bottled liquor. There's now a trend moving in this direction, with everyone focusing on cost-effectiveness. For example, e-commerce platforms work with manufacturers to create custom bottled liquor for sale, making it easier to boost sales volume. Jiannanchun Jiuhao (06979) rose nearly 7% again today.

The State Council Information Office held a themed press conference at 10 AM today on "High-Quality Completion of the '14th Five-Year Plan,'" introducing achievements in building a strong sports nation during the "14th Five-Year Plan" period. The total scale of the sports industry has grown at an average annual rate of over 10% in the past five years, with "events entering scenic areas, neighborhoods, and commercial districts," "traveling to follow events," "Su Super League," and "Village Super League" becoming popular phenomena. Sports goods companies ANTA SPORTS (02020), XTEP (01368), and Li Ning (02331) all rose comprehensively today.

Last year, Chinese electric vehicle supply chain companies invested approximately $16 billion overseas, slightly higher than the $15 billion invested domestically, breaking the previous pattern of about 80% investment concentrated domestically for many years. About three-quarters of overseas investment came from battery manufacturers. Longpan Technology (02465) recently signed a 59.4 trillion won energy storage lithium iron phosphate battery order with LG Energy Solution, surging over 14% today. CALB (03931) is accelerating capacity layout in Europe and Southeast Asia and expanding overseas markets, rising nearly 9% today.

The automotive sector continues intense competition and consolidation. LEAPMOTOR (09863) stood out today, achieving net profit turnaround in the first half, becoming the second new energy vehicle company to achieve semi-annual profitability. Deliveries reached 221,700 units, up 155.7% year-over-year, with revenue of 24.25 billion yuan and gross margin reaching a new high of 14.1%, with ample cash flow. The product matrix comprehensively exploded, with multiple models like C10, C11, and B10 selling well. The C16 has topped the sales chart for mid-to-large SUVs under 200,000 yuan for eight consecutive weeks. Overseas exports reached 25,000 units, ranking first among new forces. European orders hit new highs, local production in Malaysia launched, and European local factory construction plans are progressing. It rose over 7% today.

Another standout is Geely Auto (00175): Multiple new models in the second half are worth anticipating, such as the Galaxy A7 launched in August, expected to become an explosive plug-in hybrid private car in the 100,000-yuan class. The Galaxy M9 flagship plug-in hybrid SUV, expected to launch in Q3, may establish a high cost-performance benchmark in the mid-to-large SUV market above 200,000 yuan, with steady-state monthly sales performance worth expecting. The Galaxy Star 6 is expected to launch in Q4, potentially redefining the compact plug-in hybrid private car segment. The Zeekr 9X, built on the Vast-S architecture and first equipped with the Qianli Vast H9 intelligent driving system, is expected to launch in Q3, potentially becoming Geely Technology's new flagship representative. Now it's about who has more new models to quickly capture market share. It rose over 3% today. Auto dealer China ZhengTong (00881) also brings opportunities.

On Tuesday local time, OpenAI announced the launch of a new subscription plan called "ChatGPT Go" in India, priced at 399 rupees per month (approximately $4.57). The trend of AI applications moving toward the C-end will continue. For example, WEIMOB INC (02013), an August featured stock: will release interim results on August 20 (this Wednesday). Weimob WAI has integrated with over 10 large model platforms including DeepSeek and Tencent Hunyuan, and deployed 15 major AIAgent product matrices for e-commerce and retail industries. AI-generated copy and image adoption rates increased by 53.4% and 13.4% year-over-year, respectively. With future upgrades in consumer spending willingness and enterprise operation normalization, advertising business will gradually recover. The company is expected to see business recovery in 2025, rising over 6% today. AI advertising is a good business – Mobvista (01860) surged over 13%, while AI+education Fenbi (02469) rose nearly 14%. Bottom-fishing opportunities include Maoyan Entertainment (02556).

August featured stock HANSOH PHARMA (03692): Net profit in the first half increased 15% year-over-year. Currently, HS20094 is actively advancing Phase III clinical studies for obesity or overweight conditions. The company received an $80 million upfront payment in July. It rose steadily nearly 5% today. July featured stock Ping An Healthcare (01833) released interim results on the Hong Kong Stock Exchange, with first-half revenue of approximately 2.502 billion yuan, up 19.5% year-over-year; net profit of 134 million yuan, up 136.8% year-over-year. No wonder the trend has been so strong.

In late Hong Kong trading today, East Buy (01797) quickly plunged over 20% after earlier rising over 23%. There were online rumors that New Oriental Group CEO Zhou Chenggang was under investigation. New Oriental founder Yu Minhong responded, calling it "complete rumors." With or without rumors, it would still fall – it simply rose too much.

**Sector Focus** Industry sources reveal that Apple's iPhone 17 has entered large-scale production. Foxconn, as Apple iPhone's main contract manufacturer, is conducting peak season recruitment at its Zhengzhou facility. iPhone 17 is expected to see upgrades and value increases in SoC chip AI capabilities, heat dissipation, FPC flexible circuits, batteries, and back covers. Key stocks include: BOE Varitronix (00710): exclusive OLED supplier for iPhone 17 Pro China version; Sunny Optical (01415): high-end lens module market share increase; BYD Electronic (00285): providing cases and assembly; Lens Technology (06613): iPhone 17 Air ultra-thin glass cover; AAC TECH (02018): core supplier of acoustic components and micro motors; FIT Hon Teng (06088): providing connectors and charging modules.

**Individual Stock Spotlight** FUYAO GLASS (03606): Outstanding first-half performance, steadily advancing global layout. The company achieved operating revenue of 21.447 billion yuan in the first half of 2025, up 16.94% year-over-year; net profit attributable to shareholders of 4.805 billion yuan, up 37.33% year-over-year.

Commentary: FUYAO GLASS delivered outstanding first-half performance with steady growth in both sales volume and average selling prices. FUYAO GLASS is the absolute global leader in automotive glass, with approximately 34% global market share in 2024 and 68% in the Chinese market. The company has maintained excellent growth momentum over the years, with revenue scale growing from just over 100 million to 39.252 billion yuan in 2024, and net profit expanding from tens of millions to 7.498 billion yuan in 2024. The company's capacity can meet automaker demands. The Fuqing Yangxia project and Anhui Hefei project are expected to complete 1 million sets each by September 2025, with remaining capacity expected to be completed by year-end 2025. After the new 9 billion yuan Fuqing base starts production in 2026, it will add 46.6 million square meters of capacity. US Ohio Phase II and Mexico Tesla Cybertruck supporting projects are progressing simultaneously, steadily advancing global layout.

FUYAO GLASS continues capacity expansion globally. Currently, overseas capacity is 6.8 million sets, mainly concentrated in the US and Russia, with domestic capacity of 34 million sets distributed across Fuqing, Changchun, Chongqing, Shanghai, Guangzhou, and other locations. FUYAO GLASS builds float glass production lines in multiple locations, with self-supply ratio reaching over 90% (float glass accounts for 34% of automotive glass costs). Furthermore, the company has begun laying out upstream silica sand plants, already owning four major plants in Hainan, Hunan, Inner Mongolia, and Liaoning, further reducing glass production costs. The significant appreciation of the euro against the RMB is estimated to bring over 300 million yuan in exchange gains. High value-added products like sunroof glass and HUD glass continue to penetrate, driving unit value growth. We remain optimistic about the company's gradual capacity release and continued global market share expansion.