Core Insights - The U.S. economy is sending mixed signals amid persistent inflation pressures and weak consumer spending, complicating the Federal Reserve's monetary policy outlook [1][8] - The June PCE price index rose 2.6% year-on-year, above the expected 2.5%, with the previous value revised up to 2.3% [1] - The core PCE price index increased by 2.8% year-on-year in June, surpassing the expected 2.7%, marking the highest level since February [1] Consumer Spending and Labor Market - Despite rising prices, consumer spending shows signs of fatigue, with real consumer spending only growing by 0.1% in June, failing to reverse the previous month's decline [4] - Durable goods spending has declined for three consecutive months, the longest streak since 2021, while service spending remains low, indicating weak discretionary spending [4] - Real disposable income remained flat in June after a decline in May, with weak wage growth limiting consumer spending willingness [4] Federal Reserve's Dilemma - The Federal Reserve faces a dilemma as rising core inflation raises concerns, yet weak consumer and labor market conditions prompt some policymakers to advocate for interest rate cuts [5] - The Fed maintained interest rates for the fifth consecutive time, with two board members unusually voting in favor of a 25 basis point cut, highlighting increasing internal divisions [5] Market Reactions - Following the data release, U.S. stock index futures maintained gains, Treasury yields declined, and the dollar remained stable, reflecting market caution regarding the Fed's policy direction [8] - The June PCE data intensified policy divisions within the Fed, as core inflation remains above target while consumer and income growth show signs of weakness [8]

Group 1 - The National Development and Reform Commission (NDRC) will hold a press conference on August 1 at 10:00 to interpret the current economic situation and economic work [1][2] - The press conference is expected to provide insights into the economic policies and strategies that will impact various sectors [1][3]

Group 1 - The core viewpoint of the article is the announcement of personnel changes in Jilin Province, specifically the appointment of Qiu Jiang as the new head of the United Front Work Department of the Jilin Provincial Committee [1] - Qiu Jiang was born in August 1972 and has held various significant positions in Yunnan Province, including Deputy Secretary of Chuxiong Prefectural Committee and Vice Governor of Yunnan Province [1][2][3] - Prior to his new role in Jilin, Qiu Jiang served as the Secretary-General of the Yunnan Provincial Committee [4] Group 2 - The previous head of the United Front Work Department in Jilin, Han Fuchun, was born in February 1965 and currently serves as the Deputy Secretary and Vice Chairman of the Jilin Provincial Political Consultative Conference [5]

Group 1 - The article highlights a situation involving a student from Xiamen University who made inappropriate comments about national athletes on social media, prompting the university to initiate an investigation and take disciplinary action based on the findings [1] - The university expresses gratitude for the attention from the public regarding this matter, indicating a commitment to uphold standards of conduct [1] Group 2 - The article mentions significant positive developments in the A-share market, including a sudden surge and a major rebound in the afternoon trading session [1] - It notes the arrival of a "super week" with important events and announcements from both China and the United States, which are expected to influence market dynamics [1] - Key messages include updates on tariffs between the US and EU, as well as a notable announcement regarding potential interest rate cuts by the Federal Reserve [1]

Economic Overview - Shenzhen's GDP for the first half of 2025 reached 1832.226 billion yuan, with a year-on-year growth of 5.1% [1] - The primary industry added value was 1.033 billion yuan, growing by 2.8%; the secondary industry added value was 650.556 billion yuan, growing by 3.3%; and the tertiary industry added value was 1180.637 billion yuan, growing by 6.1% [1] Industrial Production - The industrial added value for large-scale enterprises increased by 4.3% year-on-year, with a slight acceleration of 0.1 percentage points compared to the first quarter [2] - The manufacturing sector grew by 4.2%, while the electricity, heat, gas, and water production and supply sector saw an increase of 11.8% [2] - High-tech product output experienced rapid growth, with civil drones, industrial robots, and 3D printing equipment increasing by 59.0%, 38.0%, and 35.8% respectively [2] Service Sector - The added value of the service industry was 1180.637 billion yuan, with a year-on-year growth of 6.1%, also accelerating by 0.1 percentage points from the first quarter [3] - Key sectors such as finance, transportation, and information technology services grew by 10.9%, 9.0%, and 8.1% respectively [3] - From January to May, the revenue of large-scale service enterprises increased by 8.4%, with transportation and information services showing significant growth [3] Fixed Asset Investment - Fixed asset investment decreased by 10.9% year-on-year, with real estate development investment down by 15.1% [4] - Infrastructure investment grew by 7.7%, while industrial technological transformation investment surged by 47.1% [4] - Investment in information transmission and technology services increased by 47.7%, and transportation and postal services by 32.5% [4] Market Sales - The total retail sales of consumer goods reached 494.868 billion yuan, with a year-on-year growth of 3.5%, accelerating by 0.4 percentage points from the first quarter [6] - Retail sales of essential goods showed strong growth, with daily necessities and food retail increasing by 10.7% and 9.1% respectively [6] - Online retail continued to grow, with sales through the internet increasing by 19.4% [6] Trade Performance - The total import and export volume was 2167.545 billion yuan, down by 1.1%, but the decline narrowed by 1.7 percentage points compared to the first quarter [7] - Exports amounted to 1308.681 billion yuan, decreasing by 7.0%, while imports increased by 9.5% to 858.864 billion yuan [7] - High-tech product exports grew by 8.0% [7] Financial Sector - By the end of June, the balance of deposits in financial institutions reached 14160.014 billion yuan, growing by 5.7% year-on-year [8] - The balance of loans in financial institutions was 9846.991 billion yuan, with a year-on-year growth of 3.5% [8] Consumer Prices - The consumer price index rose by 0.1% year-on-year, with food and clothing prices increasing by 0.5% and 1.3% respectively [9] - Prices for transportation and communication decreased by 2.4%, while healthcare prices rose by 1.2% [9] - Overall, the economy maintained stable operation, with a focus on high-quality development despite external uncertainties [9]

