Group 1 - The core viewpoint is that the probability of a Federal Reserve interest rate cut has decreased, leading to global liquidity contraction and a collective pullback in tech stocks represented by AI in the US market, which adds pressure to global stock markets, including A-shares [2][4] - Some brokerages believe that the current market pullback is still in its initial stage and recommend maintaining a wait-and-see approach for better opportunities, while others think that the adjustment space is limited and presents a good opportunity for positioning in the next phase of the market [2][6] Group 2 - The adjustment in the A-share market is attributed to both external factors and internal pressures, including global liquidity tightening and concerns over an "AI bubble" affecting tech stocks [4][5] - The recent drop in the US stock market was influenced by stronger-than-expected non-farm payroll data, which lowered the expectations for a December rate cut, leading to significant declines in major indices such as the Nasdaq, S&P 500, and Dow Jones [5] - The decline in lithium carbonate futures has also contributed to a downturn in the new energy sector, reflecting broader market trends [5] Group 3 - There is a divergence in opinions among institutions regarding the future direction of the market, with some being cautious about the AI sector's performance in the Asia-Pacific region, predicting continued pressure in the fourth quarter [6][7] - Other brokerages, like Huazhong Securities, express a more optimistic view, suggesting that the current adjustment is nearing historical comparable levels and that the growth technology sector will be the strongest theme in the next market phase [7][8] - East Wu Securities anticipates that the market adjustment will conclude by November, paving the way for an early spring market, with a focus on AI applications and sectors benefiting from domestic policy support [8]

Core Points - The 2025 Shanghai Cooperation Organization (SCO) Civil Friendship Forum and Friendly Cities Forum will be held in Shenyang from July 3 to 5, marking the largest and highest-level international conference hosted by Shenyang in recent years [1] - The forum will involve over 20 countries from the SCO, focusing on "Deepening Civil Friendship and Promoting Sustainable Development" [1] - Various activities will take place, including an opening ceremony, exhibitions, and parallel forums on trade cooperation and youth innovation [1][2] Group 1 - The forum aims to release the "Sustainable Development Action Consensus for Civil Exchanges among SCO Countries" and the "Shenyang Initiative for the 2025 SCO Civil Friendship Forum" [1] - Shenyang plans to sign friendship city agreements with Bukhara (Uzbekistan), Central Province (Mongolia), and Bishkek (Kyrgyzstan) [1] - Key enterprises in Shenyang will sign trade cooperation agreements with relevant enterprises from SCO countries to enhance economic collaboration [1] Group 2 - The SCO Children's Art Exhibition will feature over 300 selected artworks from children of SCO member states, observer states, and dialogue partners, showcasing unique artistic perspectives and cultural characteristics [2] - The Technology Innovation and Advanced Manufacturing Exhibition will display significant industrial robots, precision CNC equipment, and advanced aviation component models, highlighting national industrial strength and technological capabilities [2]