Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that trading positions should temporarily wait and see. Although the bond market prices rebounded significantly on the day, it is still not out of the adverse situation. The market is mainly driven by sentiment, and there is a risk of a second decline if risk assets rebound or there are new positive factors for risk appetite. It also mentions to pay attention to events such as the FOMC, Sino - US talks, and the Politburo meeting during this macro - super week [1][3]. 3. Summary by Directory 3.1. Market Performance - Treasury bond futures opened higher, then declined during the session, and finally closed sharply higher across the board. The long - end, which was greatly affected by sentiment before, also had more corrections [1]. - The open market continued net investment. The due reverse repurchase was 170.7 billion yuan, and new operations were 495.8 billion yuan, with a net investment of 325.1 billion yuan. The capital price continued to improve, with the DR001 weighted average falling to around 1.45% and the GC001 closing at around 1.35% at the end of the session [1]. 3.2. News The National Conference of Heads of Industry and Information Technology Departments held on July 28 mentioned implementing the strategy of expanding domestic demand, consolidating the industrial economic base, implementing a new round of stable - growth actions for ten key industries, formulating a plan to enhance the adaptability of consumer goods supply and demand to boost consumption, promoting the development and application of technologies such as AI terminals, and formulating guidelines for financial support for new - style industrialization [2]. 3.3. Market Analysis - The domestic market is trading around the reversal of the anti - involution sentiment, and the overall situation is still sentiment - driven. The A - share market showed strong resilience as a risk asset, with obvious sector rotation [3]. - For the bond market, although the price rebounded significantly, it is still facing challenges. The capital interest rate has not returned to the previous lower platform of 1.3 - 1.35%, and the market is passive, mainly affected by sentiment [3]. 3.4. Data - **Contract Data**: Detailed data on the prices, changes, positions, and basis of TS2509, TF2509, T2509, and TL2509 contracts are provided, as well as the trading volume of the main contracts [3]. - **Funding Rate Data**: Data on DR001, DR007, DR014, including their weighted average interest rates, changes, and trading volumes, are presented [3].

Group 1 - The Ministry of Industry and Information Technology emphasizes the implementation of a new round of ten key industries to stabilize growth and enhance the adaptability of consumer goods supply and demand to boost consumption [1] - The plan includes accelerating the development and application of technologies such as artificial intelligence terminals, ultra-high-definition video, smart wearables, and drones [1] - Financial support for new industrialization will be guided by new policies, expanding the implementation of "integrated technology and finance" initiatives [1] Group 2 - The action plan aims to clear overdue enterprise accounts and establish a long-term regulatory mechanism for enterprise-related fees [1] - Policies to alleviate burdens on enterprises will be promoted to ensure effective implementation [1] - The tobacco industry will continue to maintain steady development [1]

Core Points - The meeting emphasized the importance of implementing the decisions made by the Central Committee and the State Council, focusing on strengthening the industrial economy and ensuring high-quality development [3][5][6] Economic Performance - In the first half of the year, the industrial added value of large-scale industries increased by 6.4% year-on-year, with manufacturing added value growing by 7% [3] - The added value of equipment manufacturing and high-tech manufacturing increased by 10.2% and 9.5% respectively [3] - The total volume of telecommunications business grew by 9.3%, and revenue from software and information technology services increased by 11.9% [3] - By the end of June, there were 4.55 million 5G base stations and 10.43 million computing standard racks in use [3] Key Focus Areas for the Second Half - The meeting outlined eight key areas for focus, including: 1. Implementing strategies to expand domestic demand and stabilize the industrial economy [5] 2. Promoting high-quality development of key industrial chains and addressing risks [5] 3. Enhancing the integration of technological and industrial innovation [5] 4. Deepening the application of digital technology and promoting industrial digital transformation [5] 5. Advancing green development and improving industrial energy efficiency [5] 6. Supporting the high-quality development of the information and communication industry [5] 7. Establishing a nurturing system for quality enterprises [5] 8. Deepening reforms to enhance industry governance [5] Governance and Compliance - The meeting stressed the need for strict adherence to the Central Eight Regulations and emphasized the importance of political responsibility and effective implementation of tasks [6][7] - It highlighted the necessity of improving work styles and ensuring effective communication and emergency material support during critical periods [7][9]

