PRE-MARKET CHINESE STOCKS NEWS: US is reportedly considering 7.5% tariffs targeting Chinese overcapacity

China Railway Signal & Communication (3969 HK) - Co. H1 (CNY) net fell 12% Y/Y to 1.47bln, rev. fell 4.1% Y/Y to 14.1bln. (Newswires)

Guangzhou R&F Properties (2777 HK) - Co. expects H1 (CNY) net loss of 5.0–5.5bln (prev. loss 4.08bln Y/Y). (Newswires)

Kaisa Group Holdings (1638 HK) - Co. expects H1 (CNY) net loss of 9.5bln (prev. loss 10bln Y/Y). (Newswires)

Luxshare Precision Industry (002475 CH) - Co. expects 9M (CNY) net to rise 15–25% Y/Y to 13.25–14.40bln as its consumer-electronics business continues to benefit from AI-device trends. (Dow Jones Newsplus)

NagaCorp (3918 HK) - Co. H1 (USD) net fell 3.4% Y/Y to 144mln, rev. fell 8.5% Y/Y to 313mln, gross gaming rev. fell 8.4% Y/Y to 304mln. (Newswires)

West China Cement (2233 HK) - Co. H1 (CNY) net 378.8mln (prelim. 374–412mln), rev. 4.53bln (exp. 4.3bln). (Newswires)

WuXi XDC (2268 HK) - Co. H1 (CNY) adjusted net rose 37.7% Y/Y to 1.03bln, rev. 3.70bln (exp. 3.67bln). (Newswires)

Xiaomi (1810 HK) - Co. will reportedly release its 18 Fold and 16 Pro smartphone series in September. (Newswires)

XPENG (9868 HK) - Co. Q2 2026 (CNY) revenue rose 8.0% Y/Y to 19.74bln, vehicle sales rose 1.0% Y/Y to 17.05bln. (Newswires)

PDD Holdings (PDD US) - Temu parent PDD Q2 2026 (CNY) net fell 12% Y/Y to 27.2bln, rev. rose 8% Y/Y to 112.4bln, transaction-services rev. rose 13% Y/Y to 54.7bln and online-marketing services and other rev. rose 3.4% Y/Y to 57.6bln. (Newswires)

US is reportedly considering 7.5% tariffs targeting Chinese overcapacity ahead of the Trump-Xi talks. (Newswires)

China is reportedly willing to strengthen cooperation with the US and properly manage differences. (Newswires)

Tariff proposals floated ahead of bilateral leader talks follow a well-worn pattern: figures surface as negotiating leverage, with the headline rate often framing the opening position rather than the endpoint. Episodes of this kind have tended to produce an initial risk-off move in China-exposed names, auto supply chains and the offshore yuan, followed by partial retracement when follow-up rhetoric from the other side strikes a conciliatory tone, which the parallel Chinese comment on managing differences fits. The distinction worth drawing is between tariffs aimed at overcapacity sectors (steel, solar, EVs, batteries) and broad consumer-goods measures: the former hits a narrow industrial peer set and regional trade flows, the latter feeds the US inflation path and Fed calculus. The actors here have prior form for escalating in public while keeping back-channels open, so the tell is whether the proposal acquires formal process (USTR docket, comment period, statutory authority cited) or remains a floated number. Worth watching next: the composition of any targeted list, the response from Beijing's commerce ministry, and whether the leader talks proceed on schedule. As a reported consideration rather than a signed measure, the signal is directional and reversible.