Market Overview - The A-share market has surpassed the 3600-point mark, with the Shanghai Composite Index closing at 3605.73 points, up 0.65%, and the Shenzhen Component Index rising by 1.21% [1] - The total market turnover reached 1.8739 trillion yuan, a decrease of 24.5 billion yuan from the previous day, with over 4300 stocks experiencing gains [1] - The bond market faced challenges, with the yield on the 10-year government bond rising from 1.632% to 1.73%, marking a seven-day decline [1][2] Foreign Investment Trends - Despite the surge in A-shares, foreign capital showed a net sell-off in Hong Kong stocks, with a net outflow of 1.32 billion HKD, primarily from Tencent, which saw a net sell-off of 1.129 billion HKD [3][4] - From April 24 to July 23, foreign capital recorded a cumulative net sell-off of 52.6 billion HKD [9] - In the first half of the year, foreign capital net increased holdings in domestic stocks and funds by 10.1 billion USD, reversing a two-year trend of net reductions [14] Fund Flows and ETF Activity - Margin financing in the A-share market increased by 2.647 billion yuan, reaching a new high of 1.92 trillion yuan, indicating strong leverage activity [18] - Stock ETFs, which had been experiencing net outflows since mid-April, saw three consecutive days of net inflows, totaling 5.468 billion yuan [20][22] - The most significant inflows were observed in ETFs tracking construction materials, Hong Kong internet, and infrastructure indices, with inflows of 2.813 billion yuan, 2.805 billion yuan, and 1.501 billion yuan, respectively [22][24] Sector Performance - Various sectors have shown strong performance, with construction materials and infrastructure stocks experiencing significant gains [25] - The year-to-date performance of sectors indicates that non-ferrous metals, steel, and pharmaceutical industries have seen increases of 31.13%, 20.52%, and 19.05%, respectively [27][28] - The market is witnessing a trend where funds are actively seeking to eliminate low-priced stocks, with a notable rise in sectors such as coal and steel [25]

Group 1: Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) is exploring integrated management of domestic and foreign currencies, aiming for "one set of rules, one-stop processing" [1] - SAFE reported that foreign investment in domestic stocks and funds increased by $10.1 billion in the first half of the year, reversing a two-year trend of net selling [2] - The resilience of China's foreign exchange market is improving, with enhanced ability to respond to external shocks and a more flexible exchange rate mechanism [3] Group 2: Foreign Investment Trends - Foreign investors' holdings of domestic bonds exceeded $600 billion, indicating a stable macroeconomic environment for investment [2][4] - The proportion of foreign investors holding domestic bonds and stocks is around 3%-4%, with expectations for gradual increases in allocation to RMB assets [4] - As of June 2025, foreign institutions held 4.23 trillion yuan in the interbank bond market, accounting for 2.5% of the total [8] Group 3: Data and Technology Initiatives - The National Data Bureau is promoting high-quality data set construction and has initiated actions to establish data labeling bases in seven cities [6][7] - The bureau aims to create a closed-loop ecosystem for data elements, focusing on market-oriented reforms and the "Artificial Intelligence +" initiative [10] Group 4: Capital Market Developments - Shenzhen is expected to see reforms including the return of Hong Kong-listed companies to the Shenzhen Stock Exchange [9] - The Science and Technology Innovation Board (STAR Market) has supported over 580 "hard technology" companies, raising more than 1.1 trillion yuan in IPO and refinancing funds [11]

Core Viewpoint - The press conference highlighted the stable inflow of foreign capital into China's financial markets, with a significant increase in foreign investment in both bonds and stocks, indicating a positive outlook for the allocation of RMB assets by foreign investors [1][3][4]. Group 1: Foreign Investment Trends - As of 2025, foreign investment in RMB-denominated bonds has reached over $600 billion, marking a historically high level [3]. - In the first half of the year, foreign investors net purchased $10.1 billion in domestic stocks and funds, reversing a two-year trend of net selling [3]. - The net increase in foreign stock holdings surged to $18.8 billion in May and June, reflecting a growing willingness among global investors to allocate capital to China's stock market [3]. Group 2: Economic and Policy Environment - The stable macroeconomic environment in China, with a GDP growth of 5.3% year-on-year, supports foreign investment [5][6]. - The contribution of domestic demand to economic growth has increased, with final consumption and capital formation accounting for 77% of growth in the second quarter, up 17 percentage points [5]. - China's commitment to high-level opening-up and the continuous improvement of the financial market's connectivity have created a favorable policy environment for foreign investment [4][6]. Group 3: Currency and Market Stability - The proportion of RMB cross-border receipts in goods trade reached approximately 30% in the first half of the year, a historical high [6]. - The resilience of the foreign exchange market is bolstered by a stable economic foundation and improved mechanisms for market-oriented exchange rate formation [6]. - The increasing awareness of exchange rate risk among enterprises and the growth of RMB cross-border transactions contribute to a more rational trading environment [6].

7月22日，国新办举行新闻发布会，介绍2025年上半年外汇收支数据情况。国家外汇管理局(以下简 称"外汇局")副局长、新闻发言人李斌在发布会上表示，2025年以来，外部环境更趋复杂多变，单边主 义、保护主义抬升，全球经济和跨境贸易增长动能减弱，国际金融市场波动加大。我国加快实施更加积 极有为的宏观政策，着力扩大国内需求，有效应对外部挑战，经济运行总体平稳、稳中有进，高质量发 展持续巩固。外汇市场平稳运行，展现出较强的韧性和活力，表现好于市场预期。 据李斌介绍，今年上半年，我国外汇收支主要呈现几个特点：一是，涉外收支规模稳步增加；二是，跨 境资金延续净流入；三是，外汇市场供求基本平衡；四是，外汇市场交易活跃；五是，外汇储备规模稳 定。 "总的来看，上半年，我国外汇市场有力有效应对外部冲击风险，运行总体平稳。"李斌表示，下一步， 外汇局将持续建立健全"更加便利、更加开放、更加安全、更加智慧"的外汇管理体制机制，促进经济高 质量发展和高水平开放。 预计外资仍会逐步增配人民币资产 外汇局国际收支司司长贾宁介绍，2025年以来，外资配置人民币资产总体较为稳定。外资投资人民币债 券规模上升，目前外资持有境内人民币债券存量 ...