Group 1: Social Financing and Credit - In June, the social financing scale increased by 4.2 trillion yuan, a year-on-year increase of 901.6 billion yuan, primarily supported by government bonds and short-term corporate loans [1] - Net financing of government bonds reached 1.35 trillion yuan, a year-on-year increase of 507.2 billion yuan, indicating sustained fiscal policy efforts [1] - New RMB loans amounted to 2.36 trillion yuan, with corporate loans contributing significantly, particularly short-term loans which increased by 1.16 trillion yuan, a year-on-year increase of 490 billion yuan [1] Group 2: Household Credit and Demand - Household loans increased by 597.6 billion yuan, a year-on-year increase of only 26.7 billion yuan, reflecting slow recovery in household credit [2] - Real estate sales remain under pressure, with new home transaction area in 30 cities down by 2.15% year-on-year and second-hand home prices down by 7.26% [2] - The weak growth in household medium and long-term loans is mainly due to early repayment of mortgages, with leverage willingness still needing policy stimulation [2] Group 3: Loan Rates and Financial Structure - The weighted average interest rate for new corporate loans was approximately 3.3%, showing limited decline since the beginning of the year, while personal housing loan rates remained at 3.1% [3] - There was a year-on-year decrease of 371.6 billion yuan in bill financing, as banks actively compressed low-yield assets, leading to gradual optimization of the credit structure [3] Group 4: Money Supply and Liquidity - M1 growth rate significantly rebounded to 4.6%, driven by last year's low base and improved corporate liquidity [4] - New corporate demand deposits increased by 1.7 trillion yuan, a year-on-year increase of 975.5 billion yuan, indicating enhanced operational cash flow efficiency [4] - The reduction of fiscal deposits by 820 billion yuan, along with the seasonal return of wealth management funds, contributed to the increase in deposits from residents and enterprises [4] Group 5: Savings and Consumption Trends - In the first half of the year, household deposits increased by 10.77 trillion yuan, with a savings-to-loan ratio of 9.21, reflecting conservative consumption and investment sentiment [5] - Despite a slight rebound in short-term loans due to consumption scenarios, new loans from the household sector remained at a historical low of 1.17 trillion yuan [5] - Policy measures are needed to further unleash consumption potential, with declining deposit rates potentially encouraging a shift from savings to consumption [5] Group 6: Policy Outlook and Market Expectations - The third quarter is expected to see a peak in government bond issuance, providing continued support for social financing growth [6] - The central bank may maintain reasonable liquidity through reserve requirement ratio cuts and interest rate reductions, focusing on "moderate easing" and structural tools [6] - Overall, June's financial data reflects a balance between active fiscal support and weak recovery in real demand, necessitating ongoing policy efforts to stabilize expectations, promote consumption, and optimize credit structure [6]

Report Industry Investment Rating No information provided. Core Viewpoints - The overall capital situation is loose, and with the central bank's 1.4 - trillion repurchase, the bond yields decline. The bond market will continue the short - term volatile pattern, and maintain the bull - market foundation in the medium and long term supported by the weak economic recovery and loose policies. However, attention should be paid to the fluctuations caused by macro data and overseas negotiation progress and the necessity of adjusting the duration [2]. - For the 2509 contract, it is neutral as the repurchase rate rebounds and the bond futures prices fluctuate. Attention should be paid to the widening of the basis. Short - sellers can use far - month contracts for appropriate hedging due to the medium - term adjustment pressure [3]. Summary by Directory 1. