Market Overview - The three major A-share indices rose collectively in the morning session, with the Shanghai Composite Index up by 0.41%, the Shenzhen Component Index up by 0.05%, and the ChiNext Index up by 0.18%. The North Star 50 Index fell by 1.08%. The total market turnover reached 878.7 billion yuan, an increase of 72.3 billion yuan compared to the previous day, with over 1,400 stocks rising [1]. Sector Performance - The gaming, cross-border payment, brain-computer interface, banking, electricity, and paper-making sectors saw the largest gains, while solid-state battery, non-ferrous metals, and offshore engineering equipment sectors experienced the largest declines. Notably, gaming stocks surged, with Giant Network hitting the daily limit and Ice Glacier Network rising over 10%. The banking sector showed a strong upward trend, with several banks, including Shanghai Pudong Development Bank and Beijing Bank, reaching new highs. The cross-border payment sector also saw significant gains, with Beijing North's stock hitting the daily limit and several others performing well. The steel sector was active, with Liugang Co. achieving four consecutive limits and Linggang Co. hitting the daily limit. Conversely, solid-state battery concept stocks mostly declined, with significant drops in Xinyu Ren and Keheng Co. The offshore engineering equipment sector collectively adjusted, with Deepwater Haina and Jixin Technology leading the declines [2]. Notable Stocks - Stocks with notable performance included: - Four consecutive limits: Liugang Co., Seer Medical [3] - Three consecutive limits: Yamaton [4] - Two consecutive limits: Jin'an Guoji, Jin Yi Culture, Huayin Electric Power, Weixin Kang, and Forest Packaging [4]. Hot Sectors - The strongest sectors included: - DeepSeek concept, with 9 stocks hitting the daily limit and 2 stocks with consecutive limits, including Seer Medical and Jin Yi Culture [5]. - Blockchain, with 8 stocks hitting the daily limit and 1 stock with consecutive limits, represented by Jin Yi Culture and Desheng Technology [6]. - Artificial Intelligence, with 8 stocks hitting the daily limit and 1 stock with consecutive limits, represented by Seer Medical and Desheng Technology [7]. Industry Insights - In the gaming sector, the number of game approvals reached a new high in June, with 147 games approved, an increase of 17 from May, bringing the total to 757 for the year [10]. - In the cross-border payment sector, the People's Bank of China announced the establishment of a RMB clearing bank in Turkey, which will enhance the efficiency and scale of RMB usage in Turkey [11]. - In the medical device sector, the National Medical Products Administration released measures to support the innovation of high-end medical devices, including optimizing special approval processes and enhancing post-market supervision [13].

Market Performance - On July 1, the major stock indices in Shanghai and Shenzhen opened mixed, with the Shanghai Composite Index slightly higher and the Shenzhen Component and ChiNext Index also opening with minor gains. The Shanghai Composite Index showed a fluctuating upward trend throughout the day, closing at 3457.75 points, up 0.39%, marking a new year-to-date closing high [1] - The Shenzhen Component Index closed at 10476.29 points, up 0.11%, while the ChiNext Index closed at 2147.92 points, down 0.24%. The total trading volume for the Shanghai market was approximately 553.6 billion yuan, and for the Shenzhen market, it was about 912.5 billion yuan [1] Sector Performance - The pharmaceutical sector led the gains, with significant increases in various sub-sectors such as immunotherapy, innovative drugs, recombinant proteins, generic drugs, weight loss drugs, hepatitis concepts, and hair medical treatments. Other sectors that saw notable increases included shipbuilding, industrial gases, photolithography machines, banking, and superconducting concepts [1] - Conversely, digital currency stocks experienced significant declines, along with substantial adjustments in sectors like electronic identification, cross-border payments, and Web3 concepts [1] Institutional Insights - According to institutional views, the market is expected to experience fluctuations, with a historical 60% probability of the Shanghai Composite Index rising in July. Investors are advised to focus on defensive sectors in the early part of the month and shift attention to mid-year performance reports and policy movements later on. Key sectors to watch include technology (semiconductors, AI), military industry, and high-growth areas in mid-year reports [2] - Another institution emphasized the importance of focusing on performance-driven sectors and stable assets as the earnings season approaches, with expected growth in industries such as steel, computers, and defense [2] Policy Developments - The National Healthcare Security Administration announced that a draft for the commercial insurance innovative drug directory and the medical insurance directory will be released soon. This initiative aims to streamline the application process for companies and ensure that both directories are aligned in their adjustments [4] - The State-owned Assets Supervision and Administration Commission is accelerating the development of the new energy vehicle industry, focusing on enhancing the capabilities of young talents in intelligent development and digital marketing [5]

