Group 1: Banking Sector - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with adjustments in group rankings. Industrial and Commercial Bank of China (ICBC) moved from Group 2 to Group 3, while Deutsche Bank dropped from Group 2 to Group 1 [4] - ICBC's capital strength remains adequate to meet G-SIBs regulatory requirements, especially considering factors like special government bond capital supplements and TLAC non-capital bond issuances [4] Group 2: Steel Industry - The Ministry of Industry and Information Technology (MIIT) issued the "Steel Industry Normative Conditions (2025 Edition)" on February 8, 2025, and reiterated the need to promote the orderly exit of outdated production capacity on July 18, 2025. This suggests a potential recovery in steel sector profitability to historical average levels [4] - Steel stocks' price-to-book (PB) ratios are expected to recover alongside profitability improvements, although caution is advised regarding significant fluctuations in futures prices [4] Group 3: Copper Industry - The China Copper Raw Material Negotiation Group (CSPT) has mandated member companies to reduce copper production capacity by over 10% in 2026, indicating a tightening supply chain that may lead to higher copper prices [5][6] - The processing fees and pricing terms for copper concentrate have deviated significantly from market norms, prompting CSPT to enforce stricter compliance among its members [6] Group 4: Renewable Energy and Utilities - The National Development and Reform Commission (NDRC) acknowledged the achievements in the development of energy storage and hydrogen energy, emphasizing the importance of market mechanisms for reasonable returns in the energy storage sector [7] - Recent policies aim to enhance the consumption of green electricity, with expectations for valuation recovery in the green electricity sector due to accelerated subsidy disbursements [7] Group 5: Jewelry Sector - Chow Tai Fook reported a 1.1% year-on-year decrease in revenue for the first half of FY2026, totaling HKD 38.986 billion, while net profit increased by 0.2% to HKD 2.534 billion. The company proposed an interim cash dividend of HKD 0.22 per share, reflecting a payout ratio of 85.7% [8]