Core Views - The A-share market is expected to experience a likely upward trend with fluctuations, driven by performance support and favorable policies [1][8] - The market is currently facing uncertainties due to the approaching deadline for tariff suspensions, leading to cautious investor sentiment [1][8] Market Overview - On Thursday, the three major indices in the A-share market rose, reaching new recent highs, with increased individual stock activity and a recovery in market profitability [4][5] - The trading volume showed some contraction, indicating a lack of strong enthusiasm from investors to chase prices [1][8] - The market is influenced by external factors such as U.S. Federal Reserve monetary policy and geopolitical tensions, particularly in U.S.-China relations [4][8] Sector Performance - The pharmaceutical sector showed strong performance, particularly in innovative drugs, supported by new measures from the National Healthcare Security Administration aimed at promoting high-quality development in innovative drugs [6] - The consumer electronics sector also saw significant gains, attributed to trade agreements affecting import tariffs on products from Vietnam, which may enhance the competitive edge of Chinese manufacturers [7] Investment Opportunities - Three main investment themes are highlighted: 1. Stocks with better-than-expected mid-year performance, focusing on those with anticipated improvements [9] 2. Technology sectors including military, robotics, AI, semiconductors, and digital economy, with a caution to avoid overvalued speculative stocks [9] 3. Rebound opportunities in sectors like new energy and brokerage firms, suggesting strategic buying during pullbacks [9]

Group 1 - The Hang Seng Index closed down 0.62%, while the Hang Seng Tech Index fell by 0.47% [1] - Chinese brokerage stocks became active again, with Guotai Junan International rising over 20% and Hongye Futures increasing by more than 7% [1] - Chinese banking stocks saw gains, with Guangzhou Rural Commercial Bank up over 8%, and both Minsheng Bank and Guizhou Bank rising by more than 3% [1] Group 2 - Holiday-themed stocks in Hong Kong experienced an uptick, with Wanda Hotel Development increasing by over 10% and Hong Kong Travel rising by more than 4% [1]

Group 1 - Hong Kong brokerage stocks experienced significant upward movement, with Guotai Junan International (01788.HK) rising over 15% [1] - China Everbright Holdings (00165.HK) saw an increase of more than 5% [1] - Other companies such as Hongye Futures (03678.HK) and Guolian Minsheng (01456.HK) also experienced notable gains [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views The report presents a comprehensive overview of the global financial market, including overnight futures market trends, important macro - economic news, and developments in various industries. It also provides insights into the performance of different asset classes such as stocks, bonds, commodities, and foreign exchange. Key events like policy decisions, trade negotiations, and corporate actions are also covered, which can potentially impact investment decisions [2][6][27]. 3. Summary by Directory Overnight Futures Market Trends - International precious metal futures closed mixed, with COMEX gold futures down 0.71% at $3336.00 per ounce and COMEX silver futures up 0.85% at $37.04 per ounce [2]. - International oil prices dipped slightly, with WTI crude down 0.40% at $67.18 per barrel and Brent crude down 0.32% at $68.89 per barrel [3]. - London base metals closed mixed, with LME nickel up 0.35% at $15355.00 per ton, LME tin up 0.27% at $33805.00 per ton, LME aluminum down 0.55% at $2605.50 per ton, and LME copper down 0.61% at $9951.50 per ton [3]. - CBOT agricultural futures mostly rose, with soybeans up 0.02% at 1048.25 cents per bushel, corn up 0.72% at 421.00 cents per bushel, and wheat down 1.29% at 556.75 cents per bushel [3]. - Most domestic futures contracts advanced, with styrene and iron ore up over 1%, coking coal and caustic soda up nearly 1%. Glass declined nearly 1%, and SC crude rose 0.66% to 507.0 yuan per barrel. Shanghai gold fell 0.40% to 775.68 yuan per gram, and Shanghai silver rose 0.67% to 8926 yuan per kilogram [3]. Important Macroeconomic News - From June 1 - 30, the national passenger car market retail volume was 2.032 million units, up 15% year - on - year and 5% month - on - month. Cumulative retail sales this year reached 