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On July 19, Tonghuashun (300033.SZ) announced that it expects the net profit attributable to shareholders of the listed company for the first half of 2026 to be between 878 million and 979 million yuan, representing a year-on-year increase of 75%-95%. In the first half of 2026, the demand for financial information services rapidly grew due to factors such as active trading in the capital market. During the reporting period, the company continued to promote the deep integration of artificial intelligence technology with financial information service operations, accelerating the application of large models and AI technology in financial intelligence, data terminals, and user service scenarios. This has continuously improved the intelligence level of products and service capabilities, further optimizing user experience and enhancing the company's core competitiveness. Based on a net profit of 256 million yuan in Q1, the expected net profit for Q2 is estimated to be between 622 million and 723 million yuan, indicating a quarter-on-quarter growth of 143%-182%.

[Tonghuashun: Expected Net Profit Increase of 75%-95% Year-on-Year for First Half of 2026]On July 19, Tonghuashun (300033.SZ) announced that it expects the net profit attributable to shareholders of the listed company for the first half of 2026 to be between 878 million and 979 million yuan, representing a year-on-year increase of 75%-95%. In the first half of 2026, the demand for financial information services rapidly grew due to factors such as active trading in the capital market. During the reporting period, the company continued to promote the deep integration of artificial intelligence technology with financial information service operations, accelerating the application of large models and AI technology in financial intelligence, data terminals, and user service scenarios. This has continuously improved the intelligence level of products and service capabilities, further optimizing user experience and enhancing the company's core competitiveness. Based on a net profit of 256 million yuan in Q1, the expected net profit for Q2 is estimated to be between 622 million and 723 million yuan, indicating a quarter-on-quarter growth of 143%-182%.

Tonghuashun: Expected Net Profit Increase of 75%-95% Year-on-Year for First Half of 2026

According to monitoring by Dongcha Beating, Bloomberg cites informed sources stating that Kimi's Dark Side has sent shareholder resolution documents to investors, seeking approval for a listing in Hong Kong. The notification process has been initiated, with the earliest possible listing within six months. Kimi's Dark Side is also completing a new round of financing, with a valuation that may exceed $30 billion. Its annual recurring revenue (projected for the next 12 months based on current income) reached $300 million in June, up from $200 million in April. The listing preparations began before the release of Kimi K3 and were not a last-minute decision following the model's launch. However, Kimi K3 has indeed amplified market attention. It features 28 trillion parameters, and after its release, both U.S. chip stocks and Hong Kong AI stocks saw a simultaneous decline. Kimi's Dark Side has begun dismantling its red-chip structure and is in discussions with CICC and Goldman Sachs regarding potential underwriting arrangements. The company has not yet responded to inquiries about its IPO plans.

[Latest Valuation of Kimi's Dark Side May Exceed $30 Billion, Hong Kong IPO Disclosure Approaches]According to monitoring by Dongcha Beating, Bloomberg cites informed sources stating that Kimi's Dark Side has sent shareholder resolution documents to investors, seeking approval for a listing in Hong Kong. The notification process has been initiated, with the earliest possible listing within six months. Kimi's Dark Side is also completing a new round of financing, with a valuation that may exceed $30 billion. Its annual recurring revenue (projected for the next 12 months based on current income) reached $300 million in June, up from $200 million in April. The listing preparations began before the release of Kimi K3 and were not a last-minute decision following the model's launch. However, Kimi K3 has indeed amplified market attention. It features 28 trillion parameters, and after its release, both U.S. chip stocks and Hong Kong AI stocks saw a simultaneous decline. Kimi's Dark Side has begun dismantling its red-chip structure and is in discussions with CICC and Goldman Sachs regarding potential underwriting arrangements. The company has not yet responded to inquiries about its IPO plans.

Latest Valuation of Kimi's Dark Side May Exceed $30 Billion, Hong Kong IPO Disclosure Approaches

On July 19, it was announced that the World Cup final between the U.S., Canada, and Mexico will take place at 3 AM on July 20 at the New Jersey Sports Complex in New York. President Trump has confirmed his attendance, and the U.S. has initiated a 'Level One' special security operation. F-16 fighter jets, military snipers, and thousands of FBI agents will be deployed on-site, with temporary flight restrictions and no-fly zone controls implemented in the New York and New Jersey areas. On the day of the event, traffic control will be enforced around the stadium, and fans are required to arrive four hours before the start of the match. Media must complete entry and security checks by 12:30 PM Eastern Time on July 19.

