The Shanghai Composite Index climbed above 3,600 points within the week; the net purchase amount of southbound funds exceeded HK$810 billion this year; TikTok's revenue soared to US$23 billion in 2024 | Weekly market review
Weekly Market Review
A-shares
This week, A-shares steadily climbed. The Shanghai Composite Index rose 1.67% cumulatively this week, closing at 3,593.66 points, with the highest intraday level reaching 3,613.02 points. The Shenzhen Component Index rose 2.33% cumulatively, and the ChiNext Index rose 2.76% cumulatively. In terms of sectors, the water conservancy and hydropower, and western infrastructure construction sectors led the gains strongly. The rare earth, rare metal, and artificial intelligence sectors performed remarkably.
Hong Kong Stocks
This week, Hong Kong stocks continued their upward trend. The Hang Seng Index rose 2.27% cumulatively this week, closing at 25,388.35 points. The Technology Index rose 2.51% cumulatively, closing at 5,677.9 points. Southbound funds had a net purchase of over HK$30 billion this week. In terms of sectors, the building materials and semiconductor sectors led the gains.
U.S. Stocks
This week, the three major U.S. stock indexes all closed higher. The Dow Jones Industrial Average rose 1.26% cumulatively this week, the Nasdaq Composite rose 1.02% cumulatively, and the S&P 500 Index rose 1.46% cumulatively. Large technology stocks showed mixed performance, and Intel's stock price tumbled.
Weekly Positive News
The 2025 World Artificial Intelligence Conference Kicks Off
On July 26, the 2025 World Artificial Intelligence Conference and the High-Level Conference on Global Governance of Artificial Intelligence kicked off simultaneously at the Pudong Expo Center, Expo Exhibition Hall, and the West Bund in Xuhui. The exhibition at the conference attracted over 800 enterprises to participate, with enterprises from outside the city and international enterprises accounting for over 50%. More than 3,000 cutting-edge exhibits will be on display, including over 40 large models, over 50 AI terminal products, over 60 intelligent robots, and over 100 "world premieres" and "China debuts" of major new products, setting a record for the scale of previous sessions. (Jiemian)
TikTok's Revenue Reached $23 Billion in 2024, Accounting for a Record High Proportion of ByteDance's Revenue
36Kr learned that the "TikTok App Report" by the UK's Business of Apps showed that TikTok's revenue in 2024 increased by 42.8% year-on-year, soaring to $23 billion. As a result, TikTok became the fourth-largest social app in terms of global revenue, only behind Facebook, Instagram, and YouTube. This performance was also reflected in ByteDance's overall business. The technology media The Information reported that although ByteDance's net profit growth rate and profit margin both slowed down in 2024, its overseas business revenue, mainly driven by TikTok, increased by 63% year-on-year, accounting for a quarter of ByteDance's total revenue, setting a record high proportion.
Alibaba's Qianwen 3 Inference Model is Updated, Competing with Gemini-2.5 pro and o4-mini
36Kr learned that on July 25, Alibaba newly open-sourced the Qianwen 3 inference model, with significantly improved performance. It won the throne of the "world's strongest open-source model" at one stroke, competing with top closed-source models such as Gemini-2.5 pro and o4-mini. It is understood that Alibaba has successively open-sourced three major models this week, winning three global open-source championships in mainstream fields such as basic models, programming models, and inference models.
The China Automobile Dealers Association Releases the One-Year Residual Value Rate of Pure Electric Vehicles, and Xiaomi SU7 Wins Two First Places
36Kr learned that the "Research Report on China's Automobile Residual Value Rate in the First Half of 2025" jointly released by the China Automobile Dealers Association and Jingzhengu showed that the one-year residual value rate of domestic pure electric vehicles significantly led. Among the top 15 models in terms of one-year residual value rate, 11 were from Chinese automakers. Xiaomi SU7 ranked first with a one-year residual value rate of 88.91%. In the pure electric mid-large vehicle segment, Xiaomi SU7's one-year residual value rate reached 88.91%, setting the largest leading margin in the sub-list.
Unitree Robotics Releases Its Third Humanoid Robot, Unitree R1
36Kr learned that on the afternoon of July 25, Unitree Robotics announced on its official Weibo account that it had officially released its third humanoid robot, the "Unitree R1 Intelligent Companion." The robot is priced from 39,900 yuan, supports development/modification, is flexible and ultra-lightweight at about 25 kg, and integrates a multi-modal large model for voice and image.
