Market Overview - The three major stock indices showed strength in early trading, with the ChiNext index rising over 2% [1] - As of the midday close, the Shanghai Composite Index was at 3683.58 points, up 0.47%; the Shenzhen Component Index was at 11587.38 points, up 1.19%; and the ChiNext Index was at 2522.62 points, up 2.14% [2] Sector Performance - The PEEK materials sector led the gains, with companies like Jintian Co. and Lianhong Xinke hitting the daily limit [1] - The liquid cooling server sector was strong, with Chuanhuan Technology hitting the daily limit, along with Dongyangguang and Dayuan Pump Industry [1] - The solid-state battery sector was active, with companies like Nord Co. and Shandong Zhanggu hitting the daily limit [1] - Conversely, the banking sector experienced collective adjustments, with CITIC Bank and Qilu Bank among the biggest decliners [1] - The liquor sector saw fluctuations, with Gujing Gongjiu leading the decline [1] - The cross-border payment concept faced a pullback, with Changliang Technology showing significant losses [1] Hot Sectors 1. **Liquid Cooling Servers** - The IDC report forecasts a compound annual growth rate of 46.8% for China's liquid cooling server market from 2024 to 2029, with the market size expected to exceed $16.2 billion by 2029 [4] - Zheshang Securities estimates that the market size for liquid cooling will reach 35.4 billion, 71.6 billion, and 108.2 billion yuan in 2025, 2026, and 2027 respectively, driven by the acceleration of intelligent upgrades in computing infrastructure [4] - Liquid cooling servers are positioned as a core component of AI computing infrastructure, entering a golden development period of 5-10 years due to policy, technology, and market demand [4] 2. **PEEK Materials** - Companies like Shuangyi Technology, Jintian Co., Lianhong Xinke, and Huitong Co. saw significant increases [5] - The 2025 World Humanoid Robot Games, taking place from August 15-17 in Beijing, has heightened market interest in the robotics supply chain, alongside a 90-day tariff suspension policy between China and the U.S. [5] - PEEK (Polyether Ether Ketone) is recognized for its lightweight and high-strength properties, making it a preferred material for applications in robotics joints, new energy vehicle battery components, and aerospace precision parts [5] - The upcoming mass production of Tesla's Optimus humanoid robot is driving demand for material upgrades due to lightweight requirements [5]

Core Viewpoint - The Hong Kong government aims to issue stablecoin licenses by the end of the year, with the regulatory framework set to take effect in August 2023, which is expected to boost the digital asset market and cross-border payment solutions [1][2]. Regulatory Developments - The Hong Kong Legislative Council passed the Stablecoin Ordinance on May 21, 2023, establishing a licensing system for stablecoin issuers, which requires them to apply for licenses from the Hong Kong Monetary Authority (HKMA) [2]. - The HKMA is currently consulting the market on the specific guidelines for the ordinance, which will include anti-money laundering and other related requirements [1][2]. Market Reactions - Following the announcement of the stablecoin licensing, stocks related to cross-border payments and stablecoins surged in both A-share and Hong Kong markets, with several stocks hitting their daily price limits [3][4]. - Notable stock performances include: - Zhongyi Technology (涨停) at 51.22 CNY, up 20.01% - Huafeng Super Fiber (涨超10%) at 9.85 CNY, up 10.44% - Guotai Junan International (国泰君安国际) in Hong Kong, which saw its stock price rise over 9% [4]. Stablecoin Applications - The HK government emphasizes that stablecoins should address challenges in the real economy, particularly in cross-border payments where local currency risks are high [1]. - The potential for stablecoins to serve as effective payment tools in regions with unstable financial systems is highlighted, especially in cases of severe inflation or currency depreciation [1]. Industry Interest - At least nine institutions have expressed interest in applying for stablecoin licenses, including three that are part of the HKMA's stablecoin issuance sandbox, all planning to issue Hong Kong dollar-pegged stablecoins [2].

Overall Market Performance - The Shanghai Composite Index experienced a narrow fluctuation throughout the day, closing up by 0.02% at 3473.13, while the Shenzhen Component Index fell by 0.70% to 10435.51, and the ChiNext Index dropped by 1.21% to 2130.19 [1][2] Sector Performance - The cross-border payment and stablecoin concepts were notably active, with stocks such as Zhongyi Technology, Jingbeifang, and Xinyada hitting the daily limit up [1] - Real estate stocks saw a midday surge, with companies like Yudai Development, Shahe Shares, and Nanshan Holdings also reaching the daily limit up [1] - Conversely, the innovative drug sector experienced a pullback, with Kexing Pharmaceutical declining over 14% [1] Popular Concepts - Power stocks surged against the trend, with nearly ten stocks including Shaoneng Shares, Huayin Electric, and Shimao Energy hitting the daily limit up [1]

