Core Insights - The A-share market experienced a collective decline last Friday, with the Shanghai Composite Index down by 0.33%, the Shenzhen Component down by 0.22%, and the ChiNext Index down by 0.23%. The total trading volume in the Shanghai and Shenzhen markets was 1,786.98 billion yuan [2][6] - In terms of industry performance, the electronics, computer, and real estate sectors led the gains, while the construction decoration, building materials, and food and beverage sectors lagged behind. Concept sectors such as Sora, photolithography machines, and multimodal AI saw significant increases, while the Hainan Free Trade Zone, Yaxia Hydropower concept, and pumped storage experienced declines [2][6] - The Hang Seng Index fell by 1.09%, and the Hang Seng Technology Index dropped by 1.13%. In overseas markets, the three major U.S. indices collectively rose, with the Dow Jones up by 0.47%, the S&P 500 up by 0.4%, and the Nasdaq up by 0.24% [2][6] Industry News - According to the National Bureau of Statistics, profits of industrial enterprises above designated size fell by 4.3% year-on-year in June, with the decline narrowing compared to May. The new momentum industries, represented by equipment manufacturing, showed rapid profit growth, indicating the sustained effect of the "two new" policies. From January to June, the total profit of industrial enterprises was 34,365 billion yuan, a year-on-year decrease of 1.8%. The black metal smelting and rolling processing industry saw profits increase by 13.7 times, while the mining industry experienced a 30.3% decline [3][7] - The U.S. and the EU reached a 15% tariff agreement, which will impose tariffs on most European goods exported to the U.S., including automobiles. The EU is expected to increase investments in the U.S. by 600 billion dollars and purchase 150 billion dollars worth of U.S. energy products. Some products will be exempt from tariffs, including aircraft and certain chemicals and pharmaceuticals [3][7] Transportation Industry Insights - Public fund holdings in the transportation industry saw a rebound in Q2 2025 after three consecutive quarters of decline, with the total market value of public fund holdings in the transportation sector reaching 48.252 billion yuan, accounting for 13.3% of the fund's heavy positions, which is still below the benchmark allocation by 1.86 percentage points [8][9] - The transportation industry index rose by 2.71% in Q2 2025, achieving a relative return of 2.17% compared to the Shanghai and Shenzhen 300 Index [9] - Within the sub-industries, the aviation and logistics sectors saw an increase in holdings, while the shipping ports and railway-highway sectors experienced a decrease. The express delivery sector is expected to benefit from reduced competition and improved profitability [8][10] Gaming Industry Insights - In July 2025, the National Press and Publication Administration announced the approval of 127 domestic games and 7 imported games, maintaining a high volume of game license issuance [11][12] - The approval of several major titles, including "Kingshot" by Diandian Interactive, indicates a robust supply side and a steady trend towards normalization in game licensing, suggesting ongoing recovery in the industry [12][15] - The gaming market is expected to see significant contributions from established companies with diverse product offerings and strong R&D capabilities, as evidenced by the successful approval of high-profile titles [12][15]