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) has a month - on - month change of - 0.10% and a year - on - year change of 0.10%; China's PPI (monthly) has a month - on - month change of - 0.40% and a year - on - year change of - 3.60% [8]. - Economic indicators (monthly update): The social financing scale is 430.22 trillion yuan, with a month - on - month increase of 4.06 trillion yuan and a growth rate of 0.95%; M2 year - on - year is 8.30%, with an increase of 0.40% and a growth rate of 5.06%; the manufacturing PMI is 49.70%, with an increase of 0.20% and a growth rate of 0.40% [8]. - Economic indicators (daily update): The US dollar index is 98.64, with an increase of 0.53 and a growth rate of 0.54%; the offshore US dollar - to - RMB exchange rate is 7.1751, with an increase of 0.005 and a growth rate of 0.07%; SHIBOR 7 - day is 1.55, with an increase of 0.03 and a growth rate of 2.05%; DR007 is 1.57, with an increase of 0.03 and a growth rate of 2.19%; R007 is 1.68, with an increase of 0.04 and a growth rate of 2.35%; the 3 - month inter - bank certificate of deposit (AAA) is 1.56, with a decrease of 0.02 and a decline rate of 1.06%; the AA - AAA credit spread (1Y) is 0.06, with an increase of 0.00 and a decline rate of 1.06% [9]. 2. Overview of the Treasury Bond and Treasury Bond Futures Market - Multiple charts show the closing price trend, price change rate, maturity yield trend, valuation change, precipitation funds trend, position ratio, net position ratio (top 20), long - short position ratio (top 20), trading - to - position ratio, bond lending turnover and total position of treasury bond futures, as well as the spread between national development bonds and treasury bonds and the treasury bond issuance situation [6][7]. 3. Overview of the Money Market Capital Situation - Multiple charts show the interest rate corridor, central bank open - market operations, Shibor interest rate trend, inter - bank certificate of deposit (AAA) maturity yield trend, inter - bank pledged repurchase transaction statistics, and local bond issuance situation [31][33][36]. 4. Spread Overview - Multiple charts show the inter - term spread trend of treasury bond futures and the term spread of spot bonds and cross - variety spread of futures [40][43][44]. 5. Two - Year Treasury Bond Futures - Multiple charts show the implied interest rate and treasury bond maturity yield, IRR and capital interest rate, and the three - year basis and net basis trends of the TS main contract [46][48][55]. 6. Five - Year Treasury Bond Futures - Multiple charts show the implied interest rate and treasury bond maturity yield, IRR and capital interest rate, and the three - year basis trends of the TF main contract [54][57]. 7. Ten - Year Treasury Bond Futures - Multiple charts show the implied interest rate and treasury bond maturity yield, IRR and capital interest rate, and the three - year basis and net basis trends of the T main contract [62][65]. 8. Thirty - Year Treasury Bond Futures - Multiple charts show the implied interest rate and treasury bond maturity yield, IRR and capital interest rate, and the three - year basis and net basis trends of the TL main contract [70][73][76].

Core Viewpoint - Despite facing significant pressures and challenges, the financial sector has shown strong performance, supported by effective financial policies implemented in September 2022 and May 2023 [2][3]. Economic Performance - In the first half of 2023, China's GDP reached 66,053.6 billion yuan, reflecting a year-on-year growth of 5.3% [3]. - Monetary indicators showed steady growth, with broad money supply increasing by 8.3%, RMB loans growing by 7.1%, and social financing scale rising by 8.9% [3]. Interest Rates and Financial Support - The cost of funds has been decreasing, with the weighted average interbank lending rate falling from 1.86% in January to 1.46% in June, and the pledged repo rate decreasing from 2.16% to 1.5% during the same period [3]. - The structure of policies is improving, with increased credit support for inclusive finance, green finance, and technology innovation finance, all showing loan growth rates higher than the overall loan growth [3]. Market Confidence - The capital market has been recovering, with the Shanghai Composite Index recently surpassing 3,500 points, indicating improved market confidence and expectations [3]. Challenges and Pressures - Despite the positive performance in the financial sector, challenges remain, particularly in the monetary realm where the growth rate of broad money exceeds that of narrow money, indicating potential for increased monetary vitality [4]. - While RMB deposits increased significantly, corporate investment and consumer spending still face considerable pressure [4]. - The social financing scale showed a year-on-year growth of 8.9% by the end of June, largely driven by government bond financing, highlighting the need for effective coordination and utilization of funds [4].

