Report Summary Report Industry Investment Rating No specific industry investment rating was provided in the report. Report's Core View The report provides analysis and trading strategies for financial and commodity futures and options, suggesting that the stock index is in a bullish cycle and the bond market is expected to strengthen, while the black and building materials sectors are expected to stop falling and stabilize. Summary by Directory Financial Futures and Options - **Stock Index Futures** - **Varieties**: IF, IH, IC, IM - **Intraday View**: Oscillating with a bullish bias - **Medium - term View**: Bullish - **Reference Strategy**: Hold long positions in IM2507 - **Core Logic**: Support policies are continuously implemented, overseas tariff risks are rising, the technical form shows a potential upward trend, and market risk appetite is increasing [1][2] - **Treasury Bond Futures** - **Varieties**: TS, TF, T, TL - **Intraday View**: Short - term bonds fluctuate narrowly, long - term bonds are bullish - **Medium - term View**: Bullish - **Reference Strategy**: Adopt a long - position approach for T2509 or TL2509 - **Core Logic**: Inter - bank liquidity is loose, and there is an increasing expectation of policy support due to weak fundamentals [3][4] Commodity Futures and Options - **Black and Building Materials Sector** - **Varieties**: Rebar, Hot - rolled coil - **Intraday View**: Short - term shift between long and short positions, with weakening downward drivers - **Medium - term View**: Stop falling and stabilize - **Reference Strategy**: Hold long positions in the call option RB2510 - C - 3000 and adopt a short - position strategy for the RB2510 straddle option (range: 2900 - 3200) - **Core Logic**: Supply pressure on steel raw materials is expected to ease, reducing the potential supply pressure on finished steel products [5]

Market Overview - The Hang Seng Index rose by 260 points or 1.1%, closing at 24,148 points, driven by a rebound in technology stocks[1] - The Hang Seng Tech Index increased by 1.8%, closing at 5,325 points, with a total market turnover exceeding HKD 213.3 billion[1] - Net inflow into Hong Kong Stock Connect was HKD 386 million, indicating positive sentiment in the market[1] Sector Performance - Cathay Financial International (1788 HK) surged by 28.5%, becoming the most actively traded stock with a turnover of HKD 12.8 billion[1] - Other notable performers included Kuaishou (1024 HK), which rose by 5.2%, reaching a three-month high[1] - The gaming, cultural tourism, brokerage, and consumer electronics sectors showed strong performance, with major tech stocks like Alibaba (9988 HK) and Meituan (3690 HK) rising by 1.5% and 3.6% respectively[1] Economic Indicators - The new housing transaction volume in 30 major cities reached 1.89 million square meters, a year-on-year decline of 1.1%, showing improvement compared to the previous week's 23.1% drop[5] - The inventory-to-sales ratio for major cities was 63.1, higher than last year's 59.7 but lower than the previous week's 68.2[7] - Land transaction volume in 100 major cities increased by 15.3% year-on-year, totaling 2.063 million square meters[8] Policy and Market Outlook - The market is expected to maintain high-level fluctuations, with a focus on technology stocks for further upward movement[2] - Long-term capital is improving, suggesting no need for significant reduction in positions[2] - The government is expected to implement supportive policies to stabilize the real estate market, which may benefit both state-owned and local enterprises[11]

3 ACMI 2025（第四届）电解液创³ 固态电池研讨会将于7月9日至11日· 4 EIA公布月度短期能源展望报告 5 第十三届中国 (西部) 电子信息博 9日至11日举办 1 隔夜市场 美股三大指数收盘涨跌不一，道指跌0.37%，纳指涨0.03%，标普500指数跌0.07%；石油股走高，斯伦贝谢涨超4%，英国石油、雪佛龙涨超3%，大型科技 股涨跌互现，英伟达、特斯拉涨超1%，奈飞、谷歌、亚马逊跌超1%。中概股多数上涨，纳斯达克中国金龙指数收涨0.71%，大全新能源涨超10%，老虎证 券涨逾8%，京东、新东方涨超2%，阿里巴巴涨1.6%。 每经编辑｜胡玲 王晓波 V 中国6月CPI、PPI数据将公布 ② 国新办将举行"高质量完成'十四五 题新闻发布会。首场发布会将于7月 举行 国际油价小幅走强，美油主力合约收涨0.37%，报68.18美元/桶；布伦特原油主力合约涨0.62%，报70.01美元/桶。 国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.95%，报3311.00美元/盎司；COMEX白银期货涨0.06%，报36.93美元/盎司。 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.55%报24206. ...

恒生科技指数早盘涨幅扩大至1%，恒生指数现涨0.66%；加密货币概念涨幅居前，苹果、生物医药概念 今日回升，奶制品股延续跌势。 ...

Group 1 - The company announced the establishment of a joint venture in China, with the company holding 34% and partners holding 63% [1] - The joint venture received capital injections of HKD 3,400,000 from the company and HKD 6,300,000 from partners, with no further funding commitments expected [1] - The formation of the joint venture aims to leverage resources and expertise for mutual benefits, enhancing operational efficiency and product marketing in the healthcare sector [1] Group 2 - The board has decided to add a new core business segment focused on Superoxide Dismutase (SOD), which has unique scientific mechanisms and advantages in industrialization [2] - SOD is expected to be applicable in high-end medical aesthetics, functional foods, and specialized medical fields, supported by intellectual property barriers and core patents [2] - The introduction of the SOD business segment is anticipated to open new growth avenues in biomedicine and upgrade existing consumer businesses, creating a technology-driven valuation system [2]