Report Industry Investment Rating - No relevant content provided Core View of the Report - Although China's economic fundamentals were still under pressure in June, financial data showed that the effects of loose monetary policy had emerged and might be reflected in subsequent economic indicators. The third trade negotiation provided more flexibility for the market. However, after the Politburo meeting, without any unexpected policies, market bulls might take profit, and stock index futures were expected to enter a wide - range shock. It was recommended to wait and see [2] Summary by Relevant Catalogs Futures Disk - IF main contract (2509) closed at 4136.4, up 1.8; IF sub - main contract (2508) closed at 4147.0, up 1.6. IH main contract (2509) closed at 2820.0, up 7.8; IH sub - main contract (2508) closed at 2821.4, up 9.0. IC main contract (2509) closed at 6215.4, down 26.2; IC sub - main contract (2508) closed at 6271.2, down 26.8. IM main contract (2509) closed at 6604.2, down 28.8; IM sub - main contract (2508) closed at 6675.6, down 29.8 [2] - IF - IH current - month contract spread was 1325.6, down 14.6; IC - IF current - month contract spread was 2124.2, down 40.8. IM - IC current - month contract spread was 404.4, down 8.8; IC - IH current - month contract spread was 3449.8, down 55.4. IM - IF current - month contract spread was 2528.6, down 49.6; IM - IH current - month contract spread was 3854.2, down 64.2 [2] - IF current - quarter minus current - month was - 41.8, up 1.0; IF next - quarter minus current - month was - 72.6, up 1.6. IH current - quarter minus current - month was - 1.2, down 3.6; IH next - quarter minus current - month was 0.2, down 3.2. IC current - quarter minus current - month was - 192.2, up 2.8; IC next - quarter minus current - month was - 316, up 5.4. IM current - quarter minus current - month was - 260.4, down 1.2; IM next - quarter minus current - month was - 425.8, down 0.8 [2] Futures Position - IF top 20 net positions were - 26,574.00, down 2773.0; IH top 20 net positions were - 14,691.00, down 262.0. IC top 20 net positions were - 11,447.00, down 1360.0; IM top 20 net positions were - 37,384.00, down 2167.0 [2] Spot Price - CSI 300 was at 4151.24, down 0.8; IF main contract basis was - 14.8, down 4.2. SSE 50 was at 2819.35, up 10.8; IH main contract basis was 0.7, down 4.8. CSI 500 was at 6314.69, down 41.5; IC main contract basis was - 99.3, down 6.2. CSI 1000 was at 6718.48, down 55.4; IM main contract basis was - 114.3, down 2.4 [2] Market Sentiment - A - share trading volume (daily, billion yuan) was 18,709.76, up 416.67; margin trading balance (previous trading day, billion yuan) was 19,826.41, up 156.08. Northbound trading volume (previous trading day, billion yuan) was 2334.31, up 67.60; reverse repurchase (maturity, operation volume, billion yuan) was - 1505.0, up 3090.0. Main funds (yesterday, today, billion yuan) were - 399.83 and - 792.11 respectively [2] - The proportion of rising stocks (daily, %) was 31.62, down 9.75; Shibor (daily, %) was 1.317, down 0.049. IO at - the - money call option closing price (2508) was 52.00, down 9.60; IO at - the - money call option implied volatility (%) was 14.42, down 1.22. IO at - the - money put option closing price (2508) was 54.00, down 4.20; IO at - the - money put option implied volatility (%) was 14.42, down 1.22. CSI 300 index 20 - day volatility (%) was 6.52, up 0.02; trading volume PCR (%) was 63.76, up 5.52; open interest PCR (%) was 75.91, up 3.25 [2] Wind Market Strength and Weakness Analysis - All A - shares were at 3.80, down 1.60; technical aspect was at 3.20, down 0.90; capital aspect was at 4.40, down 2.20 [2] Industry News - The Political Bureau of the CPC Central Committee decided to hold the Fourth Plenary Session of the 20th CPC Central Committee, and emphasized that macro - policies should continue to exert force and increase force in due course. It was necessary to implement more proactive fiscal policies and moderately loose monetary policies, release domestic demand potential, boost consumption, promote "two major" construction, expand high - level opening - up, and resolve local government debt risks [2] - From July 28th to 29th, Chinese and US economic and trade leaders held talks in Stockholm. The two sides agreed to extend the suspension of 24% of the US reciprocal tariffs and China's counter - measures for 90 days [2] Key Data to Focus On - On July 30th at 20:15, focus on US ADP employment in July; at 20:30, focus on US Q2 GDP; at 21:45, focus on Bank of Canada interest rate decision. On July 31st at 2:00, focus on Fed interest rate decision; at 9:30, focus on China's July manufacturing, non - manufacturing, and composite PMI; at 10:47, focus on Bank of Japan interest rate decision; at 20:30, focus on US June PCE and core PCE. On August 1st at 9:45, focus on China's July Caixin manufacturing PMI; at 20:30, focus on US July non - farm payrolls report; at 22:00, focus on US July ISM manufacturing PMI [3]

