1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economy is expected to maintain a stable and positive development trend in the second half of the year, supported by the positive performance in the first half, new growth drivers, and coordinated macro - policies [8] - The global financial and commodity markets are influenced by various factors such as economic data, geopolitical events, and policy adjustments, showing different trends in different sectors 3. Summary by Relevant Catalogs Overnight Night - Market Trends - International precious metal futures generally declined, with COMEX gold futures down 0.85% at $3330.50 per ounce and COMEX silver futures down 1.95% at $37.99 per ounce [2] - International oil prices slightly decreased, with the US crude oil main contract down 0.34% at $66.75 per barrel and Brent crude oil main contract down 0.52% at $68.85 per barrel [3] - Most London base metals fell, except for LME copper which rose 0.40% to $9657.50 per ton. LME zinc dropped 1.04% to $2701.50 per ton and LME tin fell 0.82% to $33260.00 per ton [4] - In the US agricultural products market, soybeans fell 0.60%, corn rose 0.19%, soybean oil rose 0.68%, soybean meal fell 0.75%, and wheat fell 0.55%. In the domestic futures market, most contracts fell, with cotton rising nearly 1% and some contracts like glass and LPG falling more than 1% [5] Macroeconomic News - In the first half of the year, China's GDP was 66.0536 trillion yuan, a year - on - year increase of 5.3% at constant prices. The first, second, and third - industry added values increased by 3.7%, 5.3%, and 5.5% respectively [8] - The US June CPI data met market expectations, with the unadjusted CPI annual rate at 2.7% and the monthly rate at 0.3%. The possibility of the Fed cutting interest rates in September is high [9] - The US and China's tariff truce deadline is flexible, and both sides are expected to hold talks in the coming weeks [11] Energy and Chemical Futures - China's refined oil prices were adjusted downwards, with gasoline and diesel prices per ton reduced by 130 yuan and 125 yuan respectively [13] - The trading fee standard for intraday closing of the caustic soda futures 2509 contract was adjusted to 0.01% of the trading volume [13] - In the first half of 2025, Cote d'Ivoire's rubber exports increased by 11.8% year - on - year, and in June, exports increased by 36.9% year - on - year and 13.3% month - on - month [13] - OPEC maintained its global crude oil demand growth forecasts for 2025 and 2026 at 1.29 million barrels per day and 1.28 million barrels per day respectively, and its June production increased by 220,000 barrels per day [13] Metal Futures - In June, Indonesia's refined tin exports increased slightly by 0.14% year - on - year but decreased month - on - month [15] - According to a US Bank survey, 47% of fund managers expect the Fed to cut interest rates twice in 2025 [15] - Goldman Sachs maintained a bullish view on the COMEX - LME copper price arbitrage trade in December 2025 [16] - The World Gold Council reported that gold prices in the first half of 2025 rose 26% in US dollars, driven by a weak US dollar, interest rates, and geopolitical uncertainties [16] Black - Series Futures - Some steel mills in Tangshan, Xingtai, and Shandong planned to raise coke purchase prices starting from July 17 [18] - The Central Urban Work Conference proposed to build livable cities, optimize urban spatial structures, and promote real - estate development model transformation [18] - The first round of coke price increases was fully implemented, and some coking coal auction prices rose. Mongolian coal imports were expected to return to medium - high levels [20] - From January to June, China's real - estate development investment decreased by 11.2% year - on - year, and the housing construction area decreased by 9.1% [20] Agricultural Product Futures - Malaysian palm oil exports from July 1 - 15 decreased compared to the same period last month according to two survey agencies [22] - As of July 15, China's soybean oil port inventory increased by 24,000 tons week - on - week, and the imported soybean port inventory increased by 99,080 tons [22] - The Ministry of Agriculture and Rural Affairs emphasized efforts to achieve the annual grain output target of about 1.4 trillion catties [22] - As of July 13, EU 2025/26 soybean and palm oil imports decreased compared to the same period last year [23] - The US June soybean oil inventory was 1.366 billion pounds, and the soybean crushing volume was 185.709 million bushels [25] Financial Market Financial - A - shares showed a divergence between large and small - cap