U.S. President Trump concluded his speech.

沙特政府数据显示，沙特第二季度实际GDP同比下降4.7%。

BofA Securities raises Huadian (01071.HK) H-share PT to HK$3.7 from HK$3.5 and A-share PT to RMB4.3 from RMB4.1, while reiterating an UNDERPERFORM rating. The bank says short-term earnings remain pressured by rising coal prices. Q2 power-price improvement was driven by spot and monthly market tariffs tracking higher coal and by capacity-price revenue being allocated over lower generation; Shandong’s mature market and tight spot linkage aid fuel-cost pass-through. Management expects Qinhuangdao benchmark coal around RMB850/ton in H2, but a low Q3 base last year will make near-term fuel-cost comparables tougher. Gas-fired generation fell over 10% YoY in 1H, yet profitability improved after the company curtailed low-margin output and shifted to peak-period dispatch; capacity-payment mechanisms in Tianjin and Guangdong also support earnings.