Market Overview - US stock market is under pressure due to rising long-term bond yields, with the 10-year US Treasury yield reaching 4.3043% and the UK 30-year yield hitting 5.72% [8][10] - Gold prices have increased for six consecutive days, reaching a new high of $3,539 per ounce, driven by heightened risk aversion [8] - A-shares are experiencing active financing, with margin trading balances rising to 2.29 trillion RMB, indicating an increased willingness to allocate assets in China [8][12] Company Focus - Three Life Pharmaceuticals reported a revenue of 4.36 billion RMB for the first half of 2025, a slight decrease of 0.8% year-on-year, but net profit attributable to shareholders increased by 24.6% to 1.36 billion RMB, reflecting significant improvement in profitability [21] - China Bank's mid-year results showed a revenue growth of 3.6% year-on-year, with total assets reaching 36.79 trillion RMB, a 4.93% increase from the end of last year, making it a defensive investment choice in the Hong Kong banking sector [21] - Li Jin Technology, a leader in die-casting and injection molding, is expected to benefit from the automation and smart manufacturing market due to its partnerships with several new energy vehicle manufacturers [21] Economic Data - The US ISM manufacturing index for August slightly rose to 48.7, remaining below the neutral level of 50 for six consecutive months, indicating ongoing contraction in manufacturing activity [10] - China's economic data showed weakness, with July industrial output, retail sales, and fixed asset investment all underperforming expectations, leading to predictions of further economic slowdown in August [12] Investment Strategy - Recommended investments include gold ETFs like GLD or IAU due to strong demand for safe-haven assets [8] - A-shares ETFs such as CSI300 or Shanghai-Shenzhen 300 index ETFs are suggested for exposure to the recovering Chinese market [8] - The report highlights ASE Technology Holding Co., which holds over 30% market share in the global semiconductor packaging and testing market, benefiting from the surge in AI chip demand [23]