Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the Chinese stock market, specifically the Shanghai Composite Index and various sectors within it. Core Insights and Arguments 1. **Market Trend Analysis**: The current market shows a bullish divergence in moving averages, indicating stability for at least six months, with historical data suggesting support near the 60-day moving average during pullbacks [1][4][6]. 2. **Investment Strategy**: Investors are advised to maintain a balanced portfolio, focusing on low-volatility and stable sectors, while being optimistic about future market trends [1][7]. 3. **Currency Impact**: The appreciation of the RMB against the USD is seen as a positive factor for the A-share market, likely boosting investor confidence and market performance [1][13][21]. 4. **Sector Performance**: Cyclical sectors like coal and steel have shown strong performance due to favorable policies, but this is viewed as an initial rebound rather than a sustained upward trend [1][14][16]. 5. **Market Dynamics**: Recent market movements have been characterized by structural features and rapid rotation among sectors, suggesting equal opportunities across various segments [1][8][9]. Other Important but Possibly Overlooked Content 1. **Historical Context**: Past instances of similar bullish patterns have led to stable market performance, with significant resistance levels identified around 3,750 to 3,900 points for the Shanghai Composite Index [2][22][23]. 2. **Short-term Support Levels**: The 20-day moving average is highlighted as a critical support level, with further attention on the 60-day moving average if the former is breached [7][25]. 3. **Banking Sector Outlook**: Recent declines in bank stocks are attributed to internal adjustments and a shift in investor preference towards more flexible sectors, although the long-term outlook for banks remains positive [18]. 4. **Investment Style**: The current favorable investment style is identified as large-cap growth, particularly in consumer and technology sectors, which are closely linked to broader market indices [30]. 5. **Sector Valuation**: The highest value sectors currently include battery materials, non-ferrous metals, steel, pharmaceuticals, and construction, indicating potential investment opportunities [31]. This summary encapsulates the essential insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape and strategic investment considerations.

一、证监会停止降温牛市！A股三大指数继续高歌猛进，上证指数站上3600点。但一片欢腾之下，股东减持的步伐也在加速！但是，当股东们默契地按下了 收割键，这是否会给股市降降温？ 5月，403家公司的765位股东计划减持；6月，377家公司的727位股东计划减持。而如今才过去3个月，市场已经是另一番景象，关税战没有吓到A股，反而 走出了漂亮的慢牛行情。更是突破了久违的3600点，上次见到3600点还是在2024年。 对于指数而言，下周初如果再次冲高届时大概率会背驰，构筑一个短线高点，所以下周需要注意指数可能会有一次剧烈波动，那么操作上就要注意指数再有 新高的时候别去胡乱追涨了，中线可以简单点。 只要大盘指数和手里的个股位于5日线上方，无论如何都可以不考虑见顶，该持有还是持有。如果某日跌破5日线，并出顶分型，预计也会走个复合顶部，所 以不用一次性都出，而是分批减仓，这样可以出在相对高位。 三、市场全天震荡调整，三大指数小幅下跌。 两市全天成交额1.79万亿，较上个交易日缩量574亿。涨跌家数基本相当。板块方面，芯片股集体爆发，寒武纪涨超10%。AI应用股表现活跃，因赛集团 20CM涨停。 指数方面延续慢牛节奏，只要不 ...

