Group 1 - Kangji Medical (09997) resumed trading with a nearly 1% increase, announcing a privatization agreement with Knight Bidco Limited, which will make Kangji a wholly-owned subsidiary and delist from the Hong Kong Stock Exchange after completion [1] - Tencent Music (01698) opened high with over a 15% increase, reporting a 30% year-on-year increase in adjusted net profit for Q2 ending June 30, 2025, driven by high-quality growth in its online music business [1] - Mingyuan Cloud (00909) opened over 2% higher, announcing a cash acquisition of 100% equity in ASIOT Co., Ltd. for 700 million yen by its subsidiary MytePro Japan [1] Group 2 - Yuedu Group (00772) surged over 15%, reporting a 68.5% year-on-year increase in net profit for the first half of the year, with strong performance in IP for premium films and animations, and significant growth in the emerging short drama sector [2] - Minmetals Resources (01208) rose over 9%, with net profit increasing 15 times year-on-year, attributed to higher copper production and rising prices of copper, gold, silver, and zinc [2] - Beihai Kangcheng-B (01228) increased over 31%, announcing a strategic cooperation agreement with Baiyang Pharmaceutical for exclusive commercial services in promoting several products in mainland China, Hong Kong, and Macau [2] Group 3 - Zhonghui Biotech-B (02627) surged over 25%, as its vaccine product was included in the preliminary review list of the national commercial health insurance innovative drug catalog [2] - Gilead Sciences-B (01672) rose over 5%, announcing promising efficacy results for its candidate drug ASC47 in combination with teriparatide for obesity treatment in diet-induced obesity mouse studies [3] - Dongying Travel (06882) fell over 9%, issuing a profit warning with expected net profit of approximately 6 million HKD for the first half of 2025, down about 82% from 34 million HKD in the same period last year [3] Group 4 - Kodak (KODK.US) dropped 19.91% after reporting a shift from profit to loss in Q2, raising concerns about its ability to execute critical financing measures [4] - Niu Technologies (NIU.US) rose 11.69%, reporting a turnaround to profitability in Q2 and projecting Q3 revenue between 1.433 billion to 1.638 billion CNY, a year-on-year increase of 40% to 60% [4] - Huya (HUYA.US) increased by 4.53%, preparing to release its financial report, with a strong growth trajectory in gaming-related services [4] Group 5 - ON Running (ONON.US) rose 8.95%, reporting a 32% year-on-year increase in Q2 sales and projecting annual net sales of at least 2.91 billion Swiss francs, exceeding previous expectations [6] - Micron Technology (MU.US) increased by 3.26%, significantly raising its Q4 fiscal year 2025 revenue guidance to between 11.1 billion to 11.3 billion USD, with gross margin guidance improved to 44% to 45% [6]

Core Points - Hengxin Dongfang (300081.SZ) experienced a significant drop of nearly 19%, leading the market decline, with a current price of 5.82 yuan and a total market capitalization of 3.52 billion yuan [1] - The company received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure regulations, resulting in an official investigation [1] - Hengxin Dongfang has conducted a self-examination regarding potential violations of information disclosure and found accounting errors in its 2022 annual report, which have been adjusted using the retrospective restatement method [1]

恒信东方（300081）公告，公司于2025年8月12日收到中国证监会下发的《立案告知书》，因涉嫌信息 披露违法违规，中国证监会决定对公司立案。公司自查发现2022年年报存在会计差错，采用追溯重述法 调整相关事项。目前公司经营活动正常，该事项不会对公司经营产生重大影响。 ...