Core Viewpoint - The improvement in credit is primarily driven by the rapid growth of short-term loans from enterprises, with a monthly year-on-year increase of 490 billion [3][46] - In June, total new credit reached 2.24 trillion, with a year-on-year increase of 110 billion, where enterprise loans increased by 1.4 trillion, mainly from short-term loans [3][46] - The cautious attitude of enterprises towards long-term investments is reflected in the decline of the PMI business expectation index from 53.3 to 52.0 [3][46] Credit and Loan Analysis - In June, household loans showed a mild improvement, largely attributed to operational loans rather than consumer or housing loans, with operational loans accounting for 73.7% of new household loans [3][13] - The total household loans increased by 1.17 trillion in the first half of the year, with operational loans rising by 923.9 billion [3][13] - The slow growth in consumer loans may be linked to current employment prospects, as indicated by the BCI employment expectation index at 49.1 [3][13] Social Financing and Government Bonds - The year-on-year increase in social financing scale has expanded, primarily due to net financing from government bonds, with a total increase of 4.7 trillion in the first half of the year [4][47] - The net financing from government bonds contributed 4.3 trillion to the social financing increase, but this rapid improvement phase may be coming to an end [4][47] - Moving into the third quarter, the high base of government bond net financing may lead to a more stable growth rate in social financing [4][47] Monetary Policy Outlook - The monetary policy will be adjusted based on domestic and international economic conditions, with a focus on the timing and intensity of policy implementation [4][22] - The People's Bank of China indicated that the effects of already implemented monetary policies will continue to manifest over time [4][22] - New policy financial tools introduced in the second half of the year may help stimulate credit growth and stabilize the economy [4][22] Regular Monitoring of M1 and M2 - In June, new credit totaled 2.24 trillion, with a year-on-year increase of 110 billion, mainly driven by the enterprise sector [5][48] - The structure of loans shows that short-term loans increased by 1.16 trillion, while medium and long-term loans saw a smaller increase of 400 billion [5][48] - The M2 growth rate rose by 0.4 percentage points to 8.3%, while M1 increased by 2.3 percentage points to 4.6% [5][49]

Core Viewpoint - The improvement in credit is primarily driven by the rapid growth of short-term loans from enterprises, with a monthly year-on-year increase of 490 billion [3][46] - In June, total new credit reached 2.24 trillion, with a year-on-year increase of 110 billion, where enterprise loans increased by 1.4 trillion, mainly from short-term loans [3][46] - The cautious attitude of enterprises towards long-term investments is reflected in the decline of the PMI production expectation index from 53.3 to 52.0 [3][46] Credit and Loan Data - In June, new loans to residents amounted to 597.6 billion, showing a mild improvement, primarily from operational loans rather than consumption or housing needs [3][13] - The increase in household loans was 1.17 trillion in the first half of the year, with operational loans contributing 923.9 billion [3][13] - The BCI employment outlook index was at 49.1, indicating a challenging employment environment affecting consumer loans [3][13] Social Financing and Government Bonds - The year-on-year increase in social financing expanded, mainly due to net financing from government bonds, with a total increase of 4.7 trillion in the first half of the year [4][47] - Government bond net financing contributed 4.3 trillion to the social financing increase, but the rapid improvement phase may be coming to an end [4][47] - Future social financing growth may stabilize as government bond financing levels remain high [4][47] Monetary Policy Outlook - The People's Bank of China indicated that the effects of monetary policy will take time to manifest, with new policy tools expected to stimulate credit growth and stabilize the economy in the second half of the year [4][22] - The implementation of monetary policy will be adjusted based on domestic and international economic conditions [4][22] M1 and M2 Growth - In June, new credit totaled 2.24 trillion, with a year-on-year increase of 110 billion, primarily from the enterprise sector [5][48] - M2 increased by 0.4 percentage points to 8.3%, while M1 rose by 2.3 percentage points to 4.6% [5][49] - The structure of deposits showed an increase in household deposits by 2.47 trillion and enterprise deposits by 1.78 trillion, while fiscal deposits decreased [5][49]

