Real-time News

On August 21, the Shanghai Municipal Government held a press conference to interpret the "15th Five-Year Plan for the Development of the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone." Tang Hao, Deputy Director of the Lingang New Area Management Committee, stated that the plan aims to achieve 100 billion yuan in bonded maintenance import and export volume and 50 billion US dollars in offshore entrepot trade volume by the end of the 15th Five-Year Plan period. It will also pioneer offshore financial pilot programs, iterate and expand the negative list and operational guidelines for cross-border data, build a global shipping hub, and create an international shipping green energy bunkering center.

Jefferies: Raises its target price for Alibaba (09988.HK) from $185 to $190.

Traders: The Reserve Bank of India may be selling dollars to protect the rupee.

August 21 – As US-Iran peace talks remain stalled and the security situation in the Middle East deteriorates, shipping traffic in the Strait of Hormuz decreased on Thursday compared to the previous day. Preliminary data from ship tracking company Kpler showed that seven cargo ships passed through the Strait of Hormuz on Thursday, down from 14 on Wednesday; four entered the strait, and three left. Data showed that no Very Large Crude Carriers (VLCCs) or liquefied natural gas (LNG) carriers passed through this narrow sea passage on Thursday. However, a VLCC carrying propane and butane exited the strait via the Iranian route.

On August 21, Liao Min, Vice Minister of Finance, stated at a press conference held by the State Council Information Office that as of the end of July, 2.4 trillion yuan of new special bonds for 2026 had been issued nationwide, supporting 18,000 construction projects.

On August 21, Liao Min, Vice Minister of Finance, stated at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that in the second half of the year, fiscal policy will continue to focus on accelerating the use of funds, intensifying efforts to expand domestic demand, and strengthening fiscal reform and management. Regarding incremental policies, the Ministry of Finance will promptly plan and introduce practical and effective incremental policies based on the macroeconomic situation in the second half of the year to provide strong support for achieving effective qualitative improvement and reasonable quantitative growth of the economy.

Oppenheimer raised its price target for Marwell Technology (MRVL.O) from $250 to $300.

On August 21, the Ministry of Finance issued a notice on further improving fiscal and financial coordination policies to boost domestic demand. The notice stipulates that the annual maximum amount of interest subsidies for loans to small and micro enterprises that a single borrower can receive from a single lending institution will be increased from 50 million yuan to 75 million yuan. The annual maximum amount of interest subsidies for loans to service industry operators that a single borrower can receive from a single lending institution will be increased from 10 million yuan to 20 million yuan. The annual maximum cumulative interest subsidy for personal consumer loans and credit card installment payments that each borrower can receive from a single lending institution will be increased from 3,000 yuan to 5,000 yuan.

The Ministry of Finance announced that the scope of agencies handling the loan interest subsidy policy for small and micro enterprises and the loan interest subsidy policy for service industry operators will be expanded to 21 national banks and city commercial banks, rural cooperative financial institutions, private banks and foreign banks with a financial regulatory rating of 3A or above.

On August 21, Liao Min, Vice Minister of Finance, introduced that this year, the Ministry of Finance, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Commerce, the General Administration of Customs, the State Taxation Administration, and the State Administration for Market Regulation, has established a nationally unified negative list management mechanism for local government subsidies. This mechanism clearly defines the specific circumstances of illegal subsidies, resolutely prevents the increase of illegal subsidies, and classifies and standardizes the existing stock of illegal subsidies.

Royal Bank of Canada: Lowered its target price for Walmart (WMT.N) from $137 to $131.

On August 21, Liao Min, Vice Minister of Finance, stated that the implementation of the comprehensive policy package, launched more than six months ago, has progressed as expected, and its effectiveness is gradually becoming apparent. Approximately 113 million residents and 6.22 million enterprises have received policy support. From January to July this year, through six policy tools, including interest subsidies for loans to small and micro enterprises, equipment upgrade loans, service industry operators' loans, and personal consumption loans, a total of over 20 trillion yuan in new loans have been issued in related fields, an increase of over 880 billion yuan, or 4.5%, compared to the same period last year. This has benefited not only traditional industries such as agriculture, forestry, animal husbandry, fisheries, culture, tourism, and health, but also emerging and future industries such as high-end equipment manufacturing, artificial intelligence, green and low-carbon technologies, and bio-manufacturing. In addition, the two consumption-boosting policies have cumulatively supported residents' consumption by approximately 1.88 trillion yuan. They have empowered service industry operators from the supply side, comprehensively supporting service consumption sectors such as catering, accommodation, culture and entertainment, and health and elderly care, and increasing the supply of high-quality services. They have also enhanced residents' consumption capacity from the demand side, working in tandem with other consumption-boosting policies such as consumption subsidies, trade-in programs, and prize-winning invoices to effectively support the daily consumption of the general public.

JPMorgan Chase raised its price target for Moderna (MRNA.O) from $40 to $77.

Citigroup lowered its target price for Pop Mart (09992.HK) from HK$263 to HK$198.

The European-Mediterranean Seismological Centre reported that a 4.3-magnitude earthquake struck the Flores region of Indonesia at a depth of 10.0 kilometers.

On August 21, HSBC issued a report lowering its target price for Pop Mart (09992.HK) by 19% to HK$136.5 from HK$168.9, while maintaining a "Hold" rating. The main reason for the downward revision of its earnings per share forecast was the disappointing first-half results. HSBC stated that the bank's previous downgrade to "Hold" was due to the limited earnings visibility after adjustments for Labubu's intellectual property products. Second-quarter revenue in 2026 was lower than the bank's expectations, with overseas markets experiencing a larger-than-expected decline compared to the previous quarter. Following the 2026 forecast adjustment, HSBC maintained its 2026 and 2028 revenue/earnings CAGR forecasts for Pop Mart at 16% and 20% respectively, but lowered its 2027 and 2028 earnings forecasts by 16% and 18% respectively. The bank's current earnings forecasts for 2026 and 2027 are 27% and 23% lower than the market consensus, respectively.

On August 21, at a press conference held by the State Council Information Office, Liao Min, Vice Minister of Finance, stated that during the 15th Five-Year Plan period, the Ministry of Finance will place greater emphasis on improving the effectiveness and precision of fiscal macro-control. Focusing on the policy objectives of stabilizing growth, employment, and expectations, the Ministry will increase counter-cyclical and cross-cyclical adjustments. While maintaining the necessary deficit size and expenditure intensity, it will also strive to optimize the expenditure structure and concentrate financial resources to ensure the fulfillment of major national strategic tasks. We will further focus on investing in people, reasonably increasing the proportion of public service expenditures in fiscal expenditures, particularly expanding development space by meeting people's livelihood needs.