Core Viewpoint - Qifu Technology, a Chinese AI credit technology platform, reported its unaudited financial results for the second quarter and six months ending June 30, 2025, and announced an increase in semi-annual dividends [1][20]. Financial Performance - Total net revenue for Q2 2025 was RMB 52.159 billion (USD 7.281 billion), up from RMB 41.601 billion in Q2 2024 and RMB 46.907 billion in Q1 2025 [6][10]. - Net profit for Q2 2025 was RMB 17.305 billion (USD 2.416 billion), compared to RMB 13.765 billion in Q2 2024 and RMB 17.966 billion in Q1 2025 [7][14]. - Non-GAAP net profit for Q2 2025 was RMB 18.49 billion (USD 2.581 billion), an increase from RMB 14.134 billion in Q2 2024 and a decrease from RMB 19.262 billion in Q1 2025 [8][14]. Business Summary - As of June 30, 2025, the platform connected with 165 financial institution partners and 275.8 million consumers with potential credit needs, an 11.4% increase from 247.6 million a year ago [2]. - The cumulative number of approved credit limit users reached 60.2 million, a 12.3% increase from 53.6 million as of June 30, 2024 [2]. - The total number of successful borrowers (including repeat borrowers) was 36.8 million, a 14.9% increase from 32 million as of June 30, 2024 [2]. Loan and Credit Metrics - The total loan amount facilitated and issued by financial institutions through the platform reached RMB 846.09 billion, a 16.1% increase from RMB 728.64 billion in the same period of 2024, but a 4.8% decrease from RMB 888.83 billion in the previous quarter [2]. - The outstanding loan balance as of June 30, 2025, was RMB 1,400.8 billion, a 13.4% increase from RMB 1,235.51 billion as of June 30, 2024, but a slight decrease of 0.1% from RMB 1,402.73 billion as of March 31, 2025 [3]. - The 90+ days delinquency rate for loans on the platform was 1.97% as of June 30, 2025 [4]. Operational Insights - The weighted average contract term for loans initiated by financial institutions on the platform was approximately 10.33 months in Q2 2025, compared to 9.97 months in the same period of 2024 [3]. - Repeat borrowers contributed 93.8% of the loans initiated in Q2 2025 [5]. Dividend and Share Buyback - The board approved a semi-annual dividend of USD 0.38 per Class A ordinary share and USD 0.76 per American Depositary Share, with payment dates expected around September 25 and September 30, 2025, respectively [20]. - As of August 14, 2025, the company repurchased approximately 7.1 million ADS for a total of about USD 277 million under its stock repurchase plan [22]. Future Outlook - Due to ongoing macroeconomic uncertainties, the company plans to maintain cautious business planning for the remainder of 2025, expecting Q3 2025 net profit to be between RMB 15.2 billion and RMB 17.2 billion, reflecting a year-over-year decline of 2% to 13% [23].

EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 納斯達克美國存託股票代碼: QFIN | | | 發行人董事 | | | 於本公告日期，本公司董事會包括董事吳海生先生、徐祚立先生及趙丹先生；及獨立董事肖鋼先生、閻焱先生、趙帆先生、陳曉歡 | | | 先生、劉祥革先生及焦嬌女士。 | | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 奇富科技股份有限公司 | | 股份代號 | 03660 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 2025財年上半年度股息公告 | | 公告日期 | 2025年8月15日 | | 公 ...

