Core Viewpoint - The A-share market continues to rise, with major indices showing slight increases and significant trading volume, indicating a positive market sentiment and active participation from investors [1] Market Performance - The Shanghai and Shenzhen markets recorded a half-day trading volume of 1.09 trillion, an increase of 70.8 billion compared to the previous trading day [1] - The overall market saw over 3,500 stocks rising, reflecting a broad-based rally [1] Sector Analysis - The infrastructure sector experienced a collective surge, particularly in the super hydropower segment, with companies like China Power Construction and China Energy Construction hitting the daily limit [1] - The steel sector maintained its strong performance, with Liugang Co. also reaching the daily limit [1] - The chemical sector showed strength, with Xin'an Chemical hitting the daily limit [1] - The robotics concept continued to perform well, with Changsheng Bearing rising over 10% [1] - In contrast, the computing hardware sector faced adjustments, with Oulutong dropping over 5% [1] Index Performance - By the end of the trading session, the Shanghai Composite Index rose by 0.44%, the Shenzhen Component Index increased by 0.29%, and the ChiNext Index saw a rise of 0.12% [1]

前言 财联社倾力打造王牌栏目《风口研报》，替您"八一八"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ①今年和2015年、2021年行情的区别；②优必选中标9051万元机器人设备采购项目，今年总体人形机器 人订单+产量有望超1000台，目前公司工厂已完成小批量试产，产能正快速爬坡，有望带动供应链（U 链）需求放量；③今日全市场机构研报共发布372篇，纳睿雷达、物产环能评级得到上调，16家公司获得 首度覆盖，其中美湖股份等3股获新财富分析师深度覆盖；④在个股机构关注度排行中，匠心家居首次上 榜，前五名依次为东鹏饮料>科沃斯>宝丰能源>继峰股份>匠心家居。 ...

Core Viewpoint - Central Huijin has significantly increased its holdings in various ETFs, investing a total of approximately 210 billion yuan to stabilize the A-share market amid external pressures and market volatility [2][22][24]. Group 1: Investment Actions - Central Huijin and its asset management company have purchased at least 8 ETFs, including the CSI 300 ETF and the SSE 50 ETF, with a total investment amount reaching 210 billion yuan [2][3]. - In the second quarter, Central Huijin bought 108.74 billion units of the CSI 300 ETF, amounting to an estimated 400 billion yuan [3]. - The company also increased its holdings in the Huaxia CSI 300 ETF by 92.88 billion units, costing around 350 billion yuan [5]. - Additional purchases included 84.29 billion units of the E Fund CSI 300 ETF for approximately 320 billion yuan and 55.4 billion units of the Harvest CSI 300 ETF for about 200 billion yuan [9][10]. Group 2: Market Impact - The actions of Central Huijin have been described as a stabilizing force in the A-share market, effectively reversing panic selling and restoring rational pricing within just two trading days [22][23]. - Following Central Huijin's announcements and purchases, the A-share market indices showed a notable recovery, with the Shanghai Composite Index achieving a three-month consecutive rise and reaching a new high for the year [26]. - Central Huijin's commitment to maintaining market stability has been reinforced by the central bank's support, which includes providing sufficient re-lending to ensure smooth operations in the capital market [23][27]. Group 3: Strategic Intent - Central Huijin has articulated its role as a "stabilizer" in the capital market, emphasizing its readiness to act decisively during periods of market volatility [27]. - The company plans to continue increasing its investments across various market styles of ETFs to balance its portfolio and support market stability [27].

Core Viewpoint - The article highlights China's strong opposition to the European Union's decision to include certain Chinese companies and financial institutions in the sanctions list during the 18th round of sanctions against Russia, emphasizing the lack of legal basis for such actions and the negative impact on China-EU economic and financial relations [1]. Group 1 - The EU has unilaterally included Chinese companies and financial institutions in its sanctions list, disregarding China's repeated objections [1]. - China expresses strong dissatisfaction and resolute opposition to the sanctions, labeling them as unjustified and lacking international legal basis [1]. - The actions of the EU are seen as contrary to the consensus spirit between China and the EU leaders, significantly affecting economic and financial cooperation [1]. Group 2 - China urges the EU to immediately cease its erroneous actions against Chinese enterprises and financial institutions [1]. - The Chinese government indicates that it will take necessary measures to firmly protect the legitimate rights and interests of Chinese companies and financial institutions [1].

中国互联网络信息中心（CNNIC）7月21日在京发布第56次《中国互联网络发展状况统计报告》。 截至6月， 我国网民规模达11.23亿人，互联网普及率达79.7% ，越来越多的群体共享数字发展成 果。新兴市场蓬勃发展，人工智能技术加速应用落地，全球影响力不断提升，科技创新引领经济社 会高质量发展。 《报告》显示，"十四五"期间，我国互联网建设取得显著成就。新型信息基础设施加速布局，互联 网基础资源持续丰富，为互联网普及和数字经济发展提供了坚实支撑。 ...

