1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - China's economic recovery foundation is unstable, with insufficient demand as the main contradiction. The stock index may adjust after continuous rises, and gold may continue to adjust after a short - term rebound. In the short term, beware of the callback risk of the stock index and maintain a band - short view on gold. In the medium - to - long term, the stock index may maintain a wide - range shock, and gold has a risk of deep adjustment [4][38] 3. Summary by Relevant Catalogs 3.1 Macroeconomic Situation - From January to July this year, the growth rate of fixed - asset investment continued to decline, and industrial added value decreased year - on - year but remained at a high level. Social consumer goods retail growth slowed down, indicating that China's economic recovery foundation is unstable, with the characteristics of strong production but weak demand and strong service industry but weak manufacturing still significant [4][38] 3.2 Stock Index Fundamental Data - The gap between M1 and M2 has further narrowed, indicating abundant market liquidity, but the inflection point of enterprise profit growth has not arrived, and enterprises are still in the active de - stocking stage. The balance of margin trading in the Shanghai and Shenzhen stock markets has exceeded 2 trillion yuan, and the central bank conducted 7118 billion yuan of 7 - day reverse repurchase operations this week, achieving a net withdrawal of 4149 billion yuan [15][18] 3.3 Gold Fundamental Data - In July, the US CPI rose 2.7% year - on - year, the same as last month, and the core CPI rose 3.1% year - on - year (previous value 2.9%), reaching a new high since March. The Fed is unlikely to cut interest rates significantly in September. The warehouse receipts and inventory of Shanghai gold futures have increased significantly, while the New York futures inventory has continued to decline, and the market's bullish sentiment has cooled [22][23][35] 3.4 Strategy Recommendation - Short - term: In July, investment, consumption, and industrial added value were lower than expected, and enterprise profits have not improved significantly. Be cautious about the callback risk of the stock index after continuous rises. The market's expectation of the Fed's interest - rate cut in September has been digested, and the risk - aversion sentiment has cooled. Gold may continue to adjust after the end of the rebound, maintaining a band - short view. Medium - to - long term: The valuation of the stock index is mainly dragged down by the decline in enterprise profit growth, and it may maintain a wide - range shock. Gold has a risk of deep adjustment due to the fading of risk - aversion sentiment and the full pricing of the interest - rate cut expectation [38]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst in leading teams for model validation and stress testing, showcasing a strong background in both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to provide high-quality, data-driven insights for investors [1] Company and Industry Analysis - The focus is on uncovering high-growth investment opportunities through rigorous risk management and a long-term perspective on value creation [1] - There is a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis, which are crucial for providing actionable investment ideas [1]

Group 1 - Cellebrite DI Ltd. (NASDAQ: CLBT) is facing pressure due to uncertainties in federal spending and weak macroeconomic conditions, leading to a lack of momentum in its narrative [1] - Investor sentiment towards CLBT remains weak, indicating challenges in gaining traction in the market [1] - The company's execution has not been highlighted as a positive factor amidst the prevailing market conditions [1]

智通财经APP获悉，经济学家预计最新消费者价格数据将显示通胀小幅上升，但华尔街专业人士并不担 心这会破坏近期股市的涨势。 泰勒写道，回调的主要风险是季节性的，因为标普500指数在过去25年中9月份平均下跌1.5%——但随 后在第四季度上涨4%。 根据彭博社对经济学家的调查中值预测，剔除波动较大的食品和能源成本的核心CPI预计7月份将比6月 份上升0.3%。 美国总统特朗普全面加征全球关税的通胀影响预计将开始体现在最新 CPI 数据中，该数据将于周二开 盘前公布。尽管如此，包括摩根大通和摩根士丹利在内的华尔街投行预计，投资者将对这些担忧置之不 理，并通过关注强劲的企业盈利和降息来保持股价飙升。 摩根大通全球市场情报主管安德鲁·泰勒周一在给客户的一份报告中写道，宏观经济数据仍然"支持看涨 的理由，盈利可能会保持其积极趋势"，并补充说美联储正朝着降息的方向发展。 泰勒认为，任何潜在的通胀上升都可能是暂时的，而且峰值可能会低于预期。事实上，他的团队在周二 CPI数据公布后，将标普500指数进一步上涨的几率定为70%，预测如果数据符合预期或低于预期，该指 数可能上涨2%。 | Core MoM change in CP ...

