8点1氪丨Former Huawei "Genius Youth" Complains About DeepSeek Interview, Saying Interviewer Accused Him of Plagiarism; Apple's Foldable Devices Are in Mass Production; Trump's Call to Purchase Dell Computers Triggers a $100 Billion Surge in Dell's Market Value
Today's Hotspot Guide
The online claim "New regulation taking effect on July 1: The autonomous rate of intelligent driving chips for new vehicles shall not be less than 70%" is a rumor
Commercial banks are still accelerating non-performing asset disposal, with total transfer and write-offs across the industry reaching at least 500 billion yuan in the first half of the year
State Administration of Foreign Exchange: As of the end of June 2026, China's foreign exchange reserve stood at 3.4163 trillion US dollars
HSBC suspends lending to private credit clients with higher risk profiles
SpaceX unveils AI data center plan, and simultaneously pushes forward the deorbiting of Starlink satellites
TOP3 Major News
Former Huawei "Genius Youth" Program Recipient Complains About DeepSeek Interview, Claims Interviewer Accused Him of Plagiarism
On July 6, Li Bojie, a former member of Huawei's "Genius Youth" Program, publicly criticized DeepSeek's interview process on social media platforms. He stated that the process was slow and cumbersome, and the interviewer had a problematic attitude by accusing him of plagiarism, which made him feel "deeply offended." The interview experience was far from pleasant, as he was repeatedly suspected of copying code by the interviewer. "Since there were two screens during the coding interview, the interviewer claimed I kept glancing at the left screen, accused me of copying code, asked me to stop, and said the interview could not proceed unless I could prove I was not plagiarizing," Li recalled. He chose to terminate the interview immediately, noting that the interviewer's performance was completely different from his expectations of DeepSeek.
Li Bojie holds a PhD in Computer Science from the University of Science and Technology of China and was one of the first selected members of Huawei's "Genius Youth" Program. According to his personal website, he has published multiple papers in top-tier conferences including SIGCOMM, SOSP, NSDI, ATC, and PLDI. He is also a recipient of the ACM China Doctoral Dissertation Award and the "Microsoft Research Fellowship". Currently, he is building his career in large language model startups and serves as the Chief Scientist of Pine AI. DeepSeek has previously stated it is "striving to at least double the size of all its departments", promising new hires direct access to the most core and critical tasks to help them rapidly grow into top industry talents. DeepSeek has not issued any official statement regarding this interview incident. (Yicai Global)
Screenshot of Li Bojie's social media post
Apple's Foldable Screen iPhone Enters Mass Production
Multiple sources indicate that the launch timeline for Apple's first foldable-screen iPhone has accelerated. Reporters confirmed from industry insiders that this foldable-screen iPhone has officially entered the mass production phase. Leading contract manufacturer Foxconn has taken the initiative to launch large-scale recruitment drives to secure sufficient manpower for new device production. On July 7, Foxconn in Ganzhou published a recruitment notice on its official WeChat account, seeking employees aged 18 to 50 to engage primarily in the production and processing of precision components for Apple smartphones. On July 6, Foxconn's human resources department released a notice recruiting temporary workers, with hiring scope covering the Longhua/Guanlan Apple A Business Group and the Longhua Sanying Business Group. It is understood that the aforementioned business groups are involved in the assembly of the foldable-screen iPhone. (Shanghai Securities News)
Trump Calls for Buying Dell Computers, Triggering $100 Billion Surge in Dell's Market Value
U.S. President Trump publicly called on Americans to buy Dell computers once again during a White House event, and his remarks drove Dell's stock price up by nearly 10% at one point — marking the third time Trump has publicly endorsed Dell in recent months. On July 6 Eastern Time, Trump hosted a "bell-ringing ceremony" in the Oval Office, simultaneously ringing the opening bells of the New York Stock Exchange and Nasdaq to celebrate the first trading day of the "Trump Account," a tax-advantaged investment vehicle designed for children under 18. During the ceremony, Trump specifically named and urged Americans to go out and purchase Dell computers: "Go get yourself a Dell computer." Standing right beside him was none other than Michael Dell, the founder of Dell Technologies. At the event, Trump openly expressed his support and praise for Michael Dell and his wife Susan Dell, who had previously pledged over $6 billion in donations to the "Trump Account" initiative. This is not the first time Trump has publicly backed Dell. Back in February and May this year, he used similar wording to commend the company's donations. (China News Finance)
Cutting-Edge AI Frontiers
Tencent's "Toast" iOS Version Officially Launches
36Kr learned that on July 6, the iOS version of "Toast", an AI application generation and inspirational co-creation platform under Tencent, was officially launched. As a zero-threshold VibeCoding product, users only need to describe their needs in natural language to generate and customize exclusive apps with Toast. It is understood that Toast will fully open one-stop publishing services, commercial component capabilities, and more API capabilities to the developer ecosystem in August.