Core Viewpoint - The July Loan Prime Rate (LPR) has been released, with the 5-year LPR remaining unchanged at 3.5% and the 1-year LPR also unchanged at 3% compared to the previous month [1]. Group 1 - The 5-year LPR is reported at 3.5%, consistent with the previous month [1] - The 1-year LPR is reported at 3%, also unchanged from the previous month [1]

Core Viewpoint - The article highlights the competitive landscape between Nvidia and Huawei, emphasizing Huawei's significant capabilities and the strength of China's supply chain and innovation in AI technology [1][2][3][4]. Group 1: Nvidia and Huawei Relationship - Nvidia's CEO Huang Renxun acknowledges Huawei as a formidable competitor with extensive scale and technological capabilities, expressing admiration and respect for the company [1]. - Huang believes that regardless of Nvidia's presence, China's AI market will continue to progress, with Huawei capable of developing its own solutions [1]. Group 2: China's Supply Chain - Huang describes China's supply chain as one of the top two globally, noting its scale, complexity, and diversity, which he considers a world-class achievement [2]. - He emphasizes that China not only operates its own supply chain but also develops technologies and products to assist other countries in building their supply chains [2]. - The diversification of global supply chains presents significant opportunities for China to promote its manufacturing technologies worldwide, while complete decoupling of global supply chains is deemed impossible due to their inherent complexity [2]. Group 3: Innovation in AI - Huang expresses confidence in China's innovation capabilities, stating that the pace of innovation cannot be hindered, and Nvidia will play a crucial role in this development [3][4]. - He describes AI as a complex system requiring innovation at multiple levels, and highlights the impressive innovation from DeepSeek, particularly their R1 model, which optimizes AI model operations [3]. - Despite H20 not being Nvidia's top product, its architecture is credited with defining the current AI revolution, showcasing its continued relevance and effectiveness [4]. Group 4: Collaboration with Lei Jun - Huang mentions a long-standing collaboration with Lei Jun, co-founder of Xiaomi, which includes joint projects in artificial intelligence and autonomous driving software [5].

Core Viewpoint - The relationship between President Trump and billionaire Elon Musk has deteriorated, leading to a review of SpaceX's contracts with various federal agencies by the Trump administration [1] Group 1: Government Review of SpaceX - The General Services Administration has requested the Department of Defense, NASA, and other agencies to report on their collaborations with SpaceX and assess whether competitors could perform the same tasks more efficiently [1] - Initial assessments indicate that due to SpaceX's dominance in rocket launches and low Earth orbit satellite services, most government contracts are unlikely to be canceled [1] Group 2: Federal Spending and Contracts - Trump previously stated on social media that the simplest way to save federal spending is to "terminate" government contracts with Musk's company [1]

Group 1 - The importance of cybersecurity is increasingly prominent in today's highly digitalized era, affecting personal privacy, corporate secrets, and even national security [1] - There is a warning about malicious designs or implanted backdoors that could lead to data leaks [1] - The National Security Department has disclosed potential "invisible eavesdropping channels" that may be present around individuals [1]

Macro News - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan [1][5] - The National Export Control Work Coordination Mechanism Office has organized a meeting to advance the crackdown on strategic mineral smuggling and export, emphasizing increased law enforcement efforts and the establishment of a joint enforcement coordination center [4][5] Industry News - The State Administration for Market Regulation has interviewed major platform companies including Ele.me, Meituan, and JD.com, urging them to engage in rational competition and promote a healthy ecosystem for consumers, merchants, delivery riders, and platform enterprises [3][7] - The Ministry of Industry and Information Technology and other departments held a meeting to further regulate competition in the new energy vehicle industry, focusing on product price monitoring and quality supervision [7][8] - The Central Fourth Guidance Group is conducting research and discussions on addressing irrational competition issues in the new energy vehicle sector [7] - The Ministry of Industry and Information Technology announced plans for a new round of growth stabilization work in key industries such as steel, non-ferrous metals, and petrochemicals, with specific plans to be released soon [8][9] Company News - Yushu Technology has initiated its listing guidance process [10] - The State-owned Assets Supervision and Administration Commission announced the establishment of China Yajiang Group Co., Ltd. with government approval [10] - Dongfang Fortune announced that shareholder Shen Yougen plans to transfer 1% of the company's shares [11] - Nuo Tai Bio announced it will be subject to other risk warnings upon resuming trading on July 22 [11] - China Shipbuilding announced that the merger with China Heavy Industry has received approval from the Securities Regulatory Commission [11] - Chip Union Integration plans to acquire 72.33% equity of Chip Union Yuezhou for 5.897 billion yuan [11] - Nanjing High-Tech reported a contract sales amount of 1.021 billion yuan in the first half of the year, a year-on-year increase of 729.83% [11] - Qidi Design announced a pre-bid win for the 860 million yuan Henan Airport Intelligent Computing Center project [11] - Great Wall Motors reported a net profit of 6.337 billion yuan in the first half of the year, a year-on-year decrease of 10.22% [11] - Hongbao Li announced that its largest shareholder and actual controller plan to reduce their holdings by no more than 2% of the company's shares [11]