Core Viewpoint - Zhang Yiming has launched another successful app, Hongguo Short Drama, which has rapidly gained popularity, reaching nearly 200 million monthly active users and generating significant revenue within a short time frame [1][2]. Group 1: Growth and Market Position - Hongguo Short Drama was officially launched in August 2023 and has seen explosive growth, increasing from 20 million monthly active users to 199.2 million in just over a year [4][5]. - The app's growth rate surpasses that of Douyin, which took nearly two years to reach 100 million monthly active users [5]. - As of December 2023, Hongguo Short Drama's monthly active users reached 20 million, and by September 2024, it had surpassed 120 million, indicating a rapid user acquisition strategy [5]. Group 2: Success Factors - The success of Hongguo Short Drama can be attributed to a dual strategy of algorithm-driven user engagement and a free content model that eliminates payment barriers for users [8][9]. - The app leverages Douyin's ecosystem, using recommendation algorithms to direct users to short dramas, effectively tapping into the existing user base of 119 million overlapping users [8]. - The advertising revenue model has proven effective, with ad revenue surpassing 300 million yuan by November 2024, creating a win-win situation for the platform, creators, and viewers [9]. Group 3: Strategic Positioning - Hongguo Short Drama represents a significant shift in the content industry, reducing production costs and time compared to traditional media, with short dramas often costing only 100,000 yuan to produce [10]. - The app's strategy involves filling the user engagement gap left by Douyin's growth plateau by enhancing content depth and creating a supply-demand loop among platforms, creators, and advertisers [11]. - ByteDance is expanding its short drama portfolio with additional apps like "Muyu" and "Xianling," targeting different market segments and user demographics [13][14]. Group 4: Market Ambitions - The short drama market is projected to exceed 60 billion yuan by 2025 and potentially reach 100 billion yuan by 2027, with Hongguo Short Drama positioned as a market leader [15]. - ByteDance's comprehensive strategy aims to create a new entertainment ecosystem that integrates traffic, content, tools, and algorithms, with Hongguo Short Drama serving as a foundational element of this vision [18].

Core Insights - The 22nd ChinaJoy has commenced in Shanghai, attracting 743 exhibitors, including 237 foreign companies from 37 countries, accounting for 31.9% of total participation [1] - The event showcases a total exhibition area of 110,000 square meters dedicated to BTOC interactive entertainment, featuring over 280 companies [1] Group 1: Game Companies Participation - Major gaming companies like Tencent, NetEase, Century Huatong, Perfect World, and Giant Network have set up engaging booths with game trials, drawing significant player interest [3] - Tencent is showcasing 17 products, occupying nearly half of the N4 hall, with popular titles like "League of Legends: Battle Card" and "Valorant: Source Action" available for immersive trials [3] - NetEase is presenting 45 games, including six unique titles in a dedicated area, with "Yanyun Sixteen Sounds" gaining substantial popularity since its launch [5] Group 2: New and Classic Game Releases - Century Huatong is featuring 13 premium games, including classic IPs like "Legend of Blood" and new titles such as "Hungry Wilderness" [7] - Giant Network is debuting new games like "Supernatural Action Team" and showcasing classic IP collaborations, with "Journey" celebrating its tenth anniversary [9] - Perfect World is presenting seven products across various genres, including popular titles like "DOTA2" and its new game "Yihuan," which recently completed its second test [11] Group 3: Broader Industry Presence - The event has expanded beyond gaming, with internet giants like Baidu and Alibaba showcasing their services, indicating the growing influence of ChinaJoy beyond the gaming sector [3][17] - Hardware manufacturers are also prominent, with innovations like Samsung's 27" UHD 165Hz naked-eye 3D gaming monitor attracting attention [17] - A new "Smart Entertainment Robot" theme area has been established, featuring robot soccer competitions, highlighting the event's diversification into robotics and AI [18][19]

