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Intraday quick overview: The gains of the three major indexes have narrowed, golden industrial concepts have strengthened, and Chinagoldintl has risen nearly 5%.
Hang Seng Index rose 0.4%, Science Index rose 0.42%, and National Index rose 0.29%; Commercial vehicle and home appliances stocks joined forces to rise, Sinotruk rose by more than 11%, and Haier Smarthome rose by nearly 5%; Famous anchor Dong Yuhui left the company, East Buy fell by more than 19%.
Lenovo Group (00992) appoints new CTO with a strong background in AI and hardware and software.
Lenovo Group announced the appointment of Dr. Tolga Kurtoglu as its new Chief Technology Officer.
Lenovo Group appoints new CTO.
On July 26, Lenovo Group announced the appointment of Dr. Tolga Kurtoglu as the new Chief Technology Officer (CTO). Tolga Kurtoglu previously served as CTO of HP Inc., CEO of PARC (Palo Alto Research Center), and led the Xerox global research institute. He is also a board member of Omidyar Network (ON), an organization dedicated to the inclusive and responsible development of generative artificial intelligence. In addition, Lenovo also announced the establishment of a new group for emerging technologies.
Hang Seng Index fell by 306 points, Meituan dropped more than 5%, and resource and energy stocks were weak.
The USD/JPY exchange rate fell to the edge of 152, triggering a global stock market decline due to arbitrage trading and unwinding. As for the Hong Kong stock market, the Hang Seng Index opened low by 50 points and the decline expanded. It fell to 16,964 points after a drop of 346 points, and closed at 17,004 points, a decrease of 306 points or 1.8% for the whole day. The national index fell 125 points or 2.1%, closing at 6,016 points. The Hang Seng Tech Index fell 69 points or 2%, closing at 3,421 points. The total turnover of the market for the day was HKD 105.734 billion, with a net outflow of RMB 0.36 billion and 1.64 billion in the southbound trading under the Shanghai and Shenzhen-Hong Kong Stock Connect. The chip equipment manufacturer ASMPT (00522.HK) fell after its performance announcement yesterday.
NDRC and Ministry of Finance: Increase the standards for automobile scrappage subsidies to support the replacement of old household appliances with new ones.
The National Development and Reform Commission and the Ministry of Finance issued a series of measures to accelerate the support for large-scale equipment upgrading and consumer goods replacement. Based on the Implementation Rules of the Subsidies for Automobiles Replacing Old Ones, individual consumers who scrap gasoline passenger vehicles with National Emission Standard III or below or new energy passenger vehicles registered before April 30, 2018, and purchase new energy passenger vehicles or gasoline passenger vehicles with a displacement of 2.0 liters or less included in the Catalogue of New Energy Vehicles Exempt from Vehicle Purchase Tax, will be eligible for an increased subsidy of 0.02 million yuan for the purchase of new energy passenger vehicles and 0.015 million yuan for the purchase of gasoline passenger vehicles with a displacement of 2.0 liters or less. The measures are also proposed.
Hang Seng Index fell below 17,000 in the afternoon, hitting a three-month low, while Meituan declined more than 6%. Local stocks outperformed Evergrande and reached a nearly two-year high in energy.
Dragged down by heavyweight technology stocks such as 'Amazing Seven Heroes', the three major stock indices in the US fell significantly on the night of the 24th; the VIX index, which reflects the market panic, surged 22.6%. Stimulated by the increase in global arbitrage trade liquidation, the yen continued to rise to a two-and-a-half-month high, rising 1% at its highest to 152.22 against the US dollar. Safe-haven sentiment has risen sharply, and major stock markets in the Asia-Pacific region fell across the board today (25th), with the Nikkei index closing down 1,285 points or 3.3%. Following the decline in the past two days, the Hong Kong stock market fell below the 17,000 mark in the afternoon, dropping 335 points at its lowest to a three-month low of 16,975, and is currently reporting 17,010, continuing its decline by 300.
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