Core Viewpoint - The liquidity in the stock market remains abundant, which is favorable for the sustained development of a slow bull market in A-shares, characterized by rotational increases and low-level rebounds since June 23, differing from last year's "924" market [1] Market Liquidity - As of the latest data, the financing balance of A-shares has risen to approximately 2 trillion yuan, with the financing balance accounting for 2.3% of the circulating market value, aligning with the median level for the year [1] - This indicates a broad source of incremental funds in the current market, with increased participation from public and private equity institutions alongside financing funds [1] Investment Opportunities - The current micro liquidity in the stock market is relatively abundant, and the positive feedback effect of "residents allocating funds to the market and the slow rise of the stock market" is expected to strengthen under the asset allocation dilemma [1] - Recommended sectors for investment include: 1. New technologies and growth directions such as AI computing power, robotics, and solid-state batteries [1] 2. Dividend sectors that present reallocation opportunities after corrections, particularly undervalued state-owned enterprises [1] - Thematic areas of focus include self-controllable technologies, military industry, low-altitude economy, and marine technology [1]

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].

Core Viewpoint - The market is experiencing a phase of adjustment after five consecutive weeks of growth, with expectations of renewed interest rate cuts by the Federal Reserve and a favorable liquidity environment in China supporting a slow bull trend in the A-share market [1][4][6]. Market Overview - The global equity markets have generally adjusted, with significant declines in Hong Kong, France, Germany, and the US, while A-shares are undergoing a correction after a five-week rally [3]. - The A-share market has shown characteristics of "rotating upward and low-level replenishment," with a better sustainability of profit-making effects [1][6]. Policy and Economic Factors - The recent political bureau meeting and new round of China-US economic talks have reduced uncertainties regarding incremental policies, with a more optimistic outlook on domestic economic conditions [5]. - The US non-farm payroll data has been significantly revised down, raising concerns about economic slowdown and increasing the probability of a rate cut in September [4]. Sector Focus - Recommended sectors for investment include new technologies and growth areas such as AI computing power, robotics, and solid-state batteries, as well as opportunities in undervalued state-owned enterprises following recent corrections [1][2]. Liquidity and Market Dynamics - The current liquidity in the stock market remains ample, which is conducive to the continuation of a slow bull market in A-shares, with a notable increase in financing balance and participation from public and private funds [6].

Core Insights - The "Deep Blue Intelligent i3 Voyage" led by the Southern University of Science and Technology's Marine Advanced Research Institute has commenced, focusing on technological breakthroughs, innovative models, and strategic rehearsals for future oceanic research missions [1][6] Group 1: Technological Breakthroughs - The voyage aims to achieve large-scale collaborative operations of "air-sea-submarine" unmanned systems, marking a significant advancement in multi-disciplinary investigations in the South China Sea [2][3] - The research team is utilizing the "Xiangyanghong 10" research vessel, integrating advanced unmanned aerial vehicles, unmanned surface vehicles, and new intelligent unmanned submersibles for comprehensive observations from the atmosphere to the seabed [3] Group 2: Innovative Models - The "Deep Blue Intelligent i3 Voyage" exemplifies close collaboration between cutting-edge technology and high-tech enterprises, involving a diverse team of scientists and engineers from over ten disciplines [4] - The scientific team includes academicians, professors, young scientists, and specialized operators of unmanned systems, showcasing a youthful and interdisciplinary approach [4] Group 3: Strategic Rehearsals - The voyage marks the beginning of the "Deep Blue Dream 2035" decade-long global oceanic research initiative, which will span major oceans worldwide, including the Pacific, Southern, Atlantic, and Indian Oceans [6] - The initiative aims to create an international marine cooperation platform that integrates science, industry, and public engagement, responding to the United Nations' "Decade of Ocean Science for Sustainable Development" [6]

