Hong Kong close: Hang Seng Index +1.34%, Hang Seng TECH Index +1.58%. Optical-communications and semiconductor stocks led gains: 06869.HK +12.0%, 03308.HK +8.2%, 01347.HK +7.45%.

百度(09888.HK)将于周二公布第二季度业绩。根据FactSet对11位分析师的调查，百度第二季度净利润预计为28.2亿元人民币，较去年同期的73.2亿元人民币大幅下降；第二季度营收预计为313.4亿元人民币，低于去年同期的327.1亿元人民币。惠誉指出，新兴的AI搜索以及各类聊天机器人竞争可能对百度搜索业务的变现能力构成压力，百度盈利能力下降反映出其传统业务走弱，以及非营销业务利润率相对较低。花旗预计，百度第二季度核心业务营收将同比下降3.6%，其中广告收入将同比下降20%，与此同时，百度AI云基础设施业务营收将同比增长60%。

Since July, despite a volatile external environment and rising geopolitical uncertainty, China’s foreign-exchange market has remained stable, SAFE deputy director Li Bin said. Non-bank cross-border receipts and payments totaled $1.7 trillion in July, up 20% YoY; FX market turnover was $4.3 trillion, up 8% YoY. Non-bank sectors posted net cross-border inflows of $59.8 billion in July. Goods trade drove high net inflows, while services and dividends repatriated by foreign-invested firms were net outflows but remained steady. Banks recorded a net FX sell surplus of $18.3 billion, and corporates conducted conversions based on actual needs, leaving FX supply and demand broadly balanced.