[Performance Overview & Management Commentary](index=2&type=section&id=Performance%20Overview%20%26%20Management%20Commentary) [Q2 2025 Business Highlights](index=2&type=section&id=Q2%202025%20Business%20Highlights) In Q2 2025, the company achieved year-over-year growth in user base and outstanding loan balance, with 41.4% of total facilitated loans under light-capital models and a 90-day+ delinquency rate of 1.97% Q2 2025 Key Operating Metrics | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Facilitated and Originated Loan Volume | RMB 84.61 billion | +16.1% | -4.8% | | - Light-Capital/ICE/Tech Solution Share | 41.4% | - | - | | Total Outstanding Loan Balance at Period End | RMB 140.08 billion | +13.4% | -0.1% | | - Light-Capital/ICE/Tech Solution Share | Approx. 51% | - | - | | Cumulative Approved Credit Line Users | 60.2 million | +12.3% | - | | Cumulative Successful Borrower Withdrawals | 36.8 million | +14.9% | - | | 90-Day+ Delinquency Rate | 1.97% | - | - | [Q2 2025 Financial Highlights](index=3&type=section&id=Q2%202025%20Financial%20Highlights) The company achieved robust financial performance in Q2 2025, with total net revenue reaching **RMB 5.22 billion** and Non-GAAP net profit at **RMB 1.85 billion**, demonstrating sustained profitability Q2 2025 Key Financial Data | Metric | Amount (RMB) | Amount (USD) | | :--- | :--- | :--- | | Total Net Revenue | 5.216 billion | 0.728 billion | | Net Profit | 1.731 billion | 0.242 billion | | Non-GAAP Net Profit | 1.849 billion | 0.258 billion | | Diluted Net Earnings Per ADS | 12.76 | 1.78 | | Diluted Non-GAAP Net Earnings Per ADS | 13.63 | 1.90 | [Management Commentary](index=3&type=section&id=Management%20Commentary) Management highlighted the company's resilient operations amidst macroeconomic uncertainties and regulatory changes, achieved by tightening risk controls, optimizing business structure with **51%** light-asset model share, and diversifying customer acquisition channels, while prudently increasing provisions to near historical highs - CEO Wu Haisheng noted that in response to economic uncertainties and regulatory changes, the company proactively tightened risk control standards and adjusted its business structure, with the outstanding loan balance from light-asset models, ICE, and comprehensive technology solutions reaching approximately **51%**[7](index=7&type=chunk) - CFO Xu Zuoli emphasized that despite the volatile macroeconomic environment, the company achieved robust financial performance and prudently assessed risks, with new provisions in Q2 approaching historical highs[7](index=7&type=chunk) - CRO Zheng Yan added that influenced by macroeconomic challenges, overall market risk levels fluctuated, with the first-day delinquency rate reaching **5.1%**, prompting the company to tighten risk controls and potentially implement further measures to mitigate potential risks[7](index=7&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) [Operating Results](index=4&type=section&id=Operating%20Results) In Q2 2025, total net revenue grew **25.4%** to **RMB 5.22 billion**, driven by credit-driven and platform services, while operating costs and expenses significantly increased **41.6%** to **RMB 3.08 billion**, resulting in operating income of **RMB 2.14 billion**, up **7.6%** year-over-year [Net Revenue](index=4&type=section&id=Net%20Revenue) Total net revenue reached **RMB 5.22 billion**, a **25.4%** year-over-year increase, with credit-driven service net revenue at **RMB 3.57 billion** (up **22.4%**) and platform service net revenue at **RMB 1.65 billion** (up **32.3%**), driven by increased financing income and referral service fees respectively Q2 2025 Net Revenue Composition (RMB million) | Revenue Item | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | **5,215.9** | **4,160.1** | **+25.4%** | | **Credit-Driven Service Net Revenue** | **3,565.5** | **2,912.2** | **+22.4%** | | - Financing Income | 2,205.0 | 1,690.1 | +30.5% | | - Release of