10.849 million units, up 10% year - on - year [6][34]. - The US initial jobless claims in the week ending June 28 dropped 4000 to 233,000, a six - week low. However, the continued jobless claims in the week ending June 21 remained at a high of 1.964 million [6]. - The US added 147,000 non - farm jobs in June, higher than May and market expectations, which may ease the Fed's pressure to cut interest rates [7]. - The US Treasury Secretary warned trade partners that tariffs might rise if no progress was made in trade negotiations [7]. - The US Middle East envoy plans to meet the Iranian foreign minister next week to restart nuclear negotiations [7][41]. - The Fed's Bostic suggested patience before cutting interest rates as inflation may persist and the labor market remains healthy [9]. - Trump may send letters to trade partners on Friday to unilaterally set tariff rates, with July 9 as the negotiation deadline [10]. - The US House of Representatives passed Trump's "big and beautiful" tax and spending bill [10]. Energy and Chemical Futures - As of July 3, the total inventory of float glass sample enterprises in China was 69.085 million heavy boxes, down 0.19% week - on - week. The total inventory of domestic soda ash manufacturers was 1.8095 million tons, up 2.30% from Monday [12]. - As of June 27, US natural gas inventories were 2953 billion cubic feet, up 55 billion cubic feet from the previous week, down 5.6% year - on - year, and 6.2% higher than the five - year average [12]. - OPEC+ is discussing an 8 - month production increase of 411,000 barrels per day, to be further discussed in an online meeting this weekend [12]. Metal Futures - On July 3, the total social inventory of industrial silicon in major regions was 552,000 tons, down 10,000 tons week - on - week. Social ordinary warehouses had 126,000 tons, down 2000 tons, and social delivery warehouses had 426,000 tons, up 12,000 tons [15]. - Four new lithium mines in Argentina will be put into production in the coming weeks to months, increasing annual production capacity by 79% to 202,000 metric tons equivalent [15]. - A lithium salt plant in Jiangxi plans to shut down for maintenance for two months, while a plant in Sichuan is operating normally [15]. Black - Series Futures - As of July 3, rebar production increased for the third consecutive week, factory inventory decreased, and social inventory increased, ending a 16 - week decline. Apparent demand increased for two consecutive weeks. Rebar production was 2210800 tons, up 1.49%; factory inventory was 1804700 tons, down 2.76%; social inventory was 3647400 tons, up 0.37%; apparent demand was 2248700 tons, up 2.26% [17]. - The average profit per ton of coke for 30 independent coking plants in China was - 52 yuan/ton this week. Profits varied by region [17]. Agricultural Futures - In the 2024/2025 sugar - crushing season, Yunnan Province crushed 18.063 million tons of sugarcane, up 16.91% from the previous season, and produced 2.4188 million tons of sugar, up 19% [19]. - The ICAC predicts that global cotton production will exceed consumption in 2025/26. Production is expected to be 25.9 million tons, consumption 25.6 million tons, and trade volume to increase from 9.3 million to 9.7 million tons [21]. - As of July 2, the amount of sugar waiting to be shipped at Brazilian ports was 3.2059 million tons, up from the previous week [21]. - Malaysia's palm oil inventory in June 2025 is expected to be 1.99 million tons, down 0.24% from May; production is expected to be 1.7 million tons, down 4.04% from May; and exports are expected to be 1.45 million tons, up 4.16% from May [21]. - Brazil's soybean, soybean meal, and corn exports from June 29 to July 5 are expected to increase compared to the previous week [22]. - As of July 1, the percentage of US soybean and corn planting areas affected by drought decreased compared to the previous week [22]. - US private exporters reported sales of 150,000 tons of corn, 226,000 tons of soybeans, and 195,000 tons of soybean meal [22]. - As of June 26, US soybean export net sales in the 2024/2025 season were 462,000 tons, in line with market expectations [23]. - Canada's rapeseed exports in the week ending June 29 increased 47.16% to 173,500 tons, and the commercial inventory was 1.2112 million tons [25]. Financial Markets Financial - A - shares rose on Thursday, with consumer electronics and innovative drugs leading the gain. The Shanghai