"印度是我的一部分，无论走到哪里，我都带着它"，来自南印度泰米尔纳德邦的桑达尔·皮查伊曾动情地说。53岁的皮查 伊出身于工薪家庭，在他12岁那年，身为电气工程师的父亲在家中安装了第一部固定电话。这台旋转拨号电话机激发了 他对技术的热爱，激励他后来考入印度理工学院（IIT）。 大学毕业后，父亲用一年的积蓄，为皮查伊买下飞往美国的机票。这个在斯坦福大学攻读硕士学位的青年，如今已是科 技精英。2015年，皮查伊成为谷歌公司首席执行官（CEO），现任谷歌母公司"字母表"公司（Alphabet）CEO。 像皮查伊这样的顶尖印度人才很多选择留在海外，他的IIT校友中就至少有2万人在美国打拼。印度最需要的科技精英大 部分没能留在国内，这显然不利于"2047年发达印度"这一宏大目标的实现。 这些年来，莫迪政府为吸引人才回流制定了多项"引凤还巢"计划，虽取得了一定成效，但并未从根本上扭转人才外流的 趋势。而当下，美国重启特殊专业人员/临时工作签证（H-1B签证）限制，并出台学术干预政策，搅动了全球人才流动漩 涡，印度的"引凤还巢"计划或将迎来收获季。 顶尖的印度裔人才 从硅谷的科技丛林到巴黎的时尚殿堂，印度裔精英的身影无处不在 ...

转自：新华财经 新华财经上海8月3日电（葛佳明）本周（7月28日-8月1日），全球风险资产受美联储7月议息会议、美国通胀和就业数据影响而大 幅波动，全球各国股市多数承压下挫。美元指数一度大幅上行并重回100整数关口，现货黄金一度因美元走强而承压下跌，后因避 险情绪升温短线走强。 美股方面，美国7月非农新增就业低于预期，前两个月的数据合计大幅下修25.8万，引发市场对美国经济衰退担忧和美联储降息预 期升温，美股三大股指均大幅下挫， 标普500指数本周累计下跌2.36%；道琼斯工业平均指数本周累跌2.92%；纳斯达克指数本周 累跌2.17%；罗素2000指数本周累跌4.17%；恐慌指数VIX本周累计上涨36.70%。 欧股方面，欧洲各国股指多数下挫。欧洲STOXX 600指数本周累计下跌2.57%，德国DAX 30指数本周累计下跌3.27%，法国CAC 40指数本周累跌3.69%，英国富时100指数本周累跌0.57%。 亚太股市方面，日本央行维持政策利率0.5%不变，并大幅上调2025财年通胀预期0.6个百分点至2.7%，日本央行议息声明"偏鹰"但 日本央行行长表态"偏鸽"，日经225指数全周累计下挫1.58%， ...

中方早就预警：关税战没有赢家，滥施关税终将反噬自身。如今，这句话竟成了现实写照。美国股市暴跌、美元指数跳水、黄金飙升、原油大跌，恐慌指数 飙升，资本市场用实际行动对特朗普的"胜利宣言"投下了不信任票。 就在特朗普准备收割"胜利果实"的时候，华尔街、主街和全球市场却用一记记重拳，把他从梦中惊醒。 就在美东时间8月1日清晨，特朗普面对镜头，踌躇满志地宣布"对等关税"政策全面启动，自信满满地宣称美国将迎来历史性胜利。 可谁曾想，这场本被包装成"伟大胜利"的行动，竟在短短24小时内引发多米诺骨牌式崩塌，引发全球市场剧烈震荡。 8月1日，美国三大股指集体收跌，道琼斯工业指数大跌542点，跌幅1.23%，标普500指数跌1.60%，纳斯达克指数更是下挫2.24%。 数据显示，这已是过去一周内美股连续第五天下行，累计跌幅超过2.5%，市值蒸发近1万亿美元。中概股也未能幸免，纳斯达克中国金龙指数大跌1.82%， 热门中概股如百度、京东、贝壳、携程等纷纷下跌。 与此同时，美元指数盘中暴跌，再次跌破100关口，这一支撑位曾被视为美元强势地位的象征。当美元开始失守，国际投资者信心随即动摇，避险情绪迅速 升温。现货黄金价格应声上涨， ...