[Trump Confirms Attendance at World Cup Final, U.S. Initiates Highest Level of Security]On July 19, it was announced that the World Cup final between the U.S., Canada, and Mexico will take place at 3 AM on July 20 at the New Jersey Sports Complex in New York. President Trump has confirmed his attendance, and the U.S. has initiated a 'Level One' special security operation. F-16 fighter jets, military snipers, and thousands of FBI agents will be deployed on-site, with temporary flight restrictions and no-fly zone controls implemented in the New York and New Jersey areas. On the day of the event, traffic control will be enforced around the stadium, and fans are required to arrive four hours before the start of the match. Media must complete entry and security checks by 12:30 PM Eastern Time on July 19.

Trump Confirms Attendance at World Cup Final, U.S. Initiates Highest Level of Security

On July 19, the new generation open-source large model Kimi K3 was released by Moon's Dark Side. According to reports, Tesla CEO Elon Musk commented in the evaluation report section, saying, 'Impressive.' Subsequently, on July 18, Musk revealed on the social media platform 'X' that his 2T parameter model will complete its initial training next week, and the new model will significantly outperform the 1.5T version. He also mentioned that this model may be able to surpass Kimi.

[Musk Claims His 2T Model May Surpass Kimi, Initial Training to Complete Next Week]On July 19, the new generation open-source large model Kimi K3 was released by Moon's Dark Side. According to reports, Tesla CEO Elon Musk commented in the evaluation report section, saying, 'Impressive.' Subsequently, on July 18, Musk revealed on the social media platform 'X' that his 2T parameter model will complete its initial training next week, and the new model will significantly outperform the 1.5T version. He also mentioned that this model may be able to surpass Kimi.

Musk Claims His 2T Model May Surpass Kimi, Initial Training to Complete Next Week

On July 19, analyst Darkfost stated that Bitcoin is currently forming a significant support zone between $59,000 and $70,000, which is one of the most densely defended price ranges in Bitcoin's history. Notably, 50% of Bitcoin's total circulating supply has changed hands above $59,000, and this percentage would be even higher if we exclude the millions of BTC that are widely considered permanently lost. This area is witnessing a tug-of-war between bulls and bears. Currently, the short-term holder group is notably active, with a divergence emerging between capitulation and accumulation behaviors. Many Bitcoin indicators are now in extreme sell or pessimistic territories, making it difficult to accurately determine the absolute bottom price, while a bottom structure is currently being formed.

[Analysis: 50% of BTC Circulating Supply Has Changed Hands Above $59,000, Bottom Structure is Forming]On July 19, analyst Darkfost stated that Bitcoin is currently forming a significant support zone between $59,000 and $70,000, which is one of the most densely defended price ranges in Bitcoin's history. Notably, 50% of Bitcoin's total circulating supply has changed hands above $59,000, and this percentage would be even higher if we exclude the millions of BTC that are widely considered permanently lost. This area is witnessing a tug-of-war between bulls and bears. Currently, the short-term holder group is notably active, with a divergence emerging between capitulation and accumulation behaviors. Many Bitcoin indicators are now in extreme sell or pessimistic territories, making it difficult to accurately determine the absolute bottom price, while a bottom structure is currently being formed.

Analysis: 50% of BTC Circulating Supply Has Changed Hands Above $59,000, Bottom Structure is Forming

Just now, Alibaba officially launched the personal edition of the Token Plan, allowing users to get an early experience of Qwen3.8-Max-Preview. Qwen3.8-Max has a parameter count of 2.4T, demonstrating outstanding performance in scenarios such as code engineering and professional office work, making it potentially the most powerful model after Fable 5. The official version will be released and open-sourced soon. The Token Plan offers limited-time discounts: Personal Edition: Lite at 39 yuan/month (35% off), Standard at 139 yuan/month (23% off), Pro at 499 yuan/month (17% off). Team Edition: Standard seat at 150 yuan/seat/month (24% off), Premium seat at 550 yuan/seat/month (21% off), Exclusive seat at 1398 yuan/seat/month. Limited-time promotion for Qwen3.8-Max-Preview: Daytime credits consumption at 10% off, with an additional 20% off for personal edition Token Plan at night. In addition to the Token Plan, Qoder and QoderWork also support Qwen3.8-Max-Preview, and Qianwen PC users can experience it for free. (Wall Street Journal)

