<p>Good morning! A great day starts with making money.</p>
<p>Important events and data this week: Powell's speech at the Federal Reserve annual meeting, China's LPR quotation</p>
<p>Monday: Federal Reserve Governor Wall to speak; The Democratic National Convention is scheduled for the 19th to the 22nd; Adjustment of the Shanghai-Hong Kong Stock Connect trading information disclosure mechanism.</p>
<p>Tuesday: China's one-year and five-year loan market quotation rates as of August 20. The Reserve Bank of Australia releases minutes of the August meeting. China Telecom, Kuaishou, XPeng Motors, Futu Holdings, etc., release their performance.</p>
<p>Wednesday: Xiaomi Group, WuXi AppTec, ZTO Express, ZEEKR, etc., release their performance. Federal Reserve's Bostic to speak.</p>
<p>Thursday: Ping An of China, NetEase, Baidu, Bilibili, Weibo, etc., release their performance. Federal Reserve releases minutes of the monetary policy meeting; European Central Bank releases minutes of the July meeting; Jackson Hole Global Central Bank Annual Meeting held until August 24.</p>
<p>Friday: Sinopec Corp., EAST BUY, etc., release their performance. Bank of Japan Governor to attend parliamentary hearing to discuss the Bank of Japan's interest rate hike issue; Federal Reserve Chairman Powell to speak on economic outlook at the Jackson Hole meeting.</p>
<h3>Key Global Meetings</h3>
<p>Central bank governors and economists from around the world will gather at the annual Jackson Hole Global Central Bank Meeting, one of the most important global central bank events. The market will closely monitor this meeting to assess the monetary policy trends for the remainder of the year. The complete schedule will be released on Thursday, August 22 at 8 pm New York time.</p>
<h3>Federal Reserve's Gursby: It's Time to Cut Interest Rates</h3>
<p>Chicago Fed President Gursby stated that credit conditions in the U.S. are tightening. While it is uncertain whether the Fed will cut interest rates next month as widely expected by the market, not doing so could harm the job market. &#34;When you set interest rates as high as they are now and keep them at that level as inflation falls, you are actually tightening policy.&#34;</p>
<h3>Federal Reserve's Daly: Mismatch Between Monetary Policy and Economy Will Lead to Unexpected Consequences</h3>
<p>FOMC voter Daly of the Federal Reserve this year stated that recent economic data has made her &#34;more confident&#34; that inflation is under control. It is now time to consider adjusting the current 5.25%-5.50% interest rate range. Despite the slowdown in the labor market, it is &#34;not weak.&#34;</p>
<h3>Economist Fu Peng: U.S. Stocks Enter Garbage Time</h3>
<p>AI assets represented by NVIDIA are too crowded, and when faced with the two major straws of &#34;U.S. economic performance may fall short of expectations&#34; and &#34;Japan raising interest rates,&#34; leverage will eventually not be sustainable. The key to when the Fed will cut interest rates lies in the data of the next two months. The return on U.S. stock investments has already been achieved in the first half of this year, entering a relatively garbage period thereafter.</p>
<h3>CITIC Securities: Hong Kong Stocks May See Monthly-Level Valuation Recovery</h3>
<p>Combining various indicators such as the current valuation level of Hong Kong stocks, trading volume, and fund behavior, the market's bottom characteristics since 2022 have reappeared. The earnings of heavyweight stocks in Hong Kong have also frequently exceeded expectations. With the temporary easing of external disturbances, the prominent characteristics of the Hong Kong stock market bottom, and the gradual realization of performance expectations, active foreign capital will flow back into Hong Kong stocks; at the same time, passive foreign capital may also have the need to replenish Hong Kong stock positions during the MSCI quarterly rebalancing at the end of August</p>
<h3>Guosen Securities: The rebound trend of Hong Kong stocks is expected to be established in the short term</h3>
<p>The release of the performance of blue-chip stocks has to some extent dispelled the market's last concerns about bottoming out Hong Kong stocks. The Hang Seng Index futures price has broken through the 120-day moving average during the U.S. trading session - the Hang Seng Index is currently one of the few reliable potential support trend lines. If the Hang Seng Index can close above the 120-day moving average (around 17,500+) on Monday, the rebound trend of Hong Kong stocks will be largely established.</p>
<h3>Amazon launches &#34;Refund Only&#34; feature</h3>
<p>Amazon will provide flexible &#34;refund without return&#34; options for U.S. sellers using Amazon Fulfillment (FBA) to efficiently manage their inventory. This &#34;refund only&#34; feature applies to products priced below $75.</p>
<h3>Lu Weibing: Xiaomi is studying entry into Europe with its cars</h3>
<p>Xiaomi Chairman and CEO Lei Jun, along with Group President Lu Weibing and Group Vice President Wang Xiaoyan, stated during a live broadcast at Xiaomi's Turpan Xia Ce base on the 17th that during a recent trip to Europe, Lei Jun, Lu Weibing, and others visited manufacturers such as BMW, Ferrari, Lamborghini, and Leica to explore further cooperation possibilities.</p>
<h3>Volkswagen aims to build the world's second largest R&amp;D center in Anhui</h3>
<p>In a recent adjustment, Volkswagen has consolidated its pure electric vehicle development business in China to Volkswagen (China) Technology Co., Ltd. located in Anhui.</p>
<h3>Cui Dongshu of China Passenger Car Association: National passenger car market inventory at the end of July was 52 days</h3>
<p>Cui Dongshu, Secretary-General of the China Passenger Car Association, stated that this year, manufacturers have significantly reduced production to cope with the sluggish market. By the end of July, the national passenger car inventory was 3.33 million units, a decrease of 110,000 units from the previous month, with manufacturer inventory accounting for 26.8%. The total national passenger car inventory decreased by 150,000 units from July 2023, but increased by 90,000 units compared to July 2022</p>