Group 1 - The core viewpoint of the articles highlights the rapid growth and innovation in Beijing's pharmaceutical and healthcare industry, with the city becoming the first in China to surpass a trillion yuan in industry scale [2][3]. - During the 14th Five-Year Plan period, Beijing has launched 12 innovative drugs and approved 54 national innovative medical devices, accounting for nearly one-fourth of the national total [1][3]. - In the first half of 2025, the National Medical Products Administration approved 43 innovative drugs, with 40 developed by Chinese companies, showcasing the strength of local innovation [2][3]. Group 2 - Changping District has signed agreements for 14 major projects, focusing on providing comprehensive services for enterprise development in the pharmaceutical sector [4][5]. - The district has established 57 industrial service platforms, facilitating seamless transitions from incubation to research and development, and clinical trials [4]. - The pharmaceutical health industry in Changping has seen an average annual revenue growth of 9.3% over the past three years, forming a billion-yuan industry cluster [4][5].

福昆航空科技有限公司自主研发的高性能垂直起降固定翼无人机已经实现产业化；广东机器人"七剑 客"各怀绝技，深入实施"机器人+"战略，笑傲全球；全息投影技术融合文化与科技，在岭南大地打破虚 幻与现实的边界；"集装箱+"概念突破运输载体局限，融入自然生态与产业需求，在多元场景中焕发新 活力。这些创新实践展现出科技与产业融合的强劲动能，为发展注入新势能。 技术的破圈从来都不是一蹴而就，科技创新的每一次突破都镌刻着无数奋斗者的汗水与智慧。实验室里 历经数千次的参数调试，连续数十年潜心研发，高校、科研院所和企业精心的人才培养，铸就了如今令 人瞩目的科技成就。 系统化完善金融支持科技创新政策、探索建立与科技创新相适应的现代科技金融体系、强化财政金融协 同联动增效，是广东省助推现代产业体系建设的主要举措。2025年一季度，广东省金融业增加值3246亿 元，同比增长6.1%，高于经济增速两个百分点，占全省经济比重达到了9.7%。金融赋能促使"广东制 造"向"广东智造"的转型之路越走越宽。 从"神舟"飞船搭载着中华民族千年飞天梦，一次次刺破苍穹，在浩瀚宇宙中留下中国印记，到"北斗"卫 星编织起覆盖全球的导航网络，为人们提供精准定 ...

Group 1 - The core viewpoint indicates that anti-involution policies will primarily focus on industries such as new energy vehicles and photovoltaics, leading to accelerated mergers, restructuring, and integration rather than administrative capacity reduction [1] - The recent sentiment in the Hong Kong stock market has declined, with the Hang Seng Technology Index experiencing a pullback after reaching the upper range, influenced by strong U.S. economic data, delayed interest rate cuts, a depreciating RMB, and rising long-term interest rates, which have increased pressure on the liabilities of Hong Kong stocks [1] - Looking ahead, high long-term U.S. interest rates may continue to suppress the economy, but the AI capital expenditure wave is expected to support the performance of leading technology stocks in Hong Kong, with high demand in upstream AI computing power and servers likely to persist into the second half of the year, providing a favorable long-term value proposition for the Hang Seng Technology sector [1] Group 2 - The Hong Kong Technology ETF tracks the Hong Kong Stock Connect Technology Index, which is compiled by Guozheng Index Co., Ltd., aiming to reflect the performance of technology industry stocks that can be traded through the Stock Connect mechanism [1] - The index constituents mainly cover high-tech fields such as information technology and healthcare, selecting innovative companies with high growth potential as samples, thereby reflecting the overall trend of the technology sector in the Hong Kong stock market [1] - The industry allocation focuses on technological innovation areas, including cloud computing and biomedicine, providing investors with an efficient tool to invest in leading technology stocks in Hong Kong [1]

Group 1 - The "11th Cross-Strait Youth Innovation and Entrepreneurship Competition" concluded in Wuhan, with 8 Taiwanese entrepreneurial teams signing agreements to establish their projects in the city [1][5] - The competition featured 15 projects from Taipei and 10 from Wuhan, focusing on fields such as artificial intelligence, biomedicine, and new materials technology [3] - The project "Bionic Multimodal Fusion Navigation System for Knee Joints" utilizes MRI for rapid modeling, significantly reducing the time compared to traditional CT methods [3][5] Group 2 - The project team, led by Wang Xinjie and partner Ye Jing, emphasizes the complementary skills between them, with Wang focusing on surgical experience and Ye on software development [3] - The competition serves as a platform to enhance cross-strait cooperation, allowing Taiwanese entrepreneurs to connect with high-level partners and investors in mainland China [3] - A total of 117 Taiwanese entrepreneurial projects have been established in the Dongxihu District of Wuhan since the inception of the competition [5]

Group 1 - The stock price of Zhaoyan New Drug (603127) increased by 16.95% this week, closing at 22.36 yuan, with a weekly high of 22.76 yuan and a low of 18.92 yuan [1] - Zhaoyan New Drug's current total market capitalization is 16.758 billion yuan, ranking 9th in the medical services sector and 950th among all A-shares [1] Group 2 - Zhaoyan New Drug announced its plan to invest up to 20 million yuan in the Huaxia Zhiyuan Venture Capital Fund, which has a target fundraising scale of 35 million yuan [2][4] - The fund will focus on equity investments in unlisted companies related to molecular diagnostics and targeted therapy, with a management fee of 1% per year based on the total capital contributions [2] - As of June 30, 2025, the legal registered capital of Zhaoyan New Drug's H-shares and A-shares remains unchanged at 118,995,206 shares and 630,482,128 shares, respectively [3][4]