Group 1 - The Chinese government emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, integrating digital technology with manufacturing and market advantages to support the widespread application of large models [1] - High-quality datasets are identified as a crucial driving force for AI development, with the National Data Bureau categorizing them into three types: general, industry general, and industry specialized [1] - The National Data Bureau is accelerating the construction and application of high-quality datasets to promote the marketization and valuation of data elements, providing solid data support for cultivating new productive forces [1] Group 2 - The National Data Bureau is conducting a special action for ecological cultivation, which includes collecting and promoting typical cases of high-quality datasets in key sectors such as healthcare, industry, and transportation [2] - Regular technical exchange activities are being held to discuss data annotation, synthesis, and methodologies for building high-quality datasets [2] - Seven cities, including Hefei and Chengdu, are being guided to establish data annotation bases, with 524 datasets constructed and a total scale exceeding 29PB, serving 163 large models as of mid-2023 [2] Group 3 - Guizhou Province has 48 key data centers under construction or in operation, with 28 being large data centers and a storage capacity of 25EB, equivalent to storing 5 billion HD movies [3] - The province's intelligent computing scale has reached 85EFLOPS, with over 98% of the computing power dedicated to intelligent computing, and an outbound bandwidth exceeding 60,000 Gbps [3] - Guizhou is accelerating the construction of data centers and intelligent computing centers, with a focus on optimizing policies to meet the computing power needs of large model training, animation rendering, and esports [3]

Core Viewpoint - The controversy surrounding NetEase Games centers on the clause in their service agreement that allows for account deletion if a user does not log in for 365 days, raising concerns about user rights and data protection [2][4][5]. Group 1: User Agreement and Account Deletion - NetEase's service agreement states that if a user does not log in for 365 consecutive days, the company has no obligation to retain the user's account or data after notifying the user [4]. - Users have expressed dissatisfaction, questioning the fairness of losing access to their accounts, especially in cases where they may have been unable to log in due to personal circumstances like studying for exams [3][4]. - Legal experts suggest that the legality of this deletion clause is questionable, as it may infringe on users' property rights under the Civil Code [5][6]. Group 2: Price Increase Controversy - NetEase's game "World Beyond" faced backlash for a sudden 33% price increase without prior notification, which may violate consumer protection laws [8]. - Legal professionals argue that such unannounced price hikes could be considered price fraud, as they undermine the principle of fair trading and consumer rights [8]. Group 3: Jurisdiction and Legal Rights - The user agreement includes a clause that designates Guangzhou Tianhe District as the jurisdiction for disputes, which some users view as a disadvantage [9][10]. - Legal experts note that while such jurisdiction clauses are not inherently illegal, they may limit users' rights if not clearly communicated [10]. - Consumers are advised to be cautious of the legal implications of agreeing to such terms and to retain evidence of any disputes for potential legal action [10]. Group 4: Corporate Responsibility - Legal professionals emphasize that companies must balance data management, operational autonomy, and user property rights, especially in the rapidly evolving virtual economy [10].

Group 1 - Trump discusses tariff plans, indicating nearly 200 tariff letters will be sent, with rates potentially set at 10% or 15% [2] - Intel reports worsening net losses in Q2 and announces a restructuring plan, including a 15% workforce reduction and cancellation of a multi-billion dollar investment in Europe [2] - US stock markets see all major indices rise, with the Nasdaq and S&P 500 reaching new highs, while Intel's stock drops over 8% [3][5] Group 2 - The Nasdaq China Golden Dragon Index declines by 0.89%, with NIO rising over 1% and Alibaba and JD.com experiencing minor declines [4] - The China Securities Regulatory Commission emphasizes efforts to stabilize the market and promote long-term capital investment [8] - The State Council announces plans to gradually implement free preschool education, highlighting its importance for long-term development [9] Group 3 - Nvidia receives approval to resume sales of H20 GPUs to China, which is seen as a positive development for Nvidia and its supply chain [19] - The Shanghai stock market experiences a decline, with the index down 0.33%, while the Hong Kong market also sees losses [30][31]