Group 1 - The A-share cross-border payment sector is undergoing adjustments, with *ST Rendo hitting the daily limit down [1] - Other companies such as Jingbeifang, Jida Zhengyuan, Sifang Jingchuang, Youbuxun, Lakala, and Tianyang Technology also experienced declines [1]

Group 1 - The core viewpoint is that stablecoins may reshape the current cross-border payment landscape, which is based on correspondent banks and clearing houses, especially following recent regulatory developments in the US and Hong Kong [1][2] - The emergence of compliant stablecoins could allow cross-border payments to operate outside traditional bank account systems, utilizing token wallets on blockchain networks, thus offering advantages in processing time and cost [2][3] - Concerns are raised regarding the potential impact of stablecoins and CBDCs on traditional financial institutions, as the current correspondent banking model is perceived as "slow and expensive," failing to meet customer demands for speed and cost efficiency [2][3] Group 2 - Swift's platform currently ensures that over 90% of cross-border payments reach the recipient's bank within one hour, with half of those transactions completed within five minutes [3] - The costs associated with Swift's messaging service are relatively low, at one euro cent per message, but the perception of slowness and expense arises from various regulatory and operational challenges [3][4] - Future compliance requirements for stablecoins, such as KYC and AML, may introduce additional costs and complexities, potentially mirroring some of the existing challenges faced by traditional systems [3][4] Group 3 - Swift emphasizes its role in supporting any compliant currency or exchange form, including stablecoins and CBDCs, as it aims to enhance interoperability and prevent the formation of "digital islands" [4][5] - The connection between blockchain systems and traditional banking is identified as a key value area for Swift, facilitating the conversion of digital assets to fiat currencies and ensuring compliance with regulatory requirements [4][5] - Swift's ongoing experiments aim to address the fragmentation of global applications and enhance the adoption of digital assets, with a series of tests conducted to simulate transactions across different payment systems [6] Group 4 - Swift is integrating AI into its platform to tackle challenges in cross-border payments, including data privacy and regulatory differences, enhancing capabilities in fraud detection and compliance [6]

Core Insights - The launch of the "Cross-Border Payment Link" marks a significant advancement in cross-border payment systems, enabling real-time transactions between mainland China and Hong Kong in both Renminbi and Hong Kong Dollar [1][2] - The system leverages blockchain technology to reduce transaction times from 1-5 working days to seconds and cut fees by 80%, enhancing the efficiency of cross-border payments [2] - The regulatory framework for stablecoins is evolving, with Hong Kong's new regulations set to take effect, requiring stablecoin issuers to maintain a 1:1 reserve and undergo quarterly audits [4][6] Group 1: Cross-Border Payment Link - The "Cross-Border Payment Link" officially launched on June 22, 2025, connecting the mainland's interbank payment system with Hong Kong's Fast Payment System [1] - Initial use cases include tuition payments, medical fees, and salary disbursements, with transaction limits increased from 10,000 to 100,000 [2] - This infrastructure supports the internationalization of the Renminbi and enhances financial integration in the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 2: Stablecoin Development - The introduction of the "Cross-Border Payment Link" presents a historic opportunity for stablecoins, allowing settlement times to be reduced to minutes [4] - Hong Kong's new stablecoin regulations will require issuers to hold at least 80% of their reserves in cash and government bonds, limiting high-risk assets [6] - Major companies like JD.com and Ant Group have applied for licenses, indicating a trend towards compliant stablecoins being integrated into the "Cross-Border Payment Link" [4] Group 3: Market Response and Growth - The global stablecoin market is projected to exceed $1.8 trillion, reflecting a 120% increase from 2024, driven by regulatory compliance [6] - USDC's market share has risen to 42%, positioning it as a preferred stablecoin for cross-border payments [6] - Companies such as Standard Chartered and Zhenrong Bank are actively participating in stablecoin sandbox tests, exploring asset custody models [4][6] Group 4: Related Companies - Sifang Jingchuang is the only A-share company involved in the central bank's mBridge project, with a projected 300% increase in orders by 2025 [8] - Changliang Technology has deep ties with the Vietnamese central bank, with overseas revenue exceeding 25% and recent wins in cross-border payment projects [9] - New Morning Technology reported a 200% year-on-year increase in cross-border payment revenue in Q1 2025, providing stablecoin custody solutions for Standard Chartered [10] - JD Group's subsidiary is in the second phase of Hong Kong's stablecoin sandbox testing, aiming to launch a Hong Kong Dollar/US Dollar stablecoin within the year [11]

