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]

Group 1 - The marine economy concept saw significant stock price increases, with notable gains in companies such as Klete rising over 20%, Deepwater Haina hitting a 20% limit up, and Zhongke Haixun increasing by over 13% [1] - The Central Financial Committee's sixth meeting emphasized the importance of high-quality development in the marine economy, focusing on innovation, efficient collaboration, industrial upgrades, harmonious human-sea relationships, and win-win cooperation [1] - Key strategies include enhancing top-level design, increasing policy support, encouraging social capital participation, and improving independent innovation capabilities in marine technology [1] Group 2 - Zheshang Securities highlighted the growing strategic importance of marine power, indicating that the development of deep-sea technology is crucial for building a marine power nation, with expectations for upcoming industry policies and funding support [2] - Tianfeng Securities outlined the deep-sea technology industry chain, which includes deep-sea materials, deep-sea equipment, and deep-sea digitalization, noting that deep-sea materials are foundational and involve high-performance steel and titanium alloys [2] - The demand for deep-sea equipment is rapidly increasing, with a focus on underwater detection, construction operations, oil and gas production, and mineral development, indicating an upward cycle in the shipbuilding and marine engineering equipment industry [2]

Group 1 - Central Financial Committee meeting proposed promoting high-quality development of the marine economy, emphasizing the importance of marine technology development for resource exploitation [1] - Deep-sea technology has become a key pillar in the marine economy, covering three main areas: deep-sea material research and development, deep-sea equipment manufacturing, and deep-sea intelligent applications [1] - Domestic policies are expected to be introduced to promote deep-sea economic development, focusing on deep-sea mining, oil and gas development, and utilization of deep-sea biological resources [1] Group 2 - CIMC Group is involved in two main aspects of deep-sea technology exploration: deep-sea oil and gas extraction equipment manufacturing and services, and deep-sea renewable energy development [2] - The "Blue Whale 1" and "Blue Whale 2" semi-submersible drilling platforms are significant achievements in China's deep-sea engineering, capable of operating at a maximum water depth of 3,658 meters and drilling to a depth of 15,240 meters [2] - CIMC Group is advancing the development of marine renewable energy, including offshore wind power and the upcoming delivery of the world's first bamboo-based composite floating photovoltaic platform, "Jilin No. 1," in 2024 [2]

海洋和陆地截然不同，陆地已经被各个国家清晰地区分为A国、B国、C国，但海洋除了专属经济区之外，绝大多数属于公海，是没有清晰的产权划分 的。 全世界范围来看海洋更像是一种"基础设施"，这是一种浑然天成的基础设施，不需要像在陆地上那样，需要平整路面、铺设柏油路、种上航道树才能成为 基础设施，它天然就铺满了整个地球，船下水就可以航行。 而且占据这个基础设施的门槛和资本要求，其实并不太高。历史上的荷兰、西班牙和英国使用的只是一些木制帆船，就可以在全球范围内畅通无阻，达到 每个大洲的每个港口口岸。 而中国在漫长的历史时期中，花掉了无数的财富，将海量的白银铜钱石头木头变成道路和车辆，虽然足够四通八达，但要是把这些钱计算下来，也不知道 能造多少艘船了。 只是，中国的近代历史纷繁复杂，但绝大多数的斗争和博弈都在东亚大陆的范围之内，即便是建国之后也长期没有突破近海范围，再有性价比的全球基础 设施，也很难彻底为自己所用。 目前全球制海权仍在美国手中，全球海洋这个庞大基础设施的支配权可以说就掌握在美国手里，其他国家不是不能用，而是必须需要支付更高的成本和代 价。 如果观察一副美国人自己的世界地图，就可以发现以北美为中心，向东、向西 ...

黄金： 金银价格反弹。临近关税暂缓截止日和大而美法案的推进令市场有所不安，美元表现疲软。近 期美联储官员们表态继续维持观望，尽管有官员表示最快 7 月降息，但有通胀降低、贸易政策明朗等前 提条件。大而美法案推升财政赤字预期。近期美国方面数据所显示关税政策的冲击比担忧中的要小，不 过目前看贸易谈判进展有限，财政部长暗示协议或要到 9 月达成，随着政策框架的修改，市场或为未来 宽松进行铺垫，如关税政策明朗，降息预期将进一步明确。黄金方面尽管长期驱动仍然提供支撑，但价 位较高上行迟疑。考虑 7 月关税暂缓截止期临近，警惕特朗普相关政策的不确定性和关税再度升温的相 关炒作。 一、当日主要新闻关注 1 ）国际新闻 首席点评： 纵深推进全国统一大市场建设 美国参议院表决结果通过"大而美"税收与支出法案，法案将送交众议院。美国总统特朗普表示，有信心 税收法案能在众议院获得通过。中央财经委员会召开第六次会议，研究纵深推进全国统一大市场建设、 海洋经济高质量发展等问题。会议强调，要依法依规治理企业低价无序竞争，规范政府采购和招标投 标、招商引资，着力推动内外贸一体化发展，持续开展规范涉企执法专项行动，健全有利于市场统一的 财税 ...