[Release of Alibaba Token Plan Personal Edition with Qwen3.8-Max Preview]Just now, Alibaba officially launched the personal edition of the Token Plan, allowing users to get an early experience of Qwen3.8-Max-Preview. Qwen3.8-Max has a parameter count of 2.4T, demonstrating outstanding performance in scenarios such as code engineering and professional office work, making it potentially the most powerful model after Fable 5. The official version will be released and open-sourced soon. The Token Plan offers limited-time discounts: Personal Edition: Lite at 39 yuan/month (35% off), Standard at 139 yuan/month (23% off), Pro at 499 yuan/month (17% off). Team Edition: Standard seat at 150 yuan/seat/month (24% off), Premium seat at 550 yuan/seat/month (21% off), Exclusive seat at 1398 yuan/seat/month. Limited-time promotion for Qwen3.8-Max-Preview: Daytime credits consumption at 10% off, with an additional 20% off for personal edition Token Plan at night. In addition to the Token Plan, Qoder and QoderWork also support Qwen3.8-Max-Preview, and Qianwen PC users can experience it for free. (Wall Street Journal)

Release of Alibaba Token Plan Personal Edition with Qwen3.8-Max Preview

According to market news, the official version of DeepSeek V4 is expected to be released as soon as tomorrow. Currently, some individuals have already gained early access to the gray testing of DeepSeek V4 (GA). There are two versions in total: DeepSeek V4 Flash and DeepSeek V4 Pro. Blogger AiBattle provided a 'verification mantra': look at the first-person perspective of the thought chain (CoT). If the model's thought process starts with 'I'm' or 'I'll', rather than the older version's 'Let me', it indicates a significant upgrade. Its performance is close to Opus 4.8, with encoding nearly matching GPT-5.6Sol, but at a lower price. The API introduces peak and off-peak billing, with peak prices doubling and cache hit rates being extremely low. While performance may not be the absolute best, the pricing remains aggressive, bringing Opus-level capabilities down to one-seventh the cost. (Source: New Intelligence)

[DeepSeek V4 'Full Version' Exposed, Expected Release Tomorrow]According to market news, the official version of DeepSeek V4 is expected to be released as soon as tomorrow. Currently, some individuals have already gained early access to the gray testing of DeepSeek V4 (GA). There are two versions in total: DeepSeek V4 Flash and DeepSeek V4 Pro. Blogger AiBattle provided a 'verification mantra': look at the first-person perspective of the thought chain (CoT). If the model's thought process starts with 'I'm' or 'I'll', rather than the older version's 'Let me', it indicates a significant upgrade. Its performance is close to Opus 4.8, with encoding nearly matching GPT-5.6Sol, but at a lower price. The API introduces peak and off-peak billing, with peak prices doubling and cache hit rates being extremely low. While performance may not be the absolute best, the pricing remains aggressive, bringing Opus-level capabilities down to one-seventh the cost. (Source: New Intelligence)

DeepSeek V4 'Full Version' Exposed, Expected Release Tomorrow

Kim Yong-bum, head of the policy office at the South Korean presidential office, stated in an interview with KBS today that the government will study additional measures to improve the single stock leverage ETFs that have recently sparked controversy and market volatility. However, it is practically difficult to implement delisting measures. Currently, the scale of single stock leverage ETFs has exceeded 10 trillion won, and investors are already participating in trading. A forced delisting would 'itself cause a huge shock to the market,' making it unrealistic. These products were launched after thorough discussions and not only meet investment demands but also aim to attract capital back to the Korean market from overseas, rather than being a policy mistake. Kim pointed out that these products carry structural risks and still need further optimization, particularly in managing the 'deviation rate' between the ETF and the underlying asset prices. During rapid market fluctuations, leverage ETFs may concentrate trading to maintain target multiples, leading to increased selling pressure in a short period. Regulatory authorities, asset management companies, and securities firms need to further discuss how to reduce the impact of these products on the market during specific periods, including whether to limit adjustments to within 30 minutes, whether to extend adjustment times, and whether to manage risks through other derivative methods.