Core Viewpoint - The return of Chinese concept stocks (Chinese companies listed in the US) to the Hong Kong market is expected to enhance the market's vibrancy and attract more international capital, thereby reinforcing Hong Kong's position as a global financial center [1][2][3]. Group 1: Market Performance and Growth - As of the first half of 2025, the market capitalization of Hong Kong has increased to HKD 42.7 trillion, representing a 33% growth compared to the previous year, with strong performance in technology stocks [1]. - In the first half of 2025, new stock financing in Hong Kong reached USD 14.1 billion, a staggering 695% increase year-on-year, significantly outpacing the global new stock financing growth of 8% [3]. Group 2: Role of Chinese Concept Stocks - Chinese concept stocks are primarily companies that are listed in the US but operate mainly in mainland China. With increasing uncertainties in the US market, these companies are seeking alternative financing platforms, with Hong Kong emerging as a favorable option [2]. - Hong Kong's geographical proximity to the Greater Bay Area, its rich service experience for mainland enterprises, and its mature financial infrastructure make it the most viable market for the return of Chinese concept stocks [2][4]. Group 3: Impact on Market Dynamics - The return of Chinese concept stocks is anticipated to invigorate the Hong Kong stock market, as these companies possess strong profitability, which is crucial for attracting investment [3][4]. - Large enterprises have a significant impact on market activity, as evidenced by the top companies in the US stock market, which account for 30% of its total market capitalization. Attracting more leading companies to Hong Kong is essential for the market's prosperity [3]. Group 4: Strategies for Return - Various strategies are being employed by large Chinese concept stocks to return to the Hong Kong market, including privatization followed by listing, dual listings, and maintaining their US listing while also listing in Hong Kong [4]. - Small and medium-sized Chinese concept stocks, which make up a significant portion of the market, also play a crucial role. Over 60% of the 286 Chinese concept stocks listed in the US have a market capitalization below USD 100 million [4]. Group 5: Opportunities for Hong Kong - The return of Chinese concept stocks presents a significant opportunity for Hong Kong to enhance its financial services for mainland manufacturing and innovation enterprises [5].

Economic Overview - The overall state of the U.S. economy is perceived as good, although some experts predict a recession due to rising tariffs impacting businesses and consumers [1][2] - The unemployment rate remains low, but significant signs of a fractured job market are emerging, with a notable decline in job creation [7][9] Trade and Tariffs - Recent trade agreements have set tariffs at 15% with the EU, but ongoing negotiations with China have not yielded a formal agreement, maintaining uncertainty in trade relations [2][4] - The Trump administration's new tariffs, including over 15% on various trade partners, have created shockwaves in global markets, with record tariff revenues exceeding $29 billion reported [6][12] Corporate Performance - Major tech companies like Microsoft and Meta have reported strong earnings, contributing to a surge in stock market performance, with Microsoft briefly surpassing a market capitalization of $4 trillion [5] - However, UPS has declined to provide financial forecasts for the remainder of the year, raising concerns about the impact of the trade war on corporate performance [5] Employment Data - The revised employment report indicates a significant drop in job creation, with only 73,000 jobs added in July, leading to an average of just 35,000 jobs per month over the past three months [7] - Despite the low job creation numbers, the unemployment rate remains at 4.2%, attributed in part to immigration policies affecting the labor force [7][8] Political and Economic Implications - The White House has welcomed the decline in foreign-born workers, suggesting a shift towards a more stable domestic workforce [8] - The political influence on statistical agencies and the Federal Reserve is raising concerns among economists, with potential implications for economic credibility and policy decisions [10][12]