Market Overview - A-shares opened lower on July 7, with the three major indices experiencing slight declines; the ChiNext index fell by 1% [1] - The Hang Seng Index also opened lower, with the Hang Seng Tech Index down by 1.04% [2][3] - The bond market saw an increase in government bond futures, with the 30-year main contract rising by 0.10% [3][4] A-share Performance - As of the report, the Shanghai Composite Index decreased by 0.17%, the Shenzhen Component Index fell by 0.57%, and the ChiNext Index dropped by 1.00% [1] - Over 2900 stocks in the Shanghai, Shenzhen, and Beijing markets experienced declines [5] Hong Kong Stock Performance - The Hang Seng Index was down by 0.78%, while the Hang Seng Tech Index fell by 1.04% [2] - Major tech stocks such as JD.com, Meituan, and Alibaba saw declines of 1.61%, 3.48%, and 2.47% respectively [9][10] Sector Highlights - The stablecoin concept gained traction, with stocks like Jingbeifang rising over 7% [12][13] - The medical device sector showed strong performance, with Baolait rising over 15% and several other stocks gaining more than 5% [8] - Power stocks continued their strong performance, with Huayin Electric and Shaoneng Shares both achieving significant gains [14][15] Commodity Market - Domestic commodity futures experienced a decline, with synthetic rubber dropping over 2% [18] - Cotton futures saw a slight increase of 0.44% [18]

Core Viewpoint - A-shares experienced slight fluctuations with the innovative drug concept stocks leading the gains, while the overall market showed mixed performance across different sectors [1] Market Performance - The Shanghai Composite Index rose by 0.39%, the Shenzhen Component increased by 0.11%, and the ChiNext Index fell by 0.24% [1] - The total trading volume reached 1.5 trillion yuan, a decrease of 20.7 billion yuan compared to the previous trading day [1] - Over 2,600 stocks in the market saw an increase [1] Sector Highlights - Innovative drug concept stocks strengthened again, with stocks like Angli Kang hitting the daily limit [1] - Bank stocks rebounded, with China Construction Bank reaching a historical high [1] - Chip concept stocks initially surged in the morning session, with over 10 stocks, including Kaimeteqi, hitting the daily limit [1] Declining Sectors - The digital currency sector declined, with Jida Zhengyuan hitting the daily limit down [1] - The digital sentinel sector fell, with Xiongdi Technology dropping over 8% [1] - The diversified financial sector weakened, with Hongye Futures touching the daily limit down [1] - Other sectors such as cross-border payments, virtual robots, and software development also experienced significant declines [1]

Group 1 - The A-share market experienced an upward trend on June 23, with the Shanghai Composite Index closing up 0.65% at 3381.58 points, and the Shenzhen Component Index and ChiNext Index rising by 0.43% and 0.39% respectively [1] - The A500 ETF fund (512050) saw significant net inflows totaling 445 million yuan over two consecutive trading days, indicating strong investor interest [1] - International asset management institutions are accelerating their entry into the Chinese market, with nine foreign wholly-owned public funds established domestically, and a total of 26 new public funds launched this year, raising 32.401 billion yuan, representing a year-on-year increase of 117.67% in number and 42.5% in scale [1] Group 2 - The market is experiencing rapid style rotation, with increased speculative behavior, leading many active equity funds to shift from traditional indices like the CSI 300 to emerging indices such as the CSI A500, highlighting the quality of the A500's composition [2] - The A500 ETF fund (512050) has maintained the highest average daily trading volume among similar products since its launch, and its comprehensive fee rate is among the lowest in its category [2]

