TheHow much is 1 Bitcoin in dollars Hang Seng Index opened lower on Monday and rebounded to 18,946.56 points before weakening again in the morning session. The afternoon session saw further deterioration, with a drop to 18,562.12 points by 14:45 before stabilizing. The index had a daily fluctuation of 384.44 points with a trading volume of 93.503 billion yuan. The Hang Seng Index, the HSI China Enterprises Index, and the Hang Seng Tech Index fell by 2.13%, 2.24%, and 2.18% respectively. Among the three, the HSI China Enterprises Index performed the worst.

The State Council recently reviewed and approved the "Guiding Opinions on Actively and Steadily Promoting the Renovation of Urban Villages in Super-Large and Extra-Large Cities." However, there are concerns that the current policies lack specificity as they do not mention implementation details such as cash compensation, scale, or financial support. Investors also have a pessimistic view of Country Garden Services (6098). Its stock price dropped by 17.849%, making it the largest decliner among constituents of the Hang Seng Index and the CSI Index. Other property stocks also weakened, with Country Garden (2007) and Longfor Group (0960) falling by 8.696% and 8.54% respectively.

The Hang Seng Index fell to its lowest level since July 11th, ending the day with a bearish candlestick and breaking below the 10 SMA and 20 SMA. MACD changed from bullish to bearish, indicating a bearish signal. There were 482 advancing stocks and 1,149 declining stocks throughout the day, indicating overall market weakness.

The Political Bureau of the Communist Party of China Central Committee held a meeting, emphasizing the need to intensify macroeconomic policy regulation, focus on expanding domestic demand, boosting confidence, and preventing risks, continuously promoting sustained improvement in economic performance, continuous enhancement of endogenous driving forces, and continuous improvement in social expectations.

It is mentioned again that we need to actively expand domestic demand and play a fundamental role in driving economic growth through consumer spending. We will achieve this by increasing household income to boost consumption and driving effective supply through end-demand. We will organically combine the strategy of expanding domestic demand with deepening supply-side structural reforms. We will also boost consumption in sectors such as automobiles, electronic products, and home furnishings, and promote service consumption in sports, leisure, culture, and tourism. It is expected that the conference will bring policy incentives to these sectors.

The preliminary reading of the S&P Global July U.S. Composite Purchasing Managers' Index (PMI) fell to 52, reflecting continued growth in U.S. business activity for six consecutive months, but at a slower pace reaching a five-month low, weighed down by a decline in the services sector. The three major U.S. stock indices performed well, with the Dow Jones Industrial Average rising for 11 consecutive trading days, achieving its longest winning streak in over six years.

The nightly session rose more than 500 points, with ADR showing improvement and reclaiming the 19,000 level. It is expected that the Hang Seng Index will open higher and contend at the 19,000 level.

The main business of Tian Gong International (0826) is the production and sale of high-speed steel, high-speed steel cutting tools, mold steel, and titanium alloys.

The group previously announced that its subsidiary, Jiangsu Tiangong Technology, is expected to achieve a net profit attributable to shareholders of approximately 70-90 million yuan in the first half of 2023, with a year-on-year growth of 167.38% - 243.78%. The reason for the profit growth is the establishment of stable supply relationships with major customers in the consumer electronics field and the continued increase in orders for titanium alloy materials, which has significantly boosted the company's revenue and profits.

It is reported that Tian Gong International currently indirectly holds 75.58% equity of Tian Gong Corporation. With the continuous expansion of new customers and the sustained growth in customer demand, the titanium alloy business is expected to become a new growth curve for Tian Gong International, driving the company's performance to continue rapid growth.

The group's stock price has recently performed well and there are indications in the financial technology system. The group's valuation is relatively low compared to peers. If valued at a price-to-earnings ratio of 14, the target price for the group would be 2.83 yuan.

The author is a licensed individual of the Hong Kong Securities and Futures Commission and does not hold the aforementioned shares. The above article represents personal opinions.