Investor sentiment: CSI 300 worst month since 2016 + Zhongji drop + HKEX relaxation + Nasdaq $25M rule + New Oriental beat + Laopu Gold crash + US-listed Chinese stocks defensive + HSI rebound + northbound record + national team buying + H1 economic data puzzle + US tariff cap pledge + export slowdown + macro weakness + July PMI contraction + A-share AI frenzy + Yum China upgrade + CWEB surge

CSI 300 down 8.6% in July, worst month since 2016. Zhongji Innolight drops 9.5% on debut. HKEX relaxes listing rules. Nasdaq $25M minimum for China IPOs. New Oriental Q4 beat (+19%). Laopu Gold crashes 23.8%. US-listed Chinese stocks seen as defensive amid Fed policy haze. HSI extends losing streak but $157B rebound. Northbound holdings record 3.13T yuan. National team buying lifts short-term. H1 economic data shows supply-demand disconnect. US tariff cap pledge boosts sentiment. China's U.S.-bound shipments decline in July, factory activity and retail weakness signal domestic slowdown. July PMI contraction (manufacturing 49.2, non-manufacturing 49) adds to slowdown signals; high-tech manufacturing PMI at 53.3 shows divergence. New: A-share AI frenzy lifts ChiNext/STAR 3%. Yum China Q2 beat (revenue +12.6%, EPS beat) with Pizza Hut acquisition catalyst. CWEB +25% on Apple Intelligence deal, $9B weekly inflow.