<p>Xiaomi Motors is studying entering Europe. This week, Kuaishou, XPeng Motors, Xiaomi Group, WuXi AppTec, NetEase, Baidu, Bilibili, etc. will release their financial performance. Jerome Powell, the Chairman of the Federal Reserve, will speak at the Global Central Bank Annual Meeting</p>

- Important events and data this week include Powell's speech at the Fed annual meeting, China's LPR quote on Monday, and Fed Governor Waller's speech. The US Democratic National Convention runs from the 19th to the 22nd. Adjustments to the Shanghai-Hong Kong Stock Connect disclosure mechanism. 
- On Tuesday, China's loan market rates until August 20th and Australia's RBA meeting minutes will be released. Companies like China Telecom, Kuaishou, XPeng Motors, and Futu Holdings will report earnings. 
- Wednesday will see earnings reports from Xiaomi, WuXi Biologics, ZTO Express, and Kuaishou. Fed's Bostic will speak. Thursday features earnings releases from Ping An, NetEase, Baidu, Bilibili, and Weibo. Fed and ECB meeting minutes will be disclosed. The Jackson Hole Global Central Bank Annual Meeting runs until the 24th. Friday includes earnings reports from Sinopec and Dongfang Selection. Japan's BOJ Governor will discuss rate hikes, and Fed Chair Powell will speak on economic outlook at the Jackson Hole meeting.

LB Select

ZTO Express

ZTO EXPRESS-W

EAST BUY

Sinopec Corp.

SINOPEC CORP

XIAOMI-W

Baidu

NetEase

WUXI BIO

BIDU-SWR

NTES-S

WuXi Biologics

NETEASE MUSIC

BIDU-SW

XIAOMI-WR

Xiaomi Corporation

Breakfast | Powell to speak at the world's most critical meeting, Chinese concept giants such as Baidu, NetEase, Xiaomi to release financial reports