Core Insights - Disney reported Q3 FY2025 revenue of $23.7 billion, a 2% year-over-year increase, meeting expectations [2] - The company achieved a pre-tax profit of $3.2 billion, up 4% year-over-year, with adjusted earnings per share rising to $1.61, surpassing market predictions of $1.46 [2] - Disney's CEO and CFO emphasized the company's strong market position amid a changing industry landscape [2] Revenue Breakdown - The Disney Experience segment, which includes theme parks, resorts, and cruises, saw revenue increase by 8% to $6.4 billion [2] - The Entertainment segment, encompassing traditional TV, streaming, and movies, reported a 1% revenue increase to $10.7 billion [2] Streaming Performance - Despite challenges in traditional TV, Disney's streaming business is gaining momentum, with Disney+ adding 1.8 million subscribers in the last quarter, bringing the total to nearly 128 million [2] - Hulu's subscriber count grew by 1%, nearing 55.5 million [2] - Disney raised its adjusted earnings per share forecast for FY2025 to $5.85 and projected streaming profitability (including Disney+, Hulu, and ESPN+) to reach $1.3 billion, up from a previous estimate of $1 billion [2] Box Office Success - Disney's "Lilo & Stitch" surpassed $1 billion in global box office, marking it as Hollywood's first film to achieve this milestone [3] - In the past 13 months, four films, including "Moana 2" and "Inside Out 2," have crossed the $1 billion mark [3] Market Reaction - Despite strong performance in certain segments, traditional TV and sports revenue fell short of expectations, leading to a pre-market stock price drop of over 2% [3] - As of the report, Disney's stock was priced at $116 per share, with a market capitalization of $208.4 billion [3]

Core Insights - Disney reported a revenue of $23.65 billion for Q3 FY2025, marking a 2.1% year-over-year increase, with a net profit of $5.262 billion, up 100.76% [1][3] - The streaming business achieved profitability for the first time, generating $346 million, indicating a significant shift in Disney's growth strategy [1][3] - Traditional entertainment television profits declined by 28%, highlighting the ongoing transformation in Disney's business structure [1][3] Streaming Business Performance - The entertainment segment generated $10.704 billion in revenue, a 1% increase year-over-year, with Disney+ maintaining 57.8 million subscribers in the U.S. and Canada [1] - International Disney+ subscribers grew by 2% to 69.9 million, while Hulu's subscriber base increased to 55.5 million, reflecting a 1% quarter-over-quarter growth [1][3] - Disney is integrating Disney+ and Hulu to create a comprehensive streaming platform that enhances user experience and commercial value [1] Theme Parks and Experiences - The experiences segment reported revenue of $9.086 billion, an 8% increase, with the theme parks division's profit rising by 13% to $2.52 billion [3] - Global park expansions, including new attractions like "Zootopia" and the upcoming "Spider-Man" themed area, are expected to drive performance growth [3] - Analysts note that the theme parks are central to Disney's experience segment and that ongoing expansion will reinforce its industry leadership [3] Traditional Television and Sports - The traditional television and sports segments underperformed, with sports revenue declining by 5% to $4.308 billion [3] - The decline in traditional television profits reflects a shift in audience preferences towards streaming services [3] - Analysts predict that as streaming consumption habits solidify, the streaming business will become the focal point of Disney's future growth [3] Future Outlook - Disney has raised its full-year earnings per share forecast to $5.85, indicating confidence in its growth trajectory [3] - Company executives emphasize continued efforts in streaming integration and global park expansion, leveraging a strong IP portfolio and technological innovation for sustainable long-term growth [3] - Analysts believe that Disney's advancements in streaming and robust theme park performance will help maintain its competitive edge in the global entertainment market [3]

Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. Core Viewpoints The report comprehensively presents overnight market trends, important news, and financial market conditions across various sectors including commodities, finance, and international affairs. It details price movements in global and domestic futures markets, significant macro - economic and policy events, and performance in stock, bond, and foreign exchange markets. Summary by Category Overnight Night - Market Trends - International precious metal futures closed mixed, with COMEX gold futures down 0.08% at $3431.8 per ounce and COMEX silver futures up 0.3% at $37.935 per ounce [2] - OPEC's production increase pressured oil prices, with the US oil main contract down 1.37% at $64.27 per barrel and Brent crude main contract down 1.29% at $66.77 per barrel [3] - London base metals mostly rose, with LME aluminum up 2.30% at $2621.50 per ton, LME zinc up 1.34% at $2795.00 per ton, LME lead up 1.19% at $1997.00 per ton, and LME copper up 0.37% at $9674.00 per ton [3] - Domestic futures main contracts were mixed, with coking coal and alumina up over 1%, and rapeseed meal and caustic soda down over 1% [4] Important Information Macroeconomic News - The Shanghai International Energy Exchange decided to restrict Du XX's account from opening new positions in the corresponding contract of the Container Shipping Index (European Line) Futures (EC) 2510 contract for 1 month starting from August 6, 2025 [6] - Ukrainian Prime Minister Yulia Svyrydenko announced on August 6 that three joint mining projects between Ukraine and the US are in preparation and will be implemented in the next 18 months [8] - Trump's advisors are pushing him to appoint interim Federal Reserve governors, and short - term appointments will give Trump more time to choose the Fed chair [8] - Trump signed an executive order to impose an additional 25% tariff on goods from India in response to India's continued purchase of Russian oil [9] - Fed's Kashkari said the Fed should respond to economic slowdown, and he still thinks two rate cuts this year seem appropriate, but may pause or even raise rates if inflation rises due to tariffs [9] - Trump will impose a 100% tariff on imported goods containing semiconductors, exempting companies that produce in the US [10] - Trump plans to meet with Russian President Putin and Ukrainian President Zelensky as early as next week [10] Energy and Chemical Futures - As of the week ending August 2, Japan's commercial crude oil inventory decreased by 948,753 kiloliters to 11,337,392 kiloliters, and gasoline inventory decreased by 12,487 kiloliters to 1,466,814 kiloliters [12] - As of the week ending August 4, the total refined oil inventory at Fujairah Port in the UAE increased by 2.024 million barrels to 19.072 million barrels [13] - On August 6, 2025, China's urea enterprise total inventory was 887,600 tons, down 29,700 tons from last week, a 3.24% decrease; methanol port inventory was 925,500 tons, up 117,100 tons from the previous period [14] - Saudi Arabia raised the official selling price of Arab light crude oil for September to Asia, the US, and north - western Europe [14] - As of the week ending August 1, US commercial crude oil inventory (excluding strategic reserves) decreased by 3.029 million barrels to 424 million barrels, a 0.71% decrease; strategic petroleum reserve inventory increased by 235,000 barrels to 403 million barrels, a 0.06% increase [14] Metal Futures - Indonesia's PT Gresik smelter entered maintenance due to oxygen supply equipment failure, affecting about 20,000 tons of copper production [16] - The China Photovoltaic Industry Association is soliciting opinions on the "Draft Amendment to the Price Law (for public comment)" [16] - From January to July 2025, the total trading volume of the Shanghai Gold Exchange was 29.05 trillion yuan, a 49.24% year - on - year increase [17] - In July 2025, China's electrolytic copper actual output was 1.1944 million tons, a 4.05% month - on - month increase and a 19.58% year - on - year increase [19] - Affected by mine production growth in July, zinc concentrate production may decline slightly in August due to mine maintenance in Sichuan and Yunnan [20] Black - Series Futures - In late July 2025, key steel enterprises' steel inventory was 14.78 million tons, a 5.6% decrease from the previous ten - day period; daily average crude steel output was 1.982 million tons, a 7.4% decrease from the previous period [22] - On August 6, coal supply in Ordos was still affected by rainfall and was in the recovery stage [23] - A coal mine in Lvliang Xingxian completed 106.9% of its coal production plan and 102.4% of its tunneling footage plan in the first half of the year, and plans to produce 5.784 million tons in the second half of the year [23] - Some coal mines received a 276 - working - day production plan notice, and their production is expected to decline [23] Agricultural Futures - From August 1 - 5, 2025, Malaysia's palm oil yield decreased by 19.32% month - on - month, oil extraction rate increased by 0.39% month - on - month, and production decreased by 17.27% month - on - month [26] - Malaysia's palm oil production in July 2025 was estimated to increase by 9.01% to 1.84 million tons [26] Financial Market Stock Market - On Wednesday, A - share major indices rose, with the Shanghai Composite Index up 0.45% at 3633.99 points, Shenzhen Component Index up 0.64%, and ChiNext Index up 0.66%. Market turnover was 1.76 trillion yuan, an increase of about 140 billion yuan from the previous day [28] - The Hong Kong Hang Seng Index rose 0.03% to 24910.63 points, the Hang Seng Tech Index rose 0.2%, and the Hang Seng China Enterprises Index fell 0.21%. Southbound funds net - bought nearly HK$9.5 billion [28] - As of August 6, 258 stocks in A - shares had doubled in price this year, with Shangwei New Materials leading with a more than 12 - fold increase [28] - In July, the number of private securities product filings reached 1298, a 18% month - on - month increase, a 27 - month high [30] - iQiyi responded that it has no more information regarding its potential HK$300 million listing in Hong Kong [31] - Uni - President China's first - half revenue was 17.087 billion yuan, a 10.6% year - on - year increase; net profit was 1.287 billion yuan, a 33.24% year - on - year increase [32] Industry News - In August, the retail industry prosperity index was 50.1%, a 0.5 - percentage - point increase from the previous month [33] - Shanghai issued a development plan for the embodied intelligence industry, aiming for a core industry scale of over 50 billion yuan by 2027 [33] - In the first half of this year, China's industrial and service robot production increased by 35.6% and 25.5% respectively year - on - year [33] - The China Photovoltaic Industry Association is soliciting opinions on the "Draft Amendment to the Price Law (for public comment)" [34] - The Securities Association of China is seeking opinions on the "Standard for the Stability Assurance System of the Securities Industry Information System (for public comment)" [35] - In July, the national passenger car retail sales were 1.834 million units, a 7% year - on - year increase; new energy vehicle retail sales were 1.003 million units, a 14% year - on - year increase, with a penetration rate of 54.7% [37] - Starting from August 4, express delivery prices in Guangdong increased by 0.4 yuan per ticket [37] Overseas News - Trump plans to meet with Putin and Zelensky as early as next week to promote a cease - fire in Ukraine [38] - Fed's Daly said policy adjustment may be needed in the next few months, and the labor market has softened [38] - Fed's Kashkari still expects two rate cuts this year, and the impact of tariffs on inflation is unclear [38] - South Korea will implement a temporary visa - free policy for Chinese group tourists from September 29, 2025, to June 30, 2026 [39] - In July, the global manufacturing PMI was 49.3%, a 0.2 - percentage - point decrease from the previous month [40] - The German government plans to set up a €100 billion investment fund for strategic industries [41] - Japan's nominal wage in June increased by 2.5% year - on - year, the largest increase since February [43] - As of January 1, Japan's population was 120.6532 million, a decrease of about 908,000 from the previous year [44] - The Reserve Bank of India kept the benchmark interest rate at 5.5% and maintained a "neutral" policy stance [45] International Stock Markets - US major indices rose, with the Dow up 0.18%, S&P 500 up 0.73%, and Nasdaq up 1.21%. Apple and Walmart led the gains in the Dow [46] - European major indices rose, with the German DAX up 0.33%, French CAC40 up 0.18%, and UK FTSE 100 up 0.24% [46] - Morgan Stanley believes that US stocks may