Core Viewpoint - The Chairman of the U.S. Securities and Exchange Commission (SEC) stated that most crypto assets are not considered securities and has instructed the commission's staff to develop guidelines to determine when crypto assets qualify as securities [1] Group 1 - The SEC is taking steps to clarify the classification of crypto assets, indicating a potential shift in regulatory approach [1] - The development of guidelines aims to provide clearer definitions and criteria for crypto assets, which could impact the market significantly [1]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - Last week, the median weekly return of equity ETFs was 1.19%. Among broad - based ETFs, ChiNext - related ETFs had the highest returns; among sector ETFs, the large - finance ETFs had the highest returns; among hot - topic ETFs, photovoltaic ETFs had the highest returns. Equity ETFs had a net redemption of 0.38 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the largest net subscription; among sector ETFs, the cyclical ETF had the largest net subscription; among theme ETFs, the military - industry ETF had the largest net subscription. As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. This week, 8 ETFs, including the Cathay Shanghai - Stock - Exchange STAR Market Innovative Drug ETF, will be issued [56]. 3. Summary by Relevant Catalogs ETF Performance - From July 7th to July 11th, 2025, the median weekly return of equity ETFs was 1.19%. The median returns of ChiNext - related, CSI 1000, CSI 500, A500, SSE 50, SSE - STAR Market, and SSE 300 ETFs were 2.57%, 2.43%, 2.07%, 1.16%, 1.03%, 1.06%, and 1.08% respectively. The median returns of cross - border, money - market, bond, and commodity ETFs were 0.52%, 0.02%, 0.00%, and - 0.34% respectively. Among sectors, large - finance, technology, cyclical, and consumer sector ETFs had median returns of 3.98%, 1.34%, 1.20%, and 1.01% respectively. Among hot - topics, photovoltaic, securities, and liquor ETFs had median returns of 5.65%, 4.44%, and 2.25% respectively, showing relatively strong performance, while bank, new - energy vehicle, and military - industry ETFs had median returns of - 0.15%, 0.53%, and 0.80% respectively, showing relatively weak performance [12][15]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3048.4 billion yuan, 603.1 billion yuan, and 398.8 billion yuan respectively, while money - market and commodity ETFs had relatively smaller scales of 165.7 billion yuan and 159.8 billion yuan respectively. Among broad - based ETFs, the SSE 300 and SSE - STAR Market ETFs had larger scales of 1066.7 billion yuan and 212.5 billion yuan respectively. Last week, equity ETFs had a net redemption of 0.38 billion yuan, but the overall scale increased by 40.78 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the largest net subscription of 2.056 billion yuan, and the A500 ETF had the largest net redemption of 6.736 billion yuan. Among sectors, the cyclical ETF had the largest net subscription of 3.743 billion yuan, and the consumer ETF had the largest net redemption of 0.288 billion yuan. Among hot - topics, the military - industry ETF had the largest net subscription of 2.3 billion yuan, and the securities ETF had the largest net redemption of 0.838 billion yuan [17][27][29]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.46%, 72.55%, 92.99%, 80.96%, 42.13%, and 99.23% quantile levels respectively, and the PB were at the 50.99%, 51.28%, 72.30%, 37.59%, 33.22%, and 98.85% quantile levels respectively. Since December 31, 2019, the PE and PB of SSE - STAR Market - related ETFs were at the 97.86% and 40.73% quantile levels respectively. Among sector ETFs, the PE of cyclical, large - finance, consumer, and technology sector ETFs were at the 53.92%, 50.87%, 9.15%, and 60.51% quantile levels respectively, and the PB were at the 39.16%, 61.34%, 26.88%, and 52.84% quantile levels respectively. Compared with the previous week, the valuation quantile of securities ETFs increased significantly. Generally, among broad - based ETFs, ChiNext - related ETFs had relatively lower valuation quantiles; among sectors, consumer ETFs had relatively moderate valuation quantiles; among sub - topics, liquor and photovoltaic ETFs had relatively lower valuation quantiles [35][37][40]. ETF Margin Trading and Short Selling - From last Monday to Thursday, the margin balance of equity ETFs decreased from 40.662 billion yuan in the previous week to 40.48 billion yuan, and the short - selling volume decreased from 2.257 billion shares in the previous week to 2.236 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, SSE - STAR Market ETFs and pharmaceutical ETFs had relatively high average daily margin purchases, while SSE 300 and SSE 50 ETFs had relatively high average daily short - selling volumes [43][44][49]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. Last week, 14 new ETFs were established, and this week, 8 ETFs, including the Cathay Shanghai - Stock - Exchange STAR Market Innovative Drug ETF, will be issued [50][53][56].