Group 1 - The core viewpoint emphasizes the importance of maintaining stable and healthy Sino-U.S. economic relations, highlighting that "decoupling" is not feasible and that equal dialogue is key to resolving differences [1] - The Chinese government is committed to further opening up its market, indicating that the policy for utilizing foreign investment remains unchanged and will continue to expand [1] - The Chinese consumer market is noted for its significant growth potential and innovative vitality, welcoming investments from U.S. companies and others to share development opportunities [1] Group 2 - The U.S.-China Trade Committee expresses optimism about the ongoing dialogue between the two governments and the positive outcomes achieved, which enhance market confidence [1] - The committee and its member companies are dedicated to long-term development in China and will contribute constructively to expanding Sino-U.S. economic cooperation [1]

据中国天气微博消息，今天16时40分前后，今年第8号台风"竹节草"二次登陆上海市奉贤区沿海，登陆时 中心附近最大风力9级（23米/秒）。 百万用户都在看 A股，三大利好来袭！ 重大利好！刚刚，直线拉升！ 午后，突然大反攻！外围传来重磅！ "超级周"来袭！中美大事！国常会，重要部署！证监会发声！人工智能、消费大利好，影响一周市场 的十大消息 关税突发！美国、欧盟，重大变数！ 美联储，降息大消息！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 预计登陆后，"竹节草"移动速度较慢，将给华东地区带来持续降雨，台风雨或波及上海、浙江、江苏、安 徽、山东等地。 来源： 中国天气微博 责编：刘珺宇 校对： 王蔚 ...

百万用户都在看 A股，三大利好来袭！ 重大利好！刚刚，直线拉升！ 午后，突然大反攻！外围传来重磅！ "超级周"来袭！中美大事！国常会，重要部署！证监会发声！人工智能、消费大利好，影响一周市场 的十大消息 关税突发！美国、欧盟，重大变数！ 美联储，降息大消息！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 外交部发言人郭嘉昆30日在例行记者会上就在瑞典举行的新一轮中美经贸会谈答问时表示，关于此次中美经贸 会谈的情况，中方已经发布了消息。中方希望美方同中方一道，按照两国元首通话达成的重要共识，发挥好中 美经贸磋商机制作用，在平等、尊重、互惠基础上，通过对话沟通增进共识、减少误解、加强合作，争取更多 双赢成果，共同推动中美关系健康、稳定、可持续发展。 当地时间7月28日至29日，中美双方经贸团队在瑞典斯德哥尔摩举行新一轮经贸会谈。 来源：新华社 责编：王璐璐 校对：祝甜婷 ...

巴菲特，高位套现！ 当地时间周二，在美股市场上，互联网域名服务提供商威瑞信（VeriSign）大幅跳水，盘中跌幅一度超过 10%。截至收盘时，威瑞信股价跌幅仍超过9%，单日市值蒸发超26亿美元。 稍早前，威瑞信公告，巴菲特旗下伯克希尔拟出售公司430万股股份，占其所持公司股份总数的三分之一。此 外，伯克希尔可能会再出售51.5万股。 巴菲特此次减持的时间点非常微妙，正值美股市场迭创新高之际。早在2012年，巴菲特就持有威瑞信的股份。 2024年底至2025年1月初，巴菲特突然连续10多个交易日加仓威瑞信，引发市场关注。随后，威瑞信的股价持 续上涨，并在本周一盘中创出历史新高。年初至本周一，威瑞信累计涨幅接近48%。 巴菲特减持 在持股十多年后，"股神"巴菲特拟出手减持互联网服务公司威瑞信的股票。 周一美股盘后，威瑞信发布公告称，巴菲特旗下伯克希尔将出售其所持公司股份的三分之一（约430万股）。 按威瑞信周一收盘价305.98美元/股计算，此次出售的股份价值13.16亿美元。 监管文件显示，截至今年3月底，伯克希尔持有威瑞信1329万股股票，约占该公司股份总数的14.2%。按最新 股价计算，伯克希尔的持股总市值 ...