Report Industry Investment Ratings - Macrofinance: Index futures are rated as a slow - bull market with an upward - trending shock; Treasury bonds are rated for profit - taking [6] - Black Building Materials: Rebar is rated for shock; Iron ore is rated for an upward - trending shock; Coking coal and coke are rated for cautious trial - buying [7][8][10] - Non - ferrous Metals: Copper is rated for range trading or waiting; Aluminum is rated for waiting; Nickel is rated for shorting on rallies; Tin is rated for range trading; Gold and silver are rated for range trading [12][14][18] - Energy and Chemicals: PVC is rated for an upward - trending shock; Caustic soda is rated for shock; Styrene is rated for shock; Rubber is rated for an upward - trending shock; Urea and methanol are rated neutral; Polyolefins are rated for a downward - trending shock; Soda ash is rated for waiting and exiting [22][24][26][27][30][31][33][34] - Cotton and Textile Industry Chain: Cotton and cotton yarn are rated for an upward - trending shock; Apples and jujubes are rated for shock [36][37] - Agricultural and Livestock: Pigs and eggs are rated for shorting on rallies; Corn is rated for range trading; Soybean meal and oils are rated for an upward - trending shock [39][41][42][44][45][46] Core Views The report provides investment ratings and trading strategies for various futures products in different industries. It analyzes the market situation of each product from aspects such as macro - policies, supply - demand fundamentals, and international events, and gives corresponding investment suggestions based on the analysis results [1][6][8] Summaries by Directory Macrofinance - **Index Futures**: The slow - bull trend is gradually clear, and the index center moves up due to factors such as the Fed's "renovation gate", the European Central Bank's interest - rate policy, China's policy adjustments, and market sentiment changes [6] - **Treasury Bonds**: The bond market is in a weak shock. It is recommended to preserve strength and wait for better opportunities to enter the market for allocation due to the influence of investors' behavior and the performance of large - category assets [6] Black Building Materials - **Rebar**: The price is in a shock state. The raw materials drive the steel price up, but the supply - demand contradiction in the off - season is not obvious. It is recommended to wait and see and pay attention to the opportunity of shorting futures while going long on the spot [8] - **Iron Ore**: The price is in an upward - trending shock. The policy expectation at the end of the month is enhanced, the demand is relatively strong, and the supply is stable. It is expected that the price will continue to be strong [8] - **Coking Coal and Coke**: The coking coal market shows a pattern of strong supply and demand, and the short - term price support is strong. The coke market has obvious supply - demand game characteristics. It is necessary to pay attention to factors such as the progress of coal - mine resumption, the continuity of coke price increases, and steel - mill profits [10][11] Non - ferrous Metals - **Copper**: The price is in a high - level shock. Factors such as the US tariff policy, domestic supply - side reform, and seasonal demand changes affect the price. It is recommended for range trading or waiting [12] - **Aluminum**: The price is in a high - level shock. The supply and demand situation is complex, and the short - term upward space is limited. It is recommended to pay attention to inventory accumulation [14] - **Nickel**: The long - term supply in the nickel industry is excessive, and the price is expected to be in a shock state. It is recommended to short on rallies [18] - **Tin**: The supply - demand gap of tin ore is gradually improving, and the price is expected to be supported. It is recommended for range trading [19] - **Gold and Silver**: The prices of precious metals are in a shock state. The US economic data and tariff policy expectations affect the price. It is recommended for range trading [20][21] Energy and Chemicals - **PVC**: The supply - demand is still weak, but the policy expectation is dominant, and the price is in an upward - trending shock. It is necessary to pay attention to the support at 5150 [22][23] - **Caustic Soda**: The supply is at a high level, and the demand has rigid support but the growth rate slows down. The price is in a shock state, and the 09 contract temporarily pays attention to 2500 - 2700 [24][25] - **Styrene**: The fundamental support is limited, and the macro - environment is warm. The price is in a shock state, and it temporarily pays attention to 7300 - 7700 [26][27] - **Rubber**: The raw materials are firm, and the inventory shows a small - scale de - stocking trend, but the market sentiment is weakening. The price is in an upward - trending shock, and it pays attention to the pressure at 15000 [27][29] - **Urea**: The supply decreases slightly, the demand has certain support, and the de - stocking trend continues. The price is expected to be in a shock state, with a reference range of 1680 - 1850 [30] - **Methanol**: The supply is tight in some areas, the demand of the methanol - to - olefins industry increases slightly, and the traditional demand is weak. The price is expected to be in a shock state [32] - **Polyolefins**: