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Hong Kong stock concept tracking | Shanghai buses and taxis will be fully electrified, the growth of electric vehicles still has resilience (with concept stocks).
The Shanghai Development and Reform Commission and other departments recently jointly issued the "Special Work Plan for Large-Scale Equipment and Facility Updates in the Transportation Field of Shanghai (2024-2027)", planning to fully realize new energy for Shanghai's buses and taxis by the end of 2027, with an annual average of over 9% of updated vehicles exceeding the total number, and a cumulative update of 6200 buses and 0.011 million taxis.
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.
NIO Inc. (NIO): The Best EV Stock to Buy Now Under $50?
China's Sales of EVs, Hybrids Surpassed Conventional Cars in July
[Brokerage Focus] CMB International points out that terminal discounts in the Chinese automotive industry are still expanding.
Golden Money News | CMB International stated that based on its calculation, the average terminal discount of the entire Chinese automotive industry in July increased by 0.7% compared to the previous month, and the discount expansion rate was faster than that of June. Different from the nominal discount increase of the 2Q24 industry mainly driven by German and Japanese brands, the increase in July discounts is mainly due to domestic and Japanese brands. Although some German brands claim to withdraw from price wars in the second half of the year, the bank notes that Chinese domestic brands, especially new energy brands that value market share, still have the motivation to increase terminal discounts. The deepening competition may make the efforts of foreign brands to recover discounts almost negligible.
BAIC BluePark Shares Plunge as Orders for Joint Model With Huawei Appear to Disappoint Investors
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