[South Korea's Single Stock Leverage ETF Exceeds 10 Trillion Won, Delisting Measures Difficult to Implement]Kim Yong-bum, head of the policy office at the South Korean presidential office, stated in an interview with KBS today that the government will study additional measures to improve the single stock leverage ETFs that have recently sparked controversy and market volatility. However, it is practically difficult to implement delisting measures. Currently, the scale of single stock leverage ETFs has exceeded 10 trillion won, and investors are already participating in trading. A forced delisting would 'itself cause a huge shock to the market,' making it unrealistic. These products were launched after thorough discussions and not only meet investment demands but also aim to attract capital back to the Korean market from overseas, rather than being a policy mistake. Kim pointed out that these products carry structural risks and still need further optimization, particularly in managing the 'deviation rate' between the ETF and the underlying asset prices. During rapid market fluctuations, leverage ETFs may concentrate trading to maintain target multiples, leading to increased selling pressure in a short period. Regulatory authorities, asset management companies, and securities firms need to further discuss how to reduce the impact of these products on the market during specific periods, including whether to limit adjustments to within 30 minutes, whether to extend adjustment times, and whether to manage risks through other derivative methods.

South Korea's Single Stock Leverage ETF Exceeds 10 Trillion Won, Delisting Measures Difficult to Implement

On July 19, the World Cup final between the U.S., Canada, and Mexico will take place at 3 AM on July 20 at MetLife Stadium in New Jersey. President Trump has confirmed his attendance, and the U.S. has initiated a 'Level One' special security operation. F-16 fighter jets, military snipers, and thousands of FBI agents will be deployed at the venue, with temporary flight restrictions and no-fly zone controls implemented in the New York and New Jersey areas. On the day of the event, traffic will be controlled around the stadium, and fans are required to arrive four hours before the match starts. Media must complete entry and security checks by 12:30 PM Eastern Time on July 19.

[Trump Confirms Attendance at World Cup Final, U.S. Initiates Highest Level of Security]On July 19, the World Cup final between the U.S., Canada, and Mexico will take place at 3 AM on July 20 at MetLife Stadium in New Jersey. President Trump has confirmed his attendance, and the U.S. has initiated a 'Level One' special security operation. F-16 fighter jets, military snipers, and thousands of FBI agents will be deployed at the venue, with temporary flight restrictions and no-fly zone controls implemented in the New York and New Jersey areas. On the day of the event, traffic will be controlled around the stadium, and fans are required to arrive four hours before the match starts. Media must complete entry and security checks by 12:30 PM Eastern Time on July 19.

On July 18, the global semiconductor sector continued to weaken this week, with Japan's semiconductor leader Kioxia experiencing a single-day drop of 16%, accumulating a nearly 50% decline from its peak a month ago. Meanwhile, stocks in Japan's chip supply chain, including Ibiden, Tokyo Electron, and Sumitomo Metal Mining, generally fell between 8% and 10%. In the U.S. market, the Philadelphia Semiconductor Index (SOX) has retreated about 21% from its historical high on June 22, officially entering a technical bear market. Despite TSMC's earlier announcement of better-than-expected earnings and an upward revision of its performance guidance, its stock still dropped 7%, indicating continued pressure on market sentiment. Reports suggest that several institutions believe this round of adjustments in the semiconductor sector is more due to high crowded positions and profit-taking rather than a deterioration in the industry's fundamentals. Additionally, Citigroup data shows that this week, semiconductor-related ETFs in South Korea and Taiwan saw net inflows of approximately $6.4 billion and $2.8 billion, respectively, while the South Korean stock market recorded about $500 million in foreign net inflows, indicating that some funds have begun to position themselves at lower prices.

[Kioxia's Stock Price Halves in a Month Amid Ongoing Pressure on Global Semiconductor Sector]On July 18, the global semiconductor sector continued to weaken this week, with Japan's semiconductor leader Kioxia experiencing a single-day drop of 16%, accumulating a nearly 50% decline from its peak a month ago. Meanwhile, stocks in Japan's chip supply chain, including Ibiden, Tokyo Electron, and Sumitomo Metal Mining, generally fell between 8% and 10%. In the U.S. market, the Philadelphia Semiconductor Index (SOX) has retreated about 21% from its historical high on June 22, officially entering a technical bear market. Despite TSMC's earlier announcement of better-than-expected earnings and an upward revision of its performance guidance, its stock still dropped 7%, indicating continued pressure on market sentiment. Reports suggest that several institutions believe this round of adjustments in the semiconductor sector is more due to high crowded positions and profit-taking rather than a deterioration in the industry's fundamentals. Additionally, Citigroup data shows that this week, semiconductor-related ETFs in South Korea and Taiwan saw net inflows of approximately $6.4 billion and $2.8 billion, respectively, while the South Korean stock market recorded about $500 million in foreign net inflows, indicating that some funds have begun to position themselves at lower prices.

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Kioxia's Stock Price Halves in a Month Amid Ongoing Pressure on Global Semiconductor Sector

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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