Group 1 - The Central Financial Committee emphasizes the need to deepen the construction of a unified national market and promote high-quality development of the marine economy, focusing on innovation, efficient collaboration, and industrial upgrades [1] - The National Healthcare Security Administration and the National Health Commission have introduced 16 measures to support the high-quality development of innovative drugs, covering the entire chain from research and development to payment systems [2] - Shanghai has established a second phase fund for industrial transformation and upgrading with a total scale of 50 billion yuan, aimed at enhancing financial support for strategic emerging industries [3] Group 2 - Shanghai is implementing joint support policies for key industrial chains such as integrated circuits, large aircraft, and marine vessels, encouraging strong collaboration among quality enterprises [4] - The third China International Supply Chain Promotion Expo will take place from July 16 to 20, showcasing products that have successfully cleared customs, including high-performance industrial switches and integrated circuit modules [5] - The latest survey on the digital transformation of brokerage firms focuses on the internet brokerage business and sales amounts, indicating a shift in regulatory oversight [6][7] Group 3 - IDC reports that the GenAI IaaS market in China is expected to reach 8.74 billion yuan in the second half of 2024, with a year-on-year increase of 165%, highlighting the growth of AI infrastructure [8] - The total scale of ETFs in China reached a historic high of 4.3 trillion yuan in the first half of the year, with stock ETFs accounting for over 70% of this total [9] - The National Healthcare Security Administration is working on collaboration between basic medical insurance and commercial health insurance, focusing on data sharing and synchronized settlements [10] Group 4 - Bond ETFs have reached a new high of 383.98 billion yuan, with a net inflow of 175.78 billion yuan in the first half of the year, indicating strong investor interest in this asset class [11]

Market Overview - US stock market showed mixed results with Dow Jones up by 0.91%, while Nasdaq fell by 0.82% and S&P 500 decreased by 0.11% [1] - Notable declines in major tech stocks: Tesla down 5.34%, Nvidia down 2.97%, Meta Platforms down 2.56%, Microsoft down 1.08%, and Google A down 0.22% [1] - Amazon and Apple saw gains, with Amazon up 0.49% and Apple up 1.29% [1] Solar Industry - Solar concept stocks generally rose as the US Senate removed Trump's proposals regarding wind and solar projects from the tax law draft [2] - The Senate also overwhelmingly rejected Trump's AI regulatory ban with a vote of 99 to 1 [2] Economic Indicators - The US ISM Manufacturing Index has contracted for four consecutive months [4] - The JOLTS job openings for May were significantly better than expected [4] Domestic Developments - China's Central Economic Committee emphasized the need to advance the construction of a unified national market and promote high-quality development of the marine economy [6] - The Shanghai government announced a subsidy program for electric bicycles, providing a one-time subsidy of 500 yuan for consumers trading in old bikes for new ones [13] Electric Vehicle Market - BYD reported sales of 382,600 new energy vehicles in June, while Xiaomi delivered 25,000 units and XPeng saw a year-on-year increase of 224% in deliveries [8] Semiconductor and Technology - New and existing companies are making significant advancements in semiconductor technology, with companies like Huawai Design and TaiLing Micro achieving notable stock price increases [19] - Google signed a power purchase agreement with Commonwealth Fusion Systems, marking a significant step in the emerging nuclear fusion energy sector [14] IPO and Market Activity - He Yuan Bio's IPO application was approved on the same day it was submitted, marking a significant event for the STAR Market [8] - Several companies are expected to see significant profit increases in the upcoming half-year, including Xinhe Cheng with a projected net profit of 3.3 to 3.75 billion yuan, representing a 50% to 70% year-on-year growth [17]