Core Viewpoint - Jingtai Holdings expects to achieve a consolidated revenue of no less than RMB 500 million for the period ending mid-2025, representing a year-on-year increase of at least approximately 387% [1] Financial Performance - The company anticipates turning a loss into a profit, with a net profit of no less than RMB 50 million for the mid-2025 period [1] - Adjusted net profit is expected to be no less than RMB 120 million, marking the company's first half-year profitability [1]

Group 1 - The article emphasizes the advantages of a fundamental rules-based passive methodology for ETFs, contrasting it with market cap weighted methodologies that are seen as backward looking and prone to overleveraging on the same stocks [1] - The author has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation, market trends, and portfolio optimization [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, with a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the short - term, due to repeated digestion of previous policy benefits and unimproved corporate profits, the stock index may face callback risks after continuous rise; for gold, although the market's expectation of a Fed rate cut in September has increased, the easing of global trade tensions may lead to a continuation of the adjustment after the rebound, maintaining a band - short thinking [39][40] - In the medium - to long - term, the stock index's valuation is dragged down by the decline in corporate profit growth, and it is expected to maintain a wide - range shock; gold may face a deep adjustment due to the fading of tariff policy uncertainties and the release of dovish signals by the Fed [40] 3. Summary by Relevant Catalogs 3.1. Macroeconomic Data at Home and Abroad - In July this year, the growth rates of imports and exports both rebounded, mainly due to the rise in commodity prices and the low - base effect of the same period last year. However, domestic and foreign demand remains weak [4] 3.2. Stock Index Fundamental Data 3.2.1. Corporate Profit - The rise in commodity prices helps improve the profits of upstream raw material processing industries, but due to weak terminal demand, enterprises still face great operating pressure, with the phenomenon of increasing revenue but not profit. They have to reduce production and inventory, and the inflection point of profit growth has not arrived [15] 3.2.2. Capital Situation - The margin balance of the Shanghai and Shenzhen stock markets is approaching the 2 - trillion - yuan mark. The central bank conducted 1.1267 trillion yuan of 7 - day reverse repurchase operations this week, achieving a net withdrawal of 536.5 billion yuan [19] 3.3. Gold Fundamental Data 3.3.1. US Economic Data - In June, the number of new non - farm jobs in the US was 73,000, far lower than the expected 110,000, and the unemployment rate rose from 4.1% to 4.2%. In July, the ISM manufacturing PMI dropped to 48, contracting for 5 consecutive months. Fed officials released dovish signals, suggesting that the time window for a rate cut is approaching [23] 3.3.2. Gold Inventory - The warehouse receipts and inventory of Shanghai gold futures have soared, while the New York futures inventory has continued to decline, and the market's bullish sentiment has cooled [36] 3.4. Strategy Recommendation - Short - term: Be cautious of the callback risk of the stock index; for gold, maintain a band - short thinking [40] - Medium - to long - term: The stock index is expected to maintain a wide - range shock; gold may face a deep adjustment [40] 3.5. Next Week's Focus and Risk Warning - Key data such as China's July investment, consumption, industrial added value, US CPI, and speeches by Fed officials [41]

Group 1 - European companies reported strong earnings, boosting market confidence and leading to a collective rise in European stocks [1][2] - ABN Amro announced a new stock buyback plan after exceeding profit expectations, while Siemens Energy expects to reach the upper limit of its annual performance [2] - Fresenius SE raised its full-year sales forecast, and Bayer's sales exceeded analyst expectations [2] Group 2 - Despite some positive reports, Novo Nordisk's revenue growth fell short of expectations, although its weight-loss drug Wegovy performed better than anticipated [2] - Commodity giant Glencore's earnings did not meet expectations, and it canceled plans to move its primary listing from London to New York [2] - European stock indices showed positive movement, with the Euro Stoxx 50 index opening up by 0.5% and the DAX index also rising by 0.5% [1]

新京报贝壳财经记者近期对这款车进行了道路试驾，车辆的驾乘体验表现较好，产品性价比很高，但潜 在弱点或是没有混合动力形式产品提供。 蔚来子品牌乐道在7月31日上市了大型纯电SUV L90，这款车起售价被拉低至26.58万元。蔚来创始人李 斌计划在第四季度实现盈利，L90或将成为企业盈利的重要一环。 视频剪辑郭栩君 ...

Core Insights - BP reported a Q2 core replacement cost profit of $2.35 billion, significantly exceeding the analyst consensus estimate of $1.81 billion from LSEG [1] - In comparison, BP's net profit for Q2 last year was $2.76 billion, and for Q1 2025, it was $1.38 billion [1] Dividend and Share Buyback - BP announced an increase in its Q2 dividend from $0.08 to $0.0832 per share [1] - The company will maintain its share buyback program at $750 million [1]