Group 1: Industrial and Information Development - The industrial and information sectors in China showed positive growth in the first half of 2025, with a year-on-year increase of 6.4% in industrial added value, demonstrating strong resilience [1] - The manufacturing sector's added value accounted for 25.7% of GDP, remaining stable, while manufacturing investment grew by 7.5% [1] Group 2: Telecommunications Sector - The total revenue from telecommunications services reached 905.5 billion yuan, with a year-on-year growth of 9.3% [2] - By the end of June, the number of 5G base stations reached 4.55 million, and the number of 5G mobile phone users reached 1.118 billion, with a penetration rate exceeding 79% [2] - The demand for digital consumption has been robust, with mobile internet traffic experiencing double-digit growth for six consecutive months [2] Group 3: Support for Small and Medium Enterprises - The Ministry of Industry and Information Technology (MIIT) supported 1,241 specialized and innovative "little giant" enterprises, with over 140,000 specialized small and medium enterprises cultivated to date [4] - MIIT provided services to over 3.6 million small and medium enterprises, facilitating financing intentions exceeding 51 billion yuan and achieving technology transfer contracts worth over 8.6 billion yuan [4] - The financing scale for enterprises surpassed 1.2 trillion yuan, with an average of nearly 34 million yuan in financing support per benefiting enterprise [4][5] Group 4: Future Initiatives - MIIT plans to enhance financial policies supporting new industrialization and deepen industry-finance cooperation, focusing on key industrial chains and integrating technology and industry [5] - The ministry aims to promote pilot policies and standards in 66 national industry-finance cooperation pilot cities to support high-quality development in the manufacturing sector [5]

Group 1 - The Ministry of Industry and Information Technology emphasizes increasing financial support to guide industrial funds towards technology products and solutions with independent intellectual property rights in the integration of informatization and industrialization [1] - The initiative includes five main areas with 17 specific items aimed at promoting the integration of technology and industry [1] - The plan encourages the implementation of a "technology-industry-finance integration" special project to attract social capital into hard technology projects within the integration development field [1]

Group 1 - Shenzhen's foreign trade import and export total reached 4.5 trillion yuan in 2024, with a year-on-year growth of 16.4%, ranking first among cities in China [1] - The new policy document emphasizes the need for deepening reforms in technology innovation, talent cultivation, and capital market connectivity in the Greater Bay Area [1][2] - The strategic emerging industries in Shenzhen saw a value-added growth of 10.5% in 2024, accounting for 42.3% of the regional GDP, with significant growth in AI, robotics, and aerospace industries [3][4] Group 2 - The new policy aims to enhance the financial services for the real economy, supporting integrated financial trials for technology industries and optimizing financing mechanisms for tech enterprises [2][3] - Banks are encouraged to participate in technology industry financial integration trials, providing various financial products to meet the diverse financing needs of tech companies [3][4] - The policy promotes regional collaboration and accelerates the integration of capital markets in the Greater Bay Area, facilitating more diversified financing channels for enterprises [4][6]

Group 1 - Shenzhen is celebrating the 45th anniversary of its economic special zone and the 5th anniversary of its comprehensive reform pilot, with the release of a significant policy document aimed at deepening reform and expanding openness [1][2] - The new round of comprehensive reform pilot in Shenzhen has been initiated, focusing on reform as the core driving force and innovation as the key approach to achieve new breakthroughs in development [1][4] - The policy emphasizes the importance of utilizing various production factors effectively, supporting the integration of technology and finance, and promoting the free flow of production factors for high-quality development [4][6] Group 2 - The policy document highlights the need to enhance the education and talent system, addressing issues such as the mismatch between talent cultivation and market needs, and promoting collaboration between academia and industry [2][3] - Shenzhen has a strong industrial foundation and competitive advantages, with over 700 million talents and significant capital inflow, including nearly 550 billion yuan raised through new listings on the Shenzhen Stock Exchange [6] - The city is positioned as a leader in reform and innovation, benefiting from national support policies and existing advantages in talent, capital, technology, and trade, making it an ideal candidate for the role of innovation reform pilot [6]

