A key pre-market highlight is that Kweichow Moutai Co., Ltd. reported a decline in net profit for its half-year results, while both Central Huijin and China Securities Finance Corporation have exited the list of its top ten shareholders. This news carries a negative sentiment for the company. The company's 2026 interim report shows revenue of 90.703 billion yuan, a year-on-year increase of 1.47%, and net profit of 44.517 billion yuan, a year-on-year decrease of 1.95%. Notably, as of the end of the second quarter, both Central Huijin Investment and China Securities Finance Corp were no longer listed among the top ten shareholders of Kweichow Moutai Co., Ltd..
In other industry news, Guangdong Province has launched its first specialized financial product for the token economy, named "Token Loan," in the Haizhu District of Guangzhou. This development carries a positive sentiment for the industry. Analysts at China Merchants Securities suggest that the AI industry's main narrative in 2026 is shifting from "expanding CapEx" to "Token production and commercialization." They recommend focusing on the commercialization path of large models, paying attention to deterministic areas like domestic computing power and computing power leasing, and valuing high-elasticity sectors such as Data Infrastructure and applications.
Global AI giant Anthropic has reported a staggering 1,361% increase in second-quarter revenue, surpassing $11.5 billion. This positive company news is further amplified by the fact that the company's adjusted operating profit turned positive in the quarter, marking a new phase in its commercialization. Anthropic is now actively preparing for an IPO, which could potentially be the largest in global history.
On the macroeconomic front, the People's Bank of China has released its latest financial statistics for July 2026. The data shows that the aggregate social financing increment for the first seven months of the year was 22.25 trillion yuan, with RMB loans increasing by 10.38 trillion yuan. At the end of July, the broad money supply (M2) grew by 7.7% year-on-year, down 0.3 percentage points from the end of the previous month. The growth rate of the outstanding social financing scale was 7.4% year-on-year, aligning with the expected targets for economic growth and the general price level. This macro data is considered neutral in sentiment.
In a negative development for the industry, Nvidia has reportedly made a significant downward adjustment. According to the Wall Street Journal, the AI chip giant has sharply reduced the guarantee amount for its OpenAI data center, revising the financial guarantee from the original $250 billion to under $120 billion. This move is aimed at alleviating investor concerns about the company's risk exposure.
On the investment calendar, the State Council Information Office will hold a press conference. A key investment tip from Warren Buffett, the renowned investor, is to seek out companies that are almost certain to retain their competitive advantages over the next 10 to 20 years.
Institutional viewpoints vary. Citic Securities notes that the industrial trends for many sectors, including the North American AI supply chain, exports to non-US markets, and domestic demand, remain positive. Hua An Securities suggests that the lowered expectation for a Fed rate hike in September could help boost global market risk appetite. CSC Financial believes that the tech recovery is not over and that asset allocation should prioritize core assets with high fundamental certainty.
Looking at the positive and negative outlooks, Guojin Securities highlights that the volume of ASICs for Google, Amazon, Meta, OpenAI, and Microsoft is set for explosive growth in 2026-2027. They are bullish on AI copper-clad laminates/PCBs, core computing hardware, semiconductor equipment, and the Apple supply chain. Dongwu Securities points to the ongoing memory price increase cycle, as AI server and HBM demand squeeze advanced DRAM capacity, creating a supply-demand gap that is unlikely to ease in the medium term. They recommend focusing on original manufacturers and module factories benefiting from the memory price hikes. Citic Securities suggests two investment themes following the Ministry of Finance's tax incentives for integrated circuit enterprises: 1) domestic equipment leaders with global competitiveness benefiting from advanced process and packaging expansion; 2) domestic substitution component companies with improving product portfolios and breakthroughs in advanced process verification.
In corporate announcements, Centec Networks has signed a major contract for Ethernet switch chips, with the value exceeding 50% of last year's revenue. CanSino Biologics has received acceptance of its drug registration application for a pertussis-diphtheria-tetanus vaccine for adolescents and adults. Zhongwei Semiconductor reported a 98.48% year-on-year increase in net profit for the first half of the year. On the negative side, Jinlong Shares saw a 88.59% year-on-year decrease in net profit to 142.489 million yuan. Jiangshan Oupai swung to a net loss of 92.5142 million yuan in the first half of the year. Hualian Holdings has received a notice from FIRB Canada, indicating that its investment in an Argentine lithium brine project may trigger a review.
In overseas markets, the three major indices closed slightly lower due to weak July consumer data. Memory concept stocks continued to strengthen, with SanDisk rising 7.39% and gaining 35.38% for the week. Several optical communication stocks rose, including Lumentum which gained 5.19%. The Nasdaq China Golden Dragon Index rose 0.61%, with popular Chinese stocks mixed.
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