1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The macro - economic situation shows mixed trends. Unemployment rates in different age groups in China have different changes, and the US Congress has passed bills related to cryptocurrency regulation. The overall economy shows signs of development, with stable summer grain production and positive changes in the agricultural and rural economy [7][8]. - In the financial market, on July 17, A - share major indices rose collectively, and European and American stock markets also closed higher. The performance of various commodities in the futures market is diverse, with some rising and some falling [12][16][17]. - Different commodity sectors have different market conditions. For example, the agricultural product market is generally in a pattern of weak supply and demand; the energy - chemical market is affected by factors such as supply and demand changes and policy adjustments; the industrial metal market is under pressure from factors such as trade policies and seasonal demand [12][13][15]. 3. Summary by Relevant Catalogs 3.1 Commodity Index Daily Market Tracking - **Stock Indices**: On July 18, the Dow Jones Industrial Index was 44484.49, up 0.519% from the previous day; the Nasdaq Index was 20884.27, up 0.742%; the S&P 500 was 6297.36, up 0.537%; the Hang Seng Index was 24498.95, down 0.077% [2]. - **Macroeconomic Indicators**: SHIBOR overnight was 1.46, down 0.205%; the US dollar index was 98.49, down 0.159%; the US dollar against the RMB (CFETS) remained unchanged [2]. - **Commodity Futures**: In the international market, COMEX gold was 3345.40, down 0.262%; COMEX silver was 38.44, up 0.813%. In the domestic market, gold was 776.74, up 0.059%; silver was 9204.00, up 0.415%, etc. [2]. 3.2 Macro - economic News - **Unemployment Rate**: In June, the unemployment rate of 16 - 24 - year - old labor force in Chinese urban areas (excluding students) was 14.5%, down 0.4 percentage points from the previous month; the 25 - 29 - year - old was 6.7%, down 0.3 percentage points; the 30 - 59 - year - old was 4.0%, up 0.1 percentage point [7]. - **Cryptocurrency Regulation**: The US House of Representatives passed the "Genius Act" and the "Clarity Act" related to cryptocurrency regulation [7]. - **Resident Income**: In the first half of 2025, 11 provinces had per - capita disposable income of residents exceeding 20,000 yuan, with Shanghai ranking first at 46,805 yuan [8]. - **Agricultural Economy**: In the first half of the year, China's summer grain output was 299.48 billion catties, achieving stable production and a good harvest. The autumn grain area is expected to increase steadily [8]. - **Housing and Urban Construction**: The Party group of the Ministry of Housing and Urban - Rural Development emphasized the importance of urban renewal and the construction of a new real - estate development model [8]. - **Consumption Tax Policy**: Starting from July 20, 2025, the threshold for the consumption tax on ultra - luxury cars will be lowered to 900,000 yuan, and new - energy models will be included in the scope of collection [9]. 3.3 Morning Meeting Views on Major Varieties 3.3.1 Agricultural Products - **Peanuts**: The market continues the pattern of weak supply and demand, with slow inventory removal. It is expected to fluctuate strongly in the short term but still maintain a downward trend [12]. - **Oils and Fats**: The market trading is light, and it is expected to fluctuate in the near future [12]. - **Sugar**: The global production increase expectation is strengthened, but the domestic market has a balance of long and short factors. Attention should be paid to the pressure level and risk control [12]. - **Corn**: The supply is under pressure from inventory and auctions, and the demand is weak. A short - selling strategy is recommended [12]. - **Pigs**: The price has been falling slightly, and the supply in the next 2 - 3 months is expected to be relatively abundant, with the futures market in a weak and volatile state [14]. - **Eggs**: The price is rising, with improved supply - demand conditions. There is still room for price increase in the short term [14]. 3.3.2 Energy - Chemical Products - **Caustic Soda**: The fundamentals are weak, and the price has fallen under pressure this week [14]. - **Urea**: The supply is expected to increase after a short - term decline, and the market may fluctuate in the range of 1700 - 1800 yuan/ton [14]. 3.3.3 Industrial Metals - **Copper and Aluminum**: The prices of copper and aluminum are under pressure due to factors such as trade policies and seasonal demand [15]. - **Alumina**: The price is in a consolidation state, and attention should be paid to the impact of macro - market sentiment [15]. - **Rebar and Hot - Rolled Coil**: The overall pressure on inventory accumulation is limited, and the steel price is expected to fluctuate strongly in the short term [15]. - **Ferroalloys**: The medium - and long - term production capacity is in excess, but there is still upward space in the short term due to the warm commodity atmosphere [17]. - **Coking Coal and Coke**: They are strongly supported and are expected to operate strongly [17]. - **Lithium Carbonate**: The supply pressure is increasing, but the demand has marginal improvement. Attention should be paid to the pressure of hedging and key price levels [17]. 3.3.4 Option Finance - **Stock Index**: A - share major indices rose on July 17, and European and American stock markets also closed higher. Investment strategies such as low - buying opportunities and short - term trading are recommended [17][19]. - **Options**: On July 17, A - share major indices rose, and the trading volume and open interest of stock index futures and options had different changes. Trend investors can consider long - 50 and short - 1000 arbitrage, and volatility investors can hold long - straddle positions [20][21].