Core Viewpoint - The article discusses the new update of the game "World Beyond," which introduces a new sub-gameplay combining pet-catching and auto-chess elements, but faces backlash due to increased monetization costs, specifically the price hike of in-game currency for card draws [1][19]. Gameplay Exploration - "World Beyond" has introduced a new gameplay style that combines pet-catching with auto-chess, providing a fresh experience for players who may not have encountered auto-chess in otome games before [4][6]. - The auto-chess gameplay is simplified compared to other games in the genre, with fewer levels and a focus on PVE, making it accessible for new players [6][14]. - The game features a unique mechanic where players can capture creatures during battles, which adds a layer of strategy to the gameplay [6][9]. Commercialization and Player Reception - Despite a slight improvement in sales rankings, the game has received significant negative feedback primarily due to the increase in card draw prices from 300 to 400 in-game currency, overshadowing the positive reception of the new gameplay [3][19]. - The price increase was justified by the developers as a result of enhanced card quality and additional effects, but this explanation did not alleviate player dissatisfaction [17][19]. Industry Trends - The article notes a trend among female-oriented games to explore new gameplay mechanics, indicating a shift in player expectations towards more engaging and varied gameplay experiences [20][26]. - The success of "World Beyond" in integrating different gameplay styles reflects a broader industry movement towards enhancing playability in female-targeted games, moving beyond traditional narrative-driven formats [22][26].

Market Performance - On July 24, the three major U.S. stock indices closed mixed, with the Dow Jones down 0.7%, the Nasdaq up 0.18%, and the S&P 500 up 0.07% [1] - The Dow Jones Industrial Average closed at 44,693.91, down 316.38 points [2] - The Nasdaq Composite closed at 21,057.96, up 37.94 points [2] - The S&P 500 closed at 6,363.35, up 4.44 points [2] Individual Stock Movements - Tesla saw a significant decline, dropping over 8% to 305.06 [3] - Other notable declines included IBM, which fell over 7% [2] - Nvidia, Amazon, and Broadcom each rose over 1% [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell over 1%, with several Chinese stocks experiencing declines of over 2%, including Netease, Weibo, and Baidu [3][4] Economic Commentary - President Trump visited the Federal Reserve, expressing hope that Chairman Powell would lower interest rates, suggesting a potential savings of over $1 trillion if rates were reduced by three percentage points [6][7] - Trump’s visit comes just under a week before the Fed's interest rate decision, indicating a strategic push for rate cuts [7] - Ray Dalio, founder of Bridgewater, warned that without action to reduce the fiscal deficit, the U.S. could face an "economic heart attack" within three years [9]

Group 1 - The Nasdaq Golden Dragon China Index experienced a decline of over 1% at the opening [1] - Miniso saw an increase of over 8%, while Lexin and Xpeng Motors rose by over 2% and 1% respectively [1] - Bilibili, NetEase, and iQIYI faced declines, with Bilibili dropping over 5%, NetEase over 3%, and iQIYI over 2% [1]

Core Viewpoint - The article discusses the relationship between intellectual property protection and innovation in the digital economy, highlighting the need for timely discussions on emerging issues to inform future legal regulations [1][3]. Group 1: Intellectual Property Issues - E-commerce platforms have a responsibility to actively review and stop infringement, particularly regarding the sale of counterfeit products [3]. - Selling brand packaging as standalone products is deemed illegal, as it can facilitate counterfeit activities [3]. - Major brands like Apple and Moutai have seen their packaging materials sold on various e-commerce platforms, prompting legal warnings to these platforms [3]. Group 2: Litigation Trends Among Tech Companies - The report indicates that major tech companies have a low success rate in civil litigation, with win rates ranging from 20% to 41% [4]. - Huawei has the highest win rate at 40.99%, followed by Alibaba at 36.59%, with ByteDance and Tencent at 33.16% and 32.65%, respectively [4]. - Weibo shows strong litigation risk management with a low loss rate of 3.84% [4]. Group 3: Settlement and Resolution Patterns - A high rate of settlement and withdrawal is observed, with 54.54% of cases resulting in "other and withdrawal" [5]. - Weibo has a 75.64% settlement rate in its cases, while OPPO follows closely at 75.04% [5]. - The increase in settlement rates and decrease in case numbers reflect improvements in the judicial environment and the legal strategies of companies in the digital age [5].

