Group 1 - The Ministry of Housing and Urban-Rural Development emphasizes the importance of urban renewal and the implementation of various livelihood, safety, and development projects [1] - The Ministry of Finance and the State Taxation Administration announced adjustments to the consumption tax policy for ultra-luxury cars, now applicable to vehicles with a retail price of 900,000 yuan (excluding VAT) and above [3] - The State Council's press conference reported that the national summer grain production reached 299.48 billion jin, marking the second-highest production year after last year [4] Group 2 - The Shenzhen government implemented measures to promote the high-quality development of the micro-short drama industry, including support for enterprises and projects [6] - JD.com responded to the recent competition in the food delivery industry, labeling the "0 yuan purchase" and "18-18" promotions as severe internal competition, stating that it did not participate [7] - The Shanghai Stock Exchange announced new trading limits for non-futures company members or clients on polysilicon and industrial silicon futures contracts starting July 21, 2025 [8] Group 3 - Zongheng Co. announced that its actual controller Ren Bin is getting divorced, which will result in the transfer of 11.41% of the company's shares to Kwang Mingfang [9] - Jintongling is facing criminal charges for fraudulent stock issuance and for violating important information disclosure regulations [10] - Shanghai Wumao announced that its subsidiary's data product "Non-ferrous Metal Spot Index Query" is currently in a "temporarily invalid" state [11] Group 4 - Fudi Technology announced it will exclusively supply the second-generation semi-solid eVTOL battery for the E20 model to Shanghai Shidi Technology [13] - Zhongwei Company reported a year-on-year net profit increase of 31.61%-41.28% for the first half of the year, while Hangzhou Bank reported a 17% increase [14] - ST Shengxun announced that shareholders plan to collectively reduce their holdings by 5.08% [15] Group 5 - The three major U.S. stock indices closed higher, with the Nasdaq up 0.74%, the S&P 500 up 0.54%, both reaching new closing highs, and the Dow Jones up 0.52% [16] - 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 [17] - President Trump indicated that the U.S. may soon impose a 25% tariff on goods imported from Japan and could reach a trade agreement with India [18]

Market News - The three major US stock indices closed higher, with the Nasdaq rising by 0.74% and the S&P 500 increasing by 0.54%, both reaching new closing highs; the Dow Jones rose by 0.52% [1] - Major tech stocks mostly increased, with Microsoft and Nvidia up approximately 1%, while Tesla fell by 0.7% [1] - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising by 1.23%; NIO surged over 7%, Li Auto over 6%, and JD.com over 3% [1] - International oil prices rose significantly, with WTI crude oil up 1.72% to $66.31 per barrel and Brent crude oil up 1.55% to $69.58 per barrel [1] Industry Insights - The US 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 [2] - The "Clarity Act," which aims to establish a broader regulatory framework for digital assets, was also passed with a vote of 294 in favor and 134 against [2] - A seminar on stablecoins and industrial digital assets was held by the China Industrial Internet Research Institute, discussing regulatory policies and the integration of stablecoins with industrial internet [3] - The human-shaped robot industry is expected to see a cumulative demand of about 2 million units by 2030, with significant market potential emerging [4] - The RISC-V architecture is rapidly gaining traction, with a projected compound annual growth rate of over 40% for product shipments by 2030 [6] Company Updates - Several companies announced plans for share reductions, including Huasheng Lithium Battery, which plans to reduce up to 2.24% of its total shares, and Red Wall Co., which plans to reduce up to 3% [7][8] - Companies like Yutai Micro and Stada Semiconductor also announced share reductions, with Yutai Micro planning to reduce up to 3% of its total shares [7][8]

Group 1 - The first RMB tokenized fund has been established by Huaxia Fund (Hong Kong), marking a significant development in the financial market [1] - The tokenized funds, including the Huaxia USD Digital Currency Fund and the Huaxia RMB Digital Currency Fund, are backed by traditional assets such as bonds and money market instruments [1] - Tokenized funds differ from traditional funds in ownership structure, utilizing blockchain technology for real-time verification and allowing redemption through compliant virtual asset trading platforms [1] Group 2 - The China Industrial Internet Research Institute held a seminar on stablecoins and industrial digital assets, discussing regulatory frameworks and the integration of real-world assets with industrial internet [2] - The seminar covered the development and regulatory policies of stablecoins, their technological characteristics, and their impact on payment systems [2] - The institute proposed leveraging Hong Kong's regulations to build a bridge between international digital currencies and the digital RMB [2] Group 3 - The U.S. House of Representatives passed a procedural vote on a cryptocurrency bill, allowing it to move forward for debate [3] - The vote lasted over eight hours, setting a record for the longest electronic voting session since the system's implementation [3] Group 4 - The Ministry of Industry and Information Technology emphasized accelerating the large-scale application of RISC-V technology, with China contributing over half of the global shipments in 2024 [4] - RISC-V technology has seen breakthroughs in high-performance computing, artificial intelligence, servers, and automotive electronics [4] Group 5 - The Vice Governor of Hubei Province highlighted the importance of promoting high-quality development in the laser industry, focusing on supply-demand matching and optimizing the industrial ecosystem [5] Group 6 - The release of the Kimi K2 AI model in China has been compared to a significant moment in AI development, showcasing impressive performance in programming and writing tasks [6] Group 7 - NAND Flash prices are expected to rise in Q3, with products under 512Gb projected to increase by over 15%, while higher capacity products will see a rise of 5% to 10% [8] - The price increase is attributed to ongoing production cuts by major manufacturers like Micron and SanDisk, leading to a tightening supply [8] Group 8 - Major global companies are actively pursuing the integration of RISC-V technology with AI, with NVIDIA expected to ship over 1 billion RISC-V processors in 2024 [9] - Companies like VeriSilicon and Ahead Computing are developing solutions and securing funding to advance RISC-V applications in AI and cloud computing [9] Group 9 - NVIDIA's CEO highlighted the next wave of artificial intelligence as "Physical AI," emphasizing the potential of AI to replace traditional coding methods with algorithmic learning [10] Group 10 - Guangdong Province is working on a new model for real estate development, focusing on green and low-carbon urban transformation in line with national urban modernization goals [11]