Core Viewpoint - The passage discusses the recent approval of the GENIUS Act, a regulatory framework for stablecoins in the United States, which is expected to enhance transparency and investor protection in the stablecoin market [1][2]. Summary by Sections Stablecoin Regulation - The GENIUS Act defines "payment stablecoins" as digital assets pegged to a fixed currency value, primarily for payment or settlement purposes, and clarifies that they are not classified as securities or commodities [2]. - Only "Permitted Payment Stablecoin Issuers" (PPSI) can issue stablecoins in the U.S., which includes banks and certain state-level institutions, with oversight based on market capitalization [2]. Reserve and Transparency Requirements - Issuers must hold liquid assets equivalent to the stablecoin issued, ensuring a 1:1 reserve ratio to maintain value stability [3]. - Regular third-party audits and monthly liquidity reports are mandated to enhance market trust, with specific requirements for issuers based on their market capitalization [3]. Investor Protection - In the event of issuer bankruptcy, stablecoin holders have priority over other creditors, and misleading marketing practices are prohibited [3]. - Issuers are required to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations [3]. Market Reactions - Following the passage of the GENIUS Act, stocks of stablecoin issuers like Circle and cryptocurrency platforms like Coinbase showed minimal changes, with Coinbase experiencing a slight increase [3]. - The cryptocurrency market saw significant price increases, with Bitcoin surpassing $120,000 and Ethereum rising over 7% [4]. Legislative Developments - The U.S. House also passed the CLARITY Act, which aims to establish a regulatory framework for cryptocurrencies, shifting oversight from the SEC to the CFTC, although it faces opposition from some Democrats [7]. - Another bill, the CBDC Anti-Surveillance State Act, was passed to prevent the Federal Reserve from issuing central bank digital currency without Congressional approval [7].

Market Performance - The three major U.S. stock indices closed higher, with the S&P 500 and Nasdaq reaching all-time highs. The Dow Jones increased by 0.52%, the S&P 500 rose by 0.54%, and the Nasdaq gained 0.74% [6][8] - Nvidia and Microsoft stocks also hit historical highs, with Nvidia rising nearly 1% and Microsoft increasing over 1% [8][9] Chinese Concept Stocks - The Nasdaq China Golden Dragon Index rose by 1.23%, while the Wind China Concept Technology Leaders Index increased by 0.79%. Most popular Chinese concept stocks saw gains, with Linklogis rising over 10% [4][6] Commodity Market - International gold prices fell, while silver and oil prices increased. Gold futures on COMEX and spot gold in London dropped by 0.41% and 0.21%, respectively. In contrast, COMEX silver futures and London silver spot prices rose by 0.83% and 0.62% [14][15] - Oil prices saw a significant increase, with NYMEX WTI crude and ICE Brent crude futures both rising over 1% [14][15] Economic Reports - The U.S. Treasury Department reported a net inflow of $311.1 billion in international capital for May, with private capital inflows amounting to $333.2 billion and official outflows of $22.1 billion [20][21] - Foreign investors increased their holdings of U.S. long-term securities by $318.5 billion in May, with private investors contributing $287.5 billion to this increase [21][24] Legislative Developments - The U.S. House of Representatives passed the "Genius Act," aimed at significant legislative reforms for cryptocurrency regulation, with a vote of 308 to 122. Additionally, the "Clarity Act" was also passed, which seeks to establish a broader regulatory framework for digital assets [26]

