Breakfast | July 28, 2026

AI concerns overshadowed falling oil prices, with the S&P 500 closing flat after volatile trading. The semiconductor index fell more than 5% at one point, SK Hynix broke its issue price, and SanDisk nearly halved in value over a month. Chinese concept stocks rose against the trend, while Brent crude plunged 9% during the session. Trump hinted at a possible agreement with Iran, with reports stating that Iran and Oman were discussing the resumption of shipping through the Strait of Hormuz, causing crude oil to plummet. Nvidia is advancing a new round of AI-related deals with a potential scale exceeding $750 billion, reigniting market concerns about circular financing. A spokesperson for China's Ministry of Commerce responded to reporters' questions regarding the final measures of the US "forced labor" Section 301 investigation. China's industrial enterprises above designated size saw their profits rise 15.1% year-on-year in June, with the electronics industry's profits surging 96.9% in the first half of the year. Fee reduction benefits for the bond market have arrived. China Central Depository & Clearing Co., Ltd. announced reductions in fees for certain core businesses, including five measures such as waiving issuance and registration service fees for international bonds (Panda bonds). CXMT's market capitalization soared to 3 trillion, opening 471% higher. One winning lottery ticket earned 20,000 yuan, marking the birth of a new A-share IPO king. CXMT's market cap surpassed Intel's and is more than twice that of Moutai. Alibaba invested 7.6 billion yuan, with floating profits exceeding 160 billion yuan. With a transaction pricing of 25.12 billion yuan, the draft merger and restructuring plan for "DFZQ + Shanghai Securities" was released. Twenty A-share companies announced buybacks in a single day. Industrial Fulian purchased 2 billion yuan worth of shares in three months, with bank funds entering the buyback pool for the first time. After trading sideways in July, the stock surged 20% to approach new highs, with options showing a "bullish" signal ahead of Apple's earnings report. The issue price for Zhongji Innolight's Hong Kong listing was set at 980 HKD per share.