Shanghai State-owned Assets Investment Will Participate in the New Round of Financing of Jieyue Xingchen
On July 25, the large model startup Jieyue Xingchen announced a deep strategic cooperation with Shanghai State-owned Assets Investment Co., Ltd. and disclosed that Shanghai State-owned Assets Investment will participate in the new round of financing of Jieyue Xingchen. Today, Jieyue released its third-generation basic large model, Step 3, and announced a full-year revenue target of 1 billion yuan. (Yicai)
Google's Parent Company Alphabet's Second-Quarter Revenue Reached $96.428 Billion, a 14% Year-on-Year Increase
Google's parent company Alphabet released its second-quarter financial report for 2025 on July 23 local time, showing that its revenue was $96.428 billion, a 14% year-on-year increase. Its net profit was $28.196 billion, a 19% year-on-year increase, and its earnings per share were $2.31, compared with $1.89 in the same period last year. (Jiemian)
Elon Musk's Brain-Computer Interface Company Plans to Implant Chips in 20,000 People Annually by 2031, with Annual Revenue Reaching $1 Billion
Investor documents show that Elon Musk's brain-computer interface company, Neuralink, aims to implant chips in 20,000 people annually by 2031, with annual revenue reaching at least $1 billion. It is reported that the company aims to open five large clinics within six years and offer three versions of brain implants, including "Telepathy" for communication between the brain and machines, "Blindsight" for restoring vision, and "Deep" for treating tremors and Parkinson's disease. (Sina Finance)
Tesla's Restaurant Earned $47,000 in 6 Hours and May Open in Shanghai Next Year
On July 21, Tesla's first global Supercharger restaurant (Tesla Diner) officially opened in Los Angeles, and hundreds of consumers queued up 13 hours in advance. It is reported that the revenue from food and beverage + charging reached $47,000 within 6 hours, 30% higher than the daily turnover of the nearby McDonald's. Elon Musk announced that if the Los Angeles store operates successfully, the model will be replicated on the global highway network and in core cities. A 3,000-square-meter plot has been reserved next to the Shanghai Pudong Super Factory, and it will open around the Spring Festival in 2026, with the pricing possibly being 70% of that in the United States. (Cover News)
Weekly Negative News
Trump: Will Impose Simple Tariffs of 15% to 50% on Most Countries
On July 23 local time, U.S. President Trump said that he would impose simple tariffs of 15% to 50% on most other countries in the world. Trump also said that the United States is having serious negotiations with the European Union, and if they agree to open up to U.S. companies, the United States will allow them to pay lower tariffs. (CCTV News)
Tesla: Second-Quarter Revenue Reached $22.496 Billion, a 12% Year-on-Year Decrease
36Kr learned that Tesla released its second-quarter financial report for fiscal year 2025. The report showed that Tesla's second-quarter revenue was $22.496 billion, a 12% year-on-year decrease. The net profit attributable to common stockholders was $1.172 billion, a 16% year-on-year decrease.
LV's Customer Information of Nearly 420,000 in Hong Kong Was Leaked, and the Hong Kong Privacy Commissioner Launched an Investigation
According to Hong Kong media such as the Hong Kong Wen Wei Po, the French luxury brand Louis Vuitton recently sent a letter to customers, saying that a customer information leakage incident had occurred, affecting nearly 420,000 customers in Hong Kong. The leaked information included customers' names, passport numbers, dates of birth, addresses, email addresses, phone numbers, shopping records, and product preference information. Louis Vuitton Hong Kong (LVHK) said that the leaked information did not include any payment information and was notifying relevant departments and affected customers. The Hong Kong Privacy Commissioner for Personal Data said that it had launched an investigation into LVHK in accordance with established procedures, including whether the incident involved a delayed notification. (Jiemian)
Intel is Implementing a Nearly 15% Layoff Plan and Expects to Cut the Number of Employees to 75,000 by the End of the Year
Intel CEO Chen Liwu issued an all-staff letter on July 24, saying that the company is implementing a plan to lay off about 15% of its employees, and it is expected that the total number of employees globally will be about 75,000 by the end of this year. Chen Liwu said that Intel completed a large-scale layoff in the second quarter, and the management hierarchy was streamlined by nearly 50%. "We also expect to implement a return-to-work policy in September, and each factory will complete the necessary improvements to achieve full-load operation." (Jiemian)
AWS Shanghai AI Research Institute Dissolved, and Amazon Responded: A Difficult Decision
There were reports that Amazon Web Services (AWS) Shanghai AI Research Institute had dissolved. According to the report, Wang Minjie, the chief applied scientist at Amazon AWS Shanghai AI Research Institute, posted on his WeChat Moments: "I just received notice that the AWS Shanghai AI Research Institute has dissolved due to Sino-US strategic adjustments." In response, an Amazon spokesperson said: "After a thorough evaluation of the company's organization, development priorities, and future strategic direction, we have decided to streamline the personnel of some teams at Amazon Web Services. Making these decisions is very difficult for us, and we will fully support employees to make a smooth transition. We made these necessary decisions to continue investing and optimizing resources to bring more innovation to our customers." (21st Century Business Herald)
China Duty Free Group: Net Profit in the First Half of the Year Was 2.6 Billion Yuan, a 20.81% Year-on-Year Decrease
36Kr learned that China Duty Free Group announced that its total operating revenue in the first half of 2025 was 28.151 billion yuan, a 9.96% year-on-year decrease. The net profit attributable to shareholders of the listed company was 2.6 billion yuan, a 20.81% year-on-year decrease.
