Market Overview - The A-share market saw an upward trend on July 4, with all three major indices closing in the green. The Shanghai Composite Index rose by 0.41% to 3475.24, the Shenzhen Component Index increased by 0.05% to 10540.00, and the ChiNext Index gained 0.18% to 2168.03 [1][2]. Stablecoin Sector - Stablecoin concept stocks experienced significant upward movement, with notable gains in related sectors such as power, banking, and software. The stablecoin index rose by 4.08%, while cross-border payment and digital currency indices also saw increases of 3.19% and 3.12%, respectively [2][3]. - Companies like Multi-Point Intelligence surged by 25%, with a trading volume of 7.72 billion HKD, following their announcement to apply for a stablecoin license in collaboration with HashKey Group [9][10]. - A-share stablecoin concept stocks also performed well, with Tianyang Technology rising nearly 15% and Jingbeifang hitting the daily limit [10][11]. Power Sector - The power sector showed volatility but ultimately saw gains, with companies such as Shaoneng Co., New Zhonggang, and Huayin Electric hitting the daily limit. Huayin Electric projected a net profit of 180 million to 220 million CNY for the first half of 2025, an increase of 175 million to 215 million CNY compared to the same period last year [14][15]. Regulatory Developments - Several companies have expressed intentions to apply for stablecoin licenses in Hong Kong, with the new Stablecoin Regulation set to take effect on August 1, allowing the Hong Kong Monetary Authority to begin accepting applications [12]. - Open Source Securities reported that the stablecoin sector is approaching a "singularity" moment, with its application expanding from cryptocurrency trading to broader payment scenarios, leading to rapid growth in market size and trading activity [13].

Core Insights - Shenzhen Jialichuang Technology Group Co., Ltd. (Jialichuang) has resumed its IPO process with the update of its prospectus, indicating substantial progress in its listing journey [1] - The company reported nearly 8 billion yuan in revenue for 2024, marking an 18.55% year-on-year increase, and a net profit of approximately 1 billion yuan, reflecting a 35.19% growth [1] - The overseas market has become a significant growth driver, with foreign revenue reaching 1.43 billion yuan, up 32.34% year-on-year, accounting for 18.57% of total revenue [1] Revenue and Profit Growth - Jialichuang's revenue and net profit compound annual growth rates (CAGR) for the past three years (2022-2024) are 11.91% and 32.04%, respectively [1] - The PCB business generated 3.36 billion yuan in revenue, a 14.81% increase, while the electronic components business recorded 2.85 billion yuan, up 6.98% [1] - The PCBA segment showed remarkable growth, achieving 1.20 billion yuan in revenue, a significant increase of 55.43% [1] Business Synergy and New Growth Areas - The "one-stop service" model has demonstrated synergy, with the PCBA business contributing 318 million yuan to PCB revenue growth, accounting for 24.92% of the increase [2] - New incubation businesses, particularly in the mechanical industry, have shown strong growth, with revenue reaching 313 million yuan, an 80.81% increase [2] - The 3D printing business contributed 109 million yuan, growing by 63.18% [2] High-End Product Development - Benefiting from the development of strategic emerging industries like AI and robotics, Jialichuang's high-end product layout has yielded results, with multi-layer board sales reaching 768 million yuan, a 39.71% increase [4] - The user base has expanded significantly, with registered users reaching approximately 7.12 million, a 29.74% year-on-year growth, and total orders amounting to 17.81 million, up 22.79% [4] - The company has launched several new services and innovative mechanisms to meet engineer demands, including custom packaging and intelligent pricing [4] R&D Investment - Jialichuang's R&D expenses for 2024 amounted to 329 million yuan, a 9.72% increase, with a three-year CAGR of over 17% [4] - The company continues to invest in developing industrial software and AI applications tailored to electronic innovation scenarios [4] Market Outlook - The updated prospectus and resumed review status have drawn renewed attention to Jialichuang's IPO, highlighting its revenue growth, profit enhancement, business diversification, and user ecosystem development [5] - The effectiveness of the one-stop strategy, particularly the synergy between new and existing businesses, may be key factors in assessing Jialichuang's market value [5]