Core Insights - The report highlights the steady development of China's medical device industry during the "14th Five-Year Plan" period, indicating a positive growth trajectory [6] - The report notes a new cycle of large-scale construction in the computing power industry, driven by intensified industrial policies and capital enthusiasm, with specific stocks mentioned [8] - The report discusses the focus on several listed companies, including their recent projects and financial activities, indicating potential investment opportunities [10] Industry Updates - The China Federation of Logistics and Purchasing released the "China Medical Device Supply Chain Development Report (2025)", emphasizing the ongoing growth of the medical device sector [6] - A conference on integrated data market construction was held in Shanghai, showcasing advancements in data circulation and transaction technologies [6] - The computing power industry is entering a new phase of large-scale development, with stocks like Xiechuang Data and Shenghong Technology highlighted as key players [8] Company Focus - Huazheng New Materials has achieved mass sales of aluminum-plastic film products in energy storage and small power battery sectors, and is validating products in solid-state battery applications [10] - Star Semiconductor plans to issue convertible bonds to raise up to 1.5 billion yuan for various manufacturing projects, including automotive-grade SiC MOSFET modules [10] - EVE Energy's subsidiary is set to invest up to 8.654 billion yuan in a new energy storage battery project in Malaysia [10] Market Review and Outlook - On June 30, the total trading volume in the two markets was 1,486.9 billion yuan, with 3,874 stocks rising and 1,042 falling, indicating a slight contraction in trading volume compared to the previous day [12] - The three major indices opened slightly higher and showed a small upward trend, with small-cap stocks leading the gains [12] - The report notes that the strongest performing sectors included military and gaming, while banking and securities sectors experienced declines, suggesting a shift in market sentiment [13]

Core Viewpoint - The recent surge in stock buybacks and increases in shareholding by listed companies in China is aimed at stabilizing stock prices, alleviating market volatility, and boosting investor confidence [2][3]. Group 1: Stock Buyback and Increase Plans - Over 300 listed companies have publicly disclosed stock buyback and increase plans since April, with a total upper limit exceeding 100 billion yuan [1]. - State-owned capital operation companies, China Chengtong and China Guoxin, announced plans to use 180 billion yuan for stock buybacks and increases [1]. - By April 2025, the upper limit for stock buyback and increase loan applications from listed companies is expected to exceed 110 billion yuan, with contracts signed for approximately 200 billion yuan [1]. Group 2: Monetary Policy Tools - The People's Bank of China introduced two monetary policy tools in October 2022 to support the capital market, with initial quotas of 500 billion yuan and 300 billion yuan for securities, funds, and insurance companies [1][3]. - The combined use of these tools, totaling 800 billion yuan, aims to enhance the financing and investment capabilities of listed companies and industry institutions [3]. - The interest rate for stock buyback and increase loans is around 2%, which is lower than the average dividend yield of listed companies, encouraging more companies to engage in stock buybacks [3]. Group 3: Market Impact and Future Outlook - The implementation of these tools is expected to improve market stability and enhance the governance and operational development of companies [2]. - The tools have been well-received in the market, with over 500 listed companies and major shareholders announcing the use of loans for stock buybacks, totaling around 300 billion yuan [2][3]. - Future optimization of these policies is anticipated based on business developments and market needs to further support the stable growth of the capital market [3].

Group 1 - The core viewpoint of the news is that the recent consensus reached between China and the U.S. has positively influenced market sentiment, particularly benefiting the military industry sector [1] - The military sector showed strong performance, with military ETFs rising by as much as 6%, indicating optimistic future global order prospects for Chinese military equipment [1] - The military industry is considered a long-term investment focus due to its historical underperformance and potential for valuation increases following recent events [1] Group 2 - Another notable sector is humanoid robots, which saw a rise of over 3% due to strong order fulfillment reported by a leading company in the field [2] - The humanoid robot index is expected to reach new highs, driven by continuous innovation and event-driven market dynamics [2] Group 3 - The A-share market experienced a "high open and low close" phenomenon, with the securities sector showing significant volatility, initially rising over 1.5% before a late surge brought it to a maximum increase of 2.67% [4][6] - The securities sector's performance is crucial for overall market sentiment, as its recovery indicates a restoration of market confidence [6] - The Shanghai Composite Index initially rose by 29 points but closed only 12 points higher, illustrating typical market behavior of retreating after initial gains [5] Group 4 - The market's expectation for the Shanghai Composite Index to challenge the 3400 or even 3500 points level has increased significantly due to the strong performance of the securities sector [6]

Core Viewpoint - The People's Bank of China (PBOC) has announced a series of macro monetary policy measures aimed at addressing structural economic issues and stimulating domestic demand through targeted financial support [1][2][3]. Group 1: Interest Rate Adjustments - The PBOC has lowered the structural monetary policy interest rate by 0.25 percentage points, reducing it from 1.75% to 1.5% for various special structural policies and from 2.25% to 2% for mortgage supplementary loans [2][3]. - This marks the first comprehensive reduction of structural monetary policy tool rates by the PBOC, which includes long-term tools like agricultural and small business re-loans as well as short-term tools for carbon reduction and housing support [3][4]. Group 2: New Policy Tools - A new re-loan tool of 500 billion yuan has been established to support service consumption and elderly care, aimed at encouraging banks to increase credit support in these sectors [5][6]. - This new tool is an expansion and upgrade of the previous inclusive elderly care re-loan policy, which initially had a quota of 40 billion yuan and was piloted before being rolled out nationwide [8][9]. Group 3: Increased Quotas for Existing Tools - The quotas for two existing structural monetary policy tools have been increased by 300 billion yuan each: the quota for technology innovation and technical transformation re-loans has risen from 500 billion yuan to 800 billion yuan [10][11]. - The increase in quotas for agricultural and small business re-loans is expected to enhance support for inclusive finance, particularly for rural, small, and private enterprises [14]. Group 4: Optimization of Existing Tools - The PBOC has merged the quotas of two tools—stock repurchase and securities, fund, and insurance company swap convenience—totaling 800 billion yuan to improve usability and flexibility for different types of institutions [15][16]. - As of now, the swap convenience has conducted two operations totaling 105 billion yuan, and over 500 listed companies have announced the use of loans for stock repurchases, amounting to nearly 300 billion yuan [17].