Key Events Next Week: ECB Interest Rate Decision; Earnings from Alphabet, Tesla, IBM, Intel, and CATL

Overview of Key Financial Events for the Week of July 19 - July 27 (All times in Beijing Time):

Key Focus for Next Week:

In terms of monetary policy, the ECB interest rate decision is the week's primary macro anchor. The market widely expects the ECB to hold rates steady. Subsequently, attention should be paid to President Lagarde's press conference for her latest remarks on the inflation trajectory.

Earnings season reaches its peak, with dual validation from tech and new energy sectors. Four US stock giants—Alphabet, Tesla, Intel, and IBM—will disclose their results concurrently, comprehensively testing AI computing demand, autonomous driving progress, and the recovery of traditional chips. CATL's earnings report serves as a core bellwether for China's new energy industry chain.

AI industry catalysts are landing intensively. AMD's "Advancing AI" conference will be held, where Lisa Su's speech may bring updates on new products and roadmaps. The official version of DeepSeek V4 is scheduled for release during the week. Coupled with the closing of WAIC, the domestic AI narrative is expected to see a new round of resonance. Additionally, the International Low-Altitude Economy Expo will be held in Shanghai. This is the first large-scale industry exhibition since the low-altitude economy was included in the "15th Five-Year Plan" and the new "Civil Aviation Law" came into effect on July 1.

Furthermore, a major domestic meeting in China is expected to be held in late July. Andy Burnham is expected to be officially sworn in as Prime Minister on July 20, becoming the seventh UK Prime Minister since the 2016 Brexit referendum. On the same day, Spain and Argentina will face off in the World Cup Final in New Jersey to determine the 2026 world champion. South Korea will release its export data for the first 20 days of July on July 21, providing early signals for global semiconductor and trade sentiment.

Economic Indicators

• ECB Interest Rate Decision

The European Central Bank will announce its interest rate decision on July 23, followed by a monetary policy press conference by ECB President Lagarde. The market widely expects interest rates to remain unchanged this time. Bloomberg Industry Research points out that the slowdown in Eurozone inflation in June has eliminated the need for an emergency rate hike, but high commodity prices make a rate hike in September still possible.

Additionally, the central banks of Russia, South Africa, Turkey, and Indonesia will also announce their latest interest rate decisions next week.

• China LPR

China's latest Loan Prime Rate (LPR) data will be released on July 20. As of June this year, China's LPR has remained unchanged for the 13th consecutive month, with the LPR for loans over five years maintained at 3.5% and the one-year LPR at 3%.

• Japan June CPI, South Korea Imports/Exports and GDP, US S&P Global Manufacturing PMI

Japan will release its nationwide CPI data for June on July 24. The market expects the core CPI to rise by 1.5% year-on-year, up from the previous value of 1.4%, mainly driven by rising energy prices. South Korea will release its export data for the first 20 days of July on July 21, and the preliminary Q2 GDP figures on July 23. Bloomberg Industry Research expects GDP to grow by 0.4% quarter-on-quarter, a significant slowdown from the previous value of 1.8%. Despite strong demand for AI semiconductors, capacity constraints have suppressed chip export volumes. Additionally, the US will release the preliminary S&P Global Manufacturing PMI for July on July 24, providing an early observation of the month's economic conditions.

Earnings: Alphabet, Tesla, IBM, Texas Instruments, Intel, CATL

Alphabet, Tesla, IBM, and Texas Instruments will release their latest earnings after the US market close on July 22, Intel will report after the close on July 23, and domestically, CATL will release its earnings on July 24. Market focus is centered on Alphabet Cloud's growth speed and AI monetization, Tesla's gross margin repair, Intel's foundry business progress, and CATL's profitability amidst overseas expansion.

Recently, IBM's board of directors proactively chose to disclose Q2 performance warnings early, with the CEO publicly admitting, "We made mistakes this quarter," causing the company's stock price to plummet by 25% on the day. Evercore ISI analysts believe that whether the full-year guidance is further lowered will determine whether the software sector encounters a second wave of selling.

• Summary of Conference Call Times for Alphabet, Tesla, IBM, and Texas Instruments

Intel's Q2 earnings will be released after the US market close on July 23, with the conference call at 5:00 AM Beijing Time on July 24.

IBM's Q2 earnings will be released after the US market close on July 22 (5:00 AM Beijing Time on July 23). Conference calls are generally held half an hour after the earnings release.

Texas Instruments' Q2 earnings will be released after the US market close on July 22, with the conference call at 4:30 AM Beijing Time on July 23.

Tesla's Q2 earnings will be released after the US market close on July 22, with the conference call scheduled for 5:30 AM Beijing Time on July 23.

Alphabet's Q2 earnings will be released after the US market close on July 22, with the conference call scheduled for 4:30 AM Beijing Time on July 23.