中国上市公司网/文 指数表现 上证指数：开盘3380.08点，最高3423.78点，最低3380.08点，收盘3419.06点，上涨38.98点，涨幅 1.15%，成交金额5448.82亿元。 深证成指：开盘10074.27点，最高10224.12点，最低10074.27点，收盘10217.63点，上涨169.23点，涨幅 1.68%，成交金额3069.48亿元。 创业板指：开盘2024.70点，最高2065.84点，最低2024.70点，收盘2066.43点，上涨46.50点，涨幅 2.30%，成交金额996.84亿元。 沪深300：开盘3862.39点，最高3914.16点，最低3862.39点，收盘3908.52点，上涨46.13点，涨幅 1.19%。 中证500：开盘5683.46点，最高5766.02点，最低5683.46点，收盘5744.54点，上涨91.67点，涨幅 1.61%。 上证50：开盘2685.85点，最高2731.18点，最低2685.85点，收盘2717.00点，上涨31.15点，涨幅1.16%。 资金流向 北向资金：6月以来北向资金累计净流入A股627.30亿元，截至24日，当月 ...

Group 1: Cross-Border Payment System - The cross-border payment system between Mainland China and Hong Kong, known as "Cross-Border Payment Pass," has officially launched, allowing real-time remittance in RMB and HKD through direct connections between payment systems [1][2] - The initial participating institutions include major banks from both Mainland China and Hong Kong, with plans for gradual expansion [1] - The advantages of this system over traditional cross-border remittance include improved timeliness and reduced transaction costs, catering to the increasing frequency and scale of cross-border transactions [1][2] Group 2: Alibaba's Restructuring - Alibaba has merged Ele.me and Fliggy into its China e-commerce business group, aiming to transition from an e-commerce platform to a comprehensive consumer platform [3][4] - The integration is part of a strategy to enhance user experience by optimizing business models and organizational structures [3] - The launch of Taobao Flash Sale has significantly increased order volume, indicating a successful expansion into various product categories [3][4] Group 3: Meituan's Instant Retail Expansion - Meituan is expanding its instant retail business, focusing on upgrading retail formats and increasing product categories [5][6] - The company is facing challenges with its community group buying model, which has high operational costs and low profit margins [6] - Meituan's digital supply chain and instant delivery services are expected to be key areas of focus moving forward [6] Group 4: Starbucks China Acquisition Interest - Hillhouse Capital is expressing interest in acquiring Starbucks' China business, with a transaction valuation estimated between $5 billion and $6 billion [7][8] - The acquisition could become one of the largest mergers in China's consumer sector in recent years, as Starbucks seeks to revitalize its business amid increasing competition from local brands [7][8] - The potential deal highlights the trend of foreign consumer brands partnering with local investors for transformation [8] Group 5: Tesla's Robotaxi Launch - Tesla has launched its "Robotaxi" service in Austin, Texas, with a limited fleet and operational hours, initially requiring a safety driver [9][10] - The service is currently in a testing phase, available only to invited users, contrasting with the fully autonomous service previously promoted by Tesla [9] - The launch may allow Tesla to leverage its existing user base for rapid expansion in the taxi market, contingent on advancements in its autonomous driving technology [10] Group 6: Oil Shipping Rates Surge - Oil shipping rates have surged dramatically, with the Baltic Dirty Tanker Index (BDTI) reaching $57,758 per day, a 154% increase from earlier in June [11][12] - The rise in rates is attributed to heightened security concerns in the Middle East, particularly regarding the Strait of Hormuz, a critical oil shipping route [11][12] - Potential closure of the Strait by Iran could lead to significant disruptions in global oil supply, although alternative shipping routes may mitigate some impacts [12][13] Group 7: Public REITs Market Growth - The market for public REITs in China has surpassed 200 billion yuan, with 68 listed projects and a total market value of approximately 204.6 billion yuan [14][15] - Institutional investors dominate the REITs market, with individual investor participation remaining low [14][15] - The growth of REITs reflects a trend towards the securitization of real estate projects, providing higher liquidity compared to traditional real estate investments [14][15]

