Pinduoduo (PDD.O) reported second-quarter revenue of RMB 112.4 billion, compared to an estimated RMB 115.2 billion.

Candidates for Indonesia's commodity trading regulator: Qualified officials with expertise in mineral trading will be hired.

Internationally 1. Goldman Sachs: Still believes there are significant upside risks to its year-end gold price forecast of $4,900 per ounce by the end of 2026. 2. Bank of America: Risk assets will be under pressure if the US long-term debt repurchase program fails. 3. Moody's: Multiple factors have driven US long-term interest rates to pre- and post-financial crisis levels. 4. Barclays: Warsh may advocate reducing the use of forward guidance from the Fed and is unlikely to provide near-term guidance. 5. Commonwealth Bank of Australia: The Bessant debt reduction plan is under scrutiny; the DOGE experience highlights the difficulty of fiscal reform. 6. Bank of America: European stocks may weaken due to AI uncertainty. 7. TD Securities: Warsh's speech at Jackson Hole may provide some relief to investors. 8. Commonwealth Bank of Australia: US Treasury bonds exceeding $40 trillion may provide support for Asian currencies. 9. Goldman Sachs: Slow recovery in Straits exports; European LNG prices need to continue rising to compete for inventory. Domestic 1. CITIC Securities: The global TIM market size is expected to increase from RMB 9.67 billion in 2025 to RMB 22.12 billion in 2030. 2. CITIC Securities: The recent correction in tech stocks cannot be simply attributed to high US long-term bond yields. 3. CITIC Securities: AI computing power drives heat dissipation upgrades; we recommend focusing on two investment themes. 4. CITIC Securities: Current demand in the photovoltaic industry has basically bottomed out; domestic and international installations are expected to improve quarter by quarter starting in the second half of the year. 5. CITIC Securities: Optical module production is accelerating; leading analog chip companies are experiencing high revenue growth. 6. CITIC Securities: The diaphragm industry is expected to maintain a tight supply-demand balance. 7. CITIC Securities: Overseas risks are controllable; the tech sector awaits a clearing process. 8. Zhongtai Securities: The correction has started as expected; the tech sector is entering a right-side allocation window. 9. Tianfeng Securities: AI4S is accelerating the paradigm shift in scientific research; Chinese CXOs are expected to experience industry and valuation resonance.