Evening hot spots in A-shares | July financial data released, institutions quickly interpret

1. July financial data released, analysts quickly interpret Importance: The data released by the central bank on August 13 showed that by the end of July, the scale of social financing, broad money (M2), and RMB loans increased by 9%, 8.8%, and 6.9% year-on-year, respectively, continuing to outpace economic growth. Analysts stated that, influenced by multiple factors, the growth rate of credit slowed down in July. However, with low loan interest rates, reflecting ample credit supply, the effective financing needs of the real economy are being met. The scale of social financing and M2 growth rates remain at a relatively high level, facilitating a virtuous cycle between finance, fiscal policy, and the real economy, with the "one stone, multiple birds" effect accelerating. Looking ahead, macro policies in the second half of the year will maintain continuity and stability, ensuring sustained economic recovery and reasonable growth in effective credit demand. 2. Two departments solicit opinions: Assisted driving cannot be treated as automated driving Importance: On August 13, the General Administration of Market Supervision and Administration and the Ministry of Industry and Information Technology published a notice seeking public opinion on strengthening recall and production consistency supervision and standardized promotion of intelligent connected new energy vehicle products. The feedback deadline is September 15, 2025. According to the draft for soliciting opinions, companies should not imply in the naming and marketing promotion of combined driving assistance systems or functions that consumers can consider them as automated driving systems or have functions that they do not actually have, to prevent drivers from misusing them. In addition, companies should complete and accurately report key information such as combined driving assistance systems and energy storage devices in the motor vehicle approval system, and strictly implement the requirements for the classified management of software online upgrades (referred to as OTA upgrades), without filing an OTA upgrade activity. 3. Tencent Q2 financial report: Three main businesses see revenue growth, AI becomes a "new business gene" Importance: Tencent's total revenue for the second quarter of 2025 was 184.504 billion RMB, a 15% year-on-year increase; gross profit was 105.013 billion RMB, a 22% year-on-year increase; and operating profit according to non-International Financial Reporting Standards was 69.248 billion RMB, an 18% year-on-year increase. Tencent fully leveraged its advantage as an "AI application expert," integrating AI deeply into games, advertising, and social ecology, significantly driving core businesses: value-added services and marketing services maintained high growth rates, while financial technology and enterprise services significantly improved. 4. China has reportedly instructed local companies to avoid using Nvidia H20 chips? Foreign Ministry responds Importance: On August 13, Foreign Ministry spokesperson Lin Jian responded to a reporter's question. The Reuters reporter asked about reports that China had instructed local companies to avoid using Nvidia H20 chips, especially in work related to the government or national security. Earlier, Chinese regulatory agencies had expressed concerns to Nvidia about chip security vulnerabilities. What is China's comment on this? Lin Jian responded, "I am not aware of the situation you mentioned." 5. White House: Nvidia and AMD to hand over 15% of revenue in China, potentially expanding to more companies Importance: According to a report by the Global Times citing CNBC, the White House confirmed on August 12 that two U.S. chip manufacturers, Nvidia and AMD, had agreed to a special deal to hand over 15% of their chip sales revenue in China to the U.S. government in exchange for export licenses for related products. The White House stated that this agreement might expand to more companies in the future. The U.S. Department of Commerce is still studying the relevant legal basis and specific operational methods, with details to be further explained by the Department of Commerce. 6. World Humanoid Siasun Robot & Automation Games to open on August 14, Yushu, Tiangong, and others confirm participation Importance: As the global inaugural World Humanoid Siasun Robot & Automation Games approach, more and more event details are emerging. Firstly, regarding the participating teams, in recent days, several full-machine enterprises of Humanoid Siasun Robot & Automation have announced their participation: according to the official WeChat public account of Yushu, the company will participate in the inaugural World Humanoid Siasun Robot & Automation Games at Beijing's National Speed Skating Hall from August 14-17. In addition to the above companies, according to Jiang Guangzhi, Director of the Beijing Municipal Economic and Information Bureau, the corporate teams participating will also include Tiangong, Accelerated Evolution, Songyan Power, Fourier, and other top Humanoid Siasun Robot & Automation full-machine enterprises in China. 7. DeepSeek R2 expected to be released in late August? Insider: Not true Importance: Recent market rumors have suggested that DeepSeek, a domestic large-scale company, would release its DeepSeek R2 model between August 15 and 30. On August 13, an insider at DeepSeek stated that the above information was not true. As early as April this year, there were rumors that DeepSeek might launch the next generation AI large model, DeepSeek-R2, in May. At that time, reports indicated that the DeepSeek-R2 large model would utilize a more advanced Mixture of Experts (MoE) model, combined with a more intelligent Gating Network layer to optimize the performance of high-load inference tasks. However, the aforementioned insider acknowledged that the credibility of these rumors was low. 8. Latest disclosure of social security fund holdings: Bank stocks remain favored Importance: During the consecutive bull market in A-shares, how are "national team" members, represented by social security funds, adjusting their holdings? Clues are revealed in listed companies' semi-annual reports. In terms of reshuffling, rural commercial banks, feed, and small home appliances industries have seen significant increases in holdings, with Jiangsu Changshu Rural Commercial Bank being the largest holding by the social security fund value and the company with the most increased holdings in the second quarter. On the contrary, stocks in the electricity, chemical raw materials, and medical device industries have been reduced, with Jiuzhou Pharma, Yantai Jereh Oilfield Services Group, and others showing a noticeable decrease in holdings. Follow-up announcements merit attention: 1. U.S. stock prices rise collectively, popular Chinese concept stocks soar. 2. Speculation on the extent of the Fed's interest rate cut in September has sparked debates on Wall Street. Nomura Securities: 50 basis points are unlikely. 3. Concerns over risks in the future of U.S. stocks prompt global investors to flock to markets outside the U.S. in July. 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