Venture(US:VEMLY) Feng Huang Wang Cai Jing·2025-07-30 01:33Market Overview - The three major indices opened lower, with the Shanghai Composite Index down 0.04%, the Shenzhen Component Index down 0.23%, and the ChiNext Index down 0.45% [1] - The closing figures for the indices showed a decline, with the Dow Jones down 0.46% at 44,632.99 points, the S&P 500 down 0.30% at 6,370.86 points, and the Nasdaq down 0.38% at 21,098.29 points [3] Sector Performance - The dairy, weight loss drugs, and hydroelectric sectors experienced significant declines [1] - The Nasdaq China Golden Dragon Index fell by 1.35%, with notable declines in major Chinese stocks such as Alibaba down 2.28%, JD down 3.01%, and NIO down 2.48% [3] Institutional Insights - CITIC Securities highlighted the introduction of a childcare subsidy plan, which is expected to benefit the mother and baby retail sector, with a base standard of 3,600 yuan per child per year, potentially impacting over 20 million families [4] - CITIC JianTou pointed out that China Unicom's 2025 general server procurement demand has been released, with a significant increase in the domestic production ratio, indicating a positive outlook for the domestic innovation sector [5] - CICC reported that U.S. hot-rolled coil prices have increased by 35% since the beginning of 2025, suggesting that the steel industry may maintain high prices in the short term due to tight supply conditions [6] - CITIC Securities recommended monitoring potential issuers of stablecoin licenses in Hong Kong, as the regulatory framework is set to be implemented on August 1, with limited licenses expected to be issued by the end of the year [7]