The supply pressure is large, the demand is in the off - season, and the inventory has a small - scale de - stocking. The price is expected to return to the fundamentals, with a short - term rebound but limited strength [32][33] - **Soda Ash**: Affected by the news of the work plan for stabilizing growth in ten key industries, the futures price rises sharply. It is recommended to wait and exit the market [34][35] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply and demand situation changes, the downstream consumption is light, but the spot market is tight. The price is expected to be in an upward - trending shock [36] - **Apples**: The trading in the production area is on - demand, the supply in the early - maturing fruit market is limited, and the price is expected to be in a shock state [37] - **Jujubes**: The new - season jujube growth is in the physiological fruit - dropping stage, the arrival volume in the sales area is small, and the price is expected to be stable in the short term [37] Agricultural and Livestock - **Pigs**: The supply - demand pressure exists, showing a pattern of near - term weakness and long - term strength. It is recommended to short on rallies for the 09 and 11 contracts and wait and see for the 01 contract [39][40] - **Eggs**: The short - term supply pressure is weakened, but the long - term supply is expected to increase. It is recommended to short on rallies for the 09 contract and wait for buying opportunities at low prices for the 12 and 01 contracts [41][42] - **Corn**: The short - term supply - demand game intensifies, and the price is in a range shock. It is recommended to be cautious in going long unilaterally and pay attention to the 9 - 1 reverse - spread opportunity [43][44] - **Soybean Meal**: The short - term supply is sufficient, and the price is in a shock state. The medium - and long - term supply gap exists, and it is recommended to go long at low prices [45][46] - **Oils**: The prices of various oils are in an upward - trending shock. It is recommended to buy on dips for the 09 contracts of soybean oil, palm oil, and rapeseed oil in the corresponding intervals [46][51]

Core Viewpoint - The A-share market is experiencing a bullish trend, with the leading brokerage ETF (512000) showing significant gains, marking a six-day consecutive rise and reaching a new high for the year [1][2]. Group 1: Market Performance - The brokerage ETF (512000) opened strong, closing up 2.88% and achieving a six-day winning streak [1]. - The median increase among 49 brokerage stocks in the A-share market was 2.45%, with notable performers including Jinlong Co., which hit the daily limit, and Zhongyin Securities, which rose over 7% [2][3]. - The main funds have continuously flowed into the securities sector, with a net inflow of 9.721 billion CNY, marking the second consecutive day of leading industry inflows [3][4]. Group 2: Historical Context - Historical data shows that during the "924 rebound" last year, the brokerage ETF (512800) tracked the CSI All Share Securities Companies Index, which recorded a 60.81% increase, outperforming the Shanghai Composite Index and CSI 300 by over 30 percentage points [5][6]. - The CSI All Share Securities Companies Index has shown significant fluctuations over the past five years, with a notable increase of 27.26% in 2024 [6]. Group 3: Future Outlook - The current market is characterized as a "slow bull" trend, with investors shifting from trading strategies to holding strategies, indicating a potential for sustained growth in the brokerage sector [7]. - The brokerage ETF (512000) and its associated funds are designed to track the CSI All Share Securities Companies Index, providing exposure to 49 listed brokerage stocks, with a focus on top-tier brokerages while also considering smaller firms for their high growth potential [7].

Group 1 - The core viewpoint of the article highlights the current state of the A-share market, where despite a new high in indices, retail investors are experiencing anxiety and uncertainty, leading to a phenomenon where they fear selling at losses only to see the market rebound shortly after [1][3] - The article discusses the significant outflow of 40 billion from domestic institutions, which has caused panic among investors, but argues that this is not a sign of fleeing capital but rather a strategic repositioning of funds within different sectors [2][4] - It emphasizes that the current market dynamics reflect a "slow bull" trend rather than a "crazy bull," indicating that while there are fluctuations, the overall sentiment remains positive due to economic recovery and increased participation from retail investors [5][7] Group 2 - The article notes that the market is employing a "bumping-up strategy," where gaps in price are intentionally left unfilled to create a sense of urgency among investors, prompting them to buy at higher prices [4][6] - It points out that the trading volume has significantly increased, with estimates reaching 1.7 trillion, suggesting that new retail investors are entering the market, contrary to the belief that capital is fleeing [4][5] - The article provides practical advice for retail investors, recommending cautious positioning, avoiding chasing hot stocks, and maintaining a long-term perspective to navigate the current market volatility [8][9]