Group 1: Credit Improvement - Credit balance remained stable year-on-year at 7.1% as of June 2025[1] - Social financing stock increased by 0.2 percentage points to 8.9% year-on-year[1] - M2 growth rose by 0.4 percentage points to 8.3% year-on-year[1] Group 2: Short-term Loans - Significant improvement in credit driven by a rapid increase in short-term loans, with a monthly year-on-year increase of 490 billion RMB[2] - Total new credit in June was 2.24 trillion RMB, an increase of 110 billion RMB year-on-year[2] - Corporate loans increased by 1.77 trillion RMB, with short-term loans contributing 1.16 trillion RMB, a year-on-year increase of 490 billion RMB[4] Group 3: Government Debt and Social Financing - New social financing increased by 4.7 trillion RMB year-on-year in the first half of 2025, primarily due to government bond net financing, which rose by 4.3 trillion RMB[3] - The rapid improvement phase of fiscal financing may be nearing its end as government bond net financing remains high[3] Group 4: Household Loans - Household loans showed moderate improvement, with an increase of 597.6 billion RMB, a year-on-year rise of 26.7 billion RMB[10] - Business loans accounted for 73.7% of new household loans, indicating a shift towards operational needs rather than consumption[10] Group 5: Economic Outlook - Future monetary policy will adapt to domestic and international economic conditions, with potential new policy tools to stabilize the economy[15] - The effectiveness of implemented monetary policies is expected to manifest further in the second half of the year[15]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The resumption progress of tin mines in Wa State, Myanmar has great uncertainty, and Thailand prohibits the transit of tin ore from Myanmar, restricting the import supply of tin ore; the Bisie mine in Congo plans to resume production in stages, and currently the tin ore processing fee remains at a historically low level [3] - In the smelting sector, Yunnan is facing a shortage of raw materials and cost pressure, while Jiangxi's waste recycling system is under pressure and the operating rate remains at a low level [3] - In the demand sector, after the rush to install photovoltaic equipment ended, the operating rate of some producers decreased; the electronics industry entered the off - season with a strong wait - and - see sentiment [3] - Recently, tin prices have been widely adjusted. Downstream buyers mainly purchase at low prices, the domestic inventory has decreased slightly, and overseas inventory continues to decline with an increase in LME cancelled warrants [3] - Technically, there is a divergence between long and short positions at a low position, and the price is adjusted widely within the range. Attention should be paid to the support of MA60. It is recommended to wait and see for now, with a reference range of 262,000 - 270,000 yuan/ton [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin is 266,720 yuan/ton, up 2,780 yuan; the closing price of the 3 - month LME tin is 33,565 US dollars/ton, up 115 US dollars [3] - The closing price of the August - September contract of Shanghai Tin is 20 yuan/ton, up 150 yuan; the position of the main contract of Shanghai Tin is 25,204 lots, up 1,054 lots [3] - The net position of the top 20 in futures of Shanghai Tin is 435 lots, down 467 lots; the total LME tin inventory is 1,970 tons, down 45 tons [3] - The inventory of tin in the Shanghai Futures Exchange is 7,097 tons (weekly), down 101 tons; the LME tin cancelled warrants are 570 tons, down 25 tons [3] - The warehouse receipts of tin in the Shanghai Futures Exchange are 6,605 tons (daily), down 26 tons [3] 3.2 Spot Market - The spot price of SMM 1 tin is 266,500 yuan/ton, down 200 yuan; the spot price of 1 tin in the Yangtze River Non - ferrous Market is 266,180 yuan/ton, down 640 yuan [3] - The basis of the main contract of Shanghai Tin is - 220 yuan/ton, down 2,980 yuan; the LME tin premium (0 - 3) is - 251.8 US dollars/ton, down 274.01 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 12,100 tons (monthly), down 2,900 tons; the average processing fee of 40% tin concentrate is 10,500 yuan/ton, unchanged [3] - The average price of 40% tin concentrate is 254,700 yuan/ton, down 600 yuan; the average price of 60% tin concentrate is 258,700 yuan/ton, down 600 yuan [3] - The average processing fee of 60% tin concentrate is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 173,330 yuan/ton, unchanged; the cumulative output of tin - plated sheets (strips) is 1.6014 million tons (monthly), up 144,500 tons [3] - The monthly export volume of tin - plated sheets is 14,070 tons, down 3,390 tons [3] 3.6 Industry News - In June in China, the social financing increment was 420 billion yuan, new RMB loans were 224 billion yuan, and the M2 - M1 gap narrowed [3] - The EU is prepared to impose counter - tariffs on US imports worth about 84 billion US dollars if the US - EU trade negotiation fails [3] - The resumption progress of tin mines in Wa State, Myanmar is uncertain, and Thailand prohibits the transit of tin ore from Myanmar, restricting the import supply of tin ore; the Bisie mine in Congo plans to resume production in stages, and currently the tin ore processing fee remains at a historically low level [3]

