【Today's Headlines】

The Cyberspace Administration of China Releases Filing Information for 7 Mobile End Generative AI Services

On July 15, the cyberspace authorities, in conjunction with relevant departments, orderly carried out the filing work for generative AI services in accordance with the "Interim Measures for the Management of Generative AI Services," announcing the filing information for 7 newly added mobile end generative AI services, including "Apple Smart." This includes Apple Smart, Huawei Xiaoyi Large Model, OPPO AndesGPT Large Model, among others.

Among them, the "Apple Smart" large model developed by Apple Technology Development Co., Ltd. has been filed on July 8, 2026, with applicable scenarios for Apple smartphones, which means that the AI features of the Chinese version of Apple smartphones are expected to be launched soon. According to reports, Alibaba is one of the partners for this AI feature. Previously, Alibaba Group Chairman Joseph Tsai stated that Apple had discussions with several companies in China and ultimately chose Alibaba.

【Market Outlook】

Nasdaq China Golden Dragon Index Rises 2.92%

Overnight, U.S. stocks closed with the Dow Jones Industrial Average rising 150.37 points from the previous trading day, closing at 52,658.64 points, an increase of 0.29%; the S&P 500 index rose 28.81 points, closing at 7,572.4 points, an increase of 0.38%; the Nasdaq Composite Index rose 162.22 points, closing at 26,269.23 points, an increase of 0.62%.

Most of the top U.S. stocks by market capitalization rose, with Apple up over 4%, reaching a historic high, while Google, Meta, and Amazon rose over 3%. SpaceX fell 0.6%, reporting $135.27, dipping below the $135 IPO issuance price for the first time during the session.

Storage concept stocks and the computer hardware sector fell sharply against the trend, with SK Hynix down 9%, Micron Technology, SanDisk, and Western Digital down over 8%. The consumer electronics and streaming media sectors rose, with FuboTV up over 7%, and Pinterest and Gauss Electronics up over 4%. Most popular Chinese concept stocks rose, with the Nasdaq China Golden Dragon Index up 2.92%. The Hang Seng Index ADR rose, closing at 24,813.82 points, an increase of 132.72 points or 0.54% compared to the Hong Kong close.

WTI crude oil futures for the current month rose by $0.90, closing at $80.24 per barrel, an increase of 1.13%. COMEX gold futures for the current month fell by $2.80, a decrease of 0.07%, reporting $4,066.9 per ounce.

【Hot Topics Ahead】

TCL Electronics (01070) Plans to Acquire 100% Equity of TCL AeroWell (Cayman) Holdings Limited for HKD 5.61 Billion

The target company is a limited liability company registered in the Cayman Islands. The target group mainly engages in air conditioning system business. As of the date of this announcement, the target company is held by NXTHome, YF Rongye, Core Elite, Union Vast, and Reach Glory, holding approximately 31.3725%, 28.0000%, 17.4118%, 16.2549%, and 6.9608%, respectively The target company indirectly holds all the equity of Guangdong TCL Air Conditioner Holding Co., Ltd., which holds 51% of the equity of TCL Air Conditioner, while the remaining 49% equity of TCL Air Conditioner is held by TCL Home Appliances Group Co., Ltd. (this company is a limited liability company established in China and is also a wholly-owned subsidiary of TCL Industrial Holdings).

Guangdong Investment (01606) sells 10 aircraft

Guangdong Investment (01606) announced that on July 15, 2026, several wholly-owned subsidiaries of its wholly-owned subsidiary CDB Aviation Lease Finance DAC (CDBALF) (the sellers) entered into a sales agreement with ORIX Aviation Systems Limited (the buyer), whereby the sellers agreed to sell 9 B737–8 aircraft and 1 A321–200NX aircraft (the transaction) by selling the trust beneficiary rights established for the aircraft to the buyer.

Shanxi Installation (02520) wins the EPC general contracting project for the 500MW photovoltaic project Phase 1 in Al Kamil, Oman

The contract amount is approximately RMB 1.5 billion, marking the group's first key project in the Middle East. The company has won the EPC general contracting project for the 500MW photovoltaic project Phase 1 in Al Kamil, Oman (the Oman project). This project is located in the Al Kamil Wal Wafi area of Oman, about 230 kilometers from Muscat International Airport and about 440 kilometers from Sohar Port. The scope of work includes the design, manufacturing, procurement, supply, factory testing, transportation, installation, construction, connection to the high-voltage substation, testing, and commissioning of the photovoltaic power station, as well as two and a half years of operation and maintenance work.