Composite Index rose 0.18% to 3461.15, the Shenzhen Component Index rose 1.17%, and the ChiNext Index rose 1.9%. Market turnover was 1.33 trillion yuan [27]. - The Hong Kong Hang Seng Index fell 0.63% to 24069.94, recording five consecutive losses. Southbound funds sold a net 3.048 billion Hong Kong dollars [27]. - Insurance funds have accelerated their pace of stock - market placards. In 2025, the number of placards has reached 18, approaching the 2024 total [27]. - Seven securities firms repurchased 191 million shares worth 2.031 billion yuan in the first half of this year. Analysts expect the valuation of the securities sector to recover [27]. - The China Securities Association announced the list of 12 IPO on - site inspection enterprises in the second batch of 2025 [28]. - The bank convertible bond market is facing a "redemption wave," and about 100 billion yuan of bank convertible bonds may complete conversion this year [30]. Industry - The Ministry of Industry and Information Technology will address the low - price and disorderly competition in the photovoltaic industry [31]. - The Ministry of Commerce will promote the healthy development of second - hand car exports and will make a final ruling on the anti - dumping investigation of EU brandy [31]. - The National Medical Products Administration proposed ten key measures to support the innovation of high - end medical devices [31]. - The Ministry of Industry and Information Technology launched a pilot project for number protection services to prevent telecom fraud [31]. - In June, China's warehousing index was 51%, up 0.5 percentage points from May, indicating expansion [32]. - In June, the national passenger car market retail volume was 2.032 million units, with new - energy vehicle sales at 1.071 million units, showing significant growth [34]. - Hubei Jingmen introduced 19 real - estate policies, including promoting spot - housing sales from 2026 [35]. - Beijing plans to regulate "second - hand landlords" by requiring registration for those sub - leasing 10 or more units [35]. Overseas - Biden criticized Trump's "big and beautiful" tax and spending bill, saying it would harm the public [36]. - Indonesia will sign a $34 billion agreement with the US next week to increase purchases [42]. - Japan's central bank may restart the interest - rate hike cycle as companies agreed to significant pay raises [42]. - The European Central Bank may cut interest rates once this year as inflation risks are more on the downside [43]. - The US technology industry group urges the EU to postpone the implementation of the AI Act [43]. - The UK Prime Minister supports the Finance Minister and reaffirms the fiscal rule of balancing revenue and expenditure by 2029 - 30 [43]. International Stock Markets - US stocks rose across the board, with the Dow up 0.77%, the S&P 500 up 0.83%, and the Nasdaq up 1.02%. Chinese concept stocks had mixed performance [45]. - European stocks also closed higher, with the German DAX up 0.61%, the French CAC40 up 0.21%, and the UK FTSE 100 up 0.55% [45]. - BlackRock believes that US stocks are the best allocation in the current "risk - on" environment [45]. Commodities - International precious metal futures closed mixed, with gold down and silver up. Geopolitical tensions and Fed policy expectations affect gold prices [46]. - International oil prices dipped slightly due to increased US crude inventories and geopolitical easing. OPEC+ is discussing production increases [46]. - London base metals closed mixed, with aluminum under pressure and a weak supply - demand situation [46]. - Central banks are increasing gold reserves due to the "weaponization" of foreign exchange [48]. Bonds - Domestic bank - bond yields were stable with a slight decline, and the money market was more liquid. The central bank conducted reverse repurchase operations [49]. - Since May, the issuance of science and technology innovation bonds has been booming, with over 419 bonds issued worth over 620 billion yuan [49]. - US bond yields rose due to strong labor - market data, and market expectations for Fed rate cuts decreased [49]. - Japan successfully issued 30 - year bonds, providing some relief to the bond market [50]. Foreign Exchange - The on - shore RMB against the US dollar rose on Thursday, and the RMB central parity rate was adjusted up [51]. - The US dollar strengthened as US bond yields rose, and most non - US currencies declined [53].