Core Viewpoint - The Shanghai Composite Index has shown a "slow bull" trend, rising from approximately 3040 points to nearly 3600 points over the past three months, with an increase of over 500 points, leading to heightened investor expectations for a bull market [1][6]. Market Performance - On July 23, the Shanghai Composite Index broke through the 3600-point mark for the first time since October 8, 2024 [2]. - As of the market close, the Shanghai Composite Index rose by 0.01% to 3582.3 points, while the Shenzhen Component Index fell by 0.37% and the ChiNext Index remained unchanged. The total trading volume in A-shares was maintained at a high level, reaching 1.9 trillion yuan [3]. Sector Highlights - The "Yajiang Hydropower" concept has gained significant traction, with companies like China Power Construction, Poly United, Tibet Tianlu, and Xining Special Steel experiencing three consecutive trading limit increases. The Yarlung Tsangpo River downstream hydropower project, led by the newly established China Yajiang Group, has a total investment of approximately 1.2 trillion yuan, making it the largest infrastructure project globally [4]. Market Outlook - The potential for a sustained "slow bull" market is under scrutiny. Liu Jipeng, former dean of the School of Business at China University of Political Science and Law, noted that the market's recent rise could face significant adjustment risks as it approaches the 3600-3700 point range, which historically has led to prolonged consolidation phases [9]. - If the market can effectively break through the 3700-3800 point range, it may enter a sustained slow bull phase. However, if it fails to surpass 3700 points, it may be premature to declare the emergence of a bull market [10]. Investment Dynamics - Incremental capital has become a key signal for market uptrends. Central Huijin Investment Co., Ltd. has significantly increased its holdings in various ETFs, with a total investment exceeding 190 billion yuan [12]. - Foreign investment in RMB assets has remained stable, with foreign holdings of domestic RMB bonds exceeding 600 billion USD, indicating a positive trend in foreign investment in the domestic stock market [13]. Market Sentiment - The market has shown strong performance since June, with the Shanghai Composite Index reaching new highs for the year. The current environment is characterized by a balance between fundamental pressures and policy support, leading to increased market divergence [15].

Group 1 - The Shanghai Composite Index broke through the 3600-point mark for the first time since October 8, 2024, closing at 3582.3 points with a slight increase of 0.01% [2] - The A-share market maintained high trading volume, reaching 1.9 trillion yuan, slightly down from the previous day's 1.93 trillion yuan [2] - The "Yaxiashuidian" concept stocks, related to the newly established China Yajiang Group and its major hydropower project, saw significant gains, with several stocks achieving three consecutive trading limit ups [2] Group 2 - The newly launched Yarlung Tsangpo River hydropower project has a total investment of approximately 1.2 trillion yuan, making it the largest infrastructure project globally, with a planned capacity of about 60 million kilowatts, 2.7 times that of the Three Gorges Project [2] - The construction period for the Yaxiashuidian project is estimated to be around 10 years, with an annual investment of approximately 120 billion yuan, expected to boost infrastructure investment by about 0.8% annually [2] - The project is projected to generate a GDP increment of approximately 2.04 trillion yuan over 10 years, averaging an annual increase of about 0.15% [2] Group 3 - The market has shown a "slow bull" trend, with the Shanghai Composite Index rising over 500 points from around 3040 points to nearly 3600 points in the past three months [3][4] - Investor sentiment is increasingly optimistic about the potential for a bull market, with discussions around the significance of the 3600-point level [3][4] - Analysts suggest that if the market can effectively break through the 3700 to 3800-point range, it may enter a sustained slow bull market [4] Group 4 - Incremental capital is identified as a key driver for market growth, with significant investments from Central Huijin Investment Co., which has increased its holdings in various ETFs by over 190 billion yuan [5] - The influx of foreign capital into RMB assets has been stable, with foreign holdings of domestic RMB bonds exceeding 600 billion USD, indicating a positive trend in foreign investment in the Chinese stock market [6] - The market is currently characterized by a structural opportunity driven by policy support and profit recovery, with institutional investors focusing on undervalued sectors such as banks and brokerages [7]

A股市场：慢牛行情下的结构性转变与潜在风险 A股市场近期在3500点附近震荡巩固，创业板指更是一举突破年内新高，深成指也距离年内高点仅一步之遥，即将突破11045.96点。然而，在指数突破的表 面平静下，多家上市公司股东减持公告密集发布，市场资金的流入与流出正进行着微妙的博弈。 这种看似矛盾的现象，实际上反映了A股市场正在经历一场 深刻的结构性转变。 减持潮：计划内、比例可控、合规先行 7月17日晚间，竞业达股东张爱军减持142.38万股，占总股本的0.62%，减持后持股比例降至7.76%。几乎同时，宝兰德软件股东易东兴及一致行动人赵艳兴 合计减持比例达0.64%，持股比例从12.56%降至11.92%。斯菱股份高管徐元英与监事李留勇的减持计划也顺利完成。 这些减持行为呈现三大显著特征：首先，均为计划内操作，例如竞业达股东的减持严格遵循了6月21日预披露计划，减持价格区间锁定在21-21.35元/股，仅 有极少量股票未交易；其次，减持比例均被严格控制在较低水平，最大不超过总股本的0.64%；最后，所有公司均强调减持行为严格遵守了《证券法》《上 市公司股东减持股份管理暂行办法》等相关法规，并重申减持不会影响公司 ...