Guanglian Aviation: The Controlling Shareholder, Actual Controller, and Chairman Wang Zengduo Were Placed Under Investigation and Detained
36Kr learned that Guanglian Aviation announced that it recently received the "Detention Notice" and "Case Filing Notice" for the company's controlling shareholder, actual controller, and chairman Wang Zengduo issued by the Guannan County Supervision Commission. Wang Zengduo was placed under investigation and detained. The above matters will not have a significant adverse impact on the company's normal production and operation.
Rebecca: The Company and Its Controlling Shareholder Were Filed for Investigation by the CSRC for Alleged Illegal Information Disclosure
36Kr learned that Rebecca announced that the company and its controlling shareholder, Henan Rebecca Holdings Co., Ltd., recently received the "Case Filing Notice" issued by the China Securities Regulatory Commission (CSRC). Due to alleged illegal information disclosure, in accordance with relevant laws and regulations, the CSRC decided to file a case against the company and its controlling shareholder. During the investigation, the company and its controlling shareholder will actively cooperate with the relevant investigation work and strictly fulfill their information disclosure obligations. Currently, the company's production, operation, and business operations are normal.
Taiyuan Heavy Industry: Alleged Illegal Information Disclosure and Filed for Investigation by the CSRC
36Kr learned that Taiyuan Heavy Industry announced that the company recently received the "Case Filing Notice" issued by the CSRC. Due to alleged illegal information disclosure, the CSRC decided to file a case against the company. During the investigation, the company will actively cooperate with the CSRC's investigation work and strictly fulfill its information disclosure obligations in accordance with relevant laws, regulations, and regulatory requirements.
IPO Message Board
New Stocks Listed
Shanda Electric and Jiyuan Group
On July 23, Shanda Electric and Jiyuan Group were listed on the A-share market. On the first day of listing, both new stocks opened significantly higher. As of the close of the day, Shanda Electric closed up 356%, and Jiyuan Group closed up 274.54%.
Listing in Progress
Unitree Robotics and Zhiyuan Robotics
According to the official website of the CSRC, Unitree Robotics recently started the listing guidance process, with CITIC Securities serving as the guidance institution. According to the guidance work plan, Unitree Robotics may submit its IPO application documents as early as October this year. As one of the strategic emerging industries, the capital competition in embodied intelligence has already reached a white-hot stage. Another example was on July 8, when Zhiyuan Robotics planned to acquire the control rights of Shangwei New Materials through a shareholding platform jointly funded by the company and its core team through agreement transfer and tender offer, and then "leap onto" the Science and Technology Innovation Board. (Shanghai Securities News)
Shenghong Technology
36Kr learned that on July 21, Shenghong Technology announced that the company is currently planning to issue shares overseas (H shares) and list on the Hong Kong Stock Exchange.
Xiechuang Data
36Kr learned that on July 21, Xiechuang Data announced that the company plans to issue shares overseas (H shares) and apply for listing on the Hong Kong Stock Exchange. After being reviewed and approved by the company's board of directors, the company's management was authorized to start the preliminary preparations for the H-share issuance and listing application. The authorization period is 12 months from the date of the board's review and approval.
Goertek Microelectronics
36Kr learned that on July 21, according to documents from the Hong Kong Stock Exchange, Goertek Microelectronics resubmitted its listing application to the Hong Kong Stock Exchange. The joint sponsors are China International Capital Corporation, CITIC Construction International, CMBC International, and UBS Group.
Figma
On July 21, it was reported that the U.S. cloud-based design software company Figma is seeking to raise up to $1.03 billion through an IPO. (Sina Finance)
BitGo
On July 21, the cryptocurrency custody company BitGo Holdings said that in the optimistic sentiment of the digital asset market, the company has secretly submitted an application for an initial public offering (IPO). (Cailian Press)
CMicroSemicon
36Kr learned that on July 22, CMicroSemicon announced that in order to deepen its global strategic layout, enhance its international brand image, and diversify its financing channels, the company plans to issue overseas-listed foreign shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange.
Leo Group
36Kr learned that on July 22, Leo Group announced that the company is planning to issue shares overseas (H shares) and list on the Hong Kong Stock Exchange to deepen the company's global strategic layout, enhance its overseas financing ability, and improve its international brand image and popularity. Currently, the relevant details have not been determined. This H-share issuance and listing will not cause a change in the company's controlling shareholder and actual controller.
Universal Music Group
On July 22, it