Group 1 - Hong Kong Stock Exchange is considering shortening the settlement cycle from "T+2" to "T+1" to enhance liquidity and accelerate capital turnover [1] - The U.S. House of Representatives passed a significant bill regulating "stablecoins," marking a step towards integrating digital assets into the mainstream financial system [2] - The Nasdaq China Golden Dragon Index rose by 1.2%, with notable gains in U.S. stocks, including Nvidia, which reached a market capitalization of over $4.2 trillion [3] Group 2 - BlackRock reported that over 20% of its clients are considering reducing exposure to the U.S. market and dollar assets, with a focus on Asian stock opportunities [4] - The Ministry of Finance in China adjusted the consumption tax policy for ultra-luxury cars, now applying to vehicles retailing at 900,000 yuan and above [5] Group 3 - Shanghai's brain-computer interface research achieved a breakthrough, allowing 10 subjects to communicate their thoughts through a computer interface, potentially benefiting patients with speech impairments [6] - Southern Power Grid reported a new peak load of 256 million kilowatts due to high temperatures, marking the second highest load this year [7] Group 4 - The price of silicon wafers has increased significantly, with N-type G10L single crystal silicon wafers rising by 22.09% to 1.05 yuan per piece [8][9] - Changjie Tong expects a profit of 31 to 37 million yuan for the first half of the year, with cloud subscription revenue projected to grow by over 10% [10] Group 5 - Yanzhou Coal Mining Company reported a coal production of 73.6 million tons in the first half of the year, a year-on-year increase of 6.54% [11] - Friendship Time anticipates a mid-term revenue growth of approximately 14.1% to 23.6%, with profits expected to increase significantly [12] Group 6 - Yuan Da Pharmaceutical's nasal spray product for treating dry eye syndrome has received approval for commercialization in mainland China [13] - The Chinese online literature market is projected to reach a revenue of 49.55 billion yuan in 2024, with a year-on-year growth of 29.37% [14] Group 7 - China Power plans to acquire a 31% stake in Tori Power for approximately 310 million yuan [15] - Baiyunshan's research on Ganoderma lucidum spore oil for treating lung nodules has been published in a prominent scientific journal [16] Group 8 - Tigermed plans to sell a 3.41% stake in Lixin Pharmaceutical for approximately 34.11 million USD [17][18] - Lens Technology is reportedly considering reviving its IPO plans in Hong Kong [19] Group 9 - Hengrui Medicine received approval for clinical trials for four new drugs, with significant investments in their development [20] - MicroPort Medical anticipates a net loss of no more than 125 million yuan for the first half of the year, with a revenue growth of 70% to 80% [21] Group 10 - Huajian Medical is launching a global exchange focused on high-tech medical innovation assets and a stablecoin plan [22] - GCL-Poly Energy has reached a strategic cooperation agreement with China Pacific Insurance Asset Management to explore tokenization solutions for real-world assets [23] Group 11 - Kingboard Laminates' major shareholder plans to place 78.5 million shares at a price of 10 HKD each [24][25] - October Rice anticipates a net profit growth of at least 90% for the first half of the year [26]

北京时间周五清晨，备受关注的美国稳定币法案轻松通过众议院投票，距离正式生效只差特朗 普的签字。 稳定币是一种设计用来保持恒定价值的加密货币，例如美元稳定币与美元通常保持1：1的挂 钩。稳定币法案要求这些代币必须得到流动资产支持——例如美元或短期国库券，同时发行方 需每月公开披露其储备资产的构成。 包括摩根大通、美国银行、VISA等金融和支付巨头，也将这项立法的结果视作进军稳定币行 业的"发令枪"。 在本周的财报说明会上，摩根大通、美国银行和花旗集团的掌门人均将新兴的"数字美元"描述 为对银行业支付控制权的潜在威胁，并表示他们正在准备应对——例如亲自下场发币。 布鲁金斯学会的高级研究员Eswar Prasad表示，这项立法为稳定币行业提供了他们一直渴望 的合法性，额外的好处，则是这项立法在他看来相对宽松。 投票结果显示，《指导和建立美国稳定币国家创新法案》（简称GENIUS法案）以308票赞 成、122票反对获得通过。其中有102名民主党议员投出赞成票，而12名共和党人投下反对 票。此前，美国参议院已经于6月中旬批准了同一份法案。 毫无疑问，虽然本周出现了一些小波折，但 美国稳定币立法获得通过依然是加密货币圈的 ...