Alipay AI Open Platform Launches Invitation-Only Beta Testing
36Kr learned that on July 7, Alipay officially launched its AI Open Platform, opening up AI integration capabilities to ecological partners including merchants, institutions, service providers, smart terminal vendors, and large model platforms.
Hunyuan Hy3 Now Available in AI Mini Program Growth Plan
36Kr learned from Tencent Open Classes that the Mini Program Growth Plan has been upgraded again. It is understood that this iteration further expands resource support: the large model token quota has been increased from 100 million to 1 billion, and the AI image generation quota has been raised from 10,000 to 100,000 images. Meanwhile, the models have been fully updated to the latest Hunyuan Hy3 model and the Hy Image 3.0 image generation model.
Microsoft Begins Shifting to In-House AI Models in Some Software to Reduce Dependence on OpenAI and Anthropic
Microsoft is seeking to cut artificial intelligence costs by replacing models from OpenAI and Anthropic with its own in-house developed AI systems in software products such as Excel and Outlook. According to a person familiar with the matter, tens of thousands of AI tasks run weekly across these two widely used applications are now being handled by MAI, Microsoft's internally built artificial intelligence model. The insider noted that previously, Excel and Outlook relied far more heavily on models from OpenAI and Anthropic. (Sina Finance)
Meta Launches AI Image Generation Model, Integrates It into Chatbot and Instagram
Meta Platforms Inc. has released a new generative artificial intelligence (AI) image model, marking the first launch of its kind since the company invested billions of dollars to restructure its AI lab a year ago, with Alexandr Wang serving as Chief AI Officer. The company stated in a blog post that the model, named Muse Image, was rolled out to the Meta AI chatbot on Tuesday. It will also be embedded in multiple of Meta's social applications, including Instagram and WhatsApp. Users can leverage the model to generate images based on text prompts, or request it to modify existing pictures. Advertisers will soon be able to use the model to create marketing materials. (Sina Finance)
Major Companies / Key Events
The three major U.S. stock indexes closed lower collectively, with large-cap tech stocks showing mixed performance
36Kr learned that at the close on July 7, the three major U.S. stock indexes fell collectively: the Dow Jones Index dropped 0.25%, the Nasdaq Index declined 1.16%, and the S&P 500 Index fell 0.45%. Large-cap tech stocks posted mixed moves: Meta rose over 2%, Amazon gained 0.75%, Nvidia climbed 0.71%, Microsoft edged up 0.54%, Netflix inched up 0.21%, and Google ticked up 0.16%; while Intel plunged over 9%, SpaceX and Arm dropped more than 6%, Tesla fell over 4%, and Apple slipped 0.64%. Memory chip stocks continued to decline: Western Digital (WDC.O) lost nearly 8%, SanDisk (SNDK.O) dropped 7%, and Micron Technology (MU.O) fell 4.7%. Most popular Chinese concept stocks traded in the U.S. moved lower: iQiyi dropped nearly 7%, Futu Holdings fell over 4%, XPeng Group, NIO, Tiger Brokers, and Baidu declined more than 2%, while Bilibili, Pinduoduo, Miniso, and JD.com fell over 1%; on the upside, Vipshop rose over 1%, Li Auto gained 0.25%, and Alibaba inched up 0.23%.
