Stock market rescue; World AI Conference and open models; Second Thomas Shoal fight; Involution battles

I am a bit under the weather today - for real, not from the World Cup final - so today’s commentary is thin.

Today’s top items:

1. Operation stock market rescue - The National team is back to try to turn around the stock market, after losses approaching ten trillion RMB this month. China Reform Holdings Corp. Ltd. and China Chengtong Holdings Group Ltd. announced Sunday they were buying around 60B RMB of ETFs and domestic stocks, five insurance firms and multiple SOEs announced Monday they were buying stocks, and CSRC head Wu Qing held an “investor symposium” at a brokerage branch in Beijing to meet “with 8 representatives from various categories of investors — large, medium, small, and retail — to hear their opinions and suggestions on promoting the stable and healthy development of the capital market.” According to the readout, translated here:

Wu Qing said that the broad mass of investors are the foundation of the market and the most important participant group in the capital market.…