August 2025

BYD’s Hong Kong-listed shares fell nearly 10% cumulatively on Monday and Tuesday this week. Goldman Sachs cited investor concerns over profitability and gross margins, while Morgan Stanley stated that the price cuts sent a strong signal of intense pressure in the end market. CICC noted that the actual discount was lower than the surface figures […]

CITIC Securities believes that the transformation of the real estate sector signifies the unsustainability of simple expanded reproduction. Policy attitudes have shifted from encouraging supply expansion to supporting quality improvement in supply. Although the industry differs significantly from the automotive sector in terms of technological application and economies of scale, the current transformation in terms

The S&P 500 and Nasdaq rose more than 2%, with Tesla gaining nearly 7%. Nvidia closed over 3% higher ahead of its earnings report. Trump Media fell 10%, while Pinduoduo dropped nearly 14%. NIO and XPeng declined over 3%. Japanese bonds staged a sharp rebound. Following the two-year U.S. Treasury auction, Treasury yields hit daily