Online Claim "July 1 New Rule: New Vehicle Intelligent Driving Chip Localization Rate No Less Than 70%" Is a Rumor
36Kr learned that recently, some internet users published an article titled "New Rule Takes Effect Officially on July 1! The Localization Rate of Intelligent Driving Chips in New Vehicles Shall Not Be Less Than 70%". The article claimed that "on July 1, the "Technical Specifications for Automotive-Grade AI Chips in New Energy Vehicles" jointly issued by the Ministry of Industry and Information Technology and the State Administration for Market Regulation will be officially enforced", and that "for all new energy passenger vehicles produced and sold domestically, the localization rate of key technologies across the full chain of intelligent driving chips must reach over 70%, and non-compliant models are prohibited from being declared, produced, and registered". After verification by the Ministry of Industry and Information Technology, the document in question has never been issued, and no regulations on the localization rate of new energy vehicle chip technologies have ever been formulated.
Non-performing Asset Disposal by Commercial Banks Continues to Accelerate, Total Write-offs and Transfers in the First Half of the Year Reach At Least 500 Billion Yuan Industry-wide
Commercial banks are still speeding up the disposal of non-performing assets. The latest statistics from the Banking Loan Registration and Exchange Center (BLEC) and industry institutions show that non-performing assets transferred via BLEC in the first half of the year amounted to 101.1 billion yuan. Combined with the 486.8 billion yuan of non-performing assets written off by commercial banks in the first five months, the rough total of non-performing asset disposal across the industry in the first half of the year exceeds at least 500 billion yuan. (The Paper)
AI Adoption Rate Among Industrial Enterprises Above Designated Size in China Exceeds 30%
Gan Xiaobin, Deputy Director-General of the Department of Science and Technology of the Ministry of Industry and Information Technology, stated at a Shanghai press conference held on July 7 that the full-year production of humanoid robots is expected to exceed 100,000 units this year. The manufacturing sector serves as the primary arena for AI-powered applications. Currently, the AI adoption rate among industrial enterprises above designated size in China has surpassed 30%, and humanoid robots have begun to "enter factories and workshops". The Ministry of Industry and Information Technology is working with relevant parties to thoroughly implement special initiatives such as "Digital-Physical Resonance" and "Practical Training for Humanoid Robots and Embodied Intelligence in Real Scenarios" to explore high-value application scenarios. During the conference, the China-BRICS AI Development and Cooperation Center will release the "International Action Plan for AI Ethical Governance". (The Paper)
State Administration of Foreign Exchange: As of end-June 2026, China's foreign exchange reserves stand at 3.4163 trillion USD
36Kr learned from statistics released by the State Administration of Foreign Exchange that as of the end of June 2026, the size of China's foreign exchange reserves reached 3.4163 trillion USD, a decrease of 26 billion USD compared to the end of May, representing a decline of 0.75%. In June 2026, affected by factors including macroeconomic data from major economies, monetary policies of major central banks and related market expectations, the US dollar index rose, while prices of major global financial assets showed mixed performance with ups and downs. The combined impact of factors such as exchange rate conversion and changes in asset prices led to the reduction in the scale of foreign exchange reserves that month. The overall stable, innovation-driven and high-quality development of China's economy is conducive to maintaining the general stability of the foreign exchange reserve scale.
