恒指升169點，滬指升34點，標普500跌30點

Report Summary 1. Market Performance - Hong Kong stocks rose with the Hang Seng Index up 169 points or 0.7% to 24,902, the Hang Seng China Enterprises Index up 57 points or 0.65% to 8,951, and the Hang Seng Tech Index up 39 points or 0.7% to 5,521. The total turnover was HK$229.399 billion [1]. - A - shares advanced with the Shanghai Composite Index up 34 points or 1% to 3,617, the Shenzhen Component Index up 65 points or 0.6% to 11,106, and the ChiNext Index up 9 points or 0.4% to 2,343. The turnovers were RMB656.4 billion, RMB939.7 billion, and RMB475.6 billion respectively [2]. - US stocks fell with the Dow Jones Industrial Average down 61 points or 0.1% to 44,111, the S&P 500 Index down 30 points or 0.5% to 6,299, and the Nasdaq Composite down 137 points or 0.7% to 20,916 [2]. 2. Policy and Economic Data - The People's Bank of China conducted RMB160.7 billion of seven - day reverse repurchase operations on the 5th, with an operating rate unchanged at 1.4%. There were RMB449.2 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB288.5 billion. The central parity rate of the RMB against the US dollar was raised by 29 points to 7.1366 [2]. - China's July S&P Global Services PMI rose to 52.6, while the Composite PMI fell to 50.8 [2]. - The US July ISM Services Index was worse than expected, increasing concerns about stagflation [2]. 3. Trade - related Statements - US President Trump said that the EU's commitment to invest $600 billion in the US in the US - EU trade agreement was one reason for him to lower the tariff on EU goods to 15%. If the condition was not met, the tariff on EU goods would be 35% [3]. - Trump also said that the US would announce tariffs on semiconductor and pharmaceutical imports in about a week. The initial tariff rate for pharmaceuticals would be low, rising to 150% within a year and a half and eventually to 250%. Semiconductor and chip tariff measures would be in another category [4]. 4. Company - specific News - Li Xiang, CEO of Li Auto - W (02015.HK) (LI.US), revealed that the small - order users of Li i8 exceeded 30,000 [4]. - Yum China (09987.HK) reported its six - month interim results as of June. The total revenue was $5.768 billion, up 2.3% year - on - year. The net profit was $507 million, up 1.6%, with an earnings per share of $1.36 and a dividend per share of 24 cents [4]. - Hon Hai Precision Industry, a major server assembly partner of Nvidia (NVDA.US), saw its July sales growth slow down. Its July sales increased 7.25% year - on - year to NT$613.8 billion (about $20.5 billion), the lowest increase since January [4]. - The interim results of The Link REIT (00778.HK) as of the end of June showed that the distributable income was HK$377 million, up 2.1% year - on - year. The interim distribution per fund unit was 18.41 cents, up 1% from the previous year. The annualized distribution yield per fund unit was 7.7% based on the closing price on June 30 [5].