Core Viewpoint - The Tonghuashun Fruit Index concept has seen a significant increase of 4.73%, leading among concept sectors, with notable stocks such as Industrial Fulian and Pengding Holdings reaching their daily limit up [1] Group 1: Market Performance - The Tonghuashun Fruit Index concept saw 20 stocks rise, with Industrial Fulian, Pengding Holdings, and others hitting the daily limit up [1] - Leading stocks in the sector included Lens Technology, Dongshan Precision, and Lingyi iTech, which rose by 11.40%, 9.34%, and 6.75% respectively [1] - Other concept sectors showed varied performance, with the PCB concept up by 3.27% and the AI mobile sector up by 2.92%, while sectors like military restructuring and combustible ice saw declines [1] Group 2: Capital Flow - The Tonghuashun Fruit Index concept attracted a net inflow of 5.054 billion yuan, with 18 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [1] - Industrial Fulian led the net inflow with 2.023 billion yuan, followed by Luxshare Precision, Dongshan Precision, and Lens Technology with net inflows of 597 million yuan, 560 million yuan, and 427 million yuan respectively [1] - In terms of net inflow ratios, Industrial Fulian, Lingyi iTech, and Zhongshi Technology topped the list with rates of 25.90%, 13.19%, and 12.54% respectively [2]

Group 1: ETF Performance and Liquidity - The software ETF had an intraday turnover of 1.18%, with a transaction volume of 37.91 million yuan [1] - As of July 2, the software ETF's average daily trading volume over the past week was 206 million yuan, ranking first among comparable funds [1] - The software ETF's scale increased by 17.07 million yuan in the past week, also ranking first among comparable funds [1] - The latest share count for the software ETF reached 4.063 billion shares, a one-year high, placing it first among comparable funds [1] - Over the past three days, the software ETF experienced continuous net inflows, with a maximum single-day net inflow of 48.96 million yuan, totaling 113 million yuan [1] - The financing net purchase amount for the software ETF on the previous trading day was 11.37 million yuan, with the latest financing balance at 126 million yuan [1] Group 2: Performance Metrics - As of July 2, the software ETF's net value increased by 45.17% over the past year, ranking 219 out of 2897 index equity funds, placing it in the top 7.56% [1] - The highest monthly return since inception for the software ETF was 39.35%, with the longest consecutive monthly gains being three months and the longest cumulative gain being 69.40% [1] - The average return during the rising months was 9.98% [1] Group 3: AI and Software Industry Insights - Generative AI is transforming the business model of the computer and software development industry from a traditional "licensed software model" to a "results-based service model," with AI applications becoming labor substitutes [1] - The overseas software giants have a first-mover advantage in AI application development, directly collaborating with leading large model manufacturers, while China's general large models are still in a catch-up phase [2] - The manufacturing sector is a stronghold for China, providing quality scenarios for AI technology implementation, with significant potential for AI applications in manufacturing [2] - The rapid development of C-end AIGC applications in China is led by major tech companies with large model capabilities, resulting in superior user experiences [2] - 82% of enterprises plan to integrate AI Agents into their workflows over the next three years, indicating a strong demand for enterprise service software [2] Group 4: Top Weighted Stocks - As of June 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFLYTEK, Kingsoft Office, Tonghuashun, Hang Seng Electronics, Runhe Software, 360, Softcom Power, Tuo Wei Information, Compass, and China Software, collectively accounting for 60.56% of the index [2]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 3, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba leads the list with a market capitalization of $2,641.6 billion [3]. - Xiaomi Group follows with a market cap of $1,925.84 billion [3]. - Pinduoduo ranks fourth with a valuation of $1,476.01 billion [3]. - Meituan and NetEase are also notable, with market caps of $963.67 billion and $842.15 billion, respectively [3][4]. Group 2: Additional Notable Companies - JD.com and SMIC (Semiconductor Manufacturing International Corporation) have market capitalizations of $468.06 billion and $449.86 billion, respectively [4]. - Kuaishou and Baidu are also included, with market caps of $329.93 billion and $297.16 billion [4]. - Other companies like Tencent Music, Li Auto, and Beike have market caps ranging from $211.93 billion to $296.92 billion [4][5]. Group 3: Companies with Lower Market Capitalization - Companies such as Vipshop, Kingdee International, and Ufine Network have market caps between $61.18 billion and $77.59 billion [5][6]. - The list continues with firms like Perfect World and Reading Group, which have market caps of $39.38 billion and $37.76 billion, respectively [6].

Core Viewpoint - The recent approval of a new batch of QDII (Qualified Domestic Institutional Investor) quotas by the State Administration of Foreign Exchange (SAFE) indicates a growing demand for overseas investment from domestic institutions, particularly in the Hong Kong stock market, which has shown significant returns in the first half of the year [1][2][5]. Summary by Categories QDII Quota Expansion - As of June 30, 2025, the total approved QDII investment quota reached $170.87 billion, an increase of $3.08 billion from $167.79 billion on May 9, 2024 [1]. - A total of 82 institutions received the new quota, including banks, insurance companies, trust companies, securities firms, and fund companies, with individual quotas ranging from $10 million to $50 million [1][2]. Institutional Winners - Major beneficiaries of the new QDII quotas include 10 banks and their wealth management subsidiaries, each receiving $50 million, as well as 22 fund companies, including E Fund and GF Fund, which also received $50 million [2]. - Other institutions received varying amounts, with 12 institutions getting $40 million, 9 institutions receiving $30 million, and several others receiving smaller amounts [2]. Market Performance and Investor Sentiment - Domestic investors are showing heightened interest in the Hong Kong stock market, driven by strong performance from QDII products, particularly those focused on the pharmaceutical sector, which saw returns exceeding 85% in the first half of the year [5]. - In contrast, QDII products focused on the U.S. stock market have underperformed, with over half of them reporting negative returns, attributed to various uncertainties affecting the U.S. market [6]. Future Outlook - The expansion of QDII quotas is expected to enhance the competitiveness and internationalization of domestic asset management institutions, contributing to a more open financial system [3]. - Analysts suggest that the Hong Kong market remains attractive for investment, while the U.S. market faces uncertainties, particularly regarding trade policies and economic conditions [7][8].

