Economic Indicators - The July PMI data will be released on July 31, with June's manufacturing PMI at 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [2]. Monetary Policy - The Federal Reserve will announce its latest interest rate decision on July 31, with expectations to maintain a wait-and-see approach in July, potentially starting rate cuts in September, as current economic indicators do not show signs of a slowdown or significant inflation risk [4][5]. Regulatory Developments - Hong Kong's Stablecoin Regulation will come into effect on August 1, with the Hong Kong Monetary Authority emphasizing the need for careful implementation to prevent market speculation and financial risks [6]. Corporate Earnings - Major tech companies including Microsoft and Meta will report their earnings on July 30, while Apple and Amazon will follow on July 31. Boeing is set to disclose its performance on July 29 [7]. Stock Market Activity - Over 1,000 billion yuan worth of restricted shares will be unlocked from July 28 to August 1, totaling 3.385 billion shares across 54 companies, with a peak on July 28 when 26 companies will unlock shares worth 454.26 billion yuan [9][10]. New Stock Offerings - Three new stocks will be available for subscription next week: Tianfulong on July 28, Youli Intelligent on July 29, and Guangdong Jianke on August 1 [12][13].

Group 1 - The core viewpoint of the article highlights that a total of 54 stocks in the A-share market will have their restricted shares unlocked from July 28 to August 1, with a total market value of 1026.79 billion yuan being released [1] - Among the stocks, 12 have a market value exceeding 2 billion yuan, with Huada Jiutian leading at 310.25 billion yuan, followed by Shanghai Airport at 142.16 billion yuan and Tongguan Copper Foil at 125.4 billion yuan [1] - The article emphasizes that the unlocking ratio (the number of unlocked shares as a percentage of total shares) is a more significant indicator of potential price impact, with 21 stocks having an unlocking ratio above 10% [1] Group 2 - Huada Jiutian and Luguan Technology are identified as having their original shareholders' restricted shares and strategic placement shares unlocked, while Tongguan Copper Foil has original shareholders' restricted shares unlocked, and Shanghai Airport has shares from a targeted placement unlocked [1] - The article notes that stocks such as Tongguan Copper Foil, Jun Cheng Technology, Beilu Zhikong, and Yidong Electronics have unlocking ratios exceeding 60%, specifically 72.38%, 71.28%, 62.41%, and 60.55% respectively, all being original shareholders' restricted shares [1]

Core Viewpoint - The report outlines the verification opinions of China International Capital Corporation regarding the lifting of restrictions on the circulation of part of the restricted shares of Shanghai Mengke Pharmaceutical Co., Ltd. The restricted shares will be available for trading on August 5, 2025, involving a total of 159,444,366 shares, which accounts for 24.32% of the company's total share capital [1][3][8]. Group 1: Restricted Shares Details - The total number of shares after the initial public offering (IPO) is 655,210,084, with 118,687,659 shares being unrestricted and 536,522,425 shares being restricted [2]. - The restricted shares involved in this circulation are from five shareholders, with a lock-up period of 36 months from the date of the company's stock listing [3]. - The total number of restricted shares to be listed for circulation is 159,444,366, which will be available for trading on August 5, 2025 [4][6]. Group 2: Share Capital Changes - Following the implementation of the 2023 restricted stock incentive plan, the company's total share capital increased from 655,210,084 shares to 655,605,491 shares [3]. - The increase in share capital is attributed to the vesting of restricted stocks under the incentive plan [3]. Group 3: Shareholder Commitments - Shareholders have made commitments regarding the locked shares, including not transferring or proposing to repurchase the shares during the lock-up period of 36 months [5][6]. - After the lock-up period, shareholders plan to reduce their holdings in compliance with relevant laws and regulations, ensuring that the selling price will not be lower than the IPO price adjusted for any corporate actions [5][6]. Group 4: Verification Opinions - The sponsor institution, China International Capital Corporation, has verified that the application for the lifting of restrictions on the shares complies with relevant laws and regulations, and the shareholders have adhered to their commitments made during the IPO [7][8].

