Group 1 - China will continue to expand high-level opening-up and further reduce the negative list for foreign investment access, enhancing intellectual property protection and fair competition [2] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes optimizing the allocation of state-owned assets and resisting "involution" competition [2] - The People's Bank of China (PBOC) will conduct a 400 billion yuan Medium-term Lending Facility (MLF) operation, with a net injection of 100 billion yuan, marking the fifth consecutive month of increased MLF [2] Group 2 - The National Development and Reform Commission (NDRC) has allocated 735 billion yuan in central budget investment to support various sectors, including modern infrastructure and rural revitalization [2] - The Ministry of Commerce announced a crackdown on the smuggling and export of strategic minerals, establishing a joint enforcement coordination center [2] - The market regulator is launching a nationwide campaign to improve the quality and safety of power banks, including a review of CCC certification [2] Group 3 - The second batch of 12 new floating-rate fund products has been registered with the China Securities Regulatory Commission, expected to be available for sale soon [2] - As of July 23, 240 Hong Kong-listed companies have conducted share buybacks this year, with a total repurchase of 7.188 billion shares worth over 186 billion HKD [2] - The public fund management institutions in China have a total net asset value of 34.39 trillion yuan as of June 30, 2025 [2] Group 4 - The leading domestic aramid paper company, Minshida, reported a revenue of 237 million yuan for the first half of 2025, a year-on-year increase of 27.91% [3] - Zhejiang Securities reported a 46.54% increase in net profit to 1.149 billion yuan for the first half of the year [8] - Anqi Yeast plans to acquire a 55% stake in Shengtong Sugar Industry for 506 million yuan [8]

Key Points - The Ministry of Commerce is determined to crack down on the smuggling and export of strategic minerals [1] - The State-owned Assets Supervision and Administration Commission (SASAC) aims to optimize the allocation of state-owned assets and resist "involution" competition [2] - The National Development and Reform Commission (NDRC) and the State Administration for Market Regulation (SAMR) are drafting amendments to the Price Law to improve government pricing and clarify standards for unfair pricing behavior [3] - The Ministry of Ecology and Environment is developing guidelines for air pollution prevention in the glass and mineral wool industries [4] - The China Gold Association reported a 3.54% year-on-year decline in gold consumption in the first half of 2025, with jewelry consumption down 26% [3] Domestic News - The People's Bank of China will conduct a 400 billion MLF operation with a one-year term on July 25, 2025 [1] - The Ministry of Agriculture and Rural Affairs emphasizes enhancing financial services for rural reform and expanding mortgage financing coverage [2] - The National Medical Insurance Administration is optimizing the rules for centralized procurement, focusing on the rationale behind the lowest bids [2] International News - The U.S. Ninth Circuit Court ruled that Trump's executive order on birthright citizenship is unconstitutional [5] - The U.S. White House released an AI action plan, indicating a shift in regulatory measures [5] - Japan's July composite PMI is at 51.5, with the services PMI at 53.5 and manufacturing PMI at 48.8 [5] Market Overview - The Shanghai Composite Index rose by 0.65% to 3605.73, while the Shenzhen Component Index increased by 1.21% to 11193.06 [6] - The onshore RMB is at 7.1547, appreciating by 1 point, while the offshore RMB decreased by 33 points to 7.1541 [6] - WTI crude oil prices increased by 1.24% to $66.06, and Brent crude oil rose by 0.95% to $69.16 [6]