Core Insights - Shenzhen aims to establish itself as a "global marine center city," targeting a marine production value of 540.9 billion yuan by 2024, accounting for 14.7% of its GDP [3][5] Group 1: Marine Economy Development - Qianhai, as a key area for Shenzhen's marine economy, features 68 kilometers of coastline, 600 square kilometers of sea area, and 13 islands, with plans for marine new towns and tourism resources [3][5] - Unlike traditional marine cities, Qianhai focuses on marine technology and modern marine service industries rather than heavy industries like shipbuilding [3][5] Group 2: Technological Advancements - Shenzhen Zhongyuan Shipping Digital Technology Co., Ltd. aims to create a "high-tech map" for maritime navigation, enhancing shipping technology through data, communication, and software [4][5] - The Dalan Bay Terminal is implementing smart port technologies, including AI for logistics optimization and testing of unmanned trucks, improving efficiency and reducing emissions [5] Group 3: Marine Tourism Growth - The Shekou Cruise Homeport is expected to receive 4.45 million passengers in 2024, with cruise passengers increasing by 323% to 89,000, and new domestic and international routes being established [7][8] - The Shenzhen Bay Yacht Club serves as a hub for yacht tourism, facilitating 259 visits from Hong Kong and Macau, and is the first yacht bonded area in the country, supporting around 100 related businesses [9] Group 4: Strategic Collaborations - Qianhai has attracted industry leaders and established high-level research institutions, fostering collaboration and innovation in marine technology and services [4][5] - The region is actively seeking partnerships with high-tech enterprises to explore new opportunities in the marine sector [5]

Market Overview - The A-share market experienced fluctuations with the ChiNext index dropping over 1% at one point, while the Shanghai Composite Index fell by 0.19%, and the Shenzhen Component Index decreased by 0.52% [1] - The deep-sea technology sector saw significant gains, with stocks in engineering machinery, energy equipment, and precious metals leading the rise, while sectors like education, advanced packaging, and communication equipment faced notable declines [3] Sector Performance - The deep-sea technology concept stocks surged, with companies such as ShenKai Co., KaiChuang International, ZhenHua Heavy Industries, and JuLi Sockets hitting the daily limit [5] - The aquaculture sector also performed well, with GuoLian Aquatic Products rising over 17%, and companies like KaiChuang International, ZhongShui Fisheries, and BaiYang Co. achieving daily limits [7] Stock Highlights - GuoLian Aquatic Products reached a price of 4.35, with a rise of 19.83% and a trading volume of 234 million [6] - HaiLanXin saw a price of 20.78, increasing by 13.18% with a trading volume of 135 million [6] - ZhenHua Heavy Industries and JuLi Sockets both increased by 10% [6] Policy and Strategic Developments - The Central Financial Committee's sixth meeting emphasized the need to promote high-quality development of the marine economy, enhance top-level design, and increase policy support to encourage social capital participation [9] - The meeting also highlighted the importance of improving independent innovation capabilities in marine technology and fostering leading marine technology enterprises [9] Company News - LingHang Pharmaceutical Biotechnology experienced a dramatic rise of 239.81% at one point, later stabilizing to a 67% increase after announcing a memorandum of understanding to acquire a target company's entire equity, contingent on the target company's acquisition of Conflux blockchain-related assets [10]

Market Overview - On July 1, the market experienced fluctuations with mixed results across the three major indices. The Shanghai Composite Index rose by 0.39% to 3457.75 points, while the Shenzhen Component Index increased by 0.11% to 10476.29 points. The ChiNext Index, however, fell by 0.24% to 2147.92 points. The total trading volume in the Shanghai and Shenzhen markets was 1.47 trillion yuan, a decrease of 20.8 billion yuan from the previous trading day [1][2]. Sector Performance - The innovative drug concept stocks strengthened again, and bank stocks rebounded. Chip stocks initially surged but later declined. The sectors that saw gains included innovative drugs, China Shipbuilding Industry Corporation, photolithography machines, and banks. Conversely, sectors that experienced declines included stablecoin concepts, diversified finance, cross-border payments, copper cable high-speed connections, and AI intelligent agents [1]. International Market - In the overnight U.S. market on July 1, the Dow Jones Industrial Average rose by 400.17 points (0.91%) to close at 44494.94 points. The S&P 500 index fell by 6.94 points (0.11%) to 6198.01 points, while the Nasdaq Composite Index decreased by 166.84 points (0.82%) to 20202.89 points. In Europe, the FTSE 100 index rose by 24.37 points (0.28%) to 8785.33 points, while the CAC 40 index fell by 3.32 points (0.04%) to 7662.59 points, and the DAX index dropped by 236.32 points (0.99%) to 23673.29 points [3][4]. Oil Prices - International oil prices increased on July 1. The price of light crude oil futures for August delivery rose by $0.34 to $65.45 per barrel (0.52% increase), while the September delivery of Brent crude oil futures increased by $0.37 to $67.11 per barrel (0.55% increase) [3][4]. Industry Insights - The Central Financial and Economic Commission emphasized the need to promote high-quality development of the marine economy, enhance top-level design, and encourage social capital participation. Key areas of focus include marine technology innovation, development of marine industries, and ecological protection [5]. - The Ministry of Industry and Information Technology reported that from January to May, the added value of the electronic information manufacturing industry increased by 11.1% year-on-year, outpacing the growth of the overall industrial and high-tech manufacturing sectors [6]. - Domestic leading photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to promote sustainable industry development. The company Yamaton is also planning to invest in a new production line in the UAE [7]. - The U.S. Senate passed a comprehensive tax and spending bill, which is now awaiting approval from the House of Representatives [8]. Fund Flow - The top five industries with net inflows of main funds included chemical pharmaceuticals, electric power, banks, biological products, and automotive manufacturing. Conversely, the software development and internet services sectors saw significant net outflows [10].