Summer Flight Prices Plunge, Tickets for Many Popular Routes Are Cheaper Than High-Speed Rail
Entering July, the 2026 summer travel season officially kicks off. Driven by factors such as increased summer flight frequencies and substantial cuts in fuel surcharges, airfares this summer have hit their lowest level in recent years. In the first ten days of July, tickets for numerous popular routes are even cheaper than second-class high-speed rail seats, spurring a sharp surge in flight bookings. According to recent airfare monitoring data from Flight Manager, the average economy-class ticket price during this summer travel season is lower than the levels recorded in the same periods last year and 2019. For example, the average ticket price on the fifth day of the summer travel season (July 5) stood at 831.5 yuan, down 2.3% year-on-year from 2025 and 7.6% lower than the same period in 2019; the average ticket price on the fourth day of the summer travel season was 822.4 yuan, representing a 2.3% drop compared to 2025 and a 2.4% decline from 2019.
On July 7, a check by Jiemian News on the TravelSky app revealed that multiple routes departing from Beijing are priced as low as 200 yuan. These specifically include the Beijing-Lüliang and Beijing-Anshan routes, with fares starting at 200 yuan; the Beijing-Changzhi route, with fares starting at 210 yuan; and the Beijing-Yulin and Beijing-Taiyuan routes, with fares starting at 220 yuan. Additionally, airfares from Beijing to several provincial capitals including Changchun, Wuhan, Nanchang and Xi'an are all under 300 yuan. (Jiemian News)
Zhejiang University's Qiushi Eagle Trademark Registration Unrelated to Armani, Agent Debunks Rumors of Overnight Trademark Rush
Some netizens noticed that the "Qiushi Eagle" pattern in Zhejiang University's school emblem bears a resemblance to the logo of luxury brand Armani, sparking widespread discussion.
Zhang Yifeng, a consultant from Hangzhou Henghui Trademark Affairs Co., Ltd., who is in charge of trademark registration matters for Zhejiang University, told Yicai Global that the university had previously registered a trademark for the full school emblem pattern, but had not registered the standalone "Qiushi Eagle" graphic. The application for trademark registration of this graphic was submitted at the end of last year, mainly because many small companies were misusing the pattern at that time, and this move has no connection with the luxury brand mentioned by the public. (Yicai Global)
Deepening Losses Amid Off-Season Demand: July Building Materials Planned Output Continues to Decline
According to data from 56 key steel producers surveyed by SMM: The planned output of rebar in July is 7.428 million tons, a decrease of 389,700 tons or 4.98% compared to the actual output in June. The daily average output of rebar in July stands at 239,600 tons, down 8.05% month-on-month. The planned output of wire rods in July is 3.197 million tons, representing a slight increase of 18,700 tons or 0.59% from June's actual figure; however, the daily average output of wire rods in July reaches 103,100 tons, marking a 2.66% month-on-month decline. The tenth round of coke price hikes has been initiated, and while its implementation remains in a game phase, steel mills saw their product margins continuously squeezed after an additional 3-4 rounds of coke price increases in June. Some enterprises have already slipped into the loss territory. Currently, the profitability rate of steel mills stands at 33.33%, showing a significant drop compared to June, with general profit levels ranging from -200 to 100. (The Paper)
HSBC Halts Lending to Higher-Risk Private Credit Clients
According to a report by the Financial Times of the UK on the 7th, citing people familiar with the matter, HSBC has notified some clients in recent weeks that it will no longer renew their loan agreements due to the decision to stop lending to private credit funds whose returns are insufficient to cover associated risks. Insiders added that HSBC will instead focus on lending to lower-risk private credit funds. (The Paper Financial News)
South Korean Stock Market Hits Circuit Breaker Again on July 7
The Korea Exchange announced on July 7 that at 13:51:34 local time, the circuit breaker mechanism for the KOSPI index was activated, suspending trading for 20 minutes. According to a July 7 announcement by the Korea Exchange (KRX), at 10:23:41 local time, the "sidecar" (temporary trading halt for program trading) mechanism of the South Korean stock market was triggered as the price of the front-month KOSPI 200 futures fell 5.12% compared to the benchmark price of the previous trading day. Under the regulations, program-driven sell orders in the KOSPI market are suspended for 5 minutes to ease short-term drastic market volatility. At the time of this trigger, the front-month KOSPI 200 futures stood at 1227.32 points, down 66.26 points from the benchmark price of 1293.58 points. (The Paper)
Zhipu's Surge Widens to 10%
36Kr has learned that Zhipu's increase has expanded to 10%. Earlier, Zhipu refuted the rumor of "withdrawing the A-share IPO counseling filing": the claim is untrue and suspected of malicious speculation, and the A-share issuance counseling work has been completed.
