Sophia Reyes and Jason Miller unpack a mixed day in Asia—Hang Seng steadies while mainland markets slip—and why China’s resale home prices keep falling despite support. They dive into the bruising EV price war (BYD’s margin squeeze, Tesla’s cuts) and what separates future winners from also-rans. Quick Hits: rotation into Hong Kong names, the U.S. yanking TSMC’s China waiver, Hainan’s talent tax break, Alibaba’s post-earnings fade, and Meituan’s “LongCat” AI. Plus, why August PMI could be the next big catalyst.