Market Overview - A-shares opened positively, showing a V-shaped reversal despite a decline during the trading session, indicating a significant breakthrough above 3400 points [1] - The trading volume has increased from approximately 1.2 trillion to around 1.5 trillion, with a notable 1.49 trillion on a day without northbound capital, reflecting strong domestic support [1] Capital Inflows - There has been a net inflow of at least 350 billion this year, indicating robust market interest [2] - Incremental capital is coming from three main sources: insurance funds, quantitative funds, and private equity [1][2] Sector Performance - The solid-state sector has been boosted by stocks like Nord, while the military sector is gaining momentum with stocks like Great Wall [2] - The pharmaceutical sector, which had been adjusting for three weeks, is also starting to show signs of recovery, suggesting a potential rotation into new consumption stocks [2] Economic Indicators - The U.S. dollar index continues to hit new lows, which may benefit A-shares [2] - The market is pricing in two interest rate cuts by the Federal Reserve in the second half of the year, as inflation concerns have eased [4] Interest Rates - The yield on 10-year U.S. Treasury bonds has been consistently declining, contributing to a narrowing of the interest rate differential between China and the U.S. [5][7] Earnings Reports - July is typically a month for mid-year earnings reports, with early announcements likely to come from companies with strong performance, providing additional market support [7] Upcoming Events - A significant meeting of the Central Financial Committee is set to discuss economic "pain points," which may lead to a surge in marine technology-related concepts [8] - The number of IPOs has been increasing, with 104 applications in June alone, indicating a recovery in market activity [8] Technical Analysis - The market is currently in a bullish trend, with major indices returning to upward trend lines, suggesting a favorable environment for following the trend [11]

Core Viewpoint - The meeting chaired by Xi Jinping emphasizes the need to enhance independent innovation capabilities in marine technology and to cultivate leading enterprises and specialized small and medium-sized enterprises in this sector [1] Group 1: Marine Technology Development - The focus is on strengthening the strategic technological capabilities in marine science and technology [1] - There is a call to develop leading enterprises in marine technology and specialized small and medium-sized enterprises [1] Group 2: Marine Industry Growth - The aim is to enhance and expand the marine industry, including promoting the orderly construction of offshore wind power [1] - Development of modern deep-sea fishing, marine biomedicine, and marine biological products is highlighted [1] - The creation of marine cultural and tourism destinations is also a priority [1] Group 3: Maritime Economic Planning - There is an emphasis on strengthening research on bay economic development planning [1] - The optimization and integration of coastal port clusters will be advanced in an orderly manner [1]

Group 1 - China National Offshore Oil Corporation (CNOOC) has fully launched the second phase of the "Deep Sea No. 1" gas field project in the South China Sea, marking the completion of the largest offshore gas field in China [2][14] - The "Deep Sea No. 1" gas field has proven natural gas reserves exceeding 150 billion cubic meters, with an annual production capacity expected to reach 4.5 billion cubic meters by June 2025, which is 1.67 times the natural gas consumption of Hainan Province in 2023 [4][14] - The project is a significant step towards enhancing China's energy self-sufficiency, as it can meet one-quarter of the natural gas demand for the Guangdong-Hong Kong-Macao Greater Bay Area [15] Group 2 - The development of the "Deep Sea No. 1" gas field has led to the creation of a complete technical system for deepwater drilling, exploration, development, and operation, positioning China among the few countries capable of independently developing ultra-deepwater gas fields [15][16] - The project has also driven the upgrade of the marine equipment manufacturing industry, achieving a significant increase in the localization rate of key equipment from 33% to 80% [10][16] - The successful implementation of the project has created numerous job opportunities and promoted the training of marine engineering talent, contributing to the economic development of the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port [16]