Report Industry Investment Rating - Not provided Core Viewpoints - On June 23, all four major stock index futures contracts for the current month rose. IF increased by 0.54%, IH by 0.74%, IC by 0.64%, and IM by 1.01% [1] - On the trading day, the total trading volume of stock index futures decreased, indicating a decline in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 410 lots, IH increased by 132 lots, IC decreased by 19,140 lots, and IM decreased by 28,800 lots. In terms of positions, the total positions of IF increased by 18,334 lots, IH by 12,339 lots, IC by 6,879 lots, and IM by 12,238 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6] Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures Contracts**: The closing price of CSI 300 was 3,857.9, up 0.29%. Among its futures contracts, IF2507 closed at 3,823.4, up 0.54% with a basis of -34.5; IF2508 at 3,808.4, up 0.14% with a basis of -49.5; IF2509 at 3,797.4, up 0.68% with a basis of -60.5; IF2512 at 3,769.8, up 0.68% with a basis of -88.1 [1] - **SSE 50 and Related Futures Contracts**: The closing price of SSE 50 was 2,684.78, up 0.41%. Among its futures contracts, IH2507 closed at 2,654, up 0.74% with a basis of -30.78; IH2508 at 2,653.6, up 0.72% with a basis of -31.18; IH2509 at 2,652.8, up 0.74% with a basis of -31.98; IH2512 at 2,652.4, up 0.79% with a basis of -32.38 [1] - **CSI 500 and Related Futures Contracts**: The closing price of CSI 500 was 5,674.17, up 0.61%. Among its futures contracts, IC2507 closed at 5,625.8, up 0.64% with a basis of -48.37; IC2508 at 5,572.8, down 0.31% with a basis of -101.37; IC2509 at 5,524, up 0.70% with a basis of -150.17; IC2512 at 5,407.4, up 0.71% with a basis of -266.77 [1] - **CSI 1000 and Related Futures Contracts**: The closing price of CSI 1000 was 6,078.22, up 1.31%. Among its futures contracts, IM2507 closed at 6,001.4, up 1.01% with a basis of -76.82; IM2508 at 5,929.6, down 0.20% with a basis of -148.62; IM2509 at 5,851.2, up 1.01% with a basis of -227.02; IM2512 at 5,676, up 0.89% with a basis of -402.22 [1] 2. Positions of the Top 20 Members in Stock Index Futures - **IF Contracts**: For IF2507, the long - position increase was 4,133 (net change not disclosed), and the short - position increase was 4,906 (net change not disclosed). For IF2509, the long - position increase was 7,163, and the short - position increase was 8,591. For IF2512, the long - position increase was 1,398, and the short - position increase was 1,455 [5] - **IH Contracts**: For IH2507, the long - position increase was 2,980, and the short - position increase was 2,931. For IH2509, the long - position increase was 5,186, and the short - position increase was 6,487 [5] - **IC Contracts**: For IC2507, the long - position increase was 315, and the short - position increase was 407. For IC2509, the long - position increase was 4,021 (net change 4,258), and the short - position increase was 4,326 (net change 4,716). For IC2512, the long - position increase was -78, and the short - position increase was -17 [5] - **IM Contracts**: For IM2507, the long - position increase was 2,056, and the short - position increase was 1,398. For IM2509, the long - position increase was 6,529 (net change 8,585), and the short - position increase was 6,046 (net change 7,444) [5] 3. Important Drives - Premier Li Qiang will attend the 16th Summer Davos Forum in Tianjin from June 24 to 25 and deliver a special speech at the opening ceremony [6] - The All - China Federation of Industry and Commerce Auto Dealers Chamber of Commerce issued an initiative to optimize the rebate policy and shorten the rebate settlement period for automobile manufacturers [6] - The eurozone's June services PMI hit a new low this year, and the manufacturing PMI remained in contraction. The eurozone's composite PMI dropped from 52.2 in May to 50.8, a five - month low. Germany's composite PMI fell to 49.8, and France's economy unexpectedly contracted to 45.7 [6] - The Shanghai Composite Index closed up 0.65% at 3,381.58 points, the Shenzhen Component Index rose 0.43%, the ChiNext Index rose 0.39%, the Beijing Stock Exchange 50 rose 1.54%, the STAR 50 rose 0.38%, the Wind All - A rose 0.85%, the Wind A500 rose 0.35%, and the CSI A500 rose 0.39%. A - share trading volume was 1.15 trillion yuan, up from 1.09 trillion yuan the previous day. Sectors such as stablecoin concepts, cross - border payment concepts, oil and gas, port shipping, semiconductors, and military industries led the gains, while the large - consumption sector, especially the liquor sector, performed poorly [6]

Market Overview - The A-share market opened lower but closed higher, with the Shanghai Composite Index rising by 0.65% to 3381.58 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 11,226 billion yuan, an increase of 549 billion yuan compared to last Friday [1] - The market showed a broad-based rally, with active sectors including innovative drugs, copper-clad laminate industry, cobalt metals, and cross-border payment concepts [1] Sector Performance - The innovative drug sector was notably active, with companies like ShenZhou Cell rising by 16.66% and Junshi Biosciences increasing by 5.15% [1] - The copper-clad laminate industry saw Huazheng New Materials increase by 6.17% [1] - The cobalt metal sector experienced significant gains, with Tengyuan Cobalt rising by 15.42% [1] - Cross-border payment concept stocks also surged, with notable increases in companies like Lakala and Sifang Jingchuang [1] Competition and Incentives - The 64th session of the "Digging Gold" competition began, with participants using simulated capital of 500,000 yuan [1][3] - Participants can earn rewards based on positive returns, with weekly and monthly cash prizes available [3][5] - The competition encourages participants to engage with market trends and investment strategies through a dedicated WeChat group [3][8] Technical Analysis - Market experts noted that the Shanghai Composite Index is currently supported by the 90-day moving average, with a resistance level at 3400 points, indicating a range-bound trading pattern [4] - A significant increase in trading volume is necessary for a potential breakout above the 3400-point resistance [4] Investment Opportunities - Experts are optimistic about high-dividend assets such as insurance, highways, and water supply [5] - There is a positive outlook on sectors like copper-clad laminates, 5G, semiconductors, and AI chips [5]

Group 1 - The cross-border payment concept stocks strengthened in the afternoon, with Youboshun (300531) hitting a 20% limit up [1] - Shenzhou Information (000555) and Jida Zhengyuan (003029) previously reached limit up, while Sifang Jingchuang (300468) increased by over 10% [1] - Lakala (300773) and Advanced Shutong (300541) had notable gains, leading the market [1]

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]