Summary of Key Points Core Viewpoint - On July 25, 2025, a total of 8 stocks in the A-share market will face the lifting of restrictions on share sales, with a total of 1.872 billion shares being unlocked, amounting to a market value of 50.111 billion yuan based on the previous trading day's closing price [1]. Group 1: Stock Unlocking Details - The top three stocks by the number of shares unlocked are: - Daqian Energy (688303) with 1.593 billion shares [1][2] - Jintuo Co., Ltd. (603211) with 204 million shares [1][2] - Wanlang Magnetic Plastic (603150) with 31.966 million shares [1][2] Group 2: Market Value of Unlocked Shares - The top three stocks by market value of unlocked shares are: - Daqian Energy (688303) with a market value of 43.921 billion yuan [1][2] - Jintuo Co., Ltd. (603211) with a market value of 3.692 billion yuan [1][2] - Wanlang Magnetic Plastic (603150) with a market value of 1.066 billion yuan [1][2]

从解禁量来看，3家公司解禁股数超千万股。中航重机、军信股份、物产中大解禁量居前，解禁股数分 别为9371.99万股、6722.46万股、3798.07万股。从解禁市值来看，3家公司解禁股数超亿元。中航重 机、军信股份、盛景微解禁市值居前，解禁市值分别为15.84亿元、10.13亿元、3.97亿元。从解禁股数 占总股本比例来看，盛景微、军信股份、中航重机解禁比例居前，解禁比例分别为9.53%、8.52%、 5.95%。 4、5家公司披露回购进展 （原标题：今日看点｜国新办将举行新闻发布会，国家医保局介绍"十四五"时期深化医保改革，服务经 济社会发展有关情况） 7月24日重点关注的财经要闻与资本市场大事： 1、国新办将举行新闻发布会 国家医保局介绍"十四五"时期深化医保改革，服务经济社会发展有关情况 7月24日上午10时，国新办将举行"高质量完成'十四五'规划"系列主题新闻发布会，国家医疗保障局局 长章轲介绍"十四五"时期深化医保改革，服务经济社会发展有关情况，并答记者问。 2、商务部将召开7月第3次例行新闻发布会 7月24日下午3时，商务部将举行新闻发布会，新闻发言人介绍近期商务领域重点工作有关情况，并答记 者 ...

申万宏源证券承销保荐有限责任公司 关于杭州华星创业通信技术股份有限公司 解除限售并上市流通的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》等有关法律、法规的规定，申万宏源证券承销保荐有限责任公司（以 下简称"申万宏源承销保荐"或"保荐人"）作为杭州华星创业通信技术股 份有限公司（以下简称"华星创业"或"公司"）2022年向特定对象发行股 票的保荐人，对华星创业2022年向特定对象发行股票限售股份解除限售并上市 流通的事项进行了审慎核查，并出具核查意见如下： 一、本次解除限售股份的基本情况及公司股本变动情况 （一）本次申请解除限售股份的基本情况 根据中国证券监督管理委员会《关于同意杭州华星创业通信技术股份有 限公司向特定对象发行股票注册的批复》（证监许可20212506号）的核准， 公司向特定对象发行人民币普通股（A股）75,120,000股，并于2022年7月26日 在深圳证券交易所创业板上市交易。公司向特定对象发行股票前总股本为 （二）本次股份发行后公司股本变动情况 二十次会议，审议通过了《关于20 ...

Group 1 - The core point of the article is that *ST Yazhen's stock will resume trading on July 21, 2025, after a significant price deviation and a completed investigation into its trading activities [1][2]. - The stock price of *ST Yazhen increased by a cumulative 15.87% from July 11 to July 15, 2025, which was significantly higher than the Shanghai Composite Index and the furniture manufacturing industry during the same period [1]. - Since June, *ST Yazhen has undergone three trading suspensions for investigation, with a total price increase of 82.91%, attributed to changes in the controlling shareholder and subsequent takeover offers [4]. Group 2 - The company expects to report a net loss attributable to shareholders of between 33 million and 39.5 million yuan for the first half of 2025, with a non-recurring net profit loss estimated between 32 million and 38 million yuan [5]. - The decline in performance is primarily due to a lack of significant growth in sales revenue, a noticeable decrease in gross profit margin, and relatively high expense ratios for sales and management compared to revenue [5].