Guarantee Liabilities Income | 805.3 | 972.6 | -17.2% | | **Platform Service Net Revenue** | **1,650.3** | **1,247.9** | **+32.3%** | | - Loan Facilitation and Service Fees - Light-Capital | 326.8 | 524.4 | -37.7% | | - Referral Service Fees | 986.4 | 623.5 | +58.2% | [Operating Costs and Expenses](index=5&type=section&id=Operating%20Costs%20and%20Expenses) Total operating costs and expenses increased **41.6%** to **RMB 3.08 billion**, primarily driven by a rise in sales and marketing expenses to **RMB 663 million** due to increased investment in embedded finance channels and information flow advertising, and a significant increase in contingent liability provisions to **RMB 398 million** due to higher heavy-capital loan volumes and risk assessment adjustments Q2 2025 Operating Costs and Expenses Composition (RMB million) | Cost Item | Q2 2025 | Q2 2024 | YoY Change Reason | | :--- | :--- | :--- | :--- | | **Total** | **3,079.7** | **2,175.1** | **-** | | Facilitation, Origination and Servicing Expenses | 781.0 | 722.2 | Increase in total loan volume | | Sales and Marketing Expenses | 662.7 | 366.4 | Increased investment in embedded finance channels and information flow advertising | | Provision for Loans Receivable | 773.8 | 849.5 | Reversal of prior provisions, partially offset by increase in on-balance sheet loans | | Provision for Contingent Liabilities | 397.6 | (213.3) | Increase in heavy-capital loan facilitation volume and risk assessment adjustments | [Profitability and EPS](index=6&type=section&id=Profitability%20and%20EPS) In Q2 2025, the company achieved operating income of **RMB 2.14 billion**, net profit of **RMB 1.73 billion** (up **25.7%** YoY), and Non-GAAP net profit of **RMB 1.85 billion** (up **30.8%** YoY), with diluted net earnings per ADS at **RMB 12.76** Q2 2025 Profitability Metrics (RMB million) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Income | 2,136.2 | 1,985.0 | +7.6% | | Non-GAAP Operating Income | 2,254.7 | 2,021.9 | +11.5% | | Net Profit | 1,730.5 | 1,376.5 | +25.7% | | Non-GAAP Net Profit | 1,849.0 | 1,413.4 | +30.8% | | Diluted Net Earnings Per ADS (RMB) | 12.76 | 8.92 | +43.0% | [Asset Quality](index=7&type=section&id=Asset%20Quality) The report presents asset quality performance of facilitated loans across different periods through 30-day+ and 180-day+ delinquency rate charts (Vintage Curves), which are key tools for assessing credit business risk trends - The report provides quarterly historical loan 30-day+ and 180-day+ delinquency rate charts to track the asset quality performance of loans originated in different periods[22](index=22&type=chunk)[23](index=23&type=chunk)[26](index=26&type=chunk) [Shareholder Returns & Business Outlook](index=7&type=section&id=Shareholder%20Returns%20%26%20Business%20Outlook) [Dividends and Share Repurchase](index=7&type=section&id=Dividends%20and%20Share%20Repurchase) The company declared a H1 2025 dividend of **USD 0.76** per ADS and actively executed its share repurchase program, having repurchased approximately **USD 277 million** in ADS under the 2025 plan as of August 14, 2025 - The Board approved a H1 2025 dividend of **USD 0.38** per Class A ordinary share or **USD 0.76** per ADS, with the record date set for September 8, 2025[25](index=25&type=chunk) - As of August 14, 2025, the company repurchased approximately **7.1 million** ADS at an average price of **USD 38.9/ADS**, totaling approximately **USD 277 million**, under its **USD 450 million** 2025 share repurchase program[27](index=27&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) Given ongoing macroeconomic uncertainties, the company maintains a cautious outlook for Q3 2025, projecting net profit between **RMB 1.52 billion** and **RMB 1.72 billion**, and Non-GAAP net profit between **RMB 1.60 billion** and **RMB 1.80 billion**, representing a **2% to 13%** year-over-year decrease Q3 2025 Performance Guidance | Metric | Forecast Range (RMB billion) | YoY Change | | :--- | :--- | :--- | | Net Profit | 1.52 - 1.72 billion | -13% to -2% | | Non-GAAP Net Profit | 1.60 - 1.80 billion | - | [Financial Statements](index=11&type=section&id=Financial%20Statements) [Unaudited Condensed Consolidated Balance Sheets](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached **RMB 59.75 billion**, up **24.1%** from year-end 2024, primarily driven by increased net loans receivable, with total liabilities at **RMB 35.65 billion** and total equity at **RMB 24.11 billion**, indicating a stable balance sheet structure Key Balance Sheet Items (As of June 30, 2025) | Item | Amount (RMB billion) | | :--- | :--- | | **Total Assets** | **59.75** | | Cash, Cash Equivalents and Restricted Cash | 8.21 | | Net Loans Receivable (Current + Non-current) | 37.43 | | **Total Liabilities** | **35.65** | | Amounts Due to Consolidated Trust Investors | 20.00 | | **Total Equity** | **24.11** | [Unaudited Condensed Consolidated Statements of Operations](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This statement details the company's revenue, costs, and profit composition for Q2 and H1 2025, showing Q2 net revenue of **RMB 5.22 billion**, operating income of **RMB 2.14 billion**, and net profit of **RMB 1.73 billion** Q2 2025 Income Statement Overview (RMB million) | Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Net Revenue | 5,215.9 | 4,160.1 | | Total Operating Costs and Expenses | 3,079.7 | 2,175.1 | | Operating Income | 2,136.2 | 1,985.0 | | Net Profit | 1,730.5 | 1,376.5 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q2 2025, the company generated **RMB 2.62 billion** in net cash from operating activities, indicating strong core business cash generation, while net cash used in investing activities was **RMB 8.19 billion**, and net cash from financing activities was **RMB 2.00 billion** Q2 2025 Cash Flow Statement Overview (RMB million) | Item | Q2 2025 | | :--- | :--- | | Net Cash from Operating Activities | 2,622.0 | | Net Cash Used in Investing Activities | (8,191.1) | | Net Cash from Financing Activities | 1,995.6 | | Cash, Cash Equivalents and Restricted Cash at Period End | 8,212.4 | [GAAP to IFRS Reconciliation](index=17&type=section&id=GAAP%20to%20IFRS%20Reconciliation) [Reconciliation Explanation and Results](index=17&type=section&id=Reconciliation%20Explanation%20and%20Results) This section provides a quantitative reconciliation of financial statements prepared under US GAAP to IFRS, as required by HKEX, showing H1 2025 net profit of **RMB 3.52 billion** under IFRS, slightly lower than **RMB 3.53 billion** under US GAAP - The company's directors prepared interim financial statements under US GAAP and disclosed a reconciliation of differences with International Financial Reporting Standards (IFRS)[51](index=51&type=chunk) - Deloitte Touche Tohmatsu has performed a limited assurance engagement on this reconciliation statement and found no material issues[54](index=54&type=chunk)[55](index=55&type=chunk) [Notes on Key Accounting Differences](index=24&type=section&id=Notes%20on%20Key%20Accounting%20Differences) The report details five key accounting differences between US GAAP and IFRS: expected credit loss recognition (CECL vs. IFRS 9 three-stage model), effective interest rate calculation, share-based payment attribution, financial guarantee accounting, and convertible preferred note measurement - Expected Credit Losses: US GAAP uses the CECL model to recognize lifetime expected losses at inception, while IFRS 9 employs a three-stage model, recognizing lifetime losses only when credit risk significantly increases[62](index=62&type=chunk) - Effective Interest Rate: US GAAP calculates based on contractual cash flows, whereas IFRS uses estimated cash flows[63](index=63&type=chunk) - Financial Guarantees: US GAAP recognizes standby and contingent guarantee liabilities using the gross method, while IFRS recognizes revenue based on premiums received and measures liabilities at the higher of loss allowance or initial recognition amount[63](index=63&type=chunk) - Convertible Preferred Notes: Under US GAAP, they are measured as liabilities, while under IFRS, they are designated as fair value through profit or loss[63](index=63&type=chunk)