Group 1: Financial Data Overview - In the first half of the year, social financing increased by approximately 47,351 billion yuan year-on-year, with RMB loans increasing by 2,796 billion yuan and government bonds increasing by 43,100 billion yuan[1] - As of June, M0 increased by 12.0% year-on-year, M1 by 4.6%, and M2 by 8.3%, with the gap between M1 and M2 growth narrowing to -3.7 percentage points[1] - The balance of RMB deposits in June grew by 8.3% year-on-year, with household deposits increasing by 10.8% and non-financial enterprise deposits by 3.6%[1] Group 2: Social Financing Structure - The social financing balance in June increased by 8.9% year-on-year, with government bonds growing by 21.3% and contributing 0.1 percentage points to the growth rate[2] - RMB loan growth stabilized at 7.0% year-on-year, contributing 0.01 percentage points to the social financing growth rate[2] - The balance of corporate bonds increased by 3.5% year-on-year, while trust loans grew by 5.5%[2] Group 3: Investment Recommendations and Risks - The financial cycle may lead the economic cycle, with M1 and M2 growth rates stabilizing and financial markets showing signs of stability[3] - Attention should be paid to monetary policy operations, financial market changes, and price movements during this phase[3] - Risks include potential changes in policy rhythm and insufficient monetary transmission effects[4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump used high - tariff threats last week but signaled negotiation on Monday, showing tariffs as a negotiation strategy, and the three major US stock indexes closed slightly higher [3] - China's June financial data shows that the social financing scale and RMB loans have improved year - on - year, and the import and export data shows signs of stabilization, indicating overall economic development [3] - The A - share market showed a shrinking trading volume, with the market transitioning from large - financial stocks to resource stocks. The adjustment of the banking sector drove up the individual - stock profit - making effect, but short - term chasing risks should be watched out for [3] Summary by Directory 1. Market Analysis - **Domestic Financial Data**: In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year; RMB loans increased by 12.92 trillion yuan. At the end of June, the M2 balance increased by 8.3% year - on - year. The central bank will continue a moderately loose monetary policy [1] - **Domestic Trade Data**: In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a record high for the same period, with exports growing by 7.2% and imports by 2.3% [1] - **Overseas Trade News**: Trump said the US will negotiate on tariffs with other countries and is open to trade negotiations with Europe. The EU will also discuss trade issues with the US, and the US has reached some trade agreements [1] - **Stock Market Performance**: In the spot market, the three major A - share indexes showed mixed trends. The Shanghai Composite Index rose 0.27% to 3519.65 points, while the ChiNext Index fell 0.45%. Most sector indexes rose, with machinery, public utilities, and household appliances leading the gains, and real estate, media, and non - bank finance sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets fell slightly below 1.5 trillion yuan. In overseas markets, the three major US stock indexes closed slightly higher, with the Nasdaq rising 0.27% to 20640.33 points [2] - **Futures Market Situation**: In the futures market, the current - month contract will be delivered this Friday, and the basis is converging. The trading volume and open interest of index futures decreased simultaneously [2] 2. Strategy - Trump's tariff strategy and the positive domestic economic data led to a slightly higher close of US stocks and a shrinking - volume A - share market. The market transitioned, and short - term chasing risks should be noted [3] 3. Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][8][10] 4. Spot Market Tracking Charts - **Stock Index Performance**: On July 14, 2025, the Shanghai Composite Index rose 0.27% to 3519.65 points, the Shenzhen Component Index fell 0.11% to 10684.52 points, the ChiNext Index fell 0.45% to 2197.07 points, the CSI 300 Index rose 0.07% to 4017.67 points, the SSE 50 Index rose 0.00% to 2757.81 points, the CSI 500 Index fell 0.10% to 6020.86 points, and the CSI 1000 Index rose 0.02% to 6462.31 points [13] - Other charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [6][14] 5. Futures Market Tracking Charts - **Position and Volume**: The trading volume and open interest of IF, IH, IC, and IM index futures decreased. For example, the open interest of IF was 80048 (down 83463), and the trading volume was 263468 (down 19160) [6][18] - **Basis**: The basis of index futures showed different changes. For example, the current - month contract basis of IF was - 0.21 (up 12.61) [6][41] - **Inter - period Spread**: The inter - period spreads of index futures also had various changes. For example, the spread between the next - month and current - month contracts of IF was - 14.60 (up 3.40) [6][47]