China Life and 3 other insurance companies appear on Changxin Technology's strategic placement list, with a total allocation amount of nearly 400 million

On July 16, storage chip giant Changxin Technology is set to welcome online subscriptions. The reporter noted that on its strategic placement list, China Property & Casualty Insurance Co., Ltd., China Life Insurance Co., Ltd., China Post Life Insurance Co., Ltd., and Taikang Life Insurance Co., Ltd. each received approximately 11.5473 million shares, corresponding to an allocation amount of about 100 million, with a lock-up period of 18 months.

E Fund Hong Kong Stock Connect Financial ETF: Listed on Shenzhen Stock Exchange from July 16

E Fund announced that this fund will be listed and traded on the Shenzhen Stock Exchange starting July 16, 2026, with the fund code 159091, setting a 10% price fluctuation limit, and the opening reference price on the first day of listing is 1.006 yuan. As of July 15, the asset ratio invested in the constituent stocks and alternative constituent stocks of the benchmark index is 97.32% of the fund's net asset value, and the investment portfolio complies with regulations and agreements.

King's Ray Biotechnology (01548): CARVYKTI® second quarter trade sales net revenue approximately $657 million

King's Ray Biotechnology (01548) announced that, according to the collaboration and licensing agreement signed with Legend and Janssen Biotech, Inc. on December 21, 2017, CARVYKTI® generated trade sales net revenue of approximately $657 million for the quarter ending June 30, 2026 Zhongtai Futures (01461) Issues Earnings Upgrade, Expects Mid-term Net Profit Attributable to Shareholders to Increase by Approximately 190% to 210% Year-on-Year

The board of directors believes that the main reason for the performance upgrade is that in the first half of 2026, the company's brokerage business and risk management business both achieved good growth, showing a positive trend of steady improvement and enhanced efficiency.

Connora-B (02162) Issues Earnings Upgrade, Expects to Turn Profit in the First Half with Performance Not Lower than 1.2 Billion Yuan

The turnaround in performance is mainly attributed to: ① The previous sale of the group's minority stake in Ouro Medicines, for which the group received a total of USD 257 million in advance payments in the second quarter of 2026. This advance payment has been recognized as other income during the reporting period, amounting to approximately RMB 1.68 billion. ② The previous licensing agreement between KYM Biosciences Inc. (KYM, a non-wholly-owned subsidiary in which the group holds a 70% stake) and AstraZeneca for CMG901 (Claudin 18.2 ADC). In the first quarter of 2026, AstraZeneca announced the initiation of a multicenter, randomized controlled Phase III clinical study (CLARITY-Gastric 02) for CMG901 (AZD0901) in combination with or without capecitabine as a first-line treatment for Claudin 18.2 positive, HER2 negative advanced/metastatic gastric cancer, gastroesophageal junction cancer, or esophageal adenocarcinoma, and completed the first subject dosing, triggering related milestone payments totaling USD 45 million. The group received a total of USD 31.5 million in milestone payments in the first quarter of 2026, which has been recognized as collaboration income during the reporting period, amounting to approximately RMB 220 million. ③ The company's innovative product Kangyueda® has continuously increased the number of patients covered due to its outstanding clinical value, achieving sales revenue of RMB 390 million in the first half of 2026, a year-on-year increase of 132%, providing the company with sustained income.

Times Electric: Recently Started Price Negotiations with Customers for Power Semiconductor Devices

Times Electric stated on the interactive platform that due to the continuous significant rise in global commodity metals and raw material prices, the capacity balance status of the entire power semiconductor industry has changed, and the company has recently begun price negotiations with customers for power semiconductor devices.

【Stock Highlights】

Innovent Biologics (09969): Soficitinib (ICP-332) Successfully Achieves Primary Endpoint in Phase III Registration Trial for Moderate to Severe Atopic Dermatitis

Innovent Biologics (09969) announced that its self-developed next-generation oral tyrosine kinase 2 (TYK2) inhibitor soficitinib (ICP-332) has successfully achieved its primary endpoint in a Phase III registration clinical trial for patients with moderate to severe atopic dermatitis (AD).

The Phase III study is a randomized, double-blind, placebo-controlled multicenter registration clinical trial aimed at evaluating the efficacy, safety, and tolerability of soficitinib (ICP-332) in adult patients with moderate to severe atopic dermatitis Research results show that soficitinib (ICP-332) achieved the primary endpoint with statistical significance and demonstrated clinically meaningful improvement. In addition, it successfully reached multiple secondary endpoints, showing consistent therapeutic effects across various efficacy evaluation indicators. Detailed efficacy and safety data from this study will be presented at upcoming international academic conferences and submitted for publication in peer-reviewed medical journals