Market Overview - The Hong Kong stock market indices closed lower, with the Hang Seng Index down by 0.63%, the Hang Seng Tech Index down by 0.67%, and the Hang Seng China Enterprises Index down by 0.88% [2] - Despite the overall market decline, the innovative drug sector saw significant gains, with the Hang Seng Biotechnology Index rising by 2.97% [2] Company Performance - Technology stocks experienced a broad decline, with Xiaomi Group falling over 3%, closing down by 3.41% [4] - In the innovative drug sector, Huahao Zhongtian Pharmaceutical surged over 55%, while other companies like Kangfang Biotech, Basestone Pharmaceuticals, and Innovent Biologics also saw notable increases of 14.33%, 9.55%, and 6.68% respectively [6][7] Regulatory Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, proposing 16 initiatives across five key areas, including increased R&D support and improved access to insurance [7] IPO Activity - Luxshare Precision announced plans to issue H-shares and list on the Hong Kong Stock Exchange [8] - Lens Technology has initiated its IPO process, aiming to officially list on July 9 [9] - GoerTek plans to spin off its microelectronics subsidiary for an IPO in Hong Kong [10] - These companies are recognized as the "fruit chain three giants," with regulatory support for leading domestic enterprises to list in Hong Kong [11] Market Infrastructure - The Hong Kong Stock Exchange launched an order transmission service for its Integrated Fund Platform, aimed at enhancing market efficiency by connecting key participants in the fund distribution ecosystem [12] - The service is supported by a financial data exchange platform operated by Shenzhen Securities Communication Co., Ltd. [13]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.63%, the Hang Seng Tech Index down by 0.67%, and the Hang Seng China Enterprises Index decreasing by 0.88% [1] - In contrast, the innovative drug sector saw significant gains, with the Hang Seng Biotechnology Index rising by 2.97% [1] Company Performance - Xiaomi Group's stock dropped over 3%, with a maximum intraday decline exceeding 5% [2][3] - Innovative drug stocks performed well, with Huahao Zhongtian Pharmaceutical surging over 55%, Kangfang Biotech increasing by 14.33%, and other companies like Basestone Pharmaceuticals and Innovent Biologics also showing positive growth [6] IPO Activity - Luxshare Precision announced plans to issue H shares and list on the Hong Kong Stock Exchange [7] - Lens Technology has initiated its IPO process, planning to officially list on July 9 [8] - GoerTek intends to spin off its microelectronics subsidiary for an IPO in Hong Kong [9] - These companies are recognized as the "three giants of the fruit chain," and the China Securities Regulatory Commission has expressed support for leading domestic enterprises to list in Hong Kong [10] Regulatory Developments - The Hong Kong Stock Exchange launched an Integrated Fund Platform (IFP) order transmission service to enhance market efficiency [11] - The service aims to connect key participants in the fund distribution ecosystem and will welcome 33 companies as initial participants [12]

Market Overview - A-shares experienced a collective rise today, with the Shanghai Composite Index reaching a new high for the year, closing up 0.18% at 3461.15 points, while the Shenzhen Component Index rose 1.17% to 10534.58 points, and the ChiNext Index increased by 1.90% to 2164.09 points [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 1.3098 trillion yuan, a decrease of 67.2 billion yuan compared to the previous day [2][4] Market Sentiment - Despite the positive index performance, market sentiment remains conflicted, as evidenced by the shrinking trading volume and the lagging average stock price compared to index gains [4] - The average stock price of the Wind All A Index was 21.93 yuan, approximately 4% below its March high of 22.84 yuan, indicating that many stocks have not yet recovered from previous declines [4] New Investor Activity - In June, approximately 1.65 million new accounts were opened in the A-share market, bringing the total for the first half of the year to 12.6 million, a 32% increase compared to the same period in 2024 [6] - This surge in new accounts suggests a significant increase in market attention, potentially positioning A-shares as a key reservoir for household wealth [6] Regulatory Environment - The China Securities Regulatory Commission (CSRC) emphasized the importance of protecting small investors and improving the investment environment, which is expected to enhance market attractiveness and competitiveness [6] Sector Performance Brokerage Sector - The brokerage sector has played a crucial role in the recent market rally, with stocks like Guosheng Financial stabilizing after a previous decline, leading to a 2.65% increase [10][12] - The outlook for the brokerage sector remains positive due to supportive government policies aimed at stabilizing growth and boosting investor confidence [12] Consumer Electronics - The consumer electronics sector showed strong performance today, with stocks such as Chaoyang Technology and New Asia Electronics hitting the daily limit, driven by demand recovery and price stabilization [13] - Analysts predict that AI mobile phone penetration will reach 34% by 2025, indicating a significant growth opportunity in the sector [13]