Quantitative Models and Construction Methods 1. Model Name: Low Volatility Uptrend Environment Model - **Model Construction Idea**: The model categorizes market environments based on rolling 60-day annualized return and volatility percentiles, defining six distinct market states: low-volatility uptrend, medium-volatility uptrend, high-volatility uptrend, low-volatility downtrend, medium-volatility downtrend, and high-volatility downtrend[5][16] - **Model Construction Process**: 1. Calculate the rolling 60-day annualized return and volatility for the CSI 300 and CSI 800 total return indices since 2010[5][16] 2. Define return > 0 as an uptrend and return ≤ 0 as a downtrend[5][16] 3. Categorize volatility percentiles: - Low volatility: below the 20th percentile - Medium volatility: between the 20th and 80th percentiles - High volatility: above the 80th percentile[5][16] 4. Combine return and volatility categories to form six market states[5][16] - **Model Evaluation**: The low-volatility uptrend environment demonstrates superior performance in terms of future returns, win rates, and payoff ratios, indicating a higher probability of sustained "slow bull" markets[5][16] 2. Model Name: Short-Term Quantitative Timing Model - **Model Construction Idea**: The model integrates macroeconomic, valuation, sentiment, and liquidity signals to generate short-term market timing recommendations[18][19][20] - **Model Construction Process**: 1. **Macroeconomic Signals**: - Manufacturing PMI percentile (44.92%): Neutral signal - Long-term loan growth percentile (0.00%): Cautious signal - M1 growth percentile (94.92%): Optimistic signal[18][22] 2. **Valuation Signals**: - PE percentile (95.70%): Neutral signal - PB percentile (79.32%): Neutral signal[19][22] 3. **Sentiment Signals**: - Beta dispersion percentile (40.68%): Neutral signal - Volume sentiment score percentile (87.76%): Optimistic signal - Volatility percentile (0.58%): Optimistic signal[19][22] 4. **Liquidity Signals**: - Money market rate percentile (33.90%): Optimistic signal - Exchange rate expectation percentile (40.68%): Neutral signal - 5-day average net financing percentile (94.04%): Neutral signal[20][22] 5. Combine signals to derive overall timing recommendations[18][19][20] - **Model Evaluation**: The model has consistently outperformed its benchmark since 2012, with an annualized return of 16.81% and a maximum drawdown of 27.70%, demonstrating robust performance[20][24] 3. Model Name: Growth-Value Style Rotation Model - **Model Construction Idea**: The model evaluates macroeconomic, valuation, and sentiment factors to recommend overweighting growth or value styles[29] - **Model Construction Process**: 1. **Macroeconomic Signals**: - Profit cycle slope (4.17): Favorable for growth - Interest rate cycle level (9.17): Favorable for value - Credit cycle change (-3.33): Favorable for value[31] 2. **Valuation Signals**: - PE spread percentile (16.36%): Favorable for growth - PB spread percentile (36.82%): Favorable for growth[31] 3. **Sentiment Signals**: - Turnover spread percentile (29.45%): Favorable for value - Volatility spread percentile (17.44%): Favorable for balance[31] 4. Combine signals to derive style rotation recommendations[29][31] - **Model Evaluation**: The strategy has delivered an annualized return of 11.71% since 2012, outperforming the benchmark by 4.80% annually[30][33] 4. Model Name: Small-Cap vs. Large-Cap Style Rotation Model - **Model Construction Idea**: The model evaluates macroeconomic, valuation, and sentiment factors to recommend overweighting small-cap or large-cap styles[34] - **Model Construction Process**: 1. **Macroeconomic Signals**: - Profit cycle slope (4.17): Favorable for small-cap - Interest rate cycle level (9.17): Favorable for large-cap - Credit cycle change (-3.33): Favorable for large-cap[36] 2. **Valuation Signals**: - PE spread percentile (78.86%): Favorable for large-cap - PB spread percentile (96.59%): Favorable for large-cap[36] 3. **Sentiment Signals**: - Turnover spread percentile (72.56%): Favorable for small-cap - Volatility spread