Group 1 - The U.S. House of Representatives passed the "Genius Act" with a vote of 308 to 122, aimed at significant legislative reform for cryptocurrency regulation [1] - The SEC Chairman Paul Atkins expressed that the commission is considering a regulatory "innovation exemption" to encourage tokenization within the regulatory framework [1][3] - The "Genius Act" sets regulatory rules for stablecoins, requiring issuers to maintain a 1:1 reserve with short-term government securities or similar products [2] Group 2 - Supporters of the legislation believe it could lead to faster and lower-cost payment methods, potentially legitimizing a market currently valued at $265 billion, which is expected to grow to $3.7 trillion by 2030 [2] - Paul Atkins has a different stance on cryptocurrency compared to his predecessor Gary Gensler, planning to roll back many of Gensler's regulations [2] - Financial institutions are actively working on tokenizing popular U.S. stocks and creating tokenized products for privately held companies, indicating a trend towards asset migration to blockchain [3]

Group 1 - The core issue revolves around a woman who underwent annual health check-ups for 10 years without any cancer detection, only to be diagnosed with late-stage cancer later, raising concerns about the effectiveness of the health screening process [2][3] - Aikang Group stated that cancer detection depends on various factors including the timing of the tests, methods used, and the expertise of the medical professionals involved, indicating that some cancers may not be detectable at certain times [2][3] - Aikang Group plans to collaborate with a third-party authority to analyze the situation and validate the accuracy of the health check results provided to the individual [2][3] Group 2 - The woman, Zhang Xiaoling, reported that her cancer marker tests had consistently shown normal results over the years, but a later examination revealed abnormalities leading to a diagnosis of renal cell carcinoma [3] - The incident has prompted legal action from Zhang against Aikang Group, alleging potential oversight or misdiagnosis in her health assessments [3]

2025.07. 18 【今日推荐】 美国众议院通过加密货币法案 当地时间7月17日，美国国会众议院以308票赞成、122票反对的结果通过了《指导与建立美国稳定 币国家创新法案》（简称《天才法案》）（Genius Act），旨在对加密货币监管进行重大立法改 革。该法案将提交美国总统特朗普，预计将由特朗普签署成为法律。此外，众议院当日还以294票赞 成、134票反对的结果通过了第二项范围更广的加密货币市场结构法案《清晰法案》（Clarity Act），该法案将提交参议院审议，该提案旨在为数字资产建立一个更广泛、更有利于行业的监管框 架。 财政部、税务总局：调整超豪华小汽车消费税政策 财政部发布调整超豪华小汽车消费税政策的公告。超豪华小汽车征收范围调整为"每辆零售价格90万 元（不含增值税）及以上的各种动力类型（含纯电动、燃料电池等动力类型）的乘用车和中轻型商用 客车"。对纳税人销售二手超豪华小汽车，不征收消费税。 京东回应外卖"0元购"大战：完全没参与 7月17日，对于近期外卖行业补贴大战一事，京东对第一财经回应表示，此次外卖"0元购"，"18- 18"等外卖恶性补贴是严重内卷的表现，属于恶性竞争，京东完全没有 ...

Group 1 - The U.S. House of Representatives passed three cryptocurrency-related bills, including the Clarity Act and the Genius Act, aimed at significant regulatory reform for cryptocurrencies [2][5]. - The Genius Act received 308 votes in favor and 122 against, and is expected to be signed into law by President Trump [4]. - The Clarity Act, which aims to establish a broader and more favorable regulatory framework for digital assets, passed with 294 votes in favor and 134 against [5]. Group 2 - The S&P 500 and Nasdaq indices reached all-time highs, with the S&P 500 rising by 0.54% to 6297.36 points and the Nasdaq increasing by 0.74% to 20884.27 points [6][7]. - Major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.52% to 44484.49 points [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising by 1.23% [20]. Group 3 - Federal Reserve officials anticipate two interest rate cuts this year, with inflation expected to remain between 3% and 3.5% [24][25]. - The U.S. economy is projected to grow by approximately 1% this year, with the unemployment rate potentially rising to 4.5% by year-end [25].