Omdia: China's Semiconductor Market to Exceed $800 Billion in 2026, Memory Chip Market Surges 262.9%
36Kr learned from an Omdia report that China's semiconductor market is projected to see a substantial upward revision of its year-over-year growth rate to 92.9% in 2026, reaching $8120.8 billion. This figure represents an overall increase of $2656 billion, or a 48.6% growth rate, compared to the projection in the "AMFT Shipment: China - Q4 2025 Update" (which previously estimated 31.26% growth for China's semiconductor market in 2026, hitting a market size of $5465 billion). According to Omdia's latest data from the second quarter of 2026, China's semiconductor memory market in 2026 is expected to have its growth rate drastically revised up to 262.9%, amounting to $4496 billion.
SK Hynix's Sharp Swings Magnify Leveraged ETF Risks, South Korean Government Vows to Explore Regulatory Improvements
As SK Hynix's stock price volatility intensifies, the return gaps between single-stock leveraged exchange-traded funds (ETFs) that track twice the daily price movements of SK Hynix have widened to over 5 percentage points. Market participants point out that differences in product structure and fund management capabilities are now directly reflected in returns, urging investors to exercise heightened caution. Meanwhile, South Korea's Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated that "improvement plans are under discussion" targeting single-stock leveraged products. (CLS)
HSBC Halts Lending to Higher-Risk Private Credit Clients
According to a report by the Financial Times on the 7th citing people familiar with the matter, HSBC has notified some clients in recent weeks that it will no longer renew their loan agreements following a decision to stop lending to private credit funds whose returns fail to offset associated risks. The insiders added that HSBC will instead focus on extending financing to lower-risk private credit funds. (CLS)
Meta Says Four U.S. States Seek $1.4 Trillion Penalty in August Youth Safety Lawsuit
Meta stated in a court filing on July 6 that four U.S. states are seeking a $1.4 trillion penalty against it, alleging that the company designed its Facebook and Instagram platforms to addict young users and misled the public about their safety risks. Meta cited this figure in its response to a document submitted by state attorneys general outlining how penalties should be calculated if the states win the case. (Sina Finance)
SpaceX Unveils AI Data Center Plan While Progressing Starlink Satellite Deorbiting
SpaceX, the space exploration firm, announced a new AI data center construction plan on July 6, while confirming it is proceeding with deorbiting operations for roughly 100 first-generation Starlink satellites as scheduled. This marks that the aerospace enterprise led by Elon Musk is accelerating its expansion into the AI infrastructure sector. According to information released by the company, SpaceX plans to build a data center dedicated to AI workloads in the Midwestern United States, which will directly leverage the high-speed, low-latency data backhaul capabilities provided by its Starlink satellite network. (Sina Finance)
LG Energy Solution Q2 Operating Profit Expected to Plunge 77% on Weak EV Demand
South Korean battery maker LG Energy Solution (LGES) said on July 7 that its April-June operating profit is expected to drop 77% to 113 billion won ($739.1 million), as sluggish electric vehicle (EV) demand continues to weigh on battery sales. That compares with a profit forecast of 249 billion won from LSEG SmartEstimate, which prioritizes views from analysts with more accurate and consistent forecasting track records. (Sina Finance)
Nearly 70% of Zhipu's Cornerstone Investors Commit to Long-Term Holding on Lock-Up Expiry Date
On July 7, reporters learned that as the lock-up expiration window for Zhipu's cornerstone investors approaches, multiple institutional investors have explicitly stated their long-term optimism and intention to continue holding their shares. The committing institutions include JSC International Investment Fund SPC, WT Asset Management, Optimas Capital Limited, and Zhipu's early shareholder and cornerstone investor Luster Technology Co., Ltd., among others. Their total shareholding accounts for nearly 70% of the cornerstone shares being unlocked this time, covering national-level strategic capital, local government industrial guidance funds, large state-owned enterprise industrial funds, and market-oriented professional investment institutions. (Securities Times)
China's Central Bank Expands Gold Reserves for 20th Consecutive Month
36Kr has learned from central bank data that China's gold reserves stood at 75.44 million ounces at the end of June, compared with 74.96 million ounces at the end of May, marking the 20th consecutive month of gold purchases. China's foreign exchange reserves reached $3.41626 trillion at the end of June, down from $3.442238 trillion at the end of May.