Core Viewpoint - The "fruit chain" giants, including Luxshare Precision, Lens Technology, and GoerTek, are planning to list in Hong Kong to enhance their global strategy and reduce reliance on major clients like Apple [2][4][9]. Group 1: Company Listings - Luxshare Precision announced its plan to list in Hong Kong, following Lens Technology and GoerTek, which are already ahead in the listing process [2][4]. - As of July 3, the combined market capitalization of the three companies is approximately 462.8 billion yuan [2]. - Lens Technology is set to become the first among the three to list on the Hong Kong Stock Exchange on July 9 [7]. Group 2: Strategic Goals - The primary goals for the three companies include deepening global strategic layouts and enhancing overseas financing capabilities [2][4]. - Each company aims to diversify their operations and reduce dependence on major clients, particularly Apple [11][13]. - Luxshare Precision has been closely tied to Apple, supplying various components and recently entering the iPhone supply chain [5][13]. Group 3: Market Context - The recent trend of companies listing in Hong Kong is supported by favorable policies from the China Securities Regulatory Commission, which encourages leading domestic enterprises to utilize both A-share and H-share markets [9][10]. - The Hong Kong market has shown signs of recovery, with narrowing valuation gaps between H-shares and A-shares [10].

Group 1 - Foxconn has requested hundreds of Chinese engineers and technicians to return from its iPhone factory in India, with over 300 already evacuated [2] - The U.S. government has lifted some export restrictions on chip design software to China, allowing major EDA software developers to export without special approval [3] - Romoss has faced operational difficulties due to a recall incident, leading to a halt in production and employee layoffs, although the company denies rumors of bankruptcy [3][4] Group 2 - TikTok is undergoing another round of layoffs in its U.S. e-commerce department, marking the third round of cuts since April [12] - Tesla's domestic sales reached 61,000 units in June, reflecting a 59% month-on-month increase and a 3.7% year-on-year increase [12] - Nvidia regained its position as the world's most valuable company with a market capitalization of $3.86 trillion, surpassing Microsoft's $3.69 trillion [14] Group 3 - Xiaomi's CEO discussed the extensive design process for the new YU7 model, highlighting over 20 adjustments for a specific color [11] - Meitu is developing an AI Agent aimed at transforming image and design interactions, which is expected to enhance productivity in vertical scenarios [12] - OpenAI has denied any association with Robinhood's new token initiative, clarifying that it has not approved any stock transfer related to its equity [11]

Core Viewpoint - The article discusses the absence of Dong Mingzhu from the 2025 Fortune Most Powerful Women list, marking the first time she has not been included since the list's inception 15 years ago [1]. Group 1: Dong Mingzhu and Gree Electric - Dong Mingzhu, the chairwoman of Gree Electric, has been a central figure at the company's recent shareholder meeting, where the younger management team spoke more than in previous years [2]. - Liu Shuwei, who recently stepped down as an independent director, advised Dong Mingzhu to allow the younger management team to take the lead [3]. - Dong Mingzhu is associated with numerous enterprises, over half of which are operational, including Gree Electric and Gree Titanium New Energy [3]. Group 2: Fortune Most Powerful Women List - The Fortune Most Powerful Women list began in 2010, aiming to showcase the wisdom, courage, persistence, and confidence of female leaders in business [5]. - The 2025 list highlights two main trends: the prominence of female founders in the "fruit chain" sector and an increase in female entrepreneurs in the AI field [5]. - The top position on the list is held by Wang Laichun, chairwoman of Luxshare Precision, marking her third consecutive year at the top [6]. - Other notable entries include Wang Fengying from XPeng Motors, Meng Wanzhou from Huawei, and Sun Jie from Trip.com, among others [7].