Core Viewpoint - The announcement details the listing and circulation of certain shares prior to the initial public offering (IPO) of Chengda Pharmaceutical Co., Ltd, highlighting the changes in share structure and the commitments made by shareholders regarding share transfer restrictions [1][5][12]. Summary by Sections Initial Public Offering and Share Capital Changes - Chengda Pharmaceutical successfully completed its IPO, issuing 24,174,035 shares, resulting in a total share capital of 72,522,105 shares before the IPO and 96,696,140 shares after [1][2]. - The proportion of shares subject to trading restrictions was 77.23% of the total share capital post-IPO [1]. Changes in Share Structure Post-IPO - Following the lifting of restrictions on certain shares, the total share capital increased to 96,696,140 shares, with 23,266,070 shares being unrestricted, representing 24.06% of the total [2]. - After further share releases, the total share capital reached 154,713,824 shares, with unrestricted shares amounting to 87,193,824, accounting for 56.36% of the total [4][12]. Shareholder Commitments and Lock-up Periods - Key shareholders, including directors and investment partners, committed to not transferring their shares for 36 months post-IPO, with specific conditions for extending lock-up periods if share prices fell below the IPO price [5][6][9]. - The commitments were adhered to, and there were no violations affecting the listing of restricted shares [9][12]. Listing and Circulation of Restricted Shares - The total number of restricted shares being released for circulation was 67,520,000, which constituted 44.58% of the total share capital after excluding repurchased shares [10][12]. - The company confirmed that the released shares were not subject to any pledges or freezes [10]. Regulatory Compliance and Verification - The sponsor institution verified that all shareholder commitments were fulfilled and that the listing of restricted shares complied with relevant laws and regulations [12].

Group 1 - The National New Office will hold two press conferences on July 14, focusing on the financial statistics for the first half of 2025 and import-export data [1] - The 12th World Chemical Engineering Conference and the 21st Asia-Pacific Chemical Alliance Conference will take place from July 14 to 18, addressing challenges in chemical engineering and future talent education [2] Group 2 - On July 14, a total of 14 companies will have their restricted shares unlocked, with a total unlock volume of 1.008 billion shares, amounting to a market value of 14.507 billion yuan [3] - Six companies will have over 10 million shares unlocked, with Zhaoxin Co., Beixin Road and Bridge, and Tianyue Advanced leading in unlock volume [3] - The companies with the highest unlock market value include Tianyue Advanced, Xinghui Huan Material, and Huasheng Lithium Battery, with values of 7.487 billion yuan, 2.753 billion yuan, and 1.826 billion yuan respectively [3] Group 3 - Four companies disclosed stock repurchase progress on July 14, with one company reporting ongoing repurchase and three completing their repurchase plans [4] - The highest repurchase amount reported was 20.0616 million yuan by Cambrian [4] - Companies that completed repurchases include Wanhua Chemical, Qingyuan Co., and Mercury Home Textiles, with repurchase amounts of 500 million yuan, 4.2422 million yuan, and 291,900 yuan respectively [4] Group 4 - A total of 106.5 billion yuan in 7-day reverse repos will mature today, following a central bank operation on July 7 with an interest rate of 1.40% [5] Group 5 - Economic data such as India's June CPI year-on-year and Japan's May production capacity index will be released [6]

Economic Data Release - The National Bureau of Statistics will announce key economic data including industrial added value, fixed asset investment, and retail sales of consumer goods on July 15 [1] - The press conference will provide insights into the national economic performance for the first half of 2025 [2] Import and Export Data - A press conference will be held on July 14 to discuss the import and export situation for the first half of 2025 [3] Oil Price Adjustment - A new round of fuel price adjustments will take effect from July 15, with 13 price adjustment windows occurring this year, resulting in six increases, five decreases, and two unchanged [5] Real Estate Market - The National Bureau of Statistics will release the June 2025 residential property price index report on July 15, indicating a month-on-month decline in property prices across 70 major cities, with a narrowing year-on-year decline [6] Industry Conferences - Multiple industry summits will take place from July 16 to 20, including the third China International Supply Chain Promotion Expo and the 12th World Chemical Engineering Conference [7] Stock Market Unlocking - A total of 42 companies will have their restricted shares unlocked next week, with a total market value exceeding 26 billion yuan based on the closing price on July 11 [8] - The top three companies by unlocking market value are Tianyue Advanced (7.487 billion yuan), Maiwei Biological (5.420 billion yuan), and Baoli Food (3.010 billion yuan) [8] New Stock Opportunities - Two new stocks are set to be issued next week, with a total of approximately 9.073 million shares and expected fundraising of 1.236 billion yuan [11] - The stocks include Jiyuan Group with an issue price of 10.88 yuan and Shanda Electric Power at 14.66 yuan, both available for subscription on July 14 [12]