indices, with over 4000 stocks falling. The Hong Kong stock market rose, with the Hang Seng Index up 1.6% [27] - The Shanghai Stock Exchange required brokers to manage investor suitability for the Sci - tech Growth Layer [27] - International capital's enthusiasm for allocating Chinese assets is increasing, and many foreign institutions are optimistic about the Chinese market [28] - Over 57% of listed companies had positive performance pre - announcements, and the expected total net profit increased by nearly 70% year - on - year [30] - More than 3420 A - share listed companies completed 2024 annual profit distributions, and over 324 companies announced mid - year profit distribution plans [30] Industry - The financial regulator strengthened supervision of local asset management companies [31] - The Ministry of Industry and Information Technology planned to formulate mandatory national standards for mobile power sources [31] - The market regulator launched a special campaign to rectify live - streaming e - commerce [31] - The 11th batch of national drug centralized procurement started, with 55 varieties included [31] - The regulatory authority accelerated research on the "24% + equity" lending model [32] - The China Chain Store & Franchise Association called for regulating the instant - retail market [34] - A meeting on ensuring potash supply and stabilizing prices was held [35] - Beijing expanded the pilot scope of direct rent payment from housing provident funds [35] Overseas - The US and Indonesia reached a trade agreement, with Indonesia opening its market and the US imposing a 19% tariff [36] - The US June CPI data affected market expectations of Fed interest - rate cuts [36] - The selection process for the next Fed chair has started [36] - The EU may postpone trade counter - measures against the US [38] - Canada's prime minister was pessimistic about US - Canada trade negotiations [38] - The EU failed to reach an agreement on the 18th round of sanctions against Russia [38] International Stock Markets - US stocks closed mixed, with the Dow down 0.98%, the S&P 500 down 0.4%, and the Nasdaq up 0.18% [39] - European stocks fell across the board due to US tariff policies, energy prices, and weak PMI data [39] - Earnings reports of some US financial institutions showed different performances [40][41][43] Commodities - International precious metal futures, oil prices, and most base metals declined. The base - metal market was in oversupply [44] - OPEC maintained its global crude oil demand growth forecasts [45] - China's June industrial coal, oil, and gas production increased year - on - year [46] - The trading fee standard for intraday closing of the caustic soda futures 2509 contract was adjusted [47] Bonds - China's bond market strengthened, with the central bank's large - scale reverse - repurchase operations boosting sentiment [48] - Japanese government bond yields rose due to Senate election concerns [49] - Three domestic bonds of CIFI Group passed the restructuring plan vote [49] - US Treasury yields rose due to various factors [49] Foreign Exchange - The on - shore and offshore RMB against the US dollar declined. The US dollar index rose due to market expectations and geopolitical factors [50] - Shorting the US dollar became the most crowded trade according to a US Bank survey [52] Upcoming Events - Multiple economic and policy - related speeches and meetings are scheduled, including those by Fed officials and international central banks [54] - Some companies will release earnings reports, and new stocks will be listed [54]

Overall Market Performance - The market experienced narrow fluctuations throughout the day, with mixed results across the three major indices. The total trading volume reached 914.6 billion, marking a new low since the "924" market surge last year. The Shanghai Composite Index fell by 0.11%, while the Shenzhen Component Index rose by 0.23%, and the ChiNext Index increased by 0.27% [1]. Industry Sectors - The 5G, real estate, marine economy, and new urbanization sectors showed strong gains, while tourism, food, retail, and agriculture sectors faced declines. Notably, 5G concept stocks surged, with companies like Wuhan Vango and Hainengda hitting the daily limit. Real estate stocks continued their strong performance, with firms such as Yucheng Development and Financial Street also reaching the limit. The marine economy concept saw stocks like Jili Rigging and Shenkai Co. also hitting the daily limit. Conversely, consumer stocks in tourism, food, and retail experienced collective adjustments, with companies like Beiyinmei and Maiqu'er hitting the daily limit [2].