Market Overview - The three major US stock indices closed lower, with the Dow Jones down 0.46%, Nasdaq down 0.38%, and S&P 500 down 0.3% [2][4][27] - Notable declines in popular tech stocks, with Meta down over 2%, Intel, Apple, and Tesla down over 1% [2][4][27] - The Nasdaq China Golden Dragon Index fell 1.35%, with most Chinese concept stocks declining, including Li Auto down over 6% and Baidu and JD down nearly 3% [2][4][27] Company News - Novo Nordisk's US stock plummeted 21.83%, resulting in a market value loss of $510 million, approximately 36 billion RMB, following a significant downward revision of its annual financial guidance [6][25] - The company lowered its sales growth forecast from 13%-21% to 8%-14% and operating profit growth from 16%-24% to 10%-16% due to underperformance of its flagship weight loss drug Wegovy [6][25] Economic and Trade Relations - The US and China held economic talks in Stockholm, focusing on trade relations and macroeconomic policies, with both sides agreeing to extend the suspension of certain tariffs for 90 days [3][4][5] - Chinese officials emphasized the mutual benefits of a stable US-China economic relationship, highlighting the importance of cooperation and dialogue [3][4][5] Financial Performance - China's state-owned enterprises reported a 0.2% year-on-year decline in total operating revenue for the first half of the year, totaling 4.07 trillion RMB, with profits down 3.1% to 218.25 billion RMB [10] - The asset-liability ratio for state-owned enterprises increased by 0.3 percentage points to 65.2% by the end of June [10] Industry Developments - The Hong Kong Monetary Authority has not issued any licenses for stablecoin issuers, warning that false claims of being licensed are illegal [11] - The China Photovoltaic Industry Association clarified rumors regarding the multi-crystalline silicon sector, urging against misinformation [12] Recent Events - A tragic incident occurred involving Blackstone executive Wesley LePatner, who was killed in a shooting, prompting condolences from the firm [2][25] - The establishment of the China Chang'an Automobile Group in Chongqing aims to enhance the automotive industry's integration and transformation [18]