• Domestic A-share and H-share companies such as CATL and Hikvision will release earnings

Financial Events

• Politburo Meeting usually held in late July (Tentative Event)

The July Politburo meeting is generally held in late July. Tianfeng Securities expects that the July Politburo meeting may set the tone for implementing more active fiscal policies and moderately loose monetary policies, further strengthening the synergistic effects of monetary and fiscal policies, focusing on "domestic priorities" to cope with the potential impacts of subsequent "Trump uncertainty" and escalating overseas geopolitical risks, striving to start the "15th Five-Year Plan" well.

• DeepSeek V4 Official Version Scheduled for Mid-July Release (Week-long Event)

On June 29, the DeepSeek team announced that the official version of DeepSeek V4 is planned for release in mid-July, simultaneously introducing a peak-and-valley pricing strategy. From 09:00-12:00 and 14:00-18:00 daily are peak hours, during which API prices double, while off-peak periods maintain current prices.

• Changxin Technology Expected to List in Late July

Changxin Technology conducted its IPO subscription on July 16 and is expected to officially list on the STAR Market in late July.

• AMD Advancing AI Conference, CEO Lisa Su to Deliver Speech

The 2026 AMD Advancing AI Conference will be held in San Francisco, USA, from July 22 to 23. CEO Lisa Su will deliver the keynote speech at 00:30 AM Beijing Time on July 24. This conference mainly focuses on AI infrastructure and the development ecosystem. Highly anticipated content during the conference includes detailed information on the Zen 6 processor architecture and new generation AI products.

• 2026 International Low-Altitude Economy Expo Held from July 22-25

The 2026 International Low-Altitude Economy Expo will be held in Shanghai from July 22-25. This is the first large-scale industry exhibition since the low-altitude economy was included in the "15th Five-Year Plan" and the new "Civil Aviation Law" came into effect on July 1. In the eVTOL sector, star enterprises such as Volant Aeromobile, Shishi Technology, AutoFlight, Fengfei Aviation, and Yufeng Future will debut multiple real eVTOL aircraft for the first time. In the drone sector, leading companies such as DJI Enterprise Applications, Meituan Drone, and Fengyi Technology will exhibit centrally.

• WAIC World Artificial Intelligence Conference · Closing Day

The 2026 World Artificial Intelligence Conference (WAIC 2026) and the High-Level Meeting on Global Governance of Artificial Intelligence will be held in Shanghai from July 17-20. The core agenda for the closing day on July 20 includes: 09:00-10:00 WAIC Thinkers Forum featuring Kai-Fu Lee; 09:00-12:00 NetEase Smart Enterprise Forum on Building New Intelligent Productivity for Enterprises with Trustworthy AI, among others.

• Shanghai Nuclear Energy Sustainable Development Conference, 2026 China Automotive Forum

The 2026 Shanghai Nuclear Energy Sustainable Development Conference will be held from July 22 to 24 at the National Exhibition and Convention Center (Shanghai). The 2026 China Automotive Forum will be held from July 21 to 23 in Jiading, Shanghai.

• World Cup Final

The 2026 World Cup Final will be held on July 19 (3:00 AM Beijing Time on July 20) at MetLife Stadium in New York, USA. Spain and Argentina will face off in the World Cup Final in New Jersey to determine the 2026 world champion.

• Burnham Locked in as UK Prime Minister, Expected to Take Office on July 20

Citing British media reports on July 13, CCTV International News reported that UK House of Commons member Andy Burnham has received nomination support from 349 Labour Party MPs, effectively securing the position of Labour Party leader, and is expected to succeed as UK Prime Minister on July 20.

• Trump to Attend White House Correspondents' Dinner

US President Trump stated that the White House Correspondents' Dinner has been rescheduled to July 24. He has accepted the invitation and plans to attend the event.

• "Gravity-1" Carrier Rocket Expected to Launch at Sea on July 22

According to Securities Times, the "Gravity-1" Y4 carrier rocket, expected to leave the assembly plant at Haiyang Oriental Spaceport on July 22, will board the "Oriental Spaceport" launch vessel to execute a sea-based satellite launch mission in the eastern sea area of Shanghai.

• Samsung Galaxy Global New Product Launch

Samsung Electronics will release the new Galaxy Watch on July 22.

• Dobot Tech ChiNext IPO to Be Reviewed on July 22

According to disclosures on the Shenzhen Stock Exchange website, the Listing Review Committee of the Shenzhen Stock Exchange is scheduled to hold its 45th review meeting of 2026 on July 22, at which time it will review the initial public offering matters of Shenzhen Dobot Technology Co., Ltd.

• Other Corporate Dynamics: Shenghong Shares and Aixcer Raise Prices

Aixcer: Increased prices for its full series of test power supplies, special power supplies, and power quality products by 5%-10%.

Shenghong Shares has decided to uniformly increase prices for its full series of products, including power quality, charging and swapping equipment, energy storage microgrids, battery formation and testing, and household energy storage, by 10%-30% starting from July 21, 2026. Orders already signed and confirmed by both parties that are in transit will not be subject to retroactive adjustments.