Core Viewpoint - The article discusses the recent release of the "Opinions" by the Central Committee and the State Council to deepen the comprehensive reform pilot in Shenzhen, emphasizing the importance of financial services in supporting the high-quality development of the real economy [1] Financial Innovation and Integration - Shenzhen is encouraged to explore differentiated credit supervision systems for technology enterprises, allowing banks to use future revenue rights as collateral and utilizing big data and AI for credit evaluation [2] - The establishment of a specialized trading platform for technology financial products is proposed to enhance market liquidity [2] - Tax incentives and fiscal subsidies are suggested to promote the development of a risk-sharing mechanism for equity and debt collaboration, addressing the financing needs of technology enterprises throughout their lifecycle [2] Cross-Border Financial Cooperation - The policy allows companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, enhancing financial market integration in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - There is a need for unified financial policies to support technology enterprises in the Greater Bay Area, including tax incentives and optimized cross-border financial services [3] Attracting Insurance Capital - To attract insurance funds into private equity and venture capital funds, a detailed risk assessment system is necessary to balance the risk preferences of insurance capital with the high-risk nature of venture capital [4] - Establishing a regional equity trading market and a risk isolation structure is recommended to facilitate insurance investments in venture projects [4] Green Finance Development - The establishment of special policies and funds for green technology and future industries is essential, along with a strict evaluation and regulatory system for green projects [4] - Financial institutions are encouraged to develop green financial products to broaden financing channels [4] Challenges and Support Needed - The primary challenge identified is the difficulty in coordinating cross-border financial regulatory systems, which involves multiple jurisdictions and regulatory requirements [5][6] - Central and Shenzhen levels are urged to enhance top-level design and establish a national cross-regional financial coordination mechanism to streamline regulatory frameworks [6]

Group 1 - The "Opinions" issued by the Central Committee and the State Council aim to deepen reform and expand openness in Shenzhen, enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area and contributing to the modernization of the country [1] - The Opinions emphasize the need to improve financial services for the real economy, supporting Shenzhen in conducting integrated financial pilot projects for technology industries [1] - The Opinions propose reforms for the market-oriented allocation of data elements, including the establishment of trading rules and standards, and support for data trading and distribution mechanisms [1] Group 2 - Shenzhen-based company Dongfang Jiasheng Supply Chain Co., Ltd. aligns its business with the Opinions, focusing on data element marketization and service trade innovation [2] - Dongfang Jiasheng leverages its position in the Qianhai Free Trade Zone and Yantian Bonded Zone to implement a global center warehouse model for integrated storage management [2] - The company is experiencing rapid growth in its cross-border e-commerce logistics business, with a focus on building a multimodal transport network [2] Group 3 - Shenzhen-based company Shenkeda specializes in manufacturing new display process equipment for consumer electronics and semiconductor packaging, showcasing strong competitive advantages in the AI and advanced manufacturing sectors [3] - Shenkeda has established extensive collaborations with well-known domestic and international consumer electronics manufacturers, creating a robust industrial ecosystem [3] - The company is positioned to play a significant role in the implementation of policies, contributing to the advancement of new industries in Shenzhen and invigorating regional economic development [3]

Market Overview - The A-share market experienced a slight pullback on June 13, with the Shanghai Composite Index down by 0.72% to 3378.01 points, the Shenzhen Component down by 1.15%, and the ChiNext Index down by 1.14% [1][2] - The total trading volume for the half-day session was 936.17 billion yuan [1] Monetary Policy - The People's Bank of China conducted a reverse repurchase operation of 202.5 billion yuan for 7 days at a fixed rate of 1.40%, with a net injection of 67.5 billion yuan after accounting for 135 billion yuan in reverse repos maturing on the same day [2] Industry Developments - The Guangzhou government is promoting sports consumption through various initiatives, including support for major sporting events and the development of ice and snow sports facilities [3] - The Ministry of Industry and Information Technology released guidelines to encourage investment in the measurement technology sector, aiming to enhance the industrialization of measurement technology achievements [3] Sector Performance - The oil and gas sector showed strong performance, with several stocks hitting the daily limit, including Keli Co., Shandong Molong, and New Jin Power [3] - The gold and jewelry sector also performed well, with stocks like Western Gold and Cuihua Jewelry seeing significant gains [3] Stock Performance - Key oil industry stocks include: - Zhongman Petroleum: Current price 20.53 yuan, P/E ratio 10.33 [6] - Blue Flame Holdings: Current price 7.22 yuan, P/E ratio 9.46 [6] - PetroChina Oilfield Services: Current price 1.99 yuan, P/E ratio 43.19 [6] - CNOOC Services: Current price 14.37 yuan, P/E ratio 19.32 [6] Company Insights - Zhongman Petroleum is expected to maintain stable profitability in the traditional oil service sector, with revenue growth driven by increased crude oil production from various blocks [7] - Blue Flame Holdings is well-positioned in the coalbed methane industry with rich resource reserves [7] - PetroChina Oilfield Services is anticipated to see a recovery in profitability as new orders convert to revenue [8] - CNOOC Services is expected to benefit from technological advancements and strong support from major client CNOOC [8]