Core Viewpoint - The article discusses the recent fluctuations in the A-share market, highlighting the impact of U.S.-Vietnam trade agreements and the performance of specific sectors, particularly consumer electronics and innovative pharmaceuticals. Market Overview - The A-share market experienced a rebound, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component Index increasing by 1.17%, and the ChiNext Index up by 1.9% [5] - The total market turnover was 13,336 billion, a decrease of 716 billion from the previous day, with over 3,200 stocks rising [5] - A total of 66 stocks hit the daily limit up, with 14 stocks achieving consecutive limit ups, the highest being six consecutive limit ups [5] Sector Performance - The consumer electronics sector saw a collective surge, with stocks like Industrial Fulian, New Asia Electronics, and Chaoyang Technology hitting the daily limit up [5] - The PCB sector also rebounded, with stocks such as Zhongjing Electronics, Bomin Electronics, and Yihua New Materials reaching the daily limit up, driven by speculation on future demand for AI-PCB [5] - Innovative pharmaceutical stocks continued their strong performance, with companies like Guosheng Tang and Changchun High-tech also hitting the daily limit up [5] Trade Policy Impact - The U.S. has lifted restrictions on EDA and ethane exports to China, while Trump announced a trade agreement with Vietnam, which will impose a 20% tariff on Vietnamese exports to the U.S. [1][2] - This policy shift is seen as beneficial for consumer electronics companies with operations in Vietnam, such as Luxshare Precision, which had previously invested in production capacity there [2] Investment Trends - Morgan Stanley's MSCI China Index has risen by 32% over the past year, indicating a recovery in consumer spending and addressing overcapacity issues [7] - The article notes that the current market environment is conducive to a potential supply-side reform, with a focus on key sectors such as automotive, materials, and technology [8][9] Capital Market Dynamics - The article highlights that despite the return to average price-to-earnings ratios, the equity risk premium remains high, suggesting that the Chinese stock market is still undervalued [9] - The low interest rates are expected to continue, with predictions of further rate cuts, which could lead to a shift in investment towards growth stocks as overall return on equity improves [9]

Group 1 - The Indian Ministry of Defense is initiating a comprehensive military procurement review to identify Chinese components in military equipment and assess vulnerabilities in the defense supply chain [1] - The Indian Army aims to eliminate Chinese components from its suppliers, emphasizing the reduction of foreign dependency, particularly on China, as a key priority for addressing potential security risks [1] - Recent investigations revealed that some suppliers may have exaggerated the number of domestic components, with critical parts often traceable to China, especially in sensitive areas like drones and anti-drone systems [1] Group 2 - As part of a comprehensive reform plan for 2025, the Indian Ministry of Defense may appoint an external agency to verify domestic production rates, map supply chain dependencies, and evaluate cost structures and technology transfer processes [3] - Following the discovery of Chinese components in military equipment, the Indian Ministry of Defense canceled a drone procurement order citing national security risks, indicating that more defense hardware may require strict inspections to ensure compliance with safety standards [3] - The Ministry of Defense has accelerated procurement processes and intensified scrutiny of suppliers potentially using Chinese components in frontline equipment amid rising tensions with Pakistan [3] Group 3 - The Indian government has decided to terminate a $23 billion Production-Linked Incentive (PLI) scheme aimed at boosting domestic manufacturing, which was intended to increase manufacturing's share in the economy to 25% by 2025 [4] - The PLI scheme, launched four years ago, had around 750 companies, including major players like Foxconn and Reliance Industries, signing up, but many failed to start production or faced slow subsidy payments [5] - As of October 2024, participating companies produced goods worth $151.93 billion under the PLI scheme, achieving only 37% of the set target, with the government disbursing just $1.73 billion in incentives, less than 8% of the allocated funds [5]

Group 1 - The China Central Enterprise Innovation Driven Index (000861) decreased by 0.13% as of July 3, 2025, with mixed performance among constituent stocks [3] - The top-performing stocks included Shenzhen South Circuit (002916) up 7.32%, and Guangxun Technology (002281) up 2.21%, while China Haifang (600764) led the decline at 6.09% [3] - The Central Enterprise Innovation Driven ETF (515900) fell by 0.14%, with a latest price of 1.46 yuan, and has seen a cumulative increase of 0.83% over the past week [3] Group 2 - The National Bureau of Statistics emphasized the importance of cities in advancing digital China, focusing on the integration of urban governance modernization and industrial system modernization [4] - Huayuan Securities noted a clear valuation recovery for central state-owned enterprises, particularly in the construction sector, benefiting from stable dividends and governance optimization [4] - The latest scale of the Central Enterprise Innovation Driven ETF reached 3.357 billion yuan, marking a one-month high and ranking in the top quarter among comparable funds [4] Group 3 - The Central Enterprise Innovation Driven ETF has seen a net value increase of 5.46% over the past two years, with a maximum monthly return of 15.05% since inception [5] - The ETF's average return in rising months is 3.97%, with a historical three-year profit probability of 97.49% [5] - The management fee of the ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [5] Group 4 - The Central Enterprise Innovation Driven Index is composed of 100 representative listed companies evaluated for innovation and profitability, with the top ten stocks accounting for 34.87% of the index [6] - The top ten weighted stocks include Hikvision (002415) and China Southern Power Grid (600406), among others [6]

A股工业富联触及涨停，成交额72.18亿元。 ...

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