Key Points Summary Core Viewpoint - The article discusses the recent economic data and events in China and the U.S., highlighting the resilience of China's economy and the implications for investment strategies in the A-share market. Economic Data Review - In June 2025, China's exports reached $325.18 billion, a year-on-year increase of 5.8%, surpassing expectations of 3.2% and marking a new high for the year [2] - The People's Bank of China reported that by the end of June, the total social financing scale reached 22.83 trillion yuan, an increase of 4.74 trillion yuan year-on-year, with new RMB loans amounting to 12.92 trillion yuan [2] - Retail sales in June totaled 42,287 billion yuan, growing 4.8% year-on-year, below the expected 5.6% [2] - Fixed asset investment (excluding rural households) was 248,654 billion yuan, with a cumulative year-on-year growth of 2.8%, also below the expected 3.7% [2] - The GDP growth for the second quarter was 5.2%, slightly down from the previous value of 5.4% [2] Market Reactions - The bond market continued to rise as the central bank released liquidity through reverse repurchase operations, indicating a stable economic growth target for the year [6] - The focus of the Central Urban Work Conference shifted towards urban renewal rather than large-scale housing stimulus, adjusting market expectations for real estate policies [6] - A-share market saw significant gains following NVIDIA's announcement to resume supply of a special version of its H20 computing chip for China, boosting related sectors [7]