8月2日，记者获悉，腾讯微信联手香港旅游发展局（以下简称香港旅发局）举办"港·万象"城市名片计 划暨微信视频号创造营·湾区专场活动，旨在挖掘香港旅游新体验、深化湾区文化融合。活动现场汇聚 上百位视频号创作者、演艺名人及文旅界专家，共同挖掘香港多元文化基因，以创新内容擦亮城市文旅 名片，推动香港文旅体验升级与城市IP"破圈"传播。 香港的魅力不仅流淌于维多利亚港的璀璨夜色，更蕴藏在市井烟火、艺术光影与中西合璧的文化之中。 活动现场，香港旅发局主席林建岳博士表示，"旅发局一直深信'亲身体验，眼见为实'是推广旅游最有 效的方式。旅发局与腾讯微信携手合作，邀请逾百位视频号创作者亲临香港，深入体验这座城市的多元 面貌。期待一众视频号创作者，能够从不同的主题行程中获得灵感，创作出具感染力的内容，让粉丝与 观众，更深入、更立体地认识香港、爱上香港，激发他们的兴趣，亲身来港走走看看。" 创作者视频号展示鲜活的港式生活 自去年起，微信生态已接入港铁、小巴等场景，游客凭"搭车码"小程序即可便捷出行。7月25日，有一 批香港出租车队上线"的士收钱码"，游客能通过微信按照实时汇率向司机支付。 腾讯微信战略研究院院长周博云表示，数字技 ...

Core Viewpoint - The article highlights a significant increase in global market risk aversion, marked by a sharp decline in the US dollar, stock markets, and cryptocurrencies, driven by disappointing employment data and concerns over US tariff policies [1][4][5]. Group 1: Currency Market - The US dollar index fell by 1.37%, marking its largest drop since mid-April, with the dollar depreciating by 2.23% against the Japanese yen and 1.48% against the euro [2][4]. - The decline in the dollar reflects growing market concerns about the US economy and potential Federal Reserve interest rate cuts [4][5]. Group 2: Stock Market - US stock markets experienced a sell-off, with the Dow Jones Industrial Average dropping over 500 points (1.23%), the Nasdaq falling by 2.24%, and the S&P 500 declining by 1.6% [4]. - Major tech stocks, including Amazon and Meta, saw significant declines, with Amazon dropping over 8% [4]. Group 3: Cryptocurrency Market - The cryptocurrency market faced severe sell-offs, with over $700 million in liquidations within 24 hours and more than 160,000 traders affected, predominantly from long positions [1][5]. - Major cryptocurrencies like Ethereum and Solana experienced declines of over 5% and 4%, respectively [1][5]. Group 4: Employment Data - The US added only 73,000 non-farm jobs in July, significantly below the expected 104,000, with previous months' data revised down by 258,000, marking the largest downward revision since the pandemic [4]. - This disappointing employment data has increased market speculation about a potential interest rate cut by the Federal Reserve in September, with the probability rising to over 80% [4]. Group 5: Global Economic Concerns - Concerns over US tariff policies have led to a collective decline in European stock markets, with the UK FTSE 100 down 0.70%, France's CAC40 down 2.91%, and Germany's DAX down 2.66% [5]. - The South Korean stock market also faced a significant drop of 3.88%, attributed to concerns over the economic impact of US tariffs and disappointment with local tax reform proposals [5].

8月1日，香港交易所发布公告称，委任晨壹基金管理合伙人及阿里巴巴集团前董事会主席张勇为香港交 易所旗下中国业务咨询委员会的最新成员。 在阿里巴巴的16年间，据阿里巴巴此前的内部评价，张勇创造了"双十一"这个家喻户晓的消费者狂欢 节；带领天猫快速发展推动了品牌企业互联网化；带领团队让阿里顺利跨越到无线时代；带领阿里巴巴 集团在多个领域布局。 2023年9月10日，张勇宣布退休，蔡崇信接替他成为董事会主席，吴泳铭则出任集团CEO。阿里对他的 功劳给予充分肯定，向其颁发了阿里史上第一个"功勋阿里人"荣誉称号，并称将投资10亿美金支持张勇 设立面向未来的科技基金。 图源网络 2024年3月，张勇担任晨壹基金的管理合伙人并供职至今。 香港交易所主席唐家成表示，很高兴张勇加入中国业务咨询委员会，他对于中国企业和金融市场都拥有 丰富经验及深刻的认识，可以为香港交易所董事会提供宝贵意见，帮助香港交易所发挥"连接中国与世 界"的独特优势，落实各项战略目标。 据悉，港交所中国业务咨询委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交 易所董事会的顾问。张勇加入后，委员会成员将增至九名，香港交易所非执行董事及中 ...