Core Viewpoints - The A-share market is expected to continue a volatile upward trend in July, supported by policy initiatives and the upcoming mid-year performance disclosures [2][9] - The market is characterized by a strong performance in black metals and banking stocks, while sectors like semiconductors and military stocks are experiencing pullbacks, indicating sensitivity to short-term gains and fund flows [2][9] Market Overview - On Wednesday, the A-share market showed a mixed performance with the three major indices fluctuating, while the black metal and banking sectors provided support [4][9] - The overall market sentiment was moderate, with a total trading volume of 13,770 billion, and the Shanghai Composite Index closing at 3,454.79 points, down 0.09% [5] Sector Analysis - The steel industry saw significant gains, driven by positive macro signals from the June PMI data and upcoming industry meetings aimed at addressing challenges and setting goals for the second half of the year [6][9] - The photovoltaic equipment and other renewable energy sectors are active, with expectations for technical rebounds and sustained demand driven by global carbon neutrality goals [7][9] - The marine engineering equipment sector experienced a surge, supported by government policies aimed at promoting high-quality development in the marine economy [8][9] Investment Opportunities - Three main investment themes are identified: 1. Stocks with expected strong mid-year performance, focusing on those with improving fundamentals [3][10] 2. Technology sectors including military, robotics, AI, semiconductors, and digital economy, with a caution against speculative investments [3][10] 3. Stocks in the renewable energy and brokerage sectors that are poised for rebounds after recent declines [3][10]

Core Insights - The report from the China Listed Companies Association indicates that 5,412 listed companies have published their 2024 annual reports, with a total cash dividend amounting to nearly 2.4 trillion yuan, marking a historical high [1][2] - In 2024, the total operating revenue of listed companies reached 71.98 trillion yuan, with a year-on-year growth of 1.46% in Q4 and a quarter-on-quarter growth of 8.11%, indicating a positive trend in company performance [1] - The net profit for listed companies in Q1 2025 was 1.49 trillion yuan, reflecting a year-on-year increase of 3.55% and a quarter-on-quarter increase of 89.71%, further solidifying the recovery trend [1] Company Performance - High-tech manufacturing companies saw a revenue increase of 6.66% in 2024, driven by policies promoting innovation and industrial upgrades [1] - The advanced manufacturing sectors, including humanoid robots and aerospace, experienced significant growth, with the industrial metals sector's revenue and net profit increasing by 6.92% and 29.22%, respectively [2] - The insurance and securities sectors reported substantial growth, with the five major listed insurance companies achieving a net profit increase of 110% [2] R&D Investment - Total R&D investment by listed companies reached 1.88 trillion yuan in 2024, an increase of nearly 60 billion yuan from the previous year, accounting for 51.96% of the national R&D expenditure [2] Dividend and Buyback Trends - A total of 3,751 listed companies have announced or implemented cash dividend plans for 2024, with an average dividend payout ratio of 37.78%, and 1,277 companies having a payout ratio exceeding 50% [2] - In 2024, 1,564 new share repurchase plans were announced, with a total proposed repurchase amount of 227.4 billion yuan, and 14 companies planning to repurchase over 1 billion yuan [3]

Core Viewpoint - The article highlights the significant market movements in the steel and photovoltaic sectors, driven by news of production cuts and environmental regulations in Tangshan, as well as collective production reductions in the photovoltaic glass industry [1][7][13]. Steel Sector - The steel sector experienced a substantial surge, with stocks like Shengde Xintai rising by 17% and several others reaching their daily limit [4][5]. - The market is reacting to reports of increased environmental production cuts in Tangshan, with approximately half of the steel mills indicating they received notifications regarding these measures [7]. - If the production cut policies are strictly enforced, the capacity utilization rate could drop from 83% to 70%, leading to a daily reduction of 30,000 tons in sintering ore production [7]. - The China Iron and Steel Association is set to hold a meeting to discuss the industry's progress and challenges, indicating a focus on future strategies [7]. Marine Economy - The marine economy sector saw strong performance, with stocks like Kelaite and Deepwater Haina hitting their daily limits [9][10]. - A recent meeting emphasized the importance of high-quality development in the marine economy, focusing on innovation, policy support, and the involvement of social capital [11]. - The deep-sea technology industry is identified as a key area for growth, with increasing demand for deep-sea materials and equipment [12]. Photovoltaic Sector - The photovoltaic industry saw a notable rise, with stocks like Xiuchang and Daye Intelligent reaching their daily limits [14][15]. - Reports indicate that leading photovoltaic glass companies plan to collectively reduce production by 30%, which is expected to support sustainable industry development [16]. - The industry is currently facing pressure with prices falling below cash cost lines, prompting a need for supply-side reforms [16].