Core Insights - The A-share market saw collective gains on Thursday, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.43%, and the ChiNext Index up by 1.75%. The total trading volume in the Shanghai and Shenzhen markets reached 15,391.16 billion yuan [2][6] - In terms of industry performance, sectors such as defense, telecommunications, and electronics led the gains, while banking, transportation, and environmental protection lagged behind. Notable concept sectors included military equipment restructuring and optical packaging, which performed well, while housing inspection and gold concepts faced declines [2][6] - The Hang Seng Index in Hong Kong fell by 0.08%, while the Hang Seng Technology Index rose by 0.56%. Internationally, all three major U.S. indices closed higher, with the Dow Jones up by 0.52%, the S&P 500 up by 0.54%, and the Nasdaq up by 0.75% [2][6] Important News - The Ministry of Finance and the State Administration of Taxation announced a change in the consumption tax policy for ultra-luxury cars, lowering the tax threshold to 900,000 yuan starting July 20, 2025. New energy vehicles will also be included in this tax category [3][7] - The U.S. House of Representatives passed significant legislation regarding cryptocurrency regulation, including the "Guidance and Establishment of a National Stablecoin Innovation Act" and the broader "Clarity Act," aimed at creating a favorable regulatory framework for digital assets [3][7] Industry Analysis - In June 2025, six key mobile games were launched, with "Silver and Crimson" and "Dragon Soul Traveler" standing out in performance. The overall retail sales of consumer goods in June increased by 4.8% year-on-year, with a notable decline in the growth rate compared to the previous month [8][12] - The gaming industry is expected to maintain a stable issuance of game licenses in 2025, with a continuous release of product reserves and a stable market environment, suggesting promising performance for new games [11][12] - The retail sales data indicates a mixed performance across different categories, with home appliances, cultural office supplies, and furniture showing significant growth, while categories like beverages and cosmetics faced declines [13][15]

中国基金报记者 郭玟君 大家早上好！昨夜今晨，又有很多大事发生。 美国众议院通过《天才法案》等三项加密货币法案；美国三大股指全线收涨，标普500指数、纳指均创历史新高；中概股多数上涨；美联储 官员预计今年两次降息。 美国众议院通过《天才法案》 等三项加密货币法案 美国众议院网站显示，当地时间7月17日，美国众议院悉数通过《清晰法案》（Clarity Act）、《指导与建立美国稳定币国家创新法案》 （以下简称《天才法案》）（Genius Act）和《反CBDC监控国家法案》（ Anti-CBDC Surveillance State Act）共三项加密货币相关立 法。 【导读】 美联储官员预计今年两次降息，中国资产继续大涨， 美国众议院通过《天才法案》等三项加密货币法案 | Roll | Date | Bill | Result | Title/(Question) | | --- | --- | --- | --- | --- | | 201 | 07-17 | H R | Passed | Anti-CBDC Surveillance | | | | 1919 | | State Act (On Passa ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced a reduction in the consumption tax threshold for super luxury cars from 1.3 million yuan to 900,000 yuan, effective from July 20, 2025. This change differentiates between various power types, with electric and fuel cell vehicles facing lower tax burdens compared to those with cylinder capacity [6][8] - The agricultural sector is seeing continuous reform, with the second round of land contracts extended for an additional 30 years in seven provinces. There are nearly 4 million family farms and over 2.1 million farmer cooperatives in operation [6][8] - The U.S. House of Representatives passed the "Genius Act," aimed at significant legislative reform for cryptocurrency regulation, with a vote of 308 in favor and 122 against. This bill is expected to be signed into law by President Trump [8][9] Group 2 - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of the year, marking a year-on-year increase of 16.67% [11] - Longhua Group received a designated order from a domestic new energy vehicle client, with an estimated total sales amount of approximately 235 million yuan [11] - Dongfang Yuhong's wholly-owned subsidiary plans to acquire 100% of Construmart for 123 million USD [11] - Red Tower Securities intends to repurchase company shares worth between 100 million and 200 million yuan [11] - Helen Piano's actual controller is planning a change of control, leading to a stock suspension starting July 18 [11] - ST Lifang reported no significant changes in its operational situation or external environment [11] - Mould Technology received a project designation for exterior parts, with an expected total sales of 2.044 billion yuan [11] - Liangpinpuzi's controlling shareholder is set to change to Changjiang Guomao, with stock resuming trading on July 18 [11] Group 3 - Guotai Junan highlights a new growth phase for the data center industry, driven by the digital economy and AI advancements, indicating a significant uptick in industry orders [17] - Huayuan Securities notes that coal power approvals remain high, with increasing peak load demands, suggesting a sustained need for coal power replacements and upgrades [18]