IPO in Progress
Boson Quantum Launches IPO Tutoring
36Kr has learned that according to the disclosure on the China Securities Regulatory Commission website, Beijing Boson Quantum Technology Co., Ltd. completed its tutoring filing registration with the Beijing Securities Regulatory Bureau on July 6, 2026, planning to carry out an initial public offering and get listed, with Guotai Haitong Securities serving as the tutoring broker.
Large Corporation Financial Reports
China Merchants Securities: H1 Net Profit Forecast to Increase 93%-112% Year-on-Year
36kr learned that China Merchants Securities released its performance forecast, estimating that the net profit attributable to shareholders of the parent company for the first half of 2026 will reach 10 billion to 11 billion yuan, representing a year-on-year growth of 93% to 112%.
OptoSci Tech: H1 Net Profit Forecasted to Surge 170%–190% Year-on-Year
36Kr learned that OptoSci Tech released its performance forecast, estimating that the net profit attributable to shareholders of the listed company for the first half of 2026 will reach 140 million to 150 million RMB, representing a year-on-year growth of 170% to 190%.
Rockchip: H1 Net Profit Forecasted to Rise 60.03%–71.33% Year-on-Year
36Kr learned that Rockchip has released its performance forecast, projecting first-half 2026 operating revenue between 2.87 billion yuan and 2.91 billion yuan, representing a 40.28% to 42.24% year-on-year increase; net profit attributable to owners of the parent company is expected to reach 850 million yuan to 910 million yuan, growing 60.03% to 71.33% year-on-year.
Financing and Investment
"Maiju Microelectronics" Completes Tens of Millions Yuan Financing
Recently, "Maiju Microelectronics" has closed a financing round of tens of millions of yuan, led by Huabao New Energy, with continued participation from existing shareholders Sunwoda and Qifu Capital. The raised funds will be primarily allocated to the mass production rollout of MagiCell™, a multi-dimensional monitoring sensor chip at the individual smart battery cell level, the iterative expansion of production capacity for the MagicFETs™ and MagicAFE™ product lines, as well as R&D and market expansion targeting the commercial & industrial energy storage and automotive electronics sectors. Maiju Microelectronics is a domestic semiconductor design company specializing in lithium battery safety management chips and smart cell sensor chip solutions, and has established a comprehensive chip product matrix covering the full voltage range.
"Even Realities" Announces Completion of Pre-B Round Financing
On July 6, "Even Realities" announced the completion of its Pre-B round of financing, raising 150 million US dollars with a post-money valuation exceeding 1 billion US dollars, officially securing its position as a unicorn. This financing round was led by Meituan Dragonball and Meituan Strategic Investment, with Tencent and other existing shareholders participating in over-subscription. Founded less than three years ago, Even Realities has completed multiple rounds of financing, with investors including top-tier institutions such as Sequoia Capital, CDH Investments, Aier Eye Hospital, and Castle Peak Capital. (China Fund News)
Compiled by | Grape