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Technology and real estate stocks led the gains, Hang Seng Index broke through the low-range mode.
By ATFX Hong Kong shares rose more than 300 points this morning and then slowed down. The National Bureau of Statistics announced that CPI in July rose 0.5% year-on-year, higher than market expectations. The mainland stock market stabilized this morning, bringing a boost to Hong Kong stocks. The Hang Seng Index rose 299 points or 1.8% to 17,191 points at midday; the National Index rose 115 points or 1.9% to 6,056 points; and the Hang Seng Tech Index rose 98 points or 2.9% to 3,465 points. Technology stocks rose more than 1.9% in the afternoon, with Semiconductor Manufacturing International Corporation (00981) leading the way, followed by Baidu (09888), Netease (09999), Weibo (09898), and Kuaishou (01).
Bocom Intl: Top new games continue to drive the mobile gaming market, bullish on Tencent's (00700) accelerating growth in mobile gaming revenue.
Taking into account the increase in new game volume and the competition in categories such as second dimension, it is expected that the mainland China's mobile game revenue growth in the second half of the year will maintain high single-digit yoy growth, with the third quarter potentially slowing to single digits.
Netease (09999) rose 2.43%. Its mobile game 'Endless Hegemony' has been downloaded over 4.14 million times on the IOS system in China.
Golden Finance News | Netease (09999) is steadily rising, up 2.43%, at HKD 139.2 as of this writing. According to Sensor Tower, Netease's mobile game, "Endless Trial," had 4.14 million downloads on China's Apple iOS system in the first two weeks, comparable to Tencent's Dungeon and Warriors mobile game launch. Sensor Tower said that Dungeon and Warriors had 4.3 million downloads on the iPhone platform during its first two weeks in China, generating revenue of $118 million.
S&P rises over 2%, the best in nearly two years, with chip stocks up about 7%, Nasdaq and Chinese stocks up 2.8%, and US Treasury yields and the yen falling for three consecutive days.
The latest employment data alleviates concerns over the US economy, and US stocks rose more than 1.7%. Nvidia's stock rose more than 6%, and Tesla, Alibaba, PDD Holdings, and Tencent ADR rose more than 3%. Bullish on weight loss drug reports, Eli Lilly and Co's stock rose more than 13%, and Novo-Nordisk A/S's US stock rose nearly 8%. The 10-year US Treasury yield rose above 4%, and short-term bond yields rose by 10 basis points. Oil prices rose for the third consecutive day, gold halted its five-day decline, and digital currency had a big increase.
Hong Kong Shares 0.9% Lower, Tracking Wall Street's Declines -- Market Talk
What's Going On With NetEase (NTES) Stock?
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ZnWC : China has emerged as the world’s top producer of generative AI patents, but it is struggling to turn many of its ideas into action thanks to US export controls and longstanding struggles with its innovation culture at home.
Source:
China wrestles with ‘quantity over quality’ in generative AI patents | Technology - Al Jazeera
ZnWC : Despite the lower overall number of patents, US developers have a clear lead. Stanford University’s 2024 AI Index named the US as the undisputed home of the most “notable AI models” to date, producing 61, compared with 21 from the European Union and 15 from China.