Chinese Concept Stocks | Nasdaq Golden Dragon Index Rises as Alibaba, Pinduoduo Lead Gains

On July 23rd, Eastern Time (Wednesday), the three major U.S. stock indexes collectively closed higher, with the S&P 500 index up 0.78% at 6,358.91 points, the Dow Jones index up 1.14% at 45,010.29 points, and the Nasdaq index up 0.61% at 21,020.02 points.

On July 23rd, the Nasdaq Golden Dragon China Index rose by 0.75%.

Among popular Chinese stocks, Pinduoduo increased by 2.97%, TSMC rose by 2.52%, Alibaba went up by 1.57%, Bilibili gained 1.25%, NetEase rose by 0.77%, Baidu increased by 0.68%, JD.com was up by 0.15%, NIO fell by 2.10%, and XPeng Motors decreased by 0.11%.

In terms of continuously rising Chinese stocks, Star Fashion increased by 1.71% for 9 consecutive days with a cumulative increase of 37.98%. Pinduoduo rose by 2.97% for 7 consecutive days with a cumulative gain of 15.67%. iQIYI increased by 4.52% for 7 consecutive days with a cumulative gain of 16.20%. Pop Culture rose by 7.79% for 7 consecutive days with a cumulative gain of 38.33%. Jianzhi Education increased by 1.08% for 7 consecutive days with a cumulative gain of 16.76%.

Regarding continuously declining Chinese stocks, Golden Sun Education fell by 6.43% for 9 consecutive days with a cumulative decrease of 56.99%. Advanced Biomed decreased by 2.61% for 7 consecutive days with a cumulative decrease of 22.50%. Yatsen Holding fell by 0.53% for 5 consecutive days with a cumulative decrease of 14.78%. Qutoutiao decreased by 2.67% for 5 consecutive days with a cumulative decrease of 12.99%. Sunlands Technology fell by 0.48% for 5 consecutive days with a cumulative decrease of 26.24%. Bit Mining decreased by 2.25% for 5 consecutive days with a cumulative decrease of 20.78%. BTC Digital fell by 2.54% for 5 consecutive days with a cumulative decrease of 11.53%.

On July 23, it was reported that the latest AI programming model Qwen3-Coder API has been launched on Alibaba Cloud, with the lowest input and output prices per million tokens being 4 yuan and 16 yuan respectively, which is one-third of Claude 4's average price.

Regarding the recent "food delivery battle," on July 23, it was reported that the Shanghai market regulatory department had a discussion with platforms such as Ele.me. The platforms implemented three rectifications: fully removing "zero-cost purchase" promotions, significantly reducing the scope of free order marketing, and establishing a special task force to strengthen activity monitoring, price control, and rider rights protection, while enhancing social supervision and information transparency. The Shanghai market regulatory bureau clarified that they only sought to understand the situation. The newly revised Anti-Unfair Competition Law will be officially implemented on October 15. To ensure its effective implementation, the Shanghai market regulatory bureau has conducted legal publicity work for relevant platform companies, urging them to actively self-examine and prevent unfair competition, creating a fair and orderly business environment.

Yuekang Pharmaceutical announced that its subsidiary, Yuekang Sci-tech, recently received a Study May Proceed Letter from the U.S. FDA, approving the clinical trial of YKYY029 injection for the treatment of hypertension. YKYY029 is an siRNA drug targeting the AGT gene, developed independently by Yuekang Sci-tech and its wholly-owned subsidiary Hangzhou Tianlong Pharmaceutical Co., Ltd. The company enjoys global exclusive rights to the drug.

Since the Ministry of Industry and Information Technology opened the "Key Automotive Companies Commitment to Payment Terms Online Issue (Suggestion) Feedback Window" on July 9, several car companies have adjusted supplier payment terms. On July 23, it was reported that Li Auto has adjusted its supplier payment terms to 60 days. Li Auto confirmed to reporters that the company completed the adjustment for all direct suppliers by mid-July, with contract terms set at 60 days, paid monthly in two batch payments. The majority of settlements are made via wire transfer, with only a few using bank acceptance. A supplier stated that "Li Auto's payment term changed to 60 days, with direct cash payment, no acceptance."

According to data from Maoyan Professional Edition, the movie "Litchi in Chang'an" surpassed 300 million in total box office revenue in its first six days of release.

Li Xunlei recently expressed the view that, unlike the supply-side structural reform ten years ago, the current "anti-involution" is under the framework of building a unified national market, strengthening industry governance, and promoting the orderly exit of backward production capacity through market-oriented thinking and legal concepts, emphasizing fair competition and market order. Ten years ago, the real estate market was still in an upward cycle, and the negative effects of supply contraction could be offset by "monetization of shantytown renovation" and "price increases to reduce inventory." At that time, high-end consumption was also booming. Currently, there is pressure from the long-term downward cycle of real estate and declining consumer demand. This round of "anti-involution" is not a stormy one, more aimed at avoiding blind local investment and repeated investment leading to more serious overcapacity. However, as demand insufficiency is a structural problem formed over the long term, it cannot be solved by anti-involution alone. Currently, market expectations for "anti-involution" are too high, with some commodity prices rising excessively, indicating signs of over-speculation.

Taobao Flash Sale officially clarified rumors: The recent "Taobao Flash Sale Expert Interview" circulating is fabricated, and the alleged operational strategies, business goals, and related data are false information. They remind industry researchers and investors to discern and avoid misjudgment. Taobao Flash Sale states that they have never set a so-called "order target," and all business rhythms follow normal commercial rules, advancing steadily based on respecting user needs and supporting merchant development. Taobao Flash Sale has officially sent a letter to relevant social media platforms requesting the removal of false information and is collecting evidence according to law, reserving the right to pursue legal responsibility for those fabricating and spreading false information.