PRE-MARKET CHINESE STOCKS NEWS: Alibaba's Qwen reached more than 3bln global downloads during the last six months; Chinese activity data is scheduled today at a revised time of 15:00 local time (08:00BST/03:00EDT)
Alibaba (9988 HK) - Co. open-weight models reached more than 3bln global downloads during the last six months, making Qwen the world’s number one AI model. (Newswires)
Central China Real Estate (832 HK) - Co. July (CNY) contracted property sales fell 10% Y/Y to 467mln. (Newswires)
China Communications Construction (1800 HK) - Co. H1 (CNY) new contract value fell 8.9% Y/Y to 903bln. (Newswires)
Datang Renewables (1798 HK) - Co. July power generation fell 11.3% Y/Y to 2.13TWh. (Newswires)
Guangzhou R&F Properties (2777 HK) - Co. July (CNY) contracted sales 683mln (prev. 1.03bln Y/Y). (Newswires)
Insilico Medicine (3696 HK) - Co. is to be added to the MSCI Global Small Cap Indexes. (Newswires)
Metallurgical Corporation of China (1618 HK) - Co. July YTD (CNY) new contracts 447.5bln (prev. 611.3bln Y/Y). (Newswires)
Ping An Bank (000001 CH) - Co. H1 (CNY) net 25.7bln (prev. 24.9bln Y/Y), net interest income fell 0.5% Y/Y to 44.3bln. (Newswires)
Sands China (1928 HK) - Co. H1 (USD) net 398mln (prev. 413mln Y/Y), rev. 3.88bln (prev. 3.49bln Y/Y). (Newswires)
SenseTime (20 HK) - Co. guides H1 (CNY) net profit of 500-700mln (prev. loss 1.49bln Y/Y). (Newswires)
Shanghai International Airport (600009 CH) - Co. July Hongqiao passenger throughput rose 4.9% Y/Y to 4.4mln, while cargo throughput fell 0.9% Y/Y to 35k tonnes. (Newswires)
Spring Airlines (601021 CH) - Co. July load factor rose 1.5ppts Y/Y to 93.3%, passenger traffic rose 9.7% Y/Y and capacity rose 8.0% Y/Y. (Newswires)
Zijin Gold (2259 HK) - Co. H1 (USD) net 1.45bln (prev. 520.0mln Y/Y), rev. 3.99bln (prev. 2.00bln Y/Y), with higher international gold prices supporting results; Co. expects gold prices to remain elevated and volatile in H2. (Dow Jones Newsplus)
Travel - Hong Kong air passenger traffic rose 11.7% Y/Y, according to Financial Secretary Chan.
Other News
China is speeding up establishing rules for recycling and reusing wind and solar equipment, while it aims to set up a closed-loop system for waste from the industry before 2030.
China revised the release time for July economic data to 15:00 local time (08:00BST/03:00EDT) on Monday, while the State Council Information Office will hold a briefing on the data at the same time.
Data Recap
- Chinese New Yuan Loans (CNY)(Jul) -340B vs. Exp. 45B (Prev. 1610B)
- Chinese Aggregate Financing (CNY)(Jul) 1410B vs. Exp. 1200B (Prev. 3360B)
- Chinese M2 Money Supply (Jul YY) 7.7% vs. Exp. 7.9% (Prev. 8.0%)
The centre of gravity here is the revised timing of the July activity dump, with retail sales, industrial production and fixed-asset investment now landing alongside a State Council briefing rather than on the standard schedule. Timing shifts of this kind in Chinese data have historically drawn attention because they alter the sequencing for offshore desks and pair the prints with official commentary, which tends to frame rather than follow the numbers. The credit recap that preceded it fits the established seasonal pattern: July lending typically collapses after the June quarter-end push, so negative new yuan loans against a modest positive expectation reads as an amplified version of a known seasonal trough rather than a clean signal, though aggregate financing holding above expectations points to government bond issuance doing the lifting, a composition that has recurred when private credit demand is soft. The corporate tape underneath is consistent with that split: property developers and construction names still contracting, while airlines, gold miners and Macau gaming carry the recovery, a divergence between the old and consumption-adjacent economies that has persisted across recent cycles. Worth noting is that the Qwen download milestone is a positioning datapoint in the AI capex narrative rather than an earnings item. The tells are whether the activity prints confirm the credit data's softness in property-linked investment and whether the briefing signals any policy response in the usual follow-on windows.