2 、 外交部表示，芬太尼是美国的问题，不是中国的问题，责任在美国自身。 美方无视中方的善意，执意对中国加征芬太尼关税，这严重冲击中美在禁 毒领域的对话与合作，也严重损害中方利益。 3 、 外资机构集体上调中国 2025 年全年 GDP 增速预测。 其中，摩根士丹利将今年中国实质 GDP 增长预测从 4.5% 上调至 4.8% ，高盛将增长预测由 4.6% 上调至 4.7% ，瑞银将增长预测由 4% 上调至 4.7% 。 4 、 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》（ 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。 1 、国家统计局数据显示， 6 月，全国城镇不包含在校生的 16-24 岁劳动力失业率为 14.5% ，较上月下降 0.4 个百分点； ...

Group 1: Event Overview - The third China International Supply Chain Promotion Expo opened in Beijing on July 16, with over 1,100 representatives from more than 100 countries and regions attending the opening ceremony [1] - The expo's theme is "Linking the World, Creating the Future," featuring six major chains: advanced manufacturing, smart automotive, green agriculture, clean energy, digital technology, and healthy living [1] - A total of 651 enterprises and institutions from 75 countries and regions participated, with 35% of exhibitors being international, indicating a higher level of globalization [1] Group 2: Importance of Cooperation - The current global economic slowdown and rising protectionism are damaging global supply chains, increasing costs, and reducing economic efficiency [2] - Multiple speakers at the expo emphasized the need for cooperation to maintain the stability and smooth operation of global supply chains [2] - The China Council for the Promotion of International Trade (CCPIT) president highlighted the expo's focus on helping businesses find partners and solutions [2] Group 3: Initiatives and Proposals - The "Beijing Initiative" was released, advocating for the maintenance of global supply chain security, innovation-driven development, and deeper cooperation among the global business community [3] Group 4: Platform for Open Cooperation - The expo has evolved into a platform for high-level opening up and global sharing, enhancing trade promotion, investment cooperation, and innovation [4] - Apple showcased its collaboration with three Chinese suppliers, highlighting a $20 billion investment in smart and green manufacturing in China over the past five years [4] Group 5: Innovations and Technologies - Qingdao Beer demonstrated its global supply chain innovation, emphasizing the interconnectedness of its production process [5] - The Beijing Changmu Valley Medical Technology Co., Ltd. showcased its AI-assisted orthopedic surgery robot, marking a significant technological advancement in the healthcare sector [6] - Syngenta Group presented its agricultural innovations, focusing on efficient and sustainable supply chains [6] Group 6: China's Supply Chain Advantages - China plays a crucial role in global supply chains, providing strong support for international cooperation and innovation [7] - Sanofi highlighted its 30 years of localized manufacturing in China, showcasing its end-to-end healthcare ecosystem [7] - Medtronic expressed confidence in China's position as a major medical market and innovation hub, emphasizing its commitment to local value chain development [7]

Core Viewpoint - Senator Elizabeth Warren has requested Treasury Secretary Janet Yellen to assess the size of the private credit market and its potential threats to financial stability [1] Group 1 - The inquiry focuses on understanding the scale of the private credit market [1] - The assessment aims to evaluate the implications of private credit on overall financial stability [1]

Core Insights - The Federal Reserve's Daly highlighted that the economy has achieved robust growth and the labor market remains strong, but concerns persist regarding the lack of price stability [1] Economic Performance - The economy is experiencing steady growth, indicating positive trends in various sectors [1] - The labor market is performing strongly, suggesting low unemployment rates and high job creation [1] Price Stability Concerns - Despite the positive economic indicators, there are ongoing worries about achieving price stability, which could impact inflation and monetary policy decisions [1]

Group 1: Investment Opportunities - Vili Zhibo-B (HK02617) has launched its IPO with a subscription rate of approximately 178.91 times on the first day, indicating strong investor confidence in its prospects [1] - Aux Group has refiled its listing application with the Hong Kong Stock Exchange, aiming to enhance brand influence and expand into international markets [2] - Fourth Paradigm (HK06682) plans to place 25.9 million shares at a subscription price of HKD 50.50 per share, raising approximately HKD 1.306 billion for investment in emerging fields like AI and blockchain [3] - October Rice Field (HK09676) expects an adjusted net profit of at least HKD 283 million for the six months ending June 30, 2025, representing a growth of no less than 90% year-on-year due to product innovation and improved sales channels [4] Group 2: Market Performance - The Hang Seng Index closed at 24,498.95, down 0.08% on July 17 [5] - The Hang Seng Tech Index increased by 0.56% to 5,448.85 [5] - The National Enterprises Index fell by 0.09% to 8,853.10 [5]