percentile (62.60%): Favorable for large-cap[36] 4. Combine signals to derive style rotation recommendations[34][36] - **Model Evaluation**: The strategy has delivered an annualized return of 12.38% since 2012, outperforming the benchmark by 5.31% annually[35][38] 5. Model Name: Four-Dimensional Style Rotation Model - **Model Construction Idea**: Combines growth-value and small-cap-large-cap rotation models to recommend allocations across four styles: small-cap growth, small-cap value, large-cap growth, and large-cap value[39] - **Model Construction Process**: 1. Integrate signals from the growth-value and small-cap-large-cap models 2. Recommend allocations based on combined signals: - Small-cap growth: 12.5% - Small-cap value: 37.5% - Large-cap growth: 12.5% - Large-cap value: 37.5%[39][40] - **Model Evaluation**: The strategy has delivered an annualized return of 13.29% since 2012, outperforming the benchmark by 5.82% annually[39][40] --- Model Backtest Results 1. Low Volatility Uptrend Environment Model - **Annualized Return**: 18.23% (CSI 300), 10.13% (CSI 800) - **Win Rate**: 63.65% (CSI 300), 55.42% (CSI 800) - **Payoff Ratio**: 1.77 (CSI 300), 1.48 (CSI 800)[5][16][17] 2. Short-Term Quantitative Timing Model - **Annualized Return**: 16.81% - **Annualized Volatility**: 14.55% - **Maximum Drawdown**: 27.70% - **Sharpe Ratio**: 1.0033 - **Monthly Win Rate**: 69.74% - **Quarterly Win Rate**: 69.23%[20][24] 3. Growth-Value Style Rotation Model - **Annualized Return**: 11.71% - **Annualized Volatility**: 20.81% - **Maximum Drawdown**: 43.07% - **Sharpe Ratio**: 0.5409 - **Monthly Win Rate**: 58.28% - **Quarterly Win Rate**: 60.78%[30][33] 4. Small-Cap vs. Large-Cap Style Rotation Model - **Annualized Return**: 12.38% - **Annualized Volatility**: 22.69% - **Maximum Drawdown**: 50.65% - **Sharpe Ratio**: 0.5408 - **Monthly Win Rate**: 60.93% - **Quarterly Win Rate**: 58.82%[35][38] 5. Four-Dimensional Style Rotation Model - **Annualized Return**: 13.29% - **Annualized Volatility**: 21.55% - **Maximum Drawdown**: 47.91% - **Sharpe Ratio**: 0.5951 - **Monthly Win Rate**: 59.60% - **Quarterly Win Rate**: 62.75%[39][40]

Market Overview - The A-share market has shown a "slow bull" trend with four consecutive weeks of gains, with over 3,100 stocks rising during the last week [2] - The Shanghai Composite Index is approaching its second-highest level since the "9.24" market rally last year, with approximately 140 points left to reach the next target [3] Index Performance - Various indices have made progress in recovering from previous declines, with the CSI 2000 and Northbound 50 indices having already rebounded, while others like the STAR 50 and CSI 1000 have not yet done so [4][5] - The performance of small-cap stocks, represented by the CSI 2000 index, has been strong, but recent weeks have seen the ChiNext index outperforming it [7] Sector Performance - The top-performing sectors include telecommunications, with a 7.56% increase, and automotive, with a 3.28% increase, while sectors like media and coal have shown declines [9] - The market is experiencing rapid rotation among leading sectors, with banks showing signs of adjustment after previously supporting the index [9] Market Sentiment and Predictions - Analysts suggest that the market is shifting towards a trend of gradual increases rather than short-term speculative trading, favoring stocks with solid industrial logic [10] - Institutional perspectives indicate a continued mild upward trend in the market, with expectations for indices to break above last year's highs [12][13] Earnings Forecasts - As of July 18, 1,542 A-share companies have disclosed their mid-year earnings forecasts, with industries like construction materials and non-bank financials showing strong growth potential [19] - Notable stocks with expected strong performance include companies like Pengding Holdings and Shanghai Pharmaceuticals [19] Upcoming Events - Key upcoming events include the release of the July LPR and the publication of important economic reports, which may influence market dynamics [21][22][23]