adjust in the third quarter, but the bull market is not over [46] - NVIDIA CEO Jensen Huang sold about 225,000 shares, cashing out about $39.78 million [47] - McDonald's Q2 revenue was $6.84 billion, a 5.4% year - on - year increase; same - store sales increased by 3.8% [49] - Disney's Q3 revenue was $23.65 billion, a 2.1% year - on - year increase, and it raised its full - year EPS forecast [49] - Uber's Q2 revenue was $12.7 billion, a 18% year - on - year increase, and it announced a new $20 billion share repurchase plan [50] - Honda's Q1 net profit was 196.6 billion yen, a 50.2% year - on - year decrease, but it raised its full - year net profit forecast [50] - Novo Nordisk's Q2 sales were 76.857 billion Danish kroner, a 13% year - on - year increase, but it lowered its full - year sales and profit growth forecasts [50] Commodity Market - Gold inventory in Shanghai Futures Exchange warehouses reached a record high, driven by arbitrage trading [51] - International precious metal futures closed mixed, with COMEX gold down 0.08% and COMEX silver up 0.3% [51] - Oil prices fell due to OPEC's production increase and weak US economic data [53] - London base metals mostly rose, supported by the Fed's loose policy expectations but pressured by tariff uncertainties [53] Bond Market - In the domestic inter - bank market, major interest - rate bond yields mostly declined, and the bond market is in a wait - and - see period [54] - US Treasury yields were mixed, with short - term yields down and long - term yields up due to Fed's comments and tariff uncertainties [54] Foreign Exchange Market - On Wednesday, the on - shore RMB against the US dollar closed at 7.1900, down 24 points from the previous day [55] - The Hong Kong dollar triggered the "weak - side convertibility undertaking", and the HKMA bought HK$8.439 billion [56] - The US dollar index fell 0.55%, and most non - US currencies rose [58]

Core Insights - Disney reported a 2.1% year-over-year revenue increase to $23.65 billion for Q3 of fiscal year 2025, with net income rising 100.76% to approximately $5.26 billion [1] - The earnings per share (EPS) increased to $1.61, surpassing market expectations of $1.46 [1] - The entertainment segment generated about $10.70 billion in revenue, up 1%, while the experience segment saw an 8% increase to approximately $9.09 billion [1] Revenue Breakdown - Theme parks reported a 13% profit increase to $2.52 billion, highlighting the importance of this segment to Disney's overall performance [1] - Streaming services generated a profit of $346 million during the quarter [1] - However, traditional television networks and sports revenue fell short of Wall Street expectations, with sports segment revenue at approximately $4.31 billion, down 5% [1] Strategic Developments - Disney has initiated a multi-billion dollar global theme park expansion plan, which includes projects in the U.S., Japan, and China, indicating the significance of the park business [1] - The Shanghai Disney Resort is expanding with a new Spider-Man themed area, marking the ninth themed area since its opening in June 2016 [2] Streaming Business Insights - The decline in traditional television viewership is leading to a shift towards streaming, with Disney's streaming business expected to be a future focus [4] - Disney owns several media brands, including ESPN, ABC, Marvel, Disney+, and Hulu, with Hulu employing a mixed revenue model that enhances Disney's streaming competitiveness [4] User Metrics - Disney+ had approximately 57.8 million paid subscribers in the U.S. and Canada, remaining stable quarter-over-quarter, while international subscribers reached about 69.9 million, a 2% increase [5] - Hulu's total subscription count was approximately 55.5 million, reflecting a 1% quarter-over-quarter growth [5] - Disney forecasts an annual EPS of $5.85, exceeding previous expectations of $5.75 [5]

1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 3. 截至发稿，WTI原油涨1.63%，报66.22美元/桶。布伦特原油涨1.52%，报68.67美元/桶。 | 瑞 伦敦布伦特原油 | 2025年10月 | 68.67 | 68.81 | 67.65 | +1.03 | +1.52% | | --- | --- | --- | --- | --- | --- | --- | | 雪 WTI原油 | 2025年9月 | 66.22 | 66.34 | 65.12 | +1.06 | +1.63% | 市场消息 降息预期凌乱，华尔街投行"吵"起来。美国"非农"数据暴雷令美联储降息预期飙升，但本周华尔街知名投行对降息分歧却在加 大。高盛、花旗均认为，9月或激进降息，摩根大通甚至认为今年可能降息125个基点。然而，美银认为今年美联储或按兵不 动，巴克莱和汇丰同样态度谨慎。未来几个月将 ...