Group 1: Marine Economy Development - The Central Economic Committee emphasizes the need for high-quality development of the marine economy as part of China's modernization strategy, aiming for a unique path of maritime strength [1] - The 2024 marine economy is projected to exceed 10 trillion yuan, accounting for 7.8% of GDP, with a production value of 105,438 billion yuan, reflecting a 5.9% increase from the previous year [1] Group 2: Deep Sea Resources and Technology - The deep sea is identified as a significant resource reservoir, containing polymetallic nodules, cobalt-rich crusts, and large amounts of combustible ice, which are potential clean energy sources [2] - The government report for 2025 highlights "deep sea technology" as a new industry alongside commercial aerospace and low-altitude economy, indicating a commitment to developing this sector [2] - The deep sea technology industry is expected to have a market capacity in the trillion-yuan range, with policies likely to stimulate continued investment and financing opportunities [2] Group 3: Companies Involved in Deep Sea Sector - Companies involved in deep sea equipment include Yaxing Anchor Chain, China Shipbuilding, and Zhenhua Heavy Industries, among others [3] - Deep sea exploration companies include China Marine Defense, Micro Light Co., and Tianhai Defense, focusing on detection equipment and deep-sea robotics [3] - Companies in deep sea information technology include Zhongtian Technology, Huatong Cable, and Hailanxin, which are involved in underwater data centers and related infrastructure [3]

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation of 131 billion yuan at a fixed rate of 1.40%, with a total bid amount of 131 billion yuan, resulting in a net withdrawal of 275.5 billion yuan for the day [1] - After the month-end, the overnight pledged repo rate for deposit institutions significantly decreased by over 14 basis points, returning to 1.36%, while the 7-day pledged repo rate fell by over 37 basis points [3] - The latest one-year interbank certificates of deposit (CD) transaction rate for major banks is at 1.62%, showing a decline compared to the previous day [6] Group 2: Bond Market Performance - The majority of government bond futures closed higher, with the 30-year main contract rising by 0.28%, the 10-year main contract increasing by 0.10%, and the 5-year main contract up by 0.06%, while the 2-year main contract slightly decreased by 0.01% [12] - The Ministry of Finance plans to issue 20 billion yuan of 28-day and 20 billion yuan of 63-day discount treasury bonds on July 2 [16] Group 3: Economic Indicators - The Caixin China Manufacturing Purchasing Managers' Index (PMI) for June recorded 50.4, an increase of 2.1 percentage points from May, indicating a return above the critical point, with new export orders rebounding significantly [13]

Group 1 - The Central Financial and Economic Commission held its sixth meeting to discuss the deepening of the national unified market construction and high-quality development of the marine economy, emphasizing the need for legal governance of low-price disorderly competition among enterprises and the promotion of integrated development of domestic and foreign trade [2] - The US Senate passed the "Big and Beautiful" tax and spending bill, which will be sent to the House of Representatives, with President Trump expressing confidence in its passage [2] - The Caixin China Manufacturing PMI for June recorded 50.4, up 2.1 percentage points from May, indicating a return to expansion territory [3] Group 2 - The China Light Industry Federation reported that the added value of large-scale light industry increased by 7% year-on-year in the first five months of this year, with total operating income reaching 9.27 trillion yuan [3] - Internet enterprises above designated size achieved internet business revenue of 773.5 billion yuan from January to May, a year-on-year increase of 0.9%, while total profit decreased by 2.2% [3] - The Ministry of Water Resources announced the start of the main flood season in China from July 1, with forecasts indicating above-normal rainfall in several river basins [3] Group 3 - A-share indices showed divergence, with bank stocks rebounding and the Shanghai Composite Index closing up 0.39% at 3457.75 points [6] - The IPO acceptance reached a peak in the first half of the year, with 150 companies accepted for IPO in June alone, marking a record for the year [6] - UBS's China equity strategy analyst noted that A-share earnings may gradually recover this year under stable macro conditions [7] Group 4 - Major announcements from listed companies included BYD reporting approximately 2.146 million new energy vehicle sales in the first half of the year, a year-on-year increase of 33.04% [9] - The National Medical Insurance Administration is seeking opinions on the adjustment of the medical insurance drug list for 2025, which will include innovative drugs not covered by basic insurance [11] - The real estate investment by the top 100 property companies increased by 42% year-on-year in the first half of the year, indicating a recovery in investment enthusiasm [11] Group 5 - The domestic retail price of refined oil has seen three consecutive increases, with gasoline and diesel prices rising by 235 yuan and 225 yuan per ton, respectively [10] - The National Bureau of Statistics reported that the number of second-hand housing transactions in Beijing reached 90,035 units in the first half of the year, a year-on-year increase of 20.4% [12] - The global economic outlook report from the Bank of China Research Institute highlighted that over 99% of stablecoins are pegged to the US dollar, indicating their role as a digital currency [13]