Core Viewpoint - Qfin Holdings, Inc. reported strong financial results for the second quarter of 2025, with total net revenue reaching RMB5,215.9 million (US$728.1 million), reflecting a year-over-year increase of 25.4% from RMB4,160.1 million in the same period of 2024. The company also announced a semi-annual dividend of US$0.38 per Class A ordinary share [10][17][41]. Financial Highlights - Total net revenue for Q2 2025 was RMB5,215.9 million (US$728.1 million), compared to RMB4,690.7 million in the prior quarter and RMB4,160.1 million in the same period of 2024 [10][17]. - Net income for Q2 2025 was RMB1,730.5 million (US$241.6 million), a decrease from RMB1,796.6 million in the prior quarter but an increase from RMB1,376.5 million in the same period of 2024 [18][35]. - Non-GAAP net income for Q2 2025 was RMB1,849.0 million (US$258.1 million), compared to RMB1,926.2 million in the prior quarter and RMB1,413.4 million in the same period of 2024 [18][36]. - Total outstanding loan balance was RMB140,080 million as of June 30, 2025, an increase of 13.4% from RMB123,551 million a year ago [11][10]. Business Performance - The platform connected 165 financial institutional partners and 275.8 million consumers with potential credit needs, marking an 11.4% increase from 247.6 million a year ago [11]. - Cumulative users with approved credit lines reached 60.2 million, up 12.3% from 53.6 million a year ago [11]. - The company facilitated 23,638,189 loans in Q2 2025, with total facilitation and origination loan volume reaching RMB84,609 million, a 16.1% increase from RMB72,864 million in the same period of 2024 [11][10]. Operational Insights - The weighted average contractual tenor of loans originated was approximately 10.33 months, compared to 9.97 months in the same period of 2024 [11]. - The 90-day+ delinquency rate was 1.97% as of June 30, 2025 [11]. - Repeat borrower contribution for loans originated was 93.8% in Q2 2025 [11]. Strategic Developments - The company issued a record amount of Asset-Backed Securities (ABS) during the quarter, and the blended funding cost declined despite liquidity shortages in certain industry segments [14]. - More than half of new credit line users were acquired through embedded finance partners, indicating a diversification in user acquisition channels [14]. - The company plans to allocate more resources to AI applications across its credit service offerings to enhance efficiency and service quality [15]. Future Outlook - For Q3 2025, the company expects net income between RMB1.52 billion and RMB1.72 billion, and non-GAAP net income between RMB1.60 billion and RMB1.80 billion, reflecting a year-on-year decline of 2% to 13% [44].

小微企业。自2020年底以来,公司开始为优质小微企业撮合量身定制的贷款产品。公司认为,这正是得不 到或未得到传统金融机构充分服务的用户群体,因为传统金融机构通常专注于为具有较长信贷历史及经 营往绩记录以及以有形抵押品借贷的大型企业提供服务。凭借公司的数据分析及信贷分析能力,公司能 够识别出缺乏充裕信用记录及有形抵押品但拖欠风险较低的小微企业,继而使其成为公司金融机构合作 伙伴的借款人。通过公司的平台扩展的定制产品具灵活性、无抵押,能满足小微企业的信贷需求。 公司为合作伙伴及用户提供多样化的服务。公司的服务一般按服务性质及相关信贷风险水平,分类为信 贷驱动服务或平台服务。各类服务中,无论涉及的信贷风险水平,公司都为合作伙伴及用户提供高效借贷 流程、改善信用评估及加强借贷体验。 8月13日，奇富科技(QFIN)开盘上涨2.29%，截至21:31，报34.89美元/股，成交281.38万美元，总市值 46.91亿美元。 财务数据显示，截至2025年03月31日，奇富科技收入总额46.91亿人民币，同比增长12.94%；归母净利 润18.0亿人民币，同比增长54.62%。 大事提醒： 8月14日，奇富科技将于(美东) ...

当地时间8月12日，美股主要指数全线高开高走，中国资产亦表现亮眼。 截至发稿，纳斯达克中国金龙指数涨幅超过1%。 | 代码 | 名称 | 现价 | 消歧失 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | TME | 腾讯音乐 | 25.656 | 2.956 | 13.02% | | ZJK | 一天然于 | 2.920 | 0.220 | 8.15% | | NIU | 小牛电动 | 4.151 | 0.301 | 7.82% | | QFIN | 奇富科技 | 34.140 | 1.770 | 5.47% | | JFIN | 嘉银科技 | 12.880 | 0.480 | 3.87% | | XYF | 小赢科技 | 14.180 | 0.510 | 3.73% | | BZ | BOSS直聘 | 21.780 | 0.680 | 3.22% | | WB | 微博 | 10.010 | 0.280 | 2.88% | | WDH | 水滴公司 | 1.900 | 0.050 | 2.70% | | JD | 京东集团 | 31.995 | 0.815 | 2.6 ...

