Domestic News - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk-warning stocks on the main board to 10% [1] - The State Council, chaired by Li Qiang, reviewed the implementation of the national science and technology conference spirit and approved the draft of the Rural Road Regulations [1] - The China Securities Regulatory Commission (CSRC) is strictly investigating financial fraud cases and will hold accomplices accountable for the first time [1] - The People's Bank of China held its second-quarter meeting on June 23, suggesting an increase in the intensity of monetary policy regulation and a flexible approach to policy implementation based on economic and financial market conditions [1] - The National Internet Information Office released the third edition of the "Data Export Security Assessment Declaration Guidelines," clarifying the conditions and processes for extending the validity of data export security assessment results [1] - The 12th round of negotiations for the second phase of the China-South Korea Free Trade Agreement took place in South Korea from June 23 to 27, with positive progress made on cross-border service trade, investment, financial services, and negative list market access [1] - Li Auto expects to deliver approximately 108,000 vehicles in the second quarter of 2025, down from its previous delivery outlook of 123,000 to 128,000 vehicles [1] International News - Russia plans to reduce military spending, indicating potential shifts in defense-related industries [2] - The S&P 500 and Nasdaq indices both reached new highs, reflecting strong performance in the U.S. stock market [2] - The EU and the U.S. are confident in reaching a tariff agreement before the July deadline, which could impact trade-related sectors [2] - Bessent indicated that trade negotiations may conclude before September, suggesting a possible extension of the negotiation deadline [2] - Federal Reserve's Kashkari anticipates two interest rate cuts starting in September, with tariff impacts potentially delaying further cuts [2] - U.S. consumer spending unexpectedly declined in May, while inflation showed a moderate increase, leading traders to increase bets on three rate cuts by the Federal Reserve in 2025 [2]

Group 1 - The National Internet Information Office has released the "Data Export Security Assessment Declaration Guidelines (Third Edition)" to optimize and simplify the materials required for data processors to declare data export security assessments [1] - The guidelines clarify the conditions, processes, and materials for data processors to apply for an extension of the validity period of data export security assessment results [1] - Data processors that need to provide important data and personal information to overseas entities must declare data export security assessments according to the "Data Export Security Assessment Measures" and "Regulations on Promoting and Regulating Cross-Border Data Flow" [1] Group 2 - Data processors can apply for an extension of the validity period of assessment results 60 working days before the expiration of the current validity period, provided they meet the conditions for extension [1]

Key Points - The People's Bank of China reported that as of the end of May, the broad money supply (M2) reached 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [1] - The narrow money supply (M1) stood at 108.91 trillion yuan, with a year-on-year increase of 2.3% [1] - The currency in circulation (M0) was 13.13 trillion yuan, showing a year-on-year growth of 12.1% [1] - In the first five months of 2025, the net cash injection was 306.4 billion yuan [1] - The total social financing scale increased by 18.63 trillion yuan in the first five months of 2025, which is 3.83 trillion yuan more than the same period last year, with a year-on-year growth of 8.7% [1] - Corporate bond net financing reached 908.7 billion yuan in the first five months, with over 140 billion yuan in May alone, indicating a downward trend in corporate bond issuance costs [1] - The average yield of five-year AAA-rated corporate bonds fell to 1.97% in May, further decreasing from April [1] - The People's Bank of China and the Central Bank of Turkey renewed a bilateral currency swap agreement with a scale of 35 billion yuan / 189 billion Turkish lira, valid for three years [2] - The State Administration for Market Regulation announced stricter measures for e-commerce operators failing to fulfill recall responsibilities, enhancing consumer protection [2] - The lithium-ion battery industry in China continued to grow, with total production exceeding 473 GWh in the first four months of 2025, marking a year-on-year increase of 68% [2]