Core Insights - The issuance of technology bonds has significantly increased since the launch of the "Technology Board" in the bond market in May, with a total of 387 technology bonds issued by June 30, amounting to over 580 billion yuan [1] - The prevailing low interest rate environment and supportive policies have resulted in attractive coupon rates for technology bonds, with most bonds offering rates below 2% [1] - Small and medium-sized banks are leveraging technology bonds to expand their financing channels and reduce funding costs, which in turn supports local technology enterprises and enhances their brand influence in the capital market [1]

| 25 | | 金蝶国际 | 70.04 | 3 4 | | --- | --- | --- | --- | --- | | 26 | | 金山软件 | 69.79 | 1 1 | | 27 | | 巨人网络 | 63.42 | 4 1 | | 28 | | 好未来 | 62.83 | 2 t | | 29 | | 用友网络 | 62.01 | | | 30 | | 万国数据 | 60.82 | 2 1 | | 31 | | 同程旅行 | 58.84 | 3 t | | 32 | | 恺英网络 | 58.75 | 14 | | 33 | | 奇富科技 | 57.81 | 3 t | | 34 | KUNLUN | 昆仑万维 | 57.52 | 14 | | 35 | Harri | 润和软件 | 55.52 | 11 2 1 | | 36 | | 三七互娱 | 54.48 | 2 t | | 37 | | 中国软件 | 54.14 | 2 1 | | 38 | | 深信服 | 53.84 | 2 1 | | 39 | | 拓维信息 | 53.17 | 2 ↑ | | 40 | | 柏楚电子 | 52.26 ...

据同花顺（300033）iFinD数据，沪深京三市成交额超5000亿元，较上日此时缩量532亿元，预计全天成 交金额约1.3万亿元。截至目前，沪市成交额1835亿元，深市成交额3076亿元，北证50成交额98亿元。 ...

据同花顺（300033）iFinD数据，沪深京三市成交额超1万亿元，较上日此时缩量959亿元，预计全天成 交金额约1.4万亿元。截至目前，沪市成交额3742亿元，深市成交额6070亿元，北证50成交额195亿元。 ...

Market Analysis - The Shanghai Composite Index showed divergence in moving averages, indicating a high probability of market adjustment on the specified date [1] - The market initially adjusted due to poor performance of Chinese concept stocks in the US overnight, followed by a volatile upward movement driven by fund inertia [1] - By the end of the trading day, over 3,600 stocks declined while only about 1,600 rose, confirming the previous day's analysis [1] Economic Indicators - Despite rising expectations for a Federal Reserve interest rate cut, the logic of domestic liquidity easing remains unchanged, suggesting a positive mid-term outlook for the market [1] - The MACD indicator showed a golden cross, but the market experienced a volume contraction adjustment, which is considered a normal fluctuation process [1] Sector Performance - The innovative drug sector performed poorly due to skepticism about the low upfront payments received by leading stocks, raising doubts about the prospects of innovative drugs going overseas [2] - The battery sector initially rose due to quantitative fund support but later experienced a pullback, impacting overall sector sentiment [2] - The military industry sector, expected to strengthen due to news from Iran, also followed the overall market decline, indicating weakness [2] Investment Opportunities - Nvidia and Broadcom reaching new highs is a positive signal for related hardware sectors in the A-share market, although valuations of related stocks are no longer considered undervalued, warranting caution from investors [2]

Group 1 - The central theme of the news is the acceleration of digital transformation in the financial system, highlighted by the central bank's initiative to develop a new fintech development plan and the issuance of a stablecoin license to Guotai Junan International, which saw its stock surge over 150% [1][3] - Stablecoins are defined as digital assets with stable value, typically pegged to fiat currencies, combining the advantages of cryptocurrencies with the stability of traditional currencies [3] - The issuance of stablecoins by Guotai Junan International allows users to trade cryptocurrencies and stablecoins directly on their platform, marking a significant transformation in cross-border payment systems [3][4] Group 2 - Software leaders play a crucial role in supporting financial innovations, as they provide the necessary technological infrastructure for the issuance, custody, redemption, and trading of stablecoins [4][6] - Key software companies such as Hengsheng Electronics, Jinzheng Co., and Wealth Trend are identified as essential partners for financial institutions in upgrading their core systems to accommodate stablecoin transactions [7] - Security and risk control are paramount in the stablecoin ecosystem, necessitating advanced technology solutions from software companies to ensure safe operations [8][9] Group 3 - The core application of stablecoins is in cross-border payments, requiring payment institutions to integrate new stablecoin settlement networks for more efficient solutions [12][13] - The central bank's focus on fintech development and the regulatory framework for stablecoins in Hong Kong indicates a synchronized evolution in the financial technology landscape [14] - The software leader ETF (159899) includes companies that are expected to benefit from the normalization of stablecoins, emphasizing the importance of foundational technology providers in the digital finance wave [15][16]