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Market Overview - A-shares showed mixed performance today, with the Shanghai Composite Index closing at 3473.13 points, up 0.02%, and the Shenzhen Component Index at 10435.51 points, down 0.70% [1] - The total trading volume reached 476.2 billion yuan for Shanghai and 932.4 billion yuan for Shenzhen [1] Foreign Exchange and Gold Reserves - As of June 2025, China's foreign exchange reserves increased to 331.74 billion USD, up 3.22 billion USD from May, marking a rise of 0.98% [1] - The People's Bank of China has increased its gold holdings for the eighth consecutive month, with a notable rise in the pace of accumulation [1] - A survey indicated that 43% of 72 central banks expect to increase their gold reserves in the next 12 months, a significant increase from 29% last year, marking an eight-year high [1] Investment Opportunities in "Anti-Competition" Policies - The "anti-involution" policy is drawing investor attention, particularly in industries like photovoltaics and electric vehicles, which are experiencing intense competition [2][5] - The focus of the current "anti-involution" initiative is on regulating low-price competition rather than addressing overcapacity [5] - The photovoltaic upstream silicon industry has seen price increases, with multi-crystalline silicon prices rising to 37 yuan/kg, up 2.5 yuan/kg [3] Steel Industry Insights - The steel industry is a key focus of the "anti-involution" policy, with expectations of reduced production leading to potential price increases [5][6] - A forecast suggests that a reduction of 30 million tons in crude steel production could lead to a price increase of 229 yuan/ton for rebar, effectively doubling current industry profits [5] - Steel companies are benefiting from lower raw material costs, which may sustain profit margins and stabilize sales prices [6] Dividend Policies and Investment Strategies - New policies encourage listed companies, especially state-owned enterprises, to enhance dividend policies, which can improve investor returns and market valuations [7] - Investors are advised to consider dividend-focused ETFs and cash flow ETFs, as these are expected to perform well in the current economic climate [7]