Core Viewpoint - The article highlights the strong performance of Chinese concept stocks and the overall positive sentiment in the market, driven by various factors including economic stability and policy support [2][8]. Group 1: Chinese Concept Stocks Performance - The Nasdaq Golden Dragon China Index rose nearly 1.4%, with notable gains in stocks such as Manulife and Brain Rejuvenation, which surged over 100% and 30% respectively [2]. - Major Chinese tech stocks showed significant increases, with Pinduoduo up over 4%, Tencent Holdings ADR up over 3%, and Meituan ADR up over 2% [6][7]. - The Shanghai Composite Index broke the 3600-point mark, while the Hang Seng Index and Hang Seng Tech Index approached four-year highs, indicating strong market momentum [7]. Group 2: International Investment Sentiment - Several foreign institutions have raised their forecasts for China's economic growth in 2025, citing stable economic performance and improving corporate earnings outlook [8]. - A report from Citi highlighted that despite macroeconomic fluctuations, Asian markets, particularly China and South Korea, are expected to outperform global peers, leading to upgraded ratings for these markets [8]. - Approximately 60% of Middle Eastern sovereign wealth funds plan to increase their allocation to Chinese assets over the next five years, reflecting a growing interest in China's digital technology, renewable energy, and advanced manufacturing sectors [8]. Group 3: Abivax Stock Surge - French biotechnology company Abivax saw its stock surge by nearly 600% after reporting strong results from its oral drug for ulcerative colitis in late-stage trials, demonstrating significant clinical efficacy and safety [11][13]. - Abivax plans to submit a new drug application to the FDA next year, contingent on further positive data [13]. Group 4: Meme Stocks Rally - The article discusses a resurgence of "meme stocks" in the U.S. market, with companies like Krispy Kreme and GoPro experiencing significant price increases, driven by retail investor enthusiasm [15][17]. - Krispy Kreme's stock rose nearly 40%, while GoPro surged over 70%, as these stocks were heavily shorted and gained traction on social media platforms [15][17]. - Analysts noted that the current rally in speculative stocks could indicate a potential market bubble, as these stocks outperformed those with consistent earnings [17].

港股开盘，恒指开跌0.04%，科指开跌0.26%。科网股部分下跌，网易(09999.HK)、百度(09888.HK)跌超 1%。 ...

Core Viewpoint - The U.S. stock market saw significant gains, with the S&P 500 and Nasdaq reaching record closing highs, while major Chinese tech stocks experienced substantial increases [2][3][4]. Group 1: U.S. Stock Market Performance - The three major U.S. stock indices all closed higher, with the Dow Jones up 1.14% to 45010.29 points, the S&P 500 rising 0.78% to 6358.91 points, and the Nasdaq increasing 0.61% to 21020.02 points, marking new closing highs for both the S&P 500 and Nasdaq [4][6]. - Notable gainers included Merck, which rose nearly 3%, and UnitedHealth Group, which increased over 2%, leading the Dow [4]. Group 2: Chinese Tech Stocks - Chinese tech stocks saw a majority increase, with the Nasdaq Golden Dragon China Index rising 0.75% and the Wind Chinese Tech Leaders Index up 1.86% [17]. - Key performers included Tencent, which rose 3.93%, Pinduoduo up 2.97%, and Meituan increasing by 1.90%, leading the Wind Chinese Tech Leaders Index [20]. Group 3: Corporate Earnings Reports - Alphabet (Google) reported strong Q2 earnings, with revenue of $96.428 billion, exceeding expectations of $93.94 billion, and an EPS of $2.31, surpassing the forecast of $2.17. The stock rose 3% in after-hours trading following the announcement [23][24]. - Tesla reported a Q2 adjusted EPS of $0.40, a 23% year-over-year decline, with revenue of $22.5 billion, down 12% from the previous year. The stock fell over 2% in after-hours trading [25][26].