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - From a long - term perspective, A - shares are considered to have high investment value. Among them, CSI 500 and CSI 1000, supported by more science and innovation policies, have the potential for high growth and returns, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - For IF contracts, the prices of all terms decreased, with a decline range from 0.29% to 0.41%. The trading volume of IF contracts was 28382, 6951, 37589, and 7126 respectively, and the open interest decreased by 12573, 2405, - 8205, and - 787 respectively [1]. - For IH contracts, the prices of all terms decreased, with a decline range from 0.46% to 0.53%. The trading volume of IH contracts was 14360, 2702, 21777, and 2497 respectively, and the open interest decreased by 6696, 221, - 7554, and - 553 respectively [1]. - For IC contracts, the prices of all terms decreased, with a decline range from 0.30% to 0.43%. The trading volume of IC contracts was 28123, 9438, 22467, and 6378 respectively, and the open interest decreased by 13063, 3845, - 4713, and - 741 respectively [1]. - For IM contracts, the prices of all terms decreased, with a decline range from 0.20% to 0.30%. The trading volume of IM contracts was 37369, 10738, 71184, and 13491 respectively, and the open interest decreased by 14229, 2724, - 13493, and - 3322 respectively [1]. - The current values of the inter - month spreads of IF, IH, IC, and IM were - 13.60, - 3.20, - 57.00, and - 68.80 respectively, compared with the previous values of - 14.60, - 3.60, - 49.60, and - 64.00 [1]. 3.2 Stock Index Spot Market - The CSI 300 index rose 0.07%, with a trading volume of 207.92 billion lots and a total trading value of 3214.16 billion yuan [1]. - The SSE 50 index rose 0.04%, with a trading volume of 51.49 billion lots and a total trading value of 900.39 billion yuan [1]. - The CSI 500 index fell 0.10%, with a trading volume of 189.28 billion lots and a total trading value of 2262.91 billion yuan [1]. - The CSI 1000 index rose 0.02%, with a trading volume of 242.06 billion lots and a total trading value of 3026.37 billion yuan [1]. - In terms of industries, the energy, raw materials, optional consumption, and telecom business industries had positive growth rates, while the information technology, real estate and finance, and pharmaceutical and healthcare industries had negative growth rates [1]. 3.3 Futures - Spot Basis - The basis values of IF contracts compared with the CSI 300 index showed different degrees of change, with the current values being - 8.67, - 22.27, - 31.87, and - 62.47 respectively [1]. - The basis values of IH contracts compared with the SSE 50 index were - 6.01, - 9.21, - 10.41, and - 7.81 respectively [1]. - The basis values of IC contracts compared with the CSI 500 index were - 12.46, - 69.46, - 123.26, and - 246.26 respectively [1]. - The basis values of IM contracts compared with the CSI 1000 index were - 20.11, - 88.91, - 160.11, and - 341.51 respectively [1]. 3.4 Other Domestic and Overseas Indexes - Among domestic main indexes, the Shanghai Composite Index rose 0.27%, the Shenzhen Component Index fell 0.11%, the Small and Medium - Sized Board Index fell 0.07%, and the ChiNext Index fell 0.45% [1]. - Among overseas indexes, the Hang Seng Index rose 0.26%, the Nikkei 225 fell 0.28%, the S&P 500 rose 0.14%, and the DAX index fell 0.39% [1]. 3.5 Macro Information - In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year, and RMB loans increased by 12.92 trillion yuan. The M2 balance at the end of June increased by 8.3% year - on - year. The central bank will continue to implement a moderately loose monetary policy [2]. - In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a year - on - year increase of 2.9%. In June, both imports and exports increased year - on - year [2]. - The Chinese government will strengthen the governance of illegal criminal activities in the financial field and improve the rules for handling financial disputes in emerging fields [2]. - China hopes that the US will work with it to maintain the stable, healthy, and sustainable development of Sino - US economic and trade relations [2]. 3.6 Industry Information - The coal industry is facing a complex supply - demand situation, and coal enterprises are required to strictly implement the medium - and long - term contract system for thermal coal and strengthen industry self - discipline [2]. - In the first half of this year, the number of newly registered new energy vehicles was 5.622 million, a year - on - year increase of 27.86%, and the total number of new energy vehicles in the country reached 36.89 million by the end of June [2]. - The China Private Education Association and 10 leading artificial intelligence companies jointly issued a convention to promote the coordinated education of schools, families, and artificial intelligence companies [2]. - The scale of foreign - funded wealth management companies has increased significantly, with at least two companies exceeding 50 billion yuan in scale and achieving an increase of over 20 billion yuan in the first half of this year [2].