Group 1: Brain-Computer Interface - The world's first invasive brain-computer interface successfully restored motor function in a hemiplegic patient in China, led by Professor Duan Feng's team from Nankai University [2] - The trial was conducted at Sanbo Brain Hospital, with no reported infections or thrombosis post-surgery, indicating stable system operation and precise brain signal acquisition [2] - The brain-computer interface medical products are expected to experience explosive growth in the next 3 to 5 years due to favorable policies and technological breakthroughs [2] Group 2: Cross-Border Payment System - The launch of the Cross-Border Payment System marks the interconnectivity of the rapid payment systems between mainland China and Hong Kong, allowing real-time cross-border remittances for residents [3] - This innovation is expected to enhance the efficiency and service level of cross-border payments, providing cheaper and more convenient services [3] - The new payment system may accelerate the formation of new cross-border payment models, aiding banks in accessing global clearing networks and expanding offshore RMB business [3] Group 3: Carbon Fiber Material Expansion - Carbon fiber materials, once exclusive to aerospace, are now expanding into civilian applications, with significant opportunities arising in various industries [4] - The demand for carbon fiber in electric vertical takeoff and landing aircraft is projected to reach 11,700 tons by 2030, creating a new market worth over 10 billion [4] - The price of T300-grade carbon fiber has dropped from around 200,000 yuan per ton to approximately 60,000 yuan, a decrease of 70%, facilitating broader usage in various sectors [5] Group 4: Solid-State Battery Development - Solid-state batteries are entering a critical phase of development, with multiple companies disclosing advancements and production timelines [6] - The technology is expected to become a mainstream battery solution due to its high energy density, safety, and rapid charging capabilities [6] - By 2030, global solid-state battery shipments are predicted to reach 614.1 GWh, with a market size exceeding 250 billion yuan, driven by supportive policies and industry advancements [6]

今天A股震荡上行，两市股指午后在券商、银行等板块的带动下发力走高，强势修复。 除了白酒，几乎无板块下跌。A股全天 成交1.15万亿，整体量能还 是不够。大金融继续护盘，大科技开始回暖。大 资金显然还在观望中，谨慎不敢动，短期A股或大概率维持震荡行情。 板块上，石油板块今日再度走强，截至收盘，茂化实华连续3日涨停，准油股份近7日斩获6个涨停板，泰山石油亦涨停，贝肯能源、通源石油涨超7%。 今天霍尔木兹海峡，持续刷屏！据最新消息，两艘超级油轮在霍尔木兹海峡突然掉头，驶离波斯湾入口。随着美国加入攻击伊朗核设施，中东形势有进一 步扩大趋势，预计油价将大幅上行，短期内油价将持续高位波动。 跨境支付概念股掀涨停潮， 四方精创 、 恒宝股份 、 中科金财 、 神州信息 、 海联金汇 、 吉大正元 涨停。 最近，跨境支付领域十分火热！ 中国人民银行与香港金管局近日联合启动了"跨境支付通"，已有银行上线运行。这标志着内地与香港快速支付系统实现互联互通，今后两地居民可实时办 理跨境汇款。 展望7月份，中旬会迎来上市公司业绩预告披露高峰，超预期和悲观业绩预期落地都是下一个阶段A股的重点布局方向，行业配置预计主要围绕中报业绩 持续改 ...

市场普涨，亮点频出。受中东局势刺激，油气、海运行业反复活跃，跨境支付概念股因跨境 支付通上线掀涨停潮，固态电池概念股受2027年商业化应用预期提振也表现活跃。传统周期 性板块如煤炭、石油石化以及国防军工同样表现较好…… 2025年6月23日，A股与港股市场整体呈现分化格局，反映出不同市场参与者对于近期政策与经济环境 的不同解读。 A股方面，主要股指表现相对稳健，市场活跃度提升。上证指数收涨0.65%报3381.58点，深证成指涨 0.43%，创业板指涨0.39%，北证50涨1.54%，科创50涨0.38%，万得全A涨0.85%，全天成交额1.15万亿 元，较前一交易日的1.09万亿元有所放大，显示出市场交投情绪较为积极。 相比之下，港股市场当日低开高走震荡收涨，恒生指数收盘涨0.67%报23689.13点，恒生科技指数涨 1.05%，恒生中国企业指数涨0.82%，全日市场成交额1986亿港元，较前一交易日有所回落，南向资金 净买入额78.95亿港元。 值得注意的是，港股市场当天出现了多只新股上市的情况，部分新股表现强劲，例如药捷安康-B、佰泽 医疗等公司涨幅显著，显示出新股市场依然具备一定的吸引力。 与此同时 ...