Core Viewpoint - The recent CPI data has positively influenced the US stock market, leading to significant gains in major indices, with the S&P 500 and Nasdaq reaching all-time highs [1]. Market Performance - The S&P 500 index rose by 1.13% to 6445.76 points, the Nasdaq composite increased by 1.39% to 21681.9 points, and the Dow Jones Industrial Average climbed by 1.1% to 44458.61 points [1]. - The Russell 2000 index, which is seen as a beneficiary of interest rate cuts, surged nearly 3% [3]. Sector Highlights - Technology stocks rebounded, with notable performances from major companies: Apple up 1.09%, Microsoft up 1.43%, Amazon up 0.08%, Nvidia up 0.6%, Google-A up 1.16%, Tesla up 0.53%, and Meta up 3.15% [7]. - Intel experienced a significant increase of 5.62%, with a two-day gain of 11% following a shift in Trump's stance [8]. - Other companies such as Electronic Arts, BlackRock, Goldman Sachs, and Morgan Stanley also reached historical highs [9]. International Market - The Nasdaq Golden Dragon China Index rose by 1.49%, with Alibaba up 3.19%, JD.com up 3.01%, Baidu up 2.14%, and Pinduoduo up 3% [10]. - However, some Chinese companies faced declines, such as NIO down 8.96% and XPeng down 6.08% [10].

Core Insights - Qifu Technology, Inc. (QFIN) is set to release its second-quarter 2025 results on August 14, after market close, and has consistently surpassed the Zacks Consensus Estimate in the previous four quarters with an average earnings surprise of 14.3% [1] Revenue Expectations - The Zacks Consensus Estimate for QFIN's revenues is $641.8 million, indicating a 12.1% growth compared to the same quarter last year [2][9] Business Performance - The embedded finance business is expected to show improvement due to an increase in new credit line users and loan volume from these channels, with AI-led technology enhancing user profiling and acquisition [3] - A surge in on-balance sheet loans and reduced early repayment discounts are anticipated to boost QFIN's credit-driver services, while platform services are expected to benefit from contributions from the Intelligence Credit Engine and other value-added services [4] Earnings Projections - The consensus estimate for QFIN's earnings per share is $1.79, reflecting a significant year-over-year growth of 46.7% [4][9] Earnings Prediction Model - Current analysis indicates that QFIN does not conclusively predict an earnings beat, with an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [5][6]

周二，热门中概股盘中走强，腾讯音乐(TME.US)涨超12%，奇富科技(QFIN.US)涨超6%，BOSS直聘 (BZ.US)、京东(JD.US)、网易(NTES.US)涨超2%。消息面上，今早，中美斯德哥尔摩经贸会谈联合声明 发布，双方同意：自2025年8月12日起再次暂停实施24%的关税90天，同时保留按该行政令规定对这些 商品加征的剩余10%的关税。 ...

Market Performance - Major US stock indices opened higher, with the Nasdaq China Golden Dragon Index rising over 1% [1] - Asian trading session saw A-shares performing strongly, with all three major indices reaching new highs for the year, and the Shanghai Composite Index achieving a seven-day winning streak [9] - The FTSE China A50 Index futures also saw gains, turning positive during trading [7] Notable Chinese Stocks - Tencent Music surged over 13%, while other notable Chinese stocks like Zhonghe Technology, Niu Technologies, and QFIN also saw increases exceeding 5% [3][4] - The Wande China Technology Leaders Index rose over 1.6%, with Xiaomi Group ADR up over 3%, and JD Group, Pinduoduo, and Meituan ADR all increasing by more than 2% [5][6] Foreign Investment Sentiment - International institutions have increased their focus on Chinese assets, with several foreign institutions upgrading their ratings for the Chinese stock market since 2025 [9] - Goldman Sachs raised its 12-month target for the MSCI China Index from 85 to 90 points, while Nomura Securities upgraded its rating from neutral to tactical overweight [9] - S&P Global maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [9] US Economic Indicators - The US July CPI data showed a month-on-month increase of 0.2%, matching expectations, while the year-on-year increase was 2.7%, slightly below the forecast of 2.8% [12] - Following the CPI release, traders adjusted their bets on a potential interest rate cut by the Federal Reserve in September [13]