Market Overview - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.35%, S&P 500 futures up by 0.24%, and Nasdaq futures increasing by 0.23% [1] - European indices also show positive movement, with Germany's DAX up by 0.02%, UK's FTSE 100 up by 0.20%, France's CAC40 up by 0.28%, and the Euro Stoxx 50 up by 0.22% [2][3] - WTI crude oil prices increased by 1.63% to $66.22 per barrel, while Brent crude oil rose by 1.52% to $68.67 per barrel [3][4] Economic Insights - There is a growing divergence among Wall Street investment banks regarding interest rate cuts, with Goldman Sachs and Citigroup suggesting aggressive cuts in September, while Bank of America and Barclays remain cautious [4] - The upcoming months are critical for determining the Federal Reserve's interest rate decisions, especially if employment and inflation data continue to show weakness [4] - Concerns about the credibility of government data have arisen following President Trump's criticism of employment data, which could impact the TIPS market significantly [5] Company News - Supermicro (SMCI.US) reported a 7.5% year-over-year increase in Q4 sales to $5.76 billion, but this fell short of market expectations of $6.01 billion, leading to a nearly 17% pre-market drop [7][8] - AMD (AMD.US) saw a 32% year-over-year revenue increase to $7.7 billion in Q2, but its adjusted earnings per share of $0.48 fell below expectations, resulting in a nearly 6% pre-market decline [8] - Novo Nordisk (NVO.US) reported a 32% year-over-year increase in net profit for Q2, driven by strong sales of its semaglutide products, which generated $16.68 billion in revenue [9] - Honda (HMC.US) adjusted its full-year guidance upward despite a 1.2% year-over-year decline in Q1 revenue, anticipating a reduction in tariff-related losses [10] - McDonald's (MCD.US) reported a 5.4% year-over-year revenue increase in Q2, exceeding expectations, with same-store sales growth driven primarily by higher customer spending [11] - Uber (UBER.US) exceeded revenue expectations for Q2, reporting $12.65 billion, and provided a positive outlook for Q3 [11] - Disney (DIS.US) reported Q3 earnings that surpassed expectations, although traditional TV revenue fell short, overshadowing strong performance in theme parks and streaming [12] - Lucid (LCID.US) reported a Q2 adjusted loss of $0.24 per share, below expectations, and lowered its annual production guidance to 18,000-20,000 vehicles [13] - Snap (SNAP.US) experienced a significant drop in advertising revenue growth, leading to a nearly 18% pre-market decline following its Q2 earnings report [13]

欧洲股市回吐此前涨幅，美国股指期货小幅上涨，投资者正在评估美国总统唐纳德・特朗普最新的关税 威胁、令人失望的经济数据以及大量企业盈利报告。 斯托克欧洲 600 指数在上涨 0.4% 后变动不大，原 因是该地区一些大型企业的业绩喜忧参半。标准普尔 500 指数期货上涨约 0.3%，交易员们正等待麦当 劳和华特迪士尼等公司的盈利报告。 周二的数据显示，美国服务业表现疲软，同时物价压力居高不 下，这引发了人们对美联储政策挑战的担忧。特朗普加大了关税攻势，称他将对从俄罗斯购买能源的国 家加征关税，并很快宣布对半导体和药品进口征收关税。尽管如此，强劲的企业盈利和对降息的押注目 前仍在提振股市。 XBT 研究总监凯瑟琳・布鲁克斯表示："总体而言，大西洋两岸不错的企业盈利对股 市形成支撑，这在一定程度上缓解了人们对美国经济放缓以及特朗普总统对关税的持续痴迷给全球经济 带来影响的担忧。" 美国股市接近历史高点，原因是在数据显示经济增长可能放缓之际，投资者重新涌 入科技巨头和人工智能相关交易。高盛集团宏观交易员保罗・斯基亚沃内表示，押注市场势头逆转 "几 乎显得不合理